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Senior Housing Operating Portfolio | 9 Months Ended
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Sep. 30, 2025
Senior Housing Operating Portfolio Structure [Abstract] |
Senior Housing Operating Portfolio | Senior Housing Operating Portfolio As of September 30, 2025, we owned 22 senior housing communities, consisting of 17 ILFs, four SLCs, one ALF. We outsource the operations at these properties to third-party managers pursuant to individual management agreements. The operations have been structured to comply with the requirements of the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) and to utilize our TRS for activities that would otherwise be non-qualifying for REIT purposes. The third-party managers receive a management fee from us for the services they provide. In October 2025, we acquired a portfolio of four senior housing communities located in Oklahoma and Oregon, consisting of two SLCs and two ALFs, with a combined total of 344 residential units. The properties will be managed by the existing operator Compass Senior Living. Reference the “Fourth Quarter 2025 Acquisitions” section in Note 3 for additional information. Merrill Managed Portfolio As of September 30, 2025, we had a portfolio of six ILFs located in California and Washington that are held in a consolidated partnership with Merrill Gardens, LLC. (“Merrill”), which owns a 20.0% common equity interest in the partnership. We own 100% of the preferred equity interest and 80% of the common equity interest in the partnership. T he operating agreement for the partnership provides for contingent distributions to the members based on the attainment of certain yiel ds on the investment calculated on an annual basis. Merrill serves as the manager of these properties. Pursuant to the management agreement, as amended, which expires in March 2032, Merrill is paid a management fee based on 5.0% of net revenues. Additionally, Merrill is entitled to a real estate services fee for projects it manages based on 5.0% of the related costs, as defined in the management agreement, incurred in any calendar year that exceed $1,000 times the number of units at each property. The noncontrolling interest associated with this partnership is contingently redeemable. Reference Note 10 for additional information on the redemption features. Discovery Managed Portfolio As of September 30, 2025, we had a portfolio of 10 ILFs located in Arkansas, Georgia, Ohio, Oklahoma, New Jersey and South Carolina that are held in a consolidated partnership with the Discovery member, which owns a 2.0% common equity interest in the partnership. We own 100% of the preferred equity interest and 98.0% of the common equity interest in the partnership. On August 1, 2025, we transitioned a property in Oklahoma from our Real Estate Investment segment into this portfolio. The operating agreement for the partnership provides for contingent distributions to the members based on the attainment of certain yields on the investment calculated on an annual basis. The properties are managed by a related party of Discovery pursuant to separate management agreements for each property, each of which has an initial term through March 2032. The managers are paid a management fee based on 5.0% of net revenues. Reference the “Discovery Transitions” section in Note 3 for additional information on the transitioned property. Sinceri Managed Portfolio As of September 30, 2025, we had a portfolio of six senior housing properties, consisting of four SLCs, one ILF and one ALF, that are located in Florida, Indiana, Maryland and Pennsylvania. This portfolio, which is managed by an affiliate of Sinceri, was transitioned on August 1, 2025 out of our Real Estate Investment segment into the SHOP segment. Pursuant to the management agreements which expire in July 2035, Sinceri is paid a base management fee of 5.0% of net revenues. Sinceri may earn an additional incentive management fee based on each property’s annual net operating income (“NOI”) in excess of a specified threshold in the management agreement for each property. If the portfolio is sold to a third party, Sinceri is also entitled to a fee calculated on the excess purchase price over a specified threshold in the management agreements.

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