Credit Concentration

9 Months Ended

Sep. 30, 2026

We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the nine months ended September 30, 2026, excluding our share of NOI in unconsolidated entities (dollars in thousands):


Concentration by relationship:(1)	Number of Properties	Total NOI		Percent of NOI(2)
Barchester	283	$	444,665	11%
Cogir Senior Living	174	321,423		8%
Avir Health Group	208	273,253		7%
Care UK	265	254,401		6%
Oakmont Management Group	82	175,812		4%
Remaining portfolio	1,806	2,691,166		64%
Totals	2,818	$	4,160,720	100%

(1) Cogir, Care UK and Oakmont Management Group are in our Seniors Housing Operating segment. Avir Health Group is in our Triple-net segment. Barchester is in both our Seniors Housing Operating and Triple-net segments.

(2) NOI with our top five relationships comprised 26% of total NOI for the year ended December 31, 2025.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

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+ Details