Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Audit Information [Abstract] | |
| Auditor Name | BDO USA, P.C. |
| Auditor Location | Nashville, Tennessee |
| Auditor Firm ID | 243 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
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|---|---|---|---|---|
| Real estate properties: | ||||
| Land | $ 191,909 | $ 180,749 | ||
| Buildings and improvements | 2,751,071 | 2,593,696 | ||
| Construction in progress | 10,568 | 5,913 | ||
| Real estate properties, gross | 2,953,548 | 2,780,358 | ||
| Less accumulated depreciation | (742,295) | (673,276) | ||
| Real estate properties, net | 2,211,253 | 2,107,082 | ||
| Mortgage and other notes receivable, net of reserve of $20,249 and $15,476, respectively | 268,926 | 245,271 | ||
| Cash and cash equivalents | 24,289 | 22,347 | ||
| Straight-line rents receivable | 87,150 | 84,713 | ||
| Assets held for sale, net | 0 | 5,004 | ||
| Other assets, net | 22,753 | 24,063 | ||
| Total Assets | [1] | 2,614,371 | 2,488,480 | |
| Liabilities and Equity: | ||||
| Debt | 1,146,041 | 1,135,051 | ||
| Accounts payable and accrued expenses | 37,757 | 34,304 | ||
| Dividends payable | 41,119 | 39,069 | ||
| Deferred income | 4,277 | 6,009 | ||
| Total Liabilities | 1,229,194 | 1,214,433 | ||
| Commitments and Contingencies | ||||
| Redeemable noncontrolling interest | 9,790 | 9,656 | ||
| National Health Investors Stockholders' Equity: | ||||
| Common stock | 457 | 434 | ||
| Capital in excess of par value | 1,736,831 | 1,603,757 | ||
| Retained earnings | 2,604,829 | 2,466,844 | ||
| Cumulative dividends | (2,975,642) | (2,817,083) | ||
| Total National Health Investors, Inc. Stockholders' Equity | 1,366,475 | 1,253,952 | ||
| Noncontrolling interests | 8,912 | 10,439 | ||
| Total Equity | 1,375,387 | 1,264,391 | ||
| Total Liabilities and Equity | $ 2,614,371 | $ 2,488,480 | ||
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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Mortgage and other notes receivable, net of reserve | $ 20,249 | $ 15,476 |
| Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 100,000,000,000 | 100,000,000,000 |
| Common stock, shares issued (in shares) | 45,687,942 | 43,409,841 |
| Common stock, shares outstanding (in shares) | 45,687,942 | 43,409,841 |
| Real estate properties, net | $ 2,211,253 | $ 2,107,082 |
| Cash and cash equivalents | 24,289 | 22,347 |
| Straight-line rents receivable | 87,150 | 84,713 |
| Other assets, net | 22,753 | 24,063 |
| Accounts payable and accrued liabilities | (37,757) | (34,304) |
| Variable Interest Entity, Primary Beneficiary | ||
| Real estate properties, net | 505,900 | 513,200 |
| Cash and cash equivalents | 9,700 | 10,900 |
| Straight-line rents receivable | 10,000 | 9,700 |
| Other assets, net | 7,500 | 9,400 |
| Accounts payable and accrued liabilities | $ (5,700) | $ (4,700) |
Consolidated Statements Equity (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Statement of Stockholders' Equity [Abstract] | |||
| Distributions | $ 1,100 | $ 40 | |
| Noncontrolling interests capital contributions, excluding attributable to redeemable noncontrolling interest | 50 | ||
| Net income | $ 916 | $ 1,091 | $ (843) |
| Dividends to common stockholders (in usd per share) | $ 3.60 | $ 3.60 | $ 3.60 |
| Noncontrolling interest capital contribution, excluding attributable to redeemable noncontrolling interest | $ 922 | ||
| Reclassification of asset related to forward equity sale agreement | $ (6,261) | ||
Organization and Nature of Business |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Nature of Business | Organization and Nature of Business National Health Investors, Inc. (“NHI,” the “Company,” “we,” “us,” or “our”), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”) specializing in sale-leaseback, joint venture and mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. We operate through two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio (“SHOP”). Our Real Estate Investments segment consists of real estate investments, leases, and mortgage and other notes receivables in independent living facilities (“ILFs”), assisted living facilities (“ALFs”), entrance-fee communities (“EFCs”), senior living campuses (“SLCs”), skilled nursing facilities (“SNFs”) and hospitals (“HOSPs”). As of December 31, 2024, we had gross real estate investments of approximately $2.6 billion in 172 healthcare real estate properties located in 31 states and leased pursuant primarily to triple-net leases to 27 tenants consisting of 106 senior housing communities (“SHO”), 65 SNFs and one HOSP. Our portfolio of eleven mortgages along with other notes receivable totaled $289.2 million, excluding an allowance for expected credit losses of $20.2 million, as of December 31, 2024. Units, beds and property count disclosures in these footnotes to the consolidated financial statements are unaudited. Our SHOP segment is comprised of two ventures that own the operations of ILFs. For this segment, as of December 31, 2024, we had gross investments of approximately $358.4 million in 15 ILFs located in eight states with a combined 1,732 units that are operated on behalf of the Company by independent managers pursuant to the terms of separate management agreements. The third-party managers, or related parties of the managers, own equity interests in the respective ventures.
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Basis of Presentation and Significant Accounting Policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Principles of Consolidation - The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries, joint ventures and subsidiaries in which we have a controlling interest. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if the Company is deemed to be the primary beneficiary of such entities. All material intercompany transactions and balances are eliminated in consolidation. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We evaluate our arrangements with VIEs to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. In accordance with Financial Accounting Standards Board (“FASB”) guidance, management must evaluate each of the Company’s contractual relationships which creates a variable interest in other entities. If the Company has a variable interest and the entity is a VIE, then management must determine whether the Company is the primary beneficiary of the VIE. If it is determined that the Company is the primary beneficiary, NHI would consolidate the VIE. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. If the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidation. These provisions provide for consolidation of majority-owned entities where a majority voting interest held by the Company demonstrates control of such entities in the absence of any legal constraints. Our consolidated total assets and liabilities include two consolidated ventures comprising our SHOP activities, each formed with a separate partner - Merrill Gardens, L.L.C. (“Merrill”) and DSHI NHI Holiday LLC (the “Discovery member”), a related party of Discovery Senior Living (“Discovery”). We consider both ventures to be VIEs as the members of each, as a group, lack the characteristics of a controlling financial interest. We are deemed to be the primary beneficiary of each VIE because we have the ability to control the activities that most significantly impact each VIE’s economic performance and the obligation to absorb losses or the right to receive benefits. Reference Notes 5 and 17 for further discussion of our SHOP ventures. We also consolidate two real estate partnerships formed with our partners, Discovery Senior Housing Investor XXIV, LLC, a related party of Discovery, and LCS Timber Ridge LLC (“LCS”), to invest in senior housing facilities. We consider both partnerships to be VIEs as either the members, as a group, lack the characteristics of a controlling financial interest or the total equity at risk is insufficient to finance activities without additional subordinated financial support. NHI directs the activities that most significantly impact economic performance of these partnerships and the obligation to absorb losses or the right to receive benefits, subject to limited protective rights extended to our partners for specified business decisions. Because of our control of these partnerships, we include their assets, liabilities, noncontrolling interests and operations in our consolidated financial statements. Reference Note 17 for further discussion of these consolidated real estate partnerships. We use the equity method of accounting when we own an interest in an entity over which we can exert significant influence but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. Reference Note 6 for further discussion of our equity method investment. We have concluded that the Company is not the primary beneficiary for certain investments where we lack either directly or through related parties the power to direct the activities that most significantly impact their economic performance. See Note 17 for information on unconsolidated VIEs. Noncontrolling Interests - Contingently redeemable noncontrolling interests are recorded at their initial carrying amounts upon issuance and are subsequently adjusted to reflect their share of gains or losses, contributions, and distributions attributable to the noncontrolling interests. In periods where they are or will become probable of redemption, an adjustment to the redemption value of the noncontrolling interests is also recognized through “Capital in excess of par value” on the Company’s Consolidated Balance Sheets and included in our computation of earnings per share. As of December 31, 2024 and 2023, the Merrill SHOP venture noncontrolling interest was classified in the Consolidated Balance Sheets as mezzanine equity, as discussed further in Note 10. The noncontrolling interests associated with our two consolidated real estate partnerships, and our Discovery member SHOP venture were classified in the Consolidated Balance Sheets as equity as of December 31, 2024 and 2023. Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant assumptions and estimates include purchase price allocations to record investments in real estate, impairment of real estate, and allowance for credit losses. Actual results could differ from those estimates. Forward Equity Sales - The Company has and may continue to enter into forward sale agreements relating to shares of its common stock, either through its at-the-market (“ATM”) equity program or through underwritten public offerings. These agreements may be physically settled in stock, settled in cash or net share settled at the Company’s election. The forward sale price that we will receive upon physical settlement of the forward sale agreements will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, and (ii) scheduled dividends during the term of the forward sale agreement. To the extent our forward sales agreements do not meet all the criteria to qualify for equity treatment under ASC 815-40, we recognize the change in the fair value of the derivative in our earnings. The Company evaluated its forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity as of December 31, 2024. Shares issuable under a forward equity sales agreement are reflected in the diluted earnings per share calculations for the applicable periods using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward equity sales agreement over the number of common shares that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the average forward price during the reporting period). Reference Note 11 for more discussion. Earnings Per Share - Our unvested restricted stock awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. Therefore, the Company applies the two-class method to calculate basic and diluted earnings. Under the two-class method, we allocate net income attributable to stockholders to common stockholders and holders of unvested restricted stock by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods, based on their respective participation rights to dividends declared and undistributed earnings. Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share reflects the effect of dilutive securities. Fair Value Measurements - Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy is required to prioritize the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. If the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. When an event or circumstance alters our assessment of the observability and thus the appropriate classification of an input to a fair value measurement which we deem to be significant to the fair value measurement as a whole, we will transfer that fair value measurement to the appropriate level within the fair value hierarchy. Real Property Owned - Real estate properties are recorded at cost or, if acquired through business combination, at fair value, including the fair value of contingent consideration, if any. Cost or fair value at the time of acquisition is allocated among land, buildings, improvements, personal property and lease and other intangibles. For properties acquired in transactions accounted for as asset purchases, the purchase price, which includes transaction costs, is allocated based on the relative fair values of the assets acquired. Cost includes the amount of contingent consideration, if any, deemed to be probable at the acquisition date. Contingent consideration is deemed to be probable to the extent that a significant reversal in amounts recognized is not likely to occur when the uncertainty associated with the contingent consideration is subsequently resolved. Cost also includes capitalized interest during construction periods. We use the straight-line method of depreciation for buildings over their estimated useful lives ranging from 30 to 40 years, and improvements, including any equipment related to the SHOP segment, over their estimated useful lives ranging from 5 to 25 years. For contingent consideration arising from business combinations, the liability is adjusted to estimated fair value at each reporting date through earnings. Expenditures for repairs and maintenance are expensed as incurred. Impairment of Long-Lived Assets - We evaluate the recoverability of the carrying amount of our long-lived assets when events or circumstances, including significant physical changes, significant adverse changes in general economic conditions or significant deterioration of the underlying cash flows of the long-lived assets, indicate that the carrying amount of the long-lived asset may not be recoverable. The need to recognize an impairment charge is based on estimated undiscounted future cash flows compared to the carrying amount. If recognition of an impairment charge is necessary, it is measured as the amount by which the carrying amount of the property exceeds the estimated fair value of the long-lived asset. During the years ended December 31, 2024, 2023 and 2022, we recognized impairment charges of approximately $0.7 million, $1.6 million and $51.6 million, respectively, included in “Loan and realty losses, net” in our Consolidated Statements of Income. Reference Note 3 for more discussion. Leases - All of our leases within the Real Estate Investment segment are classified as operating leases and generally have an initial leasehold term of 10 to 15 years followed by one or more five-year tenant renewal options. The leases are primarily “triple-net leases” under which the tenant is responsible for the payment of all taxes, utilities, insurance premiums, repairs and other charges relating to the operation of the properties, including required levels of capital expenditures each year. The tenant is obligated at its expense to keep all improvements, fixtures and other components of the properties covered by “all risk” insurance in an amount equal to at least the full replacement cost thereof, and to maintain specified minimal personal injury and property damage insurance. The leases also require the tenant to indemnify and hold us harmless from all claims resulting from the use, occupancy and related activities of each property by the tenant, and to indemnify us against all costs related to any release, discovery, clean-up and removal of hazardous substances or materials, or other environmental responsibility with respect to each facility. While we do not incorporate residual value guarantees, the lease provisions and considerations discussed above impact our expectation of realizable value from our properties upon the expiration of their lease terms. The residual value of our real estate under lease is still subject to various market, asset, and tenant-specific risks and characteristics. As the classification of our leases is dependent on the fair value of estimated cash flows at lease commencement, management’s projected residual values represent significant assumptions in our accounting for operating leases. Similarly, the exercise of renewal options is also subject to these same risks, making a tenant’s lease term another significant variable in a lease’s cash flows. Initial direct costs that are incremental to entering into a lease are capitalized in accordance with the provisions of ASC Topic 842. FASB Lease Modifications Related to Effects of the COVID-19 Pandemic - In accordance with the FASB’s question-and-answer document issued in April 2020, we elected to account for qualified rent concessions provided as a result of the coronavirus pandemic (“COVID-19”) as variable lease payments, recorded as rental income when received and not as lease modifications under ASC Topic 842. This guidance was applicable to certain rent concessions granted in 2022. Reference Note 3 for more detail. Financial Instruments - Credit Losses - We estimate and record an allowance for credit losses upon origination of a loan, based on expected credit losses over the term of the loan and update this estimate each reporting period. We calculate the estimated credit losses on mortgages by pooling these loans into two groups – investments in existing or new mortgages and construction mortgages. Mezzanine loans, revolving lines of credit and loans designated as non-performing are evaluated at the individual loan level. We estimate the allowance for credit losses by utilizing a loss model that relies on future expected credit losses, rather than incurred losses. This loss model incorporates our historical experience, adjusted for current conditions and our forecasts, using the probability of default and loss given default method. Incorporated into the construction mortgage loss model is an estimate of the probability that NHI will acquire the property. Using the resulting estimate, a portion of the outstanding construction mortgage balance which we currently expect will be reduced by our acquisition of the underlying property when construction is complete, is deducted from the construction mortgage balance included in the expected loss calculation. Mezzanine loans, revolving lines of credit and loans designated as non-performing are also based on the loss model to recognize expected future credit losses and are applied to each individual loan using borrower specific information. We also perform a qualitative assessment beyond model estimates and apply adjustments as necessary. The credit loss estimate is based on the net amortized cost balance of our mortgage and other notes receivables as of the balance sheet date. Calculation of the allowance for credit losses involves significant judgment. It is possible that actual credit losses will differ materially from our current estimates. Write-offs are deducted from the allowance for credit losses when we judge the principal to be uncollectible. Cash and Cash Equivalents and Restricted Cash - Cash equivalents consist of all highly liquid investments with original maturities of three months or less. Restricted cash includes amounts required to be held on deposit or subject to an agreement (e.g. with a qualified intermediary subject to an exchange agreement pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or in accordance with agency agreements governing our mortgages). The following table sets forth our “Cash and cash equivalents and restricted cash” reported within the Company’s Consolidated Statements of Cash Flows ($ in thousands):
Assets Held for Sale - We consider properties to be assets held for sale when (1) management commits to a plan to sell the property, (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we anticipate the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated transaction costs. Depreciation and amortization of the property are discontinued. If a property subsequently no longer meets the criteria to be classified as held for sale, it is reclassified as held and used and measured at the lower of i) its original carrying amount before the asset was classified as held for sale, adjusted for any depreciation expense not recognized while it was classified as held for sale, and ii) its fair value. Concentration of Credit Risks - Our credit risks primarily relate to cash and cash equivalents and investments in mortgage and other notes receivable. Cash and cash equivalents are primarily held in bank accounts and overnight investments. We maintain our bank deposit accounts with large financial institutions in amounts that may exceed federally insured limits. We have not experienced any losses in such accounts. Our mortgage and other notes receivable consist primarily of secured loans on facilities. Our financial instruments, principally our investments in mortgage and other notes receivable, are subject to the possibility of loss of the carrying values as a result of the failure of other parties to perform according to their contractual obligations which may make the instruments less valuable. We obtain collateral in the form of mortgage liens and other protective rights for mortgage and other notes receivable and continually monitor these rights in order to reduce such possibilities of loss. We evaluate the need to provide for reserves for potential losses on our financial instruments based on management’s periodic review of our portfolio on an instrument-by-instrument basis. Deferred Loan Costs - Costs incurred to acquire debt are capitalized and amortized by the straight-line method, which approximates the effective-interest method, over the term of the related debt. Deferred Income - Deferred income primarily includes rents received in advance from tenants and residents and non-refundable commitment fees received by us, which are amortized into income over the expected period of the related loan or lease. In the event that our financing commitment to a potential borrower or tenant expires, the related commitment fees are recognized into income immediately. Commitment fees may be charged based on the terms of the contracts and the creditworthiness of the parties. Revenue Recognition Rental Income - Our leases generally provide for rent escalators throughout the term of the lease. Base rental income is recognized using the straight-line method over the term of the lease to the extent that lease payments are considered collectable and the lease provides for specific contractual escalators. Under certain leases, we receive additional contingent rent, which is calculated on the increase in revenues of the tenant over a base year or base quarter. We recognize contingent rent annually or quarterly based on the actual revenues of the tenant once the target threshold has been achieved. Lease payments that depend on a factor directly related to future use of the property, such as an increase in annual revenues over a base year, are considered to be contingent rent and are excluded from the schedule of minimum lease payments. If rental income calculated on a straight-line basis exceeds the cash rent due under a lease, the difference is recorded as an increase to straight-line rents receivable in the Consolidated Balance Sheets and an increase in rental income in the Consolidated Statements of Income. If rental income on a straight-line basis is calculated to be less than cash received, there is a decrease in the same accounts. Property operating expenses that are reimbursed by our operators are recorded as “Rental income” in the Consolidated Statements of Income. Accordingly, we record a corresponding expense, reflected as “Taxes and insurance on leased properties” in the Consolidated Statements of Income. Rental income includes reimbursement of property operating expenses for the years ended December 2024, 2023 and 2022, totaling $11.2 million, $11.5 million and $9.8 million, respectively. Rental income is reduced for the non-cash amortization of payments made upon the eventual settlement of commitments and contingencies originally identified and recorded as lease inducements. We record lease inducements to the extent that it is probable that a significant reversal of amounts recognized will not occur when the uncertainty associated with the contingent consideration is subsequently resolved. The Company reviews its operating lease receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability of substantially all lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made as an adjustment to rental income and any future rental revenue is recognized only when the tenant makes a rental payment. As of December 31, 2024, we had three tenants, including Bickford Senior Living (“Bickford”), on the cash basis of revenue recognition for their lease arrangements. Reference Note 3 for further discussion. Resident Fees and Services - Resident fees and services revenue associated with our SHOP activities is recognized as the related performance obligations are satisfied and includes resident room charges, community fees and other resident charges. Residency agreements are generally short term (30 days to one year), and entitle the resident to certain room and care services for a monthly fee billed in advance. Revenue for certain related services is billed monthly in arrears. The Company has elected the lessor practical expedient within ASC 842, Leases, not to separate the lease and nonlease components within our resident agreements as the timing and pattern of transfer to the resident are the same. The Company has determined that the nonlease component is the predominant component within the contract and recognizes revenue under ASC 606, Revenue Recognition from Contracts with Customers. Interest Income from Mortgage and Other Notes Receivable - Interest income is recognized based on the interest rates and principal amounts outstanding on the notes receivable. We identify a mortgage note or other note receivable as non-performing, and is placed on non-accrual status, based on various criteria including timeliness of required payments, compliance with other provisions under the related note agreement, and an evaluation of the borrower’s current financial condition for indicators that it is probable it cannot pay its contractual amounts. A non-performing loan is returned to accrual status at such time as the note becomes contractually current and management believes all future principal and interest will be received according to the contractual terms of the note. As of December 31, 2024, we had one mortgage notes receivable and two mezzanine loans totaling an aggregate of $25.9 million designated as non-performing. Reference Note 4 for further discussion. Income Taxes - We intend at all times to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code. Accordingly, we will generally not be subject to U.S. federal income tax, provided that we continue to qualify as a REIT. A failure to qualify under the applicable REIT qualification rules and regulations would have a material adverse impact on our financial position, results of operations and cash flows. Certain activities that we undertake may be conducted by subsidiary entities that have elected to be treated as taxable REIT subsidiaries (“TRS”). TRSs are subject to federal, state, and local income taxes. Accordingly, a provision for income taxes has been made in the consolidated financial statements. Earnings and profits, which determine the taxability of dividends to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in the basis of assets, estimated useful lives used to compute depreciation expense, gains on sales of real estate, non-cash compensation expense and recognition of commitment fees. Our tax returns filed for years beginning in 2021 are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our Consolidated Statements of Income as a component of income tax expense. Segments - We operate our business through two reportable segments: Real Estate Investments and SHOP. In our Real Estate Investments segment, we invest in (i) senior housing and healthcare real estate and lease those properties to healthcare operating companies under primarily triple-net leases that obligate tenants to pay all property-related expenses and (ii) mortgage and other notes receivable throughout the United States. Our SHOP segment is comprised of the operations of 15 ILFs located throughout the United States that are operated on behalf of the Company by independent managers pursuant to the terms of separate management agreements. Reference Notes 5 and 16 for additional information. Recent Accounting Pronouncements - In November 2023, the FASB issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU enhances segment disclosures by requiring public entities to provide investors with additional, more detailed information about a reportable segment’s expenses. The ASU also requires disclosure of the chief operating decision maker’s (“CODM”) title and position on an annual basis, as well as an explanation of how the CODM uses the reported measures and other disclosures. We adopted this guidance effective for the year ended December 31, 2024. The adoption of this guidance resulted in additional segment disclosures as disclosed in Note 16. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential impact of adoption on our consolidated financial statements or related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose, on an annual and interim basis, disaggregated information in the footnotes about specified information related to certain costs and expenses. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of this standard on our consolidated financial statements and related disclosures.
