| REAL ESTATE AND ACCUMULATED DEPRECIATION |
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross Amount at | | | | | | | | | | | | Initial Cost to | | Cost Capitalized | | Which Carried at | | | | | | | | | Life on Which | | | Company | | Subsequent to | | Close of Period (2) (4) | | | | | | | | | Depreciation | | | | | | | | | Acquisition | | | | | | | | | | | (3) | | | | (6) | | in Latest | | | | | | Buildings and | | | | | Carrying | | (5) | | (7) | | Buildings and | | | | | Accumulated | | Date of | | Date | | Income Statements | Description (1) | Encumbrances | Land | | Improvements | | Improvements | | Cost | | Other | | Land | | Improvements | | Total | | Depreciation | | Construction | | Acquired | | is Computed | Alabama (SNF) | | $ | 1,817 | | $ | 33,356 | | $ | 15,611 | | $ | — | | $ | — | | $ | 1,817 | | $ | 48,967 | | $ | 50,784 | | $ | (43,814) | | 1960 - 1982 | | 1992 - 1997 | | 31 years - 33 years | Arizona (ALF, ILF, SNF) | | | 11,502 | | | 117,878 | | | 4,831 | | | — | | | — | | | 11,502 | | | 122,709 | | | 134,211 | | | (42,613) | | 1949 - 1999 | | 2005 - 2021 | | 25 years - 40 years | Arkansas (ALF, SNF) | | | 2,810 | | | 48,765 | | | 5,696 | | | — | | | (36) | | | 2,810 | | | 54,425 | | | 57,235 | | | (35,004) | | 1967 - 1988 | | 1992 - 2014 | | 25 years - 31 years | California (ALF, SF, SNF) | | | 86,313 | | | 481,310 | | | 16,270 | | | — | | | (478) | | | 86,313 | | | 497,102 | | | 583,415 | | | (194,703) | | 1938 - 2013 | | 1997 - 2025 | | 5 years - 35 years | Colorado (ILF, SNF) | | | 11,283 | | | 88,830 | | | 8,188 | | | — | | | (10) | | | 11,272 | | | 97,019 | | | 108,291 | | | (59,488) | | 1925 - 1975 | | 1998 - 2016 | | 20 years - 39 years | Connecticut (ALF) | | | 25,063 | | | 252,417 | | | 12,323 | | | 1,319 | | | — | | | 25,063 | | | 266,059 | | | 291,122 | | | (93,458) | | 1968 - 2019 | | 2010 - 2017 | | 30 years - 33 years | Florida (ALF, ILF, SNF) | | | 59,103 | | | 406,535 | | | 31,810 | | | 38 | | | (24,067) | | | 58,113 | | | 415,306 | | | 473,419 | | | (222,160) | | 1942 - 2018 | | 1993 - 2021 | | 2 years - 39 years | Georgia (ALF, SNF) | | | 3,740 | | | 47,689 | | | 2,478 | | | — | | | — | | | 3,740 | | | 50,167 | | | 53,907 | | | (21,253) | | 1967 - 1997 | | 1998 - 2016 | | 30 years - 40 years | Idaho (SNF) | | | 5,735 | | | 47,530 | | | 1,920 | | | — | | | (542) | | | 5,193 | | | 49,450 | | | 54,643 | | | (26,757) | | 1920 - 2008 | | 1997 - 2014 | | 25 years - 39 years | Illinois (ALF) | | | 1,830 | | | 13,967 | | | 1,903 | | | — | | | — | | | 1,830 | | | 15,870 | | | 17,700 | | | (3,876) | | 1999 | | 2021 | | 25 years | Indiana (ALF, ILF, SF, SNF) | | | 48,224 | | | 571,751 | | | 17,305 | | | — | | | (7,453) | | | 48,130 | | | 581,697 | | | 629,827 | | | (261,640) | | 1942 - 2015 | | 1992 - 2025 | | 20 years - 40 years | Iowa (ALF, SNF) | | | 1,964 | | | 51,759 | | | 1,809 | | | — | | | — | | | 1,964 | | | 53,568 | | | 