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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
Real Estate Investments |
Schedule of future minimum base rents receivable | Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent, amortization of lease incentives and renewal options are as follows (in thousands):
​ | ​ | ​ | ​ | ​
​ |  | Cash |
​ | ​ | Rent (1) |
2025 | ​ | $ | 116,247 | ​
2026 | ​ |  | 100,188 | ​
2027 | ​ |  | 94,235 | ​
2028 | ​ |  | 83,178 | ​
2029 | ​ |  | 69,620 | ​
Thereafter | ​ |  | 108,855 | ​
(1) | Represents contractual cash rent, except for certain master leases which are based on estimated cash. Includes rent from subsequent extension of a master lease covering two SNFs in Tennessee that was schedule to mature in December 2025 for an additional year.
Summary of components of our rental income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
Rental Income | ​ | ​ | 2024 | ​ | ​ | 2023 | ​ | ​ | 2022 | ​
Contractual cash rental income | ​ | $ | 118,198 | (1) | $ | 116,702 | (2) | $ | 115,230 | ​
Variable cash rental income | ​ | ​ | 12,951 | (3) | ​ | 13,525 | (3) | ​ | 15,516 | (3)
Straight-line rent | ​ | ​ | 2,268 | (4) | ​ | (2,078) | (5) | ​ | (1,369) | ​
Adjustment of lease incentives and rental income | ​ | ​ | (321) | (6) | ​ | (26) | (6) | ​ | (256) | (6)
Amortization of lease incentives | ​ | ​ | (818) | ​ | ​ | (773) | ​ | ​ | (877) | ​
Total | ​ | $ | 132,278 | ​ | $ | 127,350 | ​ | $ | 128,244 | ​
(1) | Increased primarily due to $2,377 repayment of rent credit in connection with the sale of our interest in a consolidated JV, rental income from 2023 acquisitions, annual rent escalations, partially offset by portfolio transitions and property sales.
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(2) | Increased primarily due to rental income from acquisitions, annual rent escalations, repayment of deferred rent, and fair market rent resets, partially offset by property sales.
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(3) | The variable cash rental income for the years ended December 31, 2024, 2023 and 2022 primarily includes reimbursement of real estate taxes by our lessees.
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(4) | Increased primarily due to a one-time additional straight-line rental income related to restoring accrual basis accounting for two master leases.
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(5) | Decreased primarily due to deferred rent repayment and normal amortization.
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(6) | Represents straight-line rent receivable and lease incentives write-offs.
Summary of information about purchase options included in our lease agreements | Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements as of December 31, 2024 (dollar amount in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Net Book | ​ | Option | ​
State | ​ | Property | ​ | Properties | ​ | ​ | Investments (1) | ​ | ​ | Value | ​ | Window | ​
Colorado/Kansas/Ohio/Texas | ​ | ALF/MC | ​ | 17 | ​ | $ | 65,134 | ​ | $ | 30,842 | ​ | 2029 | (2)
Florida | ​ | SNF | ​ | 3 | ​ | ​ | 76,603 | ​ | ​ | 76,603 | ​ | 2025-2027 | ​
Georgia/South Carolina | ​ | ALF/MC | ​ | 2 | ​ | ​ | 32,266 | ​ | ​ | 24,855 | ​ | 2027 | ​
North Carolina | ​ | ALF/MC | ​ | 11 | ​ | ​ | 121,419 | ​ | ​ | 121,419 | ​ | 2025-2029 | (3)
North Carolina | ​ | ALF | ​ | 5 | ​ | ​ | 14,980 | ​ | ​ | 7,086 | ​ | 2029 | (4)
North Carolina | ​ | ALF | ​ | 4 | ​ | ​ | 41,000 | ​ | ​ | 41,000 | ​ | 2024-2028 | (5)
North Carolina/ South Carolina | ​ | ILF/ALF/MC | ​ | 13 | ​ | ​ | 122,460 | ​ | ​ | 122,460 | ​ | 2024-2028 | (6)
Ohio | ​ | MC | ​ | 1 | ​ | ​ | 16,161 | ​ | ​ | 13,049 | ​ | 2024-2025 | ​
Ohio | ​ | ILF/ALF/MC | ​ | 1 | ​ | ​ | 54,782 | ​ | ​ | 51,331 | ​ | 2025-2027 | ​
Oklahoma | ​ | ALF/MC | ​ | 5 | ​ | ​ | 11,068 | ​ | ​ | 3,936 | ​ | 2027-2029 | (7)
South Carolina | ​ | ALF | ​ | 1 | ​ | ​ | 11,680 | ​ | ​ | 7,920 | ​ | 2026 | (8)
Texas | ​ | SNF | ​ | 4 | ​ | ​ | 52,726 | ​ | ​ | 48,980 | ​ | 2027-2029 | (9)
Texas | ​ | MC | ​ | 1 | ​ | ​ | 6,724 | ​ | ​ | 3,340 | ​ | 2026-2028 | (10)
Total (11) | ​ | ​ | ​ | ​ | ​ | $ | 627,003 | ​ | $ | 552,821 | ​ | ​ | ​
(1) | Gross investments include previously recorded impairment losses, if any.
