INVESTMENT IN REAL ESTATE PROPERTIES (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025

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	219	24,756	$	2,890,238	$	(619,533)	$	2,270,705
Senior Housing - Leased	36	3,260	502,425		(106,553)		395,872
Senior Housing - Managed	73	6,981	1,559,372		(308,230)		1,251,142
Behavioral Health	16	1,164	476,355		(86,495)		389,860
Specialty Hospitals and Other	15	392	225,498		(55,582)		169,916
	359	36,553	5,653,888		(1,176,393)		4,477,495
Corporate Level			2,780		(984)		1,796
			$	5,656,668	$	(1,177,377)	$	4,479,291

As of December 31, 2024

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	224	25,492	$	2,926,349	$	(588,107)	$	2,338,242
Senior Housing - Leased	39	3,319	508,586		(102,111)		406,475
Senior Housing - Managed	69	6,680	1,474,267		(278,328)		1,195,939
Behavioral Health	17	1,164	478,318		(79,819)		398,499
Specialty Hospitals and Other	15	392	225,498		(52,872)		172,626
	364	37,047	5,613,018		(1,101,237)		4,511,781
Corporate Level			2,746		(793)		1,953
			$	5,615,764	$	(1,102,030)	$	4,513,734

	June 30, 2025		December 31, 2024
Building and improvements	$	4,893,002	$	4,853,151
Furniture and equipment	208,653		207,265
Land improvements	11,973		11,813
Land	543,040		543,535
Total real estate at cost	5,656,668		5,615,764
Accumulated depreciation	(1,177,377)		(1,102,030)
Total real estate investments, net	$	4,479,291	$	4,513,734

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 June 30, 2025	Ownership as of June 30, 2025 (1)		Book Value
					June 30, 2025		December 31, 2024
Sienna Joint Venture	Senior Housing - Managed	12	50	%	$	111,590	$	107,732
Marlin Spring Joint Venture	Senior Housing - Managed	4	85	%	14,815		14,071
					$	126,405	$	121,803

(1)    These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.