Cover Financial Statements Notes to Financial Statements Accounting Policies Notes Tables Notes Details

COVER - USD ($) $ in Billions	12 Months Ended
COVER - USD ($) $ in Billions	Dec. 31, 2024	Feb. 11, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36181
Entity Registrant Name	CareTrust REIT, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-3999490
Entity Address, Address Line One	905 Calle Amanecer
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Clemente
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92673
City Area Code	949
Local Phone Number	542-3130
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CTRE
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3.9
Entity Common Stock, Shares Outstanding		187,661,893
Documents Incorporated by Reference	Portions of the definitive Proxy Statement for the registrant’s 2025 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of fiscal year 2024, are incorporated by reference into Part III of this Report.
Entity Central Index Key	0001590717
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

AUDIT INFORMATION	12 Months Ended
AUDIT INFORMATION	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Costa Mesa, California
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Real estate investments, net	$ 2,226,740	$ 1,567,119
Financing receivable, at fair value (including accrued interest of $281 as of December 31, 2024)	96,004	0
Other real estate related investments (including accrued interest of $4,725 and $1,727 as of December 31, 2024 and 2023, respectively)	795,203	180,368
Assets held for sale, net	57,261	15,011
Cash and cash equivalents	213,822	294,448
Accounts and other receivables	1,174	395
Prepaid expenses and other assets, net	35,608	23,337
Deferred financing costs, net	11,204	4,160
Total assets	3,437,016	2,084,838
Liabilities and Equity:
Senior unsecured notes payable, net	396,927	396,039
Senior unsecured term loan, net	0	199,559
Accounts payable, accrued liabilities and deferred rent liabilities	56,318	33,992
Dividends payable	54,388	36,531
Total liabilities	507,633	666,121
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest	18,243	0
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and 2023	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 186,993,010 and 129,992,796 shares issued and outstanding as of December 31, 2024 and 2023, respectively	1,870	1,300
Additional paid-in capital	3,439,117	1,883,147
Cumulative distributions in excess of earnings	(532,570)	(467,628)
Total stockholders' equity	2,908,417	1,416,819
Noncontrolling interests	2,723	1,898
Total equity	2,911,140	1,418,717
Total liabilities and equity	$ 3,437,016	$ 2,084,838

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accrued interest, net	$ 281
Other real estate related investments, accrued interest	$ 4,725	$ 1,727
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	100,000,000	100,000,000
Preferred stock, issued (shares)	0	0
Preferred stock, outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, authorized (shares)	500,000,000	500,000,000
Common stock, issued (shares)	186,993,010	129,992,796
Common stock, outstanding (shares)	186,993,010	129,992,796

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental income	$ 228,261	$ 198,599	$ 187,506
Interest income from financing receivable	1,009	0	0
Interest income from other real estate related investments and other income	67,016	19,171	8,626
Total revenues	296,286	217,770	196,132
Expenses:
Depreciation and amortization	56,831	51,199	50,316
Interest expense	30,310	40,883	30,008
Property taxes	7,838	6,170	4,333
Impairment of real estate investments	42,225	36,301	79,062
Transaction costs	1,326	0	0
Provision for loan losses, net	4,900	0	3,844
Property operating expenses	5,714	3,423	5,039
General and administrative	28,923	21,805	20,165
Total expenses	178,067	159,781	192,767
Other income (loss):
Loss on extinguishment of debt	(657)	0	0
(Loss) gain on sale of real estate, net	(2,208)	2,218	(3,769)
Unrealized gain (loss) on other real estate related investments, net	9,045	(6,485)	(7,102)
Total other income (loss)	6,180	(4,267)	(10,871)
Net income (loss)	124,399	53,722	(7,506)
Net loss attributable to noncontrolling interests	(681)	(13)	0
Net income (loss) attributable to CareTrust REIT, Inc.	$ 125,080	$ 53,735	$ (7,506)
Earnings (loss) per common share attributable to CareTrust REIT, Inc:
Basic (usd per share)	$ 0.81	$ 0.50	$ (0.08)
Diluted (usd per share)	$ 0.80	$ 0.50	$ (0.08)
Weighted-average number of common shares:
Basic (shares)	154,795	105,956	96,703
Diluted (shares)	155,167	106,152	96,703

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Noncontrolling Interest
Beginning balance (shares) at Dec. 31, 2021			96,296,673
Beginning balance at Dec. 31, 2021	$ 915,757	$ 915,757	$ 963	$ 1,196,839	$ (282,045)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (shares)			2,405,000
Issuance of common stock, net	47,236	47,236	$ 24	47,212
Vesting of stock-based compensation awards, net of shares withheld for employee taxes (shares)			308,439
Vesting of stock-based compensation awards, net of shares withheld for employee taxes	(4,469)	(4,469)	$ 3	(4,472)
Amortization of stock-based compensation	5,758	5,758		5,758
Common dividends	(107,403)	(107,403)			(107,403)
Net income (loss)	(7,506)	(7,506)			(7,506)
Ending balance (shares) at Dec. 31, 2022			99,010,112
Ending balance at Dec. 31, 2022	849,373	849,373	$ 990	1,245,337	(396,954)	0
Beginning balance at Dec. 31, 2021	0
Ending balance at Dec. 31, 2022	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (shares)			30,868,714
Issuance of common stock, net	634,446	634,446	$ 309	634,137
Vesting of stock-based compensation awards, net of shares withheld for employee taxes (shares)			113,970
Vesting of stock-based compensation awards, net of shares withheld for employee taxes	(1,479)	(1,479)	$ 1	(1,480)
Amortization of stock-based compensation	5,153	5,153		5,153
Common dividends	(124,409)	(124,409)			(124,409)
Distributions to noncontrolling interests	(41)					(41)
Contributions from noncontrolling interests	1,952					1,952
Net income (loss)	$ 53,722	53,735			53,735	(13)
Ending balance (shares) at Dec. 31, 2023	129,992,796		129,992,796
Ending balance at Dec. 31, 2023	$ 1,418,717	1,416,819	$ 1,300	1,883,147	(467,628)	1,898
Ending balance at Dec. 31, 2023	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net (shares)			56,855,925
Issuance of common stock, net	1,552,894	1,552,894	$ 569	1,552,325
Vesting of stock-based compensation awards, net of shares withheld for employee taxes (shares)			144,289
Vesting of stock-based compensation awards, net of shares withheld for employee taxes	(2,484)	(2,484)	$ 1	(2,485)
Amortization of stock-based compensation	6,130	6,130		6,130
Common dividends	(190,022)	(190,022)			(190,022)
Distributions to noncontrolling interests	(69)					(69)
Contributions from noncontrolling interests	1,429					1,429
Net income (loss), excluding temporary equity	124,545	125,080			125,080	(535)
Net income (loss)	$ 124,399
Ending balance (shares) at Dec. 31, 2024	186,993,010		186,993,010
Ending balance at Dec. 31, 2024	$ 2,911,140	$ 2,908,417	$ 1,870	$ 3,439,117	$ (532,570)	$ 2,723
Redeemable Noncontrolling Interest
Contributions from noncontrolling interests	18,389
Net income (loss)	(146)
Ending balance at Dec. 31, 2024	$ 18,243

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common dividend (usd per share)	$ 0.29	$ 0.29	$ 0.29	$ 0.29	$ 0.28	$ 0.28	$ 0.28	$ 0.28	$ 0.275	$ 0.275	$ 0.275	$ 0.275	$ 1.16	$ 1.12	$ 1.10

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 124,399	$ 53,722	$ (7,506)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	56,932	51,257	50,378
Amortization of deferred financing costs	2,816	2,436	2,095
Loss on extinguishment of debt	282	0	0
Unrealized (gain) loss on other real estate related investments, net	(9,045)	6,485	7,102
Amortization of stock-based compensation	6,130	5,153	5,758
Straight-line rental income	28	29	(17)
Amortization of lease incentives	22	0	0
Amortization of below market leases	(2,885)	(384)	0
Adjustment for collectibility of rental income	0	0	1,417
Noncash interest income	(3,279)	(407)	(1,165)
Loss (gain) on sale of real estate, net	2,208	(2,218)	3,769
Impairment of real estate investments	42,225	36,301	79,062
Provision for loan losses, net	4,900	0	3,844
Change in operating assets and liabilities:
Accounts and other receivables	(808)	(9)	604
Prepaid expenses and other assets, net	(3,719)	(21)	123
Accounts payable, accrued liabilities and deferred rent liabilities	24,045	2,423	(1,049)
Net cash provided by operating activities	244,251	154,767	144,415
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(812,002)	(233,776)	(21,915)
Purchases of equipment, furniture and fixtures and improvements to real estate	(8,054)	(10,976)	(7,292)
Preferred equity investments	(52,000)	(1,782)	0
Investment in real estate related investments and other loans receivable	(559,188)	(60,319)	(149,650)
Investment in financing receivable	(95,723)	0	0
Principal payments received on real estate related investments and other loans receivable	4,512	26,525	6,308
Escrow deposits for potential acquisitions of real estate	(5,167)	(3,800)	0
Net proceeds from sales of real estate	13,939	16,313	45,149
Net cash used in investing activities	(1,513,683)	(267,815)	(127,400)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	1,552,894	634,446	47,236
Proceeds from the secured borrowing	75,000	0	0
Borrowings under unsecured revolving credit facility	0	185,000	160,000
Payments on senior unsecured term loan	(200,000)	0	0
Payment on secured borrowing	(75,000)	0	0
Payments on unsecured revolving credit facility	0	(310,000)	(115,000)
Payments on extinguishment of debt and deferred financing costs	(9,188)	(68)	(5,361)
Net-settle adjustment on restricted stock	(2,484)	(1,479)	(4,469)
Dividends paid on common stock	(172,165)	(115,492)	(106,138)
Contributions from noncontrolling interests	19,818	1,952	0
Distributions to noncontrolling interests	(69)	(41)	0
Net cash provided by (used in) financing activities	1,188,806	394,318	(23,732)
Net (decrease) increase in cash and cash equivalents	(80,626)	281,270	(6,717)
Cash and cash equivalents as of the beginning of period	294,448	13,178	19,895
Cash and cash equivalents as of the end of period	213,822	294,448	13,178
Supplemental disclosures of cash flow information:
Interest paid	27,933	40,028	25,912
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	17,857	8,982	1,265
Right-of-use asset obtained in exchange for new operating lease obligation	1,748	369	0
Transfer of pre-acquisition costs to acquired assets	58	0	7
Sale of real estate settled with note receivable	1,000	2,000	12,000
Liabilities assumed by buyer in connection with sale of real estate	$ 2,776	$ 0	$ 0

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Description of Business—CareTrust REIT, Inc.’s (“CareTrust REIT” or the “Company”) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of December 31, 2024, the Company owned, directly or in consolidated joint ventures, and leased to independent operators, 258 skilled nursing facilities (“SNFs”), multi-service campuses, assisted living facilities (“ALFs”) and independent living facilities (“ILFs”) consisting of 28,088 operational beds and units located in 32 states with the highest concentration of properties by rental income located in California and Texas. As of December 31, 2024, the Company also had other real estate related investments consisting of three preferred equity investments, 15 real estate secured loans receivable, and five mezzanine loans receivable with a carrying value of $795.2 million and one financing receivable with a carrying value of $96.0 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation—The accompanying consolidated financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of the Company prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

Consolidation—The accompanying consolidated financial statements include the accounts of CareTrust REIT, its wholly-owned subsidiaries, and variable interest entities (“VIEs”) over which the Company exercises control. All intercompany transactions and account balances within the Company have been eliminated, and net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.

Variable Interest Entities—The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE.

The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control.

A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. The Company’s consideration of various factors include, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity.

For any investment in a joint venture that is not considered to be a VIE, the Company would evaluate the type of ownership rights held by limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed. See Note 12, Variable Interest Entities, for additional information.

Noncontrolling Interests—The Company presents the portion of any equity that the Company does not own in entities that the Company controls (and thus consolidates) as noncontrolling interests and classifies those interests as a component of consolidated equity, separate from stockholders' equity, on the Company’s consolidated balance sheets. For consolidated joint ventures, the Company allocates net income or loss utilizing the hypothetical liquidation at book value method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of the joint venture partners at period end after adjusting for any distributions or contributions made during such period. The Company includes net income (loss) attributable to the noncontrolling interests in net income (loss) in the consolidated statements of operations.

Redeemable Noncontrolling Interest —One of the Company’s noncontrolling interest holders has the ability to put its equity interests to the Company during specified option exercise periods, subject to certain conditions. The put option is payable in cash and subject to changes in redemption value. Accordingly, the Company records the redeemable noncontrolling interest outside of permanent equity. The redeemable noncontrolling interest was initially measured at fair value on the date of issuance and is adjusted for additional contributions and distributions and the proportionate share of the net earnings or losses. When the redemption of the noncontrolling interest becomes probable, the Company will record the redeemable noncontrolling interest at the greater of its carrying amount or redemption value at the end of each reporting period by making an election either to accrete changes in the redemption value of the redeemable noncontrolling interest over the period from the date it is probable of exercise to the earliest redemption date or to recognize the entire adjustment on the date redemption becomes probable. Redeemable noncontrolling interest adjustments of carrying value to redemption value are reflected in additional paid-in-capital on the Company’s consolidated balance sheets. The adjustment of carrying value to the redemption value that reflects a redemption in excess of fair value is included as an adjustment to net income available to the Company’s stockholders in the calculation of earnings per share.

Lessor Accounting—The Company recognizes lease revenue in accordance with Accounting Standards Codification (“ASC”) 842, Leases. The Company’s lease agreements typically contain annual escalators based on the percentage change in the Consumer Price Index which are accounted for as variable lease payments in the period in which the change occurs. For lease agreements that contain fixed rent escalators, the Company generally recognizes lease revenue on a straight-line basis of accounting. The Company generates revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under which the tenant is solely responsible for the costs related to the property. Tenant reimbursements related to property taxes and insurance paid by the lessee directly to a third party on behalf of a lessor are required to be excluded from variable payments and from recognition in the lessor’s statements of operations. Otherwise, tenant recoveries for taxes and insurance are classified as additional rental revenues recognized by the lessor on a gross basis in its statements of operations.

As part of the Company’s acquisitions and/or amendments, the Company may commit to provide incentive payments to its lessees. During the year ended December 31, 2024, the Company funded $2.9 million in lease incentives. Lease incentives are amortized over the initial term of the respective lease as an adjustment to rental revenue. Lease incentives are included in prepaid expenses and other assets, net on the Company’s consolidated balance sheets.

The Company’s assessment of collectibility of its tenant receivables includes a binary assessment of whether or not substantially all of the amounts due under a tenant’s lease agreement are probable of collection. The Company considers the operator’s performance and anticipated trends, payment history, and the existence and creditworthiness of guarantees, among other factors, in making this determination. For such leases that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term, if applicable. For such leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectibility determination. Such write-offs and recoveries are recorded as decreases or increases through rental income on the Company’s consolidated statements of operations. For the years ended December 31, 2024 and 2023, the Company did not record any recovery adjustments or write-off adjustments to rental income. For the year ended December 31, 2022, the Company did not record any recovery adjustments and wrote-off $1.4 million of rental income. See Note 3, Real Estate Investments, Net for further detail.

Interest Income—Interest income is recognized as earned over the term of the related other real estate related investment under the effective interest method, or on a straight-line basis if not materially different from the effective interest method. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected. When concerns exist as to the ultimate collection of principal or interest due under a loan, the loan is placed on non-accrual status, and the Company will not recognize interest income until the cash is received, or the loan returns to accrual status. If the Company determines that the collection of interest according to the contractual terms of the loan is probable, the Company will resume the accrual of interest.

Estimates and Assumptions—The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes that the assumptions and estimates used in preparation of the underlying consolidated financial statements are reasonable. Actual results, however, could differ from those estimates and assumptions.

Real Estate Acquisition Valuation— In accordance with ASC 805, Business Combinations, the Company’s acquisitions of real estate investments generally do not meet the definition of a business, and are treated as asset acquisitions. The assets acquired and liabilities assumed are measured at their acquisition date relative fair values. Acquisition costs are capitalized as incurred. The Company allocates the acquisition costs to the tangible assets, identifiable intangible assets/liabilities and assumed liabilities on a relative fair value basis. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant.

The Company recognizes acquired “above or below market” leases at their fair value (for asset acquisitions) using discount rates which reflect the risks associated with the leases acquired. The fair value is based on the present value of the difference between (i) the contractual amounts due pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, generally measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with renewal options that are reasonably certain to be exercised for below market leases. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal, and other related costs. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands):


	December 31, 2024		December 31, 2023
Gross intangible lease liability	$	9,858	$	7,289
Accumulated amortization	(3,269)		(384)
Intangible liabilities, net	$	6,589	$	6,905

Weighted average remaining amortization period in years	1.8		3

Impairment of Long-Lived Assets—At each reporting period, the Company evaluates its real estate investments held for use for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The judgment regarding the existence of impairment indicators, used to determine if an impairment assessment is necessary, is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, the Company evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. The most significant inputs to the undiscounted cash flows include, but are not limited to, historical and projected facility level financial results, a lease coverage ratio, the intended hold period by the Company, and a terminal capitalization rate. The analysis is also significantly impacted by determining the lowest level of cash flows, which generally would be at the master lease level of cash flows. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows are determined to be less than the carrying values of the assets. The impairment is measured as the excess of carrying value over fair value. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset.

The Company classifies its real estate investments as held for sale when the applicable criteria have been met, which includes a formal plan to sell the properties that is expected to be completed within one year, among other criteria. Upon designation as held for sale, the Company writes down the excess of the carrying value over the estimated fair value less costs to sell, resulting in an impairment of the real estate investments, if necessary, and ceases depreciation.

In the event of impairment, the fair value of the real estate investment is based on current market conditions and considers matters such as the forecasted operating cash flows, lease coverage ratios, capitalization rates, comparable sales data, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers.

If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a real estate investment previously classified as held for sale or otherwise no longer meets the held for sale criteria, the respective assets are reclassified as real estate investments held for use. A real estate investment that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the real estate investment was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the real estate investment been continuously classified as held for use, or (b) the fair value at the date of the decision not to sell or change in circumstances that led to the real estate investment no longer meeting the criteria of held for sale.

The Company’s ability to accurately estimate future cash flows and estimate and allocate fair values impacts the timing and recognition of impairments. While the Company believes its assumptions are reasonable, changes in these assumptions may have a material impact on financial results.

For the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment charges of $42.2 million, $36.3 million and $79.1 million, respectively. See Note 4, Impairment of Real Estate Investments, Assets Held For Sale, Net and Asset Sales, for additional information.

Financing Receivable—The Company may from time to time enter into a contract to acquire an asset and lease it back to the seller in a sale and leaseback transaction. In accordance with ASC 842, Leases, the Company is required to determine whether the transaction qualifies as a sale with control of the asset being transferred to the Company. A failed sale and leaseback transaction is accounted for as a financing receivable in accordance with ASC 310, Receivables. If control of the asset subsequently is deemed to have transferred to the Company, the financing receivable would be reclassified as real estate investments. No gain or loss would be recognized, and the related assets and liabilities would be recorded at their relative fair values on the date control is transferred. One of the Company’s investments is accounted for as a financing receivable within the Company’s consolidated balance sheets, since control of the underlying assets did not transfer to the Company due to the existence of options for the seller-lessee to repurchase the real estate assets, which generally preclude accounting for the transfer of real estate assets as a sale. The Company elected the fair value option for the financing receivable, and thereby, acquisition costs incurred in connection with entering into the financing receivable were expensed and recorded in transaction costs in the consolidated statements of operations. Instruments for which the fair value option has been elected are measured at fair value on a recurring basis with changes in fair value recognized in other income (loss) on the consolidated statements of operations. Fair value was estimated using an internal valuation model that considered expected future cash flows of the investment, market interest rates, and the underlying collateral value. Interest income from financing receivable on the Company’s consolidated statements of operations is recognized under the effective interest method.

Other Real Estate Related Investments—Included in other real estate related investments on the Company’s consolidated balance sheets at December 31, 2024, are three preferred equity investments, 15 real estate secured loans receivable and five mezzanine loans receivable. The Company elected the fair value option for all secured and mezzanine loans receivable. Instruments for which the fair value option has been elected are measured at fair value on a recurring basis with changes in fair value recognized in other income (loss) on the consolidated statements of operations. Fair value was estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value, market interest rates and other credit enhancements. The Company elected the practical expedient not to record the preferred equity investments at fair value as the fair value is not readily determinable. The preferred equity investments are accounted for at unpaid principal balance, plus accrued return, net of reserves. The Company recognizes return income on a monthly basis based on the outstanding investment including any accrued and unpaid return, to the extent there is outside contributed equity or cumulative earnings from operations. As the preferred member of the joint venture, the Company is not entitled to share in the joint venture’s earnings or losses. Rather, the Company is entitled to receive a preferred return, which is deferred if the cash flow of the joint venture is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return is added to the balance of the preferred equity investment up to the estimated economic outcome assuming a hypothetical liquidation of the book value of the joint venture. Any unpaid accrued preferred return, whether recorded or unrecorded by the Company, will be repaid upon redemption or as available cash flow is distributed from the joint venture.

Prepaid expenses and other assets—Prepaid expenses and other assets consist of prepaid expenses, deposits, pre-acquisition costs and other loans receivable. During the year ended December 31, 2024, the Company determined that the remaining contractual obligations under one other loan receivable was not collectible and recorded a 4.9 million expected credit loss. During the year ended December 31, 2022, the Company determined that the remaining contractual obligations under two other loans receivable were not collectible and recorded a $4.6 million expected credit loss, net of a loan loss recovery of

$0.8 million related to a loan previously written-off. The Company did not record an expected credit loss or recovery during the year ended December 31, 2023. Expected credit losses and recoveries are recorded in provision for loan losses, net in the consolidated statements of operations.

The Company’s other loans receivable are reflected at amortized cost, net of an allowance for credit loss, on the accompanying consolidated balance sheets. The amortized cost of a loan receivable is the outstanding unpaid principal balance, net of unamortized discounts, costs and fees directly associated with the origination of the loan.

Income Taxes—The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company believes it has been organized and has operated, and the Company intends to continue to operate, in a manner to qualify for taxation as a REIT under the Code. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute to its stockholders at least 90% of the Company’s annual REIT taxable income (computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes as qualifying dividends all of its REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions.

Real Estate Depreciation and Amortization—Real estate costs related to the acquisition and improvement of properties are capitalized and amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows:


Building						25-40 years
Building improvements						10-25 years
Tenant improvements						Shorter of lease term or expected useful life
Integral equipment, furniture and fixtures						5 years
Identified intangible assets						Shorter of lease term or expected useful life

Cash and Cash Equivalents—Cash and cash equivalents consist of bank term deposits and money market funds with original maturities of three months or less at time of purchase and therefore approximate fair value. The fair value of these investments is determined based on “Level 1” inputs, which consist of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets. The Company places its cash and cash equivalents with high credit quality financial institutions.

The Company’s cash and cash equivalents balance periodically exceeds federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.

Deferred Financing Costs—External costs incurred from placement of the Company’s debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings, which approximates the effective interest method. For senior unsecured notes payable and the senior unsecured term loan, deferred financing costs are netted against the outstanding debt amounts on the consolidated balance sheets. For the unsecured revolving credit facility, deferred financing costs are included in assets on the Company’s consolidated balance sheets. Amortization of deferred financing costs is classified as interest expense in the consolidated statements of operations. Accumulated amortization of deferred financing costs was $3.3 million and $4.8 million at December 31, 2024 and 2023, respectively.

When financings are terminated, unamortized deferred financing costs, as well as charges incurred for the termination, are expensed at the time the termination is made. Gains and losses from the extinguishment of debt are presented within other income (loss) in the Company’s consolidated statements of operations. During the year ended December 31, 2024, the Company recorded a loss on extinguishment of debt of $0.7 million. See Note 7, Debt, for further detail.

Stock-Based Compensation—The Company accounts for share-based payment awards in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires all entities to apply a fair value-based measurement

method in accounting for share-based payment transactions with directors, officers and employees. The Company measures and recognizes compensation expense for all share-based payment awards made to directors, officers and employees based on the grant date fair value, amortized over the requisite service period of the award. Compensation expense for awards with performance-based vesting conditions is recognized based upon the probability that the performance target will be met. Compensation expense for awards with market-based vesting conditions is recognized based upon the estimated number of awards to be earned and is recognized provided that the requisite service is rendered, regardless of when, if ever, the market condition is satisfied. Forfeitures of stock-based awards are recognized as they occur. Net income (loss) reflects stock-based compensation expense of $6.1 million, $5.2 million and $5.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Concentration of Credit Risk—The Company is subject to concentrations of credit risk consisting primarily of contractual obligations of operators and borrowers under its lease and lending agreements. See Note 14, Concentration of Risk, for a discussion of major operator concentration.

Segment Disclosures —The Company is subject to disclosures about segments of an enterprise and related information in accordance with ASC 280, Segment Reporting. The Company has one reportable segment consisting of investments in healthcare-related real estate assets. See Note 11, Segment Reporting, for additional information.

Earnings Per Share—The Company calculates earnings per share (“EPS”) in accordance with ASC 260, Earnings Per Share. Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution for all potentially-dilutive securities. See Note 10, Earnings (Loss) Per Common Share, for additional information.

Beds, Units, Occupancy and Other Measures—Beds, units, occupancy and other non-financial measures used to describe real estate investments included in these Notes to the consolidated financial statements are presented on an unaudited basis and are not subject to audit by the independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board.

Recent Accounting Pronouncements

Adopted—On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and the inclusion of a segment reporting footnote. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 11, Segment Reporting, for further detail.

Not Yet Adopted—On November 4, 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosures of income statement expenses for public business entities. The ASU requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is still evaluating its adoption timeline and the impact on its disclosures.

REAL ESTATE INVESTMENTS, NET

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

REAL ESTATE INVESTMENTS, NET

The following table summarizes the Company’s investment in owned properties, and properties held in consolidated joint ventures, held for use at December 31, 2024 and 2023 (dollars in thousands):


	December 31, 2024		December 31, 2023
Land	$	367,044	$	279,276
Buildings and improvements	2,220,287		1,620,014
Integral equipment, furniture and fixtures	113,803		100,504
Identified intangible assets	4,388		5,283

Real estate investments	2,705,522		2,005,077
Accumulated depreciation and amortization	(478,782)		(437,958)
Real estate investments, net	$	2,226,740	$	1,567,119

Significant Master Leases

Ensign — As of December 31, 2024, 97 of the Company’s 258 facilities were leased to subsidiaries of The Ensign Group, Inc. (“Ensign”) on a triple-net basis under multiple long-term leases (each, an “Ensign Master Lease” and, collectively, the “Ensign Master Leases”) which commenced on June 1, 2014 and were subsequently modified. The obligations under the Ensign Master Leases are guaranteed by Ensign. A default by any subsidiary of Ensign with regard to any facility leased pursuant to an Ensign Master Lease will result in a default under all of the Ensign Master Leases. As of December 31, 2024, annualized contractual rental income from the Ensign Master Leases was $68.2 million and is escalated annually, in June, by an amount equal to the product of (1) the lesser of the percentage change in the Consumer Price Index (“CPI”) (but not less than zero) or 2.5%, and (2) the prior year’s rent. In addition to rent, the subsidiaries of Ensign that are tenants under the Ensign Master Leases are solely responsible for the costs related to the leased properties (including property taxes, insurance, and maintenance and repair costs). See below under “Lease Amendments and Terminations” for further detail on Ensign lease amendments.

