INVESTMENT IN REAL ESTATE PROPERTIES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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	210	23,537	$	2,802,561	$	(635,685)	$	2,166,876
Senior Housing - Leased	32	2,668	376,590		(90,236)		286,354
Senior Housing - Managed	87	8,677	2,030,267		(349,213)		1,681,054
Behavioral Health	16	1,138	473,813		(90,644)		383,169
Specialty Hospitals and Other	15	392	225,498		(58,291)		167,207
	360	36,412	5,908,729		(1,224,069)		4,684,660
Corporate Level			2,311		(594)		1,717
			$	5,911,040	$	(1,224,663)	$	4,686,377

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

	As of December 31,
	2025		2024
Building and improvements	$	5,115,662	$	4,853,151
Furniture and equipment	203,721		207,265
Land improvements	12,071		11,813
Land	579,586		543,535
Total real estate at cost	5,911,040		5,615,764
Accumulated depreciation	(1,224,663)		(1,102,030)
Total real estate investments, net	$	4,686,377	$	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 December 31, 2025	Ownership as of December 31, 2025 (1)		Book Value as of December 31,
					2025		2024
Sienna Joint Venture	Senior Housing - Managed	12	50	%	$	110,283	$	107,732
Marlin Spring Joint Venture	Senior Housing - Managed	4	85	%	7,883		14,071
					$	118,166	$	121,803

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