NATIONAL HEALTHCARE PROPERTIES, INC., 10-Q filed on 5/14/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 08, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-39153  
Entity Registrant Name National Healthcare Properties, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 38-3888962  
Entity Address, Address Line One 540 Madison Ave  
Entity Address, Address Line Two 27th Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10022  
City Area Code 332  
Local Phone Number 258-8770  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001561032  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A common stock    
Document Information [Line Items]    
Title of 12(b) Security Class A common stock, $0.01 par value per share  
Trading Symbol NHP  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   44,275,000
Series A preferred stock    
Document Information [Line Items]    
Title of 12(b) Security 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share  
Trading Symbol NHPAP  
Security Exchange Name NASDAQ  
Series B preferred stock    
Document Information [Line Items]    
Title of 12(b) Security 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share  
Trading Symbol NHPAB  
Security Exchange Name NASDAQ  
Common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   28,629,876
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate investments, at cost:    
Land $ 174,535 $ 174,535
Buildings, fixtures and improvements 1,789,349 1,785,952
Acquired intangible assets 246,544 246,544
Construction in progress 3,752 2,994
Total real estate investments, at cost 2,214,180 2,210,025
Less: accumulated depreciation and amortization (707,160) (691,200)
Total real estate investments, net 1,507,020 1,518,825
Cash and cash equivalents 52,809 57,620
Restricted cash 53,790 50,832
Derivative assets, at fair value 1,395 569
Straight-line rent receivable, net 21,755 21,486
Operating lease right-of-use assets 7,275 7,377
Prepaid expenses and other assets, net 22,290 23,019
Accounts receivable, net 9,193 9,252
Deferred costs, net 22,535 22,792
Total assets 1,698,062 1,711,772
LIABILITIES AND EQUITY    
Mortgage notes payable, net 367,723 367,629
Market lease intangible liabilities, net 4,616 4,851
Derivative liabilities, at fair value 0 188
Accounts payable and accrued expenses 42,702 44,381
Operating lease liabilities 8,378 8,467
Deferred rent 6,925 9,247
Distributions payable 3,340 3,340
Total liabilities 1,101,519 1,107,247
Commitments and Contingencies
Equity    
Common stock, $0.01 par value, 300,000 shares authorized, 28,412 and 28,427 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1,132 1,132
Additional paid-in capital 2,531,539 2,531,315
Accumulated other comprehensive income 5,076 5,604
Distributions in excess of accumulated earnings (1,945,664) (1,938,060)
Total stockholders’ equity 592,156 600,064
Non-controlling interests 4,387 4,461
Total equity 596,543 604,525
Total liabilities and equity 1,698,062 1,711,772
Series A preferred stock    
Equity    
Preferred stock 38 38
Series B preferred stock    
Equity    
Preferred stock 35 35
Secured Debt | Fannie Mae Secured Debt    
LIABILITIES AND EQUITY    
Fannie Mae secured debt/ Revolving credit facility / Term Loan, net 333,296 334,739
Secured Debt | Credit Agreement    
LIABILITIES AND EQUITY    
Fannie Mae secured debt/ Revolving credit facility / Term Loan, net 148,539 148,405
Revolving Credit Facility | Credit Agreement    
LIABILITIES AND EQUITY    
Fannie Mae secured debt/ Revolving credit facility / Term Loan, net $ 186,000 $ 186,000
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 28,412,000 28,427,000
Common stock, shares outstanding (in shares) 28,412,000 28,427,000
Series A preferred stock    
Preferred stock, dividend rate, percentage 7.375% 7.375%
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 4,608,000 4,608,000
Preferred stock, shares issued (in shares) 3,846,000 3,846,000
Preferred stock, shares outstanding (in shares) 3,846,000 3,846,000
Series B preferred stock    
Preferred stock, dividend rate, percentage 7.125% 7.125%
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 3,467,000 3,467,000
Preferred stock, shares issued (in shares) 3,417,000 3,417,000
Preferred stock, shares outstanding (in shares) 3,417,000 3,417,000
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue from tenants $ 86,285 $ 86,443
Operating expenses:    
Property operating and maintenance 52,918 57,856
Impairment charges 0 11,899
Acquisition and transaction related 53 51
General and administrative 5,467 4,896
Depreciation and amortization 17,738 23,706
Total expenses 76,176 98,408
Operating income (loss) before (loss) gain on sale of real estate investments 10,109 (11,965)
(Loss) gain on sale of real estate investments (2) 24,989
Operating income 10,107 13,024
Other income (expense):    
Interest expense (14,671) (14,529)
Interest and other income (expense), net 171 (15)
Gain (loss) on non-designated derivatives 189 (1)
Total other expenses, net (14,311) (14,545)
Loss before income taxes (4,204) (1,521)
Income tax (expense) benefit (77) 6
Net loss (4,281) (1,515)
Net income attributable to non-controlling interests (28) (54)
Allocation for preferred stock (3,294) (3,450)
Net loss attributable to common stockholders (7,603) (5,019)
Other comprehensive loss:    
Unrealized loss on designated derivatives (528) (4,994)
Comprehensive loss attributable to common stockholders $ (8,131) $ (10,013)
Weighted-average shares outstanding - Basic (in shares) [1] 28,336 28,296
Weighted-average shares outstanding - Diluted (in shares) [1] 28,336 28,296
Net loss per share attributable to common stockholders - Basic (in usd per share) [1] $ (0.27) $ (0.18)
Net loss per share attributable to common stockholders - Diluted (in usd per share) [1] $ (0.27) $ (0.18)
[1]
(1)     Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect     would be an antidilutive per share amount.
v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Series A preferred stock
Series B preferred stock
Total stockholders’ equity
Total stockholders’ equity
Series A preferred stock
Total stockholders’ equity
Series B preferred stock
Preferred Stock
Series A preferred stock
Preferred Stock
Series B preferred stock
Common stock
Additional paid-in capital
Accumulated other comprehensive income
Distributions in excess of accumulated earnings
Distributions in excess of accumulated earnings
Series A preferred stock
Distributions in excess of accumulated earnings
Series B preferred stock
Non-controlling interests
Preferred stock, shares outstanding (in shares) at Dec. 31, 2024             3,977,000 3,630,000              
Beginning balance at Dec. 31, 2024 $ 690,125     $ 684,560     $ 40 $ 36 $ 1,132 $ 2,533,706 $ 16,640 $ (1,866,994)     $ 5,565
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2024                 28,296,000            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Distributions declared on preferred stock (3,450) $ (1,834) $ (1,615)   $ (1,834) $ (1,615)             $ (1,834) $ (1,615)  
Distributions to non-controlling interest holders (47)                           (47)
Rebalancing of ownership percentage 0     31           31         (31)
Unrealized loss on designated derivatives (4,994)     (4,994)             (4,994)        
Net loss (1,515)     (1,569)               (1,569)     54
Preferred stock, shares outstanding (in shares) at Mar. 31, 2025             3,977,000 3,630,000              
Ending balance at Mar. 31, 2025 680,120     674,579     $ 40 $ 36 $ 1,132 2,533,737 11,646 (1,872,012)     5,541
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2025                 28,296,000            
Preferred stock, shares outstanding (in shares) at Dec. 31, 2025   3,846,000 3,417,000       3,846,000 3,417,000              
Beginning balance at Dec. 31, 2025 $ 604,525     600,064     $ 38 $ 35 $ 1,132 2,531,315 5,604 (1,938,060)     4,461
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2025 28,427,000               28,307,000            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Share-based compensation $ 612     612           612          
Common stock issuance, net of tax withholdings (in shares) 0               29,000            
Common stock issuance, net of tax withholdings $ (443)     (443)           (443)          
Distributions declared on preferred stock (3,294) $ (1,773) $ (1,522)   $ (1,773) $ (1,522)             $ (1,773) $ (1,522)  
Distributions to non-controlling interest holders (47)                           (47)
Rebalancing of ownership percentage 0     55           55         (55)
Unrealized loss on designated derivatives (528)     (528)             (528)        
Net loss (4,281)     (4,309)               (4,309)     28
Preferred stock, shares outstanding (in shares) at Mar. 31, 2026   3,846,000 3,417,000       3,846,000 3,417,000              
Ending balance at Mar. 31, 2026 $ 596,543     $ 592,156     $ 38 $ 35 $ 1,132 $ 2,531,539 $ 5,076 $ (1,945,664)     $ 4,387
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2026 28,412,000               28,336,000            
v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Series A preferred stock    
Distributions declared on preferred stock (in usd per share) $ 0.46 $ 0.46
Series B preferred stock    
Distributions declared on preferred stock (in usd per share) $ 0.45 $ 0.45
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (4,281) $ (1,515)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 17,738 23,706
Amortization of deferred financing costs and mortgage discounts (premiums) 1,044 858
Accretion of terminated swap (1,476) 0
(Accretion) amortization of market lease and other intangibles, net (147) 2,331
Stock-based compensation amortization expense 612 0
Gain on sale of real estate investments 0 (24,989)
Cash received from non-designated derivative instruments 375 930
Loss on non-designated derivative instruments 87 1
Impairment charges 0 11,899
Deferred tax valuation allowance (79) 601
Changes in assets and liabilities:    
Straight-line rent receivable, net (268) (1,023)
Prepaid expenses and other assets, net 597 393
Accounts receivable, net 59 2,436
Accounts payable, accrued expenses and other liabilities (2,188) (37,065)
Deferred leasing costs (738) (849)
Deferred rent (2,322) 1,057
Net cash provided by (used in) operating activities 9,013 (21,229)
Cash flows from investing activities:    
Capital expenditures (5,265) (5,669)
Investments in non-designated interest rate caps, net (154) 0
Proceeds from sales of real estate, net 0 83,712
Net cash (used in) provided by investing activities (5,419) 78,043
Cash flows from financing activities:    
Repayments of Fannie Mae secured debt (1,442) (1,442)
Repayments of mortgage notes payable (221) (210)
Proceeds from interest rate swap terminations 0 648
Taxes paid for net settlement of equity-based awards (444) 0
Distributions to non-controlling interest holders (46) (47)
Net cash used in financing activities (5,447) (4,501)
Net change in cash, cash equivalents and restricted cash (1,853) 52,313
Cash, cash equivalents and restricted cash, beginning of period 108,452 74,095
Cash, cash equivalents and restricted cash, end of period 106,599 126,408
Supplemental disclosures of cash flow information:    
Cash paid for interest (14,302) (12,741)
Cash paid for taxes, net [1] (146) (184)
Non-cash investing and financing activities:    
Accrued offering costs (670) 0
Preferred stock dividend declared (3,342) (3,496)
Mortgage notes payable repaid with proceeds from real estate sales 0 (68,394)
Net change in accrued capital expenditures for the period 86 0
Series A preferred stock    
Cash flows from financing activities:    
Distributions paid on preferred stock (1,773) (1,834)
Series B preferred stock    
Cash flows from financing activities:    
Distributions paid on preferred stock $ (1,521) $ (1,616)
[1]
(1)     For the three months ended March 31, 2026, relates to cash paid for income taxes, net of refunds. For the three months ended March 31, 2025, relates to cash paid for income and franchise taxes.
v3.26.1
Organization
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
National Healthcare Properties, Inc. (including, as required by context, National Healthcare Properties Operating Partnership, L.P. (the “OP”) and its subsidiaries, the “Company”) is a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company acquires, owns and manages a diversified portfolio of healthcare-related real estate focused on senior housing operating properties (“SHOP”) and outpatient medical facilities (“OMF”). Substantially all of the Company’s business is conducted through the OP and its wholly-owned subsidiaries, which include certain taxable REIT subsidiaries (“TRSs”).
As of March 31, 2026, the Company owned 168 properties (including one land parcel) located in 29 states, consisting of 37 senior housing communities, with 3,615 units, and 130 outpatient medical facilities, with approximately 3.7 million square feet of gross leasable area.
The Company operates two operating and reportable business segments: SHOP and OMF. In the SHOP segment, the Company invests in senior housing communities through the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structure. Under RIDEA, a REIT may lease “qualified healthcare properties” on an arm’s length basis to a TRS if the property is operated on behalf of such subsidiary by a person who qualifies as an “eligible independent contractor.” As of March 31, 2026, the Company had three eligible independent contractors operating 37 senior housing communities. In the OMF segment, the Company owns, manages and leases single and multi-tenant OMFs where, in addition to base rent, tenants are required to pay their pro rata share of property operating expenses and certain capital expenditures, which may be subject to expense exclusions and floors. As of March 31, 2026, the Company managed all OMFs directly, without the use of third party service providers.
On April 23, 2026, pursuant to a Registration Statement filed with the United States Securities and Exchange Commission (the “SEC”) on Form S-11, as amended, the Company completed its public offering (the “Offering”) and issued an aggregate of 44,275,000 shares of Class A common stock, $0.01 par value per share (“Class A common stock”) (which included shares issued pursuant to the underwriters’ exercise of their overallotment option on April 28, 2026), for aggregate gross offering proceeds of approximately $531.3 million. In connection with the Offering, the Class A common stock became listed on The Nasdaq Global Market under the symbol “NHP” and began trading on April 22, 2026. Each share of Class A common stock will automatically convert into one share of the Company’s existing common stock, $0.01 par value per share, on October 19, 2026 and all shares of common stock will subsequently be listed and freely tradeable on The Nasdaq Global Market under the symbol “NHP.”
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results for the entire year or any subsequent interim periods.
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on February 20, 2026. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2026.
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.

Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable.

Recently Issued Accounting Pronouncements
Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities on an annual basis to (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). During the year ended December 31, 2025, the Company adopted ASU 2023-09 prospectively and disclosed a new rate reconciliation table and an income tax payment schedule. The adoption did not have an impact on the Company’s consolidated financial position, results of operations or cash flows.
Not yet adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires public business entities (PBEs) to provide disaggregated disclosure in tabular format in the notes to financial statements of specific expenses, including but not limited to: (i) employee compensation, (ii) depreciation, and (iii) intangible asset amortization. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of the adoption of these ASUs on its consolidated financial statements.

Reclassifications
Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance on the Company’s consolidated statements of operations and comprehensive loss to align with the current period presentation. This reclassification did not affect the total assets, total liabilities, stockholder’s equity, net loss or earnings per share in any of the periods reported. Certain 2025 amounts have been reclassified on the Company’s consolidated statements of cash flows to align with current period presentation.
v3.26.1
Real Estate Investments, Net
 3 Months Ended
Mar. 31, 2026
Real Estate Investments, Net [Abstract]  
Real Estate Investments, Net Real Estate Investments, Net
Property Acquisitions
There were no property acquisitions during the three months ended March 31, 2026 and 2025.
In February 2026, the Company, through a joint venture with Discovery Senior Living, entered into a definitive purchase and sale agreement to purchase 13 senior living communities for approximately $64.0 million. The Company expects to own approximately 98.5% of the joint venture. As part of this transaction, the Company holds a right of first refusal and purchase option on an additional 13 senior living communities managed by Discovery Senior Living. Closing of the acquisition is subject to closing conditions and applicable regulatory approvals as specified in the purchase and sale agreement.

Concentration Risk
As of March 31, 2026, the Company had one tenant (including for this purpose, all affiliates of such tenant) in the OMF segment whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income for the segment on a straight-line basis. As of March 31, 2025, the Company had no tenants in the OMF segment whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income for the segment on a straight-line basis.
Annualized rental income for the Company consists of: (i) for the OMF segment, annualized March 31, 2026 rental income on a straight-line basis for the leases in place as of March 31, 2026, which includes tenant concessions such as free rent, as applicable, and (ii) for the SHOP segment, annualized gross revenue for the quarter ended March 31, 2026.
The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of total annualized rental income on a straight-line basis for all properties as of March 31, 2026 and 2025.
As of March 31,
State20262025
Florida22.7%22.1%
Pennsylvania11.2%10.7%
Georgia10.8%11.1%
Iowa10.6%10.0%

Intangible Assets and Liabilities
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place lease intangible and other intangible assets, amortization and accretion of above- and below-market lease intangible assets and liabilities, net and the amortization and accretion of above- and below-market ground leases, net, for the periods presented (dollars in thousands):
Three months ended March 31,
20262025
Amortization of in-place lease intangible and other intangible assets (1)
$1,995 $2,515 
Accretion of above- and below-market lease intangibles, net (2)
(170)(39)
Amortization of above- and below-market ground leases, net (3)
32 2,378 
________
(1)Reflected within depreciation and amortization expense.
(2)Reflected within revenue from tenants.
(3)Reflected within property operating and maintenance expense.
Dispositions
During the three months ended March 31, 2026, the Company did not dispose of any properties.
During the three months ended March 31, 2025, the Company disposed of 12 held-for-use OMFs for an aggregate contract sales price of $168.4 million. These dispositions resulted in an aggregate gain on sale of $25.0 million, which is presented in the Company’s consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025.

Assets Held-for-Sale
There were no properties classified as held-for-sale as of March 31, 2026 or December 31, 2025.
Impairment Charges
The following table presents impairment charges by segment recorded during the three months ended March 31, 2026 and 2025 (dollars in thousands):
Three months ended March 31,
20262025
OMF
$— $747 
SHOP
— 11,152 
Total impairment charges(1)
$— $11,899 
(1)No impairments were recorded during the three months ended March 31, 2026. Amounts presented for the three months ended March 31, 2025 primarily relate to two held-for-use SHOPs and one held-for-use OMF. These properties were impaired to their contractual sales price as determined by their purchase and sale agreements and were subsequently sold during 2025.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
Lessor Accounting
The following table summarizes the Company’s lease income (dollars in thousands). Rental income from the OMF operating leases consists of fixed and variable lease payments. The variable payments primarily represent reimbursements of various property-level operating and maintenance expenses that the Company pays on behalf of its tenants. Substantially all of the resident fees and services earned from the SHOP segment represent fixed income from operating leases and have not been included in the table below.
Three months ended March 31,
20262025
Fixed income from operating leases
$23,138 $25,034 
Variable income from operating leases
5,492 5,601 
During three months ended March 31, 2026 and 2025, the Company recorded reductions in revenue of $0.7 million and $0.2 million, respectively, related to uncollectible accounts.
v3.26.1
Mortgage Notes Payable and Other Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Mortgage Notes Payable and Other Debt Mortgage Notes Payable and Other Debt
The following table reflects the Company’s mortgage notes payable and other debt as of March 31, 2026 and December 31, 2025 (dollars in thousands):
Encumbered properties at March 31, 2026Outstanding balance as of
Effective interest rate as of
March 31,
2026		December 31, 2025March 31,
2026		December 31, 2025Interest rateMaturity
Secured Term Loan 1 due 202815$85,771 $85,771 4.60 %4.60 %FixedMay 2028
Secured Term Loan 3 due 2031733,066 33,066 2.93 %2.93 %FixedDec 2031
Secured Term Loan 4 due 203356219,500 219,500 6.54 %6.54 %FixedJun 2033
Single Property Mortgage 1 due 204716,242 6,289 4.04 %4.04 %FixedMay 2047
Single Property Mortgage 2 due 2049114,305 14,412 2.99 %2.99 %FixedMay 2049
Single Property Mortgage 3 due 204918,876 8,942 2.99 %2.99 %FixedMay 2049
Multi Property Mortgage 1 due 203447,500 7,500 6.94 %6.94 %FixedMar 2034
Gross mortgage notes payable (1)
85375,260 375,480 5.53 %5.52 %
Deferred financing costs, net(6,462)(6,753)
Mortgage premiums and discounts, net(1,075)(1,098)
Mortgage notes payable, net$367,723 $367,629 
Secured Fannie Mae Loan 1 due 202611$198,981 $199,866 6.28 %6.63 %VariableNov 2026
Secured Fannie Mae Loan 2 due 202610134,315 134,873 6.33 %6.68 %VariableNov 2026
Total Secured Fannie Mae Loan (1)(2)
21$333,296 $334,739 6.30 %6.65 %
Term Loan due 2028 (3)
—$150,000 $150,000 5.68 %5.51 %VariableDec 2028
Deferred financing costs, net(1,461)(1,595)
Unsecured term loan, net$148,539 $148,405 
Unsecured revolving credit facility59$186,000 $186,000 5.68 %5.94 %VariableDec 2028
_____________
(1)For total gross mortgage notes payable and total Secured Fannie Mae Loan as of March 31, 2026 and December 31, 2025, effective interest rate is calculated on a weighted average basis.
(2)The Secured Fannie Mae Loans have interest rate caps that limit one-month SOFR (as defined below) at 3.50%.
(3)The Term Loan due 2028 has interest rate swaps that convert variable interest rates to fixed interest rates.