During the year ended December 31, 2020, the Company acquired four additional facilities leased to subsidiaries of Ensign on a triple-net basis under two separate master lease agreements, each of which contains a purchase option. As of December 31, 2024, annualized contractual rental income from the four additional Ensign facilities was $4.1 million and is escalated annually, in December, by an amount equal to the product of (1) the lesser of the percentage change in the CPI (but not less than zero) or 2.5%, and (2) the prior year’s rent. In addition to rent, the subsidiaries of Ensign that are tenants under the four additional facilities are solely responsible for the costs related to the leased properties (including property taxes, insurance, and maintenance and repair costs). The obligations under the lease agreements for the four additional facilities are guaranteed by Ensign but do not contain cross-default provisions with the Ensign Master Leases. During December 2024, the Company received written notice that Ensign will exercise the purchase option and as such these four facilities have been classified as held for sale as of December 31, 2024. See Note 15, Subsequent Events, for additional information.

On December 31, 2024, the Company, through a consolidated joint venture, acquired six additional facilities leased to subsidiaries of Ensign on a triple-net basis under one separate master lease agreement, which commenced January 1, 2025 (the “Ensign TN Master Lease”). The annualized contractual rental income under the Ensign TN Master Lease is $7.1 million and is escalated annually, in January, by an amount equal to the product of (1) the prior year’s rent, and (2) the product of (x) 2 and (y) the annual CPI increase (not to exceed 2.5%).

Ensign provides a guaranty for eight properties leased to The Pennant Group, Inc. (“Pennant”) under the Pennant Master Lease (defined below), which represent $7.5 million of total annualized contractual rental income as of December 31, 2024.

PACS— As of December 31, 2024, 14 of the Company’s properties were leased to affiliates of PACS Group, Inc. (“PACS”) on a triple-net basis under one long-term lease (the “PACS Master Lease”), and have a total of 1,827 operational beds. One of the facilities is included in held for sale as of December 31, 2024. The PACS Master Lease commenced on October 26, 2017, and provides for an initial term of 15 years, with two five-year renewal options. During the year ended December 31, 2024, the Company, through a joint venture, acquired 11 facilities, which have a total of 1,186 operational beds, leased to subsidiaries of PACS commencing on December 1, 2024, under a new triple-net master lease agreement (the “PACS TN Master Lease”). The PACS TN Master Lease has an initial term of 15 years, with two five-year renewal options. As of December 31, 2024, annualized contractual rental income from the PACS Master Lease was $20.0 million (excluding the facility classified as held for sale), and annualized contractual rental income from all PACS leases was $37.9 million (excluding $0.3 million of rent abatement in the first year of the PACS TN Master Lease), representing 8% and 15% of total annualized contractual rental income, respectively. Rent is escalated annually in November under the PACS Master Lease by an amount equal to the product of (1) the lesser of the percentage change in the CPI (but not less than zero) or 3%, and (2) the prior year’s rent. Rent under the PACS TN Master Lease is escalated annually in December by an amount equal to the product of (1) the percentage change in the CPI and (2) the prior year’s rent (subject to a 2% floor and a 4% cap). The PACS TN Master Lease also provides rent abatement of $0.3 million in the first year. Subsequent to December 31, 2024, the PACS TN Master Lease was amended, see Note 15, Subsequent Events, for additional information.

PMG — As of December 31, 2024, 15 of the Company’s facilities were leased to subsidiaries of Priority Management Group (“PMG”) on a triple-net basis under one long-term lease (the “PMG Master Lease”). The PMG Master Lease commenced on December 1, 2016, and provides an initial term of fifteen years, with two five-year renewal options. As of December 31, 2024, annualized contractual rental income from the PMG Master Lease was $31.9 million and is escalated annually by an amount equal to the product of (1) the lesser of the percentage change in the CPI (but not less than zero) or 3.0%, and (2) the prior year’s rent. In addition to rent, the subsidiaries of PMG that are tenants under the PMG Master Lease are

solely responsible for the costs related to the leased properties (including property taxes, insurance, and maintenance and repair costs).

Portfolio

As of December 31, 2024, 103 of the Company’s 258 facilities were leased to various other operators under triple-net leases. All of these leases contain annual escalators based on the percentage change in the CPI (but not less than zero), some of which are subject to a cap, or fixed rent escalators. As of December 31, 2024, one of the Company’s 258 facilities was non-operational and was disposed of subsequent to year end. As of December 31, 2024, 10 facilities were held for sale. See Note 4, Impairment of Real Estate Investments, Assets Held for Sale, Net and Asset Sales, and Note 15, Subsequent Events, for additional information.

As of December 31, 2024, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements, assets held for sale and non-operational assets, was as follows (dollars in thousands):


Year	Amount
2025	$	273,728
2026	281,304
2027	283,468
2028	281,736
2029	277,286

Thereafter	1,588,781
	$	2,986,303

Tenant Purchase Options

Certain of the Company’s operators hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands):


Asset Type	Properties	Lease Expiration	Option Period Open Date(1)		Option Type(2)		Current Cash Rent(3)
SNF	1	March 2029	04/1/2022	(4)	A / B	(7)	$	858
SNF	4	November 2034	12/1/2024	(4)	A	(11)	4,079
SNF / Campus	2	October 2032	11/1/2026	(5)	B		3,367		(9)
SNF / Campus	1	May 2034	6/1/2026	(8)	B		1,293		(10)
SNF / Campus	1	May 2034	6/1/2027	(8)	B		1,293		(10)
SNF	1	November 2034	12/1/2027	(4)	A		1,100
SNF	2	November 2039	12/1/2027	(6)	B		3,460		(12)
SNF	2	November 2039	12/1/2028	(6)	B		3,460		(12)
SNF	1	November 2039	12/1/2029	(6)	B		1,615		(13)
SNF	1	November 2039	12/1/2030	(6)	B		1,615		(13)

(1)The Company has not received notice of exercise for the option periods that are currently open, except as described in footnote (11) below.

(2)Option type includes:

A - Fixed base price.

B - Fixed capitalization rate on lease revenue.

(3)Based on annualized cash revenue for contracts in place as of December 31, 2024.

(4)Option window is open until the expiration of the lease term.

(5)Option window is open for six months from the option period open date.

(6)Option window is open for one year from the option period open date.

(7)Purchase option reflects two option types.

(8)Purchase option window is open for nine months from the option period open date.

(9)Purchase option provides for the purchase of two of three facilities. The current cash rent shown is an average of the range of $3.2 million to $3.5 million.

(10)Purchase option provides for the purchase of one of five facilities. The current cash rent shown is an average of the range of $1.0 million to $1.6 million. If the operator exercises its option to extend the term of the master lease, beginning on June 1, 2035 and ending nine months thereafter, the operator will have a purchase option for all facilities then remaining in the master lease.

(11)The operator notified the Company of their intent to exercise the purchase option of the four SNFs in December 2024. The Company classified the four facilities as held for sale as of December 31, 2024 and subsequently sold the facilities in January 2025. See Note 15, Subsequent Events, for additional information.

(12)Purchase option provides for the purchase of two of six facilities. The current cash rent shown is an average of the range of $2.4 million to $4.6 million.

(13)Purchase option provides for the purchase of one of six facilities. The current cash rent shown is an average of the range of $0.9 million to $2.3 million.

Rental Income

The following table summarizes components of the Company’s rental income (dollars in thousands):


	For the Year Ended December 31,
Rental Income	2024		2023		2022
Contractual rent due(1)	$	225,426	$	198,244	$	188,906
Straight-line rent	(28)		(29)		17
Amortization of lease incentives	(22)		—		—
Amortization of below-market lease intangible	2,885		384		—
Adjustment for collectibility(2)	—		—		(1,417)


Total	$	228,261	$	198,599	$	187,506

(1)Includes initial cash rent and tenant operating expense reimbursements, as adjusted for applicable rental escalators and rent increases due to capital expenditures funded by the Company. For tenants on a cash basis, this represents the lesser of the amount that would be recognized on a straight-line basis or cash that has been received. Tenant operating expense reimbursements for the years ended December 31, 2024, 2023 and 2022 were $6.7 million, $5.5 million, and $2.8 million, respectively.

(2)During the year ended December 31, 2022, and in accordance with ASC 842, the Company evaluated the collectibility of lease payments through maturity and determined that it was not probable that the Company would collect substantially all of the contractual obligations from five existing and former operators. As such, the Company reversed $0.7 million of operating expense reimbursements, $0.2 million of contractual rent and $0.5 million of straight-line rent during the year ended December 31, 2022. If lease payments are subsequently deemed probable of collection, the Company will reestablish the receivable which will result in an increase in rental income for such recoveries.

Recent Real Estate Acquisitions

The following table summarizes the Company’s acquisitions for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):


Type of Property	Purchase Price(1)		Initial Annual Cash Rent(2)		Number of Properties	Number of Beds/Units(3)
December 31, 2024
Skilled nursing(4)(6)	$	712,471	$	65,924	42	4,508
Multi-service campuses(4)	90,639		7,467		5	683
ALF / ILF(4)	12,749		1,022		2	102
Total	$	815,859	$	74,413	49	5,293
December 31, 2023
Skilled nursing(4) (5)	$	169,181	$	13,764	10	1,256
Multi-service campuses(5)	25,276		1,916		1	168
ALF / ILF	39,318		3,495		4	241
Total	$	233,775	$	19,175	15	1,665
December 31, 2022
Skilled nursing	$	8,918	$	815	1	135
Multi-service campuses	13,003		1,235		1	130

Total	$	21,921	$	2,050	2	265

(1)Purchase price includes capitalized acquisition costs.

(2)Initial annual cash rent represents initial cash rent for the first twelve months.

(3)The number of beds/units includes operating beds at acquisition date.

(4)Includes facilities held in consolidated joint ventures. See Note 12, Variable Interest Entities, for additional information.

(5)One acquisition including three SNFs and one multi-service campus provides for annual fixed increases from $6.8 million in year one to $7.6 million in year two and $8.9 million in year three.

(6)Initial annual cash rent for 11 properties does not consider rent abatement of $0.3 million.

Lease Amendments and Terminations

Ridgeline Lease Termination and NC Jaybird Lease. Effective December 31, 2024, the Company terminated its master lease with affiliates of Ridgeline Properties, LLC (“Ridgeline”). The Company entered into a new master lease (the “NC Jaybird Lease”) with affiliates of Jaybird Senior Living, Inc. (“Jaybird”) with respect to two ALFs in North Carolina previously leased to Ridgeline. The NC Jaybird Lease commenced on January 1, 2025 with an initial term of approximately 12 years, featuring two five-year renewal options and CPI-based rent escalators. Under the NC Jaybird Lease, Jaybird will receive three months of abated rent, followed by 15 months of rent calculated as a percentage of the tenants’ gross revenue. Subsequently, the next twelve months will have a fixed annual cash rent amount of $0.8 million increasing annually based on CPI. Annual rent under the terminated master lease for the two ALFs in North Carolina was $0.8 million. Four facilities which were under the Ridgeline master lease are currently held for sale and two facilities are in the process of transferring operations.

Amended PACS Master Lease. On November 1, 2024, the Company acquired four skilled nursing facilities. The facilities were leased to affiliates of PACS. In conjunction with the acquisition of the four facilities, the Company amended the existing PACS Master Lease to include the four skilled nursing facilities. The PACS Master Lease had a remaining term at the date of amendment of approximately 8 years. Annual cash rent under the amended lease increased by approximately $5.0 million, with $1.1 million in deferred rent over the first twenty-four months to be repaid over twenty-four months, beginning in the third lease year.

Lease Termination and Amended Ensign Lease. Effective September 1, 2024, one SNF in Kansas was removed from a master lease with a skilled nursing operator and the Company terminated the master lease. Annual cash rent under the terminated master lease prior to lease termination was approximately $0.8 million. In connection with the lease termination, the Company amended and extended one existing triple-net master lease with subsidiaries of Ensign to include the one SNF. The amended lease has a remaining term of approximately 15 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the applicable Ensign master lease, as amended, increased by approximately $0.6 million.

Lease Termination and New Jaybird Lease. Effective August 1, 2024, two ALFs in Illinois were removed from a master lease with a seniors housing operator and the Company terminated the master lease. In connection with the lease termination, the Company entered into a new master lease (the “Jaybird Lease”) with Jaybird with respect to the two ALFs. The new Jaybird Lease commenced on August 1, 2024 with an initial term of approximately 12 years, featuring two five-year renewal options and CPI-based rent escalators. Under the Jaybird Lease, Jaybird will receive three months of abated rent, followed by 15 months of rent calculated as a percentage of the tenants’ gross revenue. Subsequently, the next twelve months will have a fixed annual cash rent amount of $1.8 million with annual CPI-based rent escalators. Annual rent under the terminated master lease was $1.8 million.

New Bayshire Lease. On April 1, 2024, a new master lease with affiliates of Bayshire, LLC (“Bayshire”) commenced to lease one SNF that was previously under a short-term master lease until Bayshire received regulatory approval. The short-term master lease was terminated. The Bayshire master lease had a term of approximately 15 years at the date of the lease, with two five-year renewal options and 3% fixed rent escalators. Initial annual cash rent under the new Bayshire master lease was $2.6 million. The Bayshire lease provides for a rent deferral of $0.4 million in the first year to be repaid in 15 installments beginning in year two.

Amended Eduro Lease and Amended Ensign Lease. On March 1, 2024, operations of two SNFs in Colorado operated by affiliates of Eduro Healthcare, LLC (“Eduro”) were transferred to subsidiaries of Ensign. In connection with the transfer, the Company partially terminated the Eduro master lease and amended one existing triple-net master lease with Ensign to include the two SNFs and extended the initial lease term by 15 years. The applicable Ensign master lease, as amended, had a remaining term at the date of amendment of approximately 20 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the applicable Ensign master lease, as amended, increased by approximately $2.1 million and annual cash rent under the Eduro master lease, as amended, decreased by the same amount.

New Embassy Lease and Hillstone Lease Amendment and Termination. Effective January 1, 2024, the Company entered into a new triple-net master lease with Embassy Healthcare Holdings, Inc. (“Embassy”) with respect to one multi-service campus, formerly leased to an affiliate of Hillstone Healthcare, Inc. (“Hillstone”). The Embassy lease had an initial term at the date of the lease of approximately 10 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the lease is approximately $0.6 million and the master lease provides Embassy with a partial rent abatement until required authorizations with respect to the ALF portion of the facility are obtained and occupancy levels reach a certain percentage.

On March 24, 2023, the Company amended its master lease with affiliates of Hillstone. In connection with the lease amendment, the Company agreed to defer rent of approximately $0.7 million for 12 months from December 2022 through November 2023 to be repaid as a percentage of adjusted gross revenues of one underlying facility, as defined in the amended lease, beginning January 1, 2025, until deferred rent has been paid in full. On December 31, 2023, the Company terminated its master lease with Hillstone. Annual cash rent under the Hillstone master lease prior to lease termination was approximately $1.3 million. Hillstone paid a lease termination fee of approximately $0.8 million to cover unpaid contractual rent.

Noble NJ Lease Termination and New Ridgeline NJ Lease. On October 24, 2023, the Company entered into a new master lease (the “Ridgeline NJ Lease”) with affiliates of Ridgeline to lease two ALFs in New Jersey which were non-operational and under a short-term lease (the “Noble NJ Lease”) which was terminated in connection with the Ridgeline NJ Lease. The Ridgeline NJ Lease had an initial term at the date of the lease of approximately 10 years from the facility opening date, which was expected to occur in the second quarter of 2024 upon final regulatory approval and final licensing of both facilities, with two five-year renewal options and CPI-based escalators. Annual cash rent under the Ridgeline NJ Lease was approximately $1.0 million beginning on the first day of the second lease year.

Premier Termination and Amended Ridgeline Lease. Effective September 1, 2023, six ALFs in Michigan and North Carolina were removed from the master lease with affiliates of Premier Senior Living, LLC (“Premier”) and the Company terminated the Premier master lease. Annual cash rent under the Premier master lease prior to lease termination was approximately $2.7 million. In connection with the lease termination, the Company amended its existing triple-net master lease with affiliates of Ridgeline with respect to the six ALFs. The Ridgeline lease had a remaining term at the date of the lease amendment of approximately 15 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by approximately $2.7 million. The amended lease provided for $0.2 million in rent abatement and a $0.2 million rent deferral that was required to be repaid beginning in December 2024.

Amended Pennant Lease. On July 6, 2023, the Company amended its master lease with affiliates of Pennant (the “Pennant Master Lease”). In connection with the lease amendment, the Company extended the initial lease term. The Pennant Master Lease, as amended, had a remaining term at the date of amendment of approximately 15 years, with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the amended Pennant Master Lease remained unchanged.

Amended Momentum Lease. On April 1, 2023, the Company acquired one SNF. In connection with the acquisition, the Company amended its existing triple-net master lease with affiliates of Momentum Skilled Services (“Momentum”) to include the one SNF and extended the initial lease term. The Momentum master lease, as amended, had a remaining term at the date of amendment of approximately 15 years, with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the amended lease increased by approximately $1.0 million.

Noble VA Lease Termination and New Pennant Lease. Effective March 16, 2023, two ALFs in Wisconsin were removed from a master lease with affiliates of Noble VA Holdings (“Noble VA”) and the Company terminated the applicable Noble VA master lease. Annual cash rent under the applicable Noble VA master lease prior to lease termination was approximately $2.3 million. In connection with the lease termination, the Company entered into a new lease (the “New Pennant Lease”) with Pennant with respect to the two ALFs. The New Pennant Lease had an initial term at the date of the lease of approximately 15 years with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the new lease was approximately $0.8 million and the master lease provides Pennant with three months deferred rent to be repaid before the expiration or termination of the lease.

Noble Partial Lease Termination and New Landmark Leases. In June and August of 2022, one ALF in Florida and one ALF in Maryland were removed from a master lease with affiliates of Noble Senior Services (“Noble”) and the Company amended the applicable Noble master lease to reflect the removal of the two ALFs. Annual cash rent under the applicable Noble master lease decreased by approximately $1.1 million. In connection with the partial lease termination, the Company entered into a lease with Landmark Recovery of Maryland, LLC and Landmark Recovery of Florida, LLC (collectively “Landmark”) to repurpose the facilities to behavioral health treatment centers. Rent under the leases will commence 12 - 18 months following commencement of the lease term or, if earlier, upon Landmark obtaining all licensure, permits, and other required regulatory authorizations with respect to operating the facility. The leases will expire on the 20th anniversary of the rent commencement date and both contain one 10-year renewal option and CPI-based rent escalators.

Pennant Partial Lease Termination and Amended Ensign Master Leases. On April 1, 2022, operations at two ALFs in California and Washington operated by Pennant were transferred to Ensign. In connection with the transfers, the Company amended the Pennant Master Lease to reflect the removal of the two ALFs and amended two existing Ensign Master Leases to include the two ALFs. The applicable Ensign Master Leases, as amended, had a remaining term at the date of amendment of approximately five years and 16 years, respectively, both with three five-year renewal options and CPI-based rent escalators. Annual cash rent under each of the two applicable Ensign Master Leases, as amended, increased by approximately $0.4 million and annual cash rent under the Pennant Master Lease, as amended, decreased by $0.8 million.

On March 1, 2022, operations at one ALF in Arizona operated by affiliates of Pennant were transferred to affiliates of Ensign. In connection with the transfer, the Company amended the Pennant Master Lease to reflect the removal of the ALF and amended an existing Ensign Master Lease to include the one ALF. The applicable Ensign Master Lease, as amended, had a remaining term at the date of amendment of approximately 11 years, with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the applicable Ensign Master Lease, as amended, increased by approximately $0.3 million and annual cash rent under the Pennant Master Lease, as amended, decreased by the same amount.

Amended Eduro Master Lease. On February 1, 2022, the Company acquired one SNF. In conjunction with the acquisition, the Company amended its existing triple-net master lease with affiliates of Eduro to include the one SNF and extended the initial lease term. The Eduro master lease, as amended, had a remaining term at the date of amendment of approximately 12 years, with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the Eduro master lease, as amended, increased by approximately $0.8 million.

Amended WLC Master Lease. On March 1, 2022, the Company acquired one multi-service campus. In conjunction with the acquisition, the Company amended its existing triple-net master lease with affiliates of WLC Management Firm, LLC (“WLC”) to include the one multi-service campus. The WLC master lease, as amended, had a remaining term at the date of amendment of approximately 12 years, with two five-year renewal options and CPI-based rent escalators. Annual cash rent under the WLC master lease, as amended, increased by approximately $1.2 million.

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES

During the year ended December 31, 2024, the Company recognized aggregate impairment charges of $42.2 million, of which $18.8 million related to properties held for sale, $9.4 million related to properties held for investment, and $14.0 million related to properties that were sold. During the year ended December 31, 2023, the Company recognized aggregate impairment charges of $36.3 million, of which $26.8 million related to properties held for sale, $8.0 million related to properties held for investment, and $1.5 million related to properties that were sold. During the year ended December 31, 2022, the Company recognized aggregate impairment charges of $79.1 million, of which $14.4 million related to properties held for sale, $19.7 million related to properties held for investment, and $45.0 million related to properties that were sold. These charges are reported in impairment of real estate investments in the consolidated statements of operations.

Impairment of Real Estate Investments Held for Sale

As of December 31, 2024, there were 10 facilities classified as held for sale, all of which have been recorded at the lesser of their carrying value or fair value less estimated costs to sell.

The fair values of the assets held for sale were based on estimated sales prices, which are considered to be Level 3 measurements within the fair value hierarchy. Estimated sales prices were determined using a market approach (comparable sales model), which relies on certain assumptions by management, including: (i) comparable market transactions, (ii) estimated prices per unit, and (iii) binding agreements for sales and non-binding offers to purchase from unrelated third-parties. There are inherent uncertainties in making these assumptions. For the Company’s impairment calculations on assets held for sale during the twelve months ended December 31, 2024, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $7,000 to $116,000, with a weighted average price per unit of $60,000. For the Company’s impairment calculations on assets held for sale during the twelve months ended December 31, 2023, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $8,000 to $85,000, with a weighted average price per unit of $20,000. For the Company’s impairment calculations on assets held for sale during the twelve months ended December 31, 2022, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $20,000 to $85,000, with a weighted average price per unit of $55,000.

Impairment of Real Estate Investments Held for Investment

During the quarter ended December 31, 2024, the Company recognized an impairment charge of $5.0 million related to one ALF with a carrying value of $5.0 million which was non-operational. In January 2025, the Company deeded the improvements back to the ground lessor for no consideration.

During the third quarter of 2024, the Company determined that two ALFs, with a carrying value of $5.0 million, that were classified as held for sale at June 30, 2024 no longer met the held for sale criteria. During the second quarter of 2024, the Company recognized $4.4 million of impairment charges in connection with the write down of the assets’ carrying values to their estimated fair value less costs to sell. The Company reclassified these ALFs out of assets held for sale at their fair value at the date of the decision not to sell of approximately $5.0 million, or a weighted average price per unit of $45,000. During the year ended December 31, 2024, the Company recognized approximately $4.4 million in impairment charges related to these two ALFs.

During the year ended December 31, 2023, the Company recognized an impairment charge of $8.0 million related to one SNF. The Company wrote down its carrying value of $8.7 million to its estimated fair value of $0.7 million, which is included in real estate investments, net on the Company’s consolidated balance sheets. The fair value of the asset was based on comparable market transactions and considered Level 3 measurements within the fair value hierarchy. For the Company’s impairment calculation, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit of $7,000.

During the year ended December 31, 2022, the Company recognized an impairment charge of $1.7 million related to one SNF. The Company wrote down its carrying value of $2.8 million to its estimated fair value of $1.1 million, which is included in real estate investments, net on the Company’s condensed consolidated balance sheets. The fair value of the asset was based on comparable market transactions and considered Level 3 measurements within the fair value hierarchy. For the Company’s impairment calculation, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit of $20,000.

During the third quarter of 2022, the Company determined that one ALF, with a carrying value of $4.9 million, that was classified as held for sale at June 30, 2022 no longer met the held for sale criteria. The Company reclassified this ALF out of assets held for sale at its fair value at the date of the decision not to sell of approximately $4.9 million, or a weighted average price per unit of $125,000. During the year ended December 31, 2022, the Company recognized approximately $1.4 million in impairment charges related to this one ALF.

During the fourth quarter of 2022, the Company determined that nine ALFs, with a carrying value of $50.8 million, that were classified as held for sale at September 30, 2022, no longer met the held for sale criteria. The Company reclassified the nine ALFs out of assets held for sale at their fair value at the date of the decision not to sell of approximately $47.8 million. During the year ended December 31, 2022, the Company recognized approximately $16.6 million in impairment charges related to these nine ALFs. The fair value of assets reclassified as real estate investments held for use was based on an income approach using current market conditions and considers matters such as the forecasted operating cash flows, lease coverage ratios, capitalization rates, and, where applicable, terms of recent lease agreements or the results of negotiations with prospective tenants, which are considered to be Level 3 measurements within the fair value hierarchy. There are inherent uncertainties in making these assumptions. For the Company’s impairment calculations, the Company’s fair value estimates primarily relied on an income approach. When utilizing an income approach, assumptions include, but are not limited to, terminal capitalization rates ranging from 7.5% to 8.75% and discount rates ranging from 8.5% to 9.75%.

Asset Sales and Held for Sale Reclassifications

The following table summarizes the Company’s dispositions for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):


	Twelve Months Ended December 31,
		2024		2023		2022(1)
Number of facilities		17		5		13
Net sales proceeds(2)		$	17,715	$	18,313	$	57,149
Net carrying value		19,923		16,095		60,918
Net (loss) gain on sale		$	(2,208)	$	2,218	$	(3,769)

(1)Net sales proceeds, net carrying value and net (loss) gain on sale also reflect a land parcel that was sold during the year ended December 31, 2022, which is not included in the number of facilities.

(2)Net sales proceeds includes $1.0 million of seller financing in connection with the sale of one ALF in January 2024. Net sales proceeds includes $2.0 million of seller financing in connection with the sale of one ALF in June 2023. Net sales proceeds includes $12.0 million of seller financing in connection with the sale of six SNFs and one multi-service campus in September 2022.