55,532 | | | (24,144) | | 1961 - 1998 | | 2010 - 2014 | | 23 years - 33 years | Jersey (ALF) | | | 7,965 | | | 34,366 | | | — | | | — | | | 644 | | | 8,086 | | | 34,889 | | | 42,975 | | | (1,045) | | 1800 - 2004 | | 2025 | | 25 years | Kansas (SNF) | | | 4,092 | | | 38,693 | | | 14,532 | | | 1 | | | (4,390) | | | 4,092 | | | 48,836 | | | 52,928 | | | (31,625) | | 1957 - 1977 | | 2005 - 2011 | | 25 years | Kentucky (ALF, SNF) | | | 15,556 | | | 130,819 | | | 7,517 | | | — | | | — | | | 15,556 | | | 138,336 | | | 153,892 | | | (68,790) | | 1964 - 2002 | | 1999 - 2016 | | 20 years - 33 years | Louisiana (ALF, SNF) | | | 5,846 | | | 113,351 | | | 6,920 | | | 448 | | | (1,752) | | | 5,846 | | | 118,967 | | | 124,813 | | | (39,817) | | 1951 - 2020 | | 1997 - 2024 | | 22 years - 39 years | Maryland (SNF) | | | 21,486 | | | 131,741 | | | 27,158 | | | 135 | | | — | | | 17,526 | | | 162,994 | | | 180,520 | | | (54,527) | | 1921 - 2016 | | 2008 - 2025 | | 25 years - 30 years | Massachusetts (ALF, SNF) | | | 19,041 | | | 113,728 | | | 27,800 | | | — | | | (693) | | | 19,041 | | | 140,835 | | | 159,876 | | | (57,982) | | 1988 - 2017 | | 2014 | | 30 years - 33 years | Michigan (SNF) | | | 1,535 | | | 29,465 | | | — | | | — | | | — | | | 1,535 | | | 29,465 | | | 31,000 | | | (2,168) | | 1950 | | 2024 | | 25 years | Minnesota (ALF, ILF, SNF) | | | 10,502 | | | 52,585 | | | 5,972 | | | — | | | — | | | 10,502 | | | 58,557 | | | 69,059 | | | (28,471) | | 1966 - 1983 | | 2014 | | 33 years | Mississippi (SNF) | | | 8,803 | | | 191,448 | | | 827 | | | — | | | — | | | 8,803 | | | 192,275 | | | 201,078 | | | (66,603) | | 1965 - 2008 | | 2009 - 2019 | | 20 years - 30 years | Missouri (SNF) | | | 255 | | | 4,956 | | | — | | | — | | | (120) | | | 247 | | | 4,844 | | | 5,091 | | | (3,958) | | 1989 | | 1999 | | 33 years | Montana (SNF) | | | 1,319 | | | 11,698 | | | 432 | | | — | | | — | | | 1,319 | | | 12,130 | | | 13,449 | | | (5,008) | | 1963 - 1971 | | 2005 | | 33 years | Nebraska (SNF) | | | 530 | | | 13,712 | | | 768 | | | — | | | — | | | 530 | | | 14,480 | | | 15,010 | | | (6,721) | | 1966 - 1969 | | 2012 - 2015 | | 20 years - 33 years | Nevada (SNF, SF) | | | 8,811 | | | 92,797 | | | 8,350 | | | — | | | — | | | 8,811 | | | 101,147 | | | 109,958 | | | (45,548) | | 1972 - 2012 | | 2009 - 2017 | | 25 years - 33 years | New Hampshire (ALF, SNF) | | | 1,782 | | | 19,837 | | | 1,463 | | | — | | | — | | | 1,782 | | | 21,300 | | | 23,082 | | | (13,523) | | 1963 - 1999 | | 1998 - 2006 | | 33 years - 39 years | New Jersey (ALF, CCRC) | | | 23,603 | | | 129,088 | | | 2,268 | | | 1,559 | | | — | | | 23,603 | | | 132,915 | | | 156,518 | | | (13,597) | | 1997 - 2021 | | 2019 - 2025 | | 25 years | New Mexico (SNF) | | | 11,023 | | | 72,298 | | | 1,318 | | | — | | | — | | | 11,023 | | | 73,616 | | | 84,639 | | | (19,421) | | 1960 - 1990 | | 2005 - 2025 | | 25 years - 33 years | New York (ALF) | | | 113,145 | | | 