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SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 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 October 20, 2025, the Company contributed $28.5 million to a JV that purchased one SNF in California for $29.2 million, which includes estimated capitalized acquisition costs. 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 Company entered into a new master lease with a skilled nursing operator. The new master lease has a term of approximately 15 years, with two five-year renewal options and fixed rent increases. Initial annual cash rent under the new master lease is $2.5 million, inclusive of $0.3 million in deferred rent to be repaid during the second year of the lease.
On October 30, 2025, the Company acquired four SNFs and one multi-service campus in the mid-Atlantic and southeast for $210.6 million, which includes estimated capitalized acquisition costs. In connection with the acquisition of the facilities, the Company amended an existing master lease with a skilled nursing operator. The amended master lease has a remaining term of approximately 15 years, with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by approximately $18.0 million.
On October 31, 2025, the Company acquired two senior housing properties in Missouri and Ohio for $26.6 million, which includes estimated capitalized acquisition costs. In connection with the acquisition of the facilities, the Company entered into a new master lease with a senior housing operator. The new master lease has a term of approximately 15 years, with two five-year renewal options and CPI-based rent escalators. Initial annual cash rent under the new master lease is $2.1 million. In addition to the cash rent, the master lease provides for percentage rent beginning in 2026 as 20% of the positive difference between gross revenues and a certain threshold.
On October 31, 2025, the Company acquired eight SNFs in Mississippi for $166.1 million, which includes estimated capitalized acquisition costs. In connection with the acquisition of the facilities, the Company entered into a new master lease with a skilled nursing operator. The new master lease has a term of approximately ten years, with three five-year renewal options and fixed rent increases. Initial annual cash rent under the new master lease is $15.5 million. The master lease provides for deferred rent of $2.5 million in the first year and $1.4 million in the second lease year to be repaid in years three through five.
Mortgage Loan Prepayment
On October 31, 2025, one mezzanine loan with a principal balance of $35.0 million was fully prepaid, including all unpaid accrued interest.
Asset Sales
On October 10, 2025, the Company sold two senior housing properties with an aggregate carrying value of $11.2 million. The Company does not expect to record a material gain or loss on sale of the real estate.
On November 4, 2025, the Company sold one senior housing property with an aggregate carrying value of $0.2 million. The Company does not expect to record a material gain or loss on sale of the real estate.