The following table summarizes the Company’s assets held for sale activity for the years ended December 31, 2024 and 2023 (dollars in thousands):


	Net Carrying Value		Number of Facilities
December 31, 2022	$	12,291	5
Additions to assets held for sale	47,114		14
Assets sold	(16,095)		(5)
Impairment of real estate held for sale	(28,299)		—

December 31, 2023	15,011		14
Additions to assets held for sale	104,447		15
Assets sold	(19,923)		(17)
Impairment of real estate held for sale	(37,266)		—
Assets reclassified to held for investment	(5,008)		(2)
December 31, 2024	$	57,261	10

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS

As of December 31, 2024 and 2023, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands):


Other Real Estate Related Investments:
	Facility Count and Type										As of December 31, 2024
Loans Receivable, at Fair Value:	SNF	Campus	ALF	ILF	Principal Balance as of December 31, 2024		Fair Value as of December 31, 2024(1)		Fair Value as of December 31, 2023(1)		Weighted Average Contractual Interest Rate(2), (3)		Maturity Date

Mortgage secured loans receivable(4)	62	4	19	2	$	658,400	$	660,392	$	156,769	8.8	%	5/31/2025 - 9/30/2039
Mezzanine loans receivable(4)	40	4	2	—	82,287		80,612		21,799		12.8	%	7/25/2027 - 12/31/2034
Total					$	740,687	$	741,004	$	178,568
											As of December 31, 2024
					Principal Balance as of December 31, 2024		Book Value as of December 31, 2024		Book Value as of December 31, 2023		Weighted Average Contractual Interest Rate		Maturity Date
Preferred Equity					$	53,782	$	54,199	$	1,801	11.1	%	N/A
Total					$	53,782	$	54,199	$	1,801
	Facility Count and Type										As of December 31, 2024
Financing Receivable, at Fair Value:	SNF	Campus	ALF	ILF	Principal Balance as of December 31, 2024		Fair Value as of December 31, 2024(5)		Fair Value as of December 31, 2023		Weighted Average Effective Interest Rate(6)		Maturity Date
Financing Receivable	39	—	5	2	$	95,723	$	96,004	$	—	12.0	%	11/30/2039
Total					$	95,723	$	96,004	$	—

(1)Fair value of mortgage secured loans receivable includes $3.4 million and $1.5 million of accrued interest as of December 31, 2024 and 2023, respectively. Fair value of mezzanine loans receivable includes $0.9 million and $0.2 million of accrued interest as of December 31, 2024 and 2023, respectively.

(2)Rates are net of subservicing fee, if applicable.

(3)Three mortgage secured loans receivable and two mezzanine loans receivable use term secured overnight financing rate (“SOFR”), which are subject to a floor for certain of the loans. Term SOFR used as of December 31, 2024 was 4.34%.

(4)If the Company also has extended mezzanine financing to an affiliate of the borrower under a mortgage loan receivable, the applicable facility counts are included in both respective totals.

(5)Fair value of financing receivable includes $0.3 million of accrued interest for the year ended December 31, 2024.

(6)The Company leased these facilities back to the seller under a 15-year contract, with two five-year renewal options. The agreement provides for an initial contractual cash yield of 11.0% for the first three years, with annual CPI-based escalators beginning in year four, subject to a 3% cap. The agreement provides for deferred payments equal to 2.0% of the contractual cash yield in the first year and 0.5% of the contractual cash yield in the second year. At the time the seller-lessee exercises its purchase options, option proceeds will be used to repay any outstanding deferred payments as well as additional payments such that the Company receives a contractual cash yield of 12.5% on its gross investment in the applicable properties through the option exercise date. If any deferred amounts remain unpaid, beginning in year eight, the deferred amounts are to be repaid in 24 equal monthly payments. The Company has not received notice of exercise for the purchase option period currently open.

The following table summarizes the Company’s other real estate related investments activity for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands):


	For the Year Ended December 31,
	2024		2023		2022
Origination of other real estate related investments	$	607,203	$	53,834	$	147,150
Accrued interest, net	2,998		388		1,165
Unrealized gain (loss) on other real estate related investments, net	9,045		(6,485)		(7,102)
Payments of other real estate related investments	(4,412)		(25,537)		—
Net change in other real estate related investments	$	614,834	$	22,200	$	141,213

The fair value option is elected on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. The Company’s primary purpose in electing the fair value option for these instruments was to align with management’s view of the underlying economics of the loans and the manner in which they are managed.

2024 Other Real Estate Related Investment Transactions

On January 1, 2024, the Company closed on the sale of one ALF. In connection with the sale, the Company provided affiliates of the purchaser of the property with a $1.0 million mortgage loan which bears interest at a rate of 9.0%. The mortgage loan is secured by the ALF and is set to mature on January 1, 2027. The mortgage loan may be prepaid in whole before the maturity date. The Company elected the fair value option for the mortgage loan.

On January 25, 2024, the Company extended a $9.8 million mezzanine loan for a portfolio of ten SNFs located in Missouri secured by a pledge of membership interests in an up-tier holding company of the borrower group. The Company participated in the loan alongside a co-lender pursuant to a participation agreement entered into between the Company and the co-lender. Pursuant to such agreement, the Company provided $9.8 million in mezzanine loan proceeds and the co-lender provided the remaining $10.2 million of loan proceeds. As a participant in the loan, and subject to limited exceptions, the Company is entitled to receive its proportionate share of loan payments made by the borrower with each co-lender’s proportionate share being given equal weight. The loan bears interest at term SOFR plus 8.75%, with a term SOFR floor of 6%, payable monthly and net of a 0.75% subservicing fee. Commencing on February 1, 2026, monthly principal payments shall be due. The mezzanine loan is set to mature on July 25, 2027, with two six-month extension options and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 1% to 2% of the loan plus unpaid interest payments equal to 24 months (less the amount of monthly interest payments made by the borrower through the date of prepayment). The Company elected the fair value option for the mezzanine loan.

On February 1, 2024, the Company extended a $7.4 million mezzanine loan for one SNF located in California secured by a pledge of membership interests in an up-tier holding company of the borrower group. The loan bears interest at 11.5%, payable monthly. The mezzanine loan is set to mature on January 31, 2029, and may not (subject to certain limited exceptions) be prepaid prior to the date that is 18 months following the loan closing. The Company elected the fair value option for the mezzanine loan.

On February 2, 2024, the Company extended a $35.0 million mezzanine loan for a portfolio of 15 SNFs located in Virginia secured by a pledge of membership interests in an up-tier holding company of the borrower group. The Company participated in the loan alongside a co-lender pursuant to a participation agreement entered into between the Company and the co-lender. Pursuant to such agreement, the Company provided $35.0 million in mezzanine loan proceeds and the co-lender provided the remaining $50.0 million of loan proceeds. As a participant in the loan, and subject to limited exceptions, the Company is entitled to receive its proportionate share of loan payments made by the borrower with each co-lender’s proportionate share being given equal weight. The loan bears interest at term SOFR plus 8.75%, with a term SOFR floor of 6%, payable monthly and net of a 0.75% subservicing fee. Commencing on February 2, 2026, monthly principal payments shall be due. The mezzanine loan is set to mature on August 1, 2027, with two six-month extension options and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 1% to 2% of the loan plus unpaid interest payments equal to 18 months (less the amount of monthly interest payments made by the borrower through the date of prepayment). The Company elected the fair value option for the mezzanine loan.

On May 1, 2024, the Company extended a $26.7 million mortgage loan to a skilled nursing real estate owner. The mortgage loan is secured by two SNFs and bears interest at a rate of 9.1%, payable monthly. The mortgage loan is set to mature on May 1, 2031 and includes a one year extension option. The mortgage loan may not be prepaid prior to July 31, 2029, subject to certain limited exceptions. The mortgage loan includes a purchase option with an exercise window that opens during the initial 90-day period of each of the 4th, 5th and 6th loan years, with the purchase option price for the facilities being calculated by dividing the amount of the then annual base rent by an agreed upon lease yield. The Company elected the fair value option for the mortgage loan.

On June 3, 2024, the Company extended a $165.0 million mortgage loan to a regional health care real estate owner. The mortgage loan is secured by eight SNFs located in North Carolina and bears interest at a rate of SOFR plus 4.25%, with a term SOFR floor of 5.15%, payable monthly and net of a 0.25% subservicing fee. Commencing on June 1, 2027, monthly principal payments will be due. The mortgage loan is set to mature on June 1, 2029, and includes two six-month extension options. The mortgage loan may not be prepaid prior to June 1, 2026, subject to certain limited exceptions. The Company elected the fair value option for the mortgage loan. Concurrently with closing, KeyBank National Association purchased a $75.0 million participation in the mortgage loan from the Company. On July 30, 2024, the Company exercised the call option on the $75.0 million secured borrowing at a call purchase price equal to the principal amount plus accrued and unpaid interest and an exit fee of $0.4 million. See Note 7, Debt, for additional information.

On August 1, 2024, the Company extended a $260.0 million mortgage loan to a skilled nursing real estate owner. The loan is secured by a first priority mortgage lien on a real estate portfolio of 37 SNFs, ALFs and multi-service campuses located in various states and bears interest at a fixed rate of 8.4%, payable monthly. The mortgage loan is set to mature on August 1, 2029 and has a 24-month lockout period on prepayment subject to certain exceptions. The mortgage loan may otherwise be prepaid in part or in whole after the 24-month lockout period with agreed upon exit fees, as applicable. The Company elected the fair value option for the mortgage loan.

On October 1, 2024, and in connection with a $55.5 million skilled nursing acquisition, the Company extended a $19.2 million mortgage loan to a skilled nursing operator. The loan is secured by a first priority ground leasehold mortgage lien on a SNF located in Maryland and bears interest at an initial annual rate of 9.35% with annual CPI-based escalators, payable monthly. The mortgage loan has a term of 15 years and is set to mature on September 30, 2039, with two five-year extension options. The mortgage loan provides for a put option, giving the borrower the right to require the lender to purchase the underlying ground leasehold and property associated with the mortgage loan. The exercise window for the put option is between 90 to 30 days prior to the maturity date. The mortgage loan also provides for a purchase option in favor of the Company (subject to certain requirements) with two exercise windows. The first exercise window is on or before October 1, 2026. The second purchase option window opens January 1, 2039, and remains open for 6 months. The Company elected the fair value option for the mortgage loan.

On October 1, 2024, the Company extended a $9.8 million mortgage loan to a skilled nursing real estate owner. The loan is secured by a first priority mortgage lien on a SNF located in Colorado and bears interest at a fixed rate of 8.5%, payable monthly. The mortgage loan is set to mature on September 30, 2034. The mortgage provides a one-year extension option and may (subject to certain restrictions) be prepaid in whole, after the 18th month following the loan closing, for an exit fee ranging from 0% to 2% of the loan plus unpaid interest payments. The Company elected the fair value option for the mortgage loan.

On December 20, 2024, the Company extended a $5.1 million mezzanine loan for one multi service campus located in Maryland secured by a pledge of membership interests in an up-tier holding company of the borrower group. The loan bears interest at a rate of 13%, with annual CPI-based escalators. The mezzanine loan is set to mature on December 31, 2034. The mezzanine loan may not be prepaid in whole or in part prior to maturity. The Company elected the fair value option for the mezzanine loan.

On December 27, 2024, the Company extended an $11.3 million mortgage loan to a skilled nursing real estate owner. The loan is secured by a first priority mortgage lien on one SNF located in Washington and bears interest at a fixed rate of 8.5%. The mortgage loan is set to mature on December 27, 2034. The mortgage provides a one-year extension option and may (subject to certain restrictions) be prepaid in whole, after 18 months, for an exit fee ranging from 0% to 2% of the loan plus unpaid interest payments. The Company elected the fair value option for the mortgage loan.

2023 Other Real Estate Related Investment Transactions

On June 1, 2023, the Company closed on the sale of one ALF. In connection with the sale, the Company provided affiliates of the purchaser of the properties with a $2.0 million mortgage loan which bears interest at a rate of 9.0%. The mortgage loan is secured by the ALF and was set to mature on May 31, 2024. The maturity date was subsequently extended to May 31, 2025. The mortgage loan has a one-year extension option and may be prepaid in whole before the maturity date. The Company elected the fair value option for the mortgage loan.

On June 29, 2023, the Company extended a $26.0 million mortgage loan to a skilled nursing real estate owner. The mortgage loan is secured by one SNF campus and one ILF and bears interest at a rate of 9.0%. The mortgage loan is set to mature on June 29, 2033 and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 0% to 3% of the loan plus unpaid interest payments. The Company elected the fair value option for the mortgage loan.

On July 17, 2023, the Company extended a $15.7 million mortgage loan to a skilled nursing real estate owner. The mortgage loan is secured by two SNFs and bears interest at a rate of 9.0%. The mortgage loan is set to mature on August 1, 2028, with one five-year extension option and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 2% to 3% of the loan plus unpaid interest payments; provided, however, that no exit fee is payable in connection with the loan being refinanced pursuant to a loan (or loans) provided by Fannie Mae, Freddie Mac, Federal Housing Administration, or a similar governmental authority. The Company elected the fair value option for the mortgage loan.

On September 29, 2023, the Company extended a $3.6 million mortgage loan as part of a larger, multi-tranche real estate secured term loan facility to a skilled nursing real estate owner. The secured term loan was structured with an “A” and a “B” tranche (with the payments on the “B” tranche being subordinate to the “A” tranche pursuant to the terms of a written agreement between the lenders). The Company’s $3.6 million secured mortgage loan constituted the entirety of the “B” tranche with its payments subordinated accordingly and bears interest at a rate of 12.0%. The mortgage loan is secured by three SNFs. The mortgage loan is set to mature on September 29, 2026, with two six-month extension options and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee ranging from 0% to 2% of any proposed financing in connection with the loan being refinanced by the U.S. Department of Housing and Urban Development (“HUD”). The Company elected the fair value option for the mortgage loan.

On November 29, 2023, the Company extended a $6.3 million mortgage loan to an assisted living real estate owner. The mortgage loan is secured by one ALF and bears interest at a rate of 9.9%. The mortgage loan is set to mature on June 1, 2026, with two six-month extension options and may (subject to certain restrictions) be prepaid in whole before the maturity date for an exit fee of 2% of the loan plus unpaid interest payments; provided, however, that no exit fee is payable in connection with the loan being refinanced pursuant to a loan (or loans) provided by Fannie Mae, Freddie Mac, Federal Housing Administration, or a similar governmental authority. The Company elected the fair value option for the mortgage loan.

On December 15, 2023, a partial payment of $10.5 million was made on one $22.3 million mortgage loan receivable. See below under “2022 Other Real Estate Related Investment Transactions” for further detail. On March 30, 2023, one $15.0 million mezzanine loan was prepaid in full. The $15.0 million mezzanine loan was originated in 2020 for nine skilled nursing facilities secured by membership interests in the borrower, with an annual interest rate of 12%.

2022 Other Real Estate Related Investment Transactions

In June 2022, the Company extended a $75.0 million term loan to a skilled nursing real estate owner as part of a larger, multi-tranche, senior secured term loan facility. The senior secured term loan was structured with an “A” tranche, a “B” tranche, and a “C” tranche (with the “C” tranche being the most subordinate). The Company’s $75.0 million term loan constituted the entirety of the “C” tranche with its payments subordinated accordingly. The senior secured term loan facility is secured by an 18-facility skilled nursing portfolio in the Mid-Atlantic region, operated by a large, regional skilled nursing operator. In connection with the senior secured term loan facility and the borrower’s acquisition of the skilled nursing portfolio, the Company also extended to the borrower group a $25.0 million mezzanine loan. The “C” tranche of the senior secured term loan bears interest at 8.5%, less a servicing fee equal to the positive difference, if any, between the lesser of the contractual interest payment and actual payment of interest made by the borrower and a hypothetical interest payment at a rate of 8.25%, resulting in an effective interest rate of 8.375%. The “C” tranche senior secured term loan is set to mature on June 30, 2027 and may (subject to certain restrictions) be prepaid in whole or in part before the maturity date for an exit fee ranging from 1% to

3% of the loan plus unpaid interest payments through the end of the month of prepayment; provided, however, that no exit fee is payable in connection with portions of the loan being refinanced pursuant to a loan (or loans) provided by or insured by HUD, Federal Housing Administration, or a similar governmental authority. The mezzanine loan bears interest at 11% and is secured by a pledge of membership interests in an up-tier affiliate of the borrower group. The mezzanine loan is set to mature on June 30, 2032, and may (subject to certain restrictions) be prepaid in whole or in part before the maturity date, commencing on June 30, 2029, for an exit fee ranging from 1% to 3% of the loan plus unpaid interest payments through the date of prepayment. The “C” tranche senior secured term loan and mezzanine loan both require monthly interest payments. The Company elected the fair value option for both the “C” tranche term loan and the mezzanine loan.

In August 2022, the Company extended a $22.3 million term loan as part of a larger, multi-tranche real estate secured term loan facility to a skilled nursing real estate owner. The secured term loan was structured with an “A” and a “B” tranche (with the payments on the “B” tranche being subordinate to the “A” tranche pursuant to the terms of a written agreement between the lenders). The Company’s $22.3 million secured term loan constituted the entirety of the “B” tranche with its payments subordinated accordingly. The secured term loan is primarily secured by five skilled nursing facilities, four of which are operated by an existing operator and one of which is operated by a large, regional skilled nursing operator. The “B” tranche secured term loan is set to mature on August 1, 2025, with two one-year extension options and may (subject to certain restrictions) be prepaid in whole or in part before the maturity date for an exit fee ranging from 2% to 3% of the loan plus unpaid interest payments; provided, however, that no exit fee is payable in connection with portions of the loan being refinanced pursuant to a loan (or loans) provided by or insured by HUD, Federal Housing Administration, or a similar governmental authority. The "B" tranche secured term loan bears interest at a rate based on term secured overnight financing rate, calculated as a fraction, with the numerator being the difference between (i) the monthly payment of interest of term SOFR plus a 4.25% spread and (ii) the amount of such monthly payment of interest of term SOFR plus a 2.75% spread, and with the denominator being the average daily balance of the outstanding principal amount during the applicable month, with such fraction expressed as a percentage and annualized, with a term SOFR floor of 1.0% and less a subservicing fee of 50% over 8.25%. The “B” tranche secured term loan requires monthly interest payments. The Company elected the fair value option for the “B” tranche secured term loan. In December 2023, in accordance with the terms and conditions set forth in the loan agreement, the borrower elected to cause one of the skilled nursing facilities to be released from the loan, and in connection with the same, the borrower partially prepaid the loan in the amount of $10.5 million and in December 2024, the borrower elected to cause another skilled nursing facility to be released from the loan and partially prepaid the loan in the amount of $4.4 million.

In September 2022, the Company extended a $24.9 million term loan as part of a larger, multi-tranche real estate secured term loan facility to a skilled nursing real estate owner. The secured term loan was structured with an “A” and a “B” tranche (with the payments on the “B” tranche being subordinate to the “A” tranche pursuant to the terms of a written agreement between the lenders). The Company’s $24.9 million secured term loan constituted the entirety of the “B” tranche with its payments subordinated accordingly. The secured term loan is primarily secured by four skilled nursing facilities operated by an operator in the Southeast. The “B” tranche secured term loan is set to mature on September 8, 2025, with two one-year extension options and may (subject to certain restrictions) be prepaid in whole or in part before the maturity date for an exit fee ranging from 1% to 3% of the loan plus unpaid interest payments; provided, however, that no exit fee is payable in connection with portions of the loan being refinanced pursuant to a loan (or loans) provided by or insured by the United States Department of Housing and Urban Development, Federal Housing Administration, or a similar governmental authority. The “B” tranche secured term loan provides for an earn-out advance of $4.7 million if certain conditions are met. During the fourth quarter of 2024, the conditions for the earn-out were met and the $4.7 million was funded. The "B" tranche secured term loan bears interest at a rate based on term SOFR, calculated as a fraction, with the numerator being the difference between (i) the monthly payment of interest of term SOFR plus a 4.50% spread and (ii) the amount of such monthly payment of interest of term SOFR plus a 2.85% spread, and with the denominator being the average daily balance of the outstanding principal amount during the applicable month, with such fraction expressed as a percentage and annualized, with a term SOFR floor of 1.0% and less a subservicing fee of 100% over 9.00%. The “B” tranche secured term loan requires monthly interest payments. The Company elected the fair value option for the “B” tranche secured term loan.

Preferred Equity Investments

On June 3, 2024, the Company funded a $9.0 million preferred equity investment in an uptier parent entity of the borrower under the $165.0 million mortgage loan described above under “2024 Other Real Estate Related Investment Transactions.” The Company's initial contractual yield on its preferred equity investment is 11%. Prepayment of the preferred equity investment is restricted, subject to certain carveouts, prior to the senior mortgage loan being paid off in full.

On August 1, 2024, the Company funded a $43.0 million preferred equity investment in an uptier holding company of the borrowers under the $260.0 million mortgage loan described above under “2024 Other Real Estate Related Investment Transactions.” The Company's initial contractual yield on its preferred equity investment is 11%.

In December 2023, the Company completed a $1.8 million preferred equity investment in E3 Acquisition, LLC, which owns the borrowers under the $3.6 million mortgage loan noted above under “2023 Other Real Estate Related Investment Transactions.” The preferred equity investment yields a return of 15% calculated on the outstanding carrying value of the investment. The preferred equity investment is expected to be repaid with proceeds from the refinancing of the Company’s $3.6 million mortgage loan with HUD, provided, however, that if the repayment occurs sooner than 15 months from the investment date, the Company will receive the amount had the preferred equity investment remained outstanding for the full 15 months.

Financing Receivable

On December 5, 2024, the Company invested $95.7 million, exclusive of transaction costs, to acquire a portfolio of 46 properties in Illinois in a sale and leaseback transaction with affiliates of Cascade Capital Partners, LLC (“Cascade”). In connection with the transaction, the Company entered into a new triple-net master lease with Cascade and provided Cascade with options to repurchase the properties, structured over multiple tranches, with various option window start dates, beginning December 1, 2024, and open through the remainder of the 15-year term. As such, the Company determined that the sale and leaseback transaction met the accounting criteria to be presented as a financing receivable on its consolidated balance sheets and recorded interest income from financing receivable on its consolidated statements of operations. Interest income is based on an imputed interest rate over the term of the applicable financing arrangement and as a result the interest recognized in any particular period will not equal the cash payments from the agreement in that period. Cash received from the financing receivable was $0.7 million during the year ended December 31, 2024. The Company elected the fair value option for the financing receivable.

Other Loans Receivables

As of December 31, 2024 and 2023, the Company’s other loans receivable, included in prepaid expenses and other assets, net on the Company’s consolidated balance sheets, consisted of the following (dollars in thousands):


							As of December 31, 2024
Investment	Principal Balance as of December 31, 2024		Book Value as of December 31, 2024		Book Value as of December 31, 2023		Weighted Average Contractual Interest Rate		Maturity Date
Other loans receivable	$	21,979	$	22,010	$	17,156	9.0	%	9/30/2025 - 12/31/2027
Expected credit loss	—		(6,994)		(2,094)
Total	$	21,979	$	15,016	$	15,062

The following table summarizes the Company’s other loans receivable activity for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):


	For the Year Ended December 31,
	2024		2023		2022
Origination of loans receivable	$	4,985	$	8,486	$	14,500
Principal payments	(100)		(988)		(6,307)
Accrued interest, net	(31)		58		(4)
Provision for loan losses, net	(4,900)		—		(3,844)

Net (decrease) increase in other loans receivable	$	(46)	$	7,556	$	4,345

Expected credit losses and recoveries are recorded in provision for loan losses, net in the consolidated statements of operations. During the year ended December 31, 2024, the Company recorded a 4.9 million expected credit loss related to one other loan receivable with a principal balance of 4.9 million that has been placed on non-accrual status. During the year ended December 31, 2023, the Company had no additional expected credit loss and did not consider any loan receivable investments to be impaired. During the year ended December 31, 2022, the Company recorded a $4.6 million expected credit loss related to two other loans receivable that have been placed on non-accrual status, including an unfunded loan commitment of $0.4 million, net of a loan loss recovery of $0.8 million related to a loan previously written-off. During the year ended December 31, 2022, the Company fully reserved and wrote-off $2.5 million, related to one other loan receivable, in connection with the sale of six SNFs and one multi-service campus.

The following table summarizes the interest and other income recognized from the other real estate related investments, other loans receivable, and other investments during the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):


	For the Year Ended December 31,
Investment	2024		2023		2022
Mortgage secured loans receivable	$	35,972	$	13,329	$	4,853
Mezzanine loans receivable	9,456		3,683		3,489
Preferred equity investments	2,826		18		—
Other loans receivable	1,227		847		284
Financing receivable	1,009		—		—
Other(1)	17,535		1,294		—
Total	$	68,025	$	19,171	$	8,626

(1)Other income is comprised primarily of interest income on money market funds.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. GAAP guidance defines three levels of inputs that may be used to measure fair value:

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 or liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

Level 3 – Unobservable inputs reflect the entity’s own assumptions about the 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. Changes in the type of inputs may result in a reclassification for certain assets. The Company does not expect that changes in classifications between levels will be frequent.

Items Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets measured at fair value on a recurring basis as of December 31, 2024 and 2023, aggregated by the level in the fair value hierarchy within which those instruments fall (dollars in thousands):


	Level 1		Level 2		Level 3		Balance as of December 31, 2024
Assets:
Mortgage secured loans receivable	$	—	$	—	$	660,392	$	660,392
Mezzanine loan receivable	—		—		80,612		80,612
Financing receivable	—		—		96,004		96,004
Total	$	—	$	—	$	837,008	$	837,008

	Level 1		Level 2		Level 3		Balance as of December 31, 2023
Assets:
Mortgage secured loans receivable	$	—	$	—	$	156,769	$	156,769
Mezzanine loans receivable	—		—		21,799		21,799
Total	$	—	$	—	$	178,568	$	178,568

The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands):


	Investments in Real Estate Secured Loans		Investments in Mezzanine Loans		Investment in Financing Receivable
Balance as of December 31, 2023	$	156,769	$	21,799	$	—
Originations	497,916		57,287		95,723
Accrued interest, net	1,965		635		281
Unrealized gains on other real estate related investments, net	8,154		891		—
Payments	(4,412)		—		—
Balance as of December 31, 2024	$	660,392	$	80,612	$	96,004

Real estate secured and mezzanine loans receivable: The fair value of the secured and mezzanine loans receivables were estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value, market interest rates and other credit enhancements. As such, the Company classifies each instrument as Level 3 due to the significant unobservable inputs used in determining market interest rates for investments with similar terms. During the year ended December 31, 2024, the Company recorded a net unrealized gain of $9.0 million on its secured and mezzanine loans receivable, to bring the interest rates in line with market rates. Future changes in market interest rates or collateral value could materially impact the estimated discounted cash flows that are used to determine the fair value of the secured and mezzanine loans receivable. During the year ended December 31, 2023, the Company recorded a net unrealized loss of $6.5 million on the Company’s secured and mezzanine loans receivable due to rising interest rates, an origination fee paid, a reversal of a previously recognized unrealized loss related to the repayment of one mezzanine loan receivable, and the partial repayment of one mortgage loan receivable. As of December 31, 2024 and 2023, the Company did not have any loans that were 90 days or more past due.

