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Major Operators | 9 Months Ended
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Sep. 30, 2025
Major Operators |
Major Operators |
13. | Major Operators
Within our real estate investment segment, two operators each account for approximately 10% or more of our Total revenues. Our SHOP segment is not subject to operator concentration, as the communities are operated on our behalf by independent operators under management agreements. In addition, resident agreements are entered into with individual residents. Accordingly, we are not exposed to operator credit risk to the same extent as within our real estate investment segment. The following table presents information regarding our major operators as of September 30, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Number of | ​ | Percentage of | ​
​ | ​ | ​ | ​ | ​ | ​ | SNF | ​ | SH | ​ | Total | ​ | ​ | Total | ​ | ​
Operator | ​ | SNF | ​ | SH | ​ | Beds | ​ | Units | ​ | Revenues (1) | ​ | ​ | Assets (2) | ​ | ​
Prestige Healthcare (3) | ​ | 23 | ​ | — | ​ | 2,694 | ​ | 93 | ​ | 13.3 | % | ​ | 12.7 | % | ​
ALG Senior Living(4) | ​ | — | ​ | 29 | ​ | — | ​ | 1,308 | ​ | 9.8 | % | ​ | 14.4 | % | ​
Total | ​ | 23 | ​ | 29 | ​ | 2,694 | ​ | 1,401 | ​ | 23.1 | % | ​ | 27.1 | % | ​
(1) | Includes total revenues for the nine months ended September 30, 2025.
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(2) | Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets.
​
(3) | The majority of the revenue derived from this operator relates to interest income from mortgage loans.
​
(4) | The majority of the revenue derived from this operator relates to interest income from financing receivables.
Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, ALG Senior Living or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us.

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