v3.26.1
Indebtedness
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
As of June 30, 2026 and December 31, 2025, our outstanding indebtedness consisted of the following:
Senior Unsecured Notes:
Principal Balance as of
June 30, 2026December 31, 2025Interest RateMaturity
Senior unsecured notes$500,000 $500,000 4.750%February 2028
Senior unsecured notes500,000 500,000 4.375%March 2031
Senior unsecured notes350,000 350,000 5.625%August 2042
Senior unsecured notes250,000 250,000 6.250%February 2046
Total1,600,000 1,600,000 
Unamortized discount(1,374)(1,796)
Unamortized debt issuance costs(16,499)(17,478)
Senior unsecured notes, net$1,582,127 $1,580,726 
As of June 30, 2026, all $500,000 of our 4.375% senior notes due 2031 were fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes. Our remaining $1,100,000 of senior unsecured notes do not have the benefit of any guarantees as of June 30, 2026.
Secured and Other Debt:
Number of PropertiesNet Book Value
Secured by as of
Principal Balance as of (1)
 of Collateral as of
June 30,December 31,June 30,December 31,InterestJune 30,December 31,
2026202520262025
Rate (2)
Maturity20262025
Secured revolving credit facility1414$— $— 6.28%06/11/29$319,945 $326,565 
Senior secured notes (3)
3636375,000 375,000 7.25%10/15/30395,316 402,797 
Floating rate mortgage loan (4)
1414140,000 140,000 6.15%03/31/28139,936 142,947 
Mortgage note4462,969 63,499 6.57%06/07/30133,860 135,772 
Mortgage note88120,000 120,000 6.86%06/11/34178,122 182,848 
Mortgage notes (5)
77108,873 108,873 6.22%05/01/35145,229 148,477 
Mortgage notes (6)
2230,284 30,284 6.36%06/01/3533,797 34,328 
Mortgage note115,064 5,847 6.44%07/06/4312,648 12,893 
Finance leases (7)
—2— 613 —%04/30/26— 20,128 
Total8688842,190 844,116 $1,358,853 $1,406,755 
Unamortized debt issuance costs (8)
(21,483)(24,018)
Total secured and other debt, net$820,707 $820,098 
(1)The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts.
(2)Interest rates are as of June 30, 2026, and reflect the impact of interest rate caps, if any.
(3)These notes are fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries that own 36 properties, or the 2030 Collateral Guarantors, and on a joint, several and unsecured basis, by all of our subsidiaries other than the 2030 Collateral Guarantors and certain excluded subsidiaries. These notes and the guarantees provided by the 2030 Collateral Guarantors are secured by a first-priority lien on and security interest in 100% of the equity interests in each of the 2030 Collateral Guarantors. The unsecured guarantees related to these notes are effectively subordinated to all of the subsidiary guarantors' secured indebtedness to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
(4)This mortgage loan requires that interest be paid at an annual rate of one-month term secured overnight financing rate, or SOFR, plus a premium of 2.50% with interest-only payments through April 2027, and we have two six-month extension options for the interest-only period, subject to satisfaction of certain conditions. In connection with this mortgage loan, we have purchased an interest rate cap effective through March 2027 with a one-month term SOFR strike rate equal to 4.50% pursuant to the terms of the applicable loan agreement.
(5)These mortgage loans require interest-only payments through May 2030.
(6)These mortgage loans require interest-only payments through June 2028.
(7)In April 2026, we acquired the land parcels at two senior living communities previously subject to our finance leases pursuant to our exercise of a purchase option for an aggregate purchase price of $14,500, excluding closing costs.
(8)Excludes unamortized debt issuance costs for our revolving credit facility as these costs are included in other assets, net in our condensed consolidated balance sheets.
Our revolving credit facility is available for general business purposes, including acquisitions. We can borrow, repay and reborrow funds available under our revolving credit facility, and no principal repayments are due, until maturity. Availability of borrowings under the agreement governing our revolving credit facility, or our credit agreement, is subject to satisfying certain financial covenants and other credit facility conditions. Our revolving credit facility matures in June 2029 and we have two six-month extension options for the maturity date of the facility, subject to satisfaction of certain conditions and payment of an extension fee.
Interest payable on borrowings under our revolving credit facility is based on daily SOFR plus a premium of 2.50% to 3.00%, depending on our net leverage ratio, as defined in our credit agreement, which was 2.50% as of June 30, 2026. We also pay an unused commitment fee of 25 to 35 basis points per annum based on amounts outstanding under our revolving credit facility. As of June 30, 2026, the annual interest rate payable on borrowings under our revolving credit facility was 6.28%. As of June 30, 2026 and July 31, 2026, we had no borrowings under our revolving credit facility and $150,000 available for borrowings.
Interest on our senior unsecured notes and our 7.25% senior secured notes due 2030 is payable either semi-annually or quarterly in arrears; however, no principal repayments are due until maturity. Our mortgage loan maturing in June 2034 requires monthly interest payments and no principal payment is due until maturity, while our mortgage loans maturing in March 2028, May 2035 and June 2035 require monthly interest payments and no principal payment is due for a specified amount of time. Our mortgage loans maturing in June 2030 and July 2043 require monthly principal and interest payments.
Our credit agreement, our mortgage loan agreements and our senior notes indentures and their supplements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default. Our credit agreement and our senior notes indentures and their supplements also contain covenants that restrict our ability to incur debts, including debts secured by mortgages on our properties, in excess of calculated amounts and require us to maintain various financial ratios. Borrowings under our revolving credit facility are subject to satisfying certain financial covenants and other credit facility conditions. We believe we were in compliance with the terms and conditions of our debt agreements as of June 30, 2026.
Required principal payments due in the next five years and thereafter, excluding extension options, on all of our outstanding debt as of June 30, 2026, were as follows:
Principal Payment
2026$618 
20272,249 
2028640,623 
20291,857 
2030435,123 
Thereafter1,361,720 
Total$2,442,190