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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Variable Interest Entities Consolidated Variable Interest Entities We are the majority equity partner in certain entities that we have deemed to be VIEs. For each of these partnerships, we determined whether either the members as a group lack the characteristics of a controlling financial interest or the total equity at risk in the individual partnership is insufficient to finance the activities of the partnership without additional subordinated financial support. We are deemed the primary beneficiary of these VIEs because we have the ability to direct the activities that most significantly impact the economic performance of these partnerships and also have the obligation to absorb the losses of the partnership or have the right to receive benefits arising from the partnership, subject to limited protective rights extended to our partners for specified business decisions. Reference the “Discovery Transitions” section in Note 3 for information on the dissolution of the Discovery partnership on August 1, 2025. The following table provides information on the assets and liabilities of our consolidated VIEs ($ in thousands):
| September 30, |  | December 31,
| 2025 |  | 2024
Real Estate Investments segment: |  |  |
Real estate properties, net | $ | 113,654 |  |  | $ | 244,337 |
Cash and cash equivalents | 968 |  |  | 3,185 |
Straight-line rents receivable | 638 |  |  | 10,025 |
Other assets, net | 3,386 |  |  | 5,291 |
Accounts payable and other liabilities | — |  |  | (26) |
SHOP segment: |  |  |
Real estate properties, net | 286,641 |  |  | 261,561 |
Cash and cash equivalents | 6,585 |  |  | 6,480 |
Other assets, net | 2,042 |  |  | 2,232 |
Accounts payable and other liabilities | (5,684) |  |  | (5,689) |
Unconsolidated Variable Interest Entities In our Real Estate Investments segment, we have concluded that we are not the primary beneficiary for certain investments where we lack either directly, or through related parties, the power to direct the activities that most significantly impact the economic performance of these entities. We do not have any unconsolidated VIEs in our SHOP segment. The following table provides a summary of our relationships and sources of exposure as of September 30, 2025 related to our unconsolidated VIEs ($ in thousands):
Year |  |  |  |  |  |  |  | Maximum |  |
of Initial |  |  |  | Source of |  | Carrying |  | Exposure |  | Note
Involvement |  | Name |  | Exposure |  | Amounts |  | to Loss |  | References
|  |  |  | Notes and straight-line |  |  |  |  |  |
2014 |  | Senior Living |  | rents receivable |  | $ | 78,953 |  |  | $ | 87,203 |  |  | Notes 3, 4
2016 |  | SLM |  | Note |  | 12,000 |  |  | 12,000 |  |  | Notes 3, 4
2018 |  | Bickford |  | Notes |  | 16,099 |  |  | 28,009 |  |  | Notes 3, 4
2019 |  | Encore Senior Living |  | Various 1 |  | 35,511 |  |  | 35,579 |  |  | Note 4
2020 |  | Timber Ridge OpCo |  | Various 2 |  | (3,475) |  |  | 1,525 |  |  | Note 6
|  | Senior Living Hospitality |  | Notes and straight-line |  |  |  |  |  |
2020 |  | Group 3 |  | rents receivable |  | 12,961 |  |  | 13,985 |  |  | —
|  | Montecito Medical |  |  |  |  |  |  |  |
2021 |  | Real Estate |  | Notes |  | 6,704 |  |  | 6,704 |  |  | Note 4
|  |  |  | Notes and straight-line |  |  |  |  |  |
2021 |  | Vizion Health |  | rents receivable |  | 19,645 |  |  | 20,550 |  |  | Note 4
2021 |  | Navion Senior Solutions |  | Various 4 |  | 7,427 |  |  | 9,577 |  |  | —
2023 |  | Kindcare Senior Living |  | Notes 5 |  | 811 |  |  | 811 |  |  | —
2024 |  | Mainstay Healthcare |  | Note |  | 9,064 |  |  | 9,064 |  |  | —
1 Note, straight-line rents receivable and interest receivable 2 Loan commitment, equity method investment, straight-line rent receivable and unamortized lease incentive 3 Formerly referred to as Watermark Retirement 4 Straight-line rents receivable and unamortized lease incentive 5 Represents two mezzanine loans originating from the sales of real estate properties We are not obligated to provide support beyond our stated commitments to these tenants and borrowers whom we classify as VIEs, and accordingly, our maximum exposure to loss as a result of these relationships is limited to the amount of our commitments. Our risk of economic loss on a tenant lease in excess of what is presented in the table above is limited to any future non-payments of rent before we are able to take effective remedial action, as well as any costs incurred to secure a new lease at the property. The potential extent of such losses at a future date would depend upon facts and circumstances unique to each tenant and the related lease and therefore are not included in the table above. In the future, we may be deemed the primary beneficiary of the operations if the tenants or borrowers do not have adequate liquidity to accept the risks and rewards as the tenants and operators of the properties and we may be required to consolidate the financial position and results of operations of the tenants or borrowers.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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