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Real Estate Investments, Net (Tables)
 3 Months Ended
Mar. 31, 2022
Real Estate [Abstract]  
Summary of Investment in Owned Properties The following table summarizes the Company’s real estate properties held for investment at March 31, 2022 and December 31, 2021 (dollars in thousands):
March 31, 2022December 31, 2021
Land$236,986 $251,787 
Buildings and improvements1,431,631 1,622,019 
Integral equipment, furniture and fixtures95,997 104,722 
Identified intangible assets2,658 1,257 
Real estate investments1,767,272 1,979,785 
Accumulated depreciation and amortization(364,383)(389,814)
Real estate investments, net$1,402,889 $1,589,971 
Schedule of Total Future Contractual Minimum Rental Income As of March 31, 2022, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements, was (dollars in thousands):
YearAmount
2022 (nine months)$146,848 
2023195,547 
2024194,202 
2025194,173 
2026194,278 
2027191,589 
Thereafter998,873 
Total$2,115,510 
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 20341/1/2022
(3)
A$3,383 
SNF11November 20301/1/2022
(3)
C4,944 
SNF1March 20294/1/2022
(4)
B / C(5)
779 
SNF / Campus2October 20321/1/2023
(3)
B1,065 
SNF4November 203412/1/2024
(4)
B3,796 
ALF2October 20341/1/2026
(3)
A1,598 
(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 March 31, 2022.
(3) Option window is open for six months.
(4) Option window is open until the expiration of the lease term.
(5) 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 March 31,
Rental Income20222021
Contractual rent due(1)
$46,978 $45,171 
Straight-line rent6 12 
Adjustment for collectibility(2)
(977)— 
Lease termination revenue(3)
— 63 
Total$46,007 $45,246 
(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 months ended March 31, 2022, and in accordance with Accounting Standards Codification 842, the Company evaluated the collectibility of lease payments through maturity and determined that it was not probable that the Company would collect substantially all of the contractual obligations from four existing and former operators. As such, the Company reversed $0.7 million of operating expense reimbursements, $0.2 million of contractual rent and $0.1 million of straight-line rent during the three months ended March 31, 2022. If lease payments are subsequently deemed probable of collection, the Company will increase rental income for such recoveries.
(3) During the three months ended March 31, 2021, in connection with the agreement to terminate its lease agreements with Metron Integrated Health Systems (“Metron”) and to sell the facilities to a third party, the Company received approximately $0.1 million in lease termination revenue from Metron affiliates.
Schedule of Real Estate Acquisitions
The following table summarizes the Company’s acquisitions for the three months ended March 31, 2022 (dollars in thousands):
Type of Property
Purchase Price(1)
Initial Annual Cash RentNumber of Properties
Number of Beds/Units(2)
Skilled nursing$8,918 $815 1 135 
Multi-service campuses13,003 1,235 1 130 
Total$21,921 $2,050 2 265 
(1) Purchase price includes capitalized acquisition costs.
(2) The number of beds/units includes operating beds at the acquisition date.