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INVESTMENT IN REAL ESTATE PROPERTIES (Tables)
 9 Months Ended
Sep. 30, 2023
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 September 30, 2023
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care240 26,623 $3,035,231 $(530,290)$2,504,941 
Senior Housing - Leased43 3,473 572,633 (106,063)466,570 
Senior Housing - Managed61 6,041 1,278,352 (250,772)1,027,580 
Behavioral Health18 1,077 492,236 (68,654)423,582 
Specialty Hospitals and Other15 392 225,443 (46,100)179,343 
377 37,606 5,603,895 (1,001,879)4,602,016 
Corporate Level1,603 (605)998 
$5,605,498 $(1,002,484)$4,603,014 
As of December 31, 2022
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care264 29,136 $3,385,221 $(492,495)$2,892,726 
Senior Housing - Leased47 3,550 590,694 (97,716)492,978 
Senior Housing - Managed59 5,942 1,205,283 (222,089)983,194 
Behavioral Health17 965 465,143 (58,481)406,662 
Specialty Hospitals and Other15 392 225,443 (42,038)183,405 
402 39,985 5,871,784 (912,819)4,958,965 
Corporate Level904 (526)378 
$5,872,688 $(913,345)$4,959,343 
September 30, 2023December 31, 2022
Building and improvements$4,815,199 $5,034,470 
Furniture and equipment234,882 262,644 
Land improvements10,241 7,085 
Land545,176 568,489 
Total real estate at cost5,605,498 5,872,688 
Accumulated depreciation(1,002,484)(913,345)
Total real estate investments, net$4,603,014 $4,959,343 
Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases
As of September 30, 2023, 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):
October 1 through December 31, 2023$91,919 
2024371,661 
2025366,190 
2026350,583 
2027327,530 
Thereafter1,508,364 
$3,016,247 
Schedule of Investment in Joint Ventures
The following is a summary of the Company’s investment in unconsolidated joint ventures (dollars in thousands):
Property Type
Number of
Properties as of
September 30, 2023
Ownership as of
September 30, 2023 (1)
Book Value
September 30, 2023December 31, 2022
Sienna Joint VentureSenior Housing - Managed12 50 %$118,150 $120,269 
Marlin Spring Joint VentureSenior Housing - Managed4 85 %17,605 14,693 
$135,755 $134,962 
(1)    These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.
During the nine months ended September 30, 2022, the Enlivant Joint Venture was a significant equity method investee of the Company. The following table presents summarized financial information for the Enlivant Joint Venture and, except for basis adjustments and loss from unconsolidated joint venture, reflects the historical cost basis of the assets which pre-dated the Company’s investment in the Enlivant Joint Venture (in thousands):
Nine Months Ended September 30, 2022
Total revenues$237,144 
Operating expenses215,293 
Net loss(7,177)
Company’s share of net loss$(3,525)
Basis adjustments5,755 
Loss from unconsolidated joint venture$(9,280)