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| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Activity | Investment Activity Asset Acquisition 2024 Acquisitions and New Leases of Real Estate During the year ended December 31, 2024, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):
In June 2024, we acquired a 110-unit ALF located in Sussex, Wisconsin, from Encore Senior Living. The acquisition price was $32.1 million, including $0.1 million in closing costs, and the cancellation of an outstanding construction note receivable held by us of $22.2 million including interest. We added the facility to an existing master lease with Encore Senior Living for a term of 15 years at an initial lease rate of 8.25% and annual escalators of 2.21%. In October 2024, we acquired a portfolio of ten assisted living and memory care communities located in North Carolina for a total purchase price of $121.0 million, excluding $0.3 million in closing costs. The 15-year master lease, which includes two five-year extension options, has an initial lease rate of 8.25% with fixed annual escalators of 2%. The master lease includes a $10.0 million lease incentive which will be added to the respective lease base if funded. In December 2024, we acquired an assisted living and memory care community located in Georgia for a total purchase price of $6.9 million, including $0.1 million in closing costs. We added the facility to an existing 10-year master lease, which includes two five-year extension options, at an initial lease rate of 8.5% with fixed annual escalators of 2%. 2023 Acquisitions and New Leases of Real Estate During the year ended December 31, 2023, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):
In February 2023, we acquired two memory care communities operated by Silverado Senior Living for approximately $37.5 million. The newly developed properties opened in 2022 and include a 60-unit community in Summerlin, Nevada and a 60-unit community in Frederick, Maryland. They are leased pursuant to 20-year leases with a first-year lease rate of 7.5% and annual escalators of 2.0%. In February 2023, we also acquired a 64-unit assisted living and memory care community in Chesapeake, Virginia from Bickford. The acquisition price was $17.3 million, including the satisfaction of an outstanding construction note receivable of $14.2 million including interest, cash consideration of $0.5 million and approximately $0.1 million in closing costs. The acquisition price also included a reduction of $2.5 million in Bickford’s outstanding rent deferrals that has been recognized in “Rental income.” We added the community to an existing master lease with Bickford at an initial rate of 8.0%. 2025 Acquisitions and New Leases of Real Estate In January 2025, we acquired a 109-unit assisted living and memory care community in Montrose, Colorado. The acquisition price was $21.2 million, including $0.2 million in closing cost. The 10-year lease, which includes two five-year extension options, has an initial lease rate of 8.0% with fixed annual escalators of 2%. Asset Dispositions 2024 Asset Dispositions During the year ended December 31, 2024, we completed the following real estate property dispositions within our Real Estate Investments segment ($ in thousands):
1Total aggregate impairment charges previously recognized on the property was $0.7 million and $1.2 million for the years ended December 31, 2024 and 2023, respectively. 2The Company provided aggregate financing of approximately $9.4 million, net of discounts, on the transaction in the form of notes receivable, which is included in net proceeds. Total rental income related to the disposed properties was $1.3 million, $2.6 million and $1.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. 2023 Asset Dispositions During the year ended December 31, 2023, we completed the following real estate property dispositions within our Real Estate Investments segment ($ in thousands):
1 Impairments are included in “Loan and realty losses, net” in the Consolidated Statement of Income for the year ended December 31, 2023. 2 Total aggregate impairment charges previously recognized on these properties were $0.3 million and $17.4 million for the years ended December 31, 2023 and 2022, respectively. 3 The Company provided aggregate financing of approximately $2.2 million, net of discounts, on these transactions in the form of notes receivable, which is included net proceeds. Total rental income related to the disposed properties was $3.3 million and $0.7 million for years ended December 31, 2023 and 2022, respectively. Assets Held for Sale and Long-Lived Assets At December 31, 2023, we classified one property in our Real Estate Investments segment as assets held for sale on our Consolidated Balance Sheet that was sold in the fourth quarter of 2024. Rental income associated with the assets held for sale as of December 31, 2023 totaled $0.9 million, $1.7 million and $0.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. During the year ended December 31, 2024, we recorded impairment charges of approximately $0.7 million for one property that was sold in the fourth quarter of 2024 in our Real Estate Investments segment. During the year ended December 31, 2023, we recorded impairment charges of approximately $1.6 million for four properties of which $0.5 million related to three properties either sold or classified as assets held for sale in our Real Estate Investments segment. Impairment charges are included in “Loan and realty losses, net” in the Consolidated Statements of Income. We reduce the carrying value of impaired properties to their estimated fair value or, with respect to the properties classified as assets held for sale, to the estimated fair value less costs to sell. To estimate the fair values of the properties, we utilized a market approach which considered binding agreements for sales (Level 1 inputs), non-binding offers to purchase from unrelated third parties broker quotes of estimated values (Level 3 inputs), and/or independent third-party valuations (Level 1 and 3 inputs). We lease an SLC that is subject to an outstanding purchase and sale agreement for the tenant to acquire the property for approximately $38.5 million. The purchase and sale agreement, as amended, expires in June 2025. The property continues to be classified as held and used and is leased pursuant to the existing triple-net lease that generates approximately $2.8 million in annual rent and expires in July 2027. The property will be reclassified to assets held for sale when the sale becomes probable, including when the tenant demonstrates its ability to obtain sufficient financing to close on the sale of the property within the terms of the purchase and sale agreement. The property had a net investment of $19.1 million as of December 31, 2024. Tenant Concentration The following table contains information regarding tenant concentration in our Real Estate Investments segment, excluding $2.6 million for our corporate office, $358.4 million for the SHOP segment, and a credit loss reserve of $20.2 million, based on the percentage of revenues for the years ended December 31, 2024, 2023 and 2022 related to tenants or affiliates of tenants, that exceed 10% of total revenue ($ in thousands):
1 Includes interest income on notes receivable and rental income from properties classified as assets held for sale. 2 Revenues included in All others, net for years when less than 10%. 3 There is no tenant concentration in “Resident fees and services” because these agreements are with individual residents. At December 31, 2024, the two states in which we had an investment concentration of 10% or more were South Carolina (11.6%) and Texas (10.1%). As of December 31, 2023, the two states in which we had an investment concentration of 10% or more were also South Carolina (12.1%) and Texas (10.7%). Senior Living Communities As of December 31, 2024, we leased ten retirement communities totaling 2,232 units to Senior Living Communities, LLC (“Senior Living”). In 2024, the Senior Living leases were amended to extend the maturity dates by two years and to provide up to $10.0 million of capital improvements on various properties. Rental revenue will increase at a lease rate of 8.5% applied to the amount expended. We recognized straight-line lease revenue of $(0.2) million, $(1.2) million and $0.4 million from Senior Living for the years ended December 31, 2024, 2023 and 2022, respectively. Bickford As of December 31, 2024, we leased 38 facilities to Bickford under four leases. Bickford has been on the cash basis of revenue recognition since the second quarter of 2022 based upon information obtained from Bickford regarding its financial condition that raised substantial doubt as to its ability to continue as a going concern. As a result, we wrote off approximately $18.1 million of straight-line rents receivable and $7.1 million of lease incentives, that were included in “Other assets, net” on the Consolidated Balance Sheet, to rental income in 2022. Effective April 1, 2024, the combined rent for the Bickford leased portfolio was reset to $34.5 million per year with nominal increases through April 1, 2026, at which time the rent will be reset to a fair market value based on the Consumer Price Index (“CPI”). Base rent will escalate annually thereafter based on either a fixed percentage or CPI subject to a floor of 2% and a ceiling of 3%. As part of the related lease amendments, we agreed to fund up to $8.0 million of capital improvements on various properties. Rental revenue will increase at a lease rate of 8.0% applied to the amount expended. During the years ended December 31, 2024, 2023 and 2022, Bickford repaid $5.1 million $2.3 million and $0.2 million of its outstanding rent deferrals, respectively. These amounts exclude $2.5 million and $3.0 million of rental income for the years ended December 31, 2023 and 2022, respectively, related to the reduction of rent deferrals in connection with the acquisition of two ALFs located in Virginia from Bickford through notes receivables conversions. As of December 31, 2024, Bickford’s outstanding rent deferrals were $12.9 million. In November 2024, we disposed of one ALF located in Indiana from the Bickford portfolio that is included in the “2024 Asset Dispositions” table above. During 2022, we transferred one ALF located in Pennsylvania from the Bickford portfolio to a new operator that is leased pursuant to a ten-year triple-net lease and wrote off approximately $0.7 million in a straight-line rents receivable, reducing rental income. National HealthCare Corporation (“NHC”) As of December 31, 2024, we leased three ILFs and 32 SNFs to NHC, a publicly held company, under a master lease (four of which were subleased to other parties for whom the lease payments were guaranteed to us by NHC) that expires on December 31, 2026. There are two five-year renewal options at a fair rental value as negotiated between the parties. In addition to the base rent, NHC pays any additional rent and percentage rent as required by the master lease. Under the terms of the master lease, the base annual rent escalates by 4% of the increase, if any, in each facility’s annual revenue over a base year and is referred to as “percentage rent.”. The following table summarizes the percentage rent income from NHC ($ in thousands):
1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year. One of the members of our Board of Directors is also a member of NHC’s board of directors. Our former chairperson, Mr. W. Andrew Adams, was also a director of NHC. Mr. W. Andrew Adams retired from our Board of Directors effective December 31, 2024. As of December 31, 2024, NHC owned 1,630,642 shares of our common stock. Cash Basis Operators We had three tenants on the cash basis of accounting for revenue recognition for their leasing arrangements based on our assessment of each tenant’s ability to satisfy its contractual obligations as of December 31, 2024. Cash rents received from these tenants for the years ended December 31, 2024, 2023 and 2022 were as follows ($ in thousands):
1Excludes $2.5 million and $3.0 million of rental income related to the reduction of rent deferrals recognized in connection with the acquisition of two ALFs located in Virginia from Bickford for the years ended December 31, 2023 and 2022, respectively. 2Excludes the impact of write-offs of $18.1 million in total straight-line rents receivable and $7.1 million of lease incentives during the year ended December 31, 2022. 3Excludes the impact of write-offs of $9.0 million in total straight-line rents receivable during the year ended December 31, 2022. Included in rental income are amounts received from prior rent deferrals granted to cash basis tenants totaling $9.0 million, $2.8 million and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Senior Living Management In 2022, we converted four properties leased to Senior Living Management (“SLM”) to the cash basis of accounting. In late September 2024, SLM notified us that ongoing liquidity constraints raised doubts about SLM’s ability to sustain its operations and pay its contractual rent and interest obligations prospectively. In the fourth quarter of 2024, one property was transitioned to a new operator under a new lease agreement, as previously planned, one property classified as assets held for sale in 2023 was sold, and the remaining two leased properties with a net book value of $6.8 million as of December 31, 2024, were transitioned pursuant to interim management agreements and subsequently transitioned to the interim manager pursuant to a new triple-net lease in January 2025. Total cash rent received from SLM recognized for the years ended December 31, 2024, 2023 and 2022 was $2.7 million, $5.4 million and $3.7 million, respectively. Reference Note 4 for further discussion on the two non-performing notes receivable from SLM. Other Portfolio Activity Tenant Transitions In addition to the ALF previously leased to SLM that was transitioned as discussed above, we transitioned an SNF in Wisconsin and an ALF in Alabama to new operators in 2024. We wrote off to “Rental income” the straight-line rents receivable of approximately $1.6 million associated with two of the terminated leases. Tenant Purchase Options Certain of our leases contain purchase options allowing tenants to acquire the leased properties at a fixed base price plus a specified share in any appreciation, fixed base price, or a fixed minimum internal rate of return on our investment. At December 31, 2024, tenants had purchase options on four properties with an aggregate net investment of $77.2 million that will become exercisable between 2027 and 2031. Rental income from these properties with tenant purchase options was $8.8 million, $7.2 million and $7.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. We cannot reasonably estimate at this time the probability that any purchase options will be exercised in the future. Consideration to be received from the exercise of any tenant purchase option is expected to exceed our net investment in the leased property or properties. Lease Costs As of December 31, 2024, we are a lessee under a ground lease related to an ALF located in Ohio. For the years ended December 31, 2024, 2023 and 2022, the expense associated with this operating lease was $0.1 million and is included within “General and administrative expense” on the Consolidated Statements of Income. Future minimum lease payments are approximately $0.1 million annually for 2025 through 2029 with cumulative payments of $2.1 million thereafter reflecting an aggregate of $1.2 million of imputed interest. At December 31, 2024, the discount rate for this lease approximated 4.7%. Supplemental balance sheet information related to the lease is as follows ($ in thousands):
Rent Concessions During 2022 we granted approximately $9.3 million in rent concessions to tenants whose operations were adversely affected by COVID-19. These concessions were accounted for as variable lease payments, reducing rental income. Bickford accounted for $4.0 million of the concessions. There were no rent concessions accounted for as variable lease payments granted for the years ended December 31, 2024 or 2023. Future Minimum Lease Payments Future minimum lease payments to be received by us under our operating leases, including cash basis tenants, at December 31, 2024 are as follows ($ in thousands):
Variable Lease Payments Most of our leases contain annual escalators in rent payments. Some of our leases contain escalators that are determined annually based on a variable index or other factors that are indeterminable at the inception of the lease. The table below indicates the rental income recognized as a result of fixed and variable lease escalators ($ in thousands):
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| Mortgage and Other Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage and Other Notes Receivable | Mortgage and Other Notes Receivable At December 31, 2024, our investments in mortgage notes receivable totaled $175.8 million secured by real estate and other assets of the borrowers (e.g., Uniform Commercial Code liens on personal property) related to 16 facilities, and our investments in other notes receivable totaled $113.4 million, substantially all of which were guaranteed by significant parties to the notes or by cross-collateralization of properties with the same owner. At December 31, 2023, our investments in mortgage notes receivable totaled $162.4 million and other notes receivable totaled $98.3 million. These balances exclude a credit loss reserve of $20.2 million and $15.5 million at December 31, 2024 and 2023, respectively. Non-performing Loans As of December 31, 2024 and 2023, we had three loans designated as non-performing including a mortgage note receivable of $10.0 million and a mezzanine loan of $14.5 million due from affiliates of SLM. As of December 31, 2023, we had designated a mortgage note receivable of $2.1 million, due from Bickford, as non-performing. In the fourth quarter of 2024, we received $0.7 million to settle this mortgage note receivable upon sale of the underlying property securing the loan. We executed a new unsecured loan with Bickford for the remaining balance of the mortgage loan of approximately $1.4 million, on which we maintain a full reserve. Interest income recognized, representing cash received, from these non-performing loans was $1.3 million, $1.8 million and $1.7 million, respectively, for the years ended December 31, 2024, 2023 and 2022. All other loans were on full accrual basis at December 31, 2024 and 2023. The credit loss reserve related to non-performing loans totaled $16.1 million and $11.9 million at December 31, 2024 and 2023, respectively. The credit loss reserve was increased $3.6 million during the third quarter of 2024 related to the $14.5 million mezzanine loan due from SLM based upon further deterioration in SLM’s liquidity. Reference Note 3 for further discussion. In February 2025, we received ownership of the property securing the $10.0 million mortgage note receivable in lieu of foreclosure. The fair value of the real estate assets was estimated at approximately $8.6 million, consistent with our net carrying value of the mortgage loan as of December 31, 2024. 2024 Mortgage and Other Notes Receivable Carriage Crossing Senior Living Bloomington In February 2024, we funded $15.0 million on a mortgage note receivable with Carriage Crossing Senior Living Bloomington (“Carriage Crossing”), with an additional $2.0 million available to be funded contingent upon the performance of facility operations until March 31, 2027. The five-year loan agreement provides for an annual interest rate of 8.75% and two one-year extensions with an option for the Company to purchase the facility after February 2026. Compass Senior Living, LLC In June 2024, we funded $9.5 million on a mortgage note receivable secured by two facilities with Compass Senior Living, LLC. The five-year loan agreement provides for an annual interest rate of 8.5% with an option for the Company to purchase one or both facilities after July 2026. The Sanders Trust, LLC In August 2024, we entered into an agreement to fund up to $27.7 million on a construction loan with TST Lake City IRF, LLC for the development of an in-patient rehabilitation facility to be located in Lake City, Florida. The four-year loan agreement provides for an annual interest rate of 9.0% and two one-year extensions. As of December 31, 2024, $7.4 million was outstanding on the loan. Capital Funding Group, Inc. Loan Extension In November 2024, we amended a mezzanine loan with Capital Funding Group, Inc. Pursuant to the terms of the related amended loan agreement, the loan balance increased from $25.0 million to $50.0 million. The loan bears interest at an annual rate of 10.0% and matures December 31, 2028. Montecito Medical Real Estate We have a $50.0 million mezzanine loan and security agreement with Montecito Medical Real Estate for a fund that invests in medical real estate, including medical office buildings, throughout the United States. In 2024, approximately $4.5 million of principal was repaid upon the sale by the fund of three of the underlying properties. As of December 31, 2024, $15.6 million was outstanding on the loan associated with six medical office buildings with a combined purchase price of approximately $64.7 million. In January 2025, we received an additional $6.2 million in principal repayment upon the sale of an additional property by the fund. Interest accrues at an annual rate ranging between 7.5% and 9.5% that is paid monthly in arrears. Deferred interest accrues at an additional annual rate ranging between 2.5% and 4.5% to be paid upon certain future events including repayments, sales of fund investments, and refinancings. The deferred interest will be recognized as interest income upon receipt. For the years ended December 31, 2024, 2023 and 2022, we received interest of $1.9 million, $1.8 million and $1.8 million, respectively. Funds drawn in accordance with this agreement are required to be repaid on a per-investment basis five years from deployment of the funds for the applicable investment, subject to two one-year extensions. 2023 Mortgage and Other Notes Receivable Capital Funding Group, Inc. Loan Extension In September 2023, we amended a mezzanine loan with Capital Funding Group, Inc. Pursuant to the terms of the related amended loan agreement, the loan increased from its balance of $8.1 million to $25.0 million. The interest rate on the loan was increased to 10% and the maturity was extended to December 31, 2028. Other Activity Bickford Construction and Mortgage Loans At December 31, 2024, we had one fully funded construction loan of $14.7 million outstanding to Bickford. The construction loan is secured by a first mortgage lien on substantially all of the related real and personal property as well as a pledge of any and all leases or agreements which may grant a right of use to the property. Usual and customary covenants extend to the agreement, including the borrower’s obligation for payment of insurance and taxes. NHI has a fair market value purchase option on the property upon stabilization of the underlying operations. As of December 31, 2023, we had designated a mortgage note receivable of $2.1 million, due from Bickford, as non-performing. In the fourth quarter of 2024, we received $0.7 million to settle this mortgage note receivable upon sale of the underlying property securing the loan. We executed a new unsecured loan with Bickford for the remaining balance of the mortgage loan of approximately $1.4 million, on which we maintain a full reserve. This note receivable bears interest at a 9% annual rate and matures in May 2033. At December 31, 2024, we held a $12.2 million second mortgage as a component of the purchase price consideration in connection with the sale of properties to Bickford. This second mortgage notes receivable bears interest at a 10% annual rate and matures in April 2026. Interest income was $1.3 million, $1.2 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to the second mortgage. We did not include this mortgage notes receivable in the determination of the gain recognized upon sale of the portfolio. Therefore, this mortgage notes receivable is not reflected in “Mortgage and other notes receivable, net” in the Consolidated Balance Sheets as of December 31, 2024 and 2023. During the years ended December 31, 2024 and 2023 Bickford repaid $0.4 million and $0.3 million, respectively, of principal on this mortgage notes receivable which is reflected in “Gains on sales of real estate” in the Consolidated Statements of Income. Senior Living We have provided a $20.0 million revolving line of credit to Senior Living whose borrowings under the revolver are to be used for working capital needs and to finance construction projects within its portfolio, including building additional units. Beginning January 1, 2025, availability under the revolver was reduced to $15.0 million. The revolver matures in December 2031 at the time of the Senior Living lease maturity. At December 31, 2024, the $11.3 million outstanding under the revolver bore interest at 8.0% per annum. The Company also has a mortgage loan of $32.7 million with Senior Living that originated in July 2019 for the acquisition of a 248-unit CCRC in Columbia, South Carolina. The mortgage loan matures in July 2025, which may be extended for one-year, and bears interest at an annual rate of 7.25%. Additionally, the loan conveys to NHI a purchase option at a stated minimum price of $38.3 million, subject to adjustment for market conditions. Credit Loss Reserve Our principal measures of credit quality, except for construction mortgages, are debt service coverage for amortizing loans and interest or fixed charge coverage for non-amortizing loans, collectively referred to as “Coverage.” A Coverage ratio provides a measure of the borrower’s ability to make scheduled principal and interest payments. The Coverage ratios presented in the table below have been calculated utilizing the most recent date for which data is available, September 30, 2024, using EBITDARM (earnings before interest, taxes, depreciation, amortization, rent and management fees) and the requisite debt service, interest service or fixed charges, as defined in the applicable loan agreement. We categorize Coverage into three levels: (i) more than 1.5x, (ii) between 1.0x and 1.5x, and (iii) less than 1.0x. We update the calculation of Coverage on a quarterly basis. Coverage is not a meaningful credit quality indicator for construction mortgages as either these developments are not generating any operating income, or they have insufficient operating income as occupancy levels necessary to stabilize the properties have not yet been achieved. We measure credit quality for these mortgages by considering the construction and stabilization timeline and the financial condition of the borrower as well as economic and market conditions. The tables below present outstanding note balances as of December 31, 2024 at amortized cost. We consider the guidance in ASC 310-20, Receivables - Nonrefundable Fees and Other Costs, when determining whether a modification, extension or renewal constitutes a current period origination. The credit quality indicator as of December 31, 2024, is presented below for the amortized cost, net by year of origination ($ in thousands):
Due to the continuing challenges in financial markets and the potential impact on the collectability of our mortgage and other notes receivable, we forecasted a 20% increase in the probability of a default and a 20% increase in the amount of loss from a default on all loans, other than those designated as non-performing, resulting in an effective adjustment of 40%. The methodology for estimating the reserves for non-performing loans incorporates the sufficiency of the underlying collateral and the current conditions and forecasts of future economic conditions of these loans, including qualitative factors, which may differ from conditions existing in the historical periods. The allowance for expected credit losses is presented in the following table for the year ended December 31, 2024 ($ in thousands):
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Senior Housing Operating Portfolio Structure |
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Dec. 31, 2024 | |
| Senior Housing Operating Portfolio Formation Activities [Abstract] | |
| Senior Housing Operating Portfolio Structure | Senior Housing Operating Portfolio Structure Our SHOP segment is comprised of two ventures that own the operations of 15 ILFs. These ventures are structured to comply with REIT requirements and utilize the TRS for activities that would otherwise be non-qualifying for REIT purposes. The properties in each venture are operated by a property manager in exchange for a management fee. The ventures were capitalized with preferred and common equity interests, with the Company owning 100% of the preferred equity and a controlling common equity interest in each venture. The managers, or related parties of the managers, own a non-controlling common equity interest in their respective ventures. Each venture is discussed in more detail below. Merrill Managed Portfolio We have six ILFs located in California and Washington in a consolidated venture with Merrill. Merrill initially contributed $10.6 million in cash for its 20% common equity interest in the venture. For the years ended December 31, 2024, and 2023, the members contributed an additional $5.5 million and $4.6 million, respectively, to fund additional capital expenditures, of which Merrill contributed approximately $1.1 million and $0.9 million in cash in accordance with its common equity interest percentage in the venture. The operating agreement for the venture provides for contingent distributions to the members based on the attainment of certain yields on investment calculated on an annual basis. The properties are managed by Merrill pursuant to a management agreement with an initial term through March 2032 that automatically renews on a year-to-year basis thereafter unless terminated by either party with notice. The management agreement entitles Merrill to a base management fee of 5% of net revenue and a real estate services fee of 5% of real estate costs incurred during any calendar year that exceed $1,000 times the number of units at each facility. The noncontrolling interest associated with the venture was determined to be contingently redeemable and is classified in mezzanine equity on the Consolidated Balance Sheets as of December 31, 2024 and 2023, as discussed further in Note 10. Discovery Managed Portfolio We have nine ILFs located in Arkansas, Georgia, Ohio, Oklahoma, New Jersey, and South Carolina in a consolidated venture with the Discovery member, which owns a 2% common equity interest in the venture. For the years ended December 31, 2024 and 2023, the members contributed an additional $3.5 million and $2.6 million, respectively, to fund additional capital expenditures, of which the Discovery member contributed approximately $0.1 million and $0.1 million, respectively, in cash in accordance with its common equity interest percentage in the venture. The operating agreement for the venture provides for contingent distributions to the members based on the attainment of certain yields on investment calculated on an annual basis. At inception, the noncontrolling interest associated with this venture was determined to be contingently redeemable and classified in mezzanine equity on the Consolidated Balance Sheet. Effective in the fourth quarter of 2022, the operating agreement was amended, resulting in the noncontrolling interest no longer being contingently redeemable. The noncontrolling interest associated with the venture is included in “Equity” on the Consolidated Balance Sheets as of December 31, 2024 and 2023. The properties are managed by separate related parties of Discovery pursuant to management agreements, each with an initial term through March 2032 that automatically renews on a year-to-year basis thereafter unless terminated by either party with notice. The management agreements entitle the managers to a base management fee of 5% of net revenue.
