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Note 7 - Long-term Leases | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | Note 7 – Long-Term Leases Operating Leases At June 30, 2024, we lease from NHI the real property of 28 skilled nursing facilities, five assisted living centers and three independent living centers under one lease agreement. As part of the lease agreement, we sublease four Florida skilled nursing facilities to a third-party operator. The lease includes base rent plus a percentage rent. The annual base rent is $32,625,000 in 2024, $32,225,000 in 2025, and $31,975,000 in 2026 with the lease term expiring in December 2026. The percentage rent is based on a quarterly calculation of revenue increases and is payable on a quarterly basis. Total facility rent expense to NHI was $9,814,000 and $9,124,000 for the three months ended June 30, 2024 and 2023, respectively. Total facility rent expense to NHI was $19,286,000 and $18,419,000 for the six months ended June 30, 2024 and 2023, respectively. Minimum Lease Payments The following table summarizes the maturity of our operating lease liabilities as of June 30, 2024 (in thousands):
|  | Operating Leases |
2025 |  | $ | 34,407 |
2026 |  |  | 33,695 |
2027 |  |  | 16,985 |
2028 |  |  | 524 |
2029 |  |  | 219 |
Thereafter |  |  | 87 |
Total minimum lease payments |  |  | 85,917 |
Less: amounts representing interest |  |  | (6,652 | )
Present value of future minimum lease payments |  |  | 79,265 |
Less: current portion |  |  | (30,233 | )
Noncurrent lease liabilities |  | $ | 49,032 |

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