v3.26.1
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Resident Fees and Services Revenue
The following table disaggregates the Company’s resident fees and services according to whether such revenue relates to amortization of non-refundable entrance fees, room and rents, or ancillary and other services (in thousands):
Three Months Ended June 30,
20262025
AmountPercent of TotalAmountPercent of Total
Room and rents$169,15678 %$111,73775 %
Non-refundable entrance fee amortization27,80813 %23,65216 %
Ancillary and other services19,4929 %13,4669 %
Resident fees and services$216,456100%$148,855100%

Six Months Ended June 30,
20262025
AmountPercent of TotalAmountPercent of Total
Room and rents$333,52380 %$232,14778 %
Non-refundable entrance fee amortization55,01013 %47,65816 %
Ancillary and other services28,2687 %17,9776 %
Resident fees and services$416,801100%$297,782100%
Schedule of Opening and Closing Balances of Accounts Receivable, Net
The opening and closing balances of accounts receivable, net were as follows (in thousands):
Closing balance - December 31, 2025$19,431 
Closing balance - June 30, 202624,076 
Change$4,645 
Schedule of Adjustments to Allowances for Credit Losses
The following is a summary of the Company’s adjustments to allowances for credit losses (in thousands):
Opening balance - December 31, 2024$2,243 
Additional allowance2,269 
Write-offs, recoveries, and other adjustments(2,494)
Closing balance - December 31, 2025$2,018 
Opening balance - December 31, 2025$2,018 
Additional allowance2,219 
Write-offs, recoveries, and other adjustments(714)
Closing balance - June 30, 2026$3,523 
Schedule of Concentration of Credit Risk
The following table provides information regarding the Company’s concentrations with respect to certain states, operators, and properties; the information provided is presented as percentages of the Company’s total gross real estate assets and revenues:
Percentage of Gross Real Estate AssetsPercentage of Total Revenues
June 30,
2026		December 31,
2025		Three Months Ended June 30,Six Months Ended June 30,
Concentration2026202520262025
State:
Florida516850645164
Texas112134134
Pennsylvania111512161216
Operator:
LCS668665846684
Sunrise Senior Living101412161316
Ciel Senior Living11—10—10—
Property:
Freedom Plaza Sun City Center8117979
Cypress Village7107979
The following table provides information regarding the Company’s concentrations for Medicare and Medicaid as percentages of total revenues:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Medicare12 %16 %13 %16 %
Medicaid1 %2 %1 %2 %