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Investment Activity (Tables) | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Schedule of Business Acquisitions, by Acquisition | During the nine months ended September 30, 2025, we completed the following acquisitions of real estate properties 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 initiated by Senior Living Management (“SLM”) to satisfy the repayment of its $10.0 million mortgage note with us. Reference the “Senior Living Management” section below.
Schedule of Tenant Concentrations | The following table presents information related to concentrations of our tenants, or affiliates of tenants, that exceed 10% of total revenues included in our condensed consolidated statements of income for the periods indicated ($ in thousands):
|  |  |  |  | Nine Months Ended
|  |  |  |  | September 30,
| September 30, 2025 |  | 2025 |  | 2024
| Real Estate |  | Mortgages |  |  |  | % of |  |  |  | % of
| Properties 1 |  | and Notes 2 |  | Revenues 3 |  | Total |  | Revenues 3 |  | Total
Senior Living | $ | 578,590 |  |  | $ | 39,450 |  |  | $ | 41,080 |  |  | 15% |  | $ | 39,980 |  |  | 16%
Bickford Senior Living (“Bickford”) | 430,974 |  |  | 15,989 |  |  | 32,141 |  |  | 12% |  | 31,233 |  |  | 13%
National HealthCare Corporation (“NHC”) | 133,770 |  |  | — |  |  | 30,443 |  |  | 11% |  | 30,426 |  |  | 12%
All others, net | 1,406,489 |  |  | 169,173 |  |  | 108,397 |  |  | 41% |  | 99,050 |  |  | 40%
Escrow funds received from tenants for |  |  |  |  |  |  |  |  |  |  |
property operating expenses | — |  |  | — |  |  | 8,411 |  |  | 3% |  | 8,321 |  |  | 3%
Total tenant concentrations | $ | 2,549,823 |  |  | $ | 224,612 |  |  | 220,472 |  |  | 82% |  | 209,010 |  |  | 84%
Resident fees and services 4 |  |  |  |  | 49,333 |  |  | 18% |  | 40,416 |  |  | 16%
Total revenues |  |  |  |  | $ | 269,805 |  |  | 100% |  | $ | 249,426 |  |  | 100%
1 Real estate properties have been stated at their gross carrying values. Total real estate properties, as presented in the table above, exclude $2.6 million related to our corporate office and equipment and exclude $551.8 million related to the properties in our SHOP segment. 2 Mortgages and notes have been stated at their gross carrying values. Mortgages and notes, as presented in the table above, exclude total credit loss reserves of $15.4 million as of September 30, 2025. 3 Revenues, as presented in the table above, include rental income and interest income from assets classified as held for sale, if any. 4 There are no tenant concentrations in revenues from resident fees and services because the residency agreements are between us and the individual residents.
Schedule of NHC Percentage Rent | The following table summarizes the portion of our rental income from NHC that was attributable to contingent rent for the periods indicated ($ in thousands):
| Nine Months Ended
| September 30,
| 2025 |  | 2024
Current year | $ | 4,855 |  |  | $ | 4,138 |
Prior year final certifications 1 | 956 |  |  | 1,656 |
Total contingent rental income from NHC | $ | 5,811 |  |  | $ | 5,794 |
1 NHC certifies the annual revenue of its facilities leased from us by March 31 st of the following year.
Schedule of Cash Rents Received | A summary of lease payments received from cash basis tenants follows ($ in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Bickford | $ | 10,143 |  |  | $ | 9,850 |  |  | $ | 30,120 |  |  | $ | 29,161 |
All others | 1,498 |  |  | 1,855 |  |  | 4,460 |  |  | 9,398 |
Total lease payments from cash basis tenants | $ | 11,641 |  |  | $ | 11,705 |  |  | $ | 34,580 |  |  | $ | 38,559 |
Schedule of Future Minimum Base Rent | The fixed amounts of future minimum lease payments due to us under our existing tenant leases as of September 30, 2025 were as follows ($ in thousands):
Remainder of 2025 | $ | 63,855 |
2026 | 260,738 |
2027 | 211,527 |
2028 | 206,082 |
2029 | 194,682 |
2030 | 194,141 |
Thereafter | 771,076 |
Total | $ | 1,902,101 |
Schedule of Fixed and Variable Lease Payments | The following table provides a summary of our rental income with information on our lease payments received during the respective periods that were subject to fixed and variable rent escalators ($ in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Lease payments based on fixed rent escalators | $ | 63,127 |  |  | $ | 57,682 |  |  | $ | 189,103 |  |  | $ | 174,383 |
Lease payments based on variable rent escalators 1 | 8,110 |  |  | 2,412 |  |  | 14,475 |  |  | 8,663 |
Straight-line rent revenue adjustments, net of write-offs 2 | (10,943) |  |  | 1,161 |  |  | (8,499) |  |  | 2,066 |
Escrow funds received from tenants for |  |  |  |  |  |  |
property operating expenses | 2,610 |  |  | 2,786 |  |  | 8,411 |  |  | 8,321 |
Amortization of lease incentives | (726) |  |  | (723) |  |  | (2,176) |  |  | (2,168) |
Total rental income | $ | 62,178 |  |  | $ | 63,318 |  |  | $ | 201,314 |  |  | $ | 191,265 |
1 Cash and non-cash consideration received by us as a result of the early lease terminations described in the “Discovery Transitions” section above have been included in lease payments based on variable escalators for the three and nine months ended September 30, 2025. 2 The amounts presented for the three and nine months ended September 30, 2025 included the $12.1 million of write-offs of straight-line rents receivable as a result of the early lease terminations described in the “Discovery Transitions” section above.

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