Schedule III - Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate Assets and Accumulated Depreciation

			Initial Cost to Company				Costs Capitalized Since Acquisition		Gross Carrying Value
Location	Encum.		Land		Building Improvs.		Improvs.		Land		Building Improvs.		Total (1)		Accum. Depr.		Const./Ren. Date	Acq. Date
Skilled Nursing Properties:
Phoenix, AZ	$	—	$	257	$	976	$	926	$	257	$	1,902	$	2,159	$	(1,644)	2013	2000
Tucson, AZ	—		425		3,716		1,940		425		5,656		6,081		(4,089)		2012	2000
Phoenix, AZ	—		113		504		971		113		1,475		1,588		(1,224)		2004	2002
Tucson, AZ	—		471		2,041		3,055		471		5,096		5,567		(4,291)		2013	2003
Phoenix, AZ	—		629		5,154		1,519		629		6,673		7,302		(5,060)		2009	2004
Upland, CA	—		2,812		3,919		1,994		2,812		5,913		8,725		(4,410)		2011	2005
Camarillo, CA	—		3,526		2,827		1,522		3,526		4,349		7,875		(3,436)		2010	2005
Walla Walla, WA	—		450		5,566		1,055		450		6,621		7,071		(5,115)		2009	2006
Santa Rosa, CA	—		931		2,612		653		931		3,265		4,196		(2,659)		1963	2006
San Diego, CA	—		3,028		3,119		2,071		3,028		5,190		8,218		(3,869)		2012	2006
Livingston, TX	—		60		4,391		1,167		60		5,558		5,618		(4,057)		2009	2006
Lynnwood, WA	—		741		1,663		1,998		741		3,661		4,402		(3,186)		2009	2006
Hoquiam, WA	—		171		1,828		2,038		171		3,866		4,037		(3,440)		2010	2006
Richmond, TX	—		1,105		3,110		1,067		1,105		4,177		5,282		(2,989)		2007	2006
Salt Lake City, UT	—		332		2,426		2,507		332		4,933		5,265		(4,349)		2013	2006
Carrollton, TX	—		664		2,294		902		664		3,196		3,860		(2,890)		2007	2006
Salt Lake City, UT	—		965		2,070		958		965		3,028		3,993		(2,915)		2008	2007
Lewisville, TX	—		600		1,890		470		600		2,360		2,960		(1,922)		2011	2007
Mesquite, TX	—		470		1,715		8,632		441		10,376		10,817		(9,821)		2012	2007
Glendora, CA	—		2,165		1,105		324		2,165		1,429		3,594		(1,339)		1965	2007
Draper, UT	—		443		2,394		759		443		3,153		3,596		(2,138)		2008	2007
Downey, CA	—		1,415		1,841		1,861		1,415		3,702		5,117		(2,853)		2013	2007
Bellflower, CA	—		937		1,168		357		937		1,525		2,462		(1,199)		2009	2007
Scottsdale, AZ	—		2,007		2,793		1,762		2,007		4,555		6,562		(3,308)		2009	2008
San Antonio, TX	—		310		2,090		719		310		2,809		3,119		(1,767)		2005	2008
Temple, TX	—		529		2,207		1,163		529		3,370		3,899		(2,376)		2008	2008
Abilene, TX	—		369		3,220		1,725		369		4,945		5,314		(3,464)		2012	2008
Willits, CA	—		490		1,231		500		490		1,731		2,221		(1,190)		2011	2008
Lufkin, TX	—		467		4,644		782		467		5,426		5,893		(2,328)		1988	2009
Littleton, CO	—		217		856		1,735		217		2,591		2,808		(2,053)		2012	2009
Arvada, CO	—		280		1,230		834		280		2,064		2,344		(1,312)		2012	2009
Englewood, CO	—		1,607		4,222		6,195		1,607		10,417		12,024		(7,517)		2012	2009
Dallas, TX	—		2,133		11,977		1,421		2,133		13,398		15,531		(7,906)		1984	2009
Price, UT	—		193		2,209		849		193		3,058		3,251		(1,618)		2012	2009
Provo, UT	—		2,051		8,362		2,011		2,051		10,373		12,424		(4,575)		2011	2009
West Jordan, UT	—		2,671		4,244		1,507		2,671		5,751		8,422		(2,684)		2013	2009

Youngstown, AZ	—	767	4,648	155	193	5,377	5,570	(2,865)	2012	2009
Brownsville, TX	—	373	1,354	190	373	1,544	1,917	(669)	1969	2009
Harlingen, TX	—	90	675	430	90	1,105	1,195	(655)	2011	2009
McAllen, TX	—	642	1,085	870	642	1,955	2,597	(1,328)	2012	2009
Salt Lake City, UT	—	345	2,464	1,065	345	3,529	3,874	(1,943)	2011	2009
Emmet, ID	—	591	2,383	69	591	2,452	3,043	(1,156)	1972	2010
Burley, ID	—	250	4,004	424	250	4,428	4,678	(2,247)	2011	2010