The following table shows the quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investments in secured and mezzanine loans receivables as of December 31, 2024:

Type

Book Value as of December 31, 2024

Valuation Technique

Unobservable Inputs

Range

Mortgage secured loans receivable

660,392

Discounted cash flow

Discount Rate

8% - 14%

Mezzanine loan receivable

80,612

Discounted cash flow

Discount Rate

12% - 14%

Financing receivable: The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate used to value the future cash inflows of the financing receivable at December 31, 2024 was 12.0%.

For the year ended December 31, 2024, there were no classification changes in assets and liabilities with Level 3 inputs in the fair value hierarchy.

Items Measured at Fair Value on a Non-Recurring Basis

Real Estate Investments: The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. The Company estimates fair values using Level 3 inputs and uses a combined income and market approach. Specifically, the fair value of the real estate investment is based on current market conditions and considers matters such as the forecasted operating cash flows, lease coverage ratios, capitalization rates, comparable sales data, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. For the years ended December 31, 2024, 2023 and 2022, the Company recorded impairment charges of $42.2 million, $36.3 million and $79.1 million, respectively. See Note 4, Impairment of Real Estate Investments, Assets Held for Sale, Net and Asset Sales, for additional information.

Items Disclosed at Fair Value

Considerable judgment is necessary to estimate the fair value disclosure of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the face value, carrying amount and fair value of the Company’s preferred equity investments and the Notes (as defined in Note 7, Debt, below) as of December 31, 2024 and 2023 using Level 2 inputs is as follows (dollars in thousands):


		December 31, 2024						December 31, 2023
	Level	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial assets:

Preferred equity investments	3	$	53,782	$	54,199	$	54,199	$	1,782	$	1,801	$	1,801
Financial liabilities:
Senior unsecured notes payable	2	$	400,000	$	396,927	$	381,812	$	400,000	$	396,039	$	362,500

Cash and cash equivalents, accounts and other receivables, accounts payable, and accrued liabilities: The carrying values for these instruments approximate their fair values due to the short-term nature of these instruments.

Preferred equity investments: The fair values of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows of the investments, the underlying collateral value, market interest rates and other credit enhancements. The Company utilized discount rates ranging from 11% to 15% in its fair value calculations. As such, the Company classifies these instruments as Level 3.

Senior unsecured notes payable: The fair value of the Notes was determined using third-party quotes derived from orderly trades.

Unsecured revolving credit facility and senior unsecured term loan: The fair values approximate their carrying values as the interest rates are variable and approximate prevailing market interest rates and spreads for similar debt arrangements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

The following table summarizes the balance of the Company’s indebtedness as of December 31, 2024 and 2023 (dollars in thousands):


	December 31, 2024						December 31, 2023
	Principal		Deferred		Carrying		Principal		Deferred		Carrying
	Amount		Loan Fees		Amount		Amount		Loan Fees		Amount
Senior unsecured notes payable	$	400,000	$	(3,073)	$	396,927	$	400,000	$	(3,961)	$	396,039

Senior unsecured term loan	—		—		—		200,000		(441)		199,559
Unsecured revolving credit facility(1)	—		—		—		—		—		—
	$	400,000	$	(3,073)	$	396,927	$	600,000	$	(4,402)	$	595,598

(1)Deferred financing fees are included in deferred financing costs, net on the balance sheet, and not reflected as a reduction to the unsecured revolving credit facility.

Senior Unsecured Notes Payable

2028 Senior Notes. On June 17, 2021, the Company’s wholly owned subsidiary, CTR Partnership, L.P. (the “Operating Partnership”), and its wholly owned subsidiary, CareTrust Capital Corp. (together with the Operating Partnership, the “Issuers”) completed a private offering of $400.0 million aggregate principal amount of 3.875% Senior Notes due 2028 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933, as amended. The Notes were issued at par, resulting in gross proceeds of $400.0 million and net proceeds of approximately $393.8 million after deducting underwriting fees and other offering expenses. The Notes mature on June 30, 2028. The Notes accrue interest at a rate of 3.875% per annum payable semiannually in arrears on June 30 and December 30 of each year, commencing on December 30, 2021.

The Issuers may redeem some or all of the Notes at any time prior to March 30, 2028 at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date, plus a “make-whole” premium. At any time on or after March 30, 2028, the Issuers may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount of the Notes redeemed plus accrued interest on the Notes, if any, to, but not including, the redemption date. If certain changes of control of the Company occur, the Issuers will be required to make an offer to holders of the Notes to repurchase their Notes at a price of 101% of their principal amount plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by the Company and all of CareTrust’s existing and future subsidiaries (other than the Issuers) that guarantee obligations under the Amended Credit Facility (as defined below); provided, however, that such guarantees are subject to automatic release under certain customary circumstances.

The indenture governing the Notes contains customary covenants such as limiting the ability of the Company and its restricted subsidiaries to: incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of their assets; and create restrictions on the ability of the Issuers and their restricted subsidiaries to pay dividends or other amounts to the Issuers. The indenture governing the Notes also requires the Company and its restricted subsidiaries to maintain a specified ratio of unencumbered assets to unsecured indebtedness. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. The indenture governing the Notes also contains customary events of default.

As of December 31, 2024, the Company was in compliance with all applicable financial covenants under the indenture governing the Notes.

Unsecured Revolving Credit Facility and Term Loan

On December 18, 2024, the Operating Partnership, as the borrower, the Company, as guarantor, CareTrust GP, LLC, and certain of the Operating Partnership’s wholly owned subsidiaries, entered into a third amended and restated credit and

guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender (as amended from time to time, the “Third Amended Credit Agreement”). The Third Amended Credit Agreement, which amends and restates the Second Amended Credit Agreement (as defined below) provides for an upsized unsecured revolving credit facility (the “Third Amended Revolving Facility”) with revolving commitments in an aggregate principal amount of $1.2 billion, including a letter of credit subfacility for 10% of the then available revolving commitments and a swingline loan subfacility for 10% of the then available revolving commitments. Future borrowings under the Third Amended Revolving Facility will be used for working capital purposes, for capital expenditures, to fund acquisitions and for general corporate purposes.

On December 16, 2022, the Operating Partnership, as the borrower, the Company, as guarantor, CareTrust GP, LLC, and certain of the Operating Partnership’s wholly owned subsidiaries, entered into a second amended and restated credit and guaranty agreement with KeyBank National Association, as administrative agent, an issuing bank and swingline lender (as amended from time to time, the “Second Amended Credit Agreement”). The Second Amended Credit Agreement, which amends and restates the Company’s amended and restated credit and guaranty agreement, dated as of February 8, 2019 (as amended, the “Prior Credit Agreement”) provided for: (i) an unsecured revolving credit facility (the “Prior Revolving Facility”) with revolving commitments in an aggregate principal amount of $600.0 million, including a letter of credit subfacility for 10% of the then available revolving commitments and a swingline loan subfacility for 10% of the then available revolving commitments and (ii) the continuation of the unsecured term loan credit facility which was previously extended under the Prior Credit Agreement (the “Term Loan” and together with the Prior Revolving Facility, the “Second Amended Credit Facility”) in an aggregate principal amount of $200.0 million. Future borrowings under the Second Amended Credit Facility will be used for working capital purposes, for capital expenditures, to fund acquisitions and for general corporate purposes.

On October 10, 2023, the Operating Partnership, the Company, CareTrust GP, LLC, certain of the Operating Partnership’s wholly owned subsidiaries and KeyBank National Association entered into the First Amendment to the Second Amended Credit Agreement (the “First Amendment”). The First Amendment restates the definition of Consolidated Total Asset Value to include net proceeds from at-the-market forward commitments executed but not yet closed as of the relevant date as if such proceeds had actually been received.

The interest rates applicable to loans under the Third Amended Revolving Facility are, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.05% to 0.55% per annum or Adjusted Term SOFR or Adjusted Daily Simple SOFR (each as defined in the Third Amended Credit Agreement) plus a margin ranging from 1.05% to 1.55% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). The interest rates applicable to loans under the Term Loan were, at the Operating Partnership’s option, equal to either a base rate plus a margin ranging from 0.50% to 1.20% per annum or Adjusted Term SOFR or Adjusted Daily Simple SOFR plus a margin ranging from 1.50% to 2.20% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt). In addition, the Operating Partnership will pay a facility fee on the revolving commitments under the Third Amended Revolving Facility ranging from 0.15% to 0.35% per annum, based on the debt to asset value ratio of the Company and its consolidated subsidiaries (unless the Company obtains certain specified investment grade ratings on its senior long-term unsecured debt and the Operating Partnership elects to decrease the applicable margin as described above, in which case the Operating Partnership will pay a facility fee on the revolving commitments ranging from 0.125% to 0.30% per annum based on the credit ratings of the Company’s senior long-term unsecured debt).

On September 19, 2024 (the “Prepayment Date”), the Company elected to prepay all $200.0 million aggregate principal amount of their outstanding Term Loan. The Term Loan was prepaid at the principal amount of the Term Loan, plus accrued and unpaid interest thereon up to, but not including, the Prepayment Date. During the year ended December 31, 2024, the Company recorded a loss on extinguishment of debt of $0.3 million related to the write-off of deferred financing costs associated with the prepayment of the Term Loan. As of December 31, 2024, the Operating Partnership had no borrowings outstanding under the Third Amended Revolving Facility.

The Third Amended Revolving Facility has a maturity date of February 9, 2029, and includes, at the sole discretion of the Operating Partnership, two six-month extension options.

The Third Amended Credit Facility is guaranteed, jointly and severally, by the Company and its wholly owned subsidiaries that are party to the Third Amended Credit Agreement (other than the Operating Partnership). The Third Amended

Credit Agreement contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, amend organizational documents and pay certain dividends and other restricted payments. The Third Amended Credit Agreement requires the Company to comply with financial maintenance covenants to be tested quarterly, consisting of a maximum debt to asset value ratio, a minimum fixed charge coverage ratio, a minimum tangible net worth, a maximum secured debt to asset value ratio, a maximum unsecured debt to unencumbered properties asset value ratio and a minimum unsecured interest coverage ratio. The Third Amended Credit Agreement also contains certain customary events of default, including the failure to make timely payments under the Third Amended Credit Facility or other material indebtedness, the failure to satisfy certain covenants (including the financial maintenance covenants), the occurrence of change of control and specified events of bankruptcy and insolvency.

As of December 31, 2024, the Company was in compliance with all applicable financial covenants under the Third Amended Credit Agreement.

Secured Borrowing

On June 3, 2024, KeyBank National Association purchased a $75.0 million undivided participation interest in a $165.0 million mortgage loan from the Company (see Note 5, Other Real Estate Related and Other Investments, for additional information), which bore interest at a rate of SOFR, with a term SOFR floor of 3.00%, plus 2.5% or 2.25%, depending on the debt yield of the loan, and payable monthly. As the transaction did not qualify as a sale in accordance with GAAP, the Company recorded the participation interest as a secured borrowing in the amount of $75.0 million in the consolidated balance sheet. The participating interest could be prepaid in whole before the maturity date for an exit fee of up to 0.50% of the loan plus unpaid interest. The participation interest provided for a put option, subject to certain restrictions, and a call option for the then-outstanding loan amount plus accrued and unpaid interest. On July 30, 2024, the Company exercised the call option on the $75.0 million secured borrowing and recorded a loss on extinguishment of debt of $0.4 million related to the exit fee. The exit fee is included in loss on extinguishment of debt in the consolidated statements of operations.

Schedule of Debt Maturities

As of December 31, 2024, the Company’s debt maturities were (dollars in thousands):


Year	Amount
2025	$	—
2026	—
2027	—
2028	400,000
2029	—
Thereafter	—
	$	400,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST

Common Stock

Public Offering of Common Stock—On November 1, 2024, the Company completed an underwritten public offering of 15.9 million newly issued shares of its common stock at a price of $32.00, resulting in gross proceeds of $507.8 million. The proceeds were used to fund acquisitions during the fourth quarter of 2024.

At-The-Market Offering—On August 29, 2024, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $750.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “New ATM Program”) and terminated its previous $500.0 million “at-the-market” equity offering program (together, with all previous at-the-market equity offering programs, the “Previous ATM Programs” and together with the New ATM Program, the “ATM Program”). In addition to the issuance and sale of shares of its common stock, the ATM Program also provides for the ability to enter into one or more forward sales agreements (each, an “ATM forward contract”) with sales agents for the sale of the Company’s shares of common stock under the ATM Program.

The Company expects to fully physically settle forward equity sales by delivery of shares of common stock to the forward purchaser and receive cash proceeds upon one or more settlement dates, which are typically a one-year term, at the Company’s discretion, prior to the final settlement date, at which time the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares sold on a forward basis multiplied by the relevant forward price per share. The weighted average forward sale price that the Company expects to receive upon physical settlement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends through the settlement. There were no outstanding ATM forward contracts that had not settled as of December 31, 2024.

The following tables summarize ATM Program activity (or activity under any predecessor at-the-market equity offering programs) for the years ended December 31, 2024, 2023 and 2022 (in thousands, except per share amounts):


	For the Year Ended December 31,
	2024		2023		2022
Number of shares	40,986		30,869		2,405
Average sales price per share	$	26.35	$	20.86	$	20.00
Gross proceeds(1)	$	1,079,852	$	643,802	$	48,100

(1)Total gross proceeds is before $13.4 million, $8.3 million, and $0.6 million of commissions paid to the sales agents and forward adjustments during the years ended December 31, 2024, 2023 and 2022, respectively, under the ATM Program. In addition, total gross proceeds is before other costs related to the ATM Program.

As of December 31, 2024, the Company had $440.1 million available for future issuances under the ATM Program. See Note 15, Subsequent Events, for additional information on the Company’s ATM Program subsequent to December 31, 2024.

Dividends on Common Stock — The following table summarizes the cash dividends per share of common stock declared by the Company’s board of directors for 2024, 2023 and 2022 (dollars in thousands, except per share amounts):


	For the Three Months Ended
2024	March 31,		June 30,		September 30,		December 31,
Dividends declared per share	$	0.29	$	0.29	$	0.29	$	0.29
Dividends payment date	April 15, 2024		July 15, 2024		October 15, 2024		January 15, 2025
Dividends payable as of record date	$	41,192	$	44,721	$	49,721	$	54,388
Dividends record date	March 28, 2024		June 28, 2024		September 30, 2024		December 31, 2024

2023
Dividends declared per share	$	0.28	$	0.28	$	0.28	$	0.28
Dividends payment date	April 14, 2023		July 14, 2023		October 13, 2023		January 12, 2024
Dividends payable as of record date[1]	$	27,846	$	27,853	$	32,403	$	36,531
Dividends record date	March 31, 2023		June 30, 2023		September 29, 2023		December 29, 2023

2022
Dividends declared per share	$	0.275	$	0.275	$	0.275	$	0.275
Dividends payment date	April 15, 2022		July 15, 2022		October 14, 2022		January 13, 2023
Dividends payable as of record date[1]	$	26,691	$	26,683	$	26,683	$	27,386
Dividends record date	March 31, 2022		June 30, 2022		September 30, 2022		December 30, 2022

(1)Dividends payable includes dividends on performance stock awards that will be paid if and when the shares subject to such awards vest if deemed probable of meeting their performance condition.

Redeemable Noncontrolling Interest

Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. One of the Company’s noncontrolling interest holders has the ability to put its equity interest to the Company during specified option exercise periods, subject to certain conditions. The put option is payable in cash and subject to changes in redemption value. Accordingly, the Company records the redeemable noncontrolling interest outside of permanent equity. The redeemable noncontrolling interest is adjusted for additional contributions and distributions and the proportionate share of the net earnings or losses. When the redemption of the noncontrolling interest becomes probable, the Company will record the redeemable noncontrolling interest at the greater of its carrying amount or redemption value at the end of each reporting period by making an election either to accrete changes in the redemption value of the redeemable noncontrolling interest over the period from the date it is probable of exercise to the earliest redemption date or to recognize the entire adjustment on the date redemption becomes probable. In addition to the rights of the redeemable noncontrolling interest holder, the Company has the ability to call the interest of the noncontrolling interest holder during specified option exercise periods.

As of December 31, 2024, the redeemable noncontrolling interest did not meet the conditions for redemption.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

All stock-based awards are subject to the terms of the CareTrust REIT, Inc. and CTR Partnership, L.P. Incentive Award Plan (the “Plan”). The Plan provides for the granting of stock-based compensation, including stock options, restricted stock, performance awards, restricted stock units, relative total stockholder return-based stock awards and other incentive awards to officers, employees and directors in connection with their employment with or services provided to the Company. Under the Plan, 5,000,000 shares have been authorized for awards.

Under the Plan, restricted stock awards (“RSAs”) vest in equal annual installments over a three year period for the RSAs granted after 2020 and a four year period for the RSAs granted in 2020. RSAs granted to non-employee members of the board of directors (“Board Awards”) vest in full on the earlier to occur of the Company’s next Annual Meeting of Stockholders or one year. Performance stock awards (“PSAs”) granted were subject to both time and performance based conditions and vest over a one-to three year period for PSAs granted in 2021 and over a one-to-four year period for PSAs granted in 2020. The amount of such PSAs that ultimately vested was dependent on the Company’s Normalized Funds from Operations (“NFFO”) per share, as defined by the Compensation Committee, meeting or exceeding a specified per share amount for the applicable vesting period. Relative total shareholder return units (“TSR Units”) granted since 2021 are subject to both time and market based conditions and cliff vest after a three-year period. The amount of such market awards that will ultimately vest is dependent on the Company’s total shareholder return (“TSR”) performance relative to a custom TSR peer group consisting of other publicly traded healthcare REITs and will range from 0% to 200% of the TSR Units initially granted. The RSAs, PSAs, and Board Awards are valued on the date of grant based on the closing price of the Company’s common stock, while the TSR Units are valued on the date of grant using a Monte Carlo valuation model. The vesting of certain awards may accelerate, as defined in the grant agreement, upon retirement, a change in control or other events.

The following table summarizes the status of the restricted stock award and performance award activity for the year ended December 31, 2024:


	Shares	Weighted Average Share Price
Unvested balance at December 31, 2023	510,596	$	21.01
Granted:
RSAs	225,815	27.38

Board Awards	21,712	23.95
Vested	(169,963)	20.68
Forfeited	(35,161)	20.48
Unvested balance at December 31, 2024	552,999	$	23.86

As of December 31, 2024, the weighted-average remaining vesting period of such awards was 1.9 years.

The following table summarizes the Company’s RSA and Board Award grants during the year ended December 31, 2024 (dollars in thousands, except per share amounts):


	Grants					Vested
	Shares	Weighted Average Share Price		Grant Date Fair Value		Shares	Vest Date Fair Value
During year ended December 31, 2024(1)
RSAs	225,815	$	27.38	$	6,183	145,195	$	3,051

Board Awards	21,712	23.95		520		24,768	593

(1)The Compensation Committee granted annual awards for 2025 in December 2024.

The following table summarizes the Company’s RSA and Board Award grants during the years ended December 31, 2023 and 2022 (dollars in thousands, except per share amounts):


	Grants
	Shares	Weighted Average Share Price		Grant Date Fair Value
During year ended December 31, 2023(1)
RSAs	166,122	$	22.41	$	3,722
Board Awards	24,768	19.38		480

During year ended December 31, 2022(2)
RSAs	159,663	$	19.56	$	3,123

Board Awards	25,992	16.93		440

(1)The Compensation Committee granted annual awards for 2024 in December 2023.

(2)The Compensation Committee granted annual awards for 2023 in December 2022.

The fair value of the TSR Units is estimated on the date of the grant using a Monte Carlo valuation model. The risk-free rate is based on the U.S. Treasury yield curve in effect at the grant date for the expected performance period. Expected volatility is based on historical volatility for the most recent weighted average period ending on the grant date for the Company and the selected TSR peer group, and is calculated on a daily basis. The following table reflects the weighted-average key assumptions used in this valuation for awards granted during the years ended December 31, 2024, 2023 and 2022:


	For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022
Risk-free interest rate	4.30		%	4.08		%	3.91		%
Expected stock price volatility	24.45		%	26.44		%	52.90		%
Expected service period	3.03 years			3.04 years			3.04 years
Expected dividend yield (assuming full reinvestment)	—		%	—		%	—		%
Weighted average fair value per share at date of grant	$	34.10		$	27.41		$	26.53

The total fair value of the TSR Units granted during the years ended December 31, 2024, 2023 and 2022 was $4.9 million, $2.9 million and $2.5 million, respectively.

The following table summarizes the stock-based compensation expense recognized (dollars in thousands):


	For Year Ended December 31,
	2024		2023		2022
Stock-based compensation expense	$	6,130	$	5,153	$	5,758

As of December 31, 2024, there was $15.9 million of unamortized stock-based compensation expense related to the unvested RSAs, Board Awards, and TSR Units.

EARNINGS (LOSS) PER COMMON SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER COMMON SHARE

The following table presents the calculation of basic and diluted earnings (loss) per common share attributable to CareTrust REIT, Inc. (“EPS”) for the Company’s common stock for the years ended December 31, 2024, 2023 and 2022, and reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands, except per share amounts):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (loss) attributable to CareTrust REIT, Inc.	$	125,080	$	53,735	$	(7,506)
Less: Net income allocated to participating securities	(445)		(400)		(440)
Numerator for basic and diluted earnings available to common stockholders	$	124,635	$	53,335	$	(7,946)
Denominator:
Weighted-average basic common shares outstanding	154,795		105,956		96,703
Dilutive potential common shares - performance stock awards	372		164		—
Dilutive potential common shares - forward equity agreements	—		32		—
Weighted-average diluted common shares outstanding	155,167		106,152		96,703

Earnings (loss) per common share attributable to CareTrust REIT, Inc., basic	$	0.81	$	0.50	$	(0.08)
Earnings (loss) per common share attributable to CareTrust REIT, Inc., diluted	$	0.80	$	0.50	$	(0.08)
Antidilutive unvested restricted stock awards, total shareholder units, performance awards, and forward equity shares excluded from the computation	553		475		744

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

The chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The Company represents a single reportable segment, based on how its CODM evaluates the business and allocates resources. The CODM assesses performance for the Company and decides how to allocate resources based on consolidated net income that is also reported on the consolidated statements of operations. The CODM does not review segment assets at a different asset level or category than the amounts disclosed in the consolidated balance sheets. The CODM uses net income to evaluate the performance of the Company in deciding whether to reinvest profits into the Company.

The CODM evaluates performance based on net income, as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Revenues:
Rental income	$	228,261	$	198,599	$	187,506


Interest income from financing receivable	1,009		—		—
Interest income from other real estate related investments and other income	67,016		19,171		8,626
Total revenues	296,286		217,770		196,132
Expenses:
Depreciation and amortization	56,831		51,199		50,316
Interest expense	30,310		40,883		30,008

Property taxes	7,838		6,170		4,333

Impairment of real estate investments	42,225		36,301		79,062
Transaction costs	1,326		—		—
Provision for loan losses, net	4,900		—		3,844
Property operating expenses	5,714		3,423		5,039

General and administrative
Cash compensation	6,474		5,636		6,107
Incentive compensation	9,699		5,350		3,550
Share-based compensation	6,130		5,153		5,758
Professional services	2,785		2,399		1,897
Taxes and insurance	1,019		908		897
Other expenses(1)	2,816		2,359		1,956
Total general and administrative	28,923		21,805		20,165
Total expenses	178,067		159,781		192,767
Other income (loss):
Loss on extinguishment of debt	(657)		—		—
(Loss) gain on sale of real estate, net	(2,208)		2,218		(3,769)

Unrealized gain (loss) on other real estate related investments, net	9,045		(6,485)		(7,102)
Total other income (loss)	6,180		(4,267)		(10,871)
Net income (loss)	124,399		53,722		(7,506)
Net loss attributable to noncontrolling interests	(681)		(13)		—
Net income (loss) attributable to CareTrust REIT, Inc.	$	125,080	$	53,735	$	(7,506)

(1) Other expenses include certain overhead expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

VARIABLE INTEREST ENTITIES

Noncontrolling Interests—The Company has entered into ventures with unrelated third parties to own real estate and has concluded that such ventures are VIEs. As the Company exercises power over and receives economic benefits from the VIEs, the Company is considered the primary beneficiary and consolidates the VIEs.

The following table summarizes the Company’s investments in variable interest entities as of December 31, 2024 (dollars in thousands):


					Gross Investment
Investment Year		State	Facility Type	Number of Facilities	CTRE		Noncontrolling Interests		Total
2023		CA	SNF	1	$	25,459	$	653	$	26,112
2023		CA	SNF	2	34,269		879		35,148
2024		CA	ALF	1	10,760		276		11,036
2024		CA	Multi-service campuses	2	28,076		720		28,796
2024		CA	SNF	1	24,503		628		25,131
2024	(1)	TN, AL	SNF	27	422,646		18,389		441,035
2024	(2)	-	-	-	1,275		225		1,500
Total				34	$	546,988	$	21,770	$	568,758

(1) The noncontrolling interest is classified as a redeemable noncontrolling interest on the consolidated balance sheets.
(2) The Company entered into a joint venture to acquire real estate. The gross investment amounts represent a deposit.

Pursuant to the Company’s JVs, the Company typically contributes at least 90% of the joint venture’s total investment amount and receives 100% of the preferred equity interest in the joint venture and a 50% common equity interest in the joint venture. The Company’s joint venture partner contributes the remaining total investment amount in exchange for a 50% common ownership interest in the joint venture.

Total assets and total liabilities on the Company’s consolidated balance sheets include VIE assets and liabilities as follows (in thousands):


	December 31, 2024		December 31, 2023
Assets:






Real estate investments, net	$	565,959	$	68,106
Cash and cash equivalents	6,506		—

Prepaid and other assets	8,317		2,800
Total assets	580,782		70,906

Liabilities:
Accounts payable, accrued liabilities and deferred rent liabilities	10,332		7,239
Total liabilities	$	10,332	$	7,239

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

The Company and its subsidiaries are and may become from time to time a party to various claims and lawsuits arising in the ordinary course of business, which are not individually or in the aggregate anticipated to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. Claims and lawsuits may include matters involving general or professional liability asserted against the Company’s tenants, which are the responsibility of the Company’s tenants and for which the Company is entitled to be indemnified by its tenants under the insurance and indemnification provisions in the applicable leases.

