INVESTMENT IN REAL ESTATE PROPERTIES (Tables)

9 Months Ended

Sep. 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 September 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	217	24,518	$	2,874,678	$	(635,062)	$	2,239,616
Senior Housing - Leased	32	2,668	377,287		(88,351)		288,936
Senior Housing - Managed	83	8,282	1,888,163		(343,656)		1,544,507
Behavioral Health	16	1,138	476,355		(89,853)		386,502
Specialty Hospitals and Other	15	392	225,498		(56,936)		168,562
	363	36,998	5,841,981		(1,213,858)		4,628,123
Corporate Level			2,799		(1,080)		1,719
			$	5,844,780	$	(1,214,938)	$	4,629,842

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

	September 30, 2025		December 31, 2024
Building and improvements	$	5,049,667	$	4,853,151
Furniture and equipment	217,990		207,265
Land improvements	12,174		11,813
Land	564,949		543,535
Total real estate at cost	5,844,780		5,615,764
Accumulated depreciation	(1,214,938)		(1,102,030)
Total real estate investments, net	$	4,629,842	$	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 September 30, 2025	Ownership as of September 30, 2025 (1)		Book Value
					September 30, 2025		December 31, 2024
Sienna Joint Venture	Senior Housing - Managed	12	50	%	$	108,983	$	107,732
Marlin Spring Joint Venture	Senior Housing - Managed	4	85	%	8,873		14,071
					$	117,856	$	121,803

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