Carrollton, TX	—	1,382	2,293	478	1,382	2,771	4,153	(1,347)	1996	2010
Ventura, CA	—	1,847	5,377	682	1,847	6,059	7,906	(2,262)	1990	2011
Beatrice, NE	—	60	2,931	245	60	3,176	3,236	(1,565)	2011	2011
Falls City, NE	—	170	2,141	82	170	2,223	2,393	(1,038)	1972	2011
Cherokee, IA	—	163	1,491	12	163	1,503	1,666	(877)	1967	2011
Clarion, IA	—	80	2,541	97	80	2,638	2,718	(1,570)	1978	2011
Ft. Dodge, IA	—	90	2,341	759	90	3,100	3,190	(2,353)	2012	2011
Texas City, TX	—	158	4,810	759	128	5,599	5,727	(3,041)	2012	2011
Hurricane, UT	—	487	1,978	98	487	2,076	2,563	(803)	1978	2011
Pocatello, ID	—	537	2,138	698	537	2,836	3,373	(1,605)	2007	2011
Whittier, CA	—	1,425	5,307	1,079	1,425	6,386	7,811	(3,235)	2011	2011
Ukiah, CA	—	297	2,087	1,621	297	3,708	4,005	(2,476)	2013	2011
Reno, NV	—	1,012	3,282	103	1,012	3,385	4,397	(1,248)	1970	2011
Orem, UT	—	1,689	3,896	3,235	1,689	7,131	8,820	(4,268)	2011	2011
Abilene, TX	—	746	9,903	290	746	10,193	10,939	(3,194)	2008	2011
Pocatello, ID	—	180	2,481	966	180	3,447	3,627	(1,948)	2013	2012
Paris, TX	—	129	7,139	6	129	7,145	7,274	(1,707)	2009	2012
Escondido, CA	—	329	2,653	1,094	329	3,747	4,076	(2,083)	2007	2012
Owyhee, ID	—	49	1,554	29	49	1,583	1,632	(492)	1990	2012
Long Beach, CA	—	999	4,237	2,331	999	6,568	7,567	(3,422)	2008	2012
Long Beach, CA	—	1,285	2,343	2,172	1,285	4,515	5,800	(2,726)	2013	2012
Ft. Worth, TX	—	193	2,311	318	193	2,629	2,822	(1,018)	1965	2012
Amarillo, TX	—	340	3,925	32	340	3,957	4,297	(1,466)	1970	2013
San Marcos, TX	—	371	2,951	274	371	3,225	3,596	(1,157)	1972	2013
Victoria, TX	—	80	2,391	15	80	2,406	2,486	(693)	2013	2013
Omaha, NE	—	129	2,418	24	129	2,442	2,571	(1,040)	1960	2013
Redmond, WA	—	1,388	2,982	202	1,388	3,184	4,572	(1,451)	1970	2013
Marysville, WA	—	1,722	2,642	(980)	742	2,642	3,384	(1,101)	1966	2013
Glendale, AZ	—	228	1,124	1,380	228	2,504	2,732	(2,165)	2004	2002
Riverside, CA	—	152	357	1,493	152	1,850	2,002	(1,701)	2012	2009
Lakewood, CO	—	1,668	15,375	279	1,668	15,654	17,322	(4,227)	1989	2015
Mount Vernon, WA	—	1,601	7,425	—	1,601	7,425	9,026	(1,995)	1989	2015
Shoreline, WA	—	1,462	5,034	—	1,462	5,034	6,496	(1,332)	1987	2015
Cincinnati, OH	—	833	18,086	792	833	18,878	19,711	(4,993)	1992	2015

Boise, ID	—	1,801	6,572	395	1,801	6,967	8,768	(1,928)	1989	2016
Lodi, CA	—	768	10,712	68	768	10,780	11,548	(2,528)	1982	2016
Rockwall, TX	—	1,232	22,152	—	1,232	22,152	23,384	(5,030)	1984	2016
Decatur, TX	—	990	24,909	—	990	24,909	25,899	(5,657)	2013	2016
Royse City, TX	—	606	14,660	—	606	14,660	15,266	(3,329)	2009	2016
Harrisburg, IL	—	1,022	5,713	—	1,022	5,713	6,735	(1,262)	2009	2017
Carrier Mills, IL	—	775	8,377	—	775	8,377	9,152	(1,850)	1968	2017
Benton, IL	—	439	3,475	—	439	3,475	3,914	(768)	2014	2017
DuQuoin, IL	—	511	3,662	—	511	3,662	4,173	(809)	2014	2017
Pinckneyville, IL	—	406	3,411	—	406	3,411	3,817	(753)	2014	2017
Nampa, ID	—	775	5,044	336	775	5,380	6,155	(1,189)	2011	2017
Brownsville, TX	—	1,178	12,059	—	1,178	12,059	13,237	(2,588)	2016	2017
Albuquerque, NM	—	2,055	9,749	—	2,055	9,749	11,804	(2,092)	2016	2017
Eldorado, IL	—	940	2,093	—	940	2,093	3,033	(445)	1993	2017
Portland, OR	—	1,481	2,216	110	1,481	2,326	3,807	(502)	2012	2017
Kellogg, ID	—	916	7,874	—	916	7,874	8,790	(1,641)	1971	2017
Caldwell, ID	—	906	7,020	516	906	7,536	8,442	(1,609)	1947	2017
Caldwell, ID	—	312	10,410	461	312	10,871	11,183	(2,299)	1969	2017
Lewiston, ID	—	625	12,087	215	625	12,302	12,927	(2,554)	1964	2017
Nampa, ID	—	785	8,923	272	785	9,195	9,980	(1,917)	1958	2017
Weiser, ID	—	80	4,419	389	80	4,808	4,888	(1,021)	1964	2017