176,921 | | | 4,878 | | | 40,543 | | | (5,900) | | | 113,145 | | | 216,442 | | | 329,587 | | | (52,104) | | 2020 | | 2015 | | 25 years | North Carolina (ALF, SNF) | | | 29,063 | | | 369,884 | | | 12,110 | | | 336 | | | (902) | | | 28,876 | | | 381,615 | | | 410,491 | | | (147,782) | | 1963 - 2019 | | 1994 - 2024 | | 25 years - 36 years | Ohio (ALF, SNF, SF) | | | 28,026 | | | 332,613 | | | 25,350 | | | 345 | | | (28,680) | | | 27,776 | | | 329,878 | | | 357,654 | | | (120,745) | | 1955 - 2021 | | 1994 - 2020 | | 25 years - 39 years | Oklahoma (SNF) | | | 1,280 | | | 11,190 | | | 573 | | | — | | | — | | | 1,280 | | | 11,763 | | | 13,043 | | | (9,247) | | 1965 - 1993 | | 2010 | | 20 years | Oregon (ALF, ILF, SNF) | | | 8,740 | | | 128,799 | | | 13,550 | | | — | | | — | | | 8,740 | | | 142,349 | | | 151,089 | | | (39,273) | | 1959 - 2007 | | 2005 - 2024 | | 25 years - 33 years | Pennsylvania (ALF, ILF, SNF) | | | 25,301 | | | 345,548 | | | 24,733 | | | — | | | (31,316) | | | 25,296 | | | 338,970 | | | 364,266 | | | (140,785) | | 1873 - 2012 | | 2004 - 2022 | | 20 years - 39 years | Rhode Island (SNF) | | | 3,299 | | | 23,487 | | | 3,805 | | | — | | | — | | | 3,299 | | | 27,292 | | | 30,591 | | | (18,064) | | 1965 - 1981 | | 2006 | | 39 years | South Carolina (ALF, SNF) | | | 11,640 | | | 82,262 | | | 2,889 | | | — | | | (26) | | | 11,614 | | | 85,151 | | | 96,765 | | | (36,576) | | 1959 - 2007 | | 2014 - 2025 | | 20 years - 33 years | Tennessee (ALF, SNF, SF) | | | 12,976 | | | 268,846 | | | 9,986 | | | — | | | — | | | 12,976 | | | 278,832 | | | 291,808 | | | (138,683) | | 1968 - 2018 | | 1992 - 2021 | | 20 years - 31 years | Texas (ALF, ILF, SNF, SF) | | | 68,421 | | | 793,991 | | | 48,456 | | | — | | | (7,259) | | | 70,994 | | | 832,615 | | | 903,609 | | | (281,368) | | 1949 - 2016 | | 1997 - 2025 | | 20 years - 40 years | United Kingdom (ALF) | | | 353,872 | | | 1,318,226 | | | 21,898 | | | — | | | 25,748 | | | 361,678 | | | 1,358,066 | | | 1,719,744 | | | (199,100) | | 1650 - 2012 | | 2015 - 2025 | | 25 years - 30 years | Vermont (SNF) | | | 318 | | | 6,005 | | | 602 | | | — | | | — | | | 318 | | | 6,607 | | | 6,925 | | | (3,913) | | 1971 | | 2004 | | 39 years | Virginia (ALF, SNF) | | | 32,632 | | | 343,936 | | | 11,554 | | | 190 | | | 1,141 | | | 31,612 | | | 357,841 | | | 389,453 | | | (118,726) | | 1964 - 2017 | | 2016 - 2023 | | 25 years - 30 years | Washington (ALF, SNF) | | | 12,914 | | | 162,575 | | | 9,351 | | | — | | | (2) | | | 12,912 | | | 171,926 | | | 184,838 | | | (56,759) | | 1951 - 2004 | | 1999 - 2021 | | 25 years - 33 years | Washington DC (ALF) | | | 68,017 | | | 135,298 | | | — | | | 16,217 | | | — | | | 68,017 | | | 151,515 | | | 219,532 | | | (5,988) | | 2025 | | 2021 | | 25 years | West Virginia (SNF) | | | 3,475 | | | 202,085 | | | 7,069 | | | — | | | — | | | 3,475 | | | 209,154 | | | 212,629 | | | (69,525) | | 1850 - 2016 | | 1994 - 2024 | | 25 years - 39 years | Wisconsin (ALF, SNF) | | | 1,440 | | | 13,791 | | | 2,153 | | | — | | | — | | | 1,440 | | | 15,944 | | | 17,384 | | | (4,259) | | 1974 - 1999 | | 2005 - 2025 | | 25 years - 33 years | Total | | $ | 1,176,092 | | $ | 8,057,826 | | $ | 424,426 | | $ | 61,131 | | $ | (86,093) | | $ | 1,179,497 | | $ | 8,453,885 | | $ | 9,633,382 | | $ | (2,930,611) | | | | | | |
