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Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt
6. Debt

Long-term debt consists of the following.

(in thousands)March 31, 2025December 31, 2024
Fixed rate mortgage notes payable due 2026 through 2047; weighted average interest rate of 4.74% and 4.65% as of March 31, 2025 and December 31, 2024, respectively
$2,721,406 $2,599,028 
Variable rate mortgage notes payable due 2026 through 2030; weighted average interest rate of 6.78% and 6.89% as of March 31, 2025 and December 31, 2024, respectively
1,219,462 1,110,642 
Convertible notes payable due October 2026; interest rate of 2.00% as of both March 31, 2025 and December 31, 2024
23,297 23,297 
Convertible notes payable due October 2029; interest rate of 3.50% as of both March 31, 2025 and December 31, 2024
369,445 369,445 
Tangible equity units senior amortizing notes due 2025; interest rate of 10.25% as of both March 31, 2025 and December 31, 2024
7,176 9,449 
Notes payable for insurance premium financing due 2025; interest rate of 6.16% as of March 31, 2025
21,698 — 
Deferred financing costs, net(49,882)(49,074)
Total long-term debt4,312,602 4,062,787 
Current portion64,116 40,779 
Total long-term debt, less current portion$4,248,486 $4,022,008 
As of March 31, 2025, the long-term debt, less current portion within the Company's condensed consolidated balance sheet includes $99.8 million of mortgage debt scheduled to mature in January 2026 for which the Company has the unilateral option to extend the maturity for one additional year subject to the satisfaction of certain conditions.

As of March 31, 2025, 87.7%, or $3.8 billion, of the Company's total debt obligations represented non-recourse property-level mortgage financings.

As of March 31, 2025, $33.7 million of letters of credit and no cash borrowings were outstanding under the Company's $100.0 million secured credit facility. The Company also had separate letter of credit facilities providing up to $37.0 million of letters of credit as of March 31, 2025 under which $35.7 million had been issued as of that date.

2025 Mortgage Financings

In February 2025, the Company obtained an aggregate of $130.1 million of debt secured by non-recourse first priority mortgages on five communities. The debt bears interest at a fixed rate of 6.47%, is interest only for the first five years, and matures in March 2035.

In February 2025, the Company obtained $161.0 million of debt secured by first priority mortgages on 36 communities. The loan bears interest at a variable rate based on SOFR plus a margin of 300 basis points, and is interest only for the first year. The debt has an initial three-year term and two one-year extension options, exercisable subject to certain performance criteria, with a final maturity date, including extension options, of February 2030. At the time of closing, the Company repaid $50.0 million of outstanding mortgage debt on 11 communities, which held a final maturity date of February 2029.

Financial Covenants

Certain of the Company's debt documents contain restrictions and financial covenants, such as those requiring the Company to maintain prescribed minimum liquidity and net worth levels and debt service ratios, and requiring the Company not to exceed prescribed leverage ratios, in each case on a consolidated, portfolio-wide, multi-community, single-community, and/or entity basis. In addition, the Company's debt documents generally contain non-financial covenants, such as those requiring the Company to comply with Medicare or Medicaid provider requirements and maintain insurance coverage.

The Company's failure to comply with applicable covenants, subject to cure provisions in certain instances, could constitute an event of default under the applicable debt documents. Many of the Company's debt documents contain cross-default provisions so that a default under one of these instruments could cause a default under other debt and lease documents (including documents with other lenders and lessors). Furthermore, the Company's mortgage debt is secured by its communities and, in certain cases, a guaranty by the Company and/or one or more of its subsidiaries.

As of March 31, 2025, the Company is in compliance with the financial covenants of its debt agreements.