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Equity Method Investment |
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Dec. 31, 2024 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Equity Method Investment | Equity Method Investment Concurrently with the acquisition of a CCRC from LCS-Westminster Partnership III, LLP in January 2020, we invested $0.9 million in the operating company, Timber Ridge OpCo, LLC (“Timber Ridge OpCo”) representing a 25% equity interest. This investment is held by our TRS to be compliant with the provisions of the REIT Investment Diversification and Empowerment Act (“RIDEA”) of 2007. As part of our investment, we provided Timber Ridge OpCo a revolving credit facility of up to $5.0 million of which no funds have been drawn. We account for our investment in Timber Ridge OpCo under the equity method and decrease the carrying value of our investment for losses in the entity and distributions to NHI for cumulative amounts up to and including our basis plus any guaranteed or implied commitments to fund operations. In February 2023, we received $2.5 million from Timber Ridge OpCo, representing the Company’s proportionate share of the lease incentive earned, as discussed in Note 7, based on its equity interest in the entity. Our guaranteed and implied commitments are currently limited to the additional $5.0 million under the revolving credit facility and the $2.5 million lease incentive distribution received. As of December 31, 2024 and 2023, we have recognized our share of Timber Ridge OpCo’s operating losses in excess of our initial investment. These cumulative losses of $5.0 million in excess of our original basis and the $2.5 million lease incentive distribution received are included in “Accounts payable and accrued expenses” in our Consolidated Balance Sheets as of December 31, 2024 and 2023. Excess unrecognized equity method losses for this investment for both the years ended December 31, 2024 and 2023 were $2.7 million. Cumulative unrecognized losses for this investment were $12.2 million through December 31, 2024. We recognized gains of approximately $0.4 million, $0.6 million and $0.6 million representing cash distributions received related to our investment in Timber Ridge OpCo for the years ended December 31, 2024, 2023 and 2022 respectively. The Timber Ridge OpCo property is subject to early resident mortgages secured by a Deed of Trust and Indenture of Trust (the “Deed and Indenture”). As part of our acquisition, NHI-LCS JV I, LLC (“Timber Ridge PropCo”) acquired the Timber Ridge CCRC property and a subordination agreement was entered into pursuant to which the trustee acknowledged and confirmed that the security interests created under the Deed and Indenture were subordinate to any security interests granted in connection with the $81.0 million loan made by NHI to Timber Ridge PropCo, which is eliminated upon consolidation. In addition, under the terms of the resident loan assumption agreements, during the term of the lease (seven years with two five-year renewal options), Timber Ridge OpCo is to indemnify Timber Ridge PropCo for any repayment by Timber Ridge PropCo of these early resident mortgage liabilities under the guarantee. As a result of the subordination agreement and the resident loan assumption agreements, no liability has been recorded as of December 31, 2024. The balance secured by the Deed and Indenture was $10.3 million at December 31, 2024.
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets | Other Assets Other assets, net consist of the following ($ in thousands):
In February 2023, Timber Ridge PropCo, the consolidated senior housing partnership with LCS that owns the Timber Ridge CCRC, paid a $10.0 million lease incentive earned by Timber Ridge OpCo. The lease incentive is being amortized on a straight-line basis through the remaining initial lease term ending January 2027.
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| Debt | Debt Debt consisted of the following ($ in thousands):
Aggregate principal maturities of debt as of December 31, 2024 for each of the next five years and thereafter are included in the table below. These maturities do not include the impact of any debt incurred or repaid subsequent to December 31, 2024 ($ in thousands):
Unsecured revolving credit facility and bank term loan We have a $700.0 million unsecured revolving credit facility (the “Credit Facility”), which was amended and restated on October 24, 2024 to extend the maturity date from March 2026 to October 2028, which may be further extended by us pursuant to (i) one or both of the two six-month extension options or (ii) one twelve-month extension option. Borrowings under the Credit Facility bear interest, at our election, at one of the following (a) Term Secured Overnight Financing Rate (“SOFR”) (plus a credit spread adjustment) plus a margin ranging from 0.725% to 1.40%, (b) Daily SOFR (plus a credit spread adjustment) plus a margin ranging from 0.725% to 1.40% or (c) the base rate plus a margin ranging from 0.00% to 0.40%. In each election, the actual margin is determined according to our credit ratings. The base rate means, for any day, a fluctuating rate per annum equal to the highest of (x) the agent’s prime rate, (y) the federal funds rate on such day plus 0.50% or (z) the adjusted Term SOFR for a one-month tenor in effect on such day plus 1.0%. In addition, the Credit Facility requires a facility fee equal to 0.125% to 0.30%, based on our credit rating on the $700.0 million committed capacity, without regard to usage. We expensed approximately $0.2 million of unamortized loan costs and incurred approximately $3.6 million in costs related to the Credit Facility during the year ended December 31, 2024. At December 31, 2024, we had $368.8 million available to draw on the Credit Facility, subject to usual and customary covenants. Among other stipulations, the unsecured credit facility agreement requires that we maintain certain financial ratios within limits set by our creditors. At December 31, 2024, we were in compliance with these ratios. In 2023, we repaid $20.0 million of a term loan due in 2023 (the “2023 Term Loan”). In June 2023, we entered into a two-year $200.0 million term loan (the “2025 Term Loan”) bearing interest at a variable rate which is SOFR-based with a margin determined according to our credit ratings plus a 0.10% credit spread adjustment. The Company incurred approximately $2.7 million of deferred financing costs associated with this loan. The 2025 Term Loan proceeds were used to repay a portion of the remaining $220.0 million 2023 Term Loan balance, which was repaid in full in June 2023. Upon repayment, we expensed approximately $0.1 million of unamortized loan costs associated with this loan which are included in “Loss on early retirement of debt” in our Consolidated Statement of Income for the year ended December 31, 2023. Concurrently with the amendment and restatement of the Credit Facility, we amended the terms of the term loan agreement for the 2025 Term Loan to, among other things, modify the representations, covenants, financial covenants, and events of default to align with the same provisions in Credit Facility. In 2022, we repaid a $75.0 million term loan in advance of its contractual maturity date resulting in a $0.2 million charge reflected in “Loss on early retirement of debt” in our Consolidated Statement of Income for the year ended December 31, 2022. Pinnacle Bank is a participating member of our banking group. A member of NHI’s Board of Directors and chairperson of the Board of Directors, effective January 7, 2025, is also the chairperson of Pinnacle Financial Partners, Inc., the holding company for Pinnacle Bank. NHI’s local banking transactions are conducted primarily through Pinnacle Bank. 2031 Senior Notes In January 2021, we issued $400.0 million in aggregate principal amount of 3.00% senior notes that mature on February 1, 2031 and pay interest semi-annually (the “2031 Senior Notes”). The 2031 Senior Notes were sold at an issue price of 99.196% of face value before the underwriters’ discount. Our net proceeds from the 2031 Senior Notes offering, after deducting underwriting discounts and expenses, were approximately $392.3 million. The 2031 Senior Notes are subject to affirmative and negative covenants, including financial covenants with which we were in compliance at December 31, 2024. Private Placement Notes In September 2024, we repaid upon maturity the $75.0 million of the private placement notes primarily with proceeds from the Credit Facility. Our unsecured private placement notes outstanding as of December 31, 2024, payable interest-only, are summarized below ($ in thousands):
Covenants pertaining to the unsecured private placement notes are generally conformed with those governing our Credit Facility, except for specific debt-coverage ratios that are more restrictive. Our unsecured private placement notes include a rate increase provision that is effective if any rating agency lowers our credit rating on our senior unsecured debt below investment grade and our compliance leverage increases to 50% or more. Fannie Mae Term Loans As of December 31, 2024, we had $60.1 million in Fannie Mae term-debt mortgage financing, that originated in March 2015, requiring interest-only payments at an annual rate of 3.79% with a 10-year maturity. The mortgages are non-recourse and secured by 11 properties leased to Bickford. In a December 2017 acquisition, we assumed additional Fannie Mae debt that amortizes through 2025 when a balloon payment will be due, bears interest at a rate of 4.6%, and has a remaining balance of $15.7 million at December 31, 2024. Collectively, the Fannie Mae debt is secured by properties having a net book value of $98.2 million at December 31, 2024. Interest Expense The following table summarizes interest expense ($ in thousands):
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Commitments, Contingencies and Uncertainties |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
| Commitments, Contingencies and Uncertainties | Commitments, Contingencies and Uncertainties In the normal course of business, we enter into a variety of commitments, typically consisting of funding of revolving credit arrangements, construction and mezzanine loans to our operators to conduct expansions and acquisitions for their own account, and commitments for the funding of construction for expansion or renovation to our existing properties under lease. In our leasing operations, we offer to our tenants and to sellers of newly acquired properties a variety of inducements that originate contractually as contingencies but which may become commitments upon the satisfaction of the contingent event. Contingent payments earned are included in the respective lease bases when funded. As of December 31, 2024, we had working capital, mortgage, construction, revolving credit and mezzanine loan commitments to seven operators or borrowers for an aggregate of $138.2 million, of which we had funded $70.7 million toward these commitments. Loan funded amounts do not reflect the effects of discounts or commitment fees. See Note 4 for further details of our loan commitments. Loans funded do not include the effects of discounts or commitment fees. As of December 31, 2024, we had $37.1 million of development commitments for renovation of eight properties, of which we had funded $19.5 million toward these commitments. As of December 31, 2024, we had an aggregate of $16.9 million in remaining contingent lease inducement commitments in four lease agreements which are generally based on the performance of facility operations and may or may not be met by the tenant. The credit loss liability for unfunded loan commitments is estimated using the same methodology as used for our funded mortgage and other notes receivable based on the estimated amount that we expect to fund. We applied the same market adjustments as discussed in Note 4. The liability for expected credit losses on our unfunded loan commitments reflected in “Accounts payable and accrued expenses” on the Consolidated Balance Sheets as of December 31, 2024 and 2023 is presented in the following table for the year ended December 31, 2024 ($ in thousands):
Bickford Contingent Note Arrangement Related to the sale of six properties to Bickford in 2021 we reached an agreement with Bickford whereby Bickford would owe us up to $4.5 million under a contingent note arrangement. We have the one-time option to determine fair market value of the portfolio through April 30, 2026, at which time the amount owed under the contingent note arrangement, if any, will be determined as the lesser of (i) the difference between the fair market value of the portfolio and $52.1 million, which amount represents the purchase consideration for the portfolio of $52.9 million less $0.8 million in mortgage debt repayment fees previously paid by us associated with this portfolio, and (ii) $4.5 million. Any amount due on the contingent note arrangement will accrue interest at an annual rate of 10% and will be due in five years from the determination date. Litigation Our facilities are subject to claims and suits in the ordinary course of business. Such claims may include, among other things, professional liability and general liability claims, as well as regulatory proceedings related to our SHOP segment. Our managers, tenants and borrowers have indemnified, and are obligated to continue to indemnify, us against liabilities arising from their operation of the facilities, and are further obligated to indemnify us against environmental or title problems affecting the real estate underlying such facilities. While there may be lawsuits pending against us and certain of the owners and/or lessees of the facilities, management believes that the ultimate resolution of all such pending proceedings will have no material adverse effect on our financial condition, results of operations or cash flows. Welltower Inc. In 2021, Welltower completed the purchase of a senior housing portfolio from Holiday Retirement (“Holiday”), which included 17 facilities subject to a 2013 master lease between a Holiday subsidiary and NHI. NHI received no rent due under such master lease after the Welltower closing. As a result, NHI and certain of its subsidiaries filed suit against Welltower and certain of its affiliates or subsidiaries for, among other things, failure to pay rent and failure to comply with other obligations. Pursuant to a memorandum of understanding dated March 4, 2022, NHI applied the remaining approximately $8.8 million lease deposit to past due rents in the first quarter of 2022, and Welltower transferred approximately $6.9 million to an escrow account to be released to NHI upon satisfactory transition of facility operations and mutual dismissal of the lawsuit. Effective April 1, 2022, the escrow conditions were satisfied, the escrowed funds were released, and NHI recognized $6.9 million as rental income during the year ended December 31, 2022. NHI recognized approximately $0.7 million as a “Loss on operations transfer, net” on the Consolidated Statements of Income for the year ended December 31, 2022, which represents the amount of net working capital deficit assumed by NHI in connection with the transfer of operations.
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Redeemable Noncontrolling Interest |
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| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest The interest held by Merrill in its SHOP venture was classified as a “Redeemable noncontrolling interest” in the mezzanine section between Total liabilities and Stockholders’ equity on our Consolidated Balance Sheets as of December 31, 2024 and 2023. Certain provisions within the operating agreement of the Merrill venture provide Merrill with put rights upon certain contingent events that are not solely within the control of the Company. Therefore, Merrill’s noncontrolling interest was determined to be contingently redeemable. The redeemable noncontrolling interest is not currently redeemable and we concluded a contingent redemption event is not probable to occur as of December 31, 2024. Consequently, the noncontrolling interest will not be subsequently remeasured to its redemption amount until such contingent event and the related redemption are probable to occur. We will continue to reflect the attribution of gains or losses to the redeemable noncontrolling interest each period. The following table presents the change in “Redeemable noncontrolling interest” for the years ended December 31, 2024 and 2023 ($ in thousands):
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Equity and Dividends |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity and Dividends | Equity and Dividends Share Repurchase Plan On February 16, 2024, our Board of Directors renewed our stock repurchase plan (the “Repurchase Plan”) pursuant to which we may repurchase up to $160.0 million in shares of our issued and outstanding common stock, par value $0.01 per share. The Repurchase plan, which was effective for a period of one year, expired in February 2025. Under the Repurchase Plan shares could be repurchased from time-to-time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with the terms of Rule 10b-18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act”). No common stock was repurchased under the Repurchase Plan during the years ended December 31, 2024 and 2023. During the year ended December 31, 2022, we repurchased through the open market transactions approximately 2.5 million shares of common stock for an average price of $61.56 per share, excluding commissions. All shares received were constructively retired upon receipt, and the excess of the purchase price over the par value per share was recorded to “Retained earnings” in the Consolidated Balance Sheet. Forward Sale Agreements In August 2024, we entered into forward equity sale agreements with financial institutions to sell up to an aggregate of approximately 2.8 million shares of common stock, at an initial forward sale price of $68.40 per share, pursuant to which the financial institutions borrowed and sold these shares of common stock in a public offering. We did not receive any proceeds from the sale of shares of our common stock by the forward purchasers at the time of the offering. In the fourth quarter of 2024, we partially settled the forward equity sale agreements by issuing approximately 1.8 million shares of common stock for net proceeds of approximately $122.4 million. As of December 31, 2024, the remaining 1.0 million shares of common stock were available for settlement for proceeds of approximately $64.9 million at a forward price of $67.65. ATM Equity Program We maintain an ATM equity program which allows us to sell our common stock directly into the market and have entered into an ATM equity offering sales agreement pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $500.0 million of the Company’s common stock. The ATM equity program has a forward sale provision which allows us to sell shares of common stock to forward purchasers at a predetermined price at a future date (the “ATM forward sale agreements”). On November 22, 2024, we entered into an ATM forward sale agreement with a financial institution to sell shares of common stock over a forward selling period to be completed by the end of the year. We sold approximately 1.0 million shares on a forward basis at a weighted average price of $74.99 per share net of sales agent fees, or $74.2 million. We did not initially receive any proceeds from the sale of shares on a forward basis. On December 19, 2024, we closed the forward selling period and completed the hedge with the financial institution at an initial forward price of $75.17 per share. Prior to this date, we did not qualify for equity treatment in accordance with ASC 815-40. Accordingly, we have recognized a gain of approximately $6.3 million for the year ended December 31, 2024 representing the net asset of the forward at the conclusion of the forward selling period. Upon hedge completion, the forward qualified for equity treatment and we reclassified the asset into “Capital in excess of par value” on the Consolidated Balance Sheet. The gain is reflected in “Gain on forward equity sale agreement, net” on the Consolidated Statements of Income. On December 26, 2024, we physically settled in part the forward by issuing approximately 0.3 million shares of common stock and received net proceeds of approximately $20.0 million, or $75.22 per share. As of December 31, 2024, the remaining approximately 0.7 million shares of common stock were available for settlement for proceeds of approximately $53.8 million at a forward price of $74.36. No shares were sold under the ATM equity program during the year ended December 31, 2023. Dividends The following table summarizes dividends declared by the Board of Directors or paid during the years ended December 31, 2024 and 2023:
On February 14, 2025, the Board of Directors declared a $0.90 per share dividend to common stockholders of record on March 31, 2025, payable May 2, 2025.
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Share-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Share-Based Compensation We recognize share-based compensation for all stock options granted over the requisite service period using the fair value of these grants as estimated at the date of grant using the Black-Scholes pricing model over the requisite service period using the market value of our publicly traded common stock on the date of grant. Restricted stock awards are issued with a grant date fair value based on the market value of our common stock on the date of grant. The restricted stock awards vest over five years, with 20% vesting on each anniversary of the date of grant. The restricted stock awards contain non-forfeitable rights to dividends or dividend equivalents during the vesting periods. Share-Based Compensation Plans The Compensation Committee of the Board of Directors (the “Committee”) has the authority to select the participants to be granted options; to designate whether the option granted is an incentive stock option (“ISO”), a non-qualified option, or a stock appreciation right; to establish the number of shares of common stock that may be issued upon exercise of the option; to establish the vesting provision for any award; and to establish the term any award may be outstanding. The exercise price of any ISOs granted will not be less than 100% of the fair market value of the shares of common stock on the date granted and the term of an ISO may not be more than ten years. The exercise price of any non-qualified options granted will not be less than 100% of the fair market value of the shares of common stock on the date granted unless so determined by the Committee. The Company’s outstanding stock incentive awards have been granted under two incentive plans – the 2012 Stock Incentive Plan and the 2019 Stock Incentive Plan, as amended and restated (the “2019 Plan”). The number of shares of common stock authorized for issuance under the 2019 Plan is 6,000,000 and the Company may award shares of restricted stock and restricted stock units subject to such conditions and restrictions as the Company may determine. The individual awards may vest over periods up to five years. The term of the awards under the 2019 Plan is up to ten years from the date of grant. As of December 31, 2024, shares available for future grants totaled 3,713,168 under the 2019 Plan. In February 2024, 15,000 shares of restricted stock were issued to executive officers with a grant date fair value of $57.76 per share based on the market value of our common stock on the date of grant. In May 2023, 21,000 shares of restricted stock were issued to executive officers with a grant date fair value of $49.30 per share based on the market value of our common stock on the date of grant. The restricted stock awards vests over five years, with 20% vesting on each anniversary of the date of grant. The restricted stock awards contain non-forfeitable rights to dividends or dividend equivalents during the vesting periods. During the second quarter of 2024, 3,970 net shares of restricted stock vested. As of December 31, 2024, there were 31,800 non-vested shares of restricted stock outstanding. Compensation expense is recognized only for the awards that ultimately vest. Accordingly, forfeitures that were not expected may result in the reversal of previously recorded compensation expense. The following is a summary of share-based compensation expense, net of any forfeitures, included in “General and administrative expenses” in the Consolidated Statements of Income ($ in thousands):
Determining Fair Value of Option Awards The fair value of each option award was estimated on the grant date using the Black-Scholes option valuation model with the weighted average assumptions indicated in the following table. Each grant is valued as a single award with an expected term based upon expected employee and termination behavior. Compensation expense is recognized on the graded vesting method over the requisite service period for each separately vesting tranche of the award as though the award were, in substance, multiple awards. The expected volatility is derived using daily historical data for periods preceding the date of grant. The risk-free interest rate is the approximate yield on the United States Treasury Strips having a life equal to the expected option life on the date of grant. The expected life is an estimate of the number of years an option will be held before it is exercised. Stock Options The weighted average fair value of options granted was $7.36, $10.56 and $11.92 for the years ended December 31, 2024, 2023 and 2022, respectively. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
Stock Option Activity The following tables summarize our outstanding stock options:
The following table summarizes our outstanding non-vested stock options:
As of December 31, 2024, unrecognized compensation expense totaling $1.7 million associated with stock-based awards was expected to be recognized over the following periods: 2025 - $1.2 million, 2026 - $0.3 million, 2027 - $0.1 million, and 2028 - $0.1 million.. Share-based compensation expense is included in “General and administrative expense” in the Consolidated Statements of Income. At December 31, 2024, the aggregate intrinsic value of stock options outstanding and exercisable was $8.1 million and $3.8 million, respectfully. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $11.8 million or $77.92 per share; less than $0.01 million or $1.23 per share, and $0.1 million or $6.13 per share, respectively.
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Earnings Per Common Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share | Earnings Per Common Share Our unvested restricted stock awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. Therefore, the Company applies the two-class method to calculate basic and diluted earnings. Under the two-class method, we allocate net income attributable to stockholders to common stockholders and holders of unvested restricted stock by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods, based on their respective participation rights to dividends declared and undistributed earnings. Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted number of shares of common stock outstanding during the period. Diluted earnings per common share reflects the effect of dilutive securities. The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ($ in thousands, except share and per share amounts):
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Fair Value of Financial Instruments |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | Fair Value of Financial Instruments Carrying amounts and fair values of financial instruments that are not carried at fair value at December 31, 2024 and December 31, 2023 in the Consolidated Balance Sheets are as follows ($ in thousands):
Fixed rate debt. Fixed rate debt is classified as Level 2 and its fair value is based on quoted prices for similar instruments or calculated utilizing model derived valuations in which significant inputs are observable in active markets. Variable rate debt. Variable rate debt is classified as Level 2 and the fair values of our borrowings under our revolving credit facility and other variable rate debt are reasonably estimated at their notional amounts due to the predominance of floating interest rates, which generally reflect market conditions. Mortgage and other notes receivable. The fair value of mortgage and other notes receivable is based on credit risk and discount rates that are not observable in the marketplace and therefore represents a Level 3 measurement. Carrying amounts of cash and cash equivalents and restricted cash, accounts receivable and accounts payable approximate fair value due to their short-term nature and are classified as Level 1.
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Income Taxes |
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| Income Taxes | Income Taxes Beginning with our inception in 1991, we have elected to be taxed as a REIT under the Internal Revenue Code. We have recorded state income tax expense of $0.1 million related to a Texas franchise tax that has attributes of an income tax for each of the years ended years ended December 31, 2024, 2023, and 2022. Some of our leases require taxes to be reimbursed by our tenants. State income taxes are combined in “Franchise, excise and other taxes” in our Consolidated Statements of Income. We have a deferred tax asset, which is fully reserved through a valuation allowance, of $0.9 million and $2.2 million as of December 31, 2024 and 2023, respectively. The deferred tax asset is primarily a result of net operating losses from our participation in the operations of a joint venture during the years 2012 through 2016 and by entities that are structured as TRSs under provisions of the Internal Revenue Code. See Notes 5 and 6 for a discussion of SHOP ventures and Timber Ridge OpCo. The Company made state income tax payments of $0.2 million for each of the years ended December 31, 2024, 2023, and 2022. Distributions to common stockholders for the last three years are characterized for tax purposes as follows on a per share basis (unaudited):
1Pursuant to Section 857(b)(9) of the Internal Revenue Code, the $0.90 per share cash distribution paid on January 29, 2025 with a record date of December 31, 2024 (the “January 2025 Cash Distribution”) is treated as received by stockholders on December 31, 2024 to the extent of 2024 earnings and profits. As the Company’s aggregate 2024 cash distributions exceeded 2024 earnings and profits, only a portion of the January 2025 Cash Distribution has been included as a distribution for 2024 tax reporting. The remainder of the January 2025 Cash Distribution will be treated as a 2025 distribution for federal income tax purposes.
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Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Segment Reporting We evaluate our business and make resource allocations on our two operating segments: Real Estate Investments and SHOP. Our Real Estate Investments segment includes leases, mortgages and other note investments in ILFs, ALFs, EFCs, SLCs, SNFs and HOSPs. Under the Real Estate Investments segment, we invest in senior housing and healthcare real estate through acquisition and financing of primarily single-tenant properties. Properties acquired are leased primarily under triple-net leases, and we are not involved in the management of the properties. The SHOP segment includes multi-tenant ILFs. The SHOP properties and related operations are controlled by the Company and are operated by property managers in exchange for a management fee. See Note 5 for further discussion. Effective April 1, 2022, the operations and properties of 15 ILFs were transferred from a triple-net lease to two separate ventures, as discussed further in Notes 5 and 10. The results associated with the prior triple-net lease structure for these properties are included in the Real Estate Investments segment and the results from operating these SHOP properties after the transition are included in our SHOP segment. Our President and Chief Executive Officer serves as our CODM. Our CODM reviews financial and performance information quarterly based upon segment net operating income (“NOI”). We define NOI as total revenues, less tenant reimbursements and property operating expenses. Our CODM evaluates NOI to make decisions about resource allocations and to assess the property level performance of our properties. For both segments, the CODM considers revenue and operating expenses on a comparative basis (i.e., sequential or year over year) and budget to actual variances on a quarterly basis when making decisions about allocating resources to the segments. In addition, for the SHOP segment, the CODM reviews key performance indicators, including revenues and operating expenses per occupied unit or available unit and resident revenues and related functional expenses. There were no intersegment transactions for years ended December 31, 2024, 2023 and 2022. Capital expenditures for the years ended December 31, 2024, 2023 and 2022, were approximately $169.2 million, $56.9 million and $30.8 million for the Real Estate Investments segment, respectively, and $11.0 million, $9.3 million and $3.3 million for the SHOP segment, respectively. Non-segment revenue consists mainly of other income. Non-segment assets consist of corporate assets including cash and cash equivalents, and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2. The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. Prior period segment disclosures have been recast to conform to the current period presentation. Summary information for the reportable segments during the years ended December 31, 2024, 2023 and 2022 are as follows ($ in thousands):
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Variable Interest Entities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | Variable Interest Entities Consolidated Variable Interest Entities SHOP - The assets of the SHOP ventures primarily consist of real estate properties, cash and cash equivalents, and resident fees and services (accounts receivable). The obligations of the ventures primarily consist of operating expenses of the ILFs (accounts payable and accrued expenses) and capital expenditures for the properties. Aggregate assets of the consolidated SHOP ventures that can be used only to settle obligations of each respective SHOP venture primarily include approximately $261.6 million and $260.7 million of real estate properties, net, $6.5 million and $7.7 million of cash and cash equivalents, $1.5 million and $0.9 million of other assets, and $0.8 million and $0.8 million of accounts receivable, net as of December 31, 2024 and 2023, respectively. Liabilities of the consolidated SHOP ventures for which creditors do not have recourse to the general credit of the Company are $5.7 million and $4.7 million as of December 31, 2024 and 2023, respectively. Reference Notes 5 and 10 for further discussion of these ventures. Real Estate Partnerships - The aggregate assets of the two consolidated real estate partnerships that can be used only to settle obligations of each respective partnership for the years ended December 31, 2024 and 2023 include approximately $244.3 million and $252.5 million of real estate properties, net, $10.0 million and $9.7 million in straight-line rents receivable, $3.2 million and $3.2 million of cash and cash equivalents and $5.3 million and $7.8 million of other assets, net, respectively. Liabilities of these partnerships for which creditors do not have recourse to the general credit of the Company are not material. Unconsolidated Variable Interest Entities The Company’s unconsolidated VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of exposure to these VIEs, see the notes to our consolidated financial statements cross-referenced below ($ in thousands).