Moscow, ID	—	698	5,092	274	698	5,366	6,064	(1,167)	1965	2017
Fort Worth, TX	—	681	6,587	1,256	681	7,843	8,524	(1,944)	2006	2017
Mansfield, TX	—	607	4,801	1,073	607	5,874	6,481	(1,453)	2006	2017
Grapevine, TX	—	1,602	4,536	891	1,602	5,427	7,029	(1,350)	2006	2017
Tacoma, WA	—	1,001	1,779	—	1,001	1,779	2,780	(368)	1989	2017
Vancouver, WA	—	446	869	—	446	869	1,315	(180)	1972	2017
San Bernardino, CA	—	3,831	19,791	—	3,831	19,791	23,622	(4,082)	1967	2017
Riverside, CA	—	2,897	14,700	345	2,897	15,045	17,942	(3,147)	1969	2017
Ontario, CA	—	4,204	21,880	—	4,204	21,880	26,084	(4,513)	1980	2017
Greenville, IL	—	188	3,972	—	188	3,972	4,160	(959)	1973	2017
Butte, MT	—	220	4,974	39	220	5,013	5,233	(1,094)	2010	2018
Aberdeen, SD	—	1,372	7,491	38	1,372	7,529	8,901	(1,548)	1965	2018
Fargo, ND	—	989	3,275	3,441	989	6,716	7,705	(818)	1966	2018
Parker, CO	—	1,178	17,857	—	1,178	17,857	19,035	(3,235)	2012	2018
Huntington Park, CA	—	3,131	8,876	303	3,131	9,179	12,310	(1,744)	1955	2019
Oxnard, CA	—	1,699	9,004	825	1,699	9,829	11,528	(1,657)	1962	2019
Downey, CA	—	2,502	6,141	—	2,502	6,141	8,643	(1,092)	1967	2019
Davis, CA	—	2,351	9,256	49	2,351	9,305	11,656	(1,680)	1969	2019
Ruston, LA	—	2,688	23,825	—	2,688	23,825	26,513	(4,242)	2014	2019
Shreveport, LA	—	3,758	21,325	17	3,758	21,342	25,100	(3,828)	1980	2019

Bossier City, LA	—	1,635	21,180	—	1,635	21,180	22,815	(3,681)	2013	2019
Shreveport, LA	—	3,437	20,889	2,845	3,437	23,734	27,171	(4,656)	2006	2019
Bossier City, LA	—	2,979	24,617	1,978	2,979	26,595	29,574	(4,761)	2008	2019
Shreveport, LA	—	676	10,238	602	676	10,840	11,516	(1,975)	2008	2019
Shreveport, LA	—	2,452	9,148	113	2,452	9,261	11,713	(1,737)	2013	2019
Corsicana, TX	—	120	6,682	449	120	7,131	7,251	(1,449)	2002	2019
Jacksonville, TX	—	173	7,481	148	173	7,629	7,802	(1,466)	2006	2019
Gainesville, TX	—	219	10,097	255	219	10,352	10,571	(1,939)	1990	2019
Dallas, TX	—	—	6,905	—	—	6,905	6,905	(1,287)	2011	2019
Nampa, ID	—	880	14,117	—	880	14,117	14,997	(2,469)	2017	2019
Modesto, CA	—	798	7,671	—	798	7,671	8,469	(1,243)	2016	2019
Boise, ID	—	1,597	15,692	—	1,597	15,692	17,289	(2,471)	2018	2020
Helena, MT	—	867	7,431	1,752	867	9,183	10,050	(1,051)	1984	2020
Clancy, MT	—	183	7,380	770	183	8,150	8,333	(1,177)	1960	2020
Goleta, CA	—	7,987	7,237	553	7,987	7,790	15,777	(977)	1967	2021
El Centro, CA	—	1,283	8,133	135	1,283	8,268	9,551	(1,050)	1962	2021
Austin, TX	—	3,282	12,763	—	3,282	12,763	16,045	(1,580)	2017	2021
Cedar Park, TX	—	3,325	11,738	—	3,325	11,738	15,063	(1,436)	2017	2021
Ennis,TX	—	568	8,055	100	568	8,155	8,723	(862)	1982	2022
Burleson, TX	—	1,877	6,616	718	1,877	7,334	9,211	(675)	1988	2023
Overland Park, KS	—	1,301	5,025	—	1,301	5,025	6,326	(382)	1987	2023
Griffin, GA	—	680	11,044	2,675	680	13,719	14,399	(978)	2022	2023
La Mesa, CA	—	5,346	21,528	—	5,346	21,528	26,874	(1,423)	1968	2023
Paramount, CA	—	3,640	15,380	369	3,640	15,749	19,389	(1,035)	1969	2023
Norwalk, CA	—	4,932	14,229	—	4,932	14,229	19,161	(957)	1964	2023
Vista, CA	—	4,882	20,793	—	4,882	20,793	25,675	(1,310)	1990	2023
Capitola, CA	—	5,231	16,321	—	5,231	16,321	21,552	(915)	1964	2023
Morgan Hill, CA	—	3,239	14,418	—	3,239	14,418	17,657	(830)	2014	2023
Columbia, MO	—	1,619	15,678	—	1,619	15,678	17,297	(773)	2017	2024
Houston, TX	—	2,668	17,434	—	2,668	17,434	20,102	(876)	2022	2024
Bolivia, NC	—	551	16,589	—	551	16,589	17,140	(764)	2009	2024
Fletcher, NC	—	1,547	15,316	—	1,547	15,316	16,863	(715)	2002	2024
Ramseur, NC	—	747	15,085	—	747	15,085	15,832	(747)	2002	2024
