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SCHEDULE III REAL ESTATE 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 AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
(Dollars in thousands)

 For the Years Ended December 31,
 202520242023
Reconciliation of real estate:   
Carrying cost:   
Balance at beginning of period$31,830,011 $30,165,798 $28,768,409 
Additions during period:
Acquisitions2,164,013 1,817,275 1,437,729 
Capital expenditures613,933 560,006 645,596 
Deductions during period:
Foreign currency translation181,083 (287,505)90,105 
Other (1)
(594,892)(425,563)(776,041)
Balance at end of period$34,194,148 $31,830,011 $30,165,798 
Accumulated depreciation:   
Balance at beginning of period$9,839,538 $9,016,173 $8,231,160 
Additions during period:
Depreciation expense1,102,196 1,015,531 937,767 
Dispositions:
Sales and/or transfers to assets held for sale(280,550)(115,981)(190,666)
Foreign currency translation38,937 (76,185)37,912 
Balance at end of period$10,700,121 $9,839,538 $9,016,173 
______________________________
(1)Other may include sales, transfers to assets held for sale and impairments.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2025
(Dollars in thousands)

  Initial Cost to Company
Gross Amount Carried
at Close of Period
   
DescriptionCount
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent to 
Acquisition (1)
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
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 Living165 $489,318 $509,942 $4,599,617 $827,971 $544,369 $5,393,161 $5,937,530 $2,214,975 $3,722,555 1860 - 20132007 - 202113 - 54 years
Sunrise Senior Living85 14,987 209,877 2,328,854 304,152 224,926 2,617,958 2,842,883 1,276,536 1,566,347 1985 - 20092007 - 202117 - 35 years
Discovery Senior Living78 — 168,370 1,584,393 134,766 171,766 1,715,762 1,887,528 574,133 1,313,395 1977 - 20202005 - 202414 - 47 years
Brookdale Senior Living74 15,040 90,749 915,749 102,177 91,901 1,016,774 1,108,675 518,817 589,858 1980 - 20122004 - 202124 - 35 years
Sinceri Senior Living57 — 91,133 811,503 92,546 92,396 902,786 995,182 358,239 636,943 1915 - 20172006 - 202435 - 35 years
Priority Life Care Properties38 — 55,211 524,358 86,470 55,904 610,135 666,039 244,157 421,882 1986 - 20092005 - 202129 - 51 years
Grace Management33 — 110,157 840,124 90,450 113,852 926,880 1,040,732 174,375 866,357 1985 - 20162004 - 202433 - 39 years
Koelsch Senior Communities24 — 46,924 443,453 13,289 47,336 456,330 503,666 94,368 409,297 1972 - 20192011 - 202535 - 35 years
Sodalis Senior Living17 — 21,311 200,533 29,070 21,567 229,346 250,914 112,632 138,282 1992 - 20012006 - 201535 - 35 years
Civitas Senior Living15 — 47,603 577,709 — 47,603 577,709 625,312 14,981 610,331 1999 - 20232025 - 202535 - 35 years
Health Dimensions Group15 — 7,218 49,324 9,996 8,292 58,246 66,538 22,548 43,990 1990 - 20192011 - 201935 - 35 years
Meridian Senior Living14 — 19,090 104,237 8,882 19,091 113,118 132,209 34,127 98,082 1972 - 20122011 - 202335 - 35 years
American House13 — 13,794 191,098 23,554 15,426 213,020 228,447 71,553 156,893 1998 - 20162006 - 202535 - 35 years
Sonida Senior Living12 — 16,140 179,280 42,238 17,062 220,596 237,658 91,556 146,102 1979 - 20062005 - 202135 - 47 years
Avamere Family of Companies11 — 20,407 113,192 13,817 20,654 126,763 147,416 55,621 91,796 1998 - 20142011 - 201535 - 35 years
Senior Lifestyle10 — 50,875 487,273 46,214 53,162 531,200 584,362 92,642 491,720 1982 - 20022011 - 202333 - 35 years
Milestone Retirement Communities10 — 15,710 171,345 24,744 15,823 195,976 211,799 63,110 148,688 1965 - 20112012 - 201435 - 35 years
Hawthorn Senior Living10 — 35,668 220,099 22,967 35,948 242,786 278,734 45,530 233,205 1991 - 20082021 - 202127 - 50 years
Other Senior Housing Operators90 90,459 245,881 2,244,070 64,407 246,055 2,308,302 2,554,357 315,061 2,239,297 1972 - 20222004 - 202511 - 35 years
Other Senior Housing— — — (21)— — (21)(21)— (21)
Total Senior Housing771 609,804 1,776,060 16,586,190 1,937,710 1,843,133 18,456,827 20,299,960 6,374,961 13,924,999 
  Initial Cost to Company
Gross Amount Carried
at Close of Period
   