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(2) | During 2023, we re-leased 17 ALFs with a total of 738 units to Brookdale under a new six-year master lease. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029.
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(3) | During 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units and leased the communities under a 10-year master lease. The master lease provides the operator with the option to buy up to 50% of the properties at the beginning of the third lease year, and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit Internal Rate of Return (“IRR”) of 9.0% on any portion of the properties being purchased. For more information regarding this transaction see Financing Receivables below.
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(4) | During 2023, we transferred five ALFs with a total of 210 units from Brookdale to an operator new to us. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029.
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(5) | During 2024, we entered into a joint venture agreement with ALG Senior Living (“ALG”) and obtained a 92.7% controlling interest in the $41,000 newly formed JV that owns four ALFs in North Carolina with a total of 217 units. The JV leased the communities back to an affiliate of the seller under a 10-year master lease agreement. The master lease includes a purchase option that can be exercised through 2028, with an exit IRR of 8.0%. For more information regarding this transaction see Financing Receivables below.
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(6) | During 2024, we entered into a joint venture agreement with ALG and obtained a 52.6% controlling interest in the $122,460 newly formed JV that owns 13 ALFs and MCs in North Carolina (12) and South Carolina (1) with a total of 523 units. The JV leased the communities back to an affiliate of the seller under a 10-year master lease agreement. The master lease includes a purchase option that can be exercised through 2028, with an exit IRR of 8.0%. For more information regarding this transaction see Financing Receivables below.
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(7) | During 2023, we transferred five ALFs in Oklahoma with a total of 184 units from Brookdale to an existing operator. The new master lease commenced in November 2023 and includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option.
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(8) | During 2024, we transferred this community from ALG to an operator new to us. The new lease commenced in December 2024 and includes a purchase option that can be exercised in September 2026 through November 2026.
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(9) | During 2022, we purchased four skilled nursing centers and leased these properties under a 10-year lease with an existing operator. The lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 9. Commitments and Contingencies.
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(10) | During 2024, we transferred this community to an operator new to us. The new master lease commenced in April 2024 and includes a purchase option that can be exercised in May 2026 through April 2028, if the lessee exercises its one-year extension option. Subsequent to December 31, 2024, in conjunction with the closure of the community, this purchase option was terminated.
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(11) | Subsequent to December 31, 2024, a master lease covering two SNFs in Tennessee that was scheduled to mature in December 2025, was amended extending the maturity to December 31, 2026. Additionally, the master lease purchase option window which expired on December 31, 2024, was extended for another year to December 31, 2025.
Schedule of impairment loss |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | Impairment | ​
Year | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | Loss | ​
2024 | ​ | Ohio | ​ | ALF | ​ | 1 | ​ | 39 | ​ | $ | 780 | (1)
​ | ​ | Oklahoma | ​ | ALF | ​ | 1 | ​ | 29 | ​ | ​ | 153 | (2)
​ | ​ | Texas | ​ | ALF | ​ | 1 | ​ | 56 | ​ | ​ | 6,020 | (1)
​ | ​ | ​ | ​ | ​ | ​ | 3 | ​ | 124 | ​ | $ | 6,953 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | Florida | ​ | ALF | ​ | 1 | ​ | 70 | ​ | $ | 434 | (3)
​ | ​ | Florida | ​ | ALF | ​ | 1 | ​ | 60 | ​ | ​ | 7,522 | ​
​ | ​ | Mississippi | ​ | ALF | ​ | 1 | ​ | 67 | ​ | ​ | 4,554 | (4)
​ | ​ | Texas | ​ | ALF | ​ | 7 | ​ | 248 | ​ | ​ | 3,265 | ​
​ | ​ | ​ | ​ | ​ | ​ | 10 | ​ | 445 | ​ | $ | 15,775 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | Florida | ​ | ALF | ​ | 1 | ​ | 70 | ​ | $ | 1,222 | (3)
​ | ​ | Kentucky | ​ | ALF | ​ | 1 | ​ | 60 | ​ | ​ | 1,286 | (5)
​ | ​ | Colorado | ​ | ALF | ​ | 1 | ​ | — | ​ | ​ | 914 | (6)
​ | ​ | ​ | ​ | ​ | ​ | 3 | ​ | 130 | ​ | $ | 3,422 | ​
(1) | In conjunction with the anticipated closure, we recorded an impairment loss on the carrying value of these properties.