Mortgage Notes Payable
As of March 31, 2026, the Company had pledged $683.7 million in total real estate investments, at cost, as collateral for its $375.3 million of gross mortgage notes payable. The collateralized real estate investments are not available to satisfy other debts and obligations unless first satisfying the mortgage notes payable secured by these properties. The Company makes payments of principal and interest, or interest only, depending upon the specific requirements of each mortgage note, on a monthly basis.
Some of the Company’s mortgage note agreements require compliance with certain property-level financial covenants, including debt service coverage ratios. Notably, the Secured Term Loan 4 due 2033 loan agreement requires the OP to comply with certain covenants, including, maintaining combined cash and cash equivalents totaling at least $12.5 million at all times.
Fannie Mae Secured Debt
On October 31, 2016, the Company, through wholly-owned subsidiaries of the OP, entered into a master secured debt agreement with KeyBank (the “KeyBank Secured Debt”) and a master secured debt agreement with Capital One Multifamily Finance LLC, an affiliate of Capital One (the “Capital One Secured Debt” and, together with the KeyBank Secured Debt, “Fannie Mae Secured Debt”). Advances made under these agreements were assigned by Capital One and KeyBank to Fannie Mae at closing for inclusion in Fannie Mae’s Multifamily MBS program.
The Company may request future advances under the Fannie Mae Secured Debt by adding eligible properties to the collateral pool subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. Borrowings under the Fannie Mae Secured Debt bore monthly interest equal to the sum of the current SOFR for one-month denominated deposits and a spread of 2.41% and 2.46% for the Capital One Secured Debt and the KeyBank Secured Debt, respectively. The Fannie Mae Secured Debt matures on November 1, 2026. We currently expect to refinance the Fannie Mae Secured Debt on or before the maturity date.
Through March 31, 2026, the Company had provided cash deposits totaling $15.4 million to Fannie Mae because the debt service coverage ratios of the underlying properties of each facility were below the minimum required amounts per the debt agreements. These deposits are recorded as restricted cash on the Company’s consolidated balance sheets and are pledged as additional collateral for the Fannie Mae Secured Debt. These deposits will be refunded upon the earlier of the Company’s achievement of a debt service coverage ratio above the minimum required amount of 1.40 or the maturity or prepayment of the Fannie Mae Secured Debt.
As of March 31, 2026, the Company had pledged $617.0 million in total real estate investments, at cost as collateral under its Fannie Mae Secured Debt. All of the real estate assets pledged to secure borrowings under the Company’s Fannie Mae Secured Debt are not available to satisfy other debts and obligations, or to serve as collateral with respect to new indebtedness, unless, as applicable, the existing indebtedness associated with the property is satisfied or the property is removed from the pledged collateral.

Unsecured Credit Facilities
On December 11, 2025, the Company, as guarantor, the OP, as borrower, and certain indirect subsidiaries of the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and certain lenders party thereto.
The Credit Agreement provides for (i) a $400 million senior unsecured revolving credit facility (the “Revolving Facility”) and (ii) a $150 million senior unsecured term loan facility (the “Term Loan” and, together with the Revolving Facility, the “Credit Facilities”). The Credit Agreement also provides that, subject to customary conditions, including obtaining lender commitments and compliance with its financial maintenance covenants under the Credit Agreement, the OP may seek to increase the lending commitments under the Credit Agreement by up to $450 million of the Revolving Facility and/or the Term Loan.
The Revolving Facility and the Term Loan have a maturity date of December 11, 2028, which, in each case, may be extended for two one-year periods subject to customary conditions under the Credit Agreement. The OP may elect at any time and from time to time to prepay all or any portion of the loans under the Credit Facilities prior to maturity without premium or penalty, subject to payment of usual and customary breakage costs.
The interest rates applicable to loans under the Credit Facilities are, at the OP’s option, equal to either a base rate plus a margin ranging from 0.55% to 1.10% per annum or Daily Simple SOFR or Term SOFR plus a margin ranging from 1.55% to 2.10% per annum, in each case based on the Company’s consolidated leverage ratio. In addition, with respect to the Revolving Facility, the OP will pay, if the unused amount is equal to or less than 50%, an unused facility fee of 0.20% per annum, or if the unused amount is greater than 50%, an unused facility fee of 0.15% per annum, in each case on the average daily unused commitments under the Revolving Facility.
The Credit Facilities are guaranteed, jointly and severally, by the Company and certain indirect subsidiaries of the Company. The Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company, the OP and certain indirect subsidiaries of the Company to incur indebtedness, grant liens on their assets, make certain types of investments, engage in acquisitions, mergers or consolidations, sell assets, enter into certain transactions with affiliates and pay dividends or make distributions. The Credit Agreement also requires the Company to comply with consolidated financial maintenance covenants to be tested quarterly, including a minimum fixed charge coverage
ratio, maximum leverage ratio, minimum tangible net worth, maximum secured leverage ratio, maximum unencumbered leverage ratio, minimum unsecured interest coverage ratio and minimum liquidity requirement.
The Credit Agreement also contains customary events of default, including the failure to make timely payments under the Credit Facilities, any event or condition that makes other material indebtedness due prior to its scheduled maturity, the failure to satisfy certain covenants and specified events of bankruptcy and insolvency. The occurrence of an event of default under the Credit Agreement may result in all loans and other obligations becoming immediately due and payable and the Credit Facilities being terminated and allow the lenders to exercise all rights and remedies available to them.
As of March 31, 2026, the Company had $869.1 million in total real estate investments, at cost as the borrowing base under the Credit Facilities. All of the real estate assets added to the borrowing base under the Credit Facilities are not available to satisfy other debts and obligations, or to serve as collateral with respect to new indebtedness, unless, as applicable, the existing indebtedness associated with the property is satisfied or the property is removed from the pledged collateral.

Debt Maturities
As of March 31, 2026, the Company’s indebtedness had the following maturities (dollars in thousands):
Mortgage notes payableFannie Mae Secured Debt Term LoanRevolving FacilityTotal
2026$672 $333,296 $— $— $333,968 
2027922 — — — 922 
202886,722 — 150,000 186,000 422,722 
2029982 — — — 982 
20301,013 — — — 1,013 
Thereafter284,949 — — — 284,949 
Total$375,260 $333,296 $150,000 $186,000 $1,044,556 

The Company’s existing principal demands for cash are to fund acquisitions, capital expenditures, the payment of its operating and administrative expenses, debt service obligations (including principal repayment) and distributions to holders of its Series A Preferred Stock and Series B Preferred Stock. The Company closely monitors its current and anticipated liquidity position relative to its current and anticipated demands for cash and believes that it has sufficient current liquidity to meet its financial obligations for at least the next 12 months. The Company expects to fund its future short-term operating liquidity requirements, including distributions to holders of Series A Preferred Stock and Series B Preferred Stock, through a combination of current cash on hand, net cash provided by its operating activities and property dispositions, future takedowns under the Revolving Facility and potential new financings utilizing certain of its unencumbered properties.
v3.26.1
Derivatives and Hedging Activities
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
Risk Management Objective of Using Derivatives
The Company may use derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings.
The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. Additionally, in using interest rate derivatives, the Company aims to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not intend to utilize derivatives for speculative purposes or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company, and its affiliates, may also have other financial relationships. The Company does not anticipate that any of its counterparties will fail to meet their obligations.
Cash Flow Hedges of Interest Rate Risk
Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount. These derivatives are used to hedge the variable cash flows associated with variable rate debt.
The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive loss and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that during the 12 month period from April 1, 2026 through March 31, 2027, $4.8 million of unrealized gain will be reclassified from accumulated other comprehensive income into earnings as a decrease to interest expense.
The following table summarizes the Company’s interest rate swaps, designated as cash flow hedges for interest rate risk (dollars in thousands):
Number of instrumentsNotional amountIndexPay rateEffective dateMaturity dateFair value
As of March 31, 2026
Interest rate “pay-fixed” swap (1)
10$150,000USD-SOFR with -5 Day Lookback3.34%12/11/202512/11/2028$759 
As of December 31, 2025
Interest rate “pay-fixed” swaps (2)
10$150,000USD-SOFR with -5 Day Lookback3.34%12/11/202512/11/2028$(188)
__________
(1)Recorded at fair value in “Derivative assets, at fair value” on the consolidated balance sheets.
(2)Recorded at fair value in “Derivative liabilities, at fair value” on the consolidated balance sheets.

