REAL ESTATE ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of operating and direct financing lease income

As of June 30, 2026, our leased real estate properties included 552 SNFs, 342 ALFs, 19 ILFs, 17 specialty facilities and one CCRC. The following table summarizes the Company’s rental income:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(in thousands)				(in thousands)
Fixed income from operating leases	$	262,730	$	235,596	$	529,594	$	463,791
Variable income from operating leases		3,756		3,606		7,509		7,409
Interest income from direct financing leases		—		—		—		180
Total rental income	$	266,486	$	239,202	$	537,103	$	471,380

Summary of asset acquisitions

The following table summarizes the asset acquisitions that occurred during the six months ended June 30, 2026:


		Number of			Total Real Estate
		Facilities			Assets Acquired⁽¹⁾
Period	Segment	SNF	ALF	Country/State	(in millions)
Q1	Operating	—	1	AL	$	10.4
Q1	Triple-Net	13	—	GA		109.4	⁽²⁾
Q1	Triple-Net	—	1	U.K.		6.6
Q2	Triple-Net	2	—	IN		33.4	⁽³⁾
Q2	Operating	—	3	RI		43.5
Q2	Triple-Net	1	—	TX		7.8
Q2	Operating	—	1	TN		14.7	⁽⁴⁾
Q2	Triple-Net	—	1	U.K.		10.5
Total		16	7		$	236.3

(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)

During the first quarter of 2026, we acquired 13 facilities using a reverse like-kind exchange structure pursuant to Section 1031 of the Code (a “reverse 1031 exchange”). As of June 30, 2026, we completed the reverse 1031 exchange for eight of the acquired facilities and the remaining five facilities remain in the possession of the Exchange Accommodation Titleholders (“EATs”). The EATs are classified as VIEs as they do not have sufficient equity investment at risk to permit the entity to finance its activities. The Company consolidated the EATs because it controls the activities that most significantly impact the economic performance of the EATs and is, therefore, the primary beneficiary of the EATs. As of June 30, 2026, the properties held by the EATs are reflected as real estate with a carrying value of $49.2 million.

(3)	Relates to two skilled nursing facilities that we acquired from SHH Holdings, LLC, an unconsolidated entity. See Note 9 – Investments in Unconsolidated Entities for additional discussion.

(4)	Includes $10.1 million of non-cash consideration, including the carrying value of our previously held minority equity method investment and the settlement of an outstanding mortgage loan with the acquired entity.

Summary of construction in progress and capital expenditure investments by segment

The following table summarizes the construction in progress and capital expenditure investments by segment that occurred during the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(in thousands)				(in thousands)
Triple-Net segment	$	21,064	$	27,418	$	33,790	$	62,672
Operating segment		645		—		741		—
Total construction in progress and capital improvements	$	21,709	$	27,418	$	34,531	$	62,672