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SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
(Dollars in thousands)

 For the Years Ended December 31,
 202420232022
Reconciliation of real estate:   
Carrying cost:   
Balance at beginning of period$30,165,798 $28,768,409 $28,479,870 
Additions during period:
Acquisitions1,817,275 1,437,729 460,959 
Capital expenditures560,006 645,596 443,710 
Deductions during period:
Foreign currency translation(287,505)90,105 (265,942)
Other (1)
(425,563)(776,041)(350,188)
Balance at end of period$31,830,011 $30,165,798 $28,768,409 
Accumulated depreciation:   
Balance at beginning of period$9,016,173 $8,231,160 $7,433,480 
Additions during period:
Depreciation expense1,015,531 937,767 907,134 
Dispositions:
Sales and/or transfers to assets held for sale(115,981)(190,666)(72,047)
Foreign currency translation(76,185)37,912 (37,407)
Balance at end of period$9,839,538 $9,016,173 $8,231,160 
______________________________
(1)Other may include sales, transfers to assets held for sale and impairments.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
(Dollars in thousands)

  Initial Cost to CompanyGross Amount Carried
at Close of Period		   
DescriptionCountEncumbrancesLand and
Improvements		Buildings and
Improvements
Costs
Capitalized
Subsequent to 
Acquisition (1)
Land and
Improvements		Buildings and
Improvements		TotalAccumulated
Depreciation
Net Book Value
Year of
Construction		Year
Acquired		Life on which
Depreciation
In Income Statement is  Computed
UNITED STATES PROPERTIES
Senior Housing 
Atria Senior Living168 $808,973 $511,890 $4,640,742 $759,032 $542,415 $5,369,249 $5,911,664 $2,018,616 $3,893,048 1860 - 20132007 - 202113 - 54 years
Brookdale Senior Living129 48,040 190,091 1,860,167 131,497 190,698 1,991,057 2,181,755 1,066,193 1,115,563 1915 - 20122004 - 202124 - 35 years
Sunrise Senior Living86 41,372 210,207 2,331,589 275,821 223,688 2,593,930 2,817,617 1,194,960 1,622,657 1985 - 20092007 - 202117 - 35 years
Sinceri Senior Living40 — 74,077 693,443 83,227 76,113 774,634 850,747 278,086 572,661 1974 - 20172006 - 202435 - 35 years
Discovery Senior Living34 27,964 72,430 659,902 53,549 73,629 712,253 785,881 168,124 617,758 1984 - 20202006 - 202424 - 35 years
Priority Life Care Properties32 37,954 47,010 445,682 68,896 48,199 513,388 561,588 179,116 382,471 1986 - 20092006 - 202129 - 51 years
Sodalis Senior Living30 — 52,780 441,080 52,397 53,402 492,856 546,257 162,765 383,492 1987 - 20092006 - 202114 - 47 years
Grace Management26 17,662 98,083 655,799 13,278 98,082 669,078 767,160 28,040 739,120 1985 - 20162011 - 202412 - 39 years
Koelsch Senior Communities19 64,403 27,721 292,414 13,289 28,133 305,291 333,424 83,674 249,750 1972 - 20142011 - 201735 - 35 years
Senior Lifestyle16 — 55,911 553,261 27,969 57,328 579,813 637,141 76,081 561,059 1982 - 20122011 - 202333 - 35 years
Meridian Senior Living14 — 19,090 104,237 2,025 19,091 106,261 125,352 29,308 96,044 1972 - 20122011 - 202335 - 35 years
Sonida Senior Living13 12,401 18,129 197,928 38,816 18,833 236,040 254,873 89,332 165,541 1979 - 20062005 - 202135 - 47 years
Azura Memory Care13 — 6,361 53,002 7,193 7,200 59,356 66,556 24,560 41,996 1990 - 20192011 - 201935 - 35 years
Milestone Retirement Communities11 — 16,810 183,225 20,049 16,903 203,181 220,084 60,488 159,596 1965 - 20112011 - 201435 - 35 years
American House11 — 5,438 124,369 20,905 6,926 143,786 150,712 65,038 85,674 1998 - 20002006 - 201435 - 35 years
Avamere Family of Companies11 — 20,407 113,192 13,817 20,654 126,763 147,416 50,780 96,636 1998 - 20142011 - 201535 - 35 years
Hawthorn Senior Living10 55,205 35,668 220,099 19,542 35,890 239,418 275,309 34,035 241,274 1991 - 20082021 - 202127 - 50 years
Other Senior Housing Operators75 91,351 127,976 1,258,229 44,351 127,606 1,302,947 1,430,555 294,791 1,135,768 1972 - 20212004 - 202411 - 35 years
Other Senior Housing— — 165 — — 165 165 — 165 
Total Senior Housing738 1,205,325 1,590,079 14,828,525 1,645,653 1,644,790 16,419,466 18,064,256 5,903,987 12,160,273 
