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v3.25.3

Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | 6. Debt Long-term debt consists of the following.
(in thousands) | September 30, 2025 |  | December 31, 2024
Fixed rate mortgage notes payable due 2026 through 2047; weighted average interest rate of 4.74% and 4.65% as of September 30, 2025 and December 31, 2024, respectively | $ | 2,698,526 |  |  | $ | 2,599,028 |
Variable rate mortgage notes payable due 2026 through 2030; weighted average interest rate of 6.71% and 6.89% as of September 30, 2025 and December 31, 2024, respectively | 1,208,546 |  |  | 1,110,642 |
Convertible notes payable due October 2026; interest rate of 2.00% as of both September 30, 2025 and December 31, 2024 | 23,297 |  |  | 23,297 |
Convertible notes payable due October 2029; interest rate of 3.50% as of both September 30, 2025 and December 31, 2024 | 369,445 |  |  | 369,445 |
Tangible equity units senior amortizing notes due 2025; interest rate of 10.25% as of both September 30, 2025 and December 31, 2024 | 775 |  |  | 9,449 |
Notes payable for insurance premium financing due 2025; interest rate of 6.16% as of September 30, 2025 | 5,524 |  |  | — |
Deferred financing costs, net | (42,738) |  |  | (49,074) |
Total long-term debt | 4,263,375 |  |  | 4,062,787 |
Current portion | 104,018 |  |  | 40,779 |
Total long-term debt, less current portion | $ | 4,159,357 |  |  | $ | 4,022,008 |
As of September 30, 2025, the current portion of long-term debt within the Company's condensed consolidated financial statements includes $36.0 million of mortgage notes payable secured by assets held for sale. As of September 30, 2025, the long-term debt, less current portion within the Company's condensed consolidated balance sheet includes $98.8 million of mortgage debt scheduled to mature in January 2026 for which the Company has the unilateral option to extend the maturity for one year subject to the satisfaction of certain conditions. As of September 30, 2025, 88.1%, or $3.8 billion, of the Company's total debt obligations represented non-recourse property-level mortgage financings. As of September 30, 2025, $1.9 million of letters of credit and no cash borrowings were outstanding under the Company's $100.0 million secured credit facility. The Company also had separate letter of credit facilities providing up to $85.0 million of letters of credit as of September 30, 2025 under which $68.9 million had been issued as of that date. 2025 Mortgage Financings In February 2025, the Company obtained an aggregate of $130.1 million of debt secured by non-recourse first priority mortgages on five communities. The debt bears interest at a fixed rate of 6.47%, is interest only for the first five years, and matures in March 2035. In February 2025, the Company obtained $161.0 million of debt secured by first priority mortgages on 36 communities. The loan bears interest at a variable rate based on SOFR plus a margin of 300 basis points, and is interest only for the first year. The debt has an initial three-year term and two one-year extension options, exercisable subject to certain performance criteria, with a final maturity date, including extension options, of February 2030. At the time of closing, the Company repaid $50.0 million of outstanding mortgage debt on 11 communities, which held a final maturity date of February 2029. Financial Covenants Certain of the Company's debt documents contain restrictions and financial covenants, such as those requiring the Company to maintain prescribed minimum liquidity and net worth levels and debt service ratios, and requiring the Company not to exceed prescribed leverage ratios, in each case on a consolidated, portfolio-wide, multi-community, single-community, and/or entity basis. In addition, the Company's debt documents generally contain non-financial covenants, such as those requiring the Company to comply with Medicare or Medicaid provider requirements and maintain insurance coverage. The Company's failure to comply with applicable covenants, subject to cure provisions in certain instances, could constitute an event of default under the applicable debt documents. Many of the Company's debt documents contain cross-default provisions so that a default under one of these instruments could cause a default under other debt and lease documents (including documents with other lenders and lessors). Furthermore, the Company's mortgage debt is secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries. As of September 30, 2025, the Company is in compliance with the financial covenants of its debt agreements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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