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(2) | Subsequent to December 31, 2024, this community was sold. See Properties Held-for-Sale below for more information regarding this community.
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(3) | In conjunction with the ongoing negotiations to sell this community, we recorded a $434 impairment loss during the three months ended March 31, 2023, and a $1,222 impairment loss during the fourth quarter of 2022. This community was sold during the second quarter of 2023 for $4,850 and we recorded a net gain on sale of $64 as a result of this transaction.
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(4) | This community was sold during the fourth quarter of 2023 for $1,650 and we recorded a net loss on sale of $219 as a result of this transaction.
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(5) | This community was classified as held-for sale at December 31, 2022 and sold during the first quarter of 2023 for $11,000. We recorded a net gain on sale of $57 as a result of this transaction.
(6) | This community was closed during 2022.
Schedule of properties held-for-sale |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Accumulated | ​ | ​ | ​
​ | ​ | State | ​ | Property | ​ | Properties | ​ | Beds/units | ​ | ​ | Investment | ​ | ​ | Depreciation | ​ | ​ | ​
At December 31, 2024 | ​ | OK | ​ | ALF | (1) | 1 | ​ | 29 | ​ | $ | 2,016 | ​ | $ | (1,346) | ​ | ​ | ​
At December 31, 2023 | ​ | WI | ​ | ALF | (2) | 1 | ​ | 110 | ​ | $ | 22,007 | ​ | $ | (3,616) | ​ | ​ | ​
(1) | This community was sold during the first quarter of 2025. Upon sale, the community was removed from a master lease covering five ALFs in Oklahoma and rent under the master lease was not reduced as a result of the sale.
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(2) | This community was sold during the first quarter of 2024.
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Summary of acquisitions | Acquisitions. The following table summarizes our acquisitions for the years ended December 31, 2024 through 2022 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Cash | ​ | ​ | ​ | ​ | Non- | ​ | ​ | ​ | ​ | ​ | ​ | Number | ​ | Number
​ | ​ | ​ | ​ | Paid at | ​ | Assumed | ​ | ​ | Controlling | ​ | Transaction | ​ | ​ | Assets | ​ | of | ​ | of
Year | ​ | Type of Property | ​ | Acquisition | ​ | Liabilities | ​ | ​ | Interest | ​ | Costs | ​ | ​ | Acquired | ​ | Properties | ​ | Beds/Units
2024 | ​ | OTH (1) | ​ | $ | 300 | ​ | $ | — | ​ | $ | — | ​ | $ | 19 | ​ | $ | 319 | ​ | — | ​ | —
2023 | ​ | ALF (2) | ​ | $ | 43,759 | ​ | $ | 9,767 | ​ | $ | 9,133 | ​ | $ | 363 | ​ | $ | 63,022 | (3) | 1 | ​ | 242
2022 | ​ | SNF (4) | ​ | $ | 51,817 | ​ | $ | — | ​ | $ | ​ | ​ | $ | — | ​ | $ | 51,817 | ​ | 4 | ​ | 339
(1) | We acquired a parcel of land in Kansas adjacent to an existing community operated by Brookdale Senior Living Communities (“Brookdale”). Rent was increased by 8.0% of our total cost of the investment.
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(2) | We entered into a $54,134 JV and contributed $45,000 into the JV that purchased an ILF/ALF/MC in Ohio. Under the JV agreement, the seller, our JV partner, has the option to purchase the campus between the third and fourth lease years for LTC’s allocation of the JV investment plus an IRR of 9.75%. The campus was leased to Encore Senior Living (“Encore”) under a 10-year term with an initial yield of 8.25% on LTC’s allocation of the JV investment. LTC committed to fund $2,100 of lease incentives under the Encore lease.