Charlotte, NC	—	2,217	16,213	—	2,217	16,213	18,430	(755)	1993	2024
Columbia, SC	—	583	10,847	—	583	10,847	11,430	(499)	1980	2024
Gilroy, CA	—	6,539	19,162	—	6,539	19,162	25,701	(702)	1968	2024
Richmond, VA	—	—	31,567	—	—	31,567	31,567	(1,097)	2005	2024
Oakland, MD	—	1,134	18,227	108	1,134	18,335	19,469	(638)	2023	2024
Frostburg, MD	—	853	20,334	187	853	20,521	21,374	(660)	1995	2024
Bethel Park, PA	—	1,835	12,726	—	1,835	12,726	14,561	(403)	2021	2024
Canonsburg, PA	—	1,651	12,509	—	1,651	12,509	14,160	(394)	1988	2024

Monroeville, PA	—	1,182	10,906	—	1,182	10,906	12,088	(331)	1996	2024
Pittsburgh, PA	—	1,323	13,119	—	1,323	13,119	14,442	(398)	1999	2024
Brownsville, TN	—	508	17,027	—	508	17,027	17,535	(496)	2022	2024
McKenzie, TN	—	1,187	16,873	—	1,187	16,873	18,060	(560)	2020	2024
Clarksville, TN	—	1,785	21,328	—	1,785	21,328	23,113	(682)	2018	2024
Hohenwald, TN	—	826	11,505	—	826	11,505	12,331	(370)	1996	2024
Cookeville, TN	—	1,636	20,941	—	1,636	20,941	22,577	(693)	2024	2024
Lexington, TN	—	551	15,171	—	551	15,171	15,722	(436)	2024	2024
Selmer, TN	—	765	19,394	500	765	19,894	20,659	(573)	1995	2024
Mount Juliet, TN	—	1,719	12,640	—	1,719	12,640	14,359	(414)	2021	2024
Murfreesboro, TN	—	1,607	7,649	—	1,607	7,649	9,256	(297)	1996	2024
Goodlettsville, TN	—	1,324	13,075	—	1,324	13,075	14,399	(417)	2005	2024
Waverly, TN	—	1,071	9,821	—	1,071	9,821	10,892	(365)	1989	2024
Dyersburg, TN	—	1,122	30,135	—	1,122	30,135	31,257	(867)	1989	2024
Humboldt, TN	—	810	10,127	—	810	10,127	10,937	(329)	2011	2024
Paris, TN	—	963	26,215	—	963	26,215	27,178	(763)	2023	2024
Union City, TN	—	885	14,562	—	885	14,562	15,447	(411)	1996	2024
Huntsville, AL	—	1,246	9,659	64	1,246	9,723	10,969	(303)	2006	2024
Martin, TN	—	819	9,771	—	819	9,771	10,590	(274)	2023	2024
Pulaski, TN	—	437	13,488	483	437	13,971	14,408	(360)	1991	2024
Knoxville, TN	—	1,181	15,678	107	1,181	15,785	16,966	(411)	1972	2024
Knoxville, TN	—	1,662	1,188	—	1,662	1,188	2,850	(65)	2015	2024
Cordova, TN	—	482	12,015	—	482	12,015	12,497	(318)	1997	2024
Memphis, TN	—	788	9,153	—	788	9,153	9,941	(280)	1964	2024
Covington, TN	—	794	15,735	—	794	15,735	16,529	(449)	2023	2024
Jackson, TN	—	960	16,359	—	960	16,359	17,319	(439)	2022	2024
Jackson, TN	—	663	17,643	—	663	17,643	18,306	(473)	1997	2024
Jackson, TN	—	1,779	6,929	—	1,779	6,929	8,708	(236)	2013	2024
Memphis, TN	—	1,764	18,429	—	1,764	18,429	20,193	(518)	2020	2024
Nashville, TN	—	3,538	16,439	—	3,538	16,439	19,977	(448)	1986	2025
Bremerton, WA	—	1,313	16,190	16	1,313	16,206	17,519	(255)	1975	2025
Port Angeles, WA	—	519	14,442	31	519	14,473	14,992	(222)	1993	2025
Bremerton, WA	—	1,538	16,855	31	1,538	16,886	18,424	(265)	1984	2025
Edmonds, WA	—	5,670	14,385	180	5,670	14,565	20,235	(223)	1974	2025
Sequim, WA	—	581	16,411	12	581	16,423	17,004	(272)	2007	2025
Othello, WA	—	226	3,686	—	226	3,686	3,912	(65)	1974	2025
Pullman, WA	—	499	5,446	17	499	5,463	5,962	(88)	1966	2025
St. Helens, OR	—	2,431	21,748	10	2,431	21,758	24,189	(344)	2008	2025
Coeur d'Alene, ID	—	1,587	7,169	—	1,587	7,169	8,756	(116)	2007	2025
Coeur d'Alene, ID	—	1,496	9,262	—	1,496	9,262	10,758	(143)	2011	2025
Colton, CA	—	4,464	24,722	—	4,464	24,722	29,186	(224)	1990	2025

Virginia Beach, VA	—	2,712	20,527	—	2,712	20,527	23,239	(88)	1990	2025
Culpeper, VA	—	5,769	62,199	—	5,769	62,199	67,968	(267)	1985	2025
Pulaski, VA	—	435	33,350	—	435	33,350	33,785	(149)	1982	2025
Oxford, NC	—	297	41,362	—	297	41,362	41,659	(182)	1979	2025
Williamsport, MD	—	662	38,776	—	662	38,776	39,438	(170)	2012	2025