1 Note, straight-line rents receivable, and lease receivables 2 Loan commitment, equity method investment, straight-line rents receivable and unamortized lease incentive 3 Straight-line rents receivable, and unamortized lease incentive 4 Represents two mezzanine loans originated from the sales of real estate We are not obligated to provide support beyond our stated commitments to these tenants and borrowers whom we classify as VIEs, and accordingly, our maximum exposure to loss as a result of these relationships is limited to the amount of our commitments, as shown above and discussed in the notes. Economic loss on a lease, in excess of what is presented in the table above, if any, would be limited to that resulting from any period of non-payment of rent before we are able to take effective remedial action, as well as costs incurred in transitioning the lease to a new tenant. The potential extent of such loss would be dependent upon individual facts and circumstances, and is therefore not included in the table above. In the future, NHI may be deemed the primary beneficiary of the operations if the tenants or borrowers do not have adequate liquidity to accept the risks and rewards as the tenants and operators of the properties and NHI may be required to consolidate the financial position and results of operations of the tenants or borrowers into our consolidated financial statements.
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Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation |
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| Schedule III - Real Estate and Accumulated Depreciation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule III - Real Estate and Accumulated Depreciation |
NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (A) See Note 8 to the consolidated financial statements included in this Annual Report. (B) Depreciation is calculated using estimated useful lives up to 40 years for all completed facilities. (C) Subsequent to NHC’s transfer of the original real estate properties in 1991, we purchased from NHC $33.9 million of additions to those properties. As the additions were purchased from NHC rather than developed by us, the $33.9 million has been included as Initial Cost to Company. (D) Includes construction in progress. (E) At December 31, 2024, the tax basis of the Company’s net real estate assets was $2.2 billion.
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Schedule IV - Mortgage Loans on Real Estate Schedule IV - Mortgage Loans on Real Estate |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Schedule IV - Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate |
At December 31, 2024, the tax basis of our mortgage loans on real estate was $188.7 million. Balloon payments on our interest only mortgage receivables are equivalent to the carrying amounts listed above except for unamortized commitment fees of $651.2 thousand. See the notes to our consolidated financial statements included in the Annual Report for more information on our mortgage loan receivables.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 137,985 | $ 135,654 | $ 66,403 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Risk Management and Strategy The Board of Directors recognizes the importance of maintaining the trust and confidence of our tenants/borrowers/operators and employees to safeguard sensitive information and the integrity of our information systems. We have systems in place to assess, identify and manage cybersecurity incidents and we invest in technology and third-party support to identify, mitigate, and quickly respond to cybersecurity incidents. We have maintained a strong focus on consistently reviewing our cybersecurity practices. We also conduct periodic information security and awareness training to ensure that employees are aware of information security risks and to enable them to take steps to mitigate those risks. As part of this program, we also take steps designed to provide appropriate guidance regarding security to our executive management and employees, including any employee who may come into possession of confidential financial information. We have engaged the services of various third-party service providers to, among other things, review and evaluate our processes and procedures designed to control access to our information systems, perform penetration testing on our cybersecurity systems on a biannual basis, and provide regular information technology reviews based upon the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework. In addition, we contracted with a third-party managed detection and response security company (“MDR”) in the fourth quarter of 2023 to commence testing for cyber vulnerabilities on a continual basis. In order to identify and mitigate cybersecurity threats related to our use of material third-party vendors, we conduct periodic reviews of internal controls of certain third-party service providers to assess their procedures to mitigate material security risks.
|
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Board of Directors recognizes the importance of maintaining the trust and confidence of our tenants/borrowers/operators and employees to safeguard sensitive information and the integrity of our information systems. We have systems in place to assess, identify and manage cybersecurity incidents and we invest in technology and third-party support to identify, mitigate, and quickly respond to cybersecurity incidents. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Board & Management Responsibilities We have formed an Information Technology Steering Committee comprised of employees from multiple departments within the Company including the Chief Executive Officer (“CEO”); the Chief Financial Officer; the Chief Accounting Officer; the Vice President, Controller; the Vice President, Investor Relations & Finance; and the Vice President of Human Resources and Compliance & Information Security Officer (“ISO”) to more effectively prevent, detect and respond to information security threats. The ISO has served in various roles in corporate compliance for over 20 years and reports directly to the Company’s CEO. To enhance our cybersecurity capabilities, we actively collaborate with third-party vendors. Notably, we engage a Managed Service Provider (“MSP”) and an MDR provider who specializes in cybersecurity issues. Our MSP plays a critical role in supporting our IT infrastructure, offering expertise and resources that complement our in-house capabilities. The MDR provides advanced cybersecurity solutions, including continuous monitoring and threat detection services, which are integral to our cybersecurity program. The ISO is responsible for overseeing a company-wide information security strategy, including policy, standards, architecture, and processes, and managing many of the security services that run on personal computers and servers. The Audit Committee meets with the ISO at least annually to review and discuss the Company’s cyber risks and threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s security program and the emerging threat landscape. In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response. The Company periodically conducts cybersecurity “tabletop” exercises administered by an independent third-party in which members of a cross-functional team and relevant third-party vendors engage in simulated cybersecurity incident scenarios. These exercises are intended to provide hand-on training for the participants and assists the Company with assessing its processes and capabilities in addressing cybersecurity threats. As of December 31, 2024, we have not experienced any material risks from cybersecurity threats, including as a result of any previous cybersecurity incidents or threats, that have materially affected the business strategy, results of operations or financial condition of the Company or are reasonably likely to have such a material effect. We also maintain cyber liability insurance to help mitigate potential liabilities resulting from cyber issues. However, there can be no assurance that our cyber risk insurance coverage will be sufficient to cover incurred losses in the event of a cyber-attack.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The ISO is responsible for overseeing a company-wide information security strategy, including policy, standards, architecture, and processes, and managing many of the security services that run on personal computers and servers. The Audit Committee meets with the ISO at least annually to review and discuss the Company’s cyber risks and threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s security program and the emerging threat landscape. In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response.
|
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee meets with the ISO at least annually to review and discuss the Company’s cyber risks and threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s security program and the emerging threat landscape. In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response.
|
| Cybersecurity Risk Role of Management [Text Block] | We have formed an Information Technology Steering Committee comprised of employees from multiple departments within the Company including the Chief Executive Officer (“CEO”); the Chief Financial Officer; the Chief Accounting Officer; the Vice President, Controller; the Vice President, Investor Relations & Finance; and the Vice President of Human Resources and Compliance & Information Security Officer (“ISO”) to more effectively prevent, detect and respond to information security threats. The ISO has served in various roles in corporate compliance for over 20 years and reports directly to the Company’s CEO. To enhance our cybersecurity capabilities, we actively collaborate with third-party vendors. Notably, we engage a Managed Service Provider (“MSP”) and an MDR provider who specializes in cybersecurity issues. Our MSP plays a critical role in supporting our IT infrastructure, offering expertise and resources that complement our in-house capabilities. The MDR provides advanced cybersecurity solutions, including continuous monitoring and threat detection services, which are integral to our cybersecurity program.
|
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Audit Committee meets with the ISO at least annually to review and discuss the Company’s cyber risks and threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s security program and the emerging threat landscape. In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response.
|
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The ISO has served in various roles in corporate compliance for over 20 years and reports directly to the Company’s CEO. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response.
|
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Basis of Presentation and Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Principles of Consolidation | Principles of Consolidation - The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries, joint ventures and subsidiaries in which we have a controlling interest. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if the Company is deemed to be the primary beneficiary of such entities. All material intercompany transactions and balances are eliminated in consolidation.
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| Variable Interest Entity | A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We evaluate our arrangements with VIEs to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. In accordance with Financial Accounting Standards Board (“FASB”) guidance, management must evaluate each of the Company’s contractual relationships which creates a variable interest in other entities. If the Company has a variable interest and the entity is a VIE, then management must determine whether the Company is the primary beneficiary of the VIE. If it is determined that the Company is the primary beneficiary, NHI would consolidate the VIE. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. If the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidation. These provisions provide for consolidation of majority-owned entities where a majority voting interest held by the Company demonstrates control of such entities in the absence of any legal constraints. Our consolidated total assets and liabilities include two consolidated ventures comprising our SHOP activities, each formed with a separate partner - Merrill Gardens, L.L.C. (“Merrill”) and DSHI NHI Holiday LLC (the “Discovery member”), a related party of Discovery Senior Living (“Discovery”). We consider both ventures to be VIEs as the members of each, as a group, lack the characteristics of a controlling financial interest. We are deemed to be the primary beneficiary of each VIE because we have the ability to control the activities that most significantly impact each VIE’s economic performance and the obligation to absorb losses or the right to receive benefits. Reference Notes 5 and 17 for further discussion of our SHOP ventures. We also consolidate two real estate partnerships formed with our partners, Discovery Senior Housing Investor XXIV, LLC, a related party of Discovery, and LCS Timber Ridge LLC (“LCS”), to invest in senior housing facilities. We consider both partnerships to be VIEs as either the members, as a group, lack the characteristics of a controlling financial interest or the total equity at risk is insufficient to finance activities without additional subordinated financial support. NHI directs the activities that most significantly impact economic performance of these partnerships and the obligation to absorb losses or the right to receive benefits, subject to limited protective rights extended to our partners for specified business decisions. Because of our control of these partnerships, we include their assets, liabilities, noncontrolling interests and operations in our consolidated financial statements. Reference Note 17 for further discussion of these consolidated real estate partnerships. We use the equity method of accounting when we own an interest in an entity over which we can exert significant influence but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. Reference Note 6 for further discussion of our equity method investment. We have concluded that the Company is not the primary beneficiary for certain investments where we lack either directly or through related parties the power to direct the activities that most significantly impact their economic performance. See Note 17 for information on unconsolidated VIEs.
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| Noncontrolling Interests | Noncontrolling Interests - Contingently redeemable noncontrolling interests are recorded at their initial carrying amounts upon issuance and are subsequently adjusted to reflect their share of gains or losses, contributions, and distributions attributable to the noncontrolling interests. In periods where they are or will become probable of redemption, an adjustment to the redemption value of the noncontrolling interests is also recognized through “Capital in excess of par value” on the Company’s Consolidated Balance Sheets and included in our computation of earnings per share. As of December 31, 2024 and 2023, the Merrill SHOP venture noncontrolling interest was classified in the Consolidated Balance Sheets as mezzanine equity, as discussed further in Note 10.
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| Use of Estimates | Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant assumptions and estimates include purchase price allocations to record investments in real estate, impairment of real estate, and allowance for credit losses. Actual results could differ from those estimates.
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| Forward Equity Sales | Forward Equity Sales - The Company has and may continue to enter into forward sale agreements relating to shares of its common stock, either through its at-the-market (“ATM”) equity program or through underwritten public offerings. These agreements may be physically settled in stock, settled in cash or net share settled at the Company’s election. The forward sale price that we will receive upon physical settlement of the forward sale agreements will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, and (ii) scheduled dividends during the term of the forward sale agreement. To the extent our forward sales agreements do not meet all the criteria to qualify for equity treatment under ASC 815-40, we recognize the change in the fair value of the derivative in our earnings. The Company evaluated its forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity as of December 31, 2024. Shares issuable under a forward equity sales agreement are reflected in the diluted earnings per share calculations for the applicable periods using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward equity sales agreement over the number of common shares that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the average forward price during the reporting period). Reference Note 11 for more discussion.
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| Earnings Per Share | Earnings Per Share - Our unvested restricted stock awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. Therefore, the Company applies the two-class method to calculate basic and diluted earnings. Under the two-class method, we allocate net income attributable to stockholders to common stockholders and holders of unvested restricted stock by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods, based on their respective participation rights to dividends declared and undistributed earnings. Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share reflects the effect of dilutive securities.
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| Fair Value Measurements | Fair Value Measurements - Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy is required to prioritize the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. If the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. When an event or circumstance alters our assessment of the observability and thus the appropriate classification of an input to a fair value measurement which we deem to be significant to the fair value measurement as a whole, we will transfer that fair value measurement to the appropriate level within the fair value hierarchy.
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| Real Property Owned | Real Property Owned - Real estate properties are recorded at cost or, if acquired through business combination, at fair value, including the fair value of contingent consideration, if any. Cost or fair value at the time of acquisition is allocated among land, buildings, improvements, personal property and lease and other intangibles. For properties acquired in transactions accounted for as asset purchases, the purchase price, which includes transaction costs, is allocated based on the relative fair values of the assets acquired. Cost includes the amount of contingent consideration, if any, deemed to be probable at the acquisition date. Contingent consideration is deemed to be probable to the extent that a significant reversal in amounts recognized is not likely to occur when the uncertainty associated with the contingent consideration is subsequently resolved. Cost also includes capitalized interest during construction periods. We use the straight-line method of depreciation for buildings over their estimated useful lives ranging from 30 to 40 years, and improvements, including any equipment related to the SHOP segment, over their estimated useful lives ranging from 5 to 25 years. For contingent consideration arising from business combinations, the liability is adjusted to estimated fair value at each reporting date through earnings. Expenditures for repairs and maintenance are expensed as incurred.
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| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - We evaluate the recoverability of the carrying amount of our long-lived assets when events or circumstances, including significant physical changes, significant adverse changes in general economic conditions or significant deterioration of the underlying cash flows of the long-lived assets, indicate that the carrying amount of the long-lived asset may not be recoverable. The need to recognize an impairment charge is based on estimated undiscounted future cash flows compared to the carrying amount. If recognition of an impairment charge is necessary, it is measured as the amount by which the carrying amount of the property exceeds the estimated fair value of the long-lived asset.
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| Leases | Leases - All of our leases within the Real Estate Investment segment are classified as operating leases and generally have an initial leasehold term of 10 to 15 years followed by one or more five-year tenant renewal options. The leases are primarily “triple-net leases” under which the tenant is responsible for the payment of all taxes, utilities, insurance premiums, repairs and other charges relating to the operation of the properties, including required levels of capital expenditures each year. The tenant is obligated at its expense to keep all improvements, fixtures and other components of the properties covered by “all risk” insurance in an amount equal to at least the full replacement cost thereof, and to maintain specified minimal personal injury and property damage insurance. The leases also require the tenant to indemnify and hold us harmless from all claims resulting from the use, occupancy and related activities of each property by the tenant, and to indemnify us against all costs related to any release, discovery, clean-up and removal of hazardous substances or materials, or other environmental responsibility with respect to each facility. While we do not incorporate residual value guarantees, the lease provisions and considerations discussed above impact our expectation of realizable value from our properties upon the expiration of their lease terms. The residual value of our real estate under lease is still subject to various market, asset, and tenant-specific risks and characteristics. As the classification of our leases is dependent on the fair value of estimated cash flows at lease commencement, management’s projected residual values represent significant assumptions in our accounting for operating leases. Similarly, the exercise of renewal options is also subject to these same risks, making a tenant’s lease term another significant variable in a lease’s cash flows. Initial direct costs that are incremental to entering into a lease are capitalized in accordance with the provisions of ASC Topic 842. FASB Lease Modifications Related to Effects of the COVID-19 Pandemic - In accordance with the FASB’s question-and-answer document issued in April 2020, we elected to account for qualified rent concessions provided as a result of the coronavirus pandemic (“COVID-19”) as variable lease payments, recorded as rental income when received and not as lease modifications under ASC Topic 842. This guidance was applicable to certain rent concessions granted in 2022.
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| Financial Instruments - Credit Losses | Financial Instruments - Credit Losses - We estimate and record an allowance for credit losses upon origination of a loan, based on expected credit losses over the term of the loan and update this estimate each reporting period. We calculate the estimated credit losses on mortgages by pooling these loans into two groups – investments in existing or new mortgages and construction mortgages. Mezzanine loans, revolving lines of credit and loans designated as non-performing are evaluated at the individual loan level. We estimate the allowance for credit losses by utilizing a loss model that relies on future expected credit losses, rather than incurred losses. This loss model incorporates our historical experience, adjusted for current conditions and our forecasts, using the probability of default and loss given default method. Incorporated into the construction mortgage loss model is an estimate of the probability that NHI will acquire the property. Using the resulting estimate, a portion of the outstanding construction mortgage balance which we currently expect will be reduced by our acquisition of the underlying property when construction is complete, is deducted from the construction mortgage balance included in the expected loss calculation. Mezzanine loans, revolving lines of credit and loans designated as non-performing are also based on the loss model to recognize expected future credit losses and are applied to each individual loan using borrower specific information. We also perform a qualitative assessment beyond model estimates and apply adjustments as necessary. The credit loss estimate is based on the net amortized cost balance of our mortgage and other notes receivables as of the balance sheet date. Calculation of the allowance for credit losses involves significant judgment. It is possible that actual credit losses will differ materially from our current estimates. Write-offs are deducted from the allowance for credit losses when we judge the principal to be uncollectible.
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| Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash - Cash equivalents consist of all highly liquid investments with original maturities of three months or less. Restricted cash includes amounts required to be held on deposit or subject to an agreement (e.g. with a qualified intermediary subject to an exchange agreement pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or in accordance with agency agreements governing our mortgages).
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| Assets Held for Sale | Assets Held for Sale - We consider properties to be assets held for sale when (1) management commits to a plan to sell the property, (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we anticipate the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated transaction costs. Depreciation and amortization of the property are discontinued. If a property subsequently no longer meets the criteria to be classified as held for sale, it is reclassified as held and used and measured at the lower of i) its original carrying amount before the asset was classified as held for sale, adjusted for any depreciation expense not recognized while it was classified as held for sale, and ii) its fair value.
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| Concentration of Credit Risks | Concentration of Credit Risks - Our credit risks primarily relate to cash and cash equivalents and investments in mortgage and other notes receivable. Cash and cash equivalents are primarily held in bank accounts and overnight investments. We maintain our bank deposit accounts with large financial institutions in amounts that may exceed federally insured limits. We have not experienced any losses in such accounts. Our mortgage and other notes receivable consist primarily of secured loans on facilities. Our financial instruments, principally our investments in mortgage and other notes receivable, are subject to the possibility of loss of the carrying values as a result of the failure of other parties to perform according to their contractual obligations which may make the instruments less valuable. We obtain collateral in the form of mortgage liens and other protective rights for mortgage and other notes receivable and continually monitor these rights in order to reduce such possibilities of loss. We evaluate the need to provide for reserves for potential losses on our financial instruments based on management’s periodic review of our portfolio on an instrument-by-instrument basis.
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| Deferred Loan Costs and Deferred Income | Deferred Loan Costs - Costs incurred to acquire debt are capitalized and amortized by the straight-line method, which approximates the effective-interest method, over the term of the related debt. Deferred Income - Deferred income primarily includes rents received in advance from tenants and residents and non-refundable commitment fees received by us, which are amortized into income over the expected period of the related loan or lease. In the event that our financing commitment to a potential borrower or tenant expires, the related commitment fees are recognized into income immediately. Commitment fees may be charged based on the terms of the contracts and the creditworthiness of the parties.
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| Rental Income | Rental Income - Our leases generally provide for rent escalators throughout the term of the lease. Base rental income is recognized using the straight-line method over the term of the lease to the extent that lease payments are considered collectable and the lease provides for specific contractual escalators. Under certain leases, we receive additional contingent rent, which is calculated on the increase in revenues of the tenant over a base year or base quarter. We recognize contingent rent annually or quarterly based on the actual revenues of the tenant once the target threshold has been achieved. Lease payments that depend on a factor directly related to future use of the property, such as an increase in annual revenues over a base year, are considered to be contingent rent and are excluded from the schedule of minimum lease payments. If rental income calculated on a straight-line basis exceeds the cash rent due under a lease, the difference is recorded as an increase to straight-line rents receivable in the Consolidated Balance Sheets and an increase in rental income in the Consolidated Statements of Income. If rental income on a straight-line basis is calculated to be less than cash received, there is a decrease in the same accounts. Property operating expenses that are reimbursed by our operators are recorded as “Rental income” in the Consolidated Statements of Income. Accordingly, we record a corresponding expense, reflected as “Taxes and insurance on leased properties” in the Consolidated Statements of Income. Rental income includes reimbursement of property operating expenses for the years ended December 2024, 2023 and 2022, totaling $11.2 million, $11.5 million and $9.8 million, respectively. Rental income is reduced for the non-cash amortization of payments made upon the eventual settlement of commitments and contingencies originally identified and recorded as lease inducements. We record lease inducements to the extent that it is probable that a significant reversal of amounts recognized will not occur when the uncertainty associated with the contingent consideration is subsequently resolved. The Company reviews its operating lease receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability of substantially all lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made as an adjustment to rental income and any future rental revenue is recognized only when the tenant makes a rental payment. As of December 31, 2024, we had three tenants, including Bickford Senior Living (“Bickford”), on the cash basis of revenue recognition for their lease arrangements. Reference Note 3 for further discussion. Resident Fees and Services - Resident fees and services revenue associated with our SHOP activities is recognized as the related performance obligations are satisfied and includes resident room charges, community fees and other resident charges. Residency agreements are generally short term (30 days to one year), and entitle the resident to certain room and care services for a monthly fee billed in advance. Revenue for certain related services is billed monthly in arrears. The Company has elected the lessor practical expedient within ASC 842, Leases, not to separate the lease and nonlease components within our resident agreements as the timing and pattern of transfer to the resident are the same. The Company has determined that the nonlease component is the predominant component within the contract and recognizes revenue under ASC 606, Revenue Recognition from Contracts with Customers.
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| Interest Income from Mortgage and Other Notes Receivable | Interest Income from Mortgage and Other Notes Receivable - Interest income is recognized based on the interest rates and principal amounts outstanding on the notes receivable. We identify a mortgage note or other note receivable as non-performing, and is placed on non-accrual status, based on various criteria including timeliness of required payments, compliance with other provisions under the related note agreement, and an evaluation of the borrower’s current financial condition for indicators that it is probable it cannot pay its contractual amounts. A non-performing loan is returned to accrual status at such time as the note becomes contractually current and management believes all future principal and interest will be received according to the contractual terms of the note. As of December 31, 2024, we had one mortgage notes receivable and two mezzanine loans totaling an aggregate of $25.9 million designated as non-performing. Reference Note 4 for further discussion.
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| Income Taxes | Income Taxes - We intend at all times to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code. Accordingly, we will generally not be subject to U.S. federal income tax, provided that we continue to qualify as a REIT. A failure to qualify under the applicable REIT qualification rules and regulations would have a material adverse impact on our financial position, results of operations and cash flows. Certain activities that we undertake may be conducted by subsidiary entities that have elected to be treated as taxable REIT subsidiaries (“TRS”). TRSs are subject to federal, state, and local income taxes. Accordingly, a provision for income taxes has been made in the consolidated financial statements. Earnings and profits, which determine the taxability of dividends to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in the basis of assets, estimated useful lives used to compute depreciation expense, gains on sales of real estate, non-cash compensation expense and recognition of commitment fees. Our tax returns filed for years beginning in 2021 are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our Consolidated Statements of Income as a component of income tax expense.