In the normal course of business, the Company enters into various commitments, typically consisting of funding of capital expenditures and short-term working capital loans to existing tenants while they await licensure and certification or are conducting turnaround work in one or more of the Company’s properties.

Capital expenditures for each property leased under the Company’s triple-net leases are generally the responsibility of the tenant, except for the facilities leased under certain master lease agreements, with certain subsidiaries of Ensign and Pennant, under which the tenant will have an option to require the Company to finance certain capital expenditures up to an aggregate of 20% of the Company’s initial investment in such property, subject to a corresponding rent increase at the time of funding. For the Company’s other triple-net master leases, the tenants also have the option to request capital expenditure funding that would generally be subject to a corresponding rent increase at the time of funding, which are subject to tenant compliance with the conditions to the Company’s approval and funding of their requests. The Company has also provided select tenants with strategic capital for facility upkeep and modernization. The Company’s Tenant Code of Conduct and Corporate Responsibility policy (the “Tenant ESG Program”) provides eligible triple-net tenants of the Company with monetary inducements to make sustainable improvements to the Company’s properties. Incentive options include a wide variety of opportunities for tenants to upgrade everything from energy and environmental systems to water-saving landscaping and more. The Company’s board of directors has authorized annual allocations of up to $500,000 to fund the Tenant ESG Program.

The table below summarizes the Company’s existing, known commitments and contingencies as of December 31, 2024 (dollars in thousands):


	Remaining Commitment
Capital expenditures(1)	$	6,565

Other loans receivable(2)	6,826
Earn-out obligation(3)	10,000
	$	23,391

(1)As of December 31, 2024, the Company had committed to fund expansions, construction, capital improvements and ESG incentives at certain triple-net leased facilities totaling $6.6 million, of which $5.7 million is subject to rent increase at the time of funding.

(2)Represents working capital loan commitments.

(3)Includes an earn-out obligation of up to $10.0 million under a purchase and sale agreement for one SNF in Virginia, which was acquired during 2024. The earn-out is available, contingent on the operator achieving certain thresholds per the agreement, beginning in October 2025 through October 2026.

CONCENTRATION OF RISK

12 Months Ended

Dec. 31, 2024

Risks and Uncertainties [Abstract]

CONCENTRATION OF RISK

Concentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions.

Major operator or borrower concentration – The Company has operators and borrowers from which it derived 10% or more of its revenue for the years ended December 31, 2024, 2023 and 2022. The following table sets forth information regarding the Company’s major operators as of December 31, 2024, 2023 and 2022:


	Number of Facilities			Number of Beds/Units			Percentage of Total Revenue
Operator(1)	SNF	Campus	ALF/ILF	SNF	Campus	ALF/ILF
December 31, 2024(2)
Ensign	92	8	7	9,708	997	661	26	%
PMG	13	2	—	1,742	402	—	12	%

December 31, 2023(2)
Ensign	83	8	7	8,738	997	661	32	%
PMG	13	2	—	1,742	402	—	14	%

December 31, 2022(3)
Ensign	83	8	7	8,741	997	661	35	%
PMG	13	2	—	1,742	402	—	16	%

(1)See Note 3, Real Estate Investments, Net, for further information regarding Ensign and PMG. Ensign is subject to the registration and reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. Ensign’s financial statements, as filed with the SEC, can be found at http://www.sec.gov. The Company has not verified this information through an independent investigation or otherwise.

(2)The Company’s rental income and interest income on other real estate related investments and financing receivable, exclusive of operating expense reimbursements and adjustments for collectibility.

(3)The Company’s rental income, exclusive of operating expense reimbursements and adjustments for collectibility.

Major geographic concentration – The following table provides information regarding the Company’s concentrations with respect to certain states, from which the Company derived 10% or more of its revenue for the years ended December 31, 2024, 2023 and 2022:


	Number of Facilities			Number of Beds/Units			Percentage of Total Revenue
State	SNF	Campus	ALF/ILF	SNF	Campus	ALF/ILF
December 31, 2024(1)
CA	43	12	10	5,104	2,004	872	28	%
TX	38	3	2	4,726	476	212	18	%

December 31, 2023(1)
CA	40	9	8	4,615	1,527	656	28	%
TX	40	3	2	5,123	536	212	21	%

December 31, 2022(2)
CA	27	8	5	3,048	1,359	437	26	%
TX	38	3	3	4,849	536	242	22	%

(1)Based on the Company’s rental income and interest income on other real estate related investments and financing receivable, exclusive of operating expense reimbursements and adjustments for collectibility.

(2)Based on the Company’s rental income, exclusive of operating expense reimbursements and adjustments for collectibility.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events in accordance with ASC 855, Subsequent Events. The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Recent Investments and Acquisitions On January 10, 2025, the Company advanced the second installment of a mezzanine loan for one SNF secured by a pledge of membership interests in an up-tier holding company of the borrower group for $6.4 million. The loan bears interest at a rate of 13%, with annual CPI-based escalators. The mezzanine loan is set to mature on December 31, 2034. The mezzanine loan may not be prepaid in whole or in part prior to maturity. On February 1, 2025, the Company contributed $19.7 million to a JV that purchased one SNF in Tennessee for $20.4 million. In exchange the Company holds 100% of the preferred equity interests in the JV and 50% of the common equity interest in the JV. The JV partner contributed the remaining $0.7 million of the total investment in exchange for 50% of the common equity interest in the JV. In connection with the acquisition of the facility, the JV amended the PACS TN Master Lease. The lease, as amended, has a remaining term of approximately 15 years, with two five-year renewal options. Annual cash rent under the amended lease increased by approximately $2.0 million, with annual CPI-based escalators. See Note 3, Real Estate Investments, Net, for further information regarding the PACS TN Master Lease. Asset Sales Subsequent to December 31, 2024, the Company sold or disposed of three SNFs, one SNF Campus and one ALF with an aggregate carrying value of $40.5 million. In connection with the sales, the Company expects to record a gain on sale of real estate of approximately $3.9 million. Recent ATM Program On January 21, 2025, the Company entered into a new equity distribution agreement to issue and sell, from time to time, up to $750.0 million in aggregate offering price of its common stock through an “at-the-market” equity offering program (the “New 2025 ATM Program”) and terminated its previous $750.0 million “at-the-market” equity offering program. In addition to the issuance and sale of shares of its common stock, the New 2025 ATM Program also provides for the ability to enter into one or more forward sales agreements with sales agents for the sale of the Company’s shares of common stock under the ATM Program. As of February 12, 2025, the Company had $750.0 million available for future issuances under the New 2025 ATM Program. Equity Award Grant On January 28, 2025, the Compensation Committee of the Company’s Board of Directors granted 137,920 shares of RSA awards to officers and employees. Each share had a fair market value on the date of grant of $27.17 per share based on the closing market price of the Company’s common stock on that date, and the shares vest on January 31, 2026.

Schedule III - Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate Assets and Accumulated Depreciation


					Initial Cost to Company				Costs Capitalized Since Acquisition		Gross Carrying Value
Description	Facility	Location	Encum.		Land		Building Improvs.		Improvs.			Land		Building Improvs.		Total (1)		Accum. Depr.		Const./Ren. Date	Acq. Date
Skilled Nursing Properties:
Ensign Highland LLC	Highland Manor	Phoenix, AZ	$	—	$	257	$	976	$	926		$	257	$	1,902	$	2,159	$	(1,597)	2013	2000
Meadowbrook Health Associates LLC	Sabino Canyon	Tucson, AZ	—		425		3,716		1,940			425		5,656		6,081		(3,895)		2012	2000
Terrace Holdings AZ LLC	Desert Terrace	Phoenix, AZ	—		113		504		971			113		1,475		1,588		(1,165)		2004	2002
Rillito Holdings LLC	Catalina	Tucson, AZ	—		471		2,041		3,055			471		5,096		5,567		(4,061)		2013	2003
Valley Health Holdings LLC	North Mountain	Phoenix, AZ	—		629		5,154		1,519			629		6,673		7,302		(4,847)		2009	2004
Cedar Avenue Holdings LLC	Upland	Upland, CA	—		2,812		3,919		1,994			2,812		5,913		8,725		(4,234)		2011	2005
Granada Investments LLC	Camarillo	Camarillo, CA	—		3,526		2,827		1,522			3,526		4,349		7,875		(3,319)		2010	2005
Plaza Health Holdings LLC	Park Manor	Walla Walla, WA	—		450		5,566		1,055			450		6,621		7,071		(4,890)		2009	2006
Mountainview Communitycare LLC	Park View Gardens	Santa Rosa, CA	—		931		2,612		653			931		3,265		4,196		(2,549)		1963	2006
CM Health Holdings LLC	Carmel Mountain	San Diego, CA	—		3,028		3,119		2,071			3,028		5,190		8,218		(3,726)		2012	2006
Polk Health Holdings LLC	Timberwood	Livingston, TX	—		60		4,391		1,167			60		5,558		5,618		(3,904)		2009	2006
Snohomish Health Holdings LLC	Emerald Hills	Lynnwood, WA	—		741		1,663		1,998			741		3,661		4,402		(3,091)		2009	2006
Cherry Health Holdings LLC	Pacific Care	Hoquiam, WA	—		171		1,828		2,038			171		3,866		4,037		(3,348)		2010	2006
Golfview Holdings LLC	Cambridge SNF	Richmond, TX	—		1,105		3,110		1,067			1,105		4,177		5,282		(2,849)		2007	2006
Tenth East Holdings LLC	Arlington Hills	Salt Lake City, UT	—		332		2,426		2,507			332		4,933		5,265		(4,111)		2013	2006
Trinity Mill Holdings LLC	Carrollton	Carrollton, TX	—		664		2,294		902			664		3,196		3,860		(2,781)		2007	2006
Cottonwood Health Holdings LLC	Holladay	Salt Lake City, UT	—		965		2,070		958			965		3,028		3,993		(2,813)		2008	2007
Verde Villa Holdings LLC	Lake Village	Lewisville, TX	—		600		1,890		470			600		2,360		2,960		(1,835)		2011	2007
Mesquite Health Holdings LLC	Willow Bend	Mesquite, TX	—		470		1,715		8,632			441		10,376		10,817		(9,318)		2012	2007
Arrow Tree Health Holdings LLC	Arbor Glen	Glendora, CA	—		2,165		1,105		324			2,165		1,429		3,594		(1,277)		1965	2007
Fort Street Health Holdings LLC	Draper	Draper, UT	—		443		2,394		759			443		3,153		3,596		(2,041)		2008	2007
Trousdale Health Holdings LLC	Brookfield	Downey, CA	—		1,415		1,841		1,861			1,415		3,702		5,117		(2,712)		2013	2007
Ensign Bellflower LLC	Rose Villa	Bellflower, CA	—		937		1,168		357			937		1,525		2,462		(1,149)		2009	2007
RB Heights Health Holdings LLC	Osborn	Scottsdale, AZ	—		2,007		2,793		1,762			2,007		4,555		6,562		(3,172)		2009	2008
San Corrine Health Holdings LLC	Salado Creek	San Antonio, TX	—		310		2,090		719			310		2,809		3,119		(1,708)		2005	2008
Temple Health Holdings LLC	Wellington	Temple, TX	—		529		2,207		1,163			529		3,370		3,899		(2,281)		2008	2008
Anson Health Holdings LLC	Northern Oaks	Abilene, TX	—		369		3,220		1,725			369		4,945		5,314		(3,286)		2012	2008
Willits Health Holdings LLC	Northbrook	Willits, CA	—		490		1,231		500			490		1,731		2,221		(1,135)		2011	2008
Lufkin Health Holdings LLC	Southland	Lufkin, TX	—		467		4,644		782			467		5,426		5,893		(2,197)		1988	2009
Lowell Health Holdings LLC	Littleton	Littleton, CO	—		217		856		1,735			217		2,591		2,808		(1,934)		2012	2009
Jefferson Ralston Holdings LLC	Arvada	Arvada, CO	—		280		1,230		834			280		2,064		2,344		(1,236)		2012	2009
Lafayette Health Holdings LLC	Julia Temple	Englewood, CO	—		1,607		4,222		6,195			1,607		10,417		12,024		(7,027)		2012	2009


Hillendahl Health Holdings LLC	Golden Acres	Dallas, TX	—	2,133	11,977	1,421	2,133	13,398	15,531	(7,482)	1984	2009
Price Health Holdings LLC	Pinnacle	Price, UT	—	193	2,209	849	193	3,058	3,251	(1,519)	2012	2009
Silver Lake Health Holdings LLC	Provo	Provo, UT	—	2,051	8,362	2,011	2,051	10,373	12,424	(4,308)	2011	2009
Jordan Health Properties LLC	Copper Ridge	West Jordan, UT	—	2,671	4,244	1,507	2,671	5,751	8,422	(2,519)	2013	2009
Regal Road Health Holdings LLC	Sunview	Youngstown, AZ	—	767	4,648	155	193	5,377	5,570	(2,730)	2012	2009
Paredes Health Holdings LLC	Alta Vista	Brownsville, TX	—	373	1,354	190	373	1,544	1,917	(630)	1969	2009
Expressway Health Holdings LLC	Veranda	Harlingen, TX	—	90	675	430	90	1,105	1,195	(627)	2011	2009
Rio Grande Health Holdings LLC	Grand Terrace	McAllen, TX	—	642	1,085	870	642	1,955	2,597	(1,273)	2012	2009
Fifth East Holdings LLC	Paramount	Salt Lake City, UT	—	345	2,464	1,065	345	3,529	3,874	(1,836)	2011	2009
Emmett Healthcare Holdings LLC	River's Edge	Emmet, ID	—	591	2,383	69	591	2,452	3,043	(1,087)	1972	2010
Burley Healthcare Holdings LLC	Parke View	Burley, ID	—	250	4,004	424	250	4,428	4,678	(2,117)	2011	2010
Josey Ranch Healthcare Holdings LLC	Heritage Gardens	Carrollton, TX	—	1,382	2,293	478	1,382	2,771	4,153	(1,278)	1996	2010
Everglades Health Holdings LLC	Victoria Ventura	Ventura, CA	—	1,847	5,377	682	1,847	6,059	7,906	(2,147)	1990	2011
Irving Health Holdings LLC	Beatrice Manor	Beatrice, NE	—	60	2,931	245	60	3,176	3,236	(1,469)	2011	2011
Falls City Health Holdings LLC	Careage Estates of Falls City	Falls City, NE	—	170	2,141	82	170	2,223	2,393	(967)	1972	2011
Gillette Park Health Holdings LLC	Careage of Cherokee	Cherokee, IA	—	163	1,491	12	163	1,503	1,666	(817)	1967	2011
Gazebo Park Health Holdings LLC	Careage of Clarion	Clarion, IA	—	80	2,541	97	80	2,638	2,718	(1,468)	1978	2011
Oleson Park Health Holdings LLC	Careage of Ft. Dodge	Ft. Dodge, IA	—	90	2,341	759	90	3,100	3,190	(2,189)	2012	2011
Arapahoe Health Holdings LLC	Oceanview	Texas City, TX	—	158	4,810	759	128	5,599	5,727	(2,850)	2012	2011
Dixie Health Holdings LLC	Hurricane	Hurricane, UT	—	487	1,978	98	487	2,076	2,563	(749)	1978	2011
Memorial Health Holdings LLC	Pocatello	Pocatello, ID	—	537	2,138	698	537	2,836	3,373	(1,502)	2007	2011
Bogardus Health Holdings LLC	Whittier East	Whittier, CA	—	1,425	5,307	1,079	1,425	6,386	7,811	(3,058)	2011	2011
South Dora Health Holdings LLC	Ukiah	Ukiah, CA	—	297	2,087	1,621	297	3,708	4,005	(2,405)	2013	2011
Silverada Health Holdings LLC	Rosewood	Reno, NV	—	1,012	3,282	103	1,012	3,385	4,397	(1,159)	1970	2011
Orem Health Holdings LLC	Orem	Orem, UT	—	1,689	3,896	3,235	1,689	7,131	8,820	(4,062)	2011	2011
Wisteria Health Holdings	Wisteria	Abilene, TX	—	746	9,903	290	746	10,193	10,939	(3,010)	2008	2011
Renee Avenue Health Holdings LLC	Monte Vista	Pocatello, ID	—	180	2,481	966	180	3,447	3,627	(1,806)	2013	2012
Stillhouse Health Holdings LLC	Stillhouse	Paris, TX	—	129	7,139	6	129	7,145	7,274	(1,582)	2009	2012
Fig Street Health Holdings LLC	Palomar Vista	Escondido, CA	—	329	2,653	1,094	329	3,747	4,076	(1,999)	2007	2012
Lowell Lake Health Holdings LLC	Owyhee	Owyhee, ID	—	49	1,554	29	49	1,583	1,632	(458)	1990	2012
Queensway Health Holdings LLC	Atlantic Memorial	Long Beach, CA	—	999	4,237	2,331	999	6,568	7,567	(3,317)	2008	2012
Long Beach Health Associates LLC	Shoreline	Long Beach, CA	—	1,285	2,343	2,172	1,285	4,515	5,800	(2,570)	2013	2012
Kings Court Health Holdings LLC	Richland Hills	Ft. Worth, TX	—	193	2,311	318	193	2,629	2,822	(942)	1965	2012
51st Avenue Health Holdings LLC	Legacy	Amarillo, TX	—	340	3,925	32	340	3,957	4,297	(1,352)	1970	2013
Ives Health Holdings LLC	San Marcos	San Marcos, TX	—	371	2,951	274	371	3,225	3,596	(1,066)	1972	2013
Guadalupe Health Holdings LLC	The Courtyard (Victoria East)	Victoria, TX	—	80	2,391	15	80	2,406	2,486	(640)	2013	2013
49th Street Health Holdings LLC	Omaha	Omaha, NE	—	129	2,418	24	129	2,442	2,571	(957)	1960	2013
Willows Health Holdings LLC	Cascade Vista	Redmond, WA	—	1,388	2,982	202	1,388	3,184	4,572	(1,348)	1970	2013
Tulalip Bay Health Holdings LLC	Mountain View	Marysville, WA	—	1,722	2,642	(980)	742	2,642	3,384	(1,013)	1966	2013


Sky Holdings AZ LLC	Bella Vita Health and Rehabilitation Center	Glendale, AZ	—	228	1,124	1,380	228	2,504	2,732	(2,094)	2004	2002
Lemon River Holdings LLC	Plymouth Tower	Riverside, CA	—	152	357	1,493	152	1,850	2,002	(1,610)	2012	2009
CTR Partnership, L.P.	Bethany Rehabilitation Center	Lakewood, CO	—	1,668	15,375	105	1,668	15,480	17,148	(3,836)	1989	2015
CTR Partnership, L.P.	Mira Vista Care Center	Mount Vernon, WA	—	1,601	7,425	—	1,601	7,425	9,026	(1,810)	1989	2015
CTR Partnership, L.P.	Shoreline Health and Rehabilitation Center	Shoreline, WA	—	1,462	5,034	—	1,462	5,034	6,496	(1,206)	1987	2015



CTR Partnership, L.P.	Premier Estates of Cincinnati-Riverview	Cincinnati, OH	—	833	18,086	792	833	18,878	19,711	(4,465)	1992	2015



















CTR Partnership, L.P.	Shaw Mountain at Cascadia	Boise, ID	—	1,801	6,572	395	1,801	6,967	8,768	(1,724)	1989	2016

CTR Partnership, L.P.	Arbor Nursing Center	Lodi, CA	—	768	10,712	58	768	10,770	11,538	(2,254)	1982	2016
CTR Partnership, L.P.	Broadmoor Medical Lodge	Rockwall, TX	—	1,232	22,152	—	1,232	22,152	23,384	(4,477)	1984	2016
CTR Partnership, L.P.	Decatur Medical Lodge	Decatur, TX	—	990	24,909	—	990	24,909	25,899	(5,034)	2013	2016
CTR Partnership, L.P.	Royse City Medical Lodge	Royse City, TX	—	606	14,660	—	606	14,660	15,266	(2,962)	2009	2016
CTR Partnership, L.P.	Saline Care Nursing & Rehabilitation Center	Harrisburg, IL	—	1,022	5,713	—	1,022	5,713	6,735	(1,119)	2009	2017
CTR Partnership, L.P.	Carrier Mills Nursing & Rehabilitation Center	Carrier Mills, IL	—	775	8,377	—	775	8,377	9,152	(1,640)	1968	2017
CTR Partnership, L.P.	StoneBridge Nursing & Rehabilitation Center	Benton, IL	—	439	3,475	—	439	3,475	3,914	(681)	2014	2017
CTR Partnership, L.P.	DuQuoin Nursing & Rehabilitation Center	DuQuoin, IL	—	511	3,662	—	511	3,662	4,173	(717)	2014	2017
CTR Partnership, L.P.	Pinckneyville Nursing & Rehabilitation Center	Pinckneyville, IL	—	406	3,411	—	406	3,411	3,817	(668)	2014	2017
CTR Partnership, L.P.	Wellspring Health and Rehabilitation of Cascadia	Nampa, ID	—	775	5,044	336	775	5,380	6,155	(1,028)	2011	2017
CTR Partnership, L.P.	The Rio at Fox Hollow	Brownsville, TX	—	1,178	12,059	—	1,178	12,059	13,237	(2,286)	2016	2017
CTR Partnership, L.P.	The Rio at Cabezon	Albuquerque, NM	—	2,055	9,749	—	2,055	9,749	11,804	(1,848)	2016	2017
CTR Partnership, L.P.	Eldorado Rehab & Healthcare	Eldorado, IL	—	940	2,093	—	940	2,093	3,033	(392)	1993	2017
CTR Partnership, L.P.	Secora Health and Rehabilitation of Cascadia	Portland, OR	—	1,481	2,216	110	1,481	2,326	3,807	(436)	2012	2017
CTR Partnership, L.P.	Mountain Valley	Kellogg, ID	—	916	7,874	—	916	7,874	8,790	(1,443)	1971	2017
CTR Partnership, L.P.	Caldwell Care	Caldwell, ID	—	906	7,020	516	906	7,536	8,442	(1,382)	1947	2017
CTR Partnership, L.P.	Canyon West	Caldwell, ID	—	312	10,410	461	312	10,871	11,183	(1,993)	1969	2017
CTR Partnership, L.P.	Lewiston Health and Rehabilitation	Lewiston, ID	—	625	12,087	215	625	12,302	12,927	(2,230)	1964	2017
CTR Partnership, L.P.	The Orchards	Nampa, ID	—	785	8,923	272	785	9,195	9,980	(1,667)	1958	2017
CTR Partnership, L.P.	Weiser Care	Weiser, ID	—	80	4,419	389	80	4,808	4,888	(872)	1964	2017
CTR Partnership, L.P.	Aspen Park	Moscow, ID	—	698	5,092	274	698	5,366	6,064	(1,020)	1965	2017
CTR Partnership, L.P.	Ridgmar Medical Lodge	Fort Worth, TX	—	681	6,587	1,256	681	7,843	8,524	(1,695)	2006	2017
CTR Partnership, L.P.	Mansfield Medical Lodge	Mansfield, TX	—	607	4,801	1,073	607	5,874	6,481	(1,265)	2006	2017
CTR Partnership, L.P.	Grapevine Medical Lodge	Grapevine, TX	—	1,602	4,536	891	1,602	5,427	7,029	(1,177)	2006	2017

CTR Partnership, L.P.	The Oaks at Lakewood	Tacoma, WA	—	1,001	1,779	—	1,001	1,779	2,780	(322)	1989	2017


CTR Partnership, L.P.	The Oaks at Timberline	Vancouver, WA	—	446	869	—	446	869	1,315	(157)	1972	2017
CTR Partnership, L.P.	Providence Waterman Nursing Center	San Bernardino, CA	—	3,831	19,791	—	3,831	19,791	23,622	(3,587)	1967	2017
CTR Partnership, L.P.	Providence Orange Tree	Riverside, CA	—	2,897	14,700	345	2,897	15,045	17,942	(2,756)	1969	2017
CTR Partnership, L.P.	Providence Ontario	Ontario, CA	—	4,204	21,880	—	4,204	21,880	26,084	(3,966)	1980	2017
CTR Partnership, L.P.	Greenville Nursing & Rehabilitation Center	Greenville, IL	—	188	3,972	—	188	3,972	4,160	(840)	1973	2017
CTR Partnership, L.P.	Copper Ridge Health and Rehabilitation Center	Butte, MT	—	220	4,974	39	220	5,013	5,233	(954)	2010	2018





CTR Partnership, L.P.	Prairie Heights Healthcare Center	Aberdeen, SD	—	1,372	7,491	38	1,372	7,529	8,901	(1,340)	1965	2018
CTR Partnership, L.P.	The Meadows on University	Fargo, ND	—	989	3,275	429	989	3,704	4,693	(559)	1966	2018

CTR Partnership, L.P.	The Suites - Parker	Parker, CO	—	1,178	17,857	—	1,178	17,857	19,035	(2,779)	2012	2018
CTR Partnership, L.P.	Huntington Park Nursing Center	Huntington Park, CA	—	3,131	8,876	302	3,131	9,178	12,309	(1,488)	1955	2019
CTR Partnership, L.P.	Shoreline Care Center	Oxnard, CA	—	1,699	9,004	819	1,699	9,823	11,522	(1,367)	1962	2019
CTR Partnership, L.P.	Downey Care Center	Downey, CA	—	2,502	6,141	—	2,502	6,141	8,643	(934)	1967	2019
CTR Partnership, L.P.	Courtyard Healthcare Center	Davis, CA	—	2,351	9,256	48	2,351	9,304	11,655	(1,433)	1969	2019
Gulf Coast Buyer 1 LLC	Alpine Skilled Nursing and Rehabilitation	Ruston, LA	—	2,688	23,825	—	2,688	23,825	26,513	(3,613)	2014	2019
Gulf Coast Buyer 1 LLC	The Bradford Skilled Nursing and Rehabilitation	Shreveport, LA	—	3,758	21,325	17	3,758	21,342	25,100	(3,261)	1980	2019
Gulf Coast Buyer 1 LLC	Colonial Oaks Skilled Nursing and Rehabilitation	Bossier City, LA	—	1,635	21,180	—	1,635	21,180	22,815	(3,136)	2013	2019
Gulf Coast Buyer 1 LLC	The Guest House Skilled Nursing and Rehabilitation	Shreveport, LA	—	3,437	20,889	2,845	3,437	23,734	27,171	(3,824)	2006	2019
Gulf Coast Buyer 1 LLC	Pilgrim Manor Skilled Nursing and Rehabilitation	Bossier City, LA	—	2,979	24,617	1,978	2,979	26,595	29,574	(3,921)	2008	2019
Gulf Coast Buyer 1 LLC	Shreveport Manor Skilled Nursing and Rehabilitation	Shreveport, LA	—	676	10,238	602	676	10,840	11,516	(1,662)	2008	2019
Gulf Coast Buyer 1 LLC	Booker T. Washington Skilled Nursing and Rehabilitation	Shreveport, LA	—	2,452	9,148	113	2,452	9,261	11,713	(1,479)	2013	2019
Gulf Coast Buyer 1 LLC	Legacy West Rehabilitation and Healthcare	Corsicana, TX	—	120	6,682	436	120	7,118	7,238	(1,227)	2002	2019
Gulf Coast Buyer 1 LLC	Legacy at Jacksonville	Jacksonville, TX	—	173	7,481	148	173	7,629	7,802	(1,246)	2006	2019
Gulf Coast Buyer 1 LLC	Pecan Tree Rehabilitation and Healthcare	Gainesville, TX	—	219	10,097	255	219	10,352	10,571	(1,648)	1990	2019
Lakewest SNF Realty, LLC	Lakewest Rehabilitation and Skilled Care	Dallas, TX	—	—	6,905	—	—	6,905	6,905	(1,094)	2011	2019
CTR Partnership, L.P.	Cascadia of Nampa	Nampa, ID	—	880	14,117	—	880	14,117	14,997	(2,094)	2017	2019
CTR Partnership, L.P.	Valley Skilled Nursing	Modesto, CA	—	798	7,671	—	798	7,671	8,469	(1,045)	2016	2019
CTR Partnership, L.P.	Cascadia of Boise	Boise, ID	—	1,597	15,692	—	1,597	15,692	17,289	(2,059)	2018	2020
CTR Partnership, L.P.	Cooney Healthcare and Rehabilitation	Helena, MT	—	867	7,431	20	867	7,451	8,318	(853)	1984	2020


