v3.26.1
Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Additional Outstanding Debt
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 $1,580,726 
Schedule of Secured and Other Debt
Number of PropertiesNet Book Value
Secured by as of
Principal Balance as of (1)
 of Collateral as of
June 30,December 31,June 30,December 31,InterestJune 30,December 31,
2026202520262025
Rate (2)
Maturity20262025
Secured revolving credit facility1414$— $— 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.
Schedule of Required Principal Payments on Outstanding Debt
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