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Indebtedness
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
At December 31, 2025 and 2024, our outstanding indebtedness consisted of the following:
Senior Unsecured Notes:
Principal Balance as of
December 31,
   
Coupon RateMaturity20252024
Senior unsecured notes (1)
9.750%June 2025$— $380,000 
Senior unsecured notes4.750%February 2028500,000 500,000 
Senior unsecured notes (1)
4.375%March 2031500,000 500,000 
Senior unsecured notes5.625%August 2042350,000 350,000 
Senior unsecured notes6.250%February 2046250,000 250,000 
Total1,600,000 1,980,000 
Unamortized discount(1,796)(2,639)
Unamortized debt issuance costs(17,478)(20,042)
Senior unsecured notes, net  $1,580,726 $1,957,319 
(1)These notes are or were fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.

Secured and Other Debt:
 Number of
Properties Securing
Principal Balance as of
December 31, (1)
  Net Book Value of Collateral
as of December 31,
  
At December 31, 2025At December 31, 2024
2025
2024
Interest
Rate		Maturity
2025
2024
Secured revolving credit facility
14 — $— $— 6.47 %June 2029$326,565 $— 
Senior secured notes (2)
— 95 — 940,534 0.00 %January 2026— 1,064,171 
Senior secured notes (3)
36 — 375,000 — 7.25 %October 2030402,797 — 
Floating rate mortgage loan (4)
14 — 140,000 — 6.19 %March 2028142,947 — 
Mortgage note4 — 63,499 — 6.57 %June 2030135,772 — 
Mortgage note8 8 120,000 120,000 6.86 %June 2034182,848 191,186 
Mortgage notes (5)
7 — 108,873 — 6.22 %May 2035148,477 — 
Mortgage notes (6)
2 — 30,284 — 6.36 %June 203534,328 — 
Mortgage note1 1 5,847 7,464 6.44 %July 204312,893 13,097 
Finance Leases (7)
2 2 613 2,338 7.70 %April 202620,128 21,606 
Total88 106 844,116 1,070,336 $1,406,755 $1,290,060 
Unamortized discount (2)
— (101,035)
Unamortized debt issuance costs (8)
(24,018)(15,716)
Total secured and other debt, net$820,098 $953,585 
(1)The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts.
(2)These notes required no cash interest to accrue prior to maturity and accreted at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value equaled the principal amount at maturity. The unamortized discount is related to these notes. These notes were redeemed in full in December 2025.
(3)These notes are fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries that own 36 properties, or the 2030 Collateral Guarantors, and on a joint, several and unsecured basis, by all of our subsidiaries other than the 2030 Collateral Guarantors and certain excluded subsidiaries. These notes and the guarantees provided by the 2030 Collateral Guarantors are secured by a first priority lien on and security interest in 100% of the equity interests in each of the 2030 Collateral Guarantors. The unsecured guarantees related to these notes are effectively subordinated to all of the subsidiary guarantors' secured indebtedness to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
(4)This mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 2.50% with interest-only payments through April 2027, and we have two six-month extension options of the interest-only period, subject to satisfaction of certain conditions. In connection with this mortgage loan, we have purchased an interest rate cap with a SOFR strike rate equal to 4.50% pursuant to the terms of the applicable loan agreement.
(5)These mortgage loans require interest-only payments through May 2030.
(6)These mortgage loans require interest-only payments through June 2028.
(7)In January 2026, we provided notice to exercise our purchase option for these two properties for $14,500, with closing expected in April 2026.
(8)Excludes unamortized debt issuance costs for our revolving credit facility as these costs are included in other assets, net in our consolidated balance sheets.

