v3.25.2
Investment Activity (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Business Acquisitions, by Acquisition
During the six months ended June 30, 2025, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):

Number ofAssetBuildings and
OperatorPeriodPropertiesClassLandImprovementsTotal
Generations, LLCQ1 20251SLC$3,062 $18,138 $21,200 
Mainstay Healthcare1
Q1 20251ALF2,864 5,736 8,600 
Juniper Communities, LLCQ1 20251ALF4,154 42,130 46,284 
Agemark Senior LivingQ2 20256ALF7,461 56,039 63,500 
$17,541 $122,043 $139,584 

1    This property was acquired in a deed in lieu of foreclosure transaction with Senior Living Management to satisfy the repayment of its $10.0 million mortgage with us. See “Cash Basis Tenants” below.
Schedule of Tenant Concentrations
The following table presents information related to concentrations of tenants, or affiliates of tenants, in our Real Estate Investments segment that exceed 10% of our consolidated revenues, excluding $2.6 million for our corporate office, a credit loss reserve of $17.5 million and $360.8 million in real estate assets in the SHOP segment ($ in thousands):

Six Months Ended June 30,
June 30, 202520252024
AssetReal EstateMortgages% of% of
ClassPropertiesand Notes
Revenues1
Total
Revenues1
Total
Senior Living Communities, LLC
(“Senior Living”)EFC$577,865 $46,700 $27,447 15%$26,406 16%
Bickford Senior Living (“Bickford”)ALF429,495 16,017 21,318 12%20,691 12%
National HealthCare Corporation (“NHC”)SNF133,770 — 20,614 11%20,836 13%
All others, netVarious1,593,255 207,687 76,622 43%66,369 40%
Escrow funds received from tenants for
property operating expensesVarious— — 5,801 3%5,535 3%
Total tenant concentrations$2,734,385 $270,404 151,802 84%139,837 84%
Resident fees and services2
28,156 16%26,645 16%
Total revenues$179,958 100%$166,482 100%
1    Amounts include interest income from mortgage and other notes receivable and rental income from real estate properties classified as assets held for sale.
2    There are no tenant concentration in revenues from resident fees and services because the related agreements are with individual residents.
Schedule of NHC Percentage Rent
The following table summarizes our percentage rental income from NHC ($ in thousands):

Six Months Ended
June 30,
20252024
Current year$3,237 $2,759 
Prior year final certifications1
956 1,656 
Total percentage rental income$4,193 $4,415 

1    For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to us by March 31st of the following year.
Schedule of Cash Rents Received
Lease payments received from cash basis tenants were as follows ($ in thousands):

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Bickford
$9,993 $9,946 $19,977 $19,310 
All others1,482 5,142 2,962 7,544 
Total$11,475 $15,088 $22,939 $26,854 
Schedule of Future Minimum Base Rent
The fixed amounts of future minimum lease payments due to us under our existing tenant leases as of June 30, 2025 were as follows ($ in thousands):

Remainder of 2025$131,619 
2026269,241 
2027220,143 
2028215,015 
2029206,183 
2030197,456 
Thereafter779,528 
Total$2,019,185 
Schedule of Fixed and Variable Lease Payments
The following table summarizes our rental income based on fixed and variable rent escalators ($ in thousands):

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Lease payments based on fixed escalators$64,286 $60,110 $125,976 $116,702 
Lease payments based on variable escalators2,761 2,358 6,365 6,251 
Straight-line rent, net of write-offs1,034 1,213 2,444 905 
Escrow funds received from tenants for
property operating expenses2,914 2,802 5,801 5,535 
Amortization of lease incentives(725)(723)(1,450)(1,446)
Total rental income$70,270 $65,760 $139,136 $127,947