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Investment Activity (Tables)
 9 Months Ended
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 ofAssetBuildings and
OperatorPeriodPropertiesClassLandImprovementsTotal
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 
Agemark Senior LivingQ2 20256ALF7,461 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, 202520252024
Real EstateMortgages% of% of
Properties1
and Notes2
Revenues3
Total
Revenues3
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, net1,406,489 169,173 108,397 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 services4
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,
20252024
Current year$4,855 $4,138 
Prior year final certifications1
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 31st of the following year.
Schedule of Cash Rents Received
A summary of lease payments received from cash basis tenants follows ($ in thousands):

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
Bickford
$10,143 $9,850 $30,120 $29,161 
All others1,498 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 
2026260,738 
2027211,527 
2028206,082 
2029194,682 
2030194,141 
Thereafter771,076 
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 EndedNine Months Ended
September 30,September 30,
2025202420252024
Lease payments based on fixed rent escalators$63,127 $57,682 $189,103 $174,383 
Lease payments based on variable rent escalators1
8,110 2,412 14,475 8,663 
Straight-line rent revenue adjustments, net of write-offs2
(10,943)1,161 (8,499)2,066 
Escrow funds received from tenants for
property operating expenses2,610 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.