v3.26.1
INVESTMENT IN REAL ESTATE PROPERTIES (Tables)
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Schedule of Real Estate Properties Held for Investment
The Company’s real estate properties held for investment consisted of the following (dollars in thousands):
As of June 30, 2026
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care207 23,124 $2,819,686 $(662,018)$2,157,668 
Senior Housing - Leased32 2,623 360,736 (87,835)272,901 
Senior Housing - Managed94 9,745 2,247,573 (388,860)1,858,713 
Behavioral Health16 1,159 473,813 (97,126)376,687 
Specialty Hospitals and Other15 392 225,498 (60,979)164,519 
364 37,043 6,127,306 (1,296,818)4,830,488 
Corporate Level2,506 (739)1,767 
$6,129,812 $(1,297,557)$4,832,255 
As of December 31, 2025
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care210 23,537 $2,802,561 $(635,685)$2,166,876 
Senior Housing - Leased32 2,668 376,590 (90,236)286,354 
Senior Housing - Managed87 8,677 2,030,267 (349,213)1,681,054 
Behavioral Health16 1,138 473,813 (90,644)383,169 
Specialty Hospitals and Other15 392 225,498 (58,291)167,207 
360 36,412 5,908,729 (1,224,069)4,684,660 
Corporate Level2,311 (594)1,717 
$5,911,040 $(1,224,663)$4,686,377 
June 30, 2026December 31, 2025
Land$604,201 $579,586 
Land improvements12,668 11,987 
Building and improvements5,285,430 5,107,100 
Furniture and equipment210,935 202,067 
Construction in progress16,578 10,300 
Total real estate at cost6,129,812 5,911,040 
Accumulated depreciation(1,297,557)(1,224,663)
Total real estate investments, net$4,832,255 $4,686,377 
Schedule of Investment in Joint Ventures
The following is a summary of the Company’s investment in unconsolidated joint ventures (dollars in thousands):
Property Type
Number of
Properties as of
June 30, 2026
Ownership as of
June 30, 2026 (1)
Book Value
June 30, 2026December 31, 2025
Sienna Joint VentureSenior Housing - Managed12 50 %$105,270 $110,283 
Marlin Spring Joint VentureSenior Housing - Managed4 85 %8,619 7,883 
$113,889 $118,166 
(1)    These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.