Brandon, MS	—	2,843	32,010	—	2,843	32,010	34,853	(148)	2004	2025
Jackson, MS	—	1,458	11,429	—	1,458	11,429	12,887	(60)	1966	2025
Cleveland, MS	—	365	15,074	—	365	15,074	15,439	(70)	1978	2025
Jackson, MS	—	1,070	13,600	—	1,070	13,600	14,670	(60)	1968	2025
Jackson, MS	—	1,818	27,568	—	1,818	27,568	29,386	(124)	1977	2025
McComb, MS	—	705	19,549	—	705	19,549	20,254	(89)	1969	2025
Ruleville, MS	—	97	16,698	—	97	16,698	16,795	(75)	1978	2025
Tupelo, MS	—	282	16,963	—	282	16,963	17,245	(77)	1980	2025
Norwalk, CA	—	966	5,082	2,213	966	7,295	8,261	(6,572)	2011	1999
Salt Lake City, UT	—	1,962	11,035	464	1,962	11,499	13,461	(4,784)	1994	2011
Wayne, NE	—	130	3,061	122	130	3,183	3,313	(1,500)	1978	2011
West Bend, IA	—	180	3,352	—	180	3,352	3,532	(1,512)	2006	2011
Hawarden, IA	—	110	3,522	75	110	3,597	3,707	(1,525)	1974	2011
Randolph, NE	—	130	1,571	22	130	1,593	1,723	(1,158)	2011	2011
Salmon, ID	—	168	2,496	—	168	2,496	2,664	(837)	2012	2012
Willard, OH	—	144	11,097	58	144	11,155	11,299	(2,889)	1985	2015
Middletown, OH	—	990	7,484	380	990	7,864	8,854	(2,124)	1985	2015
Turlock, CA	—	1,258	16,526	75	1,258	16,601	17,859	(3,897)	1986	2016
Bridgeport, TX	—	980	27,917	—	980	27,917	28,897	(6,340)	2014	2016
Saratoga, CA	—	8,709	9,736	1,397	8,709	11,133	19,842	(2,571)	2004	2018
Huntington, WV	—	601	6,385	26	601	6,411	7,012	(1,188)	1924	2018
Mt. Carmel, IL	—	298	8,393	—	298	8,393	8,691	(1,642)	2004	2019
Shreveport, LA	—	3,217	21,195	2,729	3,217	23,924	27,141	(4,960)	2008	2019
Corsicana, TX	—	143	11,429	498	143	11,927	12,070	(2,328)	2007	2019
Decatur, IL	—	131	12,499	91	131	12,590	12,721	(1,354)	2003	2022
San Diego, CA	—	4,949	20,227	—	4,949	20,227	25,176	(1,363)	1994	2023
Houston, TX	—	2,419	14,525	—	2,419	14,525	16,944	(731)	2022	2024
Catonsville, MD	—	1,622	10,421	—	1,622	10,421	12,043	(409)	2023	2024
Los Alamitos, CA	—	10,420	23,802	—	10,419	23,802	34,221	(459)	2003	2025
Escondido, CA	—	5,230	3,666	—	5,230	3,666	8,896	(70)	1996	2025
Norwood, OH	—	1,316	10,071	1,021	1,316	11,092	12,408	(2,898)	1991	2016
	—	322,839	2,388,121	119,509	321,225	2,509,243	2,830,468	(405,985)
Senior Housing Communities:
Rosenburg, TX	—	124	2,301	392	124	2,693	2,817	(1,767)	2007	2006
Mesa, AZ	—	1,893	5,268	1,210	1,893	6,478	8,371	(4,480)	1986	2007
Englewood, CO	—	420	1,160	189	420	1,349	1,769	(616)	2011	2009

Aurora, CO	—	570	1,692	248	570	1,940	2,510	(1,261)	1986	2010
Abilene, TX	—	244	3,241	81	244	3,322	3,566	(2,413)	2008	2011
Ventura, CA	—	1,542	4,012	113	1,542	4,125	5,667	(1,302)	1990	2011
Las Vegas, NV	—	908	4,767	281	908	5,048	5,956	(3,751)	1986	2011
Phoenix, AZ	—	1,011	2,053	490	1,011	2,543	3,554	(1,404)	1974	2011
Reno, NV	—	367	1,633	52	367	1,685	2,052	(784)	1993	2012
Redmond, WA	—	2,835	3,784	395	2,835	4,179	7,014	(1,937)	2013	2013
Santa Maria, CA	—	1,792	2,253	585	1,792	2,838	4,630	(1,960)	1967	2013
Orem, UT	—	444	2,265	176	444	2,441	2,885	(731)	1995	2013
Glendale, AZ	—	61	304	372	61	676	737	(584)	2004	2002
Riverside, CA	—	342	802	3,360	342	4,162	4,504	(3,828)	2012	2009
Salt Lake City, UT	—	411	2,312	258	411	2,570	2,981	(2,277)	1994	2011
New Bern, NC	—	312	6,919	155	129	2,946	3,075	(149)	2010	2016
Pikeville, NC	—	131	4,157	—	52	1,674	1,726	(84)	2011	2016
Lodi, CA	—	392	3,605	59	392	3,664	4,056	(854)	1984	2016
Brookfield, WI	—	493	14,002	184	243	6,170	6,413	(541)	2013	2017
New Berlin, WI	—	356	10,812	212	190	5,245	5,435	(452)	2016	2017
Escondido, CA	—	4,362	7,997	—	4,362	7,997	12,359	(1,327)	2015	2019