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(3) | Includes $8,309 tax abatement intangible included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.
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(4) | The properties are located in Texas and are leased to an affiliate of an existing operator under a 10-year lease with two 5-year renewal options. Additionally, the lease provides either an earn-out payment or purchase option but not both. If neither option is elected within the timeframe defined in the lease, both elections are terminated. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. The purchase option is available beginning in the sixth lease year through the end of the seventh lease year. The initial cash yield is 8% for the first year, increasing to 8.25% for the second year, then increases annually by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate.
Summary of the carrying amount of intangible assets | Intangible Assets. The following is a summary of our intangible assets as of December 31, 2024 and 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​
Assets | ​ | ​ | Cost | ​ | ​ | ​ | Amortization | ​ | ​ | ​ | Net | ​ | ​ | Cost | ​ | ​ | ​ | Amortization | ​ | ​ | ​ | Net
In-place leases | ​ | $ | 11,047 | (1) | ​ | $ | (6,758) | (2) | ​ | $ | 4,289 | ​ | $ | 11,348 | (1) | ​ | $ | (6,109) | (2) | ​ | $ | 5,239
Tax abatement intangible | ​ | $ | 8,309 | (3) | ​ | $ | (1,097) | (3) | ​ | $ | 7,212 | ​ | $ | 8,309 | (3) | ​ | $ | (405) | (3) | ​ | $ | 7,904
(1) | Included in the Buildings and improvements line item in our Consolidated Balance Sheets.
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(2) | Included in the Accumulated depreciation and amortization line item in our Consolidated Balance Sheets.
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(3) | Included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.
Schedule of future amortization expenses related to the intangible assets | The following table provides future amortization expenses related to the intangible assets at December 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
In-place leases (1) | ​ | $ | 4,289 | ​ | $ | 872 | ​ | $ | 696 | ​ | $ | 633 | ​ | $ | 519 | ​ | $ | 493 | ​ | $ | 1,076
Tax abatement intangible (2) | ​ |  | 7,212 | ​ |  | 692 | ​ |  | 692 | ​ |  | 692 | ​ |  | 692 | ​ |  | 692 | ​ |  | 3,752
​ | ​ | $ | 11,501 | ​ | $ | 1,564 | ​ | $ | 1,388 | ​ | $ | 1,325 | ​ | $ | 1,211 | ​ | $ | 1,185 | ​ | $ | 4,828
(1) | Recorded as depreciation expense included in the Depreciation and amortization line item on our Consolidated Statements of Income.
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(2) | Recorded as Property tax expense on our Consolidated Statements of Income.
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Schedule of developments and improvement projects | During the years ended December 31, 2024, 2023 and 2022, we invested the following in development and improvement projects (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
Type of Property | ​ | 2024 | ​ | 2023 | ​ | ​ | 2022 | ​
​ | ​ | Developments | ​ | Improvements | ​ | Developments | ​ | Improvements | ​ | ​ | Developments | ​ | Improvements | ​
Assisted Living Communities | ​ | $ | — | ​ | $ | 12,431 | ​ | $ | — | ​ | $ | 3,112 | ​ | ​ | $ | 105 | ​ | $ | 5,538 | ​
