SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2025

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 condensed consolidated financial statements are issued.

Recent Acquisitions

On April 1, 2025, the Company purchased one multi-service campus in California for $34.7 million, inclusive of transaction costs, through a JV. The Company contributed $33.8 million to the JV. 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 $0.9 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, subsidiaries of the JV entered into a new master lease with affiliates of Ensign. The master lease has an initial term of approximately 15 years, with two five-year renewal options. Annual cash rent under the lease is $3.5 million, with annual CPI-based escalators. See Note 12, Variable Interest Entities, for additional information.

Mortgage Loan Prepayment

In April 2025, one mortgage loan with a principal balance of $2.9 million was fully prepaid, including all unpaid accrued interest.

At-The-Market Offering of Common Stock

In April 2025, the Company sold 3.4 million shares under the ATM Program for gross proceeds of $99.5 million at an average sales price per share of $28.90.