As of December 31, 2025, all $500,000 of our 4.375% senior notes due 2031 were fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes. Our remaining $1,100,000 of senior unsecured notes do not have the benefit of any guarantees as of December 31, 2025.
Until the redemption in full thereof on December 29, 2025, our senior secured notes due 2026 were fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries, or the 2026 Collateral Guarantors, and on a joint, several and unsecured basis, by all of our subsidiaries other than the 2026 Collateral Guarantors and certain excluded subsidiaries. These notes and the guarantees provided by the 2026 Collateral Guarantors were secured by a first priority lien and security interest in each of the collateral properties and 100% of the equity interests in each of the 2026 Collateral Guarantors. No cash interest accrued on these notes prior to maturity. The accreted value of these notes increased at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value equaled the principal amount at maturity. During the years ended December 31, 2025 and 2024, we recognized discount accretion of $63,241 and $86,778, respectively, for our senior secured notes due 2026 in interest expense in our consolidated statements of comprehensive income (loss).
The table below represents our indebtedness repayments, excluding scheduled payments on amortizing debt, for the years ended December 31, 2025, 2024 and 2023:
Debt InstrumentSecured Property CountInterest RateOriginal Maturity DateOutstanding Principal BalanceRepayment AmountRemaining Principal BalanceLoss on Modification or Early Extinguishment of Debt
Date
Repayments during the year ended December 31, 2025:
March 2025Senior secured notes730.00%January 2026$940,534 $299,158 $641,376 $29,071 
April 2025Senior unsecured notes—9.75%June 2025$380,000 140,000 $240,000 82 
May 2025Senior unsecured notes—9.75%June 2025$240,000 140,000 $100,000 44 
June 2025Senior unsecured notes—9.75%June 2025$100,000 100,000 $— — 
September 2025 (1)
Senior secured notes580.00%January 2026$641,376 307,006 $334,370 11,191 
October 2025Senior secured notes570.00%January 2026$334,370 10,249 $324,121 257 
December 2025Senior secured notes—0.00%January 2026$324,121 324,121 $— 1,881 
Total$1,320,534 $42,526 
Repayments during the year ended December 31, 2024:
June 2024Senior unsecured notes—9.75%June 2025$500,000 $60,000 $440,000 $209 
November 2024Senior unsecured notes—9.75%June 2025$440,000 60,000 $380,000 115 
Total$120,000 $324 
Repayments during the year ended December 31, 2023:
January 2023
Secured credit facility (2)
616.88%January 2024$700,000 $113,627 $586,373 $— 
February 2023
Secured credit facility (2)
617.05%January 2024$586,373 136,373 $450,000 1,075 
April 2023Mortgage note16.64%June 2023$14,565 14,565 $— — 
December 2023
Secured credit facility (2)
628.36%January 2024$450,000 450,000 $— 314 
December 2023Senior unsecured notes—4.75%May 2024$250,000 250,000 $— 1,079 
Total$964,565 $2,468 
(1)In September 2025, we redeemed a portion of our senior secured notes due 2026 for a redemption price equal to the principal amount of $307,006. As a result of this partial redemption, 15 of the properties that secured these senior secured notes were released. There are now first priority liens on and security interests in 100% of the equity interests in the subsidiaries owning these 15 properties that secure our 7.25% senior secured notes due 2030.
(2)The interest rate presented for the secured credit facility reflects the interest rate at the time repayment was made.