Skilled Nursing Centers | ​ | ​ | — | ​ | ​ | 1,246 | ​ | ​ | — | ​ | ​ | 6,487 | ​ | ​ | ​ | — | ​ | ​ | 2,897 | ​
Other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 87 | ​ | ​ | ​ | — | ​ | ​ | 559 | ​
Total | ​ | $ | — | ​ | $ | 13,677 | ​ | $ | — | ​ | $ | 9,686 | ​ | ​ | $ | 105 | ​ | $ | 8,994 | ​
Schedule of property sold | The following table summarizes property sales during the years ended December 31, 2024, 2023 and 2022 (dollar amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Sales | ​ | ​ | Carrying | ​ | ​ | Net | ​
Year | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Price | ​ | ​ | Value | ​ | ​ | (Loss) Gain (2) | ​
2024 (1) | ​ | Colorado | ​ | ALF | ​ | 1 | ​ | — | ​ | $ | 5,250 | ​ | $ | 4,058 | ​ | $ | 1,097 | ​
​ | ​ | Florida | ​ | ALF | ​ | 1 | ​ | 60 | ​ | ​ | 4,500 | ​ | ​ | 4,579 | ​ | ​ | (289) | ​
​ | ​ | Texas | ​ | ALF | ​ | 5 | ​ | 208 | ​ | ​ | 1,600 | ​ | ​ | 1,282 | ​ | ​ | (390) | ​
​ | ​ | Texas | ​ | ALF | ​ | 2 | ​ | — | ​ | ​ | 500 | ​ | ​ | 389 | ​ | ​ | — | ​
​ | ​ | Texas | ​ | ALF | ​ | 1 | ​ | 80 | ​ | ​ | 7,959 | (3) | ​ | 4,314 | ​ | ​ | 3,635 | ​
​ | ​ | Wisconsin | ​ | ALF | ​ | 1 | ​ | 110 | ​ | ​ | 20,193 | (4) | ​ | 16,195 | ​ | ​ | 3,986 | ​
​ | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (60) | (5)
Total | ​ | ​ | ​ | ​ | ​ | 11 | ​ | 458 | ​ | $ | 40,002 | ​ | $ | 30,817 | ​ | $ | 7,979 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | Florida | ​ | ALF | ​ | 5 | ​ | 246 | ​ | $ | 23,600 | ​ | $ | 9,084 | ​ | $ | 13,327 | ​
​ | ​ | Kentucky | ​ | ALF | ​ | 1 | ​ | 60 | ​ | ​ | 11,000 | ​ | ​ | 10,720 | ​ | ​ | 57 | ​
​ | ​ | Mississippi | ​ | ALF | ​ | 1 | ​ | 67 | ​ | ​ | 1,650 | ​ | ​ | 1,639 | ​ | ​ | (220) | ​
​ | ​ | New Jersey | ​ | ALF | ​ | 1 | ​ | 39 | ​ | ​ | 2,000 | ​ | ​ | 1,552 | ​ | ​ | 266 | ​
​ | ​ | New Mexico | ​ | SNF | ​ | 2 | ​ | 235 | ​ | ​ | 21,250 | ​ | ​ | 5,523 | ​ | ​ | 15,287 | ​
​ | ​ | Nebraska | ​ | ALF | ​ | 3 | ​ | 117 | ​ | ​ | 2,984 | ​ | ​ | 2,934 | ​ | ​ | — | ​
​ | ​ | Oklahoma | ​ | ALF | ​ | 1 | ​ | 37 | ​ | ​ | 800 | ​ | ​ | 777 | ​ | ​ | 11 | ​
​ | ​ | Pennsylvania | ​ | ALF | ​ | 2 | ​ | 130 | ​ | ​ | 11,128 | ​ | ​ | 6,054 | ​ | ​ | 4,860 | ​
​ | ​ | South Carolina | ​ | ALF | ​ | 3 | ​ | 128 | ​ | ​ | 8,409 | ​ | ​ | 4,446 | ​ | ​ | 3,708 | ​
Total | ​ | ​ | ​ | ​ | ​ | 19 | ​ | 1,059 | ​ | $ | 82,821 | ​ | $ | 42,729 | ​ | $ | 37,296 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | California | ​ | ALF | ​ | 2 | ​ | 232 | ​ | $ | 43,715 | ​ | $ | 17,832 | ​ | $ | 25,867 | ​
​ | ​ | California | ​ | SNF | ​ | 1 | ​ | 121 | ​ | ​ | 13,250 | ​ | ​ | 1,846 | ​ | ​ | 10,846 | ​
​ | ​ | Texas | ​ | SNF | ​ | 1 | ​ | — | ​ | ​ | 485 | ​ | ​ | 697 | ​ | ​ | (441) | ​
​ | ​ | Virginia | ​ | ALF | ​ | 1 | ​ | 74 | ​ | ​ | 16,895 | ​ | ​ | 15,549 | ​ | ​ | 1,344 | (6)
​ | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 214 | (7)
Total | ​ | ​ | ​ | ​ | ​ | 5 | ​ | 427 | ​ | $ | 74,345 | ​ | $ | 35,924 | ​ | $ | 37,830 | ​
(1) | Subsequent to December 31, 2024, we sold a 29-unit assisted living community in Oklahoma for $670. Upon sale, the property was removed from a master lease covering five ALFs in Oklahoma and rent under the master lease was not reduced as a result of the sale. At December 31, 2024, the community was classified as held-for-sale.
