v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Fixed and Variable Lease Payments
The following table provides disaggregated information related to our rental income ($ in thousands):

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Lease payments based on fixed rent escalators$64,272 $64,286 $128,519 $125,976 
Lease payments based on variable rent escalators4,619 2,761 10,720 6,365 
Straight-line rent revenue adjustments597 1,034 1,320 2,444 
Escrow funds received from tenants for
property operating expenses2,742 2,914 5,546 5,801 
Amortization of lease incentives(840)(725)(1,565)(1,450)
Total rental income$71,390 $70,270 $144,540 $139,136 
Schedule of Tenant Concentrations
The following table provides information on our tenant concentrations exceeding 10% of our total revenues in the six months ended June 30, 2026 ($ in thousands):

June 30, 2026Six Months Ended June 30,
RealMortgage20262025
Estateand Other% of% of
Properties1
Notes2
Revenues3
Total
Revenues3
Total
Senior Living$633,053 $— $28,469 12.0 %$27,447 15.3 %
Bickford4
426,275 15,899 N/AN/A21,318 11.8 %
Escrow funds received from tenants for
property operating expenses— — 5,546 2.3 %5,801 3.2 %
Other1,365,732 208,638 120,595 51.1 %97,236 54.1 %
Total tenant concentrations$2,425,060 $224,537 154,610 65.4 %151,802 84.4 %
Resident fees and services5
81,839 34.6 %28,156 15.6 %
Total revenues$236,449 100.0 %$179,958 100.0 %

1    Real estate properties have been stated at their gross carrying amounts. Total real estate properties, as presented in the table above, excludes $3.0 million related to our corporate office buildings, $161.5 million related to properties classified as assets held for sale and $854.8 million related to the properties in our SHOP segment.
2    Mortgage and other notes receivable have been stated at their gross carrying amounts. Total mortgage and other notes receivable, as presented in the table above, excludes $15.3 million of credit loss reserves.
3    Revenues related to properties that have been sold and revenues related to properties classified as assets held for sale as of June 30, 2026 have been included in other revenues for both periods in the table above.
4    Bickford’s revenues for the six months ended June 30, 2026 have been included in other revenues because they were less than 10% of total revenues during this period.
5    There are no concentrations in revenues from resident fees and services because the resident agreements at the SHOs in our SHOP segment are between us and the individual residents.
Schedule of Cash Rents Received
A summary of lease payments received from cash basis tenants follows ($ in thousands):

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Bickford
$10,924 $9,993 $21,129 $19,977 
Other1,518 1,482 3,033 2,962 
Total lease payments from cash basis tenants$12,442 $11,475 $24,162 $22,939 
Schedule of Future Minimum Base Rent
The fixed amounts of future minimum lease payments due to us under our existing tenant leases as of June 30, 2026 were as follows ($ in thousands):

Remainder of 2026$114,460 
2027220,075 
2028222,320 
2029207,226 
2030206,915 
Thereafter848,598 
Total$1,819,594