INVESTMENT IN REAL ESTATE PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Schedule of Real Estate Properties Held for Investment

The Company’s real estate properties held for investment consisted of the following (dollars in thousands):

As of December 31, 2021  

Property Type	Number of Properties	Number of Beds/Units	Total Real Estate at Cost		Accumulated Depreciation		Total Real Estate Investments, Net
Skilled Nursing/Transitional Care	279	30,920	$	3,617,359	$	(474,534)	$	3,142,825
Senior Housing - Leased	60	4,099	720,581		(104,046)		616,535
Senior Housing - Managed	49	5,140	1,012,398		(174,098)		838,300
Specialty Hospitals and Other	28	1,187	643,007		(78,179)		564,828
	416	41,346	5,993,345		(830,857)		5,162,488
Corporate Level			863		(467)		396
			$	5,994,208	$	(831,324)	$	5,162,884

As of December 31, 2020

Property Type	Number of Properties	Number of Beds/Units	Total Real Estate at Cost		Accumulated Depreciation		Total Real Estate Investments, Net
Skilled Nursing/Transitional Care	287	31,761	$	3,644,470	$	(385,094)	$	3,259,376
Senior Housing - Leased	65	4,282	707,634		(87,600)		620,034
Senior Housing - Managed	47	4,924	942,996		(142,538)		800,458
Specialty Hospitals and Other	27	1,092	670,793		(66,021)		604,772
	426	42,059	5,965,893		(681,253)		5,284,640
Corporate Level			802		(404)		398
			$	5,966,695	$	(681,657)	$	5,285,038

	As of December 31,
	2021		2020
Building and improvements	$	5,145,096	$	5,120,598
Furniture and equipment	262,969		249,034
Land improvements	4,295		2,220
Land	581,848		594,843
Total real estate at cost	5,994,208		5,966,695
Accumulated depreciation	(831,324)		(681,657)
Total real estate investments, net	$	5,162,884	$	5,285,038

Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases

As of December 31, 2021, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands):

2022	$	424,942
2023	403,471
2024	404,353
2025	396,638
2026	379,716
Thereafter	1,472,488
	$	3,481,608

Summarized Financial Information for the Enlivant Joint Venture

The following tables present summarized financial information for the Enlivant Joint Venture and, except for basis adjustments, other-than-temporary impairment and loss from unconsolidated joint venture, reflect the historical cost basis of the assets which pre-dated the Company’s investment in the Enlivant Joint Venture (in thousands):

	As of December 31,
	2021		2020
Total assets	$	467,762	$	490,541
Total liabilities	822,063		824,410
Member’s deficit	(354,301)		(333,869)

	Year Ended December 31,
	2021		2020		2019
Total revenues	$	274,693	$	299,031	$	312,055
Operating expenses (1)	265,194		240,331		231,659
Net (loss) income	(35,276)		5,196		13,161
Company’s share of net (loss) income	$	(17,184)	$	2,546	$	6,449
Basis adjustments	10,771		19,145		13,245
Other-than-temporary impairment	164,126		—		—
Loss from unconsolidated joint venture	$	(192,081)	$	(16,599)	$	(6,796)

(1)    During the year ended December 31, 2021, TPG caused the Enlivant Joint Venture to fund $20.0 million of payments to Enlivant, the senior housing management platform that manages the portfolio owned by the Enlivant Joint Venture, beyond amounts contractually required under the management agreement. These payments were to support the operations of Enlivant and are reflected as operating expenses.