The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented (dollars in thousands):
Three months ended March 31,
20262025
Gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives$1,070 $(1,200)
Gain reclassified from accumulated other comprehensive income into income as interest expense$1,598 $3,794 
Total interest expense presented in the consolidated statements of operations and comprehensive loss$(14,671)$(14,529)

Non-Designated Derivatives
The Company had the following interest rate derivatives that were not designated as hedges in qualifying hedging relationships as of March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026December 31, 2025
Number of instrumentsNotional amountFair value
Number of instruments
Notional amount
Fair value
Interest rate caps (1)
7$394,098 $636 6$337,999 $569 
__________
(1)Recorded at fair value in “Derivative assets, at fair value” on the consolidated balance sheets. Fair and notional values may include contracts acquired but not yet effective as of the dates presented. All of the Company’s interest rate cap agreements
limited one-month Secured Overnight Financing Rate (“SOFR”) to 3.50% with terms through November 2026. The actual one-month SOFR rates during the three months ended March 31, 2026 exceeded the strike price rate of 3.50% and the Company received payments under these agreements. While the Company does not apply hedge accounting for these interest rate caps, they are economically hedging the Fannie Mae Secured Debt. Changes in the fair market value of these non-designated derivatives, as well as any cash received, are presented within gain (loss) on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive loss.
During the three months ended March 31, 2026, the Company paid $0.2 million for an interest rate cap related to the Fannie Mae Secured Debt with a notional amount of $56 million to replace an existing cap set to expire on April 1, 2026.

Credit-risk-related Contingent Features
The Company has agreements in place with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
As of March 31, 2026 and December 31, 2025, the Company had 28.4 million and 28.4 million shares of common stock issued and outstanding, respectively. Except for net shares of restricted stock awarded under the Company’s 2025 Omnibus Incentive Compensation Plan (the “Equity Incentive Plan”), no shares of common stock were issued during the three months ended March 31, 2026.

Preferred Stock
The Company is authorized to issue up to 50.0 million shares of preferred stock of which 4.6 million shares and 3.5 million shares are authorized and classified as Series A Preferred Stock and Series B Preferred Stock, respectively.
During the three months ended March 31, 2026, the Company did not exercise any share repurchases of its Series A Preferred Stock or Series B Preferred Stock pursuant to the stock repurchase plan authorized on May 2, 2025.
v3.26.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented (dollars in thousand):
Unrealized Gain on Designated Derivative
Balance, December 31, 2025
$5,604 
Gain recognized in accumulated other comprehensive income on interest rate derivatives1,070 
Gain reclassified from accumulated other comprehensive income(1,598)
Balance, March 31, 2026
$5,076 
v3.26.1
Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:
Level 1 —    Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.
Level 3 — Unobservable inputs that reflect the entity’s own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare.

Financial Instruments Measured at Fair Value on a Recurring Basis
Derivative Instruments
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of March 31, 2026, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.
The following table presents information about the Company’s financial instruments measured at fair value as of March 31, 2026 and December 31, 2025, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands).
Quoted Prices in Active Markets
Level 1		Significant Other Observable Inputs
Level 2		Significant Unobservable Inputs
Level 3		Total
March 31, 2026
Derivative assets, at fair value (non-designated)$— $636 $— $636 
Derivative assets, at fair value (designated)— 759 — 759 
Total $— $1,395 $— $1,395 
December 31, 2025
Derivative assets, at fair value (non-designated)$— $569 $— $569 
Derivative liabilities, at fair value (designated)— (188)— (188)
Total $— $381 $— $381 
A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There has been no transfer into or out of Level 3 financial instruments during the periods presented.

Real Estate Investments Measured at Fair Value on a Non-Recurring Basis
Real Estate Investments - Held-for-Use
The Company may impair real estate investments held-for-use, resulting in a fair value measurement arrived at using either Level 2 or Level 3 inputs.
Real Estate Investments - Held-for-Sale
Real estate investments held-for-sale are carried at fair value less cost costs to sell and are generally measured using Level 2 inputs.

Financial Instruments Not Measured at Fair Value
The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair values of short-term financial instruments such as cash and cash equivalents, restricted cash, straight-line rent receivable, net, prepaid expenses and other assets, deferred costs, net, accounts payable and accrued expenses, deferred rent and distributions payable approximate their carrying value on the consolidated balance sheets due to their short-term nature.
The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are as follows (dollars in thousands):
March 31, 2026December 31, 2025
LevelCarrying amount Fair value
Carrying amount
Fair value
Gross mortgage notes payable and mortgage premium and discounts3$374,185 $358,329 $374,382 $362,947 
Fannie Mae Secured Debt3333,296 333,949 334,739 335,158 
Unsecured term loan3150,000 148,581 150,000 148,496 
Unsecured revolving credit facility3186,000 184,240 186,000 184,135 
Total debt3$1,043,481 $1,025,099 $1,045,121 $1,030,736 
The fair value of the Company’s indebtedness above is estimated using a discounted cash flow analysis, based on the Company’s experience with similar types of borrowing arrangements, excluding the value of associated derivatives.
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Total stock-based compensation expense was $0.6 million for the three months ended March 31, 2026, which was recognized in general and administrative expense in the Company’s consolidated statements of operations and comprehensive loss. As of March 31, 2026, there was $3.1 million of future expenses related to unvested stock-based compensation arrangements granted under the Plan, which is expected to be recognized over a weighted average period of 1.6 years.
Stock-based compensation for 2025 was granted to the executive officers and certain other employees in May 2025. As such, there was no stock-based compensation expense incurred during the three months ended March 31, 2025.
v3.26.1
Non-controlling Interests
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Non-controlling Interests Non-controlling Interests
Non-controlling interests on the Company’s consolidated balance sheets is comprised of the following (dollars in thousands):
Balance as of
March 31, 2026December 31, 2025
Series A Preferred Units held by third parties$2,578 $2,578 
Common OP Units held by third parties1,809 1,883 
Total non-controlling interests in the OP$4,387 $4,461 

Net income attributable to non-controlling interests on the Company’s consolidated statements of operations and comprehensive loss are comprised of the following (dollars in thousands):
Three months ended March 31,
20262025
Income attributable to Series A Preferred Units held by third parties$(46)$(46)
Loss attributable to Common OP Units held by third parties18 7 
Net income attributable to non-controlling interests in the OP$(28)$(39)

Non-controlling Interests in the OP
During each of the three months ended March 31, 2026 and 2025, Series A Preferred Unit holders were paid $46 thousand in cash distributions.
During the three months ended March 31, 2026 and 2025, no cash distributions were paid to Common OP Unit non-controlling interest holders.
v3.26.1
Net Loss Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
The following is a summary of the net loss per basic and diluted share computation for the periods presented (amounts in thousands, except per share data):
Three months ended March 31,
20262025
Numerator:
Net loss attributable to common stockholders$(7,603)$(5,019)
Denominator:
Denominator for basic net loss attributable to common stockholders per share — weighted-average shares28,336 28,296 
Effect of dilutive securities:
Unvested restricted shares (1)
54 — 
Common OP Units (2)
124 124 
Class B Units (3)
110 110 
Denominator for diluted net loss attributable to common stockholders per share — weighted-average shares28,624 28,530 
Basic and diluted net loss attributable to common stockholders per share (4)
$(0.27)$(0.18)
________
(1)Weighted average number of unvested restricted shares outstanding for the periods presented. There were 116,654 and zero unvested restricted shares outstanding as of March 31, 2026 and 2025, respectively.
(2)Weighted average number of Common OP Units presented as shares outstanding for the periods presented, at the current redemption rate. There were 405,998 Common OP Units outstanding as of March 31, 2026 and 2025.
(3)Weighted average number of Class B Units presented as shares outstanding for the periods presented, at the current redemption rate. There were 359,250 Class B Units outstanding as of March 31, 2026 and 2025.
(4)Potential common stock equivalents are disregarded in diluted per share calculations when a net loss exists as the effect would be antidilutive. In this case the diluted per share denominator is equal to the denominator for basic net loss per share.
Diluted net loss per share assumes the conversion of all common stock equivalents into an equivalent number of shares of common stock, unless the effect is antidilutive. The Company considers unvested restricted shares, Common OP Units and Class B Units to be common stock equivalents. Series A Preferred Units are non-participating.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
As of March 31, 2026, the Company had two operating and reportable business segments: SHOP and OMF.
The SHOP segment consists of direct investments in senior housing properties, primarily providing assisted living, independent living and memory care services, which are operated through engaging independent third-party operators. The OMF segment primarily consists of facilities leased to healthcare-related tenants under long-term leases, which may require such tenants to pay a pro rata share of property-related expenses as well as senior housing properties, hospitals, inpatient rehabilitation facilities and skilled nursing facilities under long-term leases, under which tenants are generally responsible to directly pay property-related expenses.
The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM evaluates performance of the combined properties in each reportable business segment using net operating income (“NOI”), which is defined as total revenues from tenants, less property operating and maintenance expense. The CODM uses NOI to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that NOI is useful as a performance measure because, when compared across periods, NOI reflects the impact on operations
from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from consolidated income (loss) before income taxes.
NOI excludes certain components from consolidated income (loss) before income taxes in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently.
Total assets by reportable business segment is not disclosed as the CODM does not review such information to evaluate business performance and allocate resources.

