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INVESTMENT IN REAL ESTATE PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2023  
Property TypeNumber of
Properties		Number of
Beds/Units		Total
Real Estate
at Cost		Accumulated
Depreciation		Total
Real Estate
Investments, Net
Skilled Nursing/Transitional Care241 26,769 $3,050,861 $(535,653)$2,515,208 
Senior Housing - Leased43 3,473 573,274 (109,601)463,673 
Senior Housing - Managed61 6,041 1,289,485 (255,803)1,033,682 
Behavioral Health18 1,159 496,737 (71,943)424,794 
Specialty Hospitals and Other15 392 225,443 (47,454)177,989 
378 37,834 5,635,800 (1,020,454)4,615,346 
Corporate Level2,547 (632)1,915 
$5,638,347 $(1,021,086)$4,617,261 
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 
As of December 31,
20232022
Building and improvements$4,843,258 $5,034,470 
Furniture and equipment238,185 262,644 
Land improvements10,306 7,085 
Land546,598 568,489 
Total real estate at cost5,638,347 5,872,688 
Accumulated depreciation(1,021,086)(913,345)
Total real estate investments, net$4,617,261 $4,959,343 
Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases
As of December 31, 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):
2024$377,721 
2025372,911 
2026357,434 
2027334,489 
2028310,963 
Thereafter1,289,067 
$3,042,585 
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
December 31, 2023
Ownership as of
December 31, 2023 (1)
Book Value as of December 31,
20232022
Sienna Joint VentureSenior Housing - Managed12 50 %$119,724 $120,269 
Marlin Spring Joint VentureSenior Housing - Managed4 85 %17,119 14,693 
$136,843 $134,962 
(1)    These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.
The following tables present summarized financial information for the Company’s investments in unconsolidated joint ventures (in thousands).
As of December 31,
20232022
Total assets$353,779 $754,220 
Total liabilities106,490 894,969 
Member’s equity (deficit)247,289 (140,749)
Year Ended December 31,
202320222021
Total revenues$64,446 $351,073 $274,693 
Operating expenses (1)
47,811 324,462 265,194 
Net loss(9,823)(66,171)(35,276)
Company’s share of net loss$(2,897)$(32,581)$(17,184)
Basis adjustments— 7,673 10,771 
Other-than-temporary impairment— 57,778 164,126 
Loss from unconsolidated joint venture$(2,897)$(98,032)$(192,081)
(1)    During the years ended December 31, 2022 and 2021, TPG caused the Enlivant Joint Venture to fund $25.0 million and $20.0 million, respectively, of payments to Enlivant beyond amounts contractually required under the management agreement. These payments were to support the operations of Enlivant and are reflected as operating expenses. Funding for the support payments did not require capital contributions from Sabra but rather were funded with proceeds received by the Enlivant Joint Venture from TPG for the issuance of senior preferred interests or with cash on hand at the Enlivant Joint Venture.