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(2) | Calculation of net gain (loss) includes cost of sales and write-off of straight-line rent receivable and lease incentives, when applicable.
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(3) | As part of the negotiated sale, we received an additional $441 representing rental income through lease maturity in January 2025.
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(4) | Represents the price to sell our portion of interest in a JV, net of the JV partner’s $2,305 contributions in the joint venture.
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(5) | We recognized additional loss due to additional incurred costs related to properties sold during 2023.
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(6) | In connection with this sale, the former operator paid us a lease termination fee of $1,181 which is not included in the gain on sale.
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(7) | We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and 2019, under the expected value model per ASC Topic 606, Contracts with Customers.
Schedule of investments in financing receivables |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | Investment
Interest | ​ | Investment | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | LTC | ​ | of | ​ | of | ​ | of | ​ | ​ | per
Rate | ​ | Year | ​ | Maturity | ​ | State | ​ | ​ | Investments | ​ | ​ | Investment | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Bed/Unit
7.25% | (1) | 2022 | ​ | 2032 | ​ | FL | ​ | $ | 76,603 | ​ | $ | 62,278 | ​ | SNF | ​ | 3 | ​ | 299 | ​ | $ | 256.20
7.25% | (2) | 2023 | ​ | 2033 | ​ | NC | ​ | ​ | 121,419 | ​ | ​ | 117,588 | ​ | ALF/MC | ​ | 11 | ​ | 523 | ​ | $ | 232.16
7.25% | (3) | 2024 | ​ | 2034 | ​ | NC/SC | ​ | ​ | 122,460 | ​ | ​ | 64,450 | ​ | ILF/ALF/MC | ​ | 13 | ​ | 523 | ​ | $ | 234.15
7.25% | (4) | 2024 | ​ | 2034 | ​ | NC | ​ | ​ | 41,000 | ​ | ​ | 37,985 | ​ | ALF | ​ | 4 | ​ | 217 | ​ | $ | 188.94
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 361,482 | ​ | $ | 282,301 | ​ | ​ | ​ | 31 | ​ | 1,562 | ​ | ​ | ​
(1) | During 2022, we entered into a JV with an operator new to us. The JV purchased three SNFs and leased the centers back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option, exercisable at the beginning of the fourth year through the end of the fifth year.
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(2) | During 2023, we entered into a JV with ALG Senior living (“ALG”). The JV purchased 11 ALFs and MCs and leased these communities back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options. The contractual initial cash yield of 7.25% increases to 7.5% in year three then escalates thereafter based on Consumer Price Index(“CPI”) subject to a floor of 2.0% and a ceiling of 4.0%. The JV provided the seller-lessee with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0%. During 2024, we deferred a total of $3,014 consolidated JV interest income from financing receivables for May through December 2024.
​
(3) | During the second quarter of 2024, we funded an additional $5,546 under a mortgage loan receivable due from an ALG affiliate secured by 13 ALFs and MCs located in North Carolina (12) and South Carolina (1). We then entered into a newly formed $122,460 JV with ALG, whereby we exchanged our $64,450 mortgage loan receivable for a 53% controlling interest in the JV. Concurrently, ALG contributed these properties to the joint venture for a 47% non-controlling interest. The properties were recorded at fair value, and the fair value of certain properties was determined using the income and sales comparison approaches. The income approach utilized stabilized property net operating income and a direct capitalization rate. The sales comparison approach utilized comparable property sales on a per bed basis. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0%.
​
(4) | During the second quarter of 2024, we funded an additional $2,766 under a mortgage loan receivable due from an ALG affiliate secured by four ALFs located in North Carolina. We then entered into a newly formed $41,000 JV with ALG, whereby we exchanged $37,985 mortgage loan receivables for a 93% controlling interest in the JV. Concurrently, ALG contributed these properties and a parcel of land to the joint venture for a 7% non-controlling interest. The properties were recorded at fair value, and the fair value of the properties was determined using the income approach. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0%.
