Leases (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of Lease Costs

A summary of operating and financing lease expense (including the respective presentation on the condensed consolidated statements of operations) and net cash outflows from leases is as follows.

	Three Months Ended June 30,				Six Months Ended June 30,
Operating Leases (in thousands)	2025		2024		2025		2024
Facility operating expense	$	2,075	$	2,176	$	4,134	$	4,096
Facility lease expense	52,653		50,964		105,527		102,460
Operating lease expense	54,728		53,140		109,661		106,556
Operating lease expense adjustment (1)	4,846		13,483		8,699		26,572
Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements	(9,319)		(1,051)		(11,332)		(1,300)
Operating net cash outflows from operating leases	$	50,255	$	65,572	$	107,028	$	131,828

(1)Represents the difference between the amount of cash operating lease payments and the amount of operating lease expense.

	Three Months Ended June 30,				Six Months Ended June 30,
Financing Leases (in thousands)	2025		2024		2025		2024
Depreciation and amortization	$	709	$	2,898	$	3,234	$	5,770
Interest expense: financing lease obligations	1,750		5,110		7,350		10,171
Financing lease expense	$	2,459	$	8,008	$	10,584	$	15,941
Operating cash outflows from financing leases	$	1,750	$	5,110	$	7,350	$	10,171
Financing cash outflows from financing leases	297		265		586		527
Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement	(5)		—		(5)		—
Total net cash outflows from financing leases	$	2,042	$	5,375	$	7,931	$	10,698

Schedule of Operating Lease, Liability, Maturity

The aggregate amounts of future minimum lease payments (without giving effect to the potential early termination by Ventas, Inc. ("Ventas") of certain of the Company's community leases with maturity dates of December 31, 2025), including community, office, and equipment leases, recognized on the condensed consolidated balance sheet as of June 30, 2025 are as follows (in millions).

Year Ending December 31,	Operating Leases		Financing Leases
2025 (six months)	$	116.7	$	3.6
2026	182.9		7.2
2027	185.9		6.4
2028	183.4		6.3
2029	185.9		6.3
Thereafter	1,093.1		15.5
Total lease payments	1,947.9		45.3
Imputed interest and variable lease payments	(714.3)		(39.9)
Non-cash gain on future sale of property	—		20.7
Total lease obligations	$	1,233.6	$	26.1

Schedule of Finance Lease, Liability, Maturity

The aggregate amounts of future minimum lease payments (without giving effect to the potential early termination by Ventas, Inc. ("Ventas") of certain of the Company's community leases with maturity dates of December 31, 2025), including community, office, and equipment leases, recognized on the condensed consolidated balance sheet as of June 30, 2025 are as follows (in millions).

Year Ending December 31,	Operating Leases		Financing Leases
2025 (six months)	$	116.7	$	3.6
2026	182.9		7.2
2027	185.9		6.4
2028	183.4		6.3
2029	185.9		6.3
Thereafter	1,093.1		15.5
Total lease payments	1,947.9		45.3
Imputed interest and variable lease payments	(714.3)		(39.9)
Non-cash gain on future sale of property	—		20.7
Total lease obligations	$	1,233.6	$	26.1