Reconciliation to Consolidated Financial Information
Summary information by reportable business segment is presented below (dollars in thousands):
Three months ended March 31, 2026
SHOPOMFTotal
Revenue from tenants$57,631 $28,654 $86,285 
Less:
Compensation related expenses (1)
26,485 — 26,485 
Other segment expenses (2)
18,383 8,050 26,433 
Property operating and maintenance44,868 8,050 52,918 
NOI$12,763 $20,604 33,367 
Acquisition and transaction related(53)
General and administrative(5,467)
Depreciation and amortization(17,738)
Loss on sale of real estate investments(2)
Interest expense(14,671)
Interest and other income, net171 
Gain on non-designated derivatives189 
Loss before income taxes(4,204)
Income tax expense(77)
Net loss(4,281)
Net income attributable to non-controlling interests(28)
Allocation for preferred stock(3,294)
Net loss attributable to common stockholders$(7,603)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
Three months ended March 31, 2025
SHOPOMFTotal
Revenue from tenants$55,808 $30,635 $86,443 
Less:
Compensation related expenses (1)
27,003 — 27,003 
Other segment expenses (2)
19,368 11,485 30,853 
Property operating and maintenance (3)
46,371 11,485 57,856 
NOI$9,437 $19,150 28,587 
Impairment charges(11,899)
Acquisition and transaction related(51)
General and administrative (3)
(4,896)
Depreciation and amortization(23,706)
Gain on sale of real estate investments24,989 
Interest expense(14,529)
Interest and other expense, net(15)
Loss on non-designated derivatives(1)
Loss before income taxes(1,521)
Income tax benefit6 
Net loss(1,515)
Net income attributable to non-controlling interests(54)
Allocation for preferred stock(3,450)
Net loss attributable to common stockholders$(5,019)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
(3)     Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance to align with the current period presentation.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation and Regulatory Matters
In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. As of March 31, 2026, there are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties.

Environmental Matters
In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of March 31, 2026, the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for those listed below:
On April 10, 2026, the Company entered into a definitive purchase and sale agreement to acquire a senior housing community in Oregon for approximately $26.5 million. Closing of the acquisition is subject to closing conditions and applicable regulatory approvals as specified in the purchase and sale agreement.
On April 23, 2026, the Company completed the Offering for aggregate gross proceeds of approximately $531.3 million. See Note 1 — Organization for more details.
On April 25, 2026, the Company used the net proceeds from the Offering to repay $186.0 million of outstanding indebtedness under its Revolving Facility.
On April 30, 2026, the Company awarded certain of its directors, executive officers and employees an aggregate of (i) 995,997 shares of common stock and long term-incentive units of the OP (“LTIP units”) as listing equity awards in connection with the Offering and (ii) 153,123 shares of common stock and LTIP units and 136,457 performance-based restricted stock units as part of the Company’s annual long-term incentive equity grants under the Equity Incentive Plan.
On May 4, 2026, the Company entered into a definitive purchase and sale agreement with an unaffiliated third party to sell a portfolio of 86 OMFs for approximately $528.2 million (before transaction expenses, property operating prorations and other adjustments), including approximately $278.0 million of secured debt to be defeased or assumed by the purchaser. Closing of the sale is subject to completion by the purchaser of its due diligence, approval by the lenders of loan assumption and other customary closing conditions as specified in the purchase and sale agreement.
On May 13, 2026, the Company entered into a definitive purchase and sale agreement to acquire a senior housing community in Florida for approximately $35 million. Closing of the acquisition is subject to closing conditions and applicable regulatory approvals as specified in the purchase and sale agreement.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of the results for the entire year or any subsequent interim periods.
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on February 20, 2026. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2026.
Principles of Consolidation
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, fair value measurements and income taxes, as applicable.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities on an annual basis to (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). During the year ended December 31, 2025, the Company adopted ASU 2023-09 prospectively and disclosed a new rate reconciliation table and an income tax payment schedule. The adoption did not have an impact on the Company’s consolidated financial position, results of operations or cash flows.
Not yet adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires public business entities (PBEs) to provide disaggregated disclosure in tabular format in the notes to financial statements of specific expenses, including but not limited to: (i) employee compensation, (ii) depreciation, and (iii) intangible asset amortization. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact of the adoption of these ASUs on its consolidated financial statements.
Reclassifications
Reclassifications
Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance on the Company’s consolidated statements of operations and comprehensive loss to align with the current period presentation. This reclassification did not affect the total assets, total liabilities, stockholder’s equity, net loss or earnings per share in any of the periods reported. Certain 2025 amounts have been reclassified on the Company’s consolidated statements of cash flows to align with current period presentation.
v3.26.1
Real Estate Investments, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate Investments, Net [Abstract]  
Schedule of Revenue
The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of total annualized rental income on a straight-line basis for all properties as of March 31, 2026 and 2025.
As of March 31,
State20262025
Florida22.7%22.1%
Pennsylvania11.2%10.7%
Georgia10.8%11.1%
Iowa10.6%10.0%
Schedule of Amortization and Accretion Recognized
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place lease intangible and other intangible assets, amortization and accretion of above- and below-market lease intangible assets and liabilities, net and the amortization and accretion of above- and below-market ground leases, net, for the periods presented (dollars in thousands):
Three months ended March 31,
20262025
Amortization of in-place lease intangible and other intangible assets (1)
$1,995 $2,515 
Accretion of above- and below-market lease intangibles, net (2)
(170)(39)
Amortization of above- and below-market ground leases, net (3)
32 2,378 
________
(1)Reflected within depreciation and amortization expense.
(2)Reflected within revenue from tenants.
(3)Reflected within property operating and maintenance expense.
Schedule of Impairments Recorded
The following table presents impairment charges by segment recorded during the three months ended March 31, 2026 and 2025 (dollars in thousands):
Three months ended March 31,
20262025
OMF
$— $747 
SHOP
— 11,152 
Total impairment charges(1)
$— $11,899 
(1)No impairments were recorded during the three months ended March 31, 2026. Amounts presented for the three months ended March 31, 2025 primarily relate to two held-for-use SHOPs and one held-for-use OMF. These properties were impaired to their contractual sales price as determined by their purchase and sale agreements and were subsequently sold during 2025.
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Income
The following table summarizes the Company’s lease income (dollars in thousands). Rental income from the OMF operating leases consists of fixed and variable lease payments. The variable payments primarily represent reimbursements of various property-level operating and maintenance expenses that the Company pays on behalf of its tenants. Substantially all of the resident fees and services earned from the SHOP segment represent fixed income from operating leases and have not been included in the table below.
Three months ended March 31,
20262025
Fixed income from operating leases
$23,138 $25,034 
Variable income from operating leases
5,492 5,601 
v3.26.1
Mortgage Notes Payable and Other Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Mortgage Notes Payable
The following table reflects the Company’s mortgage notes payable and other debt as of March 31, 2026 and December 31, 2025 (dollars in thousands):
Encumbered properties at March 31, 2026Outstanding balance as of
Effective interest rate as of
March 31,
2026		December 31, 2025March 31,
2026		December 31, 2025Interest rateMaturity
Secured Term Loan 1 due 202815$85,771 $85,771 4.60 %4.60 %FixedMay 2028
Secured Term Loan 3 due 2031733,066 33,066 2.93 %2.93 %FixedDec 2031
Secured Term Loan 4 due 203356219,500 219,500 6.54 %6.54 %FixedJun 2033
Single Property Mortgage 1 due 204716,242 6,289 4.04 %4.04 %FixedMay 2047
Single Property Mortgage 2 due 2049114,305 14,412 2.99 %2.99 %FixedMay 2049
Single Property Mortgage 3 due 204918,876 8,942 2.99 %2.99 %FixedMay 2049
Multi Property Mortgage 1 due 203447,500 7,500 6.94 %6.94 %FixedMar 2034
Gross mortgage notes payable (1)
85375,260 375,480 5.53 %5.52 %
Deferred financing costs, net(6,462)(6,753)
Mortgage premiums and discounts, net(1,075)(1,098)
Mortgage notes payable, net$367,723 $367,629 
Secured Fannie Mae Loan 1 due 202611$198,981 $199,866 6.28 %6.63 %VariableNov 2026
Secured Fannie Mae Loan 2 due 202610134,315 134,873 6.33 %6.68 %VariableNov 2026
Total Secured Fannie Mae Loan (1)(2)
21$333,296 $334,739 6.30 %6.65 %
Term Loan due 2028 (3)
—$150,000 $150,000 5.68 %5.51 %VariableDec 2028
Deferred financing costs, net(1,461)(1,595)
Unsecured term loan, net$148,539 $148,405 
Unsecured revolving credit facility59$186,000 $186,000 5.68 %5.94 %VariableDec 2028
_____________
(1)For total gross mortgage notes payable and total Secured Fannie Mae Loan as of March 31, 2026 and December 31, 2025, effective interest rate is calculated on a weighted average basis.
(2)The Secured Fannie Mae Loans have interest rate caps that limit one-month SOFR (as defined below) at 3.50%.
(3)The Term Loan due 2028 has interest rate swaps that convert variable interest rates to fixed interest rates.
Schedule of Future Principal Payments
As of March 31, 2026, the Company’s indebtedness had the following maturities (dollars in thousands):
Mortgage notes payableFannie Mae Secured Debt Term LoanRevolving FacilityTotal
2026$672 $333,296 $— $— $333,968 
2027922 — — — 922 
202886,722 — 150,000 186,000 422,722 
2029982 — — — 982 
20301,013 — — — 1,013 
Thereafter284,949 — — — 284,949 
Total$375,260 $333,296 $150,000 $186,000 $1,044,556 
v3.26.1
Derivatives and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following table summarizes the Company’s interest rate swaps, designated as cash flow hedges for interest rate risk (dollars in thousands):
Number of instrumentsNotional amountIndexPay rateEffective dateMaturity dateFair value
As of March 31, 2026
Interest rate “pay-fixed” swap (1)
10$150,000USD-SOFR with -5 Day Lookback3.34%12/11/202512/11/2028$759 
As of December 31, 2025
Interest rate “pay-fixed” swaps (2)
10$150,000USD-SOFR with -5 Day Lookback3.34%12/11/202512/11/2028$(188)
__________
(1)Recorded at fair value in “Derivative assets, at fair value” on the consolidated balance sheets.
(2)Recorded at fair value in “Derivative liabilities, at fair value” on the consolidated balance sheets.
Schedule of Derivatives Included in AOCI
The table below details the location in the financial statements of the gain (loss) recognized on interest rate derivatives designated as cash flow hedges for the periods presented (dollars in thousands):
Three months ended March 31,
20262025
Gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives$1,070 $(1,200)
Gain reclassified from accumulated other comprehensive income into income as interest expense$1,598 $3,794 
Total interest expense presented in the consolidated statements of operations and comprehensive loss$(14,671)$(14,529)
Schedule of Derivative Instruments
The Company had the following interest rate derivatives that were not designated as hedges in qualifying hedging relationships as of March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026December 31, 2025
Number of instrumentsNotional amountFair value
Number of instruments
Notional amount
Fair value
Interest rate caps (1)
7$394,098 $636 6$337,999 $569 
__________
(1)Recorded at fair value in “Derivative assets, at fair value” on the consolidated balance sheets. Fair and notional values may include contracts acquired but not yet effective as of the dates presented. All of the Company’s interest rate cap agreements
limited one-month Secured Overnight Financing Rate (“SOFR”) to 3.50% with terms through November 2026. The actual one-month SOFR rates during the three months ended March 31, 2026 exceeded the strike price rate of 3.50% and the Company received payments under these agreements. While the Company does not apply hedge accounting for these interest rate caps, they are economically hedging the Fannie Mae Secured Debt. Changes in the fair market value of these non-designated derivatives, as well as any cash received, are presented within gain (loss) on non-designated derivatives in the Company’s consolidated statements of operations and comprehensive loss.
v3.26.1
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented (dollars in thousand):
Unrealized Gain on Designated Derivative
Balance, December 31, 2025
$5,604 
Gain recognized in accumulated other comprehensive income on interest rate derivatives1,070 
Gain reclassified from accumulated other comprehensive income(1,598)
Balance, March 31, 2026
$5,076 
v3.26.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value
The following table presents information about the Company’s financial instruments measured at fair value as of March 31, 2026 and December 31, 2025, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands).
Quoted Prices in Active Markets
Level 1		Significant Other Observable Inputs
Level 2		Significant Unobservable Inputs
Level 3		Total
March 31, 2026
Derivative assets, at fair value (non-designated)$— $636 $— $636 
Derivative assets, at fair value (designated)— 759 — 759 
Total $— $1,395 $— $1,395 
December 31, 2025
Derivative assets, at fair value (non-designated)$— $569 $— $569 
Derivative liabilities, at fair value (designated)— (188)— (188)
Total $— $381 $— $381 
Schedule of Fair Value by Balance Sheet
The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are as follows (dollars in thousands):
March 31, 2026December 31, 2025
LevelCarrying amount Fair value
Carrying amount
Fair value
Gross mortgage notes payable and mortgage premium and discounts3$374,185 $358,329 $374,382 $362,947 
Fannie Mae Secured Debt3333,296 333,949 334,739 335,158 
Unsecured term loan3150,000 148,581 150,000 148,496 
Unsecured revolving credit facility3186,000 184,240 186,000 184,135 
Total debt3$1,043,481 $1,025,099 $1,045,121 $1,030,736 
v3.26.1
Non-controlling Interests (Tables)
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Schedule of Noncontrolling Interest on Balance Sheet
Non-controlling interests on the Company’s consolidated balance sheets is comprised of the following (dollars in thousands):
Balance as of
March 31, 2026December 31, 2025
Series A Preferred Units held by third parties$2,578 $2,578 
Common OP Units held by third parties1,809 1,883 
Total non-controlling interests in the OP$4,387 $4,461 

