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REAL ESTATE INVESTMENTS, NET
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
REAL ESTATE INVESTMENTS, NET REAL ESTATE INVESTMENTS, NET
The following table summarizes the Company’s investment in owned properties, and properties held in consolidated joint ventures, held for use as of June 30, 2026 and December 31, 2025 (dollars in thousands):
June 30, 2026December 31, 2025
Land$670,538 $632,466 
Buildings and improvements3,823,158 3,457,879 
Integral equipment, furniture and fixtures142,019 134,544 
Identified intangible assets50,200 48,332 
Real estate investments4,685,915 4,273,221 
Accumulated depreciation and amortization(1)
(623,074)(563,645)
Real estate investments, net$4,062,841 $3,709,576 
(1) As of June 30, 2026 and December 31, 2025, accumulated depreciation and amortization included $3.7 million and $1.5 million, respectively, of accumulated amortization related to lease intangibles. The lease intangibles are amortized over the term of each related lease.
As of June 30, 2026, all of the Company's owned properties were leased to various operators under triple-net leases, except for four communities that are under the Company’s SHOP platform. All of the triple-net leases contain annual escalators based on the percentage change in the Consumer Price Index (“CPI”) or Retail Price Index (“RPI”) (but not less than zero), some of which are subject to a floor and/or cap, or fixed rent escalators. The four communities under the Company’s SHOP platform are managed on behalf of the Company by independent managers pursuant to the terms of separate management agreements.
As of June 30, 2026, the Company’s total future contractual minimum rental income for all of its operating leases, excluding operating expense reimbursements, was as follows (dollars in thousands):
YearAmount
2026 (six months remaining)$224,014 
2027457,497 
2028463,216 
2029466,461 
2030468,874 
2031458,845 
Thereafter3,470,275 
Total$6,009,182 
Tenant Purchase Options
Certain of the Company’s tenants hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands):
Asset TypePropertiesLease ExpirationOption Period Open Date
Option Type(1)
Current Cash Rent(2)
SNF2October 203203/05/2027
 (3)
B3,468 
 (8)
SNF2May 203406/01/2026
 (4)
B3,153 
 (9)
SNF1November 203412/01/2027
 (5)
A1,125 
SNF6November 203912/01/2027
 (6)
B10,503 
SNF1August 204009/01/2028
 (7)
B741 
(1) Option type includes:
A - Fixed base price.
B - Fixed capitalization rate on lease revenue.
(2) Based on annualized cash revenue for contracts in place as of June 30, 2026.
(3) Option window is open for six months from the option period open date.
(4) Option window is open for nine months from the option period open date.
(5) Option window is open until the expiration of the lease term.
(6) Lease agreement provides for the purchase of one to two properties in each window over four option windows, for a total of six properties. Each option window opens at the beginning of each of lease years four, five, six, and seven beginning December 1, 2027 and is open for one year.
(7) Option window is open for 24 months from the option period open date.
(8) Option provides for purchase of any two of the three properties. The current cash rent shown is an average of the range of $3.3 million to $3.6 million.
(9) Option provides for purchase of any one of five properties in the first option window and another one of five properties in the second option window beginning June 1, 2027. The current cash rent shown is an average of the range of $2.7 million to $3.6 million. Provided the operator exercises its option to extend the term of the master lease, beginning on June 1, 2035 and ending nine months thereafter, the operator will have an option for all properties then remaining in the master lease.
Rental Income
The following table summarizes components of the Company’s rental income (dollars in thousands):
For the Three Months Ended June 30,
For the Six Months Ended June 30,
Rental Income2026202520262025
Contractual rent due(1)
$114,026 $83,348 $224,429 $154,124 
Straight-line rent4,184 1,760 8,027 1,753 
Amortization of lease incentives(49)(48)(98)(97)
Amortization of above and below-market lease intangibles44 973 43 1,899 
Total$118,205 $86,033 $232,401 $157,679 
(1) Includes initial cash rent and tenant operating expense reimbursements, as adjusted for applicable rental escalators and rent increases due to capital expenditures funded by the Company. For tenants on a cash basis, this represents the lesser of the amount that would be recognized on a straight-line basis or cash that has been received. Tenant operating expense reimbursements for the three months ended June 30, 2026 and 2025 were $2.2 million and $2.0 million, respectively. Tenant operating expense reimbursements for the six months ended June 30, 2026 and 2025 were $4.6 million and $4.2 million, respectively.
Recent Real Estate Acquisitions
The following table summarizes the Company’s real estate acquisitions for the six months ended June 30, 2026 (dollars in thousands):
Type of Property
Purchase Price(1)
Number of Properties
Number of Beds/Units(2)
Skilled nursing triple-net$161,292 7 656 
Senior housing triple-net(3),(4)
246,604 12 1,296 
SHOP(3)
15,680 1 102 
Total$423,576 20 2,054 
(1) Purchase price includes capitalized acquisition costs.
(2) The number of beds/units includes operating beds at the acquisition date.
(3) Includes properties held in consolidated joint ventures. See Note 15, Variable Interest Entities, for additional information.
(4) Includes non-cash consideration related to the acquisition of one property previously subject to a loan in which the principal and interest under the loan agreement was settled in exchange for title of the property.