XML 56 R45.htm IDEA: XBRL DOCUMENT v3.25.3
Real Property Acquisitions and Development - Summary of Real Property Investment Activity by Segment (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Business Combination [Line Items]        
Land and land improvements $ 527,104 $ 281,454 $ 527,104 $ 281,454
Buildings and improvements 4,275,346 2,102,334 4,275,346 2,102,334
Acquired lease intangibles 229,990 124,885 229,990 124,885
Construction in progress 0 45,983 0 45,983
Real property held for sale 224,015 297,000 224,015 297,000
Right of use assets, net 24,204 0 24,204 0
Total net real estate assets 5,280,659 2,851,656 5,280,659 2,851,656
Receivables and other assets 36,151 10,822 36,151 10,822
Total assets acquired 5,316,810 2,862,478 5,316,810 2,862,478
Secured debt (441,983) (816,798) (441,983) (816,798)
Lease liabilities (4,731) 0 (4,731) 0
Accrued expenses and other liabilities (75,202) (40,243) (75,202) (40,243)
Total liabilities acquired (521,916) (857,041) (521,916) (857,041)
Noncontrolling interests (5,620) (25,787) (5,620) (25,787)
Non-cash acquisition related activity (748,338) (310,544) (748,338) (310,544)
Cash disbursed for acquisitions     4,040,936 1,669,106
Construction in progress additions     362,493 694,695
Less: Capitalized interest     (26,322) (43,955)
Accruals (2,190) (18,229) (2,190) (18,229)
Cash disbursed for construction in progress     333,981 632,511
Capital improvements to existing properties     736,288 538,752
Total cash invested in real property, net of cash acquired     5,111,205 2,840,369
Cash acquired from acquisition     5,239 33,577
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 4,025 272,266 70,652 443,416
Equity Method Joint Venture        
Business Combination [Line Items]        
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net   179,770   179,770
Seniors Housing Operating        
Business Combination [Line Items]        
Land and land improvements 359,679 208,219 359,679 208,219
Buildings and improvements 2,221,761 1,446,475 2,221,761 1,446,475
Acquired lease intangibles 222,250 89,460 222,250 89,460
Construction in progress 0 45,983 0 45,983
Real property held for sale 175,262 0 175,262 0
Right of use assets, net 3,032 0 3,032 0
Total net real estate assets 2,981,984 1,790,137 2,981,984 1,790,137
Receivables and other assets 22,536 9,592 22,536 9,592
Total assets acquired 3,004,520 1,799,729 3,004,520 1,799,729
Secured debt (441,983) (350,978) (441,983) (350,978)
Lease liabilities (3,032) 0 (3,032) 0
Accrued expenses and other liabilities (63,171) (19,752) (63,171) (19,752)
Total liabilities acquired (508,186) (370,730) (508,186) (370,730)
Noncontrolling interests (5,620) (25,787) (5,620) (25,787)
Non-cash acquisition related activity (196,950) (119,012) (196,950) (119,012)
Cash disbursed for acquisitions     2,293,764 1,284,200
Construction in progress additions     289,195 424,827
Less: Capitalized interest     (22,609) (36,247)
Accruals 3,511 1,217 3,511 1,217
Cash disbursed for construction in progress     270,097 389,797
Capital improvements to existing properties     634,959 448,144
Total cash invested in real property, net of cash acquired     3,198,820 2,122,141
Triple-net        
Business Combination [Line Items]        
Land and land improvements 148,088 63,075 148,088 63,075
Buildings and improvements 2,052,242 621,378 2,052,242 621,378
Acquired lease intangibles 7,084 33,232 7,084 33,232
Construction in progress 0 0 0 0
Real property held for sale 48,753 297,000 48,753 297,000
Right of use assets, net 18,389 0 18,389 0
Total net real estate assets 2,274,556 1,014,685 2,274,556 1,014,685
Receivables and other assets 13,556 1,118 13,556 1,118
Total assets acquired 2,288,112 1,015,803 2,288,112 1,015,803
Secured debt 0 (465,820) 0 (465,820)
Lease liabilities 0 0 0 0
Accrued expenses and other liabilities (10,442) (20,309) (10,442) (20,309)
Total liabilities acquired (10,442) (486,129) (10,442) (486,129)
Noncontrolling interests 0 0 0 0
Non-cash acquisition related activity (531,281) (191,532) (531,281) (191,532)
Cash disbursed for acquisitions     1,746,389 338,142
Construction in progress additions     153 28
Less: Capitalized interest     0 0
Accruals 1,094 126 1,094 126
Cash disbursed for construction in progress     1,247 154
Capital improvements to existing properties     30,233 19,870
Total cash invested in real property, net of cash acquired     1,777,869 358,166
Outpatient Medical        
Business Combination [Line Items]        
Land and land improvements 19,337 10,160 19,337 10,160
Buildings and improvements 1,343 34,481 1,343 34,481
Acquired lease intangibles 656 2,193 656 2,193
Construction in progress 0 0 0 0
Real property held for sale 0 0 0 0
Right of use assets, net 2,783 0 2,783 0
Total net real estate assets 24,119 46,834 24,119 46,834
Receivables and other assets 59 112 59 112
Total assets acquired 24,178 46,946 24,178 46,946
Secured debt 0 0 0 0
Lease liabilities (1,699) 0 (1,699) 0
Accrued expenses and other liabilities (1,589) (182) (1,589) (182)
Total liabilities acquired (3,288) (182) (3,288) (182)
Noncontrolling interests 0 0 0 0
Non-cash acquisition related activity (20,107) 0 (20,107) 0
Cash disbursed for acquisitions     783 46,764
Construction in progress additions     73,145 269,840
Less: Capitalized interest     (3,713) (7,708)
Accruals $ (6,795) $ (19,572) (6,795) (19,572)
Cash disbursed for construction in progress     62,637 242,560
Capital improvements to existing properties     71,096 70,738
Total cash invested in real property, net of cash acquired     $ 134,516 $ 360,062