Net income attributable to non-controlling interests on the Company’s consolidated statements of operations and comprehensive loss are comprised of the following (dollars in thousands):
Three months ended March 31,
20262025
Income attributable to Series A Preferred Units held by third parties$(46)$(46)
Loss attributable to Common OP Units held by third parties18 7 
Net income attributable to non-controlling interests in the OP$(28)$(39)
v3.26.1
Net Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Share Computation
The following is a summary of the net loss per basic and diluted share computation for the periods presented (amounts in thousands, except per share data):
Three months ended March 31,
20262025
Numerator:
Net loss attributable to common stockholders$(7,603)$(5,019)
Denominator:
Denominator for basic net loss attributable to common stockholders per share — weighted-average shares28,336 28,296 
Effect of dilutive securities:
Unvested restricted shares (1)
54 — 
Common OP Units (2)
124 124 
Class B Units (3)
110 110 
Denominator for diluted net loss attributable to common stockholders per share — weighted-average shares28,624 28,530 
Basic and diluted net loss attributable to common stockholders per share (4)
$(0.27)$(0.18)
________
(1)Weighted average number of unvested restricted shares outstanding for the periods presented. There were 116,654 and zero unvested restricted shares outstanding as of March 31, 2026 and 2025, respectively.
(2)Weighted average number of Common OP Units presented as shares outstanding for the periods presented, at the current redemption rate. There were 405,998 Common OP Units outstanding as of March 31, 2026 and 2025.
(3)Weighted average number of Class B Units presented as shares outstanding for the periods presented, at the current redemption rate. There were 359,250 Class B Units outstanding as of March 31, 2026 and 2025.
(4)Potential common stock equivalents are disregarded in diluted per share calculations when a net loss exists as the effect would be antidilutive. In this case the diluted per share denominator is equal to the denominator for basic net loss per share.
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Business Segments
Summary information by reportable business segment is presented below (dollars in thousands):
Three months ended March 31, 2026
SHOPOMFTotal
Revenue from tenants$57,631 $28,654 $86,285 
Less:
Compensation related expenses (1)
26,485 — 26,485 
Other segment expenses (2)
18,383 8,050 26,433 
Property operating and maintenance44,868 8,050 52,918 
NOI$12,763 $20,604 33,367 
Acquisition and transaction related(53)
General and administrative(5,467)
Depreciation and amortization(17,738)
Loss on sale of real estate investments(2)
Interest expense(14,671)
Interest and other income, net171 
Gain on non-designated derivatives189 
Loss before income taxes(4,204)
Income tax expense(77)
Net loss(4,281)
Net income attributable to non-controlling interests(28)
Allocation for preferred stock(3,294)
Net loss attributable to common stockholders$(7,603)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
Three months ended March 31, 2025
SHOPOMFTotal
Revenue from tenants$55,808 $30,635 $86,443 
Less:
Compensation related expenses (1)
27,003 — 27,003 
Other segment expenses (2)
19,368 11,485 30,853 
Property operating and maintenance (3)
46,371 11,485 57,856 
NOI$9,437 $19,150 28,587 
Impairment charges(11,899)
Acquisition and transaction related(51)
General and administrative (3)
(4,896)
Depreciation and amortization(23,706)
Gain on sale of real estate investments24,989 
Interest expense(14,529)
Interest and other expense, net(15)
Loss on non-designated derivatives(1)
Loss before income taxes(1,521)
Income tax benefit6 
Net loss(1,515)
Net income attributable to non-controlling interests(54)
Allocation for preferred stock(3,450)
Net loss attributable to common stockholders$(5,019)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
(3)     Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance to align with the current period presentation.
v3.26.1
Organization (Details)
$ / shares in Units, ft² in Millions, $ in Millions
 3 Months Ended
Apr. 23, 2026
USD ($)
$ / shares
shares
Mar. 31, 2026
ft²
property
contractor
segment
state
unit
land_parcel
$ / shares
Oct. 19, 2026
$ / shares
Dec. 31, 2025
$ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Number of properties owned   168    
Number of land parcels | land_parcel   1    
Number of states properties are located in | state   29    
Number of operating segments | segment   2    
Number of reportable segments | segment   2    
Number of independent contractors | contractor   3    
Number of SHOPs operated by independent contractors   37    
Common stock, par value (in usd per share) | $ / shares   $ 0.01   $ 0.01
Class A common stock | Public Offering | Forecast        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Common stock, par value (in usd per share) | $ / shares     $ 0.01  
Class A common stock | Subsequent Event | Public Offering        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Number of shares issued in public offering (in shares) | shares 44,275,000      
Consideration received on public offering | $ $ 531.3      
Common stock, par value (in usd per share) | $ / shares $ 0.01      
Seniors Housing Communities        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Number of properties owned   37    
Number of units in real estate property | unit   3,615    
OMF        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Number of properties owned   130    
Rentable square feet | ft²   3.7    
v3.26.1
Real Estate Investments, Net - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Feb. 28, 2026
USD ($)
property
Mar. 31, 2026
USD ($)
property
Mar. 31, 2025
USD ($)
property
Dec. 31, 2025
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
(Loss) gain on sale of real estate investments | $   $ (2) $ 24,989  
Number of properties owned   168    
OMF        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of properties owned   130    
Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of properties disposed   0    
Aggregate contract sale price | $     168,400  
(Loss) gain on sale of real estate investments | $     $ 25,000  
Disposal Group, Held-for-sale, Not Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of properties owned   0   0
OMF | Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of properties disposed     12  
One Tenant | Revenue Benchmark | Customer Concentration Risk | OMF        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Concentration risk, percentage   10.00%    
Joint Venture With Discovery Senior Living        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Definitive purchase and sale agreement, number of properties 13      
Definitive purchase and sale agreement, consideration | $ $ 64,000      
Ownership percentage of joint venture 98.50%      
Definitive purchase and sale agreement, number of additional properties 13      
Series of Individually Immaterial Asset Acquisitions        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of properties purchased   0 0  
v3.26.1
Real Estate Investments, Net - Schedule of Revenue (Details) - Revenue Benchmark - Geographic Concentration Risk
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Florida    
Concentration Risk [Line Items]    
Concentration risk, percentage 22.70% 22.10%
Pennsylvania    
Concentration Risk [Line Items]    
Concentration risk, percentage 11.20% 10.70%
Georgia    
Concentration Risk [Line Items]    
Concentration risk, percentage 10.80% 11.10%
Iowa    
Concentration Risk [Line Items]    
Concentration risk, percentage 10.60% 10.00%
v3.26.1
Real Estate Investments, Net - Schedule of Amortization and Accretion Recognized (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Accretion of above-and below-market leases intangibles, net $ (147) $ 2,331
Depreciation and Amortization Expense | In-place Leases and Other Intangible Assets    
Finite-Lived Intangible Assets [Line Items]    
Amortization of market least intangibles 1,995 2,515
Rental Income | Above and Below Market Leases    
Finite-Lived Intangible Assets [Line Items]    
Accretion of above-and below-market leases intangibles, net (170) (39)
Property Operating and Maintenance Expense | Above and Below Market Leases    
Finite-Lived Intangible Assets [Line Items]    
Amortization of market least intangibles $ 32 $ 2,378
v3.26.1
Real Estate Investments, Net - Schedule of Impairments Recorded (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
property
Mar. 31, 2025
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Impairment charges | $ $ 0 $ 11,899,000
Number of properties owned 168  
OMF    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of properties owned 130  
SHOP    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of properties owned 37  
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Impairment charges | $ $ 0 11,899,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | OMF    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Impairment charges | $ 0 $ 747,000
Number of properties owned   1
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | SHOP    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Impairment charges | $ $ 0 $ 11,152,000
Number of properties owned   2
v3.26.1
Leases - Schedule of Lease Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Fixed income from operating leases $ 23,138 $ 25,034
Variable income from operating leases $ 5,492 $ 5,601
v3.26.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Reduction in revenue $ 0.7 $ 0.2
v3.26.1
Mortgage Notes Payable and Other Debt - Schedule of Long-term Debt Instruments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