Summary of investments in mortgage loans secured by first mortgages | The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2024 (dollar amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Type | ​ | Percentage | ​ | Number of | ​ | Investment
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | of | ​ | of | ​ | ​ | ​ | ​ | ​ | SNF | ​ | ALF | ​ | per
Interest Rate | ​ | Maturity | ​ | State | ​ | Investment | ​ | Property | ​ | Investment | ​ | Loans (2) | ​ | Properties (3) | ​ | Beds | ​ | Units | ​ | Bed/Unit
8.8% | ​ | 2025 | ​ | FL | ​ | $ | 4,000 | ​ | ALF | ​ | 1.3 | % | 1 | ​ | 2 | ​ | — | ​ | 92 | ​ | $ | 43.48
7.8% | ​ | 2025 | ​ | FL | ​ | ​ | 16,706 | ​ | ALF | ​ | 5.3 | % | 1 | ​ | 1 | ​ | — | ​ | 112 | ​ | $ | 149.16
7.3% | ​ | 2025 | ​ | NC | ​ | ​ | 10,750 | ​ | ALF | ​ | 3.4 | % | 1 | ​ | 1 | ​ | — | ​ | 45 | ​ | $ | 238.89
8.8% | ​ | 2026 | ​ | MI | ​ | ​ | 12,753 | ​ | ALF | ​ | 4.1 | % | 1 | ​ | 1 | ​ | — | ​ | 85 | ​ | $ | 150.04
8.8% | ​ | 2028 | ​ | IL | ​ | ​ | 16,500 | ​ | SNF | ​ | 5.2 | % | 1 | ​ | 1 | ​ | 150 | ​ | — | ​ | $ | 110.00
11.1% (4) | ​ | 2043 | ​ | MI | ​ | ​ | 180,700 | ​ | SNF | ​ | 57.2 | % | 1 | ​ | 14 | ​ | 1,749 | ​ | — | ​ | $ | 103.32
10.0% (4) | ​ | 2045 | ​ | MI | ​ | ​ | 39,800 | ​ | SNF | ​ | 12.6 | % | 1 | ​ | 4 | ​ | 480 |  | — | ​ | $ | 82.92
10.3% (4) | ​ | 2045 | ​ | MI | ​ |  | 19,700 | ​ | SNF | ​ | 6.2 | % | 1 | ​ | 2 | ​ | 201 |  | — | ​ | $ | 98.01
10.5% (4) | ​ | 2045 | ​ | MI | ​ | ​ | 14,825 | ​ | SNF | ​ | 4.7 | % | 1 | ​ | 1 | ​ | 146 | ​ | — | ​ | $ | 101.54
Total | ​ | ​ | ​ | ​ | ​ | $ | 315,734 | (1) | ​ | ​ | 100.0 | % | 9 | ​ | 27 | ​ | 2,726 |  | 334 | ​ | $ | 103.18
(1) | Excludes the impact of credit loss reserve.
​
(2) | Some loans contain certain guarantees and/or provide for certain facility fees.
​
(3) | Our mortgage loans are secured by properties located in four states with six borrowers. Additionally, during 2024, we committed to fund a $26,120 mortgage loan for the construction of a 116-unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12,300 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5%.
​
(4) | Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period.
​
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the years ended December 31, 2024, 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 |
Originations and funding under mortgage loans receivable | ​ | $ | 21,833 | (1) | $ | 97,058 | (4) | $ | 40,732 | (5)
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables | ​ | ​ | (102,435) | (2) | ​ | — | ​ | ​ | — | ​
Pay-offs received | ​ | ​ | (85,204) | (3) | ​ | — | ​ | ​ | — | ​
Application of interest reserve | ​ | ​ | 169 | ​ | ​ | 1,722 | ​ | ​ | 6,192 | ​
Scheduled principal payments received | ​ | ​ | (701) | ​ | ​ | (10,351) | ​ | ​ | (1,175) | ​
Mortgage loan premium amortization | ​ | ​ | (8) | ​ | ​ | (7) | ​ | ​ | (6) | ​
Recovery (provision) for loan loss reserve | ​ | ​ | 1,663 | ​ | ​ | (884) | ​ | ​ | (457) | ​
Net (decrease) increase in mortgage loans receivable | ​ | $ | (164,683) | ​ | $ | 87,538 | ​ | $ | 45,286 | ​
​
(1) | The following funding occurred during 2024:
​
| (a) | $12,753 under a $19,500 mortgage loan commitment for the construction of an 85-unit ALF and MC in Michigan. The borrower contributed $12,100 of equity upon origination in July 2023, which was used to initially fund the construction. Our remaining commitment is $6,747. The interest-only loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds;
​
| (b) | $5,546 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by 13 ALFs and MCs in North Carolina (12) and South Carolina (1). During the three months ended June 30, 2024, we exchanged this $64,450 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information;
​
| (c) | $2,766 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by four ALFs in North Carolina. During the three months ended June 30, 2024, we exchanged this $37,985 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information; and
​
| (d) | $768 of additional funding under various loans.
