Credit Concentration

12 Months Ended

Dec. 31, 2024

Concentration Risks, Types, No Concentration Percentage [Abstract]

Credit Concentration

Credit Concentration

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 year ended December 31, 2024, excluding our share of NOI in unconsolidated entities (dollars in thousands):

	Number of	Total		Percent of
Concentration by relationship:(1)	Properties	NOI		NOI(2)
Cogir Management Corporation	129	$	232,991	7%
Integra Healthcare Properties	139	214,872		7%
Sunrise Senior Living	88	170,333		5%
Avery Healthcare	84	139,716		4%
Oakmont Management Group	67	139,453		4%
Remaining portfolio	1,612	2,263,542		73%
Totals	2,119	$	3,160,907	100%

(1) Integra is in our Triple-net segment. Cogir Management Corporation, Sunrise and Oakmont Management Group are in our Seniors Housing Operating segment. Avery Healthcare operates assets in both our Seniors Housing Operating and Triple-net segments.

(2) NOI with our top five relationships comprised 26% of total NOI for the year ending December 31, 2023.

During the year ended December 31, 2024, we transitioned 89 Atria Senior Living properties to six of our existing operating partners. In conjunction with the termination of the property management agreements, we recognized $26 million within other expenses on our Consolidated Statements of Comprehensive Income in excess of amounts already accrued.