CONCENTRATION OF CREDIT RISK (Tables)

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Concentration risk for triple-net leased properties

The following table summarizes certain information about our credit risk concentration for our NNN and OM&R segments:

	For the Years Ended December 31,
	2025		2024		2023
Contribution as a Percentage of Total Revenues:
Brookdale (1)	2.6	%	3.1	%	3.3	%
Ardent	2.6		3.1		3.3
Kindred	2.4		2.8		2.9
Contribution as a Percentage of Total NOI:
Brookdale (1)	6.2	%	7.2	%	7.7	%
Ardent	6.4		7.3		7.6
Kindred	5.8		6.7		6.9

______________________________

(1)For all periods presented, includes 121 senior housing properties in our NNN segment leased to Brookdale, including 56 properties for which the lease expired on or before December 31, 2025 (the “Brookdale Conversion and Sale Communities”). In connection therewith, (i) 42 of the Brookdale Conversion and Sale Communities were converted to our SHOP segment during 2025, with the revenues and NOI for those properties included in the above table through the date of conversion, (ii) 3 of the Brookdale Conversion and Sale Communities were converted to our SHOP segment on January 1, 2026, (iii) 2 of the Brookdale Conversion and Sale Communities were sold during 2025, with the revenues and NOI for those properties included in the above table through the date of sale and (iv) 9 of the Brookdale Conversion and Sale Communities were held for sale as of December 31, 2025. As a result of foregoing, Brookdale is not expected to constitute a significant percentage of our total revenues or total NOI in 2026 and thereafter.

Schedule of lease income

The following table summarizes rental income from our NNN and OM&R operating leases (dollars in thousands):

	For the Years Ended December 31,
	2025		2024		2023
Fixed income from operating leases	$	1,239,098	$	1,251,042	$	1,241,075
Variable income from operating leases	257,569		245,898		245,326

Schedule of future contracted minimum rentals for all of triple-net and MOB leases

The following table sets forth the minimum lease payments under the existing lease for all of our consolidated triple-net and outpatient medical and research building leases as of December 31, 2025 (excluding properties classified as held for sale as of December 31, 2025, dollars in thousands):

	Ardent		Kindred		Other		Total
2026	$	155,868	$	134,460	$	812,119	$	1,102,447
2027	154,720		134,460		744,314		1,033,494
2028	154,720		116,245		642,566		913,531
2029	154,720		107,137		554,340		816,197
2030	154,720		47,962		474,358		677,040
Thereafter	704,638		68,902		1,750,382		2,523,922
Total	$	1,479,386	$	609,166	$	4,978,079	$	7,066,631