CTR Partnership, L.P.	Elkhorn Healthcare and Rehabilitation	Clancy, MT	—	183	7,380	576	183	7,956	8,139	(938)	1960	2020



160 North Patterson Avenue, LLC	Buena Vista Care Center	Goleta, CA	—	7,987	7,237	552	7,987	7,789	15,776	(735)	1967	2021
CTR Partnership, L.P.	El Centro Post-Acute Care	El Centro, CA	—	1,283	8,133	135	1,283	8,268	9,551	(823)	1962	2021
CTR Partnership, L.P.	Sedona Trace Health and Wellness	Austin, TX	—	3,282	12,763	—	3,282	12,763	16,045	(1,222)	2017	2021
CTR Partnership, L.P.	Cedar Pointe Health and Wellness Suites	Cedar Park, TX	—	3,325	11,738	—	3,325	11,738	15,063	(1,111)	2017	2021
CTR Partnership, L.P.	Ennis Care Center	Ennis,TX	—	568	8,055	100	568	8,155	8,723	(641)	1982	2022
CTR Partnership, L.P.	Park Bend Rehabilitation and Healthcare Center	Burleson, TX	—	1,877	6,616	718	1,877	7,334	9,211	(406)	1988	2023
CTR Partnership, L.P.	Prairie Ridge Health and Rehabiliation	Overland Park , KS	—	1,301	5,025	—	1,301	5,025	6,326	(243)	1987	2023
CTR Partnership, L.P.	Spalding Post Acute	Griffin , GA	—	680	11,044	1,853	680	12,897	13,577	(522)	2022	2023
CTR Partnership, L.P.	Casa Azul Skilled Nursing and Rehabilitation	Katy , TX	—	3,413	10,451	—	3,413	10,451	13,864	(449)	2005	2023
8665 La Mesa Boulevard, LLC	Community Convalescent Hospital of La Mesa	La Mesa , CA	—	5,346	21,528	—	5,346	21,528	26,874	(873)	1968	2023
7039 Alonda Boulevard, LLC	Paramount Meadows Nursing Center	Paramount , CA	—	3,640	15,380	369	3,640	15,749	19,389	(623)	1969	2023
10625 Leffingwell Road, LLC	Norwalk Meadows Nursing Center	Norwalk , CA	—	4,932	14,229	—	4,932	14,229	19,161	(586)	1964	2023
247 E. Bobier Drive, LLC	La Fuente Post Acute	Vista , CA	—	4,882	20,793	—	4,882	20,793	25,675	(748)	1990	2023
Capitola 1935 Realty LLC	Pacific Coast Manor	Capitola , CA	—	5,231	16,321	—	5,231	16,321	21,552	(493)	1964	2023
Morgan Hills Realty LLC	Pacific Hills Manor	Morgan Hill , CA	—	3,239	14,418	—	3,239	14,418	17,657	(447)	2014	2023
CTR Partnership, L.P.	Columbia Post Acute	Columbia, MO	—	1,619	15,678	—	1,619	15,678	17,297	(352)	2017	2024
CTR Partnership, L.P.	Houston Transitional Care	Houston, TX	—	2,668	17,434	—	2,668	17,434	20,102	(399)	2022	2024
1070 Old Ocean Highway, LLC	Brunswick Rehabilitation and Healthcare Center	Bolivia, NC	—	551	16,589	—	551	16,589	17,140	(282)	2009	2024
86 Old Airport Road, LLC	Fletcher Rehabilitation and Healthcare Center	Fletcher, NC	—	1,547	15,316	—	1,547	15,316	16,863	(263)	2002	2024
7166 Jordan Road, LLC	Ramseur Rehabilitation and Healthcare Center	Ramseur, NC	—	747	15,085	—	747	15,085	15,832	(275)	2002	2024
1930 West Sugar Creek Road, LLC	Rockwell Park Rehabilitation and Healthcare Center	Charlotte, NC	—	2,217	16,213	—	2,217	16,213	18,430	(278)	1993	2024
3514 Sidney Road, LLC	Seven Oaks Rehabilitation and Healthcare Center	Columbia, SC	—	583	10,847	—	583	10,847	11,430	(184)	1980	2024
8170 Murray Propco, LLC	Gilroy Healthcare and Rehabilitation Center	Gilroy, CA	—	6,539	19,162	—	6,539	19,162	25,701	(206)	1968	2024
CTR Partnership, L.P.	Glenburnie Nursing & Rehabilitation Center	Richmond, VA	—	—	31,567	—	—	31,567	31,567	(274)	2005	2024
CTR Partnership, L.P.	Dennett Rehab Center	Oakland, MD	—	1,134	18,227	—	1,134	18,227	19,361	(131)	2023	2024
CTR Partnership, L.P.	Mountain City Rehab Center	Frostburg, MD	—	853	20,334	—	853	20,334	21,187	(135)	1995	2024
CTR Partnership, L.P.	South Hills Post Acute	Bethel Park, PA	—	1,835	12,726	—	1,835	12,726	14,561	(58)	2021	2024
CTR Partnership, L.P.	Peters Township Post Acute	Canonsburg, PA	—	1,651	12,509	—	1,651	12,509	14,160	(57)	1988	2024
CTR Partnership, L.P.	Monroeville Post Acute	Monroeville, PA	—	1,182	10,906	—	1,182	10,906	12,088	(48)	1996	2024
CTR Partnership, L.P.	Whitehall Borough Post Acute	Pittsburgh, PA	—	1,323	13,119	—	1,323	13,119	14,442	(57)	1999	2024
704 Dupree Road TN LLC	Haywood Post Acute	Brownsville, TN	—	508	17,027	—	508	17,027	17,535	(38)	2022	2024


175 Hospital Drive TN LLC	Cherrywood Post Acute	McKenzie, TN	—	1,187	16,873	—	1,187	16,873	18,060	(42)	2020	2024
900 Professional Park Drive TN LLC	Park Meadows Post Acute	Clarksville, TN	—	1,785	21,328	—	1,785	21,328	23,113	(52)	2018	2024
119 Kittrell Street TN LLC	Lewis Park Post Acute	Hohenwald, TN	—	826	11,505	—	826	11,505	12,331	(28)	1996	2024
444 One Eleven Place TN LLC	Grandview Post Acute	Cookeville, TN	—	1,636	20,941	—	1,636	20,941	22,577	(53)	2024	2024
727 East Church Street TN LLC	Lexington Post Acute	Lexington, TN	—	551	15,171	—	551	15,171	15,722	(34)	2024	2024
835 East Poplar Avenue TN LLC	Selmer Post Acute	Selmer, TN	—	765	19,394	500	765	19,894	20,659	(43)	1995	2024
2650 North Mt Juliet Road TN LLC	Cedar Creek Post Acute	Mount Juliet, TN	—	1,719	12,640	—	1,719	12,640	14,359	(32)	2021	2024
202 East Mtcs Road TN LLC	Stone River Post Acute	Murfreesboro, TN	—	1,607	7,649	—	1,607	7,649	9,256	(23)	1996	2024
813 S Dickerson Rd TN LLC	Alta Heights Post Acute	Goodlettsville, TN	—	1,324	13,075	—	1,324	13,075	14,399	(32)	2005	2024
895 Powers Blvd TN LLC	Waverly Hills Post Acute	Waverly, TN	—	1,071	9,821	—	1,071	9,821	10,892	(28)	1989	2024
1900 Parr Avenue TN LLC	Okeena Health and Rehabilitation Center	Dyersburg, TN	—	1,122	30,135	—	1,122	30,135	31,257	(67)	1989	2024
2031 Avondale Street TN LLC	Avondale Health and Rehabilitation Center	Humboldt, TN	—	810	10,127	—	810	10,127	10,937	(25)	2011	2024
800 Volunteer Drive TN LLC	Riverbend Health and Rehabilitation Center	Paris, TN	—	963	26,215	—	963	26,215	27,178	(59)	2023	2024
1630 E Reelfoot Ave TN LLC	Union City Health and Rehabilitation	Union City, TN	—	885	14,562	—	885	14,562	15,447	—	1996	2024
5275 Millennium Drive AL LLC	The Health Center at Research Park	Huntsville, AL	—	1,246	9,659	64	1,246	9,723	10,969	—	2006	2024
460 Hannings Lane TN LLC	VanAyer Senior Living and Rehabilitation	Martin, TN	—	819	9,771	—	819	9,771	10,590	—	2023	2024
1245 E College St TN LLC	Meadowbrook Healthcare and Rehabilitation Center	Pulaski, TN	—	437	13,488	483	437	13,971	14,408	—	1991	2024
7424 Middlebrook Pike TN LLC	Legacy Park Health and Rehabilitation	Knoxville, TN	—	1,181	15,678	106	1,181	15,784	16,965	—	1972	2024
7512 Middlebrook Pike TN LLC	Wellpark Health and Rehabilitation	Knoxville, TN	—	1,662	1,188	—	1,662	1,188	2,850	—	2015	2024
1536 Appling Care Lane TN LLC	Applingwood Post Acute	Cordova, TN	—	482	12,015	—	482	12,015	12,497	—	1997	2024
5070 Sanderlin Avenue TN LLC	Shelby Oaks Post Acute	Memphis, TN	—	788	9,153	—	788	9,153	9,941	—	1964	2024
765 Bert Johnston Avenue TN LLC	Covington Post Acute	Covington, TN	—	794	15,735	—	794	15,735	16,529	—	2023	2024
45 Forest Cove TN LLC	Cypress Grove Post Acute	Jackson, TN	—	960	16,359	—	960	16,359	17,319	—	2022	2024
121 Physicians Dr TN LLC	Northbrooke Post Acute	Jackson, TN	—	663	17,643	—	663	17,643	18,306	—	1997	2024
597 West Forest Avenue TN LLC	West Tennessee Transitional Care	Jackson, TN	—	1,779	6,929	—	1,779	6,929	8,708	—	2013	2024
1513 N 2nd Street TN LLC	Harborview Post Acute	Memphis, TN	—	1,764	18,429	—	1,764	18,429	20,193	—	2020	2024
			—	237,804	1,637,220	103,779	236,191	1,742,612	1,978,803	(299,886)
Multi-Service Campus Properties:
Ensign Southland LLC	Southland Care	Norwalk, CA	—	966	5,082	2,213	966	7,295	8,261	(6,356)	2011	1999
Mission CCRC LLC	St. Joseph's Villa	Salt Lake City, UT	—	1,962	11,035	464	1,962	11,499	13,461	(4,503)	1994	2011
Wayne Health Holdings LLC	Careage of Wayne	Wayne, NE	—	130	3,061	122	130	3,183	3,313	(1,401)	1978	2011
4th Street Holdings LLC	West Bend Care Center	West Bend, IA	—	180	3,352	—	180	3,352	3,532	(1,408)	2006	2011
Big Sioux River Health Holdings LLC	Hillcrest Health	Hawarden, IA	—	110	3,522	75	110	3,597	3,707	(1,421)	1974	2011
Prairie Health Holdings LLC	Colonial Manor of Randolph	Randolph, NE	—	130	1,571	22	130	1,593	1,723	(1,078)	2011	2011
Salmon River Health Holdings LLC	Discovery Care Center	Salmon, ID	—	168	2,496	—	168	2,496	2,664	(775)	2012	2012


CTR Partnership, L.P.	Liberty Nursing Center of Willard	Willard, OH	—	144	11,097	50	144	11,147	11,291	(2,608)	1985	2015
CTR Partnership, L.P.	Premier Estates of Middletown/Premier Retirement Estates of Middletown	Middletown, OH	—	990	7,484	380	990	7,864	8,854	(1,900)	1985	2015

CTR Partnership, L.P.	Turlock Nursing and Rehabilitation Center	Turlock, CA	—	1,258	16,526	75	1,258	16,601	17,859	(3,477)	1986	2016
CTR Partnership, L.P.	Bridgeport Medical Lodge	Bridgeport, TX	—	980	27,917	—	980	27,917	28,897	(5,642)	2014	2016
CTR Partnership, L.P.	The Villas at Saratoga	Saratoga, CA	—	8,709	9,736	1,397	8,709	11,133	19,842	(2,180)	2004	2018
CTR Partnership, L.P.	Madison Park Healthcare	Huntington, WV	—	601	6,385	—	601	6,385	6,986	(1,022)	1924	2018
CTR Partnership, L.P.	Oakview Heights Nursing & Rehabilitation Center	Mt. Carmel, IL	—	298	8,393	—	298	8,393	8,691	(1,405)	2004	2019
Gulf Coast Buyer 1 LLC	Spring Lake Skilled Nursing and Rehabilitation	Shreveport, LA	—	3,217	21,195	2,729	3,217	23,924	27,141	(4,136)	2008	2019
Gulf Coast Buyer 1 LLC	The Village at Heritage Oaks	Corsicana, TX	—	143	11,429	462	143	11,891	12,034	(1,974)	2007	2019
CTR Partnership, L.P.	City Creek Post-Acute and Assisted Living	Sacramento, CA	—	3,980	10,106	1,488	3,980	11,594	15,574	(1,913)	1990	2019

Northshore Healthcare Holdings LLC	San Juan Capistrano Senior Living	San Juan Capistrano, CA	—	11,176	25,298	350	11,176	25,648	36,824	(2,615)	1999	2021
Northshore Healthcare Holdings LLC	Camarillo Senior Living	Camarillo, CA	—	7,516	30,552	—	7,516	30,552	38,068	(3,014)	2000	2021
Northshore Healthcare Holdings LLC	Bayshire Carlsbad	Carlsbad, CA	—	7,398	19,714	—	7,398	19,714	27,112	(1,973)	1999	2021
Northshore Healthcare Holdings LLC	Bayshire Rancho Mirage	Rancho Mirage, CA	—	4,024	16,790	—	4,024	16,790	20,814	(1,715)	2000	2021
CTR Partnership, L.P.	Imboden Creek Living Center	Decatur, IL	—	131	12,499	91	131	12,590	12,721	(999)	2003	2022
4075 54th Street, LLC	Jacob Healthcare Center	San Diego , CA	—	4,949	20,227	—	4,949	20,227	25,176	(835)	1994	2023
1740 San Dimas, LLC	Bayshire San Dimas	San Dimas, CA	—	9,592	5,936	—	9,592	5,936	15,528	(136)	1999	2024
17803 Imperial Hwy, LLC	Bayshire Yorba Linda	Yorba Linda, CA	—	6,493	6,025	—	6,493	6,025	12,518	(126)	1999	2024
CTR Partnership, L.P.	North Houston Transitional Care	Houston, TX	—	2,419	14,525	—	2,419	14,525	16,944	(332)	2022	2024
CTR Partnership, L.P.	Bayshire Torrey Pines	San Diego, CA	—	19,009	13,079	—	19,009	13,079	32,088	(270)	1999	2024
CTR Partnership, L.P.	Ridgeway Rehab Center & Ridgeway Village Assisted Living	Catonsville, MD	—	1,622	10,421	—	1,622	10,421	12,043	(84)	2023	2024
			—	98,295	335,453	9,918	98,295	345,371	443,666	(55,298)
Assisted and Independent Living Properties:
Avenue N Holdings LLC	Cambridge ALF	Rosenburg, TX	—	124	2,301	392	124	2,693	2,817	(1,690)	2007	2006
Moenium Holdings LLC	Grand Court	Mesa, AZ	—	1,893	5,268	1,210	1,893	6,478	8,371	(4,292)	1986	2007
Lafayette Health Holdings LLC	Chateau Des Mons	Englewood, CO	—	420	1,160	189	420	1,349	1,769	(581)	2011	2009
Expo Park Health Holdings LLC	Canterbury Gardens	Aurora, CO	—	570	1,692	248	570	1,940	2,510	(1,182)	1986	2010
Wisteria Health Holdings LLC	Wisteria IND	Abilene, TX	—	244	3,241	81	244	3,322	3,566	(2,229)	2008	2011
Everglades Health Holdings LLC	Lexington	Ventura, CA	—	1,542	4,012	113	1,542	4,125	5,667	(1,221)	1990	2011
Flamingo Health Holdings LLC	Desert Springs ALF	Las Vegas, NV	—	908	4,767	281	908	5,048	5,956	(3,509)	1986	2011
18th Place Health Holdings LLC	Rose Court	Phoenix, AZ	—	1,011	2,053	490	1,011	2,543	3,554	(1,321)	1974	2011
Boardwalk Health Holdings LLC	Park Place	Reno, NV	—	367	1,633	52	367	1,685	2,052	(732)	1993	2012
Willows Health Holdings LLC	Cascade Plaza	Redmond, WA	—	2,835	3,784	395	2,835	4,179	7,014	(1,792)	2013	2013
Lockwood Health Holdings LLC	Santa Maria	Santa Maria, CA	—	1,792	2,253	585	1,792	2,838	4,630	(1,834)	1967	2013


Saratoga Health Holdings LLC	Lake Ridge	Orem, UT	—	444		2,265		176		444		2,441		2,885		(681)		1995	2013
Sky Holdings AZ LLC	Desert Sky Assisted Living	Glendale, AZ	—	61		304		372		61		676		737		(566)		2004	2002
Lemon River Holdings LLC	The Grove Assisted Living	Riverside, CA	—	342		802		3,360		342		4,162		4,504		(3,623)		2012	2009
Mission CCRC LLC	St. Joseph's Villa IND	Salt Lake City, UT	—	411		2,312		258		411		2,570		2,981		(2,111)		1994	2011
CTR Partnership, L.P.	Prelude Cottages of Woodbury	Woodbury, MN	—	430		6,714		289		430		7,003		7,433		(1,733)		2011	2014






CTR Partnership, L.P.	Lamplight Inn of Baltimore	Baltimore, MD	—	—		3,697		733		—		—		—		—		2014	2016


CTR Partnership, L.P.	Croatan Village	New Bern, NC	—	312		6,919		155		129		2,946		3,075		(30)		2010	2016
CTR Partnership, L.P.	Countryside Village	Pikeville, NC	—	131		4,157		—		52		1,674		1,726		(17)		2011	2016




CTR Partnership, L.P.	Arbor Place	Lodi, CA	—	392		3,605		59		392		3,664		4,056		(759)		1984	2016
CTR Partnership, L.P.	Applewood of Brookfield	Brookfield, WI	—	493		14,002		105		243		6,091		6,334		(357)		2013	2017
CTR Partnership, L.P.	Applewood of New Berlin	New Berlin, WI	—	356		10,812		139		190		5,172		5,362		(295)		2016	2017

CTR Partnership, L.P.	Memory Care Cottages in White Bear Lake	White Bear Lake, MN	—	1,611		5,633		—		1,611		5,633		7,244		(1,056)		2016	2017



CTR Partnership, L.P.	Vista Del Lago	Escondido, CA	—	4,362		7,997		—		4,362		7,997		12,359		(1,117)		2015	2019
CTR Partnership, L.P.	Inn at Barton Creek	Bountiful, UT	—	2,480		4,804		15		2,480		4,819		7,299		(640)		1999	2020


CTR Partnership, L.P.	Chapters Living of Northwest Chicago	Bartlett , IL	—	1,964		5,650		—		1,964		5,650		7,614		(265)		2017	2023
CTR Partnership, L.P.	Chapters Living of Elmhurst	Elmhurst , IL	—	2,852		7,348		—		2,852		7,348		10,200		(339)		2017	2023
CTR Partnership, L.P.	The Ridge at Lansing	Lansing , MI	—	888		9,871		—		888		9,871		10,759		(443)		2018	2023
CTR Partnership, L.P.	The Ridge at Beavercreek	Beavercreek , OH	—	1,165		8,616		—		1,165		8,616		9,781		(381)		2018	2023
2985 N. G. Street PropCo, LLC	Villas at San Bernardino	San Bernardino, CA	—	1,631		9,263		—		1,631		9,263		10,894		(238)		2003	2024
CTR Partnership, L.P.	South Mountain	Boonsboro, MD	—	1,205		508		—		1,205		508		1,713		—		2022	2024
			—	33,236		147,443		9,697		32,558		132,304		164,862		(35,034)
			—	$	369,335	$	2,120,116	$	123,394	$	367,044	$	2,220,287	$	2,587,331	$	(390,218)

(1) The aggregate cost of real estate for federal income tax purposes was $2.6 billion.


	Year Ended December 31,
Real estate:	2024		2023		2022
Balance at the beginning of the period	$	1,899,290	$	1,721,871	$	1,873,806
Acquisitions	793,733		233,876		21,252
Improvements	6,514		8,878		5,896

Impairment	(4,430)		(10,078)		(29,803)
Sales and/or transfers to assets held for sale, net	(107,776)		(55,257)		(149,280)
Balance at the end of the period	$	2,587,331	$	1,899,290	$	1,721,871
Accumulated depreciation:
Balance at the beginning of the period	$	(350,732)	$	(315,914)	$	(304,785)
Depreciation expense	(50,896)		(45,275)		(42,131)
Impairment	906		2,076		10,232
Sales and/or transfers to assets held for sale, net	10,504		8,381		20,770
Balance at the end of the period	$	(390,218)	$	(350,732)	$	(315,914)

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate


Description	Contractual Interest Rate			Maturity Date	Periodic Payment Terms	Prior Liens			Principal Balance		Book Value (1)		Carrying Amount of Loans Subject to Delinquent Principal or Interest

Mortgage Secured Loans:
Multiple (21 SNF, 15 ALF, 1 ILF)	8.4	%		2029	(3)	$	—		$	260,000	$	262,888	N/A
North Carolina (5 SNF, 3 SNF Campus)	9.2	%	(2)	2029	(3)	—			165,000		169,974		N/A
West Virginia (17 SNF, 1 SNF Campus)	8.4	%		2027	(3)	482,000		(4)	75,000		71,804		N/A
Georgia (4 SNF)	9.0	%	(2)	2025	(3)	80,575		(5)	29,600		28,825		N/A
Tennessee (2 SNF)	9.1	%		2031	(3)	—			26,675		27,339		N/A
California (1 SNF, 1 ALF & 1 ILF)	9.0	%		2033	(3)	—			25,993		24,800		N/A
Maryland (1 SNF)	9.4	%		2039	(3)	—			19,190		17,769		N/A
Florida (2 SNF)	9.0	%		2028	(3)	—			15,727		15,621		N/A
Washington (1 SNF)	8.5	%		2034	(3)	—			11,250		11,263		N/A
Colorado (1 SNF )	8.5	%		2034	(3)	—			9,800		9,940		N/A
California (3 SNF)	10.3	%	(2)	2025	(3)	24,825		(5)	7,301		7,245		N/A
California (1 ALF)	9.9	%		2026	(3)	—			6,300		6,409		N/A
California (4 SNF)	12.0	%		2026	(3)	38,330		(6)	3,564		3,491		N/A
Indiana (1 ALF)	9.0	%		2025	(3)	—			2,000		2,016		N/A
Florida (1 ALF)	9.0	%		2027	(3)	—			1,000		1,008		N/A
Mezzanine Loans:
Virginia (15 SNF)	14.0	%		2027	(3)	270,000			35,000		35,422		N/A
West Virginia (17 SNF, 1 SNF Campus)	11.0	%	(2)	2032	(3)	557,000		(4)	25,000		22,690		N/A
Missouri (6 SNF, 2 Campus, 2 ALF)	14.0	%	(2)	2027	(3)	100,200			9,800		9,918		N/A
California (2 SNF)	11.5	%		2029	(3)	13,597			7,365		7,438		N/A
Maryland (1 SNF Campus)	13.0	%		2034	(3)	15,276			5,122		5,144		N/A
						$	1,581,803		$	740,687	$	741,004

(1)The aggregate cost for federal income tax purposes was $740.7 million as of December 31, 2024.

(2)Interest rates are variable and represent the rate in effect as of December 31, 2024.

(3)Interest is due monthly, and principal is due at the maturity date.

(4)The secured term loan was structured with an “A” tranche, a “B” tranche, and a “C” tranche, with the “C” tranche being the most subordinate. The Company’s loan constituted the entirety of the “C” tranche. The Company also extended a mezzanine loan to the borrower group. Accordingly, the amounts of the prior liens at December 31, 2024 are estimated.

(5)The secured term loan was structured with an “A” and a “B” tranche, with the “B” tranche being subordinate to the “A” tranche pursuant to the terms of a written agreement between the lenders. The Company’s loan constituted the entirety of the “B” tranche. Accordingly, the amounts of the prior liens at December 31, 2024 are estimated.

(6)The first mortgage loans on these properties are not held by the Company. Accordingly, the amounts of the prior liens at December 31, 2024 are estimated.