property
encumberedProperty
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]    
Outstanding loan amount $ 1,044,556  
Fannie Mae Secured Debt | Interest Rate Cap Maturing November 2026    
Debt Instrument [Line Items]    
Interest rate cap 3.50%  
Mortgage notes payable    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | property 85  
Outstanding loan amount $ 375,260 $ 375,480
Effective interest rate 5.53% 5.52%
Deferred financing costs, net $ (6,462) $ (6,753)
Mortgage premiums and discounts, net (1,075) (1,098)
Long term debt $ 367,723 367,629
Mortgage notes payable | Secured Term Loan 1 due 2028    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | property 15  
Outstanding loan amount $ 85,771 $ 85,771
Effective interest rate 4.60% 4.60%
Mortgage notes payable | Secured Term Loan 3 due 2031    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | property 7  
Outstanding loan amount $ 33,066 $ 33,066
Effective interest rate 2.93% 2.93%
Mortgage notes payable | Secured Term Loan 4 due 2033    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | property 56  
Outstanding loan amount $ 219,500 $ 219,500
Effective interest rate 6.54% 6.54%
Mortgage notes payable | Single Property Mortgage 1 due 2047    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | property 1  
Outstanding loan amount $ 6,242 $ 6,289
Effective interest rate 4.04% 4.04%
Mortgage notes payable | Single Property Mortgage 2 due 2049    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | property 1  
Outstanding loan amount $ 14,305 $ 14,412
Effective interest rate 2.99% 2.99%
Mortgage notes payable | Single Property Mortgage 3 due 2049    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | property 1  
Outstanding loan amount $ 8,876 $ 8,942
Effective interest rate 2.99% 2.99%
Mortgage notes payable | Multi Property Mortgage 1 due 2034    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | property 4  
Outstanding loan amount $ 7,500 $ 7,500
Effective interest rate 6.94% 6.94%
Line of Credit | Fannie Mae Secured Debt    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | encumberedProperty 21  
Outstanding loan amount $ 333,296 $ 334,739
Effective interest rate 6.30% 6.65%
Line of Credit | Secured Fannie Mae Loan 1 due 2026    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | encumberedProperty 11  
Outstanding loan amount $ 198,981 $ 199,866
Effective interest rate 6.28% 6.63%
Line of Credit | Secured Fannie Mae Loan 2 due 2026    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | encumberedProperty 10  
Outstanding loan amount $ 134,315 $ 134,873
Effective interest rate 6.33% 6.68%
Line of Credit | Credit Agreement | Unsecured Debt    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | encumberedProperty 0  
Outstanding loan amount $ 150,000 $ 150,000
Effective interest rate 5.68% 5.51%
Deferred financing costs, net $ (1,461) $ (1,595)
Long term debt $ 148,539 148,405
Line of Credit | Credit Agreement | Revolving Credit Facility    
Debt Instrument [Line Items]    
Encumbered properties at March 31, 2026 | encumberedProperty 59  
Outstanding loan amount $ 186,000 $ 186,000
Effective interest rate 5.68% 5.94%
v3.26.1
Mortgage Notes Payable and Other Debt - Narrative (Details)
$ in Thousands
 3 Months Ended 113 Months Ended
Dec. 11, 2025
USD ($)
extension
Mar. 31, 2026
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]        
Total real estate investments, at cost   $ 2,214,180 $ 2,214,180 $ 2,210,025
Outstanding loan amount   1,044,556 1,044,556  
Fannie Mae Secured Debt | Collateral Pledged        
Debt Instrument [Line Items]        
Total real estate investments, at cost   $ 617,000 617,000  
Fannie Mae Secured Debt | Capital One Secured Debt        
Debt Instrument [Line Items]        
Basis spread on variable rate   2.41%    
Fannie Mae Secured Debt | KeyBank Secured Debt        
Debt Instrument [Line Items]        
Basis spread on variable rate   2.46%    
Credit Agreement | Collateral Pledged        
Debt Instrument [Line Items]        
Total real estate investments, at cost   $ 869,100 869,100  
Mortgage notes payable        
Debt Instrument [Line Items]        
Outstanding loan amount   375,260 375,260 375,480
Mortgage notes payable | Collateral Pledged        
Debt Instrument [Line Items]        
Total real estate investments, at cost   683,700 683,700  
Mortgage notes payable | Barclay's OMF Loan        
Debt Instrument [Line Items]        
Long-term debt, covenant requirements, amount   12,500 12,500  
Line of Credit | Fannie Mae Secured Debt        
Debt Instrument [Line Items]        
Outstanding loan amount   $ 333,296 333,296 334,739
Payments for escrow deposit     15,400  
Debt service coverage ratio   1.40    
Line of Credit | Credit Agreement        
Debt Instrument [Line Items]        
Accordion feature $ 450,000      
Number of extension periods | extension 2      
Extension term 1 year      
Line of Credit | Credit Agreement | Commitment Fee Tranche One        
Debt Instrument [Line Items]        
Capacity used (as a percent)   50.00%    
Unused facility fee (as a percentage)   0.20%    
Line of Credit | Credit Agreement | Commitment Fee Tranche Two        
Debt Instrument [Line Items]        
Capacity used (as a percent)   50.00%    
Unused facility fee (as a percentage)   0.15%    
Line of Credit | Credit Agreement | Minimum | Base Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate   0.55%    
Line of Credit | Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate   1.55%    
Line of Credit | Credit Agreement | Maximum | Base Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate   1.10%    
Line of Credit | Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Basis spread on variable rate   2.10%    
Line of Credit | Credit Agreement | Revolving Credit Facility        
Debt Instrument [Line Items]        
Outstanding loan amount   $ 186,000 186,000 186,000
Maximum borrowing capacity $ 400,000      
Line of Credit | Credit Agreement | Unsecured Debt        
Debt Instrument [Line Items]        
Outstanding loan amount   $ 150,000 $ 150,000 $ 150,000
Maximum borrowing capacity $ 150,000      
v3.26.1
Mortgage Notes Payable and Other Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
2026 $ 333,968  
2027 922  
2028 422,722  
2029 982  
2030 1,013  
Thereafter 284,949  
Total 1,044,556  
Mortgage notes payable    
Debt Instrument [Line Items]    
2026 672  
2027 922  
2028 86,722  
2029 982  
2030 1,013  
Thereafter 284,949  
Total 375,260 $ 375,480
Line of Credit | Fannie Mae Secured Debt    
Debt Instrument [Line Items]    
2026 333,296  
2027 0  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total 333,296 334,739
Line of Credit | Credit Agreement | Unsecured Debt    
Debt Instrument [Line Items]    
2026 0  
2027 0  
2028 150,000  
2029 0  
2030 0  
Thereafter 0  
Total 150,000 150,000
Line of Credit | Credit Agreement | Revolving Credit Facility    
Debt Instrument [Line Items]    
2026 0  
2027 0  
2028 186,000  
2029 0  
2030 0  
Thereafter 0  
Total $ 186,000 $ 186,000
v3.26.1
Derivatives and Hedging Activities - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Derivative [Line Items]      
Unrealized gains, expected to be reclassified into earnings within 12 months $ 4,800    
Investments in non-designated interest rate caps, net 154 $ 0  
Not Designated as Hedging Instrument | Interest Rate Cap      
Derivative [Line Items]      
Notional amount 394,098   $ 337,999
Not Designated as Hedging Instrument | Fannie Mae Secured Debt | Interest Rate Cap      
Derivative [Line Items]      
Investments in non-designated interest rate caps, net 200    
Notional amount $ 56,000    
v3.26.1
Derivatives and Hedging Activities - Schedule of Derivatives Designated as Cash Flow Hedge (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
instrument
Dec. 31, 2025
USD ($)
instrument
Derivative [Line Items]    
Derivative assets, at fair value $ 1,395 $ 569
Derivative liabilities, at fair value $ 0 $ (188)
Designated as Hedging Instrument | Interest rate “pay-fixed” swap    
Derivative [Line Items]    
Derivative, number of instruments held | instrument 10 10
Notional amount $ 150,000 $ 150,000
Pay rate 3.34% 3.34%
Derivative assets, at fair value $ 759  
Derivative liabilities, at fair value   $ (188)
v3.26.1
Derivatives and Hedging Activities - Schedule of Derivatives Included in AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative [Line Items]    
Interest expense $ (14,671) $ (14,529)
Interest Rate Swap    
Derivative [Line Items]    
Gain (loss) recognized in accumulated other comprehensive income on interest rate derivatives 1,070 (1,200)
Gain reclassified from accumulated other comprehensive income into income as interest expense $ 1,598 $ 3,794
v3.26.1
Derivatives and Hedging Activities - Schedule of Derivative Instruments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
instrument
Dec. 31, 2025
USD ($)
instrument
Derivative [Line Items]    
Fair value $ 1,395 $ 569
Not Designated as Hedging Instrument | Interest Rate Cap    
Derivative [Line Items]    
Number of instruments | instrument 7 6
Notional amount $ 394,098 $ 337,999
Fair value $ 636 $ 569
Interest rate cap 3.50%  
v3.26.1
Stockholders' Equity (Details) - shares
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Class of Stock [Line Items]    
Common stock, shares issued (in shares) 28,412,000 28,427,000
Common stock, shares outstanding (in shares) 28,412,000 28,427,000
Stock issued during period, shares, new issues (in shares) 0  
Series A preferred stock    
Class of Stock [Line Items]    
Preferred stock, shares authorized (in shares) 4,608,000 4,608,000
Series A preferred stock | Preferred Stock Repurchase Program | Preferred Stock    
Class of Stock [Line Items]    
Shares repurchased and retired (in shares) 0  
