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REAL ESTATE INVESTMENTS, NET (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024 (dollars in thousands):
March 31, 2025December 31, 2024
Land$377,669 $367,044 
Buildings and improvements2,253,424 2,220,287 
Integral equipment, furniture and fixtures113,402 113,803 
Identified intangible assets4,083 4,388 
Real estate investments2,748,578 2,705,522 
Accumulated depreciation and amortization(496,299)(478,782)
Real estate investments, net$2,252,279 $2,226,740 
Schedule of Total Future Contractual Minimum Rental Income
As of March 31, 2025, 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):
YearAmount
2025 (nine months)$210,437 
2026283,552 
2027281,850 
2028280,536 
2029276,512 
2030271,031 
Thereafter1,367,365 
Total$2,971,283 
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 202904/01/2022
(4)
A / B
(8)
$858 
SNF1January 203002/01/2026
(4)
A1,200 
(9)
SNF / Campus2October 203203/05/2027
(5)
B3,367 
(10)
SNF / Campus2May 203406/01/2026
(6)
B2,714 
(11)
SNF1November 203412/01/2027
(4)
A1,100 
SNF6November 203912/01/2027
(7)
B10,160 
(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 March 31, 2025.
(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) Option window is open for nine months from the option period open date.
(7) Lease agreement provides for the purchase of one to two facilities in each window over four option windows, for a total of six facilities. Each option window opens at the beginning of each of lease years four, five, six, and seven beginning December 1, 2027 and is open for one year.
(8) Option reflects two option types.
(9)     Lease provides for abatement in the first three months. Annual rent beginning in month four is $1.2 million.
(10) Option provides for purchase of any two of the three facilities. The current cash rent shown is an average of the range of $3.2 million to $3.5 million.
(11)     Option provides for purchase of any one of five facilities in the first option window and another one of five facilities in the second option window beginning June 1, 2027. The current cash rent shown is an average of the range of $2.4 million to $3.1 million. Provided 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 an 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 March 31,
Rental Income20252024
Contractual rent due(1)
$70,776 $52,934 
Straight-line rent(7)(7)
Amortization of lease incentives(49)— 
Amortization of below-market lease intangibles926 575 
Total$71,646 $53,502 
(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, 2025 and 2024 were $2.3 million and $1.5 million, respectively.
Schedule of Recent Real Estate Acquisitions
The following table summarizes the Company’s acquisitions for the three months ended March 31, 2025 (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)
$20,448 $2,000 1 124 
Assisted living20,637 1,896 1 160 
Total$41,085 $3,896 2 284 
(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 12, Variable Interest Entities, for additional information.