Real Estate Investments (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Real Estate [Abstract] |
|
| Real Estate Investments, Net |
Our real estate investments, net consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
|
December 31,
2025 |
|
Building, improvements and construction in process |
|
$ |
4,674,441 |
|
|
$ |
4,420,601 |
|
Land and improvements |
|
|
453,642 |
|
|
|
420,046 |
|
Furniture, fixtures and equipment |
|
|
329,594 |
|
|
|
305,491 |
|
|
|
|
5,457,677 |
|
|
|
5,146,138 |
|
Less: accumulated depreciation |
|
|
(1,039,176 |
) |
|
|
(962,719 |
) |
Total |
|
$ |
4,418,501 |
|
|
$ |
4,183,419 |
|
|
| Schedule of Capital Expenditures Incurred |
The following is a summary of our capital expenditures by reportable segment for the periods presented below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2026 |
|
|
Six Months Ended
June 30, 2026 |
|
ISHC |
|
$ |
36,096 |
|
|
$ |
62,606 |
|
SHOP |
|
|
6,814 |
|
|
|
11,163 |
|
OM |
|
|
2,614 |
|
|
|
5,677 |
|
Triple-Net Leased Properties |
|
|
— |
|
|
|
248 |
|
Total |
|
$ |
45,524 |
|
|
$ |
79,694 |
|
|
| Summary of Acquisitions of Real Estate Investments |
The following is a summary of such acquisitions (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
Location |
|
Number of
Buildings |
|
Type |
|
Date
Acquired |
|
Contract
Purchase
Price |
|
Blue Springs, Kansas City and Raymore, MO |
|
4 |
|
SHOP |
|
02/09/26 |
|
$ |
62,500 |
|
San Rafael, CA |
|
1 |
|
SHOP |
|
02/25/26 |
|
|
55,000 |
|
Lenexa and Olathe, KS |
|
2 |
|
SHOP |
|
03/18/26 |
|
|
45,250 |
|
Dahlonega, GA and Boiling Springs, Lexington and
Little River, SC |
|
6 |
|
SHOP |
|
04/01/26 |
|
|
86,417 |
|
Plymouth, MN |
|
1 |
|
SHOP |
|
06/12/26 |
|
|
40,500 |
|
Total |
|
14 |
|
|
|
|
|
$ |
289,667 |
|
|
| Schedule of Asset Acquisitions |
The following table summarizes the purchase price of such assets acquired at the time of acquisition based on their relative fair values (in thousands):
|
|
|
|
|
|
|
2026
Acquisitions |
|
Building and improvements |
|
$ |
227,366 |
|
In-place leases |
|
|
33,845 |
|
Land |
|
|
31,033 |
|
Furniture, fixtures and equipment |
|
|
4,585 |
|
Certificates of need |
|
|
185 |
|
Total assets acquired |
|
$ |
297,014 |
|
|
| Schedule of Asset Dispositions |
The following is a summary of such real estate sales (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
Location |
|
Number of
Buildings |
|
Type |
|
Date
Disposed |
|
Contract
Sales
Price |
|
Middletown, OH |
|
1 |
|
OM |
|
04/01/26 |
|
$ |
1,000 |
|
West Des Moines, IA |
|
1 |
|
Triple-Net
Leased Property |
|
04/16/26 |
|
|
7,100 |
|
Total |
|
2 |
|
|
|
|
|
$ |
8,100 |
|
|