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| Segments | Segments - We operate our business through two reportable segments: Real Estate Investments and SHOP. In our Real Estate Investments segment, we invest in (i) senior housing and healthcare real estate and lease those properties to healthcare operating companies under primarily triple-net leases that obligate tenants to pay all property-related expenses and (ii) mortgage and other notes receivable throughout the United States. Our SHOP segment is comprised of the operations of 15 ILFs located throughout the United States that are operated on behalf of the Company by independent managers pursuant to the terms of separate management agreements. Reference Notes 5 and 16 for additional information.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements - In November 2023, the FASB issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU enhances segment disclosures by requiring public entities to provide investors with additional, more detailed information about a reportable segment’s expenses. The ASU also requires disclosure of the chief operating decision maker’s (“CODM”) title and position on an annual basis, as well as an explanation of how the CODM uses the reported measures and other disclosures. We adopted this guidance effective for the year ended December 31, 2024. The adoption of this guidance resulted in additional segment disclosures as disclosed in Note 16. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential impact of adoption on our consolidated financial statements or related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose, on an annual and interim basis, disaggregated information in the footnotes about specified information related to certain costs and expenses. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of this standard on our consolidated financial statements and related disclosures.
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Basis of Presentation and Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash and Cash Equivalents | The following table sets forth our “Cash and cash equivalents and restricted cash” reported within the Company’s Consolidated Statements of Cash Flows ($ in thousands):
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| Schedule of Restrictions on Cash and Cash Equivalents | The following table sets forth our “Cash and cash equivalents and restricted cash” reported within the Company’s Consolidated Statements of Cash Flows ($ in thousands):
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Investment Activity (Tables) |
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| Schedule of Business Acquisitions, by Acquisition | During the year ended December 31, 2024, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):
During the year ended December 31, 2023, we completed the following real estate acquisitions within our Real Estate Investments segment ($ in thousands):
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| Schedule of Asset Dispositions | During the year ended December 31, 2024, we completed the following real estate property dispositions within our Real Estate Investments segment ($ in thousands):
1Total aggregate impairment charges previously recognized on the property was $0.7 million and $1.2 million for the years ended December 31, 2024 and 2023, respectively. 2The Company provided aggregate financing of approximately $9.4 million, net of discounts, on the transaction in the form of notes receivable, which is included in net proceeds. During the year ended December 31, 2023, we completed the following real estate property dispositions within our Real Estate Investments segment ($ in thousands):
1 Impairments are included in “Loan and realty losses, net” in the Consolidated Statement of Income for the year ended December 31, 2023. 2 Total aggregate impairment charges previously recognized on these properties were $0.3 million and $17.4 million for the years ended December 31, 2023 and 2022, respectively. 3 The Company provided aggregate financing of approximately $2.2 million, net of discounts, on these transactions in the form of notes receivable, which is included net proceeds.
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| Schedule of Tenant Concentration | The following table contains information regarding tenant concentration in our Real Estate Investments segment, excluding $2.6 million for our corporate office, $358.4 million for the SHOP segment, and a credit loss reserve of $20.2 million, based on the percentage of revenues for the years ended December 31, 2024, 2023 and 2022 related to tenants or affiliates of tenants, that exceed 10% of total revenue ($ in thousands):
1 Includes interest income on notes receivable and rental income from properties classified as assets held for sale. 2 Revenues included in All others, net for years when less than 10%. 3 There is no tenant concentration in “Resident fees and services” because these agreements are with individual residents.
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| Schedule of NHC Percentage Rent | The following table summarizes the percentage rent income from NHC ($ in thousands):
1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.
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| Schedule of Cash Rents Received | Cash rents received from these tenants for the years ended December 31, 2024, 2023 and 2022 were as follows ($ in thousands):
1Excludes $2.5 million and $3.0 million of rental income related to the reduction of rent deferrals recognized in connection with the acquisition of two ALFs located in Virginia from Bickford for the years ended December 31, 2023 and 2022, respectively. 2Excludes the impact of write-offs of $18.1 million in total straight-line rents receivable and $7.1 million of lease incentives during the year ended December 31, 2022. 3Excludes the impact of write-offs of $9.0 million in total straight-line rents receivable during the year ended December 31, 2022.
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| Schedule of Supplemental Balance Sheet Information Related to Lease | Supplemental balance sheet information related to the lease is as follows ($ in thousands):
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| Schedule of Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | Future Minimum Lease Payments Future minimum lease payments to be received by us under our operating leases, including cash basis tenants, at December 31, 2024 are as follows ($ in thousands):
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| Schedule of Fixed and Variable Lease Payments | Variable Lease Payments Most of our leases contain annual escalators in rent payments. Some of our leases contain escalators that are determined annually based on a variable index or other factors that are indeterminable at the inception of the lease. The table below indicates the rental income recognized as a result of fixed and variable lease escalators ($ in thousands):
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Mortgage and Other Notes Receivable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage and Other Notes Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financing Receivable Credit Quality Indicators | The credit quality indicator as of December 31, 2024, is presented below for the amortized cost, net by year of origination ($ in thousands):
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| Schedule of Financing Receivable, Allowance for Credit Loss, Roll Forward | The allowance for expected credit losses is presented in the following table for the year ended December 31, 2024 ($ in thousands):
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Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Assets | Other assets, net consist of the following ($ in thousands):
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments | Debt consisted of the following ($ in thousands):
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| Schedule of Maturities of Long-term Debt | Aggregate principal maturities of debt as of December 31, 2024 for each of the next five years and thereafter are included in the table below. These maturities do not include the impact of any debt incurred or repaid subsequent to December 31, 2024 ($ in thousands):
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| Schedule of Unsecured Term Loans | Our unsecured private placement notes outstanding as of December 31, 2024, payable interest-only, are summarized below ($ in thousands):
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| Schedule of Interest Expense | The following table summarizes interest expense ($ in thousands):
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Commitments, Contingencies and Uncertainties (Tables) |
12 Months Ended | ||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
| Schedule of Off Balance Sheet, Credit Loss, Liability, Roll Forward | The liability for expected credit losses on our unfunded loan commitments reflected in “Accounts payable and accrued expenses” on the Consolidated Balance Sheets as of December 31, 2024 and 2023 is presented in the following table for the year ended December 31, 2024 ($ in thousands):
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Redeemable Noncontrolling Interest (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Redeemable Noncontrolling Interest | The following table presents the change in “Redeemable noncontrolling interest” for the years ended December 31, 2024 and 2023 ($ in thousands):
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Equity and Dividends (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Dividends Declared | The following table summarizes dividends declared by the Board of Directors or paid during the years ended December 31, 2024 and 2023:
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Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following is a summary of share-based compensation expense, net of any forfeitures, included in “General and administrative expenses” in the Consolidated Statements of Income ($ in thousands):
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| Schedule of Stock Option Valuation Assumptions | The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
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| Schedule of Stock Option Activity | The following tables summarize our outstanding stock options:
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| Schedule of Nonvested Share Activity | The following table summarizes our outstanding non-vested stock options:
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Earnings Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ($ in thousands, except share and per share amounts):
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Fair Value of Financial instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value Measurements, Nonrecurring | Carrying amounts and fair values of financial instruments that are not carried at fair value at December 31, 2024 and December 31, 2023 in the Consolidated Balance Sheets are as follows ($ in thousands):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Dividends Paid, Per Share | Distributions to common stockholders for the last three years are characterized for tax purposes as follows on a per share basis (unaudited):
1Pursuant to Section 857(b)(9) of the Internal Revenue Code, the $0.90 per share cash distribution paid on January 29, 2025 with a record date of December 31, 2024 (the “January 2025 Cash Distribution”) is treated as received by stockholders on December 31, 2024 to the extent of 2024 earnings and profits. As the Company’s aggregate 2024 cash distributions exceeded 2024 earnings and profits, only a portion of the January 2025 Cash Distribution has been included as a distribution for 2024 tax reporting. The remainder of the January 2025 Cash Distribution will be treated as a 2025 distribution for federal income tax purposes.
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | Summary information for the reportable segments during the years ended December 31, 2024, 2023 and 2022 are as follows ($ in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Variable Interest Entities | The Company’s unconsolidated VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of exposure to these VIEs, see the notes to our consolidated financial statements cross-referenced below ($ in thousands).
1 Note, straight-line rents receivable, and lease receivables 2 Loan commitment, equity method investment, straight-line rents receivable and unamortized lease incentive 3 Straight-line rents receivable, and unamortized lease incentive 4 Represents two mezzanine loans originated from the sales of real estate
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Basis of Presentation and Significant Accounting Policies (Schedule of Cash and Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Accounting Policies [Abstract] | ||||
| Cash and cash equivalents | $ 24,289 | $ 22,347 | $ 19,291 | |
| Restricted cash (included in Other assets, net) | 2,213 | 2,270 | 2,225 | |
| Cash, cash equivalents, and restricted cash | $ 26,502 | $ 24,617 | $ 21,516 | $ 39,485 |
Investment Activity (2024 Asset Dispositions) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Real Estate [Line Items] | |||
| Rental income | $ 257,049 | $ 249,227 | $ 217,700 |
| Senior Living Management | |||
| Real Estate [Line Items] | |||
| Total impairment charges on real estate | 700 | 1,200 | |
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2024 Asset Dispositions | |||
| Real Estate [Line Items] | |||
| Rental income | $ 1,300 | $ 2,600 | $ 1,000 |
Investment Activity (2023 Asset Dispositions) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Real Estate [Line Items] | |||
| Rental income | $ 257,049 | $ 249,227 | $ 217,700 |
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Two Thousand Twenty Three Asset Dispositions | |||
| Real Estate [Line Items] | |||
| Rental income | $ 3,300 | $ 700 | |
Investment Activity (Schedule of NHC Percentage Rent) (Details) - National HealthCare Corporation - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Net Investment Income [Line Items] | |||
| Rent income from NHC | $ 7,174 | $ 4,492 | $ 3,126 |
| Current year | |||
| Net Investment Income [Line Items] | |||
| Rent income from NHC | 5,518 | 3,862 | 3,332 |
| Prior year final certification | |||
| Net Investment Income [Line Items] | |||
| Rent income (loss) from NHC | $ 1,656 | $ 630 | $ (206) |
Investment Activity (Schedule of Cash Rents Received) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Real Estate [Line Items] | |||
| Revenues | $ 257,049 | $ 249,227 | $ 217,700 |
| Lease incentive payments, net | 7,877 | 10,669 | |
| Cash Basis Lessees | |||
| Real Estate [Line Items] | |||
| Revenues | 49,981 | 45,796 | 35,331 |
| Write off of financing receivable | 9,000 | ||
| Lease incentive payments, net | 7,100 | ||
| Cash Basis Lessees | Bickford | |||
| Real Estate [Line Items] | |||
| Revenues | 38,971 | 33,352 | 27,650 |
| Cash Basis Lessees | All others | |||
| Real Estate [Line Items] | |||
| Revenues | 11,010 | 12,444 | 7,681 |
| Cash Basis Lessees | Bickford Senior Living Acquisition | |||
| Real Estate [Line Items] | |||
| Lease income, rent deferral deduction | 2,500 | 3,000 | |
| Bickford | |||
| Real Estate [Line Items] | |||
| Revenues | $ 41,720 | $ 38,688 | |
| Write off of financing receivable | $ 18,100 | ||
Investment Activity (Other Tenant Transitions Narrative) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
lease
| |
| Real Estate [Line Items] | |
| Number of terminated leases | lease | 2 |
| Skilled Nursing Facilities | |
| Real Estate [Line Items] | |
| Straight-line rent adjustments | $ | $ (1.6) |
Investment Activity (Cash Basis Operators Narrative) (Details) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2024
USD ($)
tenant
loan
property
|
Dec. 31, 2023
USD ($)
property
|
Dec. 31, 2022
USD ($)
lease
|
Oct. 01, 2024
lease
|
|
| Real Estate [Line Items] | ||||
| Rental income | $ 2,700 | $ 5,400 | $ 3,700 | |
| Number of non-performing notes receivable | loan | 2 | |||
| Lease incentive payments, net | $ 7,877 | 10,669 | ||
| Cash Basis Lessees | ||||
| Real Estate [Line Items] | ||||
| Number of cash basis operators | tenant | 3 | |||
| Prior rent deferrals | $ 9,000 | 2,800 | 300 | |
| Write off of financing receivable | 9,000 | |||
| Lease incentive payments, net | 7,100 | |||
| Cash Basis Lessees | Bickford Senior Living Acquisition | ||||
| Real Estate [Line Items] | ||||
| Lease income, rent deferral deduction | $ 2,500 | $ 3,000 | ||
| Senior Living Management | ||||
| Real Estate [Line Items] | ||||
| Number of leases | lease | 4 | 2 | ||
| Number of properties | property | 1 | 1 | ||
| Net book value of leased properties | $ 6,800 | |||
| Bickford | ||||
| Real Estate [Line Items] | ||||
| Write off of financing receivable | $ 18,100 | |||
Investment Activity (Other Portfolio Activity) (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
property
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Real Estate [Line Items] | |||
| Real estate properties, net | $ 2,211,253 | $ 2,107,082 | |
| Rental income | (257,049) | (249,227) | $ (217,700) |
| Skilled Nursing Facilities | |||
| Real Estate [Line Items] | |||
| Straight-line rent adjustments | $ (1,600) | ||
| Lease Option | |||
| Real Estate [Line Items] | |||
| Properties | property | 4 | ||
| Lease Option, Between 2027 and 2028 | |||
| Real Estate [Line Items] | |||
| Real estate properties, net | $ 77,200 | ||
| Rental income | $ (8,800) | $ (7,200) | $ (7,000) |
Investment Activity (Lease Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Real Estate [Abstract] | |||
| Operating lease | $ 0.1 | $ 0.1 | $ 0.1 |
| Future minimum lease payments, 2025 | 0.1 | ||
| Future minimum lease payments, 2026 | 0.1 | ||
| Future minimum lease payments, 2027 | 0.1 | ||
| Future minimum lease payments, 2028 | 0.1 | ||
| Future minimum lease payments, 2029 | 0.1 | ||
| Future minimum lease payments, thereafter | 2.1 | ||
| Imputed interest | $ 1.2 | ||
| Discount rate | 4.70% | ||
Investment Activity (Schedule of Supplemental Balance Sheet Information Related to Lease) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets: | ||
| Buildings and improvements - right of use asset | $ 1,524 | $ 1,562 |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Buildings and improvements | Buildings and improvements |
| Liabilities [Abstract] | ||
| Accounts payable and accrued expenses - lease liability | $ 1,685 | $ 1,705 |
| Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued expenses | Accounts payable and accrued expenses |
Investment Activity (Rent Concessions) (Details) - Lease Payment Deferral and Abatement - COVID-19 $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Real Estate [Line Items] | |
| Pandemic deferrals | $ 9.3 |
| Bickford | |
| Real Estate [Line Items] | |
| Pandemic deferrals | $ 4.0 |
Investment Activity (Future Minimum Lease Payments) (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Real Estate [Abstract] | |
| 2025 | $ 247,712 |
| 2026 | 254,499 |
| 2027 | 208,589 |
| 2028 | 203,933 |
| 2029 | 194,283 |
| Thereafter | 845,337 |
| Operating leases, future minimum payments due | $ 1,954,353 |
Mortgage and Other Notes Receivable (Schedule of Financing Receivables By Allowance for Credit Loss) (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Financing receivable, allowance for credit loss | |
| Balance at January 1, 2024 | $ 15,476 |
| Provision for expected credit losses | 4,773 |
| Balance at December 31, 2024 | $ 20,249 |
Other Assets (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | ||||
| Lease incentive payments, net | $ 7,877 | $ 10,669 | ||
| Regulatory escrows | 6,208 | 6,208 | ||
| Restricted cash | 2,213 | 2,270 | $ 2,225 | |
| Other assets | 22,753 | 24,063 | ||
| Payment of lease incentive | 0 | 10,000 | $ 1,200 | |
| Timber Ridge OpCo | ||||
| Segment Reporting Information [Line Items] | ||||
| Payment of lease incentive | $ 10,000 | |||
| SHOP | ||||
| Segment Reporting Information [Line Items] | ||||
| Accounts receivable and prepaid expenses | 2,232 | 1,620 | ||
| Allowance | 494 | 343 | ||
| Real Estate Investments | ||||
| Segment Reporting Information [Line Items] | ||||
| Accounts receivable and prepaid expenses | $ 4,223 | $ 3,296 | ||
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Revolving credit facility - unsecured | $ 331,200 | $ 245,000 |
| Unamortized loan costs | (9,018) | (8,912) |
| Debt | 1,146,041 | 1,135,051 |
| Debt instrument, unamortized discount | (1,956) | |
| Bank term loans - unsecured | ||
| Debt Instrument [Line Items] | ||
| Bank term loans - unsecured | 200,000 | 200,000 |
| 2031 Senior Notes - unsecured, net of discount of $1,956 and $2,278 | ||
| Debt Instrument [Line Items] | ||
| Bank term loans - unsecured | 398,044 | 397,722 |
| Debt instrument, unamortized discount | (1,956) | (2,278) |
| Private placement notes - unsecured | ||
| Debt Instrument [Line Items] | ||
| Bank term loans - unsecured | 150,000 | 225,000 |
| Fannie Mae term loans - secured, non-recourse | ||
| Debt Instrument [Line Items] | ||
| Fannie Mae term loans - secured, non-recourse | $ 75,815 | $ 76,241 |
Debt (Schedule of Long Term Debt Maturities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instruments [Abstract] | ||
| 2025 | $ 325,815 | |
| 2026 | 0 | |
| 2027 | 100,000 | |
| 2028 | 331,200 | |
| 2029 | 0 | |
| Thereafter | 400,000 | |
| HUD mortgage loans, balance | 1,157,015 | |
| Debt instrument, unamortized discount | (1,956) | |
| Unamortized loan costs | (9,018) | $ (8,912) |
| Debt | $ 1,146,041 | $ 1,135,051 |
Debt Debt (Schedule of Unsecured Term Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Private placement notes - unsecured | ||
| Debt Instrument [Line Items] | ||
| Amount | $ 150,000 | $ 225,000 |
| November 2025 | ||
| Debt Instrument [Line Items] | ||
| Amount | $ 50,000 | |
| Fixed Rate | 4.33% | |
| January 2015 | ||
| Debt Instrument [Line Items] | ||
| Amount | $ 100,000 | |
| Fixed Rate | 4.51% |
Debt Debt (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Debt Instruments [Abstract] | |||
| Interest expense on debt at contractual rates | $ 56,313 | $ 55,603 | $ 42,487 |
| Capitalized interest | (193) | (90) | (46) |
| Amortization of debt issuance costs, debt discount and other | 3,783 | 2,647 | 2,476 |
| Total interest expense | $ 59,903 | $ 58,160 | $ 44,917 |
Commitments, Contingencies and Uncertainties (Off Balance Sheet Credit Loss Liability Roll Forward Schedule) (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Off Balance Sheet, Credit Loss [Roll Forward] | |
| Provision for expected credit losses | $ (132) |
| Balance at December 31, 2024 | 147 |
| Accounting Standards Update 2016-13 | |
| Off Balance Sheet, Credit Loss [Roll Forward] | |
| Balance at January 1, 2024 | $ 279 |
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Redeemable Noncontrolling Interests [Roll Forward] | |||
| Balance at January 1, | $ 9,656 | $ 9,825 | |
| Contributions | 1,100 | 922 | |
| Net loss | (916) | (1,091) | $ 843 |
| Distributions | (50) | 0 | |
| Balance at December 31, | $ 9,790 | $ 9,656 | $ 9,825 |
Equity and Dividends - Schedule of Dividends Declared (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Equity [Abstract] | |||||||||||
| Dividends to common stockholders (in usd per share) | $ 0.90 | $ 0.90 | $ 0.90 | $ 0.90 | $ 0.90 | $ 0.90 | $ 0.90 | $ 0.90 | $ 3.60 | $ 3.60 | $ 3.60 |
Share-Based Compensation (Schedule of Share-Based Payments) (Details)) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total share-based compensation expense | $ 4,182 | $ 4,605 | $ 8,613 |
| Restricted stock expense | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total share-based compensation expense | 676 | 310 | 0 |
| Stock option expense | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total share-based compensation expense | $ 3,506 | $ 4,295 | $ 8,613 |
Share-Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Dividend yield | 6.40% | 6.90% | 7.00% |
| Expected volatility | 26.10% | 39.00% | 49.30% |
| Expected lives | 2 years 10 months 24 days | 2 years 10 months 24 days | 2 years 10 months 24 days |
| Risk-free interest rate | 4.49% | 4.56% | 1.75% |
Share-Based Compensation (Schedule of Non-Vested Share Activity) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Number of Shares | |||
| Non-vested stock options, period start (in shares) | 368,344 | ||
| Non-vested stock options, period end (in shares) | 340,694 | 368,344 | |
| Weighted Average Grant Date Fair Value | |||
| Non-vested stock options, period start (in usd per share) | $ 8.71 | $ 11.48 | |
| Weighted average fair value of options granted (in usd per share) | 7.36 | $ 10.56 | $ 11.92 |
| Non-vested stock options, period end (in usd per share) | $ 11.48 | ||
| 2019 Stock Option Plan | |||
| Number of Shares | |||
| Options granted (in shares) | 431,000 | 385,500 | 718,000 |
| Options vested (in shares) | (458,650) | ||
| Weighted Average Grant Date Fair Value | |||
| Weighted average fair value of options granted (in usd per share) | $ 7.36 | ||
| Weighted average grant date fair value per share, options vested (in usd per share) | $ 9.68 | ||
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Operating Loss Carryforwards [Line Items] | |||
| Deferred tax asset | $ 0.9 | $ 2.2 | |
| State income tax payments | 0.2 | 0.2 | $ 0.2 |
| State and Local Jurisdiction | |||
| Operating Loss Carryforwards [Line Items] | |||
| Income tax expense (benefit) | $ 0.1 | $ 0.1 | $ 0.1 |
Income Taxes (Schedule of Dividends Paid, Per Share) (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Examination [Line Items] | |||
| Dividends paid per common share (in usd per share) | $ 2.84119 | $ 3.60 | $ 3.60 |
| Ordinary income | |||
| Income Tax Examination [Line Items] | |||
| Dividends paid per common share (in usd per share) | 2.84119 | 2.40807 | 2.61966 |
| Capital gain | |||
| Income Tax Examination [Line Items] | |||
| Dividends paid per common share (in usd per share) | 0 | 0.24805 | 0 |
| Return of capital | |||
| Income Tax Examination [Line Items] | |||
| Dividends paid per common share (in usd per share) | $ 0 | $ 0.94388 | $ 0.98034 |
Segment Reporting (Narrative) (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
property
segment
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Segment Reporting Information [Line Items] | |||
| Number of reportable segments | segment | 2 | ||
| SHOP | |||
| Segment Reporting Information [Line Items] | |||
| Capital expenditures | $ | $ 11.0 | $ 9.3 | $ 3.3 |
| Real Estate Investments | |||
| Segment Reporting Information [Line Items] | |||
| Properties | 172 | ||
| Capital expenditures | $ | $ 169.2 | $ 56.9 | $ 30.8 |
| Independent Living Facilities | |||
| Segment Reporting Information [Line Items] | |||
| Properties | 3 | ||
| Independent Living Facilities | SHOP | |||
| Segment Reporting Information [Line Items] | |||
| Properties | 15 | ||
Variable Interest Entities - (Narrative) (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
realEstatePartnership
|
Dec. 31, 2023
USD ($)
realEstatePartnership
|
Dec. 31, 2022
USD ($)
|
|
| Property, Plant and Equipment [Line Items] | |||
| Real estate properties, net | $ 2,211,253 | $ 2,107,082 | |
| Cash and cash equivalents | $ 24,289 | $ 22,347 | $ 19,291 |
| Number of real estate partnerships | realEstatePartnership | 2 | 2 | |
| Other assets, net | $ 22,753 | $ 24,063 | |
| Subsidiaries | |||
| Property, Plant and Equipment [Line Items] | |||
| Real estate properties, net | 244,300 | 252,500 | |
| Cash and cash equivalents | 3,200 | 3,200 | |
| Accounts receivable, net | 10,000 | 9,700 | |
| Other assets, net | 5,300 | 7,800 | |
| SHOP | |||
| Property, Plant and Equipment [Line Items] | |||
| Real estate properties, net | 261,600 | 260,700 | |
| Cash and cash equivalents | 6,500 | 7,700 | |
| Prepaid expense | 1,500 | 900 | |
| Accounts receivable, net | 800 | 800 | |
| Credit liabilities of SHOP | $ (5,700) | $ (4,700) | |
Variable Interest Entities - (Schedule of Variable Interest Entities) (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Senior Living Communities | Notes and straight-line rents receivable | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | $ 84,087 |
| Maximum Exposure to Loss | 92,837 |
| Senior Living Management | Notes | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | 24,500 |
| Maximum Exposure to Loss | 24,500 |
| Bickford | Notes | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | 16,186 |
| Maximum Exposure to Loss | 28,432 |
| Encore Senior Living | Various | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | 35,330 |
| Maximum Exposure to Loss | 35,397 |
| Timber Ridge OpCo | |
| Variable Interest Entity [Line Items] | |
| Maximum Exposure to Loss | 5,000 |
| Timber Ridge OpCo | Various | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | (1,332) |
