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Investment Activity (Tables) | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Schedule of Business Acquisitions, by Acquisition | During the six months ended June 30, 2025, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):
|  |  |  | Number of |  | Asset |  |  |  | Buildings and |  |
Operator |  | Period |  | Properties |  | Class |  | Land |  | 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 |
Agemark Senior Living |  | Q2 2025 |  | 6 |  | ALF |  | 7,461 |  |  | 56,039 |  |  | 63,500 |
|  |  |  |  |  |  |  | $ | 17,541 |  |  | $ | 122,043 |  |  | $ | 139,584 |
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 with us. See “Cash Basis Tenants” below.
Schedule of Tenant Concentrations | The following table presents information related to concentrations of tenants, or affiliates of tenants, in our Real Estate Investments segment that exceed 10% of our consolidated revenues, excluding $2.6 million for our corporate office, a credit loss reserve of $17.5 million and $360.8 million in real estate assets in the SHOP segment ($ in thousands):
|  |  |  |  |  |  | Six Months Ended June 30,
| June 30, 2025 |  | 2025 |  | 2024
| Asset |  | Real Estate |  | Mortgages |  |  |  | % of |  |  |  | % of
| Class |  | Properties |  | and Notes |  | Revenues 1 |  | Total |  | Revenues 1 |  | Total
Senior Living Communities, LLC |  |  |  |  |  |  |  |  |  |  |  |  |
(“Senior Living”) | EFC |  | $ | 577,865 |  |  | $ | 46,700 |  |  | $ | 27,447 |  |  | 15% |  | $ | 26,406 |  |  | 16%
Bickford Senior Living (“Bickford”) | ALF |  | 429,495 |  |  | 16,017 |  |  | 21,318 |  |  | 12% |  | 20,691 |  |  | 12%
National HealthCare Corporation (“NHC”) | SNF |  | 133,770 |  |  | — |  |  | 20,614 |  |  | 11% |  | 20,836 |  |  | 13%
All others, net | Various |  | 1,593,255 |  |  | 207,687 |  |  | 76,622 |  |  | 43% |  | 66,369 |  |  | 40%
Escrow funds received from tenants for |  |  |  |  |  |  |  |  |  |  |  |  |
property operating expenses | Various |  | — |  |  | — |  |  | 5,801 |  |  | 3% |  | 5,535 |  |  | 3%
Total tenant concentrations |  |  | $ | 2,734,385 |  |  | $ | 270,404 |  |  | 151,802 |  |  | 84% |  | 139,837 |  |  | 84%
Resident fees and services 2 |  |  |  |  |  |  | 28,156 |  |  | 16% |  | 26,645 |  |  | 16%
Total revenues |  |  |  |  |  |  | $ | 179,958 |  |  | 100% |  | $ | 166,482 |  |  | 100%
1 Amounts include interest income from mortgage and other notes receivable and rental income from real estate properties classified as assets held for sale. 2 There are no tenant concentration in revenues from resident fees and services because the related agreements are with individual residents.
Schedule of NHC Percentage Rent | The following table summarizes our percentage rental income from NHC ($ in thousands):
| Six Months Ended
| June 30,
| 2025 |  | 2024
Current year | $ | 3,237 |  |  | $ | 2,759 |
Prior year final certifications 1 | 956 |  |  | 1,656 |
Total percentage rental income | $ | 4,193 |  |  | $ | 4,415 |
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 us by March 31 st of the following year.
Schedule of Cash Rents Received | Lease payments received from cash basis tenants were as follows ($ in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Bickford | $ | 9,993 |  |  | $ | 9,946 |  |  | $ | 19,977 |  |  | $ | 19,310 |
All others | 1,482 |  |  | 5,142 |  |  | 2,962 |  |  | 7,544 |
Total | $ | 11,475 |  |  | $ | 15,088 |  |  | $ | 22,939 |  |  | $ | 26,854 |
Schedule of Future Minimum Base Rent | The fixed amounts of future minimum lease payments due to us under our existing tenant leases as of June 30, 2025 were as follows ($ in thousands):
Remainder of 2025 | $ | 131,619 |
2026 | 269,241 |
2027 | 220,143 |
2028 | 215,015 |
2029 | 206,183 |
2030 | 197,456 |
Thereafter | 779,528 |
Total | $ | 2,019,185 |
Schedule of Fixed and Variable Lease Payments | The following table summarizes our rental income based on fixed and variable rent escalators ($ in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease payments based on fixed escalators | $ | 64,286 |  |  | $ | 60,110 |  |  | $ | 125,976 |  |  | $ | 116,702 |
Lease payments based on variable escalators | 2,761 |  |  | 2,358 |  |  | 6,365 |  |  | 6,251 |
Straight-line rent, net of write-offs | 1,034 |  |  | 1,213 |  |  | 2,444 |  |  | 905 |
Escrow funds received from tenants for |  |  |  |  |  |  |
property operating expenses | 2,914 |  |  | 2,802 |  |  | 5,801 |  |  | 5,535 |
Amortization of lease incentives | (725) |  |  | (723) |  |  | (1,450) |  |  | (1,446) |
Total rental income | $ | 70,270 |  |  | $ | 65,760 |  |  | $ | 139,136 |  |  | $ | 127,947 |

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