Bountiful, UT	—	2,480	4,804	15	2,480	4,819	7,299	(771)	1999	2020
Bartlett, IL	—	1,964	5,650	—	1,964	5,650	7,614	(423)	2017	2023
Elmhurst, IL	—	2,852	7,348	—	2,852	7,348	10,200	(542)	2017	2023
Lansing, MI	—	888	9,871	—	888	9,871	10,759	(722)	2018	2023
Beavercreek, OH	—	1,165	8,616	—	1,165	8,616	9,781	(622)	2018	2023
San Bernardino, CA	—	1,631	9,263	—	1,631	9,263	10,894	(476)	2003	2024
Boonsboro, MD	—	1,205	508	—	1,205	508	1,713	(16)	2022	2024
Concord, CA	—	7,088	13,331	—	7,088	13,331	20,419	(286)	2020	2025
St. Louis, MO	—	3,349	10,335	—	3,349	10,335	13,684	(46)	2004	2025
Dayton, OH	—	976	11,158	—	976	11,158	12,134	(53)	2022	2025
San Juan Capistrano, CA	—	11,176	25,298	350	11,176	25,648	36,824	(3,307)	1999	2021
Camarillo, CA	—	7,516	30,552	—	7,516	30,552	38,068	(3,799)	2000	2021
Carlsbad, CA	—	7,398	19,714	—	7,398	19,714	27,112	(2,488)	1999	2021
Rancho Mirage, CA	—	4,024	16,790	—	4,024	16,790	20,814	(2,162)	2000	2021
San Dimas, CA	—	9,592	5,936	—	9,592	5,936	15,528	(318)	1999	2024
Yorba Linda, CA	—	6,493	6,025	—	6,493	6,025	12,518	(293)	1999	2024
San Diego,CA	—	19,009	13,079	—	19,009	13,079	32,088	(631)	1999	2024
Newcastle upon Tyne, UK	—	993	4,962	—	993	4,962	5,955	(89)	1990	2025
Cornwall, UK	—	878	2,872	305	878	3,177	4,055	(61)	1930	2025
Wigan, UK	—	912	2,070	—	912	2,070	2,982	(45)	1970	2025
Notts, UK	—	500	3,564	—	500	3,564	4,064	(59)	1990	2025
Cheshire, UK	—	1,133	1,378	163	1,133	1,541	2,674	(38)	1985	2025
Leicester, UK	—	1,561	5,848	—	1,561	5,848	7,409	(108)	1970	2025

Northants, UK	—	—	1,574	1,694	—	3,268	3,268	(38)	1800	2025
Northants, UK	—	—	4,880	—	—	4,880	4,880	(91)	2017	2025
Cheshire, UK	—	1,610	3,651	85	1,610	3,736	5,346	(83)	1970	2025
Nottingham, UK	—	747	4,795	—	747	4,795	5,542	(83)	1990	2025
Chester, UK	—	1,365	775	—	1,365	775	2,140	(18)	1970	2025
Witney, UK	—	—	10,459	—	—	10,459	10,459	(277)	1860	2025
Wigan, UK	—	1,149	3,785	—	1,149	3,785	4,934	(76)	1960	2025
Cheshire, UK	—	452	1,435	—	452	1,435	1,887	(26)	1980	2025
Warrington, UK	—	742	2,445	—	742	2,445	3,187	(50)	1960	2025
Essex, UK	—	1,995	6,228	—	1,995	6,228	8,223	(108)	1998	2025
Wigan, UK	—	577	2,382	—	577	2,382	2,959	(48)	1960	2025
Leigh, UK	—	1,199	2,218	—	1,199	2,218	3,417	(53)	1960	2025
Cheshire, UK	—	—	1,829	—	—	1,829	1,829	(37)	1974	2025
Smethwick, UK	—	742	5,655	—	742	5,655	6,397	(97)	2000	2025
Higher Ince, UK	—	1,147	2,154	—	1,147	2,154	3,301	(51)	1990	2025
Ely, UK	—	7,528	5,303	—	7,528	5,303	12,831	(136)	1885	2025
Cheshire, UK	—	873	4,253	—	873	4,253	5,126	(76)	1980	2025
Leigh, UK	—	615	2,164	—	615	2,164	2,779	(42)	1968	2025
Suffolk, UK	—	—	7,018	—	—	7,018	7,018	(128)	2008	2025
Worcestershire, UK	—	2,236	1,226	—	2,236	1,226	3,462	(25)	1850	2025
Staffordshire, UK	—	1,456	2,012	—	1,456	2,012	3,468	(43)	1960	2025
Leics, UK	—	1,212	3,197	—	1,212	3,197	4,409	(60)	2003	2025
Coventry, UK	—	—	4,059	—	—	4,059	4,059	(69)	1998	2025
Cheshire, UK	—	725	867	—	725	867	1,592	(19)	1980	2025
Cheshire, UK	—	1,262	2,626	—	1,262	2,626	3,888	(55)	1970	2025
Cheshire, UK	—	1,469	916	—	1,469	916	2,385	(20)	1970	2025
Wigan, UK	—	1,308	2,223	—	1,308	2,223	3,531	(55)	1980	2025
Lancashire, UK	—	1,734	3,252	—	1,734	3,252	4,986	(67)	1890	2025
Cheshire, UK	—	1,637	5,524	188	1,637	5,712	7,349	(112)	1980	2025
Malvern, UK	—	—	3,457	—	—	3,457	3,457	(61)	2009	2025
Wirral, UK	—	—	8,942	—	—	8,942	8,942	(148)	2010	2025
Wigan, UK	—	514	2,040	—	514	2,040	2,554	(38)	1960	2025
Stourbridge, UK	—	1,163	1,602	—	1,163	1,602	2,765	(33)	1850	2025
Norfolk, UK	—	1,820	3,517	5	1,820	3,522	5,342	(64)	1997	2025
