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REAL ESTATE INVESTMENTS, NET (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2024 and December 31, 2023 (dollars in thousands):
September 30, 2024December 31, 2023
Land$331,321 $279,276 
Buildings and improvements1,783,496 1,620,014 
Integral equipment, furniture and fixtures102,441 100,504 
Identified intangible assets6,664 5,283 
Real estate investments2,223,922 2,005,077 
Accumulated depreciation and amortization(474,783)(437,958)
Real estate investments, net$1,749,139 $1,567,119 
Schedule of Total Future Contractual Minimum Rental Income
As of September 30, 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 (three months)$56,317 
2025227,486 
2026229,235 
2027225,377 
2028223,304 
2029218,920 
Thereafter1,066,803 
Total$2,247,442 
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 Expiration
Option Period Open Date(1)
Option Type(2)
Current Cash Rent(3)
SNF1March 20294/1/2022
(4)
A / B(6)
$858 
SNF4November 203412/1/2024
(4)
A3,988 
SNF / Campus2October 203211/1/2026
(5)
B3,314 
(7)
SNF / Campus1May 20346/1/2026
(8)
B1,293 
(9)
SNF / Campus1May 20346/1/2027
(8)
B1,293 
(9)

(1) The Company has not received notice of exercise for the option periods that are currently open.
(2) Option type includes:
A - Fixed base price.
B - Fixed capitalization rate on lease revenue.
(3) Based on annualized cash revenue for contracts in place as of September 30, 2024.
(4) Option window is open until the expiration of the lease term.
(5) Option window is open for six months from the option period open date.
(6) Purchase option reflects two option types.
(7) 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.
(8) Purchase option window is open for nine months from the option period open date.
(9) Purchase option provides for purchase of one of five facilities. The current cash rent shown is an average of the range of $1.0 million to $1.6 million. If the operator exercises its option to extend the term of the master lease, beginning on June 1, 2035 and ending nine months thereafter, the operator will have a purchase option for all facilities then remaining in the master lease.
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 Income2024202320242023
Contractual rent due(1)
$56,356 $51,225 $164,133 $145,147 
Straight-line rent(7)(7)(21)(21)
Amortization of lease incentives(5)— (9)— 
Amortization of below-market leases809 — 1,959 — 
Total$57,153 $51,218 $166,062 $145,126 
(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 September 30, 2024 and 2023 were $1.7 million and $2.0 million, respectively. Tenant operating expense reimbursements for the nine months ended September 30, 2024 and 2023 were $5.1 million and $3.9 million, respectively.
Schedule of Recent Real Estate Acquisitions
The following table summarizes the Company’s acquisitions for the nine months ended September 30, 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(4)
$182,024 $14,612 9 894 
Multi-service campuses(5)
78,154 6,268 4 575 
Assisted living(6)
11,036 1,022 1 86 
Total$271,214 $21,902 14 1,555 
(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 SNF held through a joint venture. See Note 11, Variable Interest Entities, for additional information.
(5) Includes two multi-service campuses held through a joint venture. See Note 11, Variable Interest Entities, for additional information.
(6) Includes one ALF held through a joint venture. See Note 11, Variable Interest Entities, for additional information.