Credit Concentration

9 Months Ended

Sep. 30, 2022

We use consolidated net operating income (“NOI”) as our credit concentration metric. See Note 18 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the nine months ended September 30, 2022, excluding our share of NOI in unconsolidated entities (dollars in thousands):


Concentration by relationship: (1)	Number of Properties	Total NOI		Percent of NOI (2)
ProMedica (3)	205	$	183,506	11%
Atria Senior Living(4)	98	125,933		8%
Sunrise Senior Living	109	116,647		7%
HC-One Group (5)	1	66,547		4%
Cogir Management Corporation	48	56,065		4%
Remaining portfolio	1,273	1,173,454		66%
Totals	1,734	$	1,722,152	100%

(1) ProMedica and HC-One Group are in our Triple-net segment. Sunrise Senior Living, Atria Senior Living, and Cogir Management Corporation are in our Seniors Housing Operating segment.

(2) NOI with our top five relationships comprised 34% of total NOI for the year ended December 31, 2021.

(3) During the quarter ended March 31, 2022, we purchased an additional 5% ownership interest in the consolidated ProMedica joint ventures for $137,437,000.

(4) Inclusive of $58,621,000 of income recognized upon termination of lease. See Note 3 for further details.

(5) In addition to the one property, HC-One Group is the borrower on a £532,904,000 loan as of September 30, 2022 which is included in NOI.