CONCENTRATION OF RISK |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Concentration of Risk [Abstract] | |
| CONCENTRATION OF RISK | NOTE 11 – CONCENTRATION OF RISK As of June 30, 2026, our real estate investment portfolio comprised 1,022 operating healthcare facilities, including fee simple wholly-owned facilities that are held for investment or sale, facilities that are collateral under our mortgage loans and facilities within consolidated JVs. These healthcare facilities are located in 41 states, Washington, D.C., the U.K. and Jersey, and are operated or managed by 93 third-party operators or managers. At June 30, 2026, 98% of our real estate investments related to long-term healthcare facilities. Operator Concentration During the three and six months ended June 30, 2026, we had no operators with total revenues that exceeded 10% of our total revenues. During the three and six months ended June 30, 2025, we had one operator with total revenues that exceeded 10% of our total revenues: CommuniCare. CommuniCare generated 7.9% and 8.6% of our total revenues for the three and six months ended June 30, 2026, respectively, and 10.9% of our total revenues for the three and six months ended June 30, 2025. As of June 30, 2026, CommuniCare represented 3.9% of our total investments (before accumulated depreciation and allowances). Revenues from resident fees and services are not subject to concentration risk, as the underlying agreements at the facilities in our Operating segment are with individual residents. As of June 30, 2026, we had total investments (before accumulated depreciation and allowances) with two operators that approximated or exceeded 10% of our total investments: Maplewood and Saber. As of December 31, 2025, we had total investments (before accumulated depreciation and allowances) with one operator that approximated or exceeded 10% of our total investments: Maplewood. Maplewood generated 6.6% of our total revenues for the three and six months ended June 30, 2026, and 6.9% and 6.6% of our total revenues for the three and six months ended June 30, 2025, respectively. Saber generated 6.0% and 5.6% of our total revenues for the three and six months ended June 30, 2026, respectively, and 5.8% of our total revenues for the three and six months ended June 30, 2025. Geographic Concentration As of June 30, 2026, the three geographic locations in which we had our highest concentration of real estate assets and mortgages (before accumulated depreciation and allowances) were the U.K. (17.7%), Texas (8.8%) and Indiana (6.4%). |