In December 2023, we issued $940,534 in aggregate principal amount at maturity of our senior secured notes due 2026 in a private offering, raising net proceeds of $730,359, after deducting initial purchaser discounts and estimated offering costs.
In May 2024, we executed a $120,000 fixed rate, interest only mortgage loan secured by eight medical office and life science properties. This mortgage loan matures in June 2034 and requires that interest be paid at an annual rate of 6.864%.
In March 2025, we executed a $140,000 floating rate mortgage loan secured by 14 SHOP communities. This mortgage loan matures in March 2028 and requires that interest be paid at an annual rate of SOFR plus a premium of 2.50% with interest-only payments through April 2027.
In April 2025, we executed a $108,873 fixed rate mortgage financing secured by seven SHOP communities. These mortgage loans mature in May 2035 and require that interest be paid at an annual rate of 6.22% with interest-only payments through May 2030.
In May 2025, we executed a $64,000 fixed rate mortgage loan secured by four SHOP communities. This mortgage loan matures in June 2030 and requires that interest be paid at an annual rate of 6.57%.
In May 2025, we executed a $30,284 fixed rate mortgage financing secured by two SHOP communities. These mortgage loans mature in June 2035 and require that interest be paid at an annual rate of 6.36% with interest-only payments through June 2028.
From April through June 2025, we used the net proceeds from the 2025 mortgage financings, together with cash on hand, to fully redeem the remaining $380,000 principal balance of our 9.75% senior unsecured notes due June 2025.
In June 2025, we obtained a $150,000 revolving credit facility secured by 14 senior living communities in our SHOP segment. Our revolving credit facility is available for general business purposes, including acquisitions. We can borrow, repay and reborrow funds available under our revolving credit facility, and no principal repayments are due, until maturity. Availability of borrowings under the agreement governing our revolving credit facility, or our credit agreement, is subject to satisfying certain financial covenants and other credit facility conditions. Our revolving credit facility matures in June 2029 and we have two six-month extension options for the maturity date of the facility, subject to satisfaction of certain conditions and payment of an extension fee.
Interest payable on borrowings under our revolving credit facility is based on SOFR plus a premium of 2.50% to 3.00%, depending on our net leverage ratio, as defined in our credit agreement, which was 2.50% as of December 31, 2025. We also pay an unused commitment fee of 25 to 35 basis points per annum based on amounts outstanding under our revolving credit facility. As of December 31, 2025 the annual interest rate payable on borrowings under our revolving credit facility was 6.47%. As of December 31, 2025 and February 23, 2026, we had no borrowings under our revolving credit facility and $150,000 available for borrowings.
In September 2025, we issued $375,000 in aggregate principal amount of our 7.25% senior secured notes due 2030 in a private placement, raising net proceeds of $364,726, after deducting discounts and commissions to the initial purchasers and other estimated fees and expenses. These notes require semi-annual interest payments through maturity. We used $307,006 of the net proceeds from the offering to partially redeem our then outstanding $641,376 senior secured notes due 2026. As a result of this partial redemption, we recorded a loss on modification or early extinguishment of debt of $11,191 for the year ended December 31, 2025.
In addition to the September 2025 senior secured notes issuance, during the year ended December 31, 2025, we used net proceeds from the disposition of 35 encumbered properties, together with cash on hand, to redeem all amounts outstanding under our then senior secured notes due 2026. As a result of this redemption in full, 45 properties securing our then senior secured notes due 2026 were released.
Interest on our senior unsecured notes and our 7.25% senior secured notes due 2030 is payable either semi-annually or quarterly in arrears; however, no principal repayments are due until maturity. Our mortgage loan maturing in June 2034 requires monthly interest payments and no principal payment is due until maturity, while our mortgage loans maturing in March 2028, May 2035 and June 2035 require monthly interest payments and no principal payment is due for a specified amount of time. Our mortgage loans maturing in June 2030 and July 2043 require monthly principal and interest payments. Payments under our finance leases are due monthly. We include amortization of finance lease assets in depreciation and amortization expense.
Our credit agreement, our mortgage loan agreements and our senior notes indentures and their supplements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default. Our credit agreement and our senior notes indentures and their supplements also contain covenants that restrict our ability to incur debts, including debts secured by mortgages on our properties, in excess of calculated amounts and require us to maintain various financial ratios. Borrowings under our revolving credit facility are subject to satisfying certain financial covenants and other credit facility conditions. We believe we were in compliance with the terms and conditions of our debt agreements as of December 31, 2025.
Required principal payments on our outstanding debt as of December 31, 2025, were as follows:
YearPrincipal Payment
2026$1,866 
20272,273 
2028640,650 
20291,883 
2030435,151 
Thereafter1,362,293 
Total$2,444,116