Real Estate Properties

6 Months Ended

Jun. 30, 2026

Acquisitions

During the six months ended June 30, 2026, we completed the following acquisitions of real estate properties ($ in thousands):


					Buildings,		Other
		Number			Improvements		Assets and
		of			and		Liabilities,
Operators / Managers	Period	Properties	Land		Intangibles		Net1		Total
Real Estate Investments segment:
The Fellowship Family	Q2 2026	2	$	1,723	$	15,788	$	—	$	17,511
SHOP segment:
Allegro Living Management	Q1 2026	9	9,201		96,287		—		105,488
Generations, LLC	Q2 2026	7	15,064		90,825		998		106,887
Total acquisitions			$	25,988	$	202,900	$	998	$	229,886

1 We recognized a ROU asset of $3.0 million and an operating lease liability of $2.0 million related to a ground lease that we assumed in an acquisition.

Dispositions

During the six months ended June 30, 2026, we completed the following dispositions of real estate properties ($ in thousands):


		Number			Net		Gains
		of	Net		Carrying		on
Operators	Period	Properties	Proceeds		Amounts		Dispositions
Real Estate Investments segment:
The Brook Retirement Communities	Q1 2026	1	$	6,662	$	4,175	$	2,487
PruittHealth - Orangeburg1	Q2 2026	1	3,170		2,369		801
Bickford Senior Living (“Bickford”)2	Q2 2026	1	4,345		3,562		783
Santé - Silverdale3	Q2 2026	1	39,000		18,802		20,198
Wingate Living4	Q2 2026	1	45,284		45,222		62


Total dispositions			$	98,461	$	74,130	$	24,331

1 This property was acquired by the tenant pursuant to a purchase option in the respective lease agreement.

2 This property was classified as assets held for sale on our condensed consolidated balance sheet as of December 31, 2025.

3 The tenant acquired this property pursuant to a purchase and sale agreement that was executed in 2024.

4 The net proceeds received on the sale of this property included a $5.5 million mortgage note from an affiliate of the buyer.

Assets Held for Sale

As of June 30, 2026, we had 37 properties in our Real Estate Investments segment that were classified as assets held for sale on our condensed consolidated balance sheet. We sold these properties in July 2026. As of December 31, 2025, we had one property in our Real Estate Investments segment that was classified as assets held for sale which was sold in April 2026.

NHC Leased Portfolio Disposition

In April 2026, we executed a purchase and sale agreement with NHC/Op, L.P., a wholly owned subsidiary of NHC, and certain of its affiliates (collectively, the “NHC Purchaser”) related to the sale of our portfolio of 35 properties in our Real Estate Investments segment that were leased to NHC. These properties consisted of 32 SNFs and three ILFs which were initially acquired by us in 1991. As of June 30, 2026, these properties were classified as assets held for sale on our condensed consolidated balance sheet and had an aggregate net carrying value of $13.6 million. We completed the sale of this portfolio on July 1, 2026 for cash consideration of $560.0 million. During the three months ended June 30, 2026 and 2025, we recognized rental income of $10.2 million and $9.7 million, respectively, related to these properties. During the six months ended June 30, 2026 and 2025, we recognized rental income of $22.1 million and $20.6 million, respectively, related to these properties. Reference the “NHC Lease Termination” section in Note 5 for information on the NHC master lease termination.

Other Third Quarter of 2026 Dispositions

In July 2026, we completed the sale of two properties located in Texas for $19.0 million in cash consideration. These properties were included in the Real Estate Investments segment and classified as assets held for sale as of June 30, 2026.

Intangibles

In our SHOP segment, the fair values of in-place resident leases assumed by us in connection with the acquisition of real estate properties are recognized as intangible assets and included in real estate properties, net on our condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the net carrying amounts of our in-place lease intangibles were $6.8 million and $1.7 million, respectively. During the three and six months ended June 30, 2026, we recognized amortization expense of $2.5 million and $4.0 million, respectively, related to these assets. We had no amortization expense related to in-place lease intangibles during each of the three and six months ended June 30, 2025.