REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT (Tables)

12 Months Ended

Dec. 31, 2025

REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT [Abstract]

The following table summarizes the significant asset acquisitions that occurred in 2025:


	Number of
	Facilities					Total Real Estate
			Specialty			Assets Acquired⁽¹⁾
Period	SNF	ALF	and Other		Country/State	(in millions)
Q1	—	2	—		TX	$	10.6
Q1	—	4	—		U.K.		47.7
Q2	—	45	—		U.K. & Jersey		344.2	⁽²⁾
Q2	—	1	—		CA		11.6
Q2	—	2	—		NM		32.0
Q2	—	1	—		SC		8.5
Q2	8	—	—		TX		105.8
Q3	—	1	—		U.K.		8.6
Q3	—	1	—		U.K.		10.3	⁽³⁾
Q3	—	—	1	⁽⁴⁾	NJ		58.6
Q4	—	4	—		WI, NJ, IN		36.9	⁽⁵⁾
Q4	—	1	—		U.K.		15.6
Total	8	62	1			$	690.4

(1)

Represents the acquisition cost that was allocated to our real estate assets on a relative fair value basis. This also represents the total cost of the acquisition unless specifically noted within the table, as the assets acquired in our acquisitions typically consist of only real estate assets. From time to time we may have acquisitions in which additional assets and liabilities are assumed.

(2)	In April 2025, the Company acquired 45 facilities in the U.K. and the Bailiwick of Jersey (“Jersey”) for $344.2 million and leased the facilities to four existing and two new operators.

(3)

Relates to a non-cash acquisition of one facility previously subject to a mortgage loan with Omega in which the principal amount under the loan agreement was settled in exchange for title to the facility (see Note 7 – Real Estate Loans Receivable) and $0.2 million of transaction costs incurred related to the non-cash acquisition.

(4)	Relates to a CCRC.

(5)	Relates to facilities that we will own and operate utilizing a RIDEA structure. Total consideration paid for this acquisition was $36.1 million. We allocated $0.1 million of the consideration to other assets and $0.7 million to accrued expenses.

The following table summarizes the significant asset acquisitions that occurred in 2024:


	Number of			Total Real Estate
	Facilities			Assets Acquired⁽¹⁾
Period	SNF	ALF	Country/State	(in millions)
Q1	1	—	WV	$	8.1
Q1	—	1	U.K.		5.2
Q2	1	—	MI		31.0
Q2	—	32	U.K.		50.8	⁽²⁾
Q2	1	—	LA		21.0
Q3	—	63	U.K.		421.0	⁽³⁾
Q3	—	1	U.K.		5.1
Q3	1	—	NC		8.8
Q3	—	1	U.K.		10.8
Q4	—	3	U.K.		39.7
Q4	—	1	OR		8.0
Q4	2	—	TX		19.5
Q4	—	6	U.K.		111.5
Total	6	108		$	740.5

(1)

(2)	Total consideration paid for this acquisition was $62.7 million. We allocated $11.9 million of the purchase consideration to a deferred tax asset related to net operating losses acquired in the transaction. See Note 17 – Taxes for additional information.

(3)

Relates to our acquisition of the remaining 51% ownership interest in the Cindat Joint Venture, as defined and discussed below under “Cindat Portfolio Acquisition.” Total costs to be allocated for this acquisition was $461.9 million, inclusive of our previously held equity interest of $97.0 million. We allocated $53.8 million of the costs to be allocated to other assets acquired in the transaction and we allocated $13.0 million of the costs to be allocated to other liabilities assumed in the transaction.

The following table summarizes the assets and liabilities recorded as part of the acquisition as of the date of the acquisition:


	(in thousands)
Costs to be allocated:
49% equity method investment in Cindat Joint Venture	$	96,971
Consideration for additional 51% interest in Cindat Joint Venture		100,921
Fair market value of debt assumed		263,990
Total acquisition cost to be allocated	$	461,882

Net assets acquired:
Real estate assets	$	421,044
Non-real estate loans receivable		1,632
Cash and cash equivalents		6,866
Restricted cash		14,050
Contractual receivables		8
Other assets		31,278
Total assets		474,878
Accrued expenses and other liabilities		(12,996)
Net assets acquired	$	461,882

The following table summarizes the significant asset acquisitions that occurred in 2023:


	Number of			Total Real Estate
	Facilities			Assets Acquired⁽¹⁾
Period	SNF	ALF	Country/State	(in millions)
Q1	—	6	U.K.	$	26.4	⁽²⁾
Q2	4	—	WV		114.8	⁽³⁾
Q2	1	—	WV		13.7
Q3	1	—	VA		15.6
Q3	—	14	U.K.		39.5
Q4	1	—	MD		22.5
Q4	—	1	U.K.		3.8
Q4	2	—	LA		24.9
Total	9	21		$	261.2

(1)

(2)	In connection with this acquisition, the Company recorded $9.9 million of right-of-use assets and lease liabilities associated with ground leases assumed in the acquisition.

(3)	In connection with this acquisition, the Company also provided $104.6 million of mezzanine financing discussed further in Note 7 – Real Estate Loans Receivable and Note 8 – Non-Real Estate Receivable.