North Yorkshire, UK	—	950	4,033	—	950	4,033	4,983	(70)	2005	2025
North Yorkshire, UK	—	—	9,791	—	—	9,791	9,791	(168)	2010	2025
North Yorkshire, UK	—	—	7,834	—	—	7,834	7,834	(134)	2015	2025
Cleveland, UK	—	1,149	10,465	—	1,149	10,465	11,614	(195)	2009	2025
Bristol, UK	—	3,266	11,030	128	3,266	11,158	14,424	(190)	1890	2025
Newcastle upon Tyne, UK	—	1,184	5,066	—	1,184	5,066	6,250	(88)	2005	2025
Newcastle upon Tyne, UK	—	296	1,414	—	296	1,414	1,710	(25)	2005	2025

Middlesbrough, UK	—	556	5,464	—	556	5,464	6,020	(93)	2005	2025
Tyne and Wear, UK	—	276	3,674	—	276	3,674	3,950	(60)	2006	2025
Newcastle upon Tyne, UK	—	787	5,063	641	787	5,704	6,491	(82)	2002	2025
Shildon, UK	—	373	2,856	—	373	2,856	3,229	(48)	2005	2025
Glasgow, UK	—	854	9,833	—	854	9,833	10,687	(171)	1996	2025
Glasgow, UK	—	276	5,638	—	276	5,638	5,914	(97)	1992	2025
Harrogate, UK	—	2,331	15,893	—	2,331	15,893	18,224	(271)	2007	2025
Motherwell, UK	—	1,427	3,210	—	1,427	3,210	4,637	(62)	1990	2025
Falkirk, UK	—	391	2,656	—	391	2,656	3,047	(49)	1860	2025
Stirling, UK	—	932	6,125	—	932	6,125	7,057	(107)	2004	2025
Carlisle, UK	—	—	8,529	—	—	8,529	8,529	(148)	2006	2025
Carlisle, UK	—	—	3,698	—	—	3,698	3,698	(64)	2006	2025
Carlisle, UK	—	—	2,863	—	—	2,863	2,863	(49)	2006	2025
York, UK	—	1,025	6,779	344	1,025	7,123	8,148	(128)	1996	2025
Chipping Norton, UK	—	10,824	2,237	—	10,824	2,237	13,061	(47)	1250	2025
Devon, UK	—	4,085	2,497	3	4,085	2,500	6,585	(59)	1920	2025
Ipswich, UK	—	1,482	5,765	—	1,482	5,765	7,247	(100)	1970	2025
Ipswich, UK	—	2,451	10,128	—	2,451	10,128	12,579	(173)	2011	2025
Bristol, UK	—	2,291	8,590	81	2,291	8,671	10,962	(147)	2014	2025
Worcester, UK	—	2,563	5,844	—	2,563	5,844	8,407	(105)	1995	2025
Wakefield, UK	—	1,722	2,198	—	1,722	2,198	3,920	(41)	1994	2025
Bradford, UK	—	866	2,908	—	866	2,908	3,774	(55)	1990	2025
Castleford, UK	—	1,257	3,291	—	1,257	3,291	4,548	(59)	1996	2025
Bradford, UK	—	2,200	1,301	—	2,200	1,301	3,501	(23)	1998	2025
Bradford, UK	—	993	2,979	—	993	2,979	3,972	(52)	1996	2025
Bradford, UK	—	1,039	1,519	—	1,039	1,519	2,558	(27)	2003	2025
Glasgow, UK	—	518	2,709	—	518	2,709	3,227	(48)	2004	2025
Glasgow, UK	—	879	7,970	—	879	7,970	8,849	(149)	2000	2025
Sterlingshire, UK	—	2,947	4,671	—	2,947	4,671	7,618	(112)	1996	2025
Lanarkshire, UK	—	828	10,981	—	828	10,981	11,809	(197)	2005	2025
Renfrewshire, UK	—	590	10,086	—	590	10,086	10,676	(175)	2003	2025
Aberdeen, UK	—	337	9,231	—	337	9,231	9,568	(157)	2008	2025
West Lothian, UK	—	1,724	2,087	—	1,724	2,087	3,811	(43)	1990	2025
Inverclyde, UK	—	673	8,816	—	673	8,816	9,489	(158)	2006	2025
Ayrshire, UK	—	343	4,974	—	343	4,974	5,317	(87)	2001	2025
Carlisle, UK	—	703	5,039	—	703	5,039	5,742	(92)	1990	2025
Bury St Edmonds, UK	—	3,951	5,017	—	3,951	5,017	8,968	(125)	1970	2025
Belfast, UK	—	—	6,604	—	—	6,604	6,604	(125)	1990	2025
Donaghadee, UK	—	1,786	2,125	—	1,786	2,125	3,911	(42)	1990	2025
Belfast, UK	—	663	4,522	—	663	4,522	5,185	(81)	1990	2025
Hartlepool, UK	—	634	11,364	—	634	11,364	11,998	(187)	2022	2025

Wiltshire, UK	—	3,015	5,374	—	3,015	5,374	8,389	(95)	1800	2025
Norwich, UK	—	3,655	—	—	3,655	—	3,655	—	N/A	2025
Suffolk, UK	—	1,602	12,431	—	1,602	12,431	14,033	(203)	1600	2025
East Ayrshire, UK	—	391	2,072	—	391	2,072	2,463	(36)	1840	2025
Cornwall, UK	—	5,131	3,435	4	5,131	3,439	8,570	(79)	1980	2025
Belfast, UK	—	749	6,110	—	749	6,110	6,859	(107)	2001	2025
Larne, UK	—	1,107	7,509	—	1,107	7,509	8,616	(128)	2007	2025
South Molton, UK	—	2,678	13,038	—	2,678	13,038	15,716	(221)	2012	2025
