INVESTMENT IN REAL ESTATE PROPERTIES (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026

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	207	23,124	$	2,819,686	$	(662,018)	$	2,157,668
Senior Housing - Leased	32	2,623	360,736		(87,835)		272,901
Senior Housing - Managed	94	9,745	2,247,573		(388,860)		1,858,713
Behavioral Health	16	1,159	473,813		(97,126)		376,687
Specialty Hospitals and Other	15	392	225,498		(60,979)		164,519
	364	37,043	6,127,306		(1,296,818)		4,830,488
Corporate Level			2,506		(739)		1,767
			$	6,129,812	$	(1,297,557)	$	4,832,255

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

	June 30, 2026		December 31, 2025
Land	$	604,201	$	579,586
Land improvements	12,668		11,987
Building and improvements	5,285,430		5,107,100
Furniture and equipment	210,935		202,067
Construction in progress	16,578		10,300
Total real estate at cost	6,129,812		5,911,040
Accumulated depreciation	(1,297,557)		(1,224,663)
Total real estate investments, net	$	4,832,255	$	4,686,377

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, 2026	Ownership as of June 30, 2026 (1)		Book Value
					June 30, 2026		December 31, 2025
Sienna Joint Venture	Senior Housing - Managed	12	50	%	$	105,270	$	110,283
Marlin Spring Joint Venture	Senior Housing - Managed	4	85	%	8,619		7,883
					$	113,889	$	118,166

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