DescriptionCount
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent to 
Acquisition (1)
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
Net Book Value
Year of
Construction
Year
Acquired
Life on which
Depreciation
In Income Statement is  Computed
Outpatient Medical Buildings
Lillibridge234 23,980 186,388 2,169,506 767,704 193,005 2,930,593 3,123,598 1,352,160 1,771,438 1960 - 20162004 - 20234 - 39 years
PMB RES40 227,324 80,638 1,029,259 165,182 84,013 1,191,067 1,275,079 480,664 794,416 1968 - 20242011 - 202319 - 35 years
Ardent Health Services19 — 5,638 214,808 633 5,638 215,441 221,079 26,522 194,557 1974 - 20112018 - 202235 - 35 years
Other Medical Buildings Operators88 10,377 137,841 1,088,507 78,059 135,566 1,168,840 1,304,408 406,289 898,117 1954 - 20192004 - 202325 - 35 years
Other Medical Buildings — — — — 4,861 2,854 2,007 4,861 2,361 2,500 
Total Outpatient Medical Buildings
381 261,681 410,505 4,502,080 1,016,439 421,076 5,507,948 5,929,025 2,267,996 3,661,028 
Research
Wexford26 334,265 69,376 1,403,038 317,521 76,087 1,713,848 1,789,935 431,963 1,357,972 1900 - 20252016 - 202215 - 60 years
Other Research Operators
2 — 1,194 76,515 2,676 1,193 79,191 80,385 14,670 65,715 2010 - 20162020 - 202035 - 35 years
Other Research
— — 11,800 68,542 61,226 19,118 80,342 10,639 69,703 
Total Research
28 334,265 70,570 1,491,353 388,739 138,506 1,812,157 1,950,662 457,272 1,493,390 
IRFs & LTACs
Kindred Healthcare31 — 83,308 328,393 333 82,305 329,728 412,033 198,852 213,181 1949 - 20081998 - 202420 - 40 years
Other IRFs & LTACs13 — 17,554 195,036 1,088 17,556 196,122 213,678 62,195 151,483 1989 - 20132011 - 202335 - 36 years
Total IRFs & LTACs44 — 100,862 523,429 1,421 99,861 525,850 625,711 261,047 364,664 
Other Healthcare Facilities
Ardent Health Services10 — 98,428 1,126,010 78,106 97,416 1,205,128 1,302,544 353,607 948,937 1928 - 20202018 - 202235 - 35 years
Skilled Nursing
Genesis Healthcare12 — 11,350 164,745 (5,708)11,350 159,037 170,387 86,632 83,755 1948 - 19952004 - 201130 - 35 years
Other Skilled Nursing Operators14 — 12,862 48,700 1,406 13,043 49,925 62,968 19,091 43,877 1948 - 20001998 - 202329 - 40 years
Total Skilled Nursing26 — 24,212 213,445 (4,302)24,393 208,962 233,355 105,723 127,632 
CANADIAN PROPERTIES
Senior Housing
Le Groupe Maurice37 1,197,162 166,894 2,042,752 (26,675)161,551 2,021,422 2,182,972 304,189 1,878,783 2000 - 20242019 - 202240 - 60 years
Atria Senior Living29 270,897 75,553 845,363 (66,034)67,142 787,740 854,882 311,461 543,421 1988 - 20082014 - 201435 - 35 years
Sunrise Senior Living12 — 46,600 418,821 (62,082)38,964 364,374 403,339 192,820 210,519 2001 - 20072007 - 200735 - 35 years
  Initial Cost to Company
Gross Amount Carried
at Close of Period
   
DescriptionCount
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent to 
Acquisition (1)
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
Net Book Value
Year of
Construction
Year
Acquired
Life on which
Depreciation
In Income Statement is  Computed
Other Senior Housing Operators
6 — 25,172 146,694 (4,551)23,173 144,142 167,315 20,782 146,533 2006 - 20192021 - 202135 - 35 years
Total Senior Housing84 1,468,059 314,219 3,453,630 (159,342)290,830 3,317,678 3,608,508 829,252 2,779,256 
UNITED KINGDOM PROPERTIES
Senior Housing
Care Concern Group
11 — 40,481 81,719 (6,310)37,227 78,664 115,890 21,505 94,385 1910 - 20142015 - 201740 - 40 years
International Hospital
Spire Healthcare3 — 11,903 136,628 (20,039)10,296 118,196 128,492 28,758 99,734 1980 - 19862014 - 201450 - 50 years
TOTAL1,358 $2,673,809 $2,847,240 $28,114,484 $3,232,422 $2,962,738 $31,231,410 $34,194,148 $10,700,121 $23,494,027 
______________________________
(1)     Adjustments to basis included provisions for asset impairments, partial dispositions, costs capitalized subsequent to acquisitions and foreign currency translation adjustments.