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Investment Activity (Tables) | 3 Months Ended
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Mar. 31, 2025
Real Estate [Abstract] |
Schedule of Business Acquisitions, by Acquisition | During the three months ended March 31, 2025, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):
Operator |  | Date |  | Properties |  | Asset Class |  | Land |  | Building and Improvements |  | Total
Generations, LLC |  | Q1 2025 |  | 1 |  | SLC |  | $ | 3,062 |  |  | $ | 18,138 |  |  | $ | 21,200 |
Mainstay Healthcare 1 |  | Q1 2025 |  | 1 |  | ALF |  | 2,864 |  |  | $ | 5,736 |  |  | 8,600 |
Juniper Communities, LLC |  | Q1 2025 |  | 1 |  | ALF |  | 4,154 |  |  | 42,130 |  |  | 46,284 |
|  |  |  |  |  |  |  | $ | 10,080 |  |  | $ | 66,004 |  |  | $ | 76,084 |
1 This property was acquired in a deed in lieu of foreclosure transaction with Senior Living Management to satisfy the repayment of its $10.0 million mortgage note receivable. See “Cash Basis Tenants” below.
Schedule of Tenant Concentrations | The following table contains information regarding concentration in our Real Estate Investments portfolio of tenants or affiliates of tenants that exceed 10% of total revenues as of and for the three months ended March 31, 2025 and 2024, excluding $2.6 million for our corporate office, a credit loss reserve of $18.9 million and $359.8 million in real estate assets in the SHOP segment ($ in thousands):
| As of March 31, 2025 |  | Revenues 1 |
| Asset Class |  | Gross Real Estate |  | Notes Receivable |  | Three Months Ended March 31, |
|  |  |  | 2025 |  |  |  | 2024 |
Senior Living Communities, LLC (“Senior Living”) | EFC |  | $ | 577,493 |  |  | $ | 47,686 |  |  | $ | 13,727 |  |  | 15% |  | $ | 12,815 |  | 16%
National HealthCare Corporation (“NHC”) | SNF |  | 133,770 |  |  | — |  |  | 10,785 |  |  | 12% |  | 11,246 |  | 14%
Bickford Senior Living (“Bickford”) | ALF |  | 428,342 |  |  | 16,044 |  |  | 10,651 |  |  | 12% |  | 10,054 |  | 12%
All others, net | Various |  | 1,529,695 |  |  | 214,950 |  |  | 37,307 |  |  | 42% |  | 31,409 |  | 39%
Escrow funds received from tenants |  |  |  |  |  |  |  |  |  |  |  |
for property operating expenses | Various |  | — |  |  | — |  |  | 2,887 |  |  | 3% |  | 2,733 |  | 3%
|  |  | $ | 2,669,300 |  |  | $ | 278,680 |  |  | 75,357 |  |  |  |  | 68,257 |  |
Resident fees and services 2 |  |  |  |  |  |  | 13,939 |  |  | 16% |  | 13,256 |  | 16%
|  |  |  |  |  |  | $ | 89,296 |  |  |  |  | $ | 81,513 |  |
1 Includes interest income on notes receivable and rental income from properties classified as assets held for sale. 2 There is no tenant concentration in “Resident fees and services” because these agreements are with individual residents.
Schedule of NHC Percentage Rent | The following table summarizes the percentage rent income from NHC ($ in thousands):
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Current year |  | $ | 1,618 |  |  | $ | 1,379 |
Prior year final certification 1 |  | 956 |  |  | 1,656 |
Total percentage rent income |  | $ | 2,574 |  |  | $ | 3,035 |
1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31 st of the following year.
Schedule of Cash Rents Received | Cash rents received from these tenants for the three months ended March 31, 2025 and 2024 were as follows ($ in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Bickford | $ | 9,984 |  |  | $ | 9,364 |  |  |  |  |
All others | 1,480 |  |  | 2,401 |  |  |  |  |
Total rental income from cash basis operators | $ | 11,464 |  |  | $ | 11,765 |  |  |  |  |
Schedule of Future Minimum Base Rent | Future minimum lease payments to be received by us under our operating leases at March 31, 2025, were as follows ($ in thousands):
Remainder of 2025 | $ | 193,573 |
2026 | 264,868 |
2027 | 215,848 |
2028 | 210,492 |
2029 | 200,519 |
2030 | 190,882 |
Thereafter | 719,710 |
| $ | 1,995,892 |
Schedule of Fixed and Variable Lease Payments | The table below indicates the rental income recognized as a result of fixed and variable lease escalators ($ in thousands):
| Three Months Ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Lease payments based on fixed escalators | $ | 61,690 |  |  | $ | 56,592 |  |  |  |  |
Lease payments based on variable escalators | 3,604 |  |  | 3,893 |  |  |  |  |
Straight-line rents, net of write-offs | 1,410 |  |  | (308) |  |  |  |  |
Escrow funds received from tenants for property operating expenses | 2,887 |  |  | 2,733 |  |  |  |  |
Amortization of lease incentives | (725) |  |  | (723) |  |  |  |  |
Rental income | $ | 68,866 |  |  | $ | 62,187 |  |  |  |  |

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