DISPOSITIONS AND IMPAIRMENTS

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

DISPOSITIONS AND IMPAIRMENTS

NOTE 5—DISPOSITIONS, ASSETS HELD FOR SALE AND IMPAIRMENTS

2025 Activity

During the three months ended March 31, 2025, we sold one senior housing community, in our SHOP segment for aggregate consideration of $3.3 million and recognized no gain on real estate disposition.

Assets Held for Sale

The table below summarizes our real estate assets classified as held for sale including the amounts reported on our Consolidated Balance Sheets (dollars in thousands):

	As of March 31, 2025					As of December 31, 2024
	Segment Properties Held for Sale	Assets Held for Sale		Liabilities Related to Assets Held for Sale		Segment Properties Held for Sale	Assets Held for Sale		Liabilities Related to Assets Held for Sale
SHOP	1	$	16,933	$	1,862	2	$	18,612	$	2,158
OM&R	—	18		316		—	13		568
NNN	9	137,961		196		—	—		—
Total	10	$	154,912	$	2,374	2	$	18,625	$	2,726

Real Estate Impairments

For the three months ended March 31, 2025, we recognized impairments of $22.1 million comprising of $7.6 million, $14.4 million and $0.1 million in our SHOP, OM&R and NNN segments, respectively. For the three months ended March 31, 2024, we recognized impairments of $5.4 million comprising of $3.6 million, $1.0 million and $0.8 million in our SHOP, OM&R and NNN segments, respectively. The impairments are recorded primarily as a component of Depreciation and amortization in our Consolidated Statements of Income. The impairments recorded were primarily a result of a change in our intent to hold or a change in the expected future cash flows of the impaired assets.