XML 38 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Investment Activity (Tables)
 3 Months Ended
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):
OperatorDatePropertiesAsset ClassLandBuilding and ImprovementsTotal
Generations, LLCQ1 20251SLC$3,062 $18,138 $21,200 
Mainstay Healthcare1
Q1 20251ALF2,864 $5,736 8,600 
Juniper Communities, LLCQ1 20251ALF4,154 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
Revenues1
Asset Class Gross Real EstateNotes ReceivableThree Months Ended March 31,
20252024
Senior Living Communities, LLC (“Senior Living”)EFC$577,493 $47,686 $13,727 15%$12,815 16%
National HealthCare Corporation (“NHC”)SNF133,770 — 10,785 12%11,246 14%
Bickford Senior Living (“Bickford”)ALF428,342 16,044 10,651 12%10,054 12%
All others, netVarious1,529,695 214,950 37,307 42%31,409 39%
Escrow funds received from tenants
 for property operating expensesVarious— — 2,887 3%2,733 3%
$2,669,300 $278,680 75,357 68,257 
Resident fees and services2
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,
20252024
Current year$1,618 $1,379 
Prior year final certification1
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 31st 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,
20252024
Bickford
$9,984 $9,364 
All others1,480 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 
2026264,868 
2027215,848 
2028210,492 
2029200,519 
2030190,882 
Thereafter719,710 
$1,995,892 
Schedule of Fixed and Variable Lease Payments The table below indicates the rental income recognized as a result of fixed and variable lease escalators ($ in thousands):
Three Months Ended
March 31,
20252024
Lease payments based on fixed escalators$61,690 $56,592 
Lease payments based on variable escalators3,604 3,893 
Straight-line rents, net of write-offs1,410 (308)
Escrow funds received from tenants for property operating expenses2,887 2,733 
Amortization of lease incentives(725)(723)
Rental income$68,866 $62,187