Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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)

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	Various1	35,511		35,579		Note 4
2020	Timber Ridge OpCo	Various2	(3,475)		1,525		Note 6
	Senior Living Hospitality	Notes and straight-line
2020	Group3	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	Various4	7,427		9,577		—
2023	Kindcare Senior Living	Notes5	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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details