Series B preferred stock    
Class of Stock [Line Items]    
Preferred stock, shares authorized (in shares) 3,467,000 3,467,000
Series B preferred stock | Preferred Stock Repurchase Program | Preferred Stock    
Class of Stock [Line Items]    
Shares repurchased and retired (in shares) 0  
Maximum    
Class of Stock [Line Items]    
Preferred stock, shares authorized (in shares) 50,000,000.0  
v3.26.1
Accumulated Other Comprehensive Income (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance $ 604,525
Ending balance 596,543
Unrealized gain (loss) on designated derivatives  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance 5,604
Gain recognized in accumulated other comprehensive income on interest rate derivatives 1,070
Gain reclassified from accumulated other comprehensive income (1,598)
Ending balance $ 5,076
v3.26.1
Fair Value - Schedule of Financial Instruments Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value $ 1,395 $ 569
Derivative liabilities, at fair value 0 (188)
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 1,395 381
Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 636 569
Fair Value, Measurements, Recurring | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 759  
Derivative liabilities, at fair value   (188)
Quoted Prices in Active Markets Level 1 | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0 0
Quoted Prices in Active Markets Level 1 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 0 0
Quoted Prices in Active Markets Level 1 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 0  
Derivative liabilities, at fair value   0
Significant Other Observable Inputs Level 2 | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 1,395 381
Significant Other Observable Inputs Level 2 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 636 569
Significant Other Observable Inputs Level 2 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 759  
Derivative liabilities, at fair value   (188)
Significant Unobservable Inputs Level 3 | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0 0
Significant Unobservable Inputs Level 3 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value 0 0
Significant Unobservable Inputs Level 3 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets, at fair value $ 0  
Derivative liabilities, at fair value   $ 0
v3.26.1
Fair Value - Schedule of Fair Value by Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Carrying amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure $ 1,043,481 $ 1,045,121
Carrying amount | Gross mortgage notes payable and mortgage premium and discounts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 374,185 374,382
Carrying amount | Line of Credit | Fannie Mae Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 333,296 334,739
Carrying amount | Line of Credit | Credit Agreement | Unsecured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 150,000 150,000
Carrying amount | Line of Credit | Credit Agreement | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 186,000 186,000
Fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 1,025,099 1,030,736
Fair value | Gross mortgage notes payable and mortgage premium and discounts    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 358,329 362,947
Fair value | Line of Credit | Fannie Mae Secured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 333,949 335,158
Fair value | Line of Credit | Credit Agreement | Unsecured Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure 148,581 148,496
Fair value | Line of Credit | Credit Agreement | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt instrument, fair value disclosure $ 184,240 $ 184,135
v3.26.1
Stock-Based Compensation (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Stock-based compensation expense $ 600,000 $ 0
Unrecognized compensation cost $ 3,100,000  
Period for recognition 1 year 7 months 6 days  
v3.26.1
Non-controlling Interests - Schedule of Noncontrolling Interest on Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Noncontrolling Interest [Line Items]    
Total non-controlling interests in the OP $ 4,387 $ 4,461
Series A Preferred Unit    
Noncontrolling Interest [Line Items]    
Total non-controlling interests in the OP 2,578 2,578
Common OP Unit    
Noncontrolling Interest [Line Items]    
Total non-controlling interests in the OP $ 1,809 $ 1,883
v3.26.1
Non-controlling Interests - Schedule of Statement of Operation Breakdown (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Noncontrolling Interest [Line Items]    
Net income attributable to non-controlling interests in the OP $ (28) $ (39)
Series A Preferred Unit    
Noncontrolling Interest [Line Items]    
Net income attributable to non-controlling interests in the OP (46) (46)
Common OP Unit    
Noncontrolling Interest [Line Items]    
Net income attributable to non-controlling interests in the OP $ 18 $ 7
v3.26.1
Non-controlling Interests - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Noncontrolling Interest [Line Items]    
Distributions to non-controlling interest holders $ 46,000 $ 47,000
Payments to noncontrolling interests 0 0
Series A Preferred Unit    
Noncontrolling Interest [Line Items]    
Distributions to non-controlling interest holders $ 46,000 $ 46,000
v3.26.1
Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Net loss attributable to common stockholders $ (7,603) $ (5,019)
Denominator for basic net loss attributable to common stockholders per share — weighted-average shares (in shares) [1] 28,336,000 28,296,000
Effect of dilutive securities:    
Unvested restricted shares (in shares) 54,000 0
Common OP Units (in shares) 124,000 124,000
Class B Units (in shares) 110,000 110,000
Denominator for diluted net loss attributable to common stockholders per share — weighted-average shares (in shares) 28,624,000 28,530,000
Basic net loss attributable to common stockholders per share (in usd per share) [1] $ (0.27) $ (0.18)
Diluted net loss attributable to common stockholders per share (in usd per share) [1] $ (0.27) $ (0.18)
Class B units (in shares) 359,250 359,250
Advisor | American Realty Capital Healthcare III Advisors, LLC    
Effect of dilutive securities:    
Limited partner units (in shares) 405,998 405,998
Unvested Restricted Stock    
Effect of dilutive securities:    
Unvested restricted stock (in shares) 116,654 0
[1]
(1)     Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect     would be an antidilutive per share amount.
v3.26.1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.26.1
Segment Reporting - Schedule of Reconciliation of Segment Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenue from tenants $ 86,285 $ 86,443
Compensation related expenses 26,485 27,003
Other segment expenses 26,433 30,853
Property operating and maintenance 52,918 57,856
NOI 33,367 28,587
Impairment charges 0 (11,899)
Acquisition and transaction related (53) (51)
General and administrative (5,467) (4,896)
Depreciation and amortization (17,738) (23,706)
(Loss) gain on sale of real estate investments (2) 24,989
Interest expense (14,671) (14,529)
Interest and other income (expense), net 171 (15)
Gain (loss) on non-designated derivatives 189 (1)
Loss before income taxes (4,204) (1,521)
Income tax benefit (77) 6
Net loss (4,281) (1,515)
Net income attributable to non-controlling interests (28) (54)
Allocation for preferred stock (3,294) (3,450)
Net loss attributable to common stockholders (7,603) (5,019)
SHOP    
Segment Reporting Information [Line Items]    
Revenue from tenants 57,631 55,808
Compensation related expenses 26,485 27,003
Other segment expenses 18,383 19,368
Property operating and maintenance 44,868 46,371
NOI 12,763 9,437
OMF    
Segment Reporting Information [Line Items]    
Revenue from tenants 28,654 30,635
Compensation related expenses 0 0
Other segment expenses 8,050 11,485
Property operating and maintenance 8,050 11,485
NOI $ 20,604 $ 19,150
v3.26.1
Subsequent Events (Details)
$ in Thousands
 3 Months Ended
May 13, 2026
USD ($)
May 04, 2026
USD ($)
property
Apr. 30, 2026
shares
Apr. 25, 2026
USD ($)
Apr. 23, 2026
USD ($)
Apr. 10, 2026
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Subsequent Event [Line Items]                
Repayments of revolving facility             $ 1,442 $ 1,442
Subsequent Event | Class A common stock | Public Offering                
Subsequent Event [Line Items]                
Consideration received on public offering         $ 531,300      
Subsequent Event | Common Stock and Long Term-Incentive Units                
Subsequent Event [Line Items]                
Granted (in shares) | shares     995,997          
Subsequent Event | Common Stock and Long Term-Incentive Units | Equity Incentive Plan                
Subsequent Event [Line Items]                
Granted (in shares) | shares     153,123          
Subsequent Event | Performance Based RSUs | Equity Incentive Plan                
Subsequent Event [Line Items]                
Granted (in shares) | shares     136,457          
Subsequent Event | Revolving Credit Facility | Credit Agreement | Line of Credit                
Subsequent Event [Line Items]                
Repayments of revolving facility       $ 186,000        
Seniors Housing Communities | Subsequent Event                
Subsequent Event [Line Items]                
Definitive purchase and sale agreement, consideration $ 35,000         $ 26,500    
OMF | Subsequent Event | Disposal Group, Held-for-sale, Not Discontinued Operations | Eighty Six Outpatient Medical Facilities                
Subsequent Event [Line Items]                
Definitive purchase and sale agreement, consideration   $ 528,200            
Definitive purchase and sale agreement, number of properties | property   86            
Secured debt assumed   $ 278,000