Outpatient Medical Buildings
Lillibridge215 24,760 165,132 2,113,822 683,332 170,334 2,791,952 2,962,286 1,223,597 1,738,689 1960 - 20162004 - 20234 - 39 years
PMB RES40 238,007 80,638 975,535 198,377 82,416 1,172,134 1,254,550 433,324 821,226 1968 - 20242011 - 202319 - 35 years
Cornerstone Companies, Inc.26 — 28,336 156,018 3,636 28,417 159,573 187,990 11,531 176,459 1975 - 20122023 - 202335 - 35 years
Ardent Health Services19 — 5,638 214,808 599 5,638 215,408 221,045 20,329 200,716 1974 - 20112018 - 202235 - 35 years
Memorial Health System12 — 2,346 25,031 13,169 2,453 38,093 40,546 24,592 15,954 1976 - 20032010 - 201035 - 35 years
Other Medical Buildings Operators85 10,805 133,897 1,033,609 55,493 131,098 1,091,901 1,222,999 371,341 851,658 1954 - 20192004 - 202325 - 35 years
Other Medical Buildings — — — 5,655 3,644 2,011 5,655 2,363 3,292 
Total Outpatient Medical Buildings
397 273,572 415,987 4,518,823 960,261 424,000 5,471,072 5,895,071 2,087,077 3,807,994 
  Initial Cost to CompanyGross Amount Carried
at Close of Period		   
DescriptionCountEncumbrancesLand and
Improvements		Buildings and
Improvements
Costs
Capitalized
Subsequent to 
Acquisition (1)
Land and
Improvements		Buildings and
Improvements		TotalAccumulated
Depreciation
Net Book Value
Year of
Construction		Year
Acquired		Life on which
Depreciation
In Income Statement is  Computed
Research
Wexford27 227,600 71,764 1,429,367 55,798 71,002 1,485,927 1,556,929 381,547 1,175,382 1900 - 20192016 - 202215 - 60 years
Other Research Operators
2 — 1,194 76,515 290 1,193 76,806 77,999 12,334 65,665 2010 - 20162020 - 202035 - 35 years
Other Research
71,695 — 11,328 258,172 69,458 200,042 269,500 8,764 260,736 
Total Research
29 299,295 72,958 1,517,210 314,260 141,653 1,762,775 1,904,428 402,645 1,501,783 
IRFs & LTACs
Kindred Healthcare34 — 86,024 348,554 (660)85,027 348,890 433,917 212,065 221,852 1949 - 20081998 - 202420 - 40 years
Other IRFs & LTACs14 — 18,641 198,449 1,070 18,644 199,517 218,160 56,594 161,567 1989 - 20132011 - 202335 - 36 years
Total IRFs & LTACs48 — 104,665 547,003 410 103,671 548,407 652,077 268,659 383,419 
Other Healthcare Facilities
Ardent Health Services10 — 98,428 1,126,010 78,106 97,416 1,205,128 1,302,544 321,882 980,663 1928 - 20202018 - 202235 - 35 years
Skilled Nursing
Genesis Healthcare12 — 11,350 164,745 (5,708)11,350 159,037 170,387 82,117 88,270 1948 - 19952004 - 201130 - 35 years
Other Skilled Nursing Operators22 — 31,502 192,512 (22,707)31,683 169,624 201,307 26,933 174,373 1920 - 20001998 - 202329 - 40 years
Total Skilled Nursing34 — 42,852 357,257 (28,415)43,033 328,661 371,694 109,050 262,643 
CANADIAN PROPERTIES
Senior Housing
Le Groupe Maurice37 1,156,570 162,989 1,967,564 (63,608)154,141 1,912,804 2,066,945 240,019 1,826,926 2000 - 20242019 - 202240 - 60 years
Atria Senior Living29 265,047 75,553 845,363 (110,078)63,843 746,995 810,838 272,953 537,885 1988 - 20082014 - 201435 - 35 years
Sunrise Senior Living12 — 46,600 418,821 (83,373)36,994 345,053 382,048 173,318 208,730 2001 - 20072007 - 200735 - 35 years
Other Senior Housing Operators
6 — 25,172 146,694 (16,019)22,116 133,732 155,847 14,841 141,006 2006 - 20192021 - 202135 - 35 years
Other Senior Housing
— — — — — — — — — 
Total Senior Housing84 1,421,617 310,314 3,378,442 (273,078)277,094 3,138,584 3,415,678 701,131 2,714,547 
UNITED KINGDOM PROPERTIES
Senior Housing
Canford Healthcare Limited11 — 40,481 81,719 (17,264)34,571 70,365 104,936 20,674 84,262 1910 - 20142015 - 201740 - 40 years
International Hospital
Spire Healthcare3 — 11,903 136,628 (29,206)9,562 109,763 119,325 24,433 94,892 1980 - 19862014 - 201450 - 50 years
TOTAL1,354 $3,199,809 $2,687,667 $26,491,617 $2,650,727 $2,775,790 $29,054,221 $31,830,011 $9,839,538 $21,990,473 
______________________________
(1)     Adjustments to basis included provisions for asset impairments, partial dispositions, costs capitalized subsequent to acquisitions and foreign currency translation adjustments.