Credit Concentration

3 Months Ended

Mar. 31, 2025

Risks and Uncertainties [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 three months ended March 31, 2025, excluding our share of NOI in unconsolidated entities (dollars in thousands):

Concentration by relationship: (1)	Number of Properties	Total NOI		Percent of NOI (2)
Cogir Management Corporation	155	$	69,290	7%
Sunrise Senior Living	89	51,763		5%
Integra Healthcare Properties	117	47,841		5%
Care UK	169	45,670		5%
Oakmont Management Group	67	42,911		4%
Remaining portfolio	1,619	703,222		74%
Totals	2,216	$	960,697	100%

(1) Cogir Management Corporation, Sunrise Senior Living, Care UK and Oakmont Management Group are in our Seniors Housing Operating segment. Integra Healthcare Properties is in our Triple-net segment.

(2) NOI with our top five relationships comprised 27% of total NOI for the year ended December 31, 2024.