CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (285,886)	$ (370,255)	$ (293,572)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Depreciation and amortization	261,923	284,957	284,083
Net amortization of debt premiums, discounts and issuance costs	77,942	103,437	11,811
Payment of accreted interest on senior secured notes	(152,869)	0	0
Straight line rental income	(962)	(1,445)	1,095
Amortization of acquired real estate leases and other intangible assets, net	113	106	(242)
Loss on modification or early extinguishment of debt	42,526	324	2,468
Impairment of assets	165,702	70,734	18,380
(Gain) loss on sale of properties	(117,730)	18,938	(1,205)
Gains on equity securities, net	0	0	(8,126)
Gain on insurance recoveries	(7,522)	0	0
Other non-cash adjustments, net	(359)	(1,025)	(1,932)
Unconsolidated joint venture distributions	1,000	1,231	5,100
Equity in net (earnings) losses of investees	(36,760)	(1,597)	20,461
Change in assets and liabilities:
Deferred leasing costs, net	(4,313)	(3,578)	(9,834)
Other assets	(2,653)	16,672	10,672
Accrued interest	7,591	245	(6,570)
Other liabilities	32,639	(6,521)	(22,106)
Net cash (used in) provided by operating activities	(19,618)	112,223	10,483
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate improvements	(146,823)	(201,702)	(235,007)
Proceeds from sale of properties, net	589,234	34,167	18,356
Proceeds from insurance recoveries	1,308	1,698	534
Investment in AlerisLife Inc.	0	(15,459)	0
Proceeds from AlerisLife Inc. tender offer	0	0	14,006
Equity method investment distributions	48,400	0	0
Contributions to unconsolidated joint ventures	(8,500)	(5,723)	0
Purchase of interest rate cap	(47)	0	0
Net cash provided by (used in) investing activities	483,572	(187,019)	(202,111)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of senior secured notes, net	369,375	0	750,001
Proceeds from mortgage notes payable	343,157	120,000	0
Repayments of borrowings on credit facility	0	0	(700,000)
Redemption of senior secured notes	(750,001)	0	0
Redemption of senior unsecured notes	(380,000)	(120,000)	(250,000)
Repayment of other debt	(3,843)	(3,218)	(17,049)
Early extinguishment of debt settled in cash	(37,664)	0	(978)
Payment of debt issuance costs	(22,227)	(8,562)	(21,699)
Repurchase of common shares	(1,145)	(904)	(393)
Distributions to shareholders	(9,661)	(9,627)	(9,595)
Net cash used in financing activities	(492,009)	(22,311)	(249,713)
Decrease in cash and cash equivalents and restricted cash	(28,055)	(97,107)	(441,341)
Cash and cash equivalents and restricted cash at beginning of period	149,854	246,961	688,302
Cash and cash equivalents and restricted cash at end of period	$ 121,799	$ 149,854	$ 246,961