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Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Recurring and Nonrecurring Measured at Fair Value
The following table presents certain of our assets that are measured at fair value at December 31, 2025 and 2024, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
 
As of December 31, 2025
As of December 31, 2024
DescriptionCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Recurring Fair Value Measurements Assets:    
Investment in unconsolidated joint venture (Level 3) (1)
$73,471 $73,471 $81,949 $81,949 
Investment in unconsolidated joint venture (Level 3) (2)
$46,655 $46,655 $44,910 $44,910 
Interest rate cap (Level 2) (3)
$— $— $— $— 
Non-Recurring Fair Value Measurements Assets:
Real estate properties held for sale (Level 2) (4)
$22,048 $22,048 $— $— 
(1)The 10% equity interest we own in the Seaport JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
(2)The 20% equity interest we own in the LSMD JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
(3)The fair value of our interest rate cap derivative is based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date.
(4)We have assets in our consolidated balance sheets that are measured at fair value on a non-recurring basis. During the year ended December 31, 2025, we recorded impairment charges of $30,999 to reduce the carrying value of 13 SHOP communities that were classified as held for sale to their estimated aggregate sales price, less estimated costs to sell, of $22,048 under an agreement we have entered into with a third party. See Note 3 for further information about impairment charges and the properties we have classified as held for sale.
The discount rates, exit capitalization rates and holding periods used to determine the fair value of our investment in the unconsolidated joint venture are Level 3 significant unobservable inputs and are shown in the table below:
Valuation TechniqueDiscount RatesExit Capitalization RatesHolding Periods
As of December 31, 2025
Investment in unconsolidated joint venture (Level 3) (1)
Discounted cash flow7.00%6.00%10 years
Investment in unconsolidated joint venture (Level 3) (2)
Discounted cash flow
6.25% - 8.75%
5.25% - 8.00%
10 - 12 years
As of December 31, 2024
Investment in unconsolidated joint venture (Level 3) (1)
Discounted cash flow7.00%6.00%10 years
Investment in unconsolidated joint venture (Level 3) (2)
Discounted cash flow
6.25% - 7.75%
5.00% - 7.00%
10 years
(1)The 10% equity interest we own in the Seaport JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
(2)The 20% equity interest we own in the LSMD JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3
inputs). The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
Schedule of Carrying Value and Fair Value of the Financial Instruments The fair values of these financial instruments approximated their carrying values in our consolidated financial statements as of such dates, except as follows:
 As of December 31, 2025As of December 31, 2024
Description
Carrying Value (1)
Estimated Fair Value
Carrying Value (1)
Estimated Fair Value
Senior unsecured notes, 9.750% coupon rate, due 2025
$— $— $379,392 $379,970 
Senior secured notes, zero coupon rate, due 2026
— — 826,974 885,108 
Senior unsecured notes, 4.750% coupon rate, due 2028
497,290 482,635 496,018 429,170 
Senior secured notes, 7.250% coupon rate, due 2030
365,005 383,434 — — 
Senior unsecured notes, 4.375% coupon rate, due 2031
495,561 440,000 494,702 368,240 
Senior unsecured notes, 5.625% coupon rate, due 2042
343,683 224,140 343,302 218,260 
Senior unsecured notes, 6.250% coupon rate, due 2046
244,192 175,000 243,905 157,700 
Secured debt and finance leases455,093 484,932 126,611 126,001 
 $2,400,824 $2,190,141 $2,910,904 $2,564,449 
(1)Includes unamortized net discounts, premiums and debt issuance costs, if any.