​
(2) | The following occurred:
​
| (a) | $64,450 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(b) above for more information; and
​
| (b) | $37,985 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(c) above for more information.
​
(3) | The following payoffs/paydowns were received during 2024:
| (a) | The payoff of a $51,111 mortgage loan receivable secured by a 203-unit ILF, ALF and MC in Georgia;
​
| (b) | The payoff of a $2,013 mortgage loan secured by a parcel of land in Missouri;
​
| (c) | The payoff of a $29,347 mortgage loan secured by a 189-bed SNF in Louisiana; and
​
| (d) | A partial principal paydown of $2,733 related to the sale of a SNF securing the mortgage loan previously secured by 15 SNFs in Michigan.
​
(4) | We originated the following during 2023:
​
| (a) | $10,750 mortgage loan secured by a 45-unit MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0%;
​
| (b) | $51,111 mortgage loan investment secured by a 203-unit ILF, ALF and MC located in Georgia. We acquired a participating interest owned by existing lenders for $42,251 in addition to converting our $7,461 mezzanine loan in the property into a participating interest in the mortgage loan. Our investment is at an initial rate of 7.5% with an IRR of 7.75%. We recorded $1,380 of additional interest income in connection with the effective prepayment of the mezzanine loan in the first quarter of 2023. The mortgage loan was paid off during 2024;
​
| (c) | $16,500 senior loan for the acquisition of a 150-bed Medicare focused SNF in Illinois. The mortgage loan matures in June 2028 and our investment is at an interest rate of 8.75%;
​
| (d) | $4,947 of contractual additional funding under other mortgage loans receivable;
​
| (e) | $13,750 of seller financing collateralized by four ALFs. $9,750 was repaid subsequently and two ALFs were released from collateral. The net $4,000 seller-financed mortgage loan is for two-years, with a one-year extension, at the interest rate of 8.75%; and
​
| (f) | $19,500 mortgage loan commitment for the construction of an 85-unit ALF and MC in Michigan. The borrower contributed
|  | $12,100 of equity which initially funded the construction. Upon fully drawing of the borrower’s equity in the first quarter of 2024, we began funding the commitment. The loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds.
​
(5) | We originated two senior mortgage loans, secured by four ALFs operated by an existing operator, as well as a land parcel in North Carolina. The communities have a combined total of 217 units, with an average age of less than four years. The land parcel is approximately 7.6 acres adjacent to one of the ALFs and is being held for the future development of a seniors housing community. The mortgage loans have a four-year term, an interest rate of 7.25% and an IRR of 8%. We also funded an additional $2,000 under an existing mortgage loan.
​
Scheduled principal payments on mortgage loan receivables | Scheduled principal payments on mortgage loan receivables are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​
​ |  | Scheduled |
​ | ​ | Principal |
2025 | ​ | $ | 32,136 | ​
2026 | ​ |  | 13,434 | ​
2027 | ​ |  | 680 | ​
2028 | ​ |  | 17,180 | ​
2029 | ​ |  | 680 | ​
Thereafter | ​ |  | 251,624 | ​
Total | ​ | $ | 315,734 | ​
Schedule of interest income from investment in financing receivables | The following table summarizes the interest income from our investment in financing receivables during the years ended December 31, 2024, 2023 and 2022 (dollar amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | Initial | ​ | Interest Income from Financing Receivables
Lease | ​ | of | ​ | Contractual | ​ | Year Ended December 31,
Maturity | ​ | Properties | ​ | Cash Yield | ​ | ​ | 2024 | ​ | ​ | 2023 | ​ | ​ | 2022
2032 | ​ | SNF | ​ | 7.25 | % | ​ | $ | 5,611 | ​ | $ | 5,618 | ​ | $ | 1,762
2033 | ​ | ALF/MC | ​ | 7.25 | % | ​ | ​ | 9,710 | ​ | ​ | 9,625 | ​ | ​ | —
2034 | ​ | ILF/ALF/MC | ​ | 7.25 | % | ​ | ​ | 4,751 | ​ | ​ | — | ​ | ​ | —
2034 | ​ | ALF | ​ | 7.25 | % | ​ | ​ | 1,591 | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 21,663 | ​ | $ | 15,243 | ​ | $ | 1,762
​

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