Credit Concentration

6 Months Ended

Jun. 30, 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 six months ended June 30, 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	172	$	153,352	8%
Sunrise Senior Living	81	106,234		5%
Integra Healthcare Properties	117	95,538		5%
Aspire Healthcare	102	95,214		5%
Care UK	169	94,462		5%
Remaining portfolio	1,586	1,449,430		72%
Totals	2,227	$	1,994,230	100%

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

(2) NOI with our top five relationships comprised 25% of total NOI for the year ended December 31, 2024.