Changes in mortgage secured and mezzanine loans are summarized as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022

Balance at beginning of period	$	178,568	$	156,368	$	15,155
Additions during period:

New mortgage and mezzanine loans	555,203		53,834		147,150
Interest income added to principal	2,600		388		1,165
Deductions during period:
Paydowns/Repayments	(4,412)		(25,537)		—
Unrealized gain (loss), net	9,045		(6,485)		(7,102)
Balance at end of period	$	741,004	$	178,568	$	156,368

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 125,080	$ 53,735	$ (7,506)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We have implemented several cybersecurity processes and controls to aid in our efforts to assess, identify, and manage material risks from cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. We have engaged a third-party cybersecurity firm who serves as our dedicated information technology (IT) and cybersecurity team and helps us oversee, implement and manage these processes and controls. To identify and assess material risks from cybersecurity threats, we consider cybersecurity threat risks individually and alongside other company risks as part of our overall risk assessment process. Management determines and prioritizes appropriate risk responses for each identified enterprise risk. In doing so, management coordinates with relevant subject matter specialists as appropriate for each relevant risk area, including our third-party IT and cybersecurity team with respect to information technology and security risks. Management is accountable for our day to day risk management activities. With the assistance of our third-party IT and cybersecurity team, we employ a range of tools and services, including a governance, risk and compliance platform, to inform our managements’ risk identification and assessment relating to our technology program. With this platform, we map our cybersecurity and risk management program to the Center for Internet Security (“CIS”) framework. Processes and controls we have implemented with the assistance of our third-party IT and cybersecurity team to assess, identify, manage and protect against material risks from cybersecurity threats include the following: •perform 24/7 security monitoring through an automated detection software managed by our third party cybersecurity firm; •conduct annual cybersecurity management and incident training for employees involved in our systems and processes that handle sensitive data; •conduct regular phishing email training for all employees with access to corporate email and other systems to enhance awareness and responsiveness to such possible threats; •leverage the CIS Controls incident handling framework to help us identify, protect, detect, respond, and recover when there is an actual or potential cybersecurity incident. At least annually, our third-party IT and cybersecurity firm conducts a cybersecurity risk assessment. We periodically review reporting on these risks and our cybersecurity threats, the status of our security infrastructure, our risk management activities and the status of, and our responses to, any cybersecurity incidents. Through our incident response policy, we have designated an incident response team composed of representatives of management and other employees as well as representatives from our outsourced cybersecurity firm that has responsibility for overseeing cybersecurity incidents. Led by management, our third-party IT and cybersecurity team is responsible for the day-to-day investigation of and response to potential information security-related incidents. Pursuant to our incident response policy, incidents meeting specified severity levels are required to be escalated to the incident response team for review and response. The goal of the policy is to prevent, detect and react to information security incidents, determine their scope and risk, respond appropriately to the incident, communicate the results and risk to relevant stakeholders, and reduce the likelihood of the incident from reoccurring. Pursuant to our incident response policy, if we are notified of a cybersecurity incident impacting a third-party service provider that affects our information systems or data, we will respond on the same basis as any other incident. We are implementing a business use case review process and vendor risk assessment for all third-party service providers that will access or implicate our materially significant technology or data. If we deem the cybersecurity risk of a particular service provider too great, such service provider will not be approved or access will be terminated. Based on information known to us, we do not believe any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. We can give no assurance that we have detected or protected against all cybersecurity threats or incidents. Please refer to “Cybersecurity incidents or other damage to the information systems and technology of us or our tenants could harm our business” and “If we or our tenants fail to adhere to applicable privacy and data security laws, this could have a material adverse effect on us or on our tenants’ ability to meet their obligations to us” included “Item 1A, Risk Factors” of this Annual Report on Form 10-K for additional information about material risks related to cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented several cybersecurity processes and controls to aid in our efforts to assess, identify, and manage material risks from cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our audit committee is responsible for overseeing our overall risk assessment and risk management program as well as our policies and practices related to our information technology systems, information security and cybersecurity risks. The audit committee reviews at least annually our enterprise risks and related risk management program. In addition, on a quarterly basis, the audit committee receives a report from management on our cybersecurity threat risk management and strategic processes covering topics such as cybersecurity incidents and any remedial actions, if needed, data security posture, the results of third-party risk assessments as well as our cybersecurity risk management processes and strategies. Outside of quarterly presentations, the chair of the audit committee would be notified following any cybersecurity incident meeting specified severity levels, and the audit committee would also be expected to review management’s materiality assessment regarding any cybersecurity incident requiring disclosure to the Securities and Exchange Commission. Through their participation in meetings of the audit committee, other members of the Board are also kept apprised of material risks from cybersecurity threats and our related risk management activities.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	As described above, we have engaged a third-party IT and cybersecurity firm to whom we have outsourced primary responsibility to oversee, implement and manage our processes and controls to assess, identify, and manage material risks from cybersecurity threats. Members of this dedicated third-party IT and cybersecurity team include a virtual chief information security officer (vCISO) who is responsible for the overall development and implementation of our cybersecurity strategy and responses as well as individuals having the position of cybersecurity analyst, cybersecurity engineer, and director of information security. Our management, including our Chief Executive Officer, oversees the work of our third-party IT and cybersecurity team and regularly communicates with members of the team.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management is accountable for our day to day risk management activities. With the assistance of our third-party IT and cybersecurity team, we employ a range of tools and services, including a governance, risk and compliance platform, to inform our managements’ risk identification and assessment relating to our technology program. With this platform, we map our cybersecurity and risk management program to the Center for Internet Security (“CIS”) framework. Processes and controls we have implemented with the assistance of our third-party IT and cybersecurity team to assess, identify, manage and protect against material risks from cybersecurity threats include the following: •perform 24/7 security monitoring through an automated detection software managed by our third party cybersecurity firm; •conduct annual cybersecurity management and incident training for employees involved in our systems and processes that handle sensitive data; •conduct regular phishing email training for all employees with access to corporate email and other systems to enhance awareness and responsiveness to such possible threats; •leverage the CIS Controls incident handling framework to help us identify, protect, detect, respond, and recover when there is an actual or potential cybersecurity incident.
Cybersecurity Risk Role of Management [Text Block]	Management determines and prioritizes appropriate risk responses for each identified enterprise risk. In doing so, management coordinates with relevant subject matter specialists as appropriate for each relevant risk area, including our third-party IT and cybersecurity team with respect to information technology and security risks. Management is accountable for our day to day risk management activities. With the assistance of our third-party IT and cybersecurity team, we employ a range of tools and services, including a governance, risk and compliance platform, to inform our managements’ risk identification and assessment relating to our technology program. With this platform, we map our cybersecurity and risk management program to the Center for Internet Security (“CIS”) framework. Processes and controls we have implemented with the assistance of our third-party IT and cybersecurity team to assess, identify, manage and protect against material risks from cybersecurity threats include the following: •perform 24/7 security monitoring through an automated detection software managed by our third party cybersecurity firm; •conduct annual cybersecurity management and incident training for employees involved in our systems and processes that handle sensitive data; •conduct regular phishing email training for all employees with access to corporate email and other systems to enhance awareness and responsiveness to such possible threats; •leverage the CIS Controls incident handling framework to help us identify, protect, detect, respond, and recover when there is an actual or potential cybersecurity incident. At least annually, our third-party IT and cybersecurity firm conducts a cybersecurity risk assessment. We periodically review reporting on these risks and our cybersecurity threats, the status of our security infrastructure, our risk management activities and the status of, and our responses to, any cybersecurity incidents. Through our incident response policy, we have designated an incident response team composed of representatives of management and other employees as well as representatives from our outsourced cybersecurity firm that has responsibility for overseeing cybersecurity incidents. Led by management, our third-party IT and cybersecurity team is responsible for the day-to-day investigation of and response to potential information security-related incidents. Pursuant to our incident response policy, incidents meeting specified severity levels are required to be escalated to the incident response team for review and response. The goal of the policy is to prevent, detect and react to information security incidents, determine their scope and risk, respond appropriately to the incident, communicate the results and risk to relevant stakeholders, and reduce the likelihood of the incident from reoccurring. Pursuant to our incident response policy, if we are notified of a cybersecurity incident impacting a third-party service provider that affects our information systems or data, we will respond on the same basis as any other incident. We are implementing a business use case review process and vendor risk assessment for all third-party service providers that will access or implicate our materially significant technology or data. If we deem the cybersecurity risk of a particular service provider too great, such service provider will not be approved or access will be terminated.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Members of this dedicated third-party IT and cybersecurity team include a virtual chief information security officer (vCISO) who is responsible for the overall development and implementation of our cybersecurity strategy and responses as well as individuals having the position of cybersecurity analyst, cybersecurity engineer, and director of information security. Our management, including our Chief Executive Officer, oversees the work of our third-party IT and cybersecurity team and regularly communicates with members of the team. Through the policies and controls described above, including our incident response policy, representatives of the third-party IT and cybersecurity team as well as members of our management, including our Chief Executive Officer, are informed about cybersecurity threats and incidents affecting our information systems and direct our efforts to prevent, detect, mitigate and remediate cybersecurity threats and incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The representatives of our third-party IT and cybersecurity team who lead our cybersecurity risk management and risk assessment process have collectively over 30 years of prior work experience in various roles managing information systems, developing cybersecurity strategy, implementing information security and cybersecurity programs, identifying and assessing cybersecurity risks and establishing incident response plans.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The audit committee reviews at least annually our enterprise risks and related risk management program. In addition, on a quarterly basis, the audit committee receives a report from management on our cybersecurity threat risk management and strategic processes covering topics such as cybersecurity incidents and any remedial actions, if needed, data security posture, the results of third-party risk assessments as well as our cybersecurity risk management processes and strategies. Outside of quarterly presentations, the chair of the audit committee would be notified following any cybersecurity incident meeting specified severity levels, and the audit committee would also be expected to review management’s materiality assessment regarding any cybersecurity incident requiring disclosure to the Securities and Exchange Commission. Through their participation in meetings of the audit committee, other members of the Board are also kept apprised of material risks from cybersecurity threats and our related risk management activities.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation—The accompanying consolidated financial statements of the Company reflect, for all periods presented, the historical financial position, results of operations and cash flows of the Company prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Consolidation—The accompanying consolidated financial statements include the accounts of CareTrust REIT, its wholly-owned subsidiaries, and variable interest entities (“VIEs”) over which the Company exercises control. All intercompany transactions and account balances within the Company have been eliminated, and net earnings are reduced by the portion of net earnings attributable to noncontrolling interests.
Variable Interest Entities	Variable Interest Entities—The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. The Company’s consideration of various factors include, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity. For any investment in a joint venture that is not considered to be a VIE, the Company would evaluate the type of ownership rights held by limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed. See Note 12, Variable Interest Entities, for additional information.
Noncontrolling Interests	Noncontrolling Interests—The Company presents the portion of any equity that the Company does not own in entities that the Company controls (and thus consolidates) as noncontrolling interests and classifies those interests as a component of consolidated equity, separate from stockholders' equity, on the Company’s consolidated balance sheets. For consolidated joint ventures, the Company allocates net income or loss utilizing the hypothetical liquidation at book value method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of the joint venture partners at period end after adjusting for any distributions or contributions made during such period. The Company includes net income (loss) attributable to the noncontrolling interests in net income (loss) in the consolidated statements of operations.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interest —One of the Company’s noncontrolling interest holders has the ability to put its equity interests to the Company during specified option exercise periods, subject to certain conditions. The put option is payable in cash and subject to changes in redemption value. Accordingly, the Company records the redeemable noncontrolling interest outside of permanent equity. The redeemable noncontrolling interest was initially measured at fair value on the date of issuance and is adjusted for additional contributions and distributions and the proportionate share of the net earnings or losses. When the redemption of the noncontrolling interest becomes probable, the Company will record the redeemable noncontrolling interest at the greater of its carrying amount or redemption value at the end of each reporting period by making an election either to accrete changes in the redemption value of the redeemable noncontrolling interest over the period from the date it is probable of exercise to the earliest redemption date or to recognize the entire adjustment on the date redemption becomes probable. Redeemable noncontrolling interest adjustments of carrying value to redemption value are reflected in additional paid-in-capital on the Company’s consolidated balance sheets. The adjustment of carrying value to the redemption value that reflects a redemption in excess of fair value is included as an adjustment to net income available to the Company’s stockholders in the calculation of earnings per share.
Lessor Accounting	Lessor Accounting—The Company recognizes lease revenue in accordance with Accounting Standards Codification (“ASC”) 842, Leases. The Company’s lease agreements typically contain annual escalators based on the percentage change in the Consumer Price Index which are accounted for as variable lease payments in the period in which the change occurs. For lease agreements that contain fixed rent escalators, the Company generally recognizes lease revenue on a straight-line basis of accounting. The Company generates revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under which the tenant is solely responsible for the costs related to the property. Tenant reimbursements related to property taxes and insurance paid by the lessee directly to a third party on behalf of a lessor are required to be excluded from variable payments and from recognition in the lessor’s statements of operations. Otherwise, tenant recoveries for taxes and insurance are classified as additional rental revenues recognized by the lessor on a gross basis in its statements of operations. As part of the Company’s acquisitions and/or amendments, the Company may commit to provide incentive payments to its lessees. During the year ended December 31, 2024, the Company funded $2.9 million in lease incentives. Lease incentives are amortized over the initial term of the respective lease as an adjustment to rental revenue. Lease incentives are included in prepaid expenses and other assets, net on the Company’s consolidated balance sheets. The Company’s assessment of collectibility of its tenant receivables includes a binary assessment of whether or not substantially all of the amounts due under a tenant’s lease agreement are probable of collection. The Company considers the operator’s performance and anticipated trends, payment history, and the existence and creditworthiness of guarantees, among other factors, in making this determination. For such leases that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term, if applicable. For such leases that are deemed not probable of collection, revenue is recorded as the lesser of (i) the amount which would be recognized on a straight-line basis or (ii) cash that has been received from the tenant, with any tenant and deferred rent receivable balances charged as a direct write-off against rental income in the period of the change in the collectibility determination. Such write-offs and recoveries are recorded as decreases or increases through rental income on the Company’s consolidated statements of operations. For the years ended December 31, 2024 and 2023, the Company did not record any recovery adjustments or write-off adjustments to rental income. For the year ended December 31, 2022, the Company did not record any recovery adjustments and wrote-off $1.4 million of rental income. See Note 3, Real Estate Investments, Net for further detail.
Interest Income	Interest Income—Interest income is recognized as earned over the term of the related other real estate related investment under the effective interest method, or on a straight-line basis if not materially different from the effective interest method. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected. When concerns exist as to the ultimate collection of principal or interest due under a loan, the loan is placed on non-accrual status, and the Company will not recognize interest income until the cash is received, or the loan returns to accrual status. If the Company determines that the collection of interest according to the contractual terms of the loan is probable, the Company will resume the accrual of interest.
Estimates and Assumptions	Estimates and Assumptions—The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes that the assumptions and estimates used in preparation of the underlying consolidated financial statements are reasonable. Actual results, however, could differ from those estimates and assumptions.
Real Estate Acquisition Valuation	Real Estate Acquisition Valuation— In accordance with ASC 805, Business Combinations, the Company’s acquisitions of real estate investments generally do not meet the definition of a business, and are treated as asset acquisitions. The assets acquired and liabilities assumed are measured at their acquisition date relative fair values. Acquisition costs are capitalized as incurred. The Company allocates the acquisition costs to the tangible assets, identifiable intangible assets/liabilities and assumed liabilities on a relative fair value basis. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company recognizes acquired “above or below market” leases at their fair value (for asset acquisitions) using discount rates which reflect the risks associated with the leases acquired. The fair value is based on the present value of the difference between (i) the contractual amounts due pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, generally measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with renewal options that are reasonably certain to be exercised for below market leases. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal, and other related costs.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets—At each reporting period, the Company evaluates its real estate investments held for use for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The judgment regarding the existence of impairment indicators, used to determine if an impairment assessment is necessary, is based on factors such as, but not limited to, market conditions, operator performance and legal structure. If indicators of impairment are present, the Company evaluates the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying facilities. The most significant inputs to the undiscounted cash flows include, but are not limited to, historical and projected facility level financial results, a lease coverage ratio, the intended hold period by the Company, and a terminal capitalization rate. The analysis is also significantly impacted by determining the lowest level of cash flows, which generally would be at the master lease level of cash flows. Provisions for impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows are determined to be less than the carrying values of the assets. The impairment is measured as the excess of carrying value over fair value. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. The Company classifies its real estate investments as held for sale when the applicable criteria have been met, which includes a formal plan to sell the properties that is expected to be completed within one year, among other criteria. Upon designation as held for sale, the Company writes down the excess of the carrying value over the estimated fair value less costs to sell, resulting in an impairment of the real estate investments, if necessary, and ceases depreciation. In the event of impairment, the fair value of the real estate investment is based on current market conditions and considers matters such as the forecasted operating cash flows, lease coverage ratios, capitalization rates, comparable sales data, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a real estate investment previously classified as held for sale or otherwise no longer meets the held for sale criteria, the respective assets are reclassified as real estate investments held for use. A real estate investment that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the real estate investment was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the real estate investment been continuously classified as held for use, or (b) the fair value at the date of the decision not to sell or change in circumstances that led to the real estate investment no longer meeting the criteria of held for sale. The Company’s ability to accurately estimate future cash flows and estimate and allocate fair values impacts the timing and recognition of impairments. While the Company believes its assumptions are reasonable, changes in these assumptions may have a material impact on financial results.
Financing Receivable	Financing Receivable—The Company may from time to time enter into a contract to acquire an asset and lease it back to the seller in a sale and leaseback transaction. In accordance with ASC 842, Leases, the Company is required to determine whether the transaction qualifies as a sale with control of the asset being transferred to the Company. A failed sale and leaseback transaction is accounted for as a financing receivable in accordance with ASC 310, Receivables. If control of the asset subsequently is deemed to have transferred to the Company, the financing receivable would be reclassified as real estate investments. No gain or loss would be recognized, and the related assets and liabilities would be recorded at their relative fair values on the date control is transferred. One of the Company’s investments is accounted for as a financing receivable within the Company’s consolidated balance sheets, since control of the underlying assets did not transfer to the Company due to the existence of options for the seller-lessee to repurchase the real estate assets, which generally preclude accounting for the transfer of real estate assets as a sale. The Company elected the fair value option for the financing receivable, and thereby, acquisition costs incurred in connection with entering into the financing receivable were expensed and recorded in transaction costs in the consolidated statements of operations. Instruments for which the fair value option has been elected are measured at fair value on a recurring basis with changes in fair value recognized in other income (loss) on the consolidated statements of operations. Fair value was estimated using an internal valuation model that considered expected future cash flows of the investment, market interest rates, and the underlying collateral value. Interest income from financing receivable on the Company’s consolidated statements of operations is recognized under the effective interest method.
Other Real Estate Related Investments	Other Real Estate Related Investments—Included in other real estate related investments on the Company’s consolidated balance sheets at December 31, 2024, are three preferred equity investments, 15 real estate secured loans receivable and five mezzanine loans receivable. The Company elected the fair value option for all secured and mezzanine loans receivable. Instruments for which the fair value option has been elected are measured at fair value on a recurring basis with changes in fair value recognized in other income (loss) on the consolidated statements of operations. Fair value was estimated using an internal valuation model that considered the expected future cash flows of the investment, the underlying collateral value, market interest rates and other credit enhancements. The Company elected the practical expedient not to record the preferred equity investments at fair value as the fair value is not readily determinable. The preferred equity investments are accounted for at unpaid principal balance, plus accrued return, net of reserves. The Company recognizes return income on a monthly basis based on the outstanding investment including any accrued and unpaid return, to the extent there is outside contributed equity or cumulative earnings from operations. As the preferred member of the joint venture, the Company is not entitled to share in the joint venture’s earnings or losses. Rather, the Company is entitled to receive a preferred return, which is deferred if the cash flow of the joint venture is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return is added to the balance of the preferred equity investment up to the estimated economic outcome assuming a hypothetical liquidation of the book value of the joint venture. Any unpaid accrued preferred return, whether recorded or unrecorded by the Company, will be repaid upon redemption or as available cash flow is distributed from the joint venture.
Prepaid expenses and other assets	Prepaid expenses and other assets—Prepaid expenses and other assets consist of prepaid expenses, deposits, pre-acquisition costs and other loans receivable. During the year ended December 31, 2024, the Company determined that the remaining contractual obligations under one other loan receivable was not collectible and recorded a 4.9 million expected credit loss. During the year ended December 31, 2022, the Company determined that the remaining contractual obligations under two other loans receivable were not collectible and recorded a $4.6 million expected credit loss, net of a loan loss recovery of $0.8 million related to a loan previously written-off. The Company did not record an expected credit loss or recovery during the year ended December 31, 2023. Expected credit losses and recoveries are recorded in provision for loan losses, net in the consolidated statements of operations. The Company’s other loans receivable are reflected at amortized cost, net of an allowance for credit loss, on the accompanying consolidated balance sheets. The amortized cost of a loan receivable is the outstanding unpaid principal balance, net of unamortized discounts, costs and fees directly associated with the origination of the loan.
Income Taxes	Income Taxes—The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company believes it has been organized and has operated, and the Company intends to continue to operate, in a manner to qualify for taxation as a REIT under the Code. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute to its stockholders at least 90% of the Company’s annual REIT taxable income (computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes as qualifying dividends all of its REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions.
Real Estate Depreciation and Amortization	Real Estate Depreciation and Amortization—Real estate costs related to the acquisition and improvement of properties are capitalized and amortized over the expected useful life of the asset on a straight-line basis. Repair and maintenance costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Expenditures for tenant improvements are capitalized and amortized over the shorter of the tenant’s lease term or expected useful life.
Cash and Cash Equivalents	Cash and Cash Equivalents—Cash and cash equivalents consist of bank term deposits and money market funds with original maturities of three months or less at time of purchase and therefore approximate fair value. The fair value of these investments is determined based on “Level 1” inputs, which consist of unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company’s cash and cash equivalents balance periodically exceeds federally insurable limits. The Company monitors the cash balances in its operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts.
Deferred Financing Costs	Deferred Financing Costs—External costs incurred from placement of the Company’s debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings, which approximates the effective interest method. For senior unsecured notes payable and the senior unsecured term loan, deferred financing costs are netted against the outstanding debt amounts on the consolidated balance sheets. For the unsecured revolving credit facility, deferred financing costs are included in assets on the Company’s consolidated balance sheets. Amortization of deferred financing costs is classified as interest expense in the consolidated statements of operations. Accumulated amortization of deferred financing costs was $3.3 million and $4.8 million at December 31, 2024 and 2023, respectively. When financings are terminated, unamortized deferred financing costs, as well as charges incurred for the termination, are expensed at the time the termination is made. Gains and losses from the extinguishment of debt are presented within other income (loss) in the Company’s consolidated statements of operations.
Stock-Based Compensation	Stock-Based Compensation—The Company accounts for share-based payment awards in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”). ASC 718 requires all entities to apply a fair value-based measurement method in accounting for share-based payment transactions with directors, officers and employees. The Company measures and recognizes compensation expense for all share-based payment awards made to directors, officers and employees based on the grant date fair value, amortized over the requisite service period of the award. Compensation expense for awards with performance-based vesting conditions is recognized based upon the probability that the performance target will be met. Compensation expense for awards with market-based vesting conditions is recognized based upon the estimated number of awards to be earned and is recognized provided that the requisite service is rendered, regardless of when, if ever, the market condition is satisfied. Forfeitures of stock-based awards are recognized as they occur.
Concentration of Credit Risk	Concentration of Credit Risk—The Company is subject to concentrations of credit risk consisting primarily of contractual obligations of operators and borrowers under its lease and lending agreements. See Note 14, Concentration of Risk, for a discussion of major operator concentration.
Segment Disclosures	Segment Disclosures —The Company is subject to disclosures about segments of an enterprise and related information in accordance with ASC 280, Segment Reporting. The Company has one reportable segment consisting of investments in healthcare-related real estate assets. See Note 11, Segment Reporting, for additional information.
Earnings Per Share	Earnings Per Share—The Company calculates earnings per share (“EPS”) in accordance with ASC 260, Earnings Per Share. Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution for all potentially-dilutive securities. See Note 10, Earnings (Loss) Per Common Share, for additional information.
Beds, Units, Occupancy and Other Measures	Beds, Units, Occupancy and Other Measures—Beds, units, occupancy and other non-financial measures used to describe real estate investments included in these Notes to the consolidated financial statements are presented on an unaudited basis and are not subject to audit by the independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted—On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and the inclusion of a segment reporting footnote. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 11, Segment Reporting, for further detail. Not Yet Adopted—On November 4, 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosures of income statement expenses for public business entities. The ASU requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is still evaluating its adoption timeline and the impact on its disclosures.
Fair Value Measurements	The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. GAAP guidance defines three levels of inputs that may be used to measure fair value: 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 or liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 – Unobservable inputs reflect the entity’s own assumptions about the 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. Changes in the type of inputs may result in a reclassification for certain assets. The Company does not expect that changes in classifications between levels will be frequent.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Intangible Lease Liabilities

The following table summarizes the Company’s intangible lease liabilities (dollars in thousands):


	December 31, 2024		December 31, 2023
Gross intangible lease liability	$	9,858	$	7,289
Accumulated amortization	(3,269)		(384)
Intangible liabilities, net	$	6,589	$	6,905

Weighted average remaining amortization period in years	1.8		3

Schedule of Estimated Useful Lives of Assets

The Company anticipates the estimated useful lives of its assets by class to be generally as follows:


Building						25-40 years
Building improvements						10-25 years
Tenant improvements						Shorter of lease term or expected useful life
Integral equipment, furniture and fixtures						5 years
Identified intangible assets						Shorter of lease term or expected useful life

REAL ESTATE INVESTMENTS, NET (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Schedule of Investment in Owned Properties Held for Use

The following table summarizes the Company’s investment in owned properties, and properties held in consolidated joint ventures, held for use at December 31, 2024 and 2023 (dollars in thousands):


	December 31, 2024		December 31, 2023
Land	$	367,044	$	279,276
Buildings and improvements	2,220,287		1,620,014
Integral equipment, furniture and fixtures	113,803		100,504
Identified intangible assets	4,388		5,283

Real estate investments	2,705,522		2,005,077
Accumulated depreciation and amortization	(478,782)		(437,958)
Real estate investments, net	$	2,226,740	$	1,567,119

Schedule of Total Future Contractual Minimum Rental Income


Year	Amount
2025	$	273,728
2026	281,304
2027	283,468
2028	281,736
2029	277,286

Thereafter	1,588,781
	$	2,986,303

Schedule of Tenant Purchase Options


Asset Type	Properties	Lease Expiration	Option Period Open Date(1)		Option Type(2)		Current Cash Rent(3)
SNF	1	March 2029	04/1/2022	(4)	A / B	(7)	$	858
SNF	4	November 2034	12/1/2024	(4)	A	(11)	4,079
SNF / Campus	2	October 2032	11/1/2026	(5)	B		3,367		(9)
SNF / Campus	1	May 2034	6/1/2026	(8)	B		1,293		(10)
SNF / Campus	1	May 2034	6/1/2027	(8)	B		1,293		(10)
SNF	1	November 2034	12/1/2027	(4)	A		1,100
SNF	2	November 2039	12/1/2027	(6)	B		3,460		(12)
SNF	2	November 2039	12/1/2028	(6)	B		3,460		(12)
SNF	1	November 2039	12/1/2029	(6)	B		1,615		(13)
SNF	1	November 2039	12/1/2030	(6)	B		1,615		(13)

(1)The Company has not received notice of exercise for the option periods that are currently open, except as described in footnote (11) below.

