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REAL ESTATE INVESTMENTS, NET (Tables)
 3 Months Ended
Mar. 31, 2024
Real Estate [Abstract]  
Schedule of Investment in Owned Properties
The following table summarizes the Company’s investment in owned properties, and properties held in consolidated joint ventures, held for use as of March 31, 2024 and December 31, 2023 (dollars in thousands):
March 31, 2024December 31, 2023
Land$287,607 $279,276 
Buildings and improvements1,676,474 1,620,014 
Integral equipment, furniture and fixtures101,475 100,504 
Identified intangible assets5,283 5,283 
Real estate investments2,070,839 2,005,077 
Accumulated depreciation and amortization(451,401)(437,958)
Real estate investments, net$1,619,438 $1,567,119 
Schedule of Total Future Contractual Minimum Rental Income
As of March 31, 2024, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements, assets held for sale and assets being repurposed, was as follows (dollars in thousands):
YearAmount
2024 (nine months)$156,186 
2025209,637 
2026209,418 
2027206,337 
2028204,172 
2029199,750 
Thereafter885,009 
Total$2,070,509 
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)
PropertiesLease Expiration
Option Period Open Date(2)
Option Type(3)
Current Cash Rent(4)
SNF1March 20294/1/2022
(5)
A / B(7)
$832 
SNF / Campus1October 20321/1/2024
(6)
A1,031 
SNF4November 203412/1/2024
(5)
A3,988 
SNF / Campus2October 203211/1/2026
(6)
B3,314 
(8)
(1) Excludes a purchase option on an 11 building SNF portfolio classified as held for sale as of March 31, 2024 and representing $5.1 million of current cash rent. The 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, 2024.
(5) Option window is open until the expiration of the lease term.
(6) Option window is open for six months from the option period open date.
(7) Purchase option reflects two option types.
(8) Purchase option provides for purchase of two of three facilities. The current cash rent shown is an average of the range of $3.2 million to $3.4 million.
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 Income20242023
Contractual rent due(1)
$52,934 $46,170 
Straight-line rent(7)(7)
Amortization of below-market lease intangible575 — 
Total$53,502 $46,163 
(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, 2024 and 2023 were $1.5 million and $0.7 million, respectively.
Schedule of Recent Real Estate Acquisitions
The following table summarizes the Company’s acquisitions for the three months ended March 31, 2024 (dollars in thousands):
Type of Property
Purchase Price(1)
Initial Annual Cash Rent(2)
Number of Properties
Number of Beds/Units(3)
Skilled nursing$38,311 $3,450 2 140 
Multi-service campuses17,277 1,553 1 94 
Assisted living(4)
11,036 1,022 1 86 
Total$66,624 $6,025 4 320 
(1) Purchase price includes capitalized acquisition costs.
(2) Initial annual cash rent represents initial cash rent for the first twelve months.
(3) The number of beds/units includes operating beds at the acquisition date.
(4) Includes one ALF held through a joint venture. See Note 11, Variable Interest Entities, for additional information.