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REAL ESTATE INVESTMENTS, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Investment in Owned Properties Held for Use
The following table summarizes the Company’s investment in owned properties, and properties held in consolidated joint ventures, held for use at December 31, 2025 and 2024 (dollars in thousands):
 
December 31, 2025December 31, 2024
Land$632,466 $367,044 
Buildings and improvements3,457,879 2,220,287 
Integral equipment, furniture and fixtures134,544 113,803 
Identified intangible assets48,332 4,388 
Real estate investments4,273,221 2,705,522 
Accumulated depreciation and amortization(1)
(563,645)(478,782)
Real estate investments, net$3,709,576 $2,226,740 
(1)As of December 31, 2025 and 2024, accumulated depreciation and amortization included $1.5 million and $1.2 million, respectively, of accumulated amortization related to lease intangibles. The lease intangibles are amortized over the term of each related lease.
Schedule of Total Future Contractual Minimum Rental Income
As of December 31, 2025, the Company’s total future contractual minimum rental income for all of its operating leases, excluding operating expense reimbursements, was as follows (dollars in thousands):
YearAmount
2026$413,055 
2027420,393 
2028426,099 
2029428,941 
2030431,161 
Thereafter3,486,005 
$5,605,654 
Schedule of Tenant Purchase Options
Certain of the Company’s tenants 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 ExpirationOption Period Open Date
Option Type(1)
Current Cash Rent(2)
SNF2October 203203/05/2027
(4)
B3,468 
(8)
SNF2May 203406/01/2026
(5)
B3,064 
(9)
SNF1November 203412/01/2027
(3)
A1,125 
SNF6November 203912/01/2027
(6)
B10,503 
SNF1August 204009/01/2028
(7)
B741 
(1)Option type includes:
A - Fixed base price.
B - Fixed capitalization rate on lease revenue.
(2)Based on annualized cash revenue for contracts in place as of December 31, 2025.
(3)Option window is open until the expiration of the lease term.
(4)Option window is open for six months from the option period open date.
(5)Option window is open for nine months from the option period open date.
(6)Lease agreement provides for the purchase of one to two properties in each window over four option windows, for a total of six properties. 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.
(7)Option window is open for 24 months from the option period open date.
(8)Option provides for purchase of any two of three properties. The current cash rent shown is an average of the range of $3.3 million to $3.6 million.
(9)Option provides for purchase of any one of five properties in the first option window and another one of five properties in the second option window beginning June 1, 2027. The current cash rent shown is an average of the range of $2.7 million to $3.5 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 properties 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 Year Ended December 31,
Rental Income202520242023
Contractual rent due(1)
$352,836 $225,426 $198,244 
Straight-line rent8,753 (28)(29)
Amortization of lease incentives(193)(22)— 
Amortization of above and below-market lease intangibles(2)
6,798 2,885 384 
Total$368,194 $228,261 $198,599 
(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 years ended December 31, 2025, 2024 and 2023 were $8.8 million, $6.7 million, and $5.5 million, respectively.
(2)In connection with lease terminations in August 2025, the Company accelerated the amortization of the remaining below-market lease intangibles of $4.4 million during the year ended December 31, 2025.
Schedule of Real Estate Acquisitions
The following table summarizes the Company’s acquisitions for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
Type of Property(1)(2)
Purchase Price(3)
Number of Properties
Number of Beds/Units(4)
December 31, 2025
Skilled nursing triple-net$616,521 27 3,214 
Senior housing triple-net(5)
908,507 135 7,822 
SHOP40,298 3 270 
Total$1,565,326 165 11,306 
December 31, 2024
Skilled nursing (6)
$712,471 42 4,508 
Multi-service campuses90,639 5 683 
ALF / ILF12,749 2 102 
Total$815,859 49 5,293 
December 31, 2023
Skilled nursing(7)
$169,181 10 1,256 
Multi-service campuses(7)
25,276 1 168 
ALF / ILF39,318 4 241 
Total$233,775 15 1,665 
(1)During the year ended December 31, 2025, the Company began including ALFs and ILFs within the senior housing triple‑net portfolio and evaluating the underlying financials and primary purpose of each multi‑service campus to determine whether it should be classified as skilled nursing or senior housing.
(2)Includes properties held in consolidated joint ventures as of December 31, 2025, 2024 and 2023, respectively. See Note 15, Variable Interest Entities, for additional information.
(3)Purchase price includes capitalized acquisition costs.
(4)The number of beds/units includes operating beds at acquisition date.
(5)Includes U.K. Care Homes acquired in connection with the Acquisition. See Note 3, Acquisitions, for additional information. On July 31, 2025, the Company swapped 10 U.K. Care Homes for six U.K. Care Homes and received £2.2 million in cash before selling costs. The amounts shown above are inclusive of this asset swap. See Note 5, Impairment of Real Estate Investments, Assets Held for Sale and Asset Sales, for additional information.
(6)Initial annual cash rent for 11 properties does not consider rent abatement of $0.3 million.
(7)One acquisition including three SNFs and one multi-service campus provides for annual fixed increases from $6.8 million in year one to $7.6 million in year two and $8.9 million in year three.