Leases (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
Operating Leases (in thousands)	2025		2024		2025		2024
Facility operating expense	$	1,971	$	1,999	$	6,105	$	6,095
Facility lease expense	51,993		51,937		157,520		154,397
Operating lease expense	53,964		53,936		163,625		160,492
Operating lease expense adjustment (1)	4,685		12,489		13,384		39,061
Changes in operating lease assets and liabilities for lessor capital expenditure reimbursements	(8,706)		(6,432)		(20,038)		(7,732)
Operating net cash outflows from operating leases	$	49,943	$	59,993	$	156,971	$	191,821

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

	Three Months Ended September 30,				Nine Months Ended September 30,
Financing Leases (in thousands)	2025		2024		2025		2024
Depreciation and amortization	$	715	$	2,651	$	3,949	$	8,421
Interest expense: financing lease obligations	1,764		5,062		9,114		15,233
Financing lease expense	$	2,479	$	7,713	$	13,063	$	23,654
Operating cash outflows from financing leases	$	1,764	$	5,062	$	9,114	$	15,233
Financing cash outflows from financing leases	304		273		890		800
Changes in financing lease assets and liabilities for lessor capital expenditure reimbursement	(35)		—		(40)		—
Total net cash outflows from financing leases	$	2,033	$	5,335	$	9,964	$	16,033

Schedule of Operating Lease, Liability, Maturity

The aggregate amounts of future minimum lease payments (without giving effect to the 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 September 30, 2025 are as follows (in millions).

Year Ending December 31,	Operating Leases		Financing Leases
2025 (three months)	$	57.1	$	1.8
2026	183.5		7.2
2027	186.4		6.4
2028	183.9		6.3
2029	186.4		6.3
Thereafter	1,096.1		15.6
Total lease payments	1,893.4		43.6
Imputed interest and variable lease payments	(685.2)		(38.4)
Non-cash gain on future sale of property	—		20.7
Total lease obligations	$	1,208.2	$	25.9

Schedule of Financing Lease, Liability, Maturity

The aggregate amounts of future minimum lease payments (without giving effect to the 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 September 30, 2025 are as follows (in millions).

Year Ending December 31,	Operating Leases		Financing Leases
2025 (three months)	$	57.1	$	1.8
2026	183.5		7.2
2027	186.4		6.4
2028	183.9		6.3
2029	186.4		6.3
Thereafter	1,096.1		15.6
Total lease payments	1,893.4		43.6
Imputed interest and variable lease payments	(685.2)		(38.4)
Non-cash gain on future sale of property	—		20.7
Total lease obligations	$	1,208.2	$	25.9