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SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
The Company evaluates subsequent events in accordance with ASC 855, Subsequent Events. The Company evaluates subsequent events up until the date the consolidated financial statements are issued.
Recent Investments and Acquisitions
On January 10, 2025, the Company advanced the second installment of a mezzanine loan for one SNF secured by a pledge of membership interests in an up-tier holding company of the borrower group for $6.4 million. The loan bears interest at a rate of 13%, with annual CPI-based escalators. The mezzanine loan is set to mature on December 31, 2034. The mezzanine loan may not be prepaid in whole or in part prior to maturity.
On February 1, 2025, the Company contributed $19.7 million to a JV that purchased one SNF in Tennessee for $20.4 million. In exchange the Company holds 100% of the preferred equity interests in the JV and 50% of the common equity interest in the JV. The JV partner contributed the remaining $0.7 million of the total investment in exchange for 50% of the common equity interest in the JV. In connection with the acquisition of the facility, the JV amended the PACS TN Master Lease. The lease, as amended, has a remaining term of approximately 15 years, with two five-year renewal options. Annual cash rent under the amended lease increased by approximately $2.0 million, with annual CPI-based escalators. See Note 3, Real Estate Investments, Net, for further information regarding the PACS TN Master Lease.
Asset Sales
Subsequent to December 31, 2024, the Company sold or disposed of three SNFs, one SNF Campus and one ALF with an aggregate carrying value of $40.5 million. In connection with the sales, the Company expects to record a gain on sale of real estate of approximately $3.9 million.
Recent ATM Program
On January 21, 2025, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $750.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “New 2025 ATM Program”) and terminated its previous $750.0 million “at-the-market” equity offering program. In addition to the issuance and sale of shares of its common stock, the New 2025 ATM Program also provides for the ability to enter into one or more forward sales agreements with sales agents for the sale of the Company’s shares of common stock under the ATM Program.
As of February 12, 2025, the Company had $750.0 million available for future issuances under the New 2025 ATM Program.
Equity Award Grant
On January 28, 2025, the Compensation Committee of the Company’s Board of Directors granted 137,920 shares of RSA awards to officers and employees. Each share had a fair market value on the date of grant of $27.17 per share based on the closing market price of the Company’s common stock on that date, and the shares vest on January 31, 2026.