(2)Option type includes:

A - Fixed base price.

B - Fixed capitalization rate on lease revenue.

(3)Based on annualized cash revenue for contracts in place as of December 31, 2024.

(4)Option window is open until the expiration of the lease term.

(5)Option window is open for six months from the option period open date.

(6)Option window is open for one year from the option period open date.

(7)Purchase option reflects two option types.

(8)Purchase option window is open for nine months from the option period open date.

(9)Purchase option provides for the purchase of two of three facilities. The current cash rent shown is an average of the range of $3.2 million to $3.5 million.

(12)Purchase option provides for the purchase of two of six facilities. The current cash rent shown is an average of the range of $2.4 million to $4.6 million.

(13)Purchase option provides for the purchase of one of six facilities. The current cash rent shown is an average of the range of $0.9 million to $2.3 million.

Schedule of Rental Income

The following table summarizes components of the Company’s rental income (dollars in thousands):


	For the Year Ended December 31,
Rental Income	2024		2023		2022
Contractual rent due(1)	$	225,426	$	198,244	$	188,906
Straight-line rent	(28)		(29)		17
Amortization of lease incentives	(22)		—		—
Amortization of below-market lease intangible	2,885		384		—
Adjustment for collectibility(2)	—		—		(1,417)


Total	$	228,261	$	198,599	$	187,506

Schedule of Real Estate Acquisitions

The following table summarizes the Company’s acquisitions for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):


Type of Property	Purchase Price(1)		Initial Annual Cash Rent(2)		Number of Properties	Number of Beds/Units(3)
December 31, 2024
Skilled nursing(4)(6)	$	712,471	$	65,924	42	4,508
Multi-service campuses(4)	90,639		7,467		5	683
ALF / ILF(4)	12,749		1,022		2	102
Total	$	815,859	$	74,413	49	5,293
December 31, 2023
Skilled nursing(4) (5)	$	169,181	$	13,764	10	1,256
Multi-service campuses(5)	25,276		1,916		1	168
ALF / ILF	39,318		3,495		4	241
Total	$	233,775	$	19,175	15	1,665
December 31, 2022
Skilled nursing	$	8,918	$	815	1	135
Multi-service campuses	13,003		1,235		1	130

Total	$	21,921	$	2,050	2	265

(1)Purchase price includes capitalized acquisition costs.

(2)Initial annual cash rent represents initial cash rent for the first twelve months.

(3)The number of beds/units includes operating beds at acquisition date.

(4)Includes facilities held in consolidated joint ventures. See Note 12, Variable Interest Entities, for additional information.

(5)One acquisition including three SNFs and one multi-service campus provides for annual fixed increases from $6.8 million in year one to $7.6 million in year two and $8.9 million in year three.

(6)Initial annual cash rent for 11 properties does not consider rent abatement of $0.3 million.

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Asset Sales and Held for Sale Reclassifications

The following table summarizes the Company’s dispositions for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):


	Twelve Months Ended December 31,
		2024		2023		2022(1)
Number of facilities		17		5		13
Net sales proceeds(2)		$	17,715	$	18,313	$	57,149
Net carrying value		19,923		16,095		60,918
Net (loss) gain on sale		$	(2,208)	$	2,218	$	(3,769)

The following table summarizes the Company’s assets held for sale activity for the years ended December 31, 2024 and 2023 (dollars in thousands):


	Net Carrying Value		Number of Facilities
December 31, 2022	$	12,291	5
Additions to assets held for sale	47,114		14
Assets sold	(16,095)		(5)
Impairment of real estate held for sale	(28,299)		—

December 31, 2023	15,011		14
Additions to assets held for sale	104,447		15
Assets sold	(19,923)		(17)
Impairment of real estate held for sale	(37,266)		—
Assets reclassified to held for investment	(5,008)		(2)
December 31, 2024	$	57,261	10

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Other Real Estate Related Investments, at Fair Value

As of December 31, 2024 and 2023, the Company’s other real estate related investments, inclusive of accrued interest, consisted of the following (dollars in thousands):


Other Real Estate Related Investments:
	Facility Count and Type										As of December 31, 2024
Loans Receivable, at Fair Value:	SNF	Campus	ALF	ILF	Principal Balance as of December 31, 2024		Fair Value as of December 31, 2024(1)		Fair Value as of December 31, 2023(1)		Weighted Average Contractual Interest Rate(2), (3)		Maturity Date

Mortgage secured loans receivable(4)	62	4	19	2	$	658,400	$	660,392	$	156,769	8.8	%	5/31/2025 - 9/30/2039
Mezzanine loans receivable(4)	40	4	2	—	82,287		80,612		21,799		12.8	%	7/25/2027 - 12/31/2034
Total					$	740,687	$	741,004	$	178,568
											As of December 31, 2024
					Principal Balance as of December 31, 2024		Book Value as of December 31, 2024		Book Value as of December 31, 2023		Weighted Average Contractual Interest Rate		Maturity Date
Preferred Equity					$	53,782	$	54,199	$	1,801	11.1	%	N/A
Total					$	53,782	$	54,199	$	1,801
	Facility Count and Type										As of December 31, 2024
Financing Receivable, at Fair Value:	SNF	Campus	ALF	ILF	Principal Balance as of December 31, 2024		Fair Value as of December 31, 2024(5)		Fair Value as of December 31, 2023		Weighted Average Effective Interest Rate(6)		Maturity Date
Financing Receivable	39	—	5	2	$	95,723	$	96,004	$	—	12.0	%	11/30/2039
Total					$	95,723	$	96,004	$	—

(2)Rates are net of subservicing fee, if applicable.

(4)If the Company also has extended mezzanine financing to an affiliate of the borrower under a mortgage loan receivable, the applicable facility counts are included in both respective totals.

(5)Fair value of financing receivable includes $0.3 million of accrued interest for the year ended December 31, 2024.

Schedule of Other Real Estate Related Investment Activity

The following table summarizes the Company’s other real estate related investments activity for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands):


	For the Year Ended December 31,
	2024		2023		2022
Origination of other real estate related investments	$	607,203	$	53,834	$	147,150
Accrued interest, net	2,998		388		1,165
Unrealized gain (loss) on other real estate related investments, net	9,045		(6,485)		(7,102)
Payments of other real estate related investments	(4,412)		(25,537)		—
Net change in other real estate related investments	$	614,834	$	22,200	$	141,213


							As of December 31, 2024
Investment	Principal Balance as of December 31, 2024		Book Value as of December 31, 2024		Book Value as of December 31, 2023		Weighted Average Contractual Interest Rate		Maturity Date
Other loans receivable	$	21,979	$	22,010	$	17,156	9.0	%	9/30/2025 - 12/31/2027
Expected credit loss	—		(6,994)		(2,094)
Total	$	21,979	$	15,016	$	15,062

Schedule of Loan Receivable Activity

The following table summarizes the Company’s other loans receivable activity for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):


	For the Year Ended December 31,
	2024		2023		2022
Origination of loans receivable	$	4,985	$	8,486	$	14,500
Principal payments	(100)		(988)		(6,307)
Accrued interest, net	(31)		58		(4)
Provision for loan losses, net	(4,900)		—		(3,844)

Net (decrease) increase in other loans receivable	$	(46)	$	7,556	$	4,345

Schedule of Interest and Other Income


	For the Year Ended December 31,
Investment	2024		2023		2022
Mortgage secured loans receivable	$	35,972	$	13,329	$	4,853
Mezzanine loans receivable	9,456		3,683		3,489
Preferred equity investments	2,826		18		—
Other loans receivable	1,227		847		284
Financing receivable	1,009		—		—
Other(1)	17,535		1,294		—
Total	$	68,025	$	19,171	$	8,626

(1)Other income is comprised primarily of interest income on money market funds.

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Items Measured at Fair Value on a Recurring Basis


	Level 1		Level 2		Level 3		Balance as of December 31, 2024
Assets:
Mortgage secured loans receivable	$	—	$	—	$	660,392	$	660,392
Mezzanine loan receivable	—		—		80,612		80,612
Financing receivable	—		—		96,004		96,004
Total	$	—	$	—	$	837,008	$	837,008

	Level 1		Level 2		Level 3		Balance as of December 31, 2023
Assets:
Mortgage secured loans receivable	$	—	$	—	$	156,769	$	156,769
Mezzanine loans receivable	—		—		21,799		21,799
Total	$	—	$	—	$	178,568	$	178,568

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table details the Company’s assets measured at fair value on a recurring basis using Level 3 inputs (dollars in thousands):


	Investments in Real Estate Secured Loans		Investments in Mezzanine Loans		Investment in Financing Receivable
Balance as of December 31, 2023	$	156,769	$	21,799	$	—
Originations	497,916		57,287		95,723
Accrued interest, net	1,965		635		281
Unrealized gains on other real estate related investments, net	8,154		891		—
Payments	(4,412)		—		—
Balance as of December 31, 2024	$	660,392	$	80,612	$	96,004

Schedule of Quantitative Information About Unobservable Inputs Related to Level 3 Fair Value Measurements

Type

Book Value as of December 31, 2024

Valuation Technique

Unobservable Inputs

Range

Mortgage secured loans receivable

660,392

Discounted cash flow

Discount Rate

8% - 14%

Mezzanine loan receivable

80,612

Discounted cash flow

Discount Rate

12% - 14%

Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments

A summary of the face value, carrying amount and fair value of the Company’s preferred equity investments and the Notes (as defined in Note 7, Debt, below) as of December 31, 2024 and 2023 using Level 2 inputs is as follows (dollars in thousands):


		December 31, 2024						December 31, 2023
	Level	Face Value		Carrying Amount		Fair Value		Face Value		Carrying Amount		Fair Value
Financial assets:

Preferred equity investments	3	$	53,782	$	54,199	$	54,199	$	1,782	$	1,801	$	1,801
Financial liabilities:
Senior unsecured notes payable	2	$	400,000	$	396,927	$	381,812	$	400,000	$	396,039	$	362,500

DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Instruments

The following table summarizes the balance of the Company’s indebtedness as of December 31, 2024 and 2023 (dollars in thousands):


	December 31, 2024						December 31, 2023
	Principal		Deferred		Carrying		Principal		Deferred		Carrying
	Amount		Loan Fees		Amount		Amount		Loan Fees		Amount
Senior unsecured notes payable	$	400,000	$	(3,073)	$	396,927	$	400,000	$	(3,961)	$	396,039

Senior unsecured term loan	—		—		—		200,000		(441)		199,559
Unsecured revolving credit facility(1)	—		—		—		—		—		—
	$	400,000	$	(3,073)	$	396,927	$	600,000	$	(4,402)	$	595,598

(1)Deferred financing fees are included in deferred financing costs, net on the balance sheet, and not reflected as a reduction to the unsecured revolving credit facility.

Schedule of Debt Maturities

As of December 31, 2024, the Company’s debt maturities were (dollars in thousands):


Year	Amount
2025	$	—
2026	—
2027	—
2028	400,000
2029	—
Thereafter	—
	$	400,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of the at-the-Market Equity Offering Program


	For the Year Ended December 31,
	2024		2023		2022
Number of shares	40,986		30,869		2,405
Average sales price per share	$	26.35	$	20.86	$	20.00
Gross proceeds(1)	$	1,079,852	$	643,802	$	48,100

Schedule of Dividends on Common Stock

The following table summarizes the cash dividends per share of common stock declared by the Company’s board of directors for 2024, 2023 and 2022 (dollars in thousands, except per share amounts):


	For the Three Months Ended
2024	March 31,		June 30,		September 30,		December 31,
Dividends declared per share	$	0.29	$	0.29	$	0.29	$	0.29
Dividends payment date	April 15, 2024		July 15, 2024		October 15, 2024		January 15, 2025
Dividends payable as of record date	$	41,192	$	44,721	$	49,721	$	54,388
Dividends record date	March 28, 2024		June 28, 2024		September 30, 2024		December 31, 2024

2023
Dividends declared per share	$	0.28	$	0.28	$	0.28	$	0.28
Dividends payment date	April 14, 2023		July 14, 2023		October 13, 2023		January 12, 2024
Dividends payable as of record date[1]	$	27,846	$	27,853	$	32,403	$	36,531
Dividends record date	March 31, 2023		June 30, 2023		September 29, 2023		December 29, 2023

2022
Dividends declared per share	$	0.275	$	0.275	$	0.275	$	0.275
Dividends payment date	April 15, 2022		July 15, 2022		October 14, 2022		January 13, 2023
Dividends payable as of record date[1]	$	26,691	$	26,683	$	26,683	$	27,386
Dividends record date	March 31, 2022		June 30, 2022		September 30, 2022		December 30, 2022

(1)Dividends payable includes dividends on performance stock awards that will be paid if and when the shares subject to such awards vest if deemed probable of meeting their performance condition.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Award and Performance Award Activity

The following table summarizes the status of the restricted stock award and performance award activity for the year ended December 31, 2024:


	Shares	Weighted Average Share Price
Unvested balance at December 31, 2023	510,596	$	21.01
Granted:
RSAs	225,815	27.38

Board Awards	21,712	23.95
Vested	(169,963)	20.68
Forfeited	(35,161)	20.48
Unvested balance at December 31, 2024	552,999	$	23.86

Schedule of Award Grants

The following table summarizes the Company’s RSA and Board Award grants during the year ended December 31, 2024 (dollars in thousands, except per share amounts):


	Grants					Vested
	Shares	Weighted Average Share Price		Grant Date Fair Value		Shares	Vest Date Fair Value
During year ended December 31, 2024(1)
RSAs	225,815	$	27.38	$	6,183	145,195	$	3,051

Board Awards	21,712	23.95		520		24,768	593

(1)The Compensation Committee granted annual awards for 2025 in December 2024.

The following table summarizes the Company’s RSA and Board Award grants during the years ended December 31, 2023 and 2022 (dollars in thousands, except per share amounts):


	Grants
	Shares	Weighted Average Share Price		Grant Date Fair Value
During year ended December 31, 2023(1)
RSAs	166,122	$	22.41	$	3,722
Board Awards	24,768	19.38		480

During year ended December 31, 2022(2)
RSAs	159,663	$	19.56	$	3,123

Board Awards	25,992	16.93		440

(1)The Compensation Committee granted annual awards for 2024 in December 2023.

(2)The Compensation Committee granted annual awards for 2023 in December 2022.

Schedule of Key Valuation Assumptions Used in Valuation


	For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022
Risk-free interest rate	4.30		%	4.08		%	3.91		%
Expected stock price volatility	24.45		%	26.44		%	52.90		%
Expected service period	3.03 years			3.04 years			3.04 years
Expected dividend yield (assuming full reinvestment)	—		%	—		%	—		%
Weighted average fair value per share at date of grant	$	34.10		$	27.41		$	26.53

Schedule of Stock-Based Compensation Expense

The following table summarizes the stock-based compensation expense recognized (dollars in thousands):


	For Year Ended December 31,
	2024		2023		2022
Stock-based compensation expense	$	6,130	$	5,153	$	5,758

EARNINGS (LOSS) PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Weighted-Average Common Shares Outstanding Used in Calculation of Basic EPS to Diluted EPS


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (loss) attributable to CareTrust REIT, Inc.	$	125,080	$	53,735	$	(7,506)
Less: Net income allocated to participating securities	(445)		(400)		(440)
Numerator for basic and diluted earnings available to common stockholders	$	124,635	$	53,335	$	(7,946)
Denominator:
Weighted-average basic common shares outstanding	154,795		105,956		96,703
Dilutive potential common shares - performance stock awards	372		164		—
Dilutive potential common shares - forward equity agreements	—		32		—
Weighted-average diluted common shares outstanding	155,167		106,152		96,703

Earnings (loss) per common share attributable to CareTrust REIT, Inc., basic	$	0.81	$	0.50	$	(0.08)
Earnings (loss) per common share attributable to CareTrust REIT, Inc., diluted	$	0.80	$	0.50	$	(0.08)
Antidilutive unvested restricted stock awards, total shareholder units, performance awards, and forward equity shares excluded from the computation	553		475		744

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

CODM Evaluation of Performance Based on Net Income

The CODM evaluates performance based on net income, as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Revenues:
Rental income	$	228,261	$	198,599	$	187,506


Interest income from financing receivable	1,009		—		—
Interest income from other real estate related investments and other income	67,016		19,171		8,626
Total revenues	296,286		217,770		196,132
Expenses:
Depreciation and amortization	56,831		51,199		50,316
Interest expense	30,310		40,883		30,008

Property taxes	7,838		6,170		4,333

Impairment of real estate investments	42,225		36,301		79,062
Transaction costs	1,326		—		—
Provision for loan losses, net	4,900		—		3,844
Property operating expenses	5,714		3,423		5,039

General and administrative
Cash compensation	6,474		5,636		6,107
Incentive compensation	9,699		5,350		3,550
Share-based compensation	6,130		5,153		5,758
Professional services	2,785		2,399		1,897
Taxes and insurance	1,019		908		897
Other expenses(1)	2,816		2,359		1,956
Total general and administrative	28,923		21,805		20,165
Total expenses	178,067		159,781		192,767
Other income (loss):
Loss on extinguishment of debt	(657)		—		—
(Loss) gain on sale of real estate, net	(2,208)		2,218		(3,769)

Unrealized gain (loss) on other real estate related investments, net	9,045		(6,485)		(7,102)
Total other income (loss)	6,180		(4,267)		(10,871)
Net income (loss)	124,399		53,722		(7,506)
Net loss attributable to noncontrolling interests	(681)		(13)		—
Net income (loss) attributable to CareTrust REIT, Inc.	$	125,080	$	53,735	$	(7,506)

(1) Other expenses include certain overhead expenses.

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of Variable Interest Entities

The following table summarizes the Company’s investments in variable interest entities as of December 31, 2024 (dollars in thousands):


					Gross Investment
Investment Year		State	Facility Type	Number of Facilities	CTRE		Noncontrolling Interests		Total
2023		CA	SNF	1	$	25,459	$	653	$	26,112
2023		CA	SNF	2	34,269		879		35,148
2024		CA	ALF	1	10,760		276		11,036
2024		CA	Multi-service campuses	2	28,076		720		28,796
2024		CA	SNF	1	24,503		628		25,131
2024	(1)	TN, AL	SNF	27	422,646		18,389		441,035
2024	(2)	-	-	-	1,275		225		1,500
Total				34	$	546,988	$	21,770	$	568,758

Total assets and total liabilities on the Company’s consolidated balance sheets include VIE assets and liabilities as follows (in thousands):


	December 31, 2024		December 31, 2023
Assets:






Real estate investments, net	$	565,959	$	68,106
Cash and cash equivalents	6,506		—

Prepaid and other assets	8,317		2,800
Total assets	580,782		70,906

Liabilities:
Accounts payable, accrued liabilities and deferred rent liabilities	10,332		7,239
Total liabilities	$	10,332	$	7,239

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments and Contingencies

The table below summarizes the Company’s existing, known commitments and contingencies as of December 31, 2024 (dollars in thousands):


	Remaining Commitment
Capital expenditures(1)	$	6,565

Other loans receivable(2)	6,826
Earn-out obligation(3)	10,000
	$	23,391

(2)Represents working capital loan commitments.

CONCENTRATION OF RISK (Tables)

12 Months Ended

Dec. 31, 2024

Risks and Uncertainties [Abstract]

Schedule of Concentration of Risk


	Number of Facilities			Number of Beds/Units			Percentage of Total Revenue
Operator(1)	SNF	Campus	ALF/ILF	SNF	Campus	ALF/ILF
December 31, 2024(2)
Ensign	92	8	7	9,708	997	661	26	%
PMG	13	2	—	1,742	402	—	12	%

December 31, 2023(2)
Ensign	83	8	7	8,738	997	661	32	%
PMG	13	2	—	1,742	402	—	14	%

December 31, 2022(3)
Ensign	83	8	7	8,741	997	661	35	%
PMG	13	2	—	1,742	402	—	16	%

(3)The Company’s rental income, exclusive of operating expense reimbursements and adjustments for collectibility.


	Number of Facilities			Number of Beds/Units			Percentage of Total Revenue
State	SNF	Campus	ALF/ILF	SNF	Campus	ALF/ILF
December 31, 2024(1)
CA	43	12	10	5,104	2,004	872	28	%
TX	38	3	2	4,726	476	212	18	%

December 31, 2023(1)
CA	40	9	8	4,615	1,527	656	28	%
TX	40	3	2	5,123	536	212	21	%

December 31, 2022(2)
CA	27	8	5	3,048	1,359	437	26	%
TX	38	3	3	4,849	536	242	22	%

(2)Based on the Company’s rental income, exclusive of operating expense reimbursements and adjustments for collectibility.

ORGANIZATION (Details) $ in Thousands	12 Months Ended
ORGANIZATION (Details) $ in Thousands	Dec. 31, 2024 USD ($) state facility loan investment bed	Dec. 31, 2023 USD ($)	Jun. 01, 2023 facility
Real Estate Properties [Line Items]
Number of facilities \| facility	258		1
Number of states with properties \| state	32
Number of preferred equity investment \| investment	3
Aggregate carrying value \| $	$ 795,203	$ 180,368
Mortgage secured loans receivable
Real Estate Properties [Line Items]
Number of loans \| loan	15
Mezzanine loan receivable
Real Estate Properties [Line Items]
Number of loans \| loan	5
Aggregate carrying value \| $	$ 795,200
Financing receivable
Real Estate Properties [Line Items]
Number of loans \| loan	1
Aggregate carrying value \| $	$ 96,000
Skilled Nursing, Assisted Living and Independent Living Facilities
Real Estate Properties [Line Items]
Number of facilities \| facility	258
Number of operational beds and units in facilities \| bed	28,088

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) reportable_segment investment	Dec. 31, 2024 USD ($) investment	Dec. 31, 2024 USD ($) loan investment	Dec. 31, 2024 USD ($) investment segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan
Accounting Policies [Line Items]
Payment for lease incentive		$ 2,900,000
Recovery of previously reserved rent		0			$ 0
Adjustment for collectibility of rental income		0			0	$ 1,417,000
Impairment of real estate investments		$ 42,225,000			36,301,000	79,062,000
Number of preferred equity investment \| investment	3	3	3	3
Expected credit loss		$ 4,900,000			0	3,844,000
Provision for loan losses, net		4,900,000			0	3,844,000
Accumulated amortization of deferred financing costs	$ 3,300,000	3,300,000	$ 3,300,000	$ 3,300,000	4,800,000
Loss on extinguishment of debt		657,000			0	0
Stock-based compensation expense		$ 6,130,000			5,153,000	$ 5,758,000
Reportable segment	1			1
Mortgage secured loans receivable
Accounting Policies [Line Items]
Number of loans \| loan			15
Mezzanine loan receivable
Accounting Policies [Line Items]
Number of loans \| loan			5
Other loans receivable
Accounting Policies [Line Items]
Number of loans \| loan						2
Bridge loan
Accounting Policies [Line Items]
Provision for loan losses, net					$ 0	$ 4,600,000
Allowance for credit loss, writeoff, after recovery						$ 800,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Intangible Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Gross intangible lease liability	$ 9,858	$ 7,289
Accumulated amortization	(3,269)	(384)
Intangible liabilities, net	$ 6,589	$ 6,905
Weighted average remaining amortization period in years	1 year 9 months 18 days	3 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Assets (Details)	Dec. 31, 2024
Building \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	25 years
Building \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	40 years
Building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	10 years
Building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	25 years
Integral equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

REAL ESTATE INVESTMENTS, NET - Schedule of Investment in Owned Properties Held for Use (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 367,044	$ 279,276
Buildings and improvements	2,220,287	1,620,014
Integral equipment, furniture and fixtures	113,803	100,504
Identified intangible assets	4,388	5,283
Real estate investments	2,705,522	2,005,077
Accumulated depreciation and amortization	(478,782)	(437,958)
Real estate investments, net	$ 2,226,740	$ 1,567,119

REAL ESTATE INVESTMENTS, NET - Narrative (Details) $ in Millions			12 Months Ended
	Dec. 31, 2024 USD ($) Agreement facility renewal_option property	Nov. 01, 2024 USD ($)	Dec. 31, 2024 USD ($) facility Agreement renewal_option numberOfProperty property	Dec. 31, 2023 numberOfProperty	Dec. 31, 2022 numberOfProperty	Dec. 31, 2020 facility Agreement	Jan. 01, 2025 USD ($) facility	Jul. 31, 2024 USD ($)	Mar. 01, 2024 USD ($) renewal_option	Jun. 01, 2023 facility	Dec. 31, 2021
Real Estate [Line Items]
Number of Facilities	258		258							1
Number of Properties \| numberOfProperty			49	15	2
Number Of Real Estate Properties With Guaranties \| property	8		8
Number Of Master Lease Agreements \| Agreement	1		1			2
Number Of Facilities Included In Held-For-Sale	1		1
Percentage Of Total Annualized Contractual Rental Income	15.00%		15.00%
Held for Sale \| Skilled Nursing, Multi Service Campuses, Assisted Living, and Independent Living Facilities
Real Estate [Line Items]
Number of Facilities	10		10
Master Lease Termination
Real Estate [Line Items]
Annual cash rent \| $								$ 1.8
Master Lease Termination \| Subsequent Event
Real Estate [Line Items]
Number of Facilities							2
Annual cash rent \| $							$ 0.8
New Embassy Lease Agreement
Real Estate [Line Items]
Number of renewal options \| renewal_option									2
Lease renewal term (in years)									5 years
Annual cash rent increase under amended lease \| $									$ 0.6
PACS Master Lease
Real Estate [Line Items]
Lease term (in years)		8 years
Period of deferred rent to be repaid		24 months
Lease amendment, deferral of unpaid rent, repayment period, to start in third lease year		24 months
Annual cash rent increase under amended lease \| $		$ 5.0
Various Other Operators
Real Estate [Line Items]
Number of Facilities	97		97
Various Other Operators \| Triple-Net Leases \| Skilled Nursing, Multi Service Campuses, Assisted Living, and Independent Living Facilities
Real Estate [Line Items]
Number of Facilities	103		103
Ensign \| Minimum
Real Estate [Line Items]
Annualized contractual rental income escalation rate (percent)	0.00%		0.00%
Ensign \| Maximum
Real Estate [Line Items]
Annualized contractual rental income escalation rate (percent)	2.50%		2.50%
Ensign \| Ensign Master Leases
Real Estate [Line Items]
Annualized contractual rental income \| $	$ 68.2		$ 68.2
Number of Properties			4
Ensign \| Ensign Master Leases \| Held for Sale
Real Estate [Line Items]
Number of Properties			