| Maximum Exposure to Loss | 3,668 |
| Watermark Retirement | Notes and straight-line rents receivable | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | 10,293 |
| Maximum Exposure to Loss | 12,067 |
| Montecito Medical Real Estate | Notes and funding commitment | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | 15,618 |
| Maximum Exposure to Loss | 50,053 |
| Vizion Health | Notes and straight-line rents receivable | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | 15,244 |
| Maximum Exposure to Loss | 15,244 |
| Navion Senior Solutions | Various | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | 7,730 |
| Maximum Exposure to Loss | 9,880 |
| Kindcare Senior Living | Notes | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | 785 |
| Maximum Exposure to Loss | 785 |
| Mainstay Healthcare Maitland, LLC | Note | |
| Variable Interest Entity [Line Items] | |
| Carrying Amount | 9,019 |
| Maximum Exposure to Loss | $ 9,019 |
Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 75,815 | |||
| Initial cost to company, land | 191,909 | |||
| Initial cost to company, building and improvements | 2,679,254 | |||
| Cost capitalized subsequent to acquisition | 82,385 | |||
| Investment in real estate and accumulated depreciation, land, amount | 191,909 | |||
| Building and improvements, amount | 2,761,639 | |||
| Investment in real estate, gross | 2,953,548 | $ 2,780,358 | $ 2,729,898 | $ 2,894,548 |
| Accumulated depreciation | $ 742,295 | $ 673,276 | $ 611,688 | $ 576,668 |
| Property, plant and equipment, useful life | 40 years | |||
| Investment in real estate, federal income tax basis | $ 2,200,000 | |||
| Real estate investment properties | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 75,815 | |||
| Initial cost to company, land | 175,748 | |||
| Initial cost to company, building and improvements | 2,359,943 | |||
| Cost capitalized subsequent to acquisition | 56,896 | |||
| Investment in real estate and accumulated depreciation, land, amount | 175,748 | |||
| Building and improvements, amount | 2,416,839 | |||
| Investment in real estate, gross | 2,592,587 | |||
| Accumulated depreciation | 644,961 | |||
| Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 34,450 | |||
| Initial cost to company, building and improvements | 516,143 | |||
| Cost capitalized subsequent to acquisition | 7,403 | |||
| Investment in real estate and accumulated depreciation, land, amount | 34,450 | |||
| Building and improvements, amount | 523,546 | |||
| Investment in real estate, gross | 557,996 | |||
| Accumulated depreciation | 238,524 | |||
| Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 60,139 | |||
| Initial cost to company, land | 64,203 | |||
| Initial cost to company, building and improvements | 842,713 | |||
| Cost capitalized subsequent to acquisition | 12,025 | |||
| Investment in real estate and accumulated depreciation, land, amount | 64,203 | |||
| Building and improvements, amount | 854,738 | |||
| Investment in real estate, gross | 918,941 | |||
| Accumulated depreciation | 167,250 | |||
| Independent Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 15,676 | |||
| Initial cost to company, land | 5,266 | |||
| Initial cost to company, building and improvements | 92,729 | |||
| Cost capitalized subsequent to acquisition | 10,566 | |||
| Investment in real estate and accumulated depreciation, land, amount | 5,266 | |||
| Building and improvements, amount | 103,295 | |||
| Investment in real estate, gross | 108,561 | |||
| Accumulated depreciation | 25,180 | |||
| Senior Living Campuses | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 12,585 | |||
| Initial cost to company, building and improvements | 197,869 | |||
| Cost capitalized subsequent to acquisition | 4,240 | |||
| Investment in real estate and accumulated depreciation, land, amount | 12,585 | |||
| Building and improvements, amount | 202,109 | |||
| Investment in real estate, gross | 214,694 | |||
| Accumulated depreciation | 41,945 | |||
| Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 57,774 | |||
| Initial cost to company, building and improvements | 671,709 | |||
| Cost capitalized subsequent to acquisition | 20,614 | |||
| Investment in real estate and accumulated depreciation, land, amount | 57,774 | |||
| Building and improvements, amount | 692,323 | |||
| Investment in real estate, gross | 750,097 | |||
| Accumulated depreciation | 168,316 | |||
| Hospitals | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 1,470 | |||
| Initial cost to company, building and improvements | 38,780 | |||
| Cost capitalized subsequent to acquisition | 2,048 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,470 | |||
| Building and improvements, amount | 40,828 | |||
| Investment in real estate, gross | 42,298 | |||
| Accumulated depreciation | 3,746 | |||
| Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 14,870 | |||
| Initial cost to company, building and improvements | 318,634 | |||
| Cost capitalized subsequent to acquisition | 24,874 | |||
| Investment in real estate and accumulated depreciation, land, amount | 14,870 | |||
| Building and improvements, amount | 343,508 | |||
| Investment in real estate, gross | 358,378 | |||
| Accumulated depreciation | 96,819 | |||
| Corporate office | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 1,291 | |||
| Initial cost to company, building and improvements | 677 | |||
| Cost capitalized subsequent to acquisition | 615 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,291 | |||
| Building and improvements, amount | 1,292 | |||
| Investment in real estate, gross | 2,583 | |||
| Accumulated depreciation | 515 | |||
| Subsequent Property Additions Purchased From NHC | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Initial cost to company, building and improvements | 33,900 | |||
| Anniston, AL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 70 | |||
| Initial cost to company, building and improvements | 4,477 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 70 | |||
| Building and improvements, amount | 4,477 | |||
| Investment in real estate, gross | 4,547 | |||
| Accumulated depreciation | $ 3,860 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Moulton, AL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 25 | |||
| Initial cost to company, building and improvements | 688 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 25 | |||
| Building and improvements, amount | 688 | |||
| Investment in real estate, gross | 713 | |||
| Accumulated depreciation | $ 688 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Avondale, AZ | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 453 | |||
| Initial cost to company, building and improvements | 6,678 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 453 | |||
| Building and improvements, amount | 6,678 | |||
| Investment in real estate, gross | 7,131 | |||
| Accumulated depreciation | $ 4,795 | |||
| Date acquired, constructed | Aug. 13, 1996 | |||
| Brooksville, FL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,217 | |||
| Initial cost to company, building and improvements | 16,166 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,217 | |||
| Building and improvements, amount | 16,166 | |||
| Investment in real estate, gross | 17,383 | |||
| Accumulated depreciation | $ 6,029 | |||
| Date acquired, constructed | Feb. 01, 2010 | |||
| Crystal River, FL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 912 | |||
| Initial cost to company, building and improvements | 12,117 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 912 | |||
| Building and improvements, amount | 12,117 | |||
| Investment in real estate, gross | 13,029 | |||
| Accumulated depreciation | $ 4,519 | |||
| Date acquired, constructed | Feb. 01, 2010 | |||
| Dade City, FL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 605 | |||
| Initial cost to company, building and improvements | 8,042 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 605 | |||
| Building and improvements, amount | 8,042 | |||
| Investment in real estate, gross | 8,647 | |||
| Accumulated depreciation | $ 2,999 | |||
| Date acquired, constructed | Feb. 01, 2010 | |||
| Hudson, FL (2 facilities) | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,290 | |||
| Initial cost to company, building and improvements | 22,392 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,290 | |||
| Building and improvements, amount | 22,392 | |||
| Investment in real estate, gross | 23,682 | |||
| Accumulated depreciation | 13,807 | |||
| Merritt Island, FL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 701 | |||
| Initial cost to company, building and improvements | 8,869 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 701 | |||
| Building and improvements, amount | 8,869 | |||
| Investment in real estate, gross | 9,570 | |||
| Accumulated depreciation | $ 7,942 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| New Port Richey, FL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 228 | |||
| Initial cost to company, building and improvements | 3,023 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 228 | |||
| Building and improvements, amount | 3,023 | |||
| Investment in real estate, gross | 3,251 | |||
| Accumulated depreciation | $ 1,127 | |||
| Date acquired, constructed | Feb. 01, 2010 | |||
| Plant City, FL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 405 | |||
| Initial cost to company, building and improvements | 8,777 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 405 | |||
| Building and improvements, amount | 8,777 | |||
| Investment in real estate, gross | 9,182 | |||
| Accumulated depreciation | $ 7,801 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Stuart, FL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 787 | |||
| Initial cost to company, building and improvements | 9,048 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 787 | |||
| Building and improvements, amount | 9,048 | |||
| Investment in real estate, gross | 9,835 | |||
| Accumulated depreciation | $ 8,259 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Trenton, FL | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 851 | |||
| Initial cost to company, building and improvements | 11,312 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 851 | |||
| Building and improvements, amount | 11,312 | |||
| Investment in real estate, gross | 12,163 | |||
| Accumulated depreciation | $ 4,218 | |||
| Date acquired, constructed | Sep. 29, 2000 | |||
| Glasgow, KY | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 33 | |||
| Initial cost to company, building and improvements | 2,110 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 33 | |||
| Building and improvements, amount | 2,110 | |||
| Investment in real estate, gross | 2,143 | |||
| Accumulated depreciation | $ 2,072 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Desloge, MO | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 178 | |||
| Initial cost to company, building and improvements | 3,804 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 178 | |||
| Building and improvements, amount | 3,804 | |||
| Investment in real estate, gross | 3,982 | |||
| Accumulated depreciation | $ 3,804 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Joplin, MO | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 175 | |||
| Initial cost to company, building and improvements | 4,034 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 175 | |||
| Building and improvements, amount | 4,034 | |||
| Investment in real estate, gross | 4,209 | |||
| Accumulated depreciation | $ 3,478 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Kennett, MO | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 180 | |||
| Initial cost to company, building and improvements | 4,928 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 180 | |||
| Building and improvements, amount | 4,928 | |||
| Investment in real estate, gross | 5,108 | |||
| Accumulated depreciation | $ 4,829 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Maryland Heights, MO | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 150 | |||
| Initial cost to company, building and improvements | 4,790 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 150 | |||
| Building and improvements, amount | 4,790 | |||
| Investment in real estate, gross | 4,940 | |||
| Accumulated depreciation | $ 4,684 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| St. Charles, MO | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 420 | |||
| Initial cost to company, building and improvements | 5,512 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 420 | |||
| Building and improvements, amount | 5,512 | |||
| Investment in real estate, gross | 5,932 | |||
| Accumulated depreciation | $ 5,512 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| St. Charles, MO | Independent Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 344 | |||
| Initial cost to company, building and improvements | 3,181 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 344 | |||
| Building and improvements, amount | 3,181 | |||
| Investment in real estate, gross | 3,525 | |||
| Accumulated depreciation | $ 2,833 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Albany, OR | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 190 | |||
| Initial cost to company, building and improvements | 10,415 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 190 | |||
| Building and improvements, amount | 10,415 | |||
| Investment in real estate, gross | 10,605 | |||
| Accumulated depreciation | $ 3,217 | |||
| Date acquired, constructed | Mar. 31, 2014 | |||
| Creswell, OR | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 470 | |||
| Initial cost to company, building and improvements | 8,946 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 470 | |||
| Building and improvements, amount | 8,946 | |||
| Investment in real estate, gross | 9,416 | |||
| Accumulated depreciation | $ 2,663 | |||
| Date acquired, constructed | Mar. 31, 2014 | |||
| Forest Grove, OR | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 540 | |||
| Initial cost to company, building and improvements | 11,848 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 540 | |||
| Building and improvements, amount | 11,848 | |||
| Investment in real estate, gross | 12,388 | |||
| Accumulated depreciation | $ 3,591 | |||
| Date acquired, constructed | Mar. 31, 2014 | |||
| Anderson, SC | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 308 | |||
| Initial cost to company, building and improvements | 4,643 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 308 | |||
| Building and improvements, amount | 4,643 | |||
| Investment in real estate, gross | 4,951 | |||
| Accumulated depreciation | $ 4,514 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Greenwood, SC | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 174 | |||
| Initial cost to company, building and improvements | 3,457 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 174 | |||
| Building and improvements, amount | 3,457 | |||
| Investment in real estate, gross | 3,631 | |||
| Accumulated depreciation | $ 3,314 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Laurens, SC | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 42 | |||
| Initial cost to company, building and improvements | 3,426 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 42 | |||
| Building and improvements, amount | 3,426 | |||
| Investment in real estate, gross | 3,468 | |||
| Accumulated depreciation | $ 3,221 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Orangeburg, SC | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 300 | |||
| Initial cost to company, building and improvements | 3,714 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 300 | |||
| Building and improvements, amount | 3,714 | |||
| Investment in real estate, gross | 4,014 | |||
| Accumulated depreciation | $ 1,568 | |||
| Date acquired, constructed | Sep. 25, 2008 | |||
| Athens, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 38 | |||
| Initial cost to company, building and improvements | 1,463 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 38 | |||
| Building and improvements, amount | 1,463 | |||
| Investment in real estate, gross | 1,501 | |||
| Accumulated depreciation | $ 1,383 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Chattanooga, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 143 | |||
| Initial cost to company, building and improvements | 2,309 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 143 | |||
| Building and improvements, amount | 2,309 | |||
| Investment in real estate, gross | 2,452 | |||
| Accumulated depreciation | $ 2,302 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Chattanooga, TN | Independent Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 9 | |||
| Initial cost to company, building and improvements | 1,567 | |||
| Cost capitalized subsequent to acquisition | 1 | |||
| Investment in real estate and accumulated depreciation, land, amount | 9 | |||
| Building and improvements, amount | 1,568 | |||
| Investment in real estate, gross | 1,577 | |||
| Accumulated depreciation | $ 1,510 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Dickson, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 90 | |||
| Initial cost to company, building and improvements | 3,541 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 90 | |||
| Building and improvements, amount | 3,541 | |||
| Investment in real estate, gross | 3,631 | |||
| Accumulated depreciation | $ 3,334 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Franklin, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 47 | |||
| Initial cost to company, building and improvements | 1,130 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 47 | |||
| Building and improvements, amount | 1,130 | |||
| Investment in real estate, gross | 1,177 | |||
| Accumulated depreciation | $ 1,130 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Hendersonville, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 363 | |||
| Initial cost to company, building and improvements | 3,837 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 363 | |||
| Building and improvements, amount | 3,837 | |||
| Investment in real estate, gross | 4,200 | |||
| Accumulated depreciation | $ 3,515 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Johnson City, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 85 | |||
| Initial cost to company, building and improvements | 1,918 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 85 | |||
| Building and improvements, amount | 1,918 | |||
| Investment in real estate, gross | 2,003 | |||
| Accumulated depreciation | $ 1,917 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Johnson City, TN | Independent Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 55 | |||
| Initial cost to company, building and improvements | 4,077 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 55 | |||
| Building and improvements, amount | 4,077 | |||
| Investment in real estate, gross | 4,132 | |||
| Accumulated depreciation | $ 3,456 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Lewisburg, TN (2 facilities) | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 46 | |||
| Initial cost to company, building and improvements | 994 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 46 | |||
| Building and improvements, amount | 994 | |||
| Investment in real estate, gross | 1,040 | |||
| Accumulated depreciation | 995 | |||
| McMinnville, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 73 | |||
| Initial cost to company, building and improvements | 3,618 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 73 | |||
| Building and improvements, amount | 3,618 | |||
| Investment in real estate, gross | 3,691 | |||
| Accumulated depreciation | $ 3,332 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Milan, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 41 | |||
| Initial cost to company, building and improvements | 1,826 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 41 | |||
| Building and improvements, amount | 1,826 | |||
| Investment in real estate, gross | 1,867 | |||
| Accumulated depreciation | $ 1,720 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Pulaski, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 53 | |||
| Initial cost to company, building and improvements | 3,921 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 53 | |||
| Building and improvements, amount | 3,921 | |||
| Investment in real estate, gross | 3,974 | |||
| Accumulated depreciation | $ 3,571 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Lawrenceburg, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 98 | |||
| Initial cost to company, building and improvements | 2,900 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 98 | |||
| Building and improvements, amount | 2,900 | |||
| Investment in real estate, gross | 2,998 | |||
| Accumulated depreciation | $ 2,548 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Dunlap, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 35 | |||
| Initial cost to company, building and improvements | 3,679 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 35 | |||
| Building and improvements, amount | 3,679 | |||
| Investment in real estate, gross | 3,714 | |||
| Accumulated depreciation | $ 3,217 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Smithville, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 35 | |||
| Initial cost to company, building and improvements | 3,816 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 35 | |||
| Building and improvements, amount | 3,816 | |||
| Investment in real estate, gross | 3,851 | |||
| Accumulated depreciation | $ 3,420 | |||
| Date acquired, constructed | Oct. 18, 1991 | |||
| Somerville, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 26 | |||
| Initial cost to company, building and improvements | 677 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 26 | |||
| Building and improvements, amount | 677 | |||
| Investment in real estate, gross | 703 | |||
| Accumulated depreciation | $ 678 | |||
| Date acquired, constructed | Oct. 19, 1991 | |||
| Sparta, TN | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 80 | |||
| Initial cost to company, building and improvements | 1,602 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 80 | |||
| Building and improvements, amount | 1,602 | |||
| Investment in real estate, gross | 1,682 | |||
| Accumulated depreciation | $ 1,559 | |||
| Date acquired, constructed | Oct. 20, 1991 | |||
| Austin, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 606 | |||
| Initial cost to company, building and improvements | 9,895 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 606 | |||
| Building and improvements, amount | 9,895 | |||
| Investment in real estate, gross | 10,501 | |||
| Accumulated depreciation | $ 2,490 | |||
| Date acquired, constructed | Apr. 01, 2016 | |||
| Canton, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 420 | |||
| Initial cost to company, building and improvements | 12,330 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 420 | |||
| Building and improvements, amount | 12,330 | |||
| Investment in real estate, gross | 12,750 | |||
| Accumulated depreciation | $ 4,328 | |||
| Date acquired, constructed | Apr. 18, 2013 | |||
| Corinth, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,075 | |||
| Initial cost to company, building and improvements | 13,935 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,075 | |||
| Building and improvements, amount | 13,935 | |||
| Investment in real estate, gross | 15,010 | |||
| Accumulated depreciation | $ 5,090 | |||
| Date acquired, constructed | Apr. 18, 2013 | |||
| Ennis, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 986 | |||
| Initial cost to company, building and improvements | 9,025 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 986 | |||
| Building and improvements, amount | 9,025 | |||
| Investment in real estate, gross | 10,011 | |||
| Accumulated depreciation | $ 3,510 | |||
| Date acquired, constructed | Oct. 31, 2011 | |||
| Euless, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,241 | |||
| Initial cost to company, building and improvements | 12,629 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,241 | |||
| Building and improvements, amount | 12,629 | |||
| Investment in real estate, gross | 13,870 | |||
| Accumulated depreciation | $ 3,394 | |||
| Date acquired, constructed | Apr. 01, 2016 | |||
| Fort Worth, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,380 | |||
| Initial cost to company, building and improvements | 14,370 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,380 | |||
| Building and improvements, amount | 14,370 | |||
| Investment in real estate, gross | 15,750 | |||
| Accumulated depreciation | $ 3,222 | |||
| Date acquired, constructed | May 10, 2018 | |||
| Garland, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,440 | |||
| Initial cost to company, building and improvements | 14,310 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,440 | |||
| Building and improvements, amount | 14,310 | |||
| Investment in real estate, gross | 15,750 | |||
| Accumulated depreciation | $ 3,202 | |||
| Date acquired, constructed | May 10, 2018 | |||
| Gladewater, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 70 | |||
| Initial cost to company, building and improvements | 17,840 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 70 | |||
| Building and improvements, amount | 17,840 | |||
| Investment in real estate, gross | 17,910 | |||
| Accumulated depreciation | $ 4,292 | |||
| Date acquired, constructed | Apr. 01, 2016 | |||
| Greenville, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,800 | |||
| Initial cost to company, building and improvements | 13,948 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,800 | |||
| Building and improvements, amount | 13,948 | |||
| Investment in real estate, gross | 15,748 | |||
| Accumulated depreciation | $ 5,229 | |||
| Date acquired, constructed | Oct. 31, 2011 | |||
| Houston, TX (3 facilities) | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 2,808 | |||
| Initial cost to company, building and improvements | 42,511 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 2,808 | |||
| Building and improvements, amount | 42,511 | |||
| Investment in real estate, gross | 45,319 | |||
| Accumulated depreciation | 16,496 | |||
| Katy, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 610 | |||
| Initial cost to company, building and improvements | 13,893 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 610 | |||
| Building and improvements, amount | 13,893 | |||
| Investment in real estate, gross | 14,503 | |||
| Accumulated depreciation | $ 3,514 | |||
| Date acquired, constructed | Apr. 01, 2016 | |||
| Kyle, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,096 | |||
| Initial cost to company, building and improvements | 12,279 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,096 | |||
| Building and improvements, amount | 12,279 | |||
| Investment in real estate, gross | 13,375 | |||
| Accumulated depreciation | $ 4,635 | |||
| Date acquired, constructed | Jun. 11, 2012 | |||
| Marble Falls, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 480 | |||
| Initial cost to company, building and improvements | 14,989 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 480 | |||
| Building and improvements, amount | 14,989 | |||
| Investment in real estate, gross | 15,469 | |||
| Accumulated depreciation | $ 3,719 | |||
| Date acquired, constructed | Apr. 01, 2016 | |||
| McAllen, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,175 | |||
| Initial cost to company, building and improvements | 8,259 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,175 | |||
| Building and improvements, amount | 8,259 | |||
| Investment in real estate, gross | 9,434 | |||
| Accumulated depreciation | $ 2,259 | |||
| Date acquired, constructed | Apr. 01, 2016 | |||
| New Braunfels, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,430 | |||
| Initial cost to company, building and improvements | 13,666 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,430 | |||
| Building and improvements, amount | 13,666 | |||
| Investment in real estate, gross | 15,096 | |||
| Accumulated depreciation | $ 3,545 | |||
| Date acquired, constructed | Feb. 24, 2017 | |||
| San Antonio, TX (3 facilities) | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 2,370 | |||
| Initial cost to company, building and improvements | 40,054 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 2,370 | |||
| Building and improvements, amount | 40,054 | |||
| Investment in real estate, gross | 42,424 | |||
| Accumulated depreciation | 12,742 | |||
| Waxahachie, TX | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 1,330 | |||
| Initial cost to company, building and improvements | 14,349 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,330 | |||