South Molton, UK	—	2,512	4,232	—	2,512	4,232	6,744	(80)	1850	2025
Minehead, UK	—	6,137	6,822	—	6,137	6,822	12,959	(144)	1900	2025
Nottinghamshire, UK	—	1,197	11,010	73	1,197	11,083	12,280	(192)	2014	2025
Mansfield, UK	—	620	2,382	58	620	2,440	3,060	(47)	1883	2025
Glasgow, UK	—	708	2,985	—	708	2,985	3,693	(56)	1996	2025
Glasgow, UK	—	352	855	—	352	855	1,207	(16)	1990	2025
Glasgow, UK	—	1,108	2,931	—	1,108	2,931	4,039	(56)	1996	2025
New Romney, UK	—	1,744	5,149	741	1,744	5,890	7,634	(93)	1997	2025
Kent, UK	—	14,230	8,207	—	14,230	8,207	22,437	(207)	1995	2025
Kirkcaldy, UK	—	547	5,733	—	547	5,733	6,280	(94)	2005	2025
Leven, UK	—	447	2,548	—	447	2,548	2,995	(45)	1980	2025
Cowdenbeath, UK	—	452	1,677	—	452	1,677	2,129	(33)	1990	2025
Auchtertool, UK	—	559	2,502	—	559	2,502	3,061	(44)	1970	2025
Crossgates, UK	—	446	3,480	—	446	3,480	3,926	(59)	2007	2025
Cardenden, UK	—	334	2,522	—	334	2,522	2,856	(46)	1910	2025
Crossgates, UK	—	261	1,437	—	261	1,437	1,698	(26)	1980	2025
Glenrothes, UK	—	650	712	—	650	712	1,362	(14)	1994	2025
Falkland, UK	—	584	4,987	—	584	4,987	5,571	(83)	2013	2025
Glenrothes, UK	—	441	6,715	—	441	6,715	7,156	(110)	2009	2025
Kirkcaldy, UK	—	615	3,337	—	615	3,337	3,952	(61)	1975	2025
Cellardyke, UK	—	787	2,438	—	787	2,438	3,225	(45)	2000	2025
Cheshire, UK	—	4,740	5,960	90	4,740	6,050	10,790	(142)	1900	2025
Shrewsbury, UK	—	10,121	10,422	89	10,121	10,511	20,632	(275)	1905	2025
Wellington, UK	—	3,579	10,715	—	3,579	10,715	14,294	(214)	1875	2025
Bridgnorth, UK	—	5,961	7,038	56	5,961	7,094	13,055	(160)	1850	2025
Shrewsbury, UK	—	1,899	9,161	71	1,899	9,232	11,131	(155)	1990	2025
Church Stretton, UK	—	2,804	4,569	—	2,804	4,569	7,373	(94)	1779	2025
Darlington, UK	—	820	2,477	—	820	2,477	3,297	(45)	1990	2025
Northamptonshire, UK	—	2,131	8,199	—	2,131	8,199	10,330	(95)	1986	2025
Scarborough, UK	—	634	2,600	—	634	2,600	3,234	(29)	2003	2025
Nuneaton, UK	—	1,222	4,676	—	1,222	4,676	5,898	(51)	2000	2025
North Tyneside, UK	—	840	7,340	—	840	7,340	8,180	(78)	1996	2025
Knottingley, UK	—	788	3,110	—	788	3,110	3,898	(34)	1995	2025

Jarrow, UK	—	906		3,313		—		906		3,313		4,219		(37)		2000	2025
Darlington UK	—	1,760		3,327		—		1,760		3,327		5,087		(44)		2004	2025
Bilston, UK	—	1,328		5,103		—		1,328		5,103		6,431		(33)		1995	2025
	—	308,084		920,781		13,996		307,406		914,371		1,221,777		(61,115)
Senior Housing Managed:
Kyle, TX	—	1,697		12,707		—		1,697		12,707		14,404		(32)		2013	2025
League City, TX	—	1,047		12,393		—		1,047		12,393		13,440		(27)		2013	2025
Manvel, TX	—	1,091		9,165		—		1,091		9,165		10,256		(21)		2014	2025
	—	3,835		34,265		—		3,835		34,265		38,100		(80)
	—	$	634,758	$	3,343,167	$	133,505	$	632,466	$	3,457,879	$	4,090,345	$	(467,180)

(1) The aggregate cost of real estate for federal income tax purposes was $4.1 billion.

	Year Ended December 31,
Real estate:	2025		2024		2023
Balance at the beginning of the period	$	2,587,331	$	1,899,290	$	1,721,871
Acquisitions	1,559,055		793,733		233,876
Improvements	11,821		6,514		8,878
Impairment	—		(4,430)		(10,078)
Sales and/or transfers to assets held for sale, net	(67,862)		(107,776)		(55,257)
Balance at the end of the period	$	4,090,345	$	2,587,331	$	1,899,290
Accumulated depreciation:
Balance at the beginning of the period	$	(390,218)	$	(350,732)	$	(315,914)
Depreciation expense	(80,450)		(50,896)		(45,275)
Impairment	—		906		2,076
Sales and/or transfers to assets held for sale, net	3,488		10,504		8,381
Balance at the end of the period	$	(467,180)	$	(390,218)	$	(350,732)