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Real Estate Investments, Net (Tables)
 9 Months Ended
Sep. 30, 2021
Real Estate [Abstract]  
Summary of Investment in Owned Properties The following table summarizes the Company’s investment in owned properties as of September 30, 2021 and December 31, 2020 (dollars in thousands):
September 30, 2021December 31, 2020
Land$251,347 $205,356 
Buildings and improvements1,609,834 1,477,849 
Integral equipment, furniture and fixtures103,739 97,836 
Identified intangible assets1,257 2,352 
Real estate investments1,966,177 1,783,393 
Accumulated depreciation and amortization(375,759)(335,294)
Real estate investments, net$1,590,418 $1,448,099 
Schedule of Total Future Contractual Minimum Rental Income As of September 30, 2021, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements, was (dollars in thousands):
YearAmount
2021 (three months)$47,765 
2022191,229 
2023191,024 
2024189,679 
2025189,650 
2026189,755 
Thereafter1,128,717 
Total$2,127,819 
Schedule Of Tenant Purchase Options
Certain of the Company’s operators hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands):
Asset TypePropertiesLease ExpirationNext Option Open Date
Option Type(1)
Current Cash Rent(2)
ALF7October 20341/1/2022A$3,282 
SNF11November 20301/1/2022C4,944 
SNF1March 20294/1/2022
B / C(3)
779 
SNF / Campus2October 20321/1/2023B998 
SNF4November 203412/1/2024B3,789 
ALF2October 20341/1/2026A1,565 
(1) Option type includes:
A - Fixed base price plus a specified share on any appreciation.
B - Fixed base price.
C - Fixed capitalization rate on lease revenue.
(2) Based on annualized cash revenue for contracts in place as of September 30, 2021.
(3) Purchase option reflects two option types.
Schedule of Rental Income
The following table summarizes components of the Company’s rental income (dollars in thousands):
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
Rental Income2021202020212020
Contractual rent due(1)
$48,081 $42,866 $140,988 $127,789 
Straight-line rent6 17 26 65 
Recovery of previously reversed rent(2)
— 1,047 — 1,047 
Lease termination revenue(2)
— 1,106 63 1,106 
Total$48,087 $45,036 $141,077 $130,007 
(1) Includes initial cash rent and tenant operating expense reimbursements, as adjusted for applicable rental escalators and rent increases due to capital expenditures funded by the Company. For tenants on a cash basis, this represents the lesser of the amount that would be recognized on a straight-line basis or cash that has been received.
(2) During the three and nine months ended September 30, 2020, the Company recovered approximately $1.0 million in rental revenue related to affiliates of Metron Integrated Health Systems (“Metron”) that was previously written off. In addition, in connection with the agreement to terminate its lease agreements with Metron and to sell the facilities to a third party, the Company received certain lease termination payments from Metron. During the nine months ended September 30, 2021, the Company recognized approximately $0.1 million in lease termination revenue. During the three and nine months ended September 30, 2020, the Company received approximately $1.1 million in lease termination revenue.
Schedule of Real Estate Acquisitions
The following table summarizes the Company’s acquisitions for the nine months ended September 30, 2021 (dollars in thousands):
Type of Property
Purchase Price(1)
Initial Annual Cash RentNumber of Properties
Number of Beds/Units(2)
Skilled nursing$57,973 $4,499 (3)4 509 
Multi-service campuses125,708 8,604 (4)4 640 
Total$183,681 $13,103 8 1,149 
(1) Purchase price includes capitalized acquisition costs.
(2) The number of beds/units includes operating beds at the acquisition date.
(3) Initial annual cash rent represents initial cash rent for the first twelve months excluding any impact of straight-line rent.
(4) Initial annual cash rent represents the first twelve months of rent upon commencement of the Company’s long-term net leases, which occurred during the three months ended June 30, 2021, upon the tenants’ receipt of licensing approval and increases to $9.4 million in the second year with CPI-based annual escalators thereafter.