| Building and improvements, amount | 14,349 | |||
| Investment in real estate, gross | 15,679 | |||
| Accumulated depreciation | $ 3,358 | |||
| Date acquired, constructed | Jan. 17, 2018 | |||
| Bristol, VA | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 176 | |||
| Initial cost to company, building and improvements | 2,511 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 176 | |||
| Building and improvements, amount | 2,511 | |||
| Investment in real estate, gross | 2,687 | |||
| Accumulated depreciation | $ 2,511 | |||
| Date acquired, constructed | Oct. 17, 1991 | |||
| Oak Creek, WI | Skilled Nursing Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 2,000 | |||
| Initial cost to company, building and improvements | 14,903 | |||
| Cost capitalized subsequent to acquisition | 7,403 | |||
| Investment in real estate and accumulated depreciation, land, amount | 2,000 | |||
| Building and improvements, amount | 22,306 | |||
| Investment in real estate, gross | 24,306 | |||
| Accumulated depreciation | $ 3,856 | |||
| Date acquired, constructed | Dec. 07, 2018 | |||
| Rainbow City, AL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 670 | |||
| Initial cost to company, building and improvements | 11,330 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 670 | |||
| Building and improvements, amount | 11,330 | |||
| Investment in real estate, gross | 12,000 | |||
| Accumulated depreciation | $ 3,493 | |||
| Date acquired, constructed | Oct. 31, 2013 | |||
| Sacramento, CA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 660 | |||
| Initial cost to company, building and improvements | 10,840 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 660 | |||
| Building and improvements, amount | 10,840 | |||
| Investment in real estate, gross | 11,500 | |||
| Accumulated depreciation | $ 3,242 | |||
| Date acquired, constructed | Jun. 01, 2014 | |||
| Pueblo West, CO | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 169 | |||
| Initial cost to company, building and improvements | 7,431 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 169 | |||
| Building and improvements, amount | 7,431 | |||
| Investment in real estate, gross | 7,600 | |||
| Accumulated depreciation | $ 1,207 | |||
| Date acquired, constructed | Jul. 23, 2019 | |||
| Greensboro, GA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 672 | |||
| Initial cost to company, building and improvements | 4,849 | |||
| Cost capitalized subsequent to acquisition | 675 | |||
| Investment in real estate and accumulated depreciation, land, amount | 672 | |||
| Building and improvements, amount | 5,524 | |||
| Investment in real estate, gross | 6,196 | |||
| Accumulated depreciation | $ 1,829 | |||
| Date acquired, constructed | Sep. 15, 2011 | |||
| Statham, GA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 452 | |||
| Initial cost to company, building and improvements | 6,487 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 452 | |||
| Building and improvements, amount | 6,487 | |||
| Investment in real estate, gross | 6,939 | |||
| Accumulated depreciation | $ 22 | |||
| Date acquired, constructed | Dec. 05, 2024 | |||
| Ames, IA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 3,193 | |||
| Initial cost to company, land | 360 | |||
| Initial cost to company, building and improvements | 4,670 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 360 | |||
| Building and improvements, amount | 4,670 | |||
| Investment in real estate, gross | 5,030 | |||
| Accumulated depreciation | $ 1,501 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Burlington, IA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 3,901 | |||
| Initial cost to company, land | 200 | |||
| Initial cost to company, building and improvements | 8,374 | |||
| Cost capitalized subsequent to acquisition | 14 | |||
| Investment in real estate and accumulated depreciation, land, amount | 200 | |||
| Building and improvements, amount | 8,388 | |||
| Investment in real estate, gross | 8,588 | |||
| Accumulated depreciation | $ 2,702 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Cedar Falls, IA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 260 | |||
| Initial cost to company, building and improvements | 4,700 | |||
| Cost capitalized subsequent to acquisition | 30 | |||
| Investment in real estate and accumulated depreciation, land, amount | 260 | |||
| Building and improvements, amount | 4,730 | |||
| Investment in real estate, gross | 4,990 | |||
| Accumulated depreciation | $ 1,553 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Ft. Dodge, IA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 4,008 | |||
| Initial cost to company, land | 100 | |||
| Initial cost to company, building and improvements | 7,208 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 100 | |||
| Building and improvements, amount | 7,208 | |||
| Investment in real estate, gross | 7,308 | |||
| Accumulated depreciation | $ 2,281 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Iowa City, IA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 297 | |||
| Initial cost to company, building and improvements | 2,725 | |||
| Cost capitalized subsequent to acquisition | 33 | |||
| Investment in real estate and accumulated depreciation, land, amount | 297 | |||
| Building and improvements, amount | 2,758 | |||
| Investment in real estate, gross | 3,055 | |||
| Accumulated depreciation | $ 1,105 | |||
| Date acquired, constructed | Jun. 30, 2010 | |||
| Marshalltown, IA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 5,714 | |||
| Initial cost to company, land | 240 | |||
| Initial cost to company, building and improvements | 6,208 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 240 | |||
| Building and improvements, amount | 6,208 | |||
| Investment in real estate, gross | 6,448 | |||
| Accumulated depreciation | $ 1,997 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Urbandale, IA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 8,113 | |||
| Initial cost to company, land | 540 | |||
| Initial cost to company, building and improvements | 4,292 | |||
| Cost capitalized subsequent to acquisition | 18 | |||
| Investment in real estate and accumulated depreciation, land, amount | 540 | |||
| Building and improvements, amount | 4,310 | |||
| Investment in real estate, gross | 4,850 | |||
| Accumulated depreciation | $ 1,418 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Caldwell, ID | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 320 | |||
| Initial cost to company, building and improvements | 9,353 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 320 | |||
| Building and improvements, amount | 9,353 | |||
| Investment in real estate, gross | 9,673 | |||
| Accumulated depreciation | $ 2,806 | |||
| Date acquired, constructed | Mar. 31, 2014 | |||
| Aurora, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,195 | |||
| Initial cost to company, building and improvements | 11,713 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,195 | |||
| Building and improvements, amount | 11,713 | |||
| Investment in real estate, gross | 12,908 | |||
| Accumulated depreciation | $ 3,079 | |||
| Date acquired, constructed | May 09, 2017 | |||
| Bolingbrook, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,290 | |||
| Initial cost to company, building and improvements | 14,677 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,290 | |||
| Building and improvements, amount | 14,677 | |||
| Investment in real estate, gross | 15,967 | |||
| Accumulated depreciation | $ 3,171 | |||
| Date acquired, constructed | Mar. 16, 2017 | |||
| Bourbonnais, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 7,974 | |||
| Initial cost to company, land | 170 | |||
| Initial cost to company, building and improvements | 16,594 | |||
| Cost capitalized subsequent to acquisition | 390 | |||
| Investment in real estate and accumulated depreciation, land, amount | 170 | |||
| Building and improvements, amount | 16,984 | |||
| Investment in real estate, gross | 17,154 | |||
| Accumulated depreciation | $ 5,173 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Crystal Lake, IL (2 facilities) | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,060 | |||
| Initial cost to company, building and improvements | 30,043 | |||
| Cost capitalized subsequent to acquisition | 170 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,060 | |||
| Building and improvements, amount | 30,213 | |||
| Investment in real estate, gross | 31,273 | |||
| Accumulated depreciation | 6,702 | |||
| Gurnee, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 1,244 | |||
| Initial cost to company, building and improvements | 13,856 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,244 | |||
| Building and improvements, amount | 13,856 | |||
| Investment in real estate, gross | 15,100 | |||
| Accumulated depreciation | $ 2,192 | |||
| Date acquired, constructed | Sep. 10, 2019 | |||
| Moline, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 3,896 | |||
| Initial cost to company, land | 250 | |||
| Initial cost to company, building and improvements | 5,630 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 250 | |||
| Building and improvements, amount | 5,630 | |||
| Investment in real estate, gross | 5,880 | |||
| Accumulated depreciation | $ 1,826 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Oswego, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 390 | |||
| Initial cost to company, building and improvements | 20,957 | |||
| Cost capitalized subsequent to acquisition | 212 | |||
| Investment in real estate and accumulated depreciation, land, amount | 390 | |||
| Building and improvements, amount | 21,169 | |||
| Investment in real estate, gross | 21,559 | |||
| Accumulated depreciation | $ 4,793 | |||
| Date acquired, constructed | Jun. 01, 2016 | |||
| Quincy, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 6,055 | |||
| Initial cost to company, land | 360 | |||
| Initial cost to company, building and improvements | 12,403 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 360 | |||
| Building and improvements, amount | 12,403 | |||
| Investment in real estate, gross | 12,763 | |||
| Accumulated depreciation | $ 3,930 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Rockford, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 6,412 | |||
| Initial cost to company, land | 390 | |||
| Initial cost to company, building and improvements | 12,575 | |||
| Cost capitalized subsequent to acquisition | 381 | |||
| Investment in real estate and accumulated depreciation, land, amount | 390 | |||
| Building and improvements, amount | 12,956 | |||
| Investment in real estate, gross | 13,346 | |||
| Accumulated depreciation | $ 3,988 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| South Barrington, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,610 | |||
| Initial cost to company, building and improvements | 13,456 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,610 | |||
| Building and improvements, amount | 13,456 | |||
| Investment in real estate, gross | 15,066 | |||
| Accumulated depreciation | $ 2,963 | |||
| Date acquired, constructed | Mar. 16, 2017 | |||
| St. Charles, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 820 | |||
| Initial cost to company, building and improvements | 22,188 | |||
| Cost capitalized subsequent to acquisition | 252 | |||
| Investment in real estate and accumulated depreciation, land, amount | 820 | |||
| Building and improvements, amount | 22,440 | |||
| Investment in real estate, gross | 23,260 | |||
| Accumulated depreciation | $ 5,120 | |||
| Date acquired, constructed | Jun. 01, 2016 | |||
| Tinley Park, IL | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,622 | |||
| Initial cost to company, building and improvements | 11,354 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,622 | |||
| Building and improvements, amount | 11,354 | |||
| Investment in real estate, gross | 12,976 | |||
| Accumulated depreciation | $ 3,058 | |||
| Date acquired, constructed | Jun. 23, 2016 | |||
| Attica, IN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 284 | |||
| Initial cost to company, building and improvements | 7,891 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 284 | |||
| Building and improvements, amount | 7,891 | |||
| Investment in real estate, gross | 8,175 | |||
| Accumulated depreciation | $ 1,113 | |||
| Date acquired, constructed | May 01, 2020 | |||
| Carmel, IN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 463 | |||
| Initial cost to company, building and improvements | 7,055 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 463 | |||
| Building and improvements, amount | 7,055 | |||
| Investment in real estate, gross | 7,518 | |||
| Accumulated depreciation | $ 2,525 | |||
| Date acquired, constructed | Nov. 12, 2014 | |||
| Crown Point, IN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 574 | |||
| Initial cost to company, building and improvements | 7,336 | |||
| Cost capitalized subsequent to acquisition | 353 | |||
| Investment in real estate and accumulated depreciation, land, amount | 574 | |||
| Building and improvements, amount | 7,689 | |||
| Investment in real estate, gross | 8,263 | |||
| Accumulated depreciation | $ 2,679 | |||
| Date acquired, constructed | Oct. 30, 2013 | |||
| Greenwood, IN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 791 | |||
| Initial cost to company, building and improvements | 7,020 | |||
| Cost capitalized subsequent to acquisition | 227 | |||
| Investment in real estate and accumulated depreciation, land, amount | 791 | |||
| Building and improvements, amount | 7,247 | |||
| Investment in real estate, gross | 8,038 | |||
| Accumulated depreciation | $ 2,596 | |||
| Date acquired, constructed | Nov. 07, 2013 | |||
| Linton, IN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 60 | |||
| Initial cost to company, building and improvements | 6,015 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 60 | |||
| Building and improvements, amount | 6,015 | |||
| Investment in real estate, gross | 6,075 | |||
| Accumulated depreciation | $ 850 | |||
| Date acquired, constructed | May 01, 2020 | |||
| Bossier City, LA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 500 | |||
| Initial cost to company, building and improvements | 3,344 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 500 | |||
| Building and improvements, amount | 3,344 | |||
| Investment in real estate, gross | 3,844 | |||
| Accumulated depreciation | $ 1,307 | |||
| Date acquired, constructed | Apr. 30, 2011 | |||
| West Monroe, LA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 770 | |||
| Initial cost to company, building and improvements | 5,627 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 770 | |||
| Building and improvements, amount | 5,627 | |||
| Investment in real estate, gross | 6,397 | |||
| Accumulated depreciation | $ 2,087 | |||
| Date acquired, constructed | Apr. 30, 2011 | |||
| Frederick, MD | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,942 | |||
| Initial cost to company, building and improvements | 17,415 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,942 | |||
| Building and improvements, amount | 17,415 | |||
| Investment in real estate, gross | 19,357 | |||
| Accumulated depreciation | $ 1,015 | |||
| Date acquired, constructed | Feb. 04, 2023 | |||
| Battle Creek, MI | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 398 | |||
| Initial cost to company, building and improvements | 3,093 | |||
| Cost capitalized subsequent to acquisition | 197 | |||
| Investment in real estate and accumulated depreciation, land, amount | 398 | |||
| Building and improvements, amount | 3,290 | |||
| Investment in real estate, gross | 3,688 | |||
| Accumulated depreciation | $ 1,435 | |||
| Date acquired, constructed | Oct. 19, 2009 | |||
| Lansing, MI | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,020 | |||
| Initial cost to company, building and improvements | 9,684 | |||
| Cost capitalized subsequent to acquisition | 174 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,020 | |||
| Building and improvements, amount | 9,858 | |||
| Investment in real estate, gross | 10,878 | |||
| Accumulated depreciation | $ 2,313 | |||
| Date acquired, constructed | Oct. 19, 2009 | |||
| Okemos, MI | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 340 | |||
| Initial cost to company, building and improvements | 8,082 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 340 | |||
| Building and improvements, amount | 8,082 | |||
| Investment in real estate, gross | 8,422 | |||
| Accumulated depreciation | $ 3,322 | |||
| Date acquired, constructed | Nov. 19, 2009 | |||
| Shelby, MI | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,588 | |||
| Initial cost to company, building and improvements | 13,512 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,588 | |||
| Building and improvements, amount | 13,512 | |||
| Investment in real estate, gross | 15,100 | |||
| Accumulated depreciation | $ 2,022 | |||
| Date acquired, constructed | Jan. 27, 2020 | |||
| Champlin, MN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 980 | |||
| Initial cost to company, building and improvements | 4,475 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 980 | |||
| Building and improvements, amount | 4,475 | |||
| Investment in real estate, gross | 5,455 | |||
| Accumulated depreciation | $ 1,775 | |||
| Date acquired, constructed | Mar. 10, 2010 | |||
| Hugo, MN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 400 | |||
| Initial cost to company, building and improvements | 3,945 | |||
| Cost capitalized subsequent to acquisition | 113 | |||
| Investment in real estate and accumulated depreciation, land, amount | 400 | |||
| Building and improvements, amount | 4,058 | |||
| Investment in real estate, gross | 4,458 | |||
| Accumulated depreciation | $ 1,549 | |||
| Date acquired, constructed | Mar. 10, 2010 | |||
| Maplewood, MN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,700 | |||
| Initial cost to company, building and improvements | 6,544 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,700 | |||
| Building and improvements, amount | 6,544 | |||
| Investment in real estate, gross | 8,244 | |||
| Accumulated depreciation | $ 2,594 | |||
| Date acquired, constructed | Mar. 10, 2010 | |||
| North Branch, MN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 595 | |||
| Initial cost to company, building and improvements | 3,053 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 595 | |||
| Building and improvements, amount | 3,053 | |||
| Investment in real estate, gross | 3,648 | |||
| Accumulated depreciation | $ 1,240 | |||
| Date acquired, constructed | Mar. 10, 2010 | |||
| Mahtomedi, MN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 515 | |||
| Initial cost to company, building and improvements | 8,825 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 515 | |||
| Building and improvements, amount | 8,825 | |||
| Investment in real estate, gross | 9,340 | |||
| Accumulated depreciation | $ 1,249 | |||
| Date acquired, constructed | Dec. 27, 2019 | |||
| Albermarle, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 870 | |||
| Initial cost to company, building and improvements | 4,872 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 870 | |||
| Building and improvements, amount | 4,872 | |||
| Investment in real estate, gross | 5,742 | |||
| Accumulated depreciation | $ 36 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Apex, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,042 | |||
| Initial cost to company, building and improvements | 15,831 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,042 | |||
| Building and improvements, amount | 15,831 | |||
| Investment in real estate, gross | 16,873 | |||
| Accumulated depreciation | $ 112 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Cary, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,366 | |||
| Initial cost to company, building and improvements | 20,805 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,366 | |||
| Building and improvements, amount | 20,805 | |||
| Investment in real estate, gross | 22,171 | |||
| Accumulated depreciation | $ 146 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Charlotte, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 650 | |||
| Initial cost to company, building and improvements | 17,663 | |||
| Cost capitalized subsequent to acquisition | 2,000 | |||
| Investment in real estate and accumulated depreciation, land, amount | 650 | |||
| Building and improvements, amount | 19,663 | |||
| Investment in real estate, gross | 20,313 | |||
| Accumulated depreciation | $ 5,225 | |||
| Date acquired, constructed | Jul. 01, 2015 | |||
| Durham, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 860 | |||
| Initial cost to company, building and improvements | 7,752 | |||
| Cost capitalized subsequent to acquisition | 2,681 | |||
| Investment in real estate and accumulated depreciation, land, amount | 860 | |||
| Building and improvements, amount | 10,433 | |||
| Investment in real estate, gross | 11,293 | |||
| Accumulated depreciation | $ 1,376 | |||
| Date acquired, constructed | Dec. 15, 2017 | |||
| Greensboro, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,426 | |||
| Initial cost to company, building and improvements | 20,550 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,426 | |||
| Building and improvements, amount | 20,550 | |||
| Investment in real estate, gross | 21,976 | |||
| Accumulated depreciation | $ 151 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Greenville, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 797 | |||
| Initial cost to company, building and improvements | 10,612 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 797 | |||
| Building and improvements, amount | 10,612 | |||
| Investment in real estate, gross | 11,409 | |||
| Accumulated depreciation | $ 83 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Hendersonville, NC (2 facilities) | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 3,120 | |||
| Initial cost to company, building and improvements | 12,980 | |||
| Cost capitalized subsequent to acquisition | 128 | |||
| Investment in real estate and accumulated depreciation, land, amount | 3,120 | |||
| Building and improvements, amount | 13,108 | |||
| Investment in real estate, gross | 16,228 | |||
| Accumulated depreciation | 3,008 | |||
| Kinston, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 798 | |||
| Initial cost to company, building and improvements | 3,958 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 798 | |||
| Building and improvements, amount | 3,958 | |||
| Investment in real estate, gross | 4,756 | |||
| Accumulated depreciation | $ 31 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Kill Devil Hills, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,276 | |||
| Initial cost to company, building and improvements | 9,471 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,276 | |||
| Building and improvements, amount | 9,471 | |||
| Investment in real estate, gross | 10,747 | |||
| Accumulated depreciation | $ 67 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Rocky Mount, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 990 | |||
| Initial cost to company, building and improvements | 8,114 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 990 | |||
| Building and improvements, amount | 8,114 | |||
| Investment in real estate, gross | 9,104 | |||
| Accumulated depreciation | $ 83 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Wilmington, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 843 | |||
| Initial cost to company, building and improvements | 7,313 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 843 | |||
| Building and improvements, amount | 7,313 | |||
| Investment in real estate, gross | 8,156 | |||
| Accumulated depreciation | $ 59 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Wilson, NC | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 876 | |||
| Initial cost to company, building and improvements | 9,512 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 876 | |||
| Building and improvements, amount | 9,512 | |||
| Investment in real estate, gross | 10,388 | |||
| Accumulated depreciation | $ 76 | |||
| Date acquired, constructed | Oct. 09, 2024 | |||
| Lincoln, NE | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 8,418 | |||
| Initial cost to company, land | 380 | |||
| Initial cost to company, building and improvements | 10,904 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 380 | |||
| Building and improvements, amount | 10,904 | |||
| Investment in real estate, gross | 11,284 | |||
| Accumulated depreciation | $ 3,403 | |||
| Date acquired, constructed | Jun. 28, 2013 | |||
| Omaha, NE (2 facilities) | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 2,455 | |||
| Initial cost to company, land | 1,110 | |||
| Initial cost to company, building and improvements | 15,437 | |||
| Cost capitalized subsequent to acquisition | 851 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,110 | |||
| Building and improvements, amount | 16,288 | |||
| Investment in real estate, gross | 17,398 | |||
| Accumulated depreciation | 4,568 | |||
| Las Vegas, NV | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | 0 | |||
| Initial cost to company, land | 1,951 | |||
| Initial cost to company, building and improvements | 16,184 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,951 | |||
| Building and improvements, amount | 16,184 | |||
| Investment in real estate, gross | 18,135 | |||
| Accumulated depreciation | $ 934 | |||
| Date acquired, constructed | Feb. 14, 2023 | |||
| Arlington, OH | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 570 | |||
| Initial cost to company, building and improvements | 7,917 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 570 | |||
| Building and improvements, amount | 7,917 | |||
| Investment in real estate, gross | 8,487 | |||
| Accumulated depreciation | $ 2,206 | |||
| Date acquired, constructed | Apr. 30, 2018 | |||
| Columbus, OH | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 530 | |||
| Initial cost to company, building and improvements | 6,776 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 530 | |||
| Building and improvements, amount | 6,776 | |||
| Investment in real estate, gross | 7,306 | |||
| Accumulated depreciation | $ 1,974 | |||
| Date acquired, constructed | Apr. 30, 2018 | |||
| Lancaster, OH | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 530 | |||
| Initial cost to company, building and improvements | 20,530 | |||
| Cost capitalized subsequent to acquisition | 261 | |||
| Investment in real estate and accumulated depreciation, land, amount | 530 | |||
| Building and improvements, amount | 20,791 | |||
| Investment in real estate, gross | 21,321 | |||
| Accumulated depreciation | $ 5,779 | |||
| Date acquired, constructed | Jul. 31, 2015 | |||
| Middletown, OH | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 940 | |||
| Initial cost to company, building and improvements | 15,548 | |||
| Cost capitalized subsequent to acquisition | 222 | |||
| Investment in real estate and accumulated depreciation, land, amount | 940 | |||
| Building and improvements, amount | 15,770 | |||
| Investment in real estate, gross | 16,710 | |||
| Accumulated depreciation | $ 4,468 | |||
| Date acquired, constructed | Oct. 31, 2014 | |||
| Rocky River, OH | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 650 | |||
| Initial cost to company, building and improvements | 4,189 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 650 | |||
| Building and improvements, amount | 4,189 | |||
| Investment in real estate, gross | 4,839 | |||
| Accumulated depreciation | $ 967 | |||
| Date acquired, constructed | Apr. 30, 2018 | |||
| Worthington, OH | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 0 | |||
| Initial cost to company, building and improvements | 18,869 | |||
| Cost capitalized subsequent to acquisition | 1,476 | |||
| Investment in real estate and accumulated depreciation, land, amount | 0 | |||
| Building and improvements, amount | 20,345 | |||
| Investment in real estate, gross | 20,345 | |||
| Accumulated depreciation | $ 4,706 | |||
| Date acquired, constructed | Apr. 30, 2018 | |||
| McMinnville, OR | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 390 | |||
| Initial cost to company, building and improvements | 9,183 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 390 | |||
| Building and improvements, amount | 9,183 | |||
| Investment in real estate, gross | 9,573 | |||
| Accumulated depreciation | $ 2,193 | |||
| Date acquired, constructed | Aug. 31, 2016 | |||
| McMinnville, OR | Senior Living Campuses | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 410 | |||
