RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

During the nine months ended September 30, 2025, the Company acquired seven Senior Housing - Managed communities, three of which were acquired through a consolidated joint venture in which the Company has a 95% equity interest, and exercised its option to acquire 24 units on the campus of one of its Senior Housing - Leased communities. During the nine months ended September 30, 2024, the Company acquired two Senior Housing - Managed communities and one Senior Housing - Leased community. The consideration was allocated as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024
Land	$	26,883	$	7,063
Building and improvements	229,683		100,862
Tenant origination and absorption costs intangible assets	26,494		4,094
Tenant relationship intangible assets	30		206
Total consideration	$	283,090	$	112,225

The tenant origination and absorption costs intangible assets had an amortization period as of the date of acquisition of two years for the acquisitions completed during the nine months ended September 30, 2025. The tenant origination and absorption costs intangible assets and tenant relationship intangible assets had amortization periods as of the date of acquisition of 3 years and 25 years, respectively, for the acquisitions completed during the nine months ended September 30, 2024.

For the three and nine months ended September 30, 2025, the Company recognized $10.0 million and $12.1 million of total revenues, respectively, and $1.0 million and $2.0 million of net income, respectively, from the facilities acquired during the nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, the Company recognized $5.0 million and $5.9 million of total revenues, respectively, and $0.9 million and $1.5 million of net income, respectively, from the facilities acquired during the nine months ended September 30, 2024.

Additionally, during the nine months ended September 30, 2025, the Company purchased the operations of four Senior Housing - Managed communities previously leased under triple-net operating leases for an aggregate $19.7 million. Concurrent with the purchase, the triple-net operating leases were terminated and the Company entered into property management agreements with the former tenant. The consideration was allocated as follows: (i) $17.4 million to tenant origination and absorption costs intangible assets, (ii) $1.1 million to furniture and equipment and (iii) $1.2 million to lease termination expense which is included in other (expense) income on the accompanying consolidated statements of income.