| (1) | The real estate included in this schedule is being used in either the operation of skilled nursing facilities (“SNF”), assisted living facilities (“ALF”), including care homes in the U.K., independent living facilities (“ILF”), specialty facilities (“SF”) (consisting of specialty hospitals, long-term acute care hospitals, independent rehabilitation facilities, behavioral health substance facilities, behavioral health psychology facilities, traumatic brain injury facilities and other healthcare facilities) or continuing care retirement communities (“CCRCs”), located in the states or country indicated. |
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION — continued (in thousands) December 31, 2025 (2) | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | Balance at beginning of period | | $ | 9,060,174 | | $ | 8,372,419 | | $ | 8,860,264 | Acquisitions (a) | | | 693,111 | | | 740,661 | | | 262,453 | Impairment | | | (29,932) | | | (23,728) | | | (89,985) | Improvements | | | 79,188 | | | 114,610 | | | 87,760 | Disposals/other | | | (169,159) | | | (143,788) | | | (748,073) | Balance at close of period | | $ | 9,633,382 | | $ | 9,060,174 | | $ | 8,372,419 |
| (a) | Includes approximately $10.1 million and $344.0 million of non-cash consideration exchanged and/or valuation adjustments during the year ended December 31, 2025 and 2024, respectively. Also includes certain land purchases and other acquisitions not reflected in Note 3 – Real Estate Asset Acquisitions and Development. |
(3) | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | Balance at beginning of period | | $ | 2,721,016 | | $ | 2,469,893 | | $ | 2,322,773 | Provisions for depreciation | | | 322,710 | | | 302,088 | | | 317,536 | Dispositions/other | | | (113,115) | | | (50,965) | | | (170,416) | Balance at close of period | | $ | 2,930,611 | | $ | 2,721,016 | | $ | 2,469,893 |
(4) The reported amount of our real estate at December 31, 2025 is greater than the tax basis of the real estate by approximately $675.6 million (unaudited). (5) Reflects bed sales, impairments (including the write-off of accumulated depreciation), land easements and impacts from foreign currency exchange rates. (6) To the extent that we acquired an entity previously owning the underlying facility, the acquisition date reflects the date that the entity acquired the facility. (7) Includes $4.9 million of construction in progress related to land, all other amounts related to construction in progress are reflected in buildings and improvements.
|