| Initial cost to company, building and improvements | 26,667 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 410 | |||
| Building and improvements, amount | 26,667 | |||
| Investment in real estate, gross | 27,077 | |||
| Accumulated depreciation | $ 6,057 | |||
| Date acquired, constructed | Aug. 31, 2016 | |||
| Portland, OR | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 930 | |||
| Initial cost to company, building and improvements | 25,270 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 930 | |||
| Building and improvements, amount | 25,270 | |||
| Investment in real estate, gross | 26,200 | |||
| Accumulated depreciation | $ 5,281 | |||
| Date acquired, constructed | Aug. 31, 2015 | |||
| Reading, PA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,027 | |||
| Initial cost to company, building and improvements | 11,179 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,027 | |||
| Building and improvements, amount | 11,179 | |||
| Investment in real estate, gross | 12,206 | |||
| Accumulated depreciation | $ 1,871 | |||
| Date acquired, constructed | May 31, 2019 | |||
| Erie, PA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,030 | |||
| Initial cost to company, building and improvements | 15,206 | |||
| Cost capitalized subsequent to acquisition | 976 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,030 | |||
| Building and improvements, amount | 16,182 | |||
| Investment in real estate, gross | 17,212 | |||
| Accumulated depreciation | $ 2,952 | |||
| Date acquired, constructed | Apr. 30, 2018 | |||
| Manchester, TN | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 534 | |||
| Initial cost to company, building and improvements | 6,068 | |||
| Cost capitalized subsequent to acquisition | 191 | |||
| Investment in real estate and accumulated depreciation, land, amount | 534 | |||
| Building and improvements, amount | 6,259 | |||
| Investment in real estate, gross | 6,793 | |||
| Accumulated depreciation | $ 724 | |||
| Date acquired, constructed | Jun. 03, 2021 | |||
| Chesapeake, VA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,746 | |||
| Initial cost to company, building and improvements | 15,542 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,746 | |||
| Building and improvements, amount | 15,542 | |||
| Investment in real estate, gross | 17,288 | |||
| Accumulated depreciation | $ 912 | |||
| Date acquired, constructed | Feb. 09, 2023 | |||
| Fredericksburg, VA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,615 | |||
| Initial cost to company, building and improvements | 9,271 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,615 | |||
| Building and improvements, amount | 9,271 | |||
| Investment in real estate, gross | 10,886 | |||
| Accumulated depreciation | $ 2,466 | |||
| Date acquired, constructed | Sep. 20, 2016 | |||
| Midlothian, VA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,646 | |||
| Initial cost to company, building and improvements | 8,635 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,646 | |||
| Building and improvements, amount | 8,635 | |||
| Investment in real estate, gross | 10,281 | |||
| Accumulated depreciation | $ 2,379 | |||
| Date acquired, constructed | Oct. 31, 2016 | |||
| Suffolk, VA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,022 | |||
| Initial cost to company, building and improvements | 9,320 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,022 | |||
| Building and improvements, amount | 9,320 | |||
| Investment in real estate, gross | 10,342 | |||
| Accumulated depreciation | $ 2,347 | |||
| Date acquired, constructed | Mar. 25, 2016 | |||
| Virginia Beach, VA | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 2,052 | |||
| Initial cost to company, building and improvements | 15,148 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 2,052 | |||
| Building and improvements, amount | 15,148 | |||
| Investment in real estate, gross | 17,200 | |||
| Accumulated depreciation | $ 866 | |||
| Date acquired, constructed | Nov. 10, 2022 | |||
| Bellevue, WI | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 504 | |||
| Initial cost to company, building and improvements | 11,796 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 504 | |||
| Building and improvements, amount | 11,796 | |||
| Investment in real estate, gross | 12,300 | |||
| Accumulated depreciation | $ 1,558 | |||
| Date acquired, constructed | Sep. 30, 2020 | |||
| Oshkosh, WI | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 542 | |||
| Initial cost to company, building and improvements | 12,758 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 542 | |||
| Building and improvements, amount | 12,758 | |||
| Investment in real estate, gross | 13,300 | |||
| Accumulated depreciation | $ 973 | |||
| Date acquired, constructed | Apr. 29, 2022 | |||
| Sussex, WI | Assisted Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,329 | |||
| Initial cost to company, building and improvements | 30,721 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,329 | |||
| Building and improvements, amount | 30,721 | |||
| Investment in real estate, gross | 32,050 | |||
| Accumulated depreciation | $ 448 | |||
| Date acquired, constructed | Jun. 21, 2024 | |||
| Vero Beach, FL | Independent Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 550 | |||
| Initial cost to company, building and improvements | 37,450 | |||
| Cost capitalized subsequent to acquisition | 2,543 | |||
| Investment in real estate and accumulated depreciation, land, amount | 550 | |||
| Building and improvements, amount | 39,993 | |||
| Investment in real estate, gross | 40,543 | |||
| Accumulated depreciation | $ 6,631 | |||
| Date acquired, constructed | Feb. 01, 2019 | |||
| Columbus, IN | Independent Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 348 | |||
| Initial cost to company, building and improvements | 6,124 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 348 | |||
| Building and improvements, amount | 6,124 | |||
| Investment in real estate, gross | 6,472 | |||
| Accumulated depreciation | $ 989 | |||
| Date acquired, constructed | May 31, 2019 | |||
| Tulsa, OK | Independent Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 15,676 | |||
| Initial cost to company, land | 1,980 | |||
| Initial cost to company, building and improvements | 32,620 | |||
| Cost capitalized subsequent to acquisition | 502 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,980 | |||
| Building and improvements, amount | 33,122 | |||
| Investment in real estate, gross | 35,102 | |||
| Accumulated depreciation | $ 6,634 | |||
| Date acquired, constructed | Dec. 01, 2017 | |||
| Tulsa, OK | Hospitals | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,470 | |||
| Initial cost to company, building and improvements | 38,780 | |||
| Cost capitalized subsequent to acquisition | 2,048 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,470 | |||
| Building and improvements, amount | 40,828 | |||
| Investment in real estate, gross | 42,298 | |||
| Accumulated depreciation | $ 3,746 | |||
| Date acquired, constructed | May 28, 2021 | |||
| Chehalis, WA | Independent Living Facilities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,980 | |||
| Initial cost to company, building and improvements | 7,710 | |||
| Cost capitalized subsequent to acquisition | 7,520 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,980 | |||
| Building and improvements, amount | 15,230 | |||
| Investment in real estate, gross | 17,210 | |||
| Accumulated depreciation | $ 3,127 | |||
| Date acquired, constructed | Jan. 15, 2016 | |||
| Michigan City, IN | Senior Living Campuses | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 974 | |||
| Initial cost to company, building and improvements | 22,667 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 974 | |||
| Building and improvements, amount | 22,667 | |||
| Investment in real estate, gross | 23,641 | |||
| Accumulated depreciation | $ 3,622 | |||
| Date acquired, constructed | May 31, 2019 | |||
| Portage, IN | Senior Living Campuses | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 661 | |||
| Initial cost to company, building and improvements | 21,959 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 661 | |||
| Building and improvements, amount | 21,959 | |||
| Investment in real estate, gross | 22,620 | |||
| Accumulated depreciation | $ 3,517 | |||
| Date acquired, constructed | May 31, 2019 | |||
| Needham, MA | Senior Living Campuses | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 5,500 | |||
| Initial cost to company, building and improvements | 45,157 | |||
| Cost capitalized subsequent to acquisition | 1,451 | |||
| Investment in real estate and accumulated depreciation, land, amount | 5,500 | |||
| Building and improvements, amount | 46,608 | |||
| Investment in real estate, gross | 52,108 | |||
| Accumulated depreciation | $ 8,779 | |||
| Date acquired, constructed | Jan. 15, 2019 | |||
| Salisbury, MD | Senior Living Campuses | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,876 | |||
| Initial cost to company, building and improvements | 44,084 | |||
| Cost capitalized subsequent to acquisition | 471 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,876 | |||
| Building and improvements, amount | 44,555 | |||
| Investment in real estate, gross | 46,431 | |||
| Accumulated depreciation | $ 7,411 | |||
| Date acquired, constructed | May 31, 2019 | |||
| Roscommon, MI | Senior Living Campuses | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 44 | |||
| Initial cost to company, building and improvements | 6,005 | |||
| Cost capitalized subsequent to acquisition | 1 | |||
| Investment in real estate and accumulated depreciation, land, amount | 44 | |||
| Building and improvements, amount | 6,006 | |||
| Investment in real estate, gross | 6,050 | |||
| Accumulated depreciation | $ 1,692 | |||
| Date acquired, constructed | Aug. 31, 2015 | |||
| Mt. Airy, NC | Senior Living Campuses | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,370 | |||
| Initial cost to company, building and improvements | 7,470 | |||
| Cost capitalized subsequent to acquisition | 150 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,370 | |||
| Building and improvements, amount | 7,620 | |||
| Investment in real estate, gross | 8,990 | |||
| Accumulated depreciation | $ 2,193 | |||
| Date acquired, constructed | Dec. 17, 2014 | |||
| Silverdale, WA | Senior Living Campuses | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,750 | |||
| Initial cost to company, building and improvements | 23,860 | |||
| Cost capitalized subsequent to acquisition | 2,167 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,750 | |||
| Building and improvements, amount | 26,027 | |||
| Investment in real estate, gross | 27,777 | |||
| Accumulated depreciation | $ 8,674 | |||
| Date acquired, constructed | Aug. 16, 2012 | |||
| Bridgeport, CT | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 4,320 | |||
| Initial cost to company, building and improvements | 23,494 | |||
| Cost capitalized subsequent to acquisition | 5,809 | |||
| Investment in real estate and accumulated depreciation, land, amount | 4,320 | |||
| Building and improvements, amount | 29,303 | |||
| Investment in real estate, gross | 33,623 | |||
| Accumulated depreciation | $ 7,499 | |||
| Date acquired, constructed | Jun. 02, 2016 | |||
| North Branford, CT | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 7,724 | |||
| Initial cost to company, building and improvements | 64,430 | |||
| Cost capitalized subsequent to acquisition | 33 | |||
| Investment in real estate and accumulated depreciation, land, amount | 7,724 | |||
| Building and improvements, amount | 64,463 | |||
| Investment in real estate, gross | 72,187 | |||
| Accumulated depreciation | $ 14,945 | |||
| Date acquired, constructed | Nov. 03, 2016 | |||
| Southbury, CT | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 10,320 | |||
| Initial cost to company, building and improvements | 17,143 | |||
| Cost capitalized subsequent to acquisition | 6,178 | |||
| Investment in real estate and accumulated depreciation, land, amount | 10,320 | |||
| Building and improvements, amount | 23,321 | |||
| Investment in real estate, gross | 33,641 | |||
| Accumulated depreciation | $ 5,450 | |||
| Date acquired, constructed | Jun. 02, 2016 | |||
| Fernandina Beach, FL | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,430 | |||
| Initial cost to company, building and improvements | 63,420 | |||
| Cost capitalized subsequent to acquisition | 2,044 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,430 | |||
| Building and improvements, amount | 65,464 | |||
| Investment in real estate, gross | 66,894 | |||
| Accumulated depreciation | $ 18,054 | |||
| Date acquired, constructed | Dec. 17, 2014 | |||
| St. Simons Island, GA | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 8,770 | |||
| Initial cost to company, building and improvements | 38,070 | |||
| Cost capitalized subsequent to acquisition | 1,764 | |||
| Investment in real estate and accumulated depreciation, land, amount | 8,770 | |||
| Building and improvements, amount | 39,834 | |||
| Investment in real estate, gross | 48,604 | |||
| Accumulated depreciation | $ 10,972 | |||
| Date acquired, constructed | Dec. 17, 2014 | |||
| Winston-Salem, NC | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 8,700 | |||
| Initial cost to company, building and improvements | 73,920 | |||
| Cost capitalized subsequent to acquisition | 919 | |||
| Investment in real estate and accumulated depreciation, land, amount | 8,700 | |||
| Building and improvements, amount | 74,839 | |||
| Investment in real estate, gross | 83,539 | |||
| Accumulated depreciation | $ 20,487 | |||
| Date acquired, constructed | Dec. 17, 2014 | |||
| Greenville, SC | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 5,850 | |||
| Initial cost to company, building and improvements | 90,760 | |||
| Cost capitalized subsequent to acquisition | 1,149 | |||
| Investment in real estate and accumulated depreciation, land, amount | 5,850 | |||
| Building and improvements, amount | 91,909 | |||
| Investment in real estate, gross | 97,759 | |||
| Accumulated depreciation | $ 24,555 | |||
| Date acquired, constructed | Dec. 17, 2014 | |||
| Greenville, SC | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 560 | |||
| Initial cost to company, building and improvements | 16,547 | |||
| Cost capitalized subsequent to acquisition | 1,138 | |||
| Investment in real estate and accumulated depreciation, land, amount | 560 | |||
| Building and improvements, amount | 17,685 | |||
| Investment in real estate, gross | 18,245 | |||
| Accumulated depreciation | $ 5,170 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Myrtle Beach, SC | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 3,910 | |||
| Initial cost to company, building and improvements | 82,140 | |||
| Cost capitalized subsequent to acquisition | 744 | |||
| Investment in real estate and accumulated depreciation, land, amount | 3,910 | |||
| Building and improvements, amount | 82,884 | |||
| Investment in real estate, gross | 86,794 | |||
| Accumulated depreciation | $ 22,872 | |||
| Date acquired, constructed | Dec. 17, 2014 | |||
| Myrtle Beach, SC | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,310 | |||
| Initial cost to company, building and improvements | 26,229 | |||
| Cost capitalized subsequent to acquisition | 2,274 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,310 | |||
| Building and improvements, amount | 28,503 | |||
| Investment in real estate, gross | 29,813 | |||
| Accumulated depreciation | $ 8,079 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Pawleys Island, SC | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,480 | |||
| Initial cost to company, building and improvements | 38,620 | |||
| Cost capitalized subsequent to acquisition | 645 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,480 | |||
| Building and improvements, amount | 39,265 | |||
| Investment in real estate, gross | 40,745 | |||
| Accumulated depreciation | $ 11,107 | |||
| Date acquired, constructed | Dec. 17, 2014 | |||
| Spartanburg, SC | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 900 | |||
| Initial cost to company, building and improvements | 49,190 | |||
| Cost capitalized subsequent to acquisition | 1,329 | |||
| Investment in real estate and accumulated depreciation, land, amount | 900 | |||
| Building and improvements, amount | 50,519 | |||
| Investment in real estate, gross | 51,419 | |||
| Accumulated depreciation | $ 13,948 | |||
| Date acquired, constructed | Dec. 17, 2014 | |||
| Issaquah, WA | Entrance-Fee Communities | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 4,370 | |||
| Initial cost to company, building and improvements | 130,522 | |||
| Cost capitalized subsequent to acquisition | 0 | |||
| Investment in real estate and accumulated depreciation, land, amount | 4,370 | |||
| Building and improvements, amount | 130,522 | |||
| Investment in real estate, gross | 134,892 | |||
| Accumulated depreciation | $ 18,427 | |||
| Date acquired, constructed | Jan. 31, 2020 | |||
| Fort Smith, AR | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 590 | |||
| Initial cost to company, building and improvements | 22,447 | |||
| Cost capitalized subsequent to acquisition | 1,036 | |||
| Investment in real estate and accumulated depreciation, land, amount | 590 | |||
| Building and improvements, amount | 23,483 | |||
| Investment in real estate, gross | 24,073 | |||
| Accumulated depreciation | $ 6,748 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Rogers, AR | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,470 | |||
| Initial cost to company, building and improvements | 25,282 | |||
| Cost capitalized subsequent to acquisition | 1,998 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,470 | |||
| Building and improvements, amount | 27,280 | |||
| Investment in real estate, gross | 28,750 | |||
| Accumulated depreciation | $ 7,673 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Fresno, CA | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 420 | |||
| Initial cost to company, building and improvements | 10,899 | |||
| Cost capitalized subsequent to acquisition | 1,240 | |||
| Investment in real estate and accumulated depreciation, land, amount | 420 | |||
| Building and improvements, amount | 12,139 | |||
| Investment in real estate, gross | 12,559 | |||
| Accumulated depreciation | $ 3,370 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Modesto, CA | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,170 | |||
| Initial cost to company, building and improvements | 22,673 | |||
| Cost capitalized subsequent to acquisition | 1,648 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,170 | |||
| Building and improvements, amount | 24,321 | |||
| Investment in real estate, gross | 25,491 | |||
| Accumulated depreciation | $ 6,725 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Pinole, CA | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,020 | |||
| Initial cost to company, building and improvements | 18,066 | |||
| Cost capitalized subsequent to acquisition | 1,650 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,020 | |||
| Building and improvements, amount | 19,716 | |||
| Investment in real estate, gross | 20,736 | |||
| Accumulated depreciation | $ 5,402 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Roseville, CA | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 630 | |||
| Initial cost to company, building and improvements | 31,343 | |||
| Cost capitalized subsequent to acquisition | 1,650 | |||
| Investment in real estate and accumulated depreciation, land, amount | 630 | |||
| Building and improvements, amount | 32,993 | |||
| Investment in real estate, gross | 33,623 | |||
| Accumulated depreciation | $ 9,272 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| West Covina, CA | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 940 | |||
| Initial cost to company, building and improvements | 20,280 | |||
| Cost capitalized subsequent to acquisition | 2,336 | |||
| Investment in real estate and accumulated depreciation, land, amount | 940 | |||
| Building and improvements, amount | 22,616 | |||
| Investment in real estate, gross | 23,556 | |||
| Accumulated depreciation | $ 6,184 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Athens, GA | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 910 | |||
| Initial cost to company, building and improvements | 31,940 | |||
| Cost capitalized subsequent to acquisition | 1,962 | |||
| Investment in real estate and accumulated depreciation, land, amount | 910 | |||
| Building and improvements, amount | 33,902 | |||
| Investment in real estate, gross | 34,812 | |||
| Accumulated depreciation | $ 9,663 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Columbus, GA | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 570 | |||
| Initial cost to company, building and improvements | 8,639 | |||
| Cost capitalized subsequent to acquisition | 1,271 | |||
| Investment in real estate and accumulated depreciation, land, amount | 570 | |||
| Building and improvements, amount | 9,910 | |||
| Investment in real estate, gross | 10,480 | |||
| Accumulated depreciation | $ 2,879 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Voorhees, NJ | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 670 | |||
| Initial cost to company, building and improvements | 23,710 | |||
| Cost capitalized subsequent to acquisition | 1,847 | |||
| Investment in real estate and accumulated depreciation, land, amount | 670 | |||
| Building and improvements, amount | 25,557 | |||
| Investment in real estate, gross | 26,227 | |||
| Accumulated depreciation | $ 7,232 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Gahanna, OH | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 920 | |||
| Initial cost to company, building and improvements | 22,919 | |||
| Cost capitalized subsequent to acquisition | 1,065 | |||
| Investment in real estate and accumulated depreciation, land, amount | 920 | |||
| Building and improvements, amount | 23,984 | |||
| Investment in real estate, gross | 24,904 | |||
| Accumulated depreciation | $ 6,932 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Broken Arrow, OK | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 2,660 | |||
| Initial cost to company, building and improvements | 18,477 | |||
| Cost capitalized subsequent to acquisition | 851 | |||
| Investment in real estate and accumulated depreciation, land, amount | 2,660 | |||
| Building and improvements, amount | 19,328 | |||
| Investment in real estate, gross | 21,988 | |||
| Accumulated depreciation | $ 5,634 | |||
| Date acquired, constructed | Apr. 01, 2022 | |||
| Vancouver, WA | Senior Housing Operating | ||||
| SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
| Encumbrances | $ 0 | |||
| Initial cost to company, land | 1,030 | |||
| Initial cost to company, building and improvements | 19,183 | |||
| Cost capitalized subsequent to acquisition | 2,908 | |||
| Investment in real estate and accumulated depreciation, land, amount | 1,030 | |||
| Building and improvements, amount | 22,091 | |||
| Investment in real estate, gross | 23,121 | |||
| Accumulated depreciation | $ 5,856 | |||
| Date acquired, constructed | Apr. 01, 2022 |
Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation (Summary) (Details) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Investment in Real Estate: | |||
| Balance at beginning of period | $ 2,780,358 | $ 2,729,898 | $ 2,894,548 |
| Additions through cash expenditures | 157,931 | 49,556 | 10,993 |
| Change in accounts payable related to investments in real estate construction & equipment | (250) | 325 | (69) |
| Change in other assets related to investments in real estate | 0 | 454 | 200 |
| Right of use asset in exchange for lease liability | 344 | 101 | 0 |
| Operating equipment received in lease termination | 0 | 0 | 1,287 |
| Real estate acquired in exchange for non-cash rental income | 0 | 2,500 | 3,000 |
| Real estate acquired in exchange for mortgage notes receivable | 22,184 | 14,200 | 23,071 |
| Sale of properties for cash | (4,758) | (19,326) | (104,691) |
| Properties classified as held for sale | (2,261) | (11,970) | (84,761) |
| Property reclassified as held for use | 0 | 15,793 | 7,851 |
| Impairment of property | 0 | (1,173) | (21,531) |
| Balance at end of period | 2,953,548 | 2,780,358 | 2,729,898 |
| Accumulated Depreciation: | |||
| Balance at beginning of period | 673,276 | 611,688 | 576,668 |
| Addition charged to costs and expenses | 71,443 | 69,973 | 70,880 |
| Amortization of right-of-use asset | 36 | 38 | 36 |
| Sale of properties | (1,518) | (4,851) | (25,643) |
| Properties classified as held for sale | (942) | (6,965) | (11,092) |
| Property reclassified as held for use | 0 | 3,393 | 839 |
| Balance at end of period | $ 742,295 | $ 673,276 | $ 611,688 |
Schedule IV - Mortgage Loans on Real Estate Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Carrying amount | $ 175,830,000 | $ 162,433,000 | $ 164,576,000 | $ 230,927,000 |
| Amount of delinquent loans | 0 | |||
| Federal income tax basis | 188,700,000 | |||
| Origination fee, and premium (discount) | $ 651,200 | |||
| Second Mortgages | Winter Park, FL | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 12.00% | |||
| Maturity | Oct. 31, 2025 | |||
| Payment | Interest Only | |||
| Face Amount | $ 725,000 | |||
| Carrying amount | $ 725,000 | |||
| Construction Loans | Canton, MI | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 9.00% | |||
| Maturity | Jul. 31, 2025 | |||
| Payment | Interest Only | |||
| Face Amount | $ 14,700,000 | |||
| Carrying amount | $ 14,700,000 | |||
| Construction Loans | Fitchburg, WI | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 8.50% | |||
| Maturity | Jan. 28, 2026 | |||
| Payment | Interest Only | |||
| Face Amount | $ 28,386,000 | |||
| Carrying amount | $ 28,386,000 | |||
| Construction Loans | Lake City, FL | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 9.00% | |||
| Maturity | Aug. 31, 2028 | |||
| Payment | Interest Only | |||
| Face Amount | $ 7,172,000 | |||
| Carrying amount | $ 7,172,000 | |||
| Skilled Nursing Facilities | First Mortgages | Austin/San Antonio, TX | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 7.25% | |||
| Maturity | Nov. 30, 2027 | |||
| Payment | Interest Only | |||
| Face Amount | $ 42,500,000 | |||
| Carrying amount | $ 42,465,000 | |||
| Skilled Nursing Facilities | First Mortgages | Maitland, FL | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 8.50% | |||
| Maturity | Dec. 31, 2027 | |||
| Payment | Interest Only | |||
| Face Amount | $ 9,000,000 | |||
| Carrying amount | $ 9,000,000 | |||
| Assisted Living Facilities | First Mortgages | Oviedo, FL | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 8.25% | |||
| Maturity | Jul. 31, 2025 | |||
| Payment | Interest Only | |||
| Face Amount | $ 10,000,000 | |||
| Carrying amount | $ 10,000,000 | |||
| Assisted Living Facilities | First Mortgages | Indianapolis, IN | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 7.00% | |||
| Maturity | Jun. 30, 2025 | |||
| Payment | Interest Only | |||
| Face Amount | $ 6,423,000 | |||
| Carrying amount | $ 6,423,000 | |||
| Assisted Living Facilities | First Mortgages | Tulsa, OK | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 8.50% | |||
| Maturity | Jun. 30, 2029 | |||
| Payment | Interest Only | |||
| Face Amount | $ 9,500,000 | |||
| Carrying amount | $ 9,416,000 | |||
| Assisted Living Facilities | First Mortgages | Bloomington, IL | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 8.75% | |||
| Maturity | Feb. 28, 2029 | |||
| Payment | Interest Only | |||
| Face Amount | $ 15,000,000 | |||
| Carrying amount | $ 14,877,000 | |||
| Entrance-Fee Communities | First Mortgages | Columbia, SC | ||||
| SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
| Interest | 7.25% | |||
| Maturity | Jun. 30, 2025 | |||
| Payment | Interest Only | |||
| Face Amount | $ 32,700,000 | |||
| Carrying amount | $ 32,666,000 |
Schedule IV - Mortgage Loans on Real Estate Schedule IV - Mortgage Loans on Real Estate (Roll-Forward) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Reconciliation of mortgage loans on real estate | |||
| Balance at beginning of period | $ 162,433 | $ 164,576 | $ 230,927 |
| Additions: | |||
| New mortgage loans | 41,718 | 15,083 | 67,978 |
| Amortization of loan discount and commitment fees | 471 | 428 | 907 |
| Total Additions | 42,189 | 15,511 | 68,885 |
| Deductions: | |||
| Loan commitment fees received | 885 | 0 | 497 |
| Extension fee received | 82 | 0 | 0 |
| Mortgage notes receivable related to investments in real estate | 22,184 | 14,200 | 23,071 |
| Collection of principal, less recoveries of previous write-downs | 5,641 | 3,454 | 111,668 |
| Total Deductions | 28,792 | 17,654 | 135,236 |
| Balance at end of period | $ 175,830 | $ 162,433 | $ 164,576 |