REAL ESTATE INVESTMENTS, NET (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Schedule of Investment in Owned Properties

The following table summarizes the Company’s investment in owned properties held for use at March 31, 2023 and December 31, 2022 (dollars in thousands):

	March 31, 2023		December 31, 2022
Land	$	235,013	$	238,738
Buildings and improvements	1,477,939		1,483,133
Integral equipment, furniture and fixtures	96,895		97,199
Identified intangible assets	2,833		2,832
Real estate investments	1,812,680		1,821,902
Accumulated depreciation and amortization	(411,867)		(400,492)
Real estate investments, net	$	1,400,813	$	1,421,410

Schedule of Total Future Contractual Minimum Rental Income

As of March 31, 2023, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements and assets held for sale, was as follows (dollars in thousands):

Year	Amount
2023 (nine months)	$	137,942
2024	184,484
2025	184,644
2026	184,750
2027	181,742
2028	179,626
Thereafter	778,259
Total	$	1,831,447

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 Type(1)	Properties	Lease Expiration	Option Period Open Date(2)		Option Type(3)	Current Cash Rent(4)
SNF	1	March 2029	4/1/2022	(6)	A / B(7)	805
SNF / Campus	2	October 2032	1/1/2023	(5)	A	1,097
SNF	4	November 2034	12/1/2024	(6)	A	3,891

(1) Excludes a purchase option on an 11 building SNF portfolio representing $5.1 million of current cash rent. Tenant is currently not eligible to elect the option.

(2) The Company has not received notice of exercise for the option periods that are currently open.

(3) Option type includes:

A - Fixed base price.

B - Fixed capitalization rate on lease revenue.

(4) Based on annualized cash revenue for contracts in place as of March 31, 2023.

(5) Option window is open for six months from the option period open date.

(6) Option window is open until the expiration of the lease term.

(7) 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 Income	2023		2022
Contractual rent due(1)	$	46,170	$	46,978
Straight-line rent	(7)		6
Adjustment for collectibility(2)	—		(977)
Total	$	46,163	$	46,007

(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. Tenant operating expense reimbursements for the three months ended March 31, 2023 and 2022 were $0.7 million and $0.6 million, respectively.

(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 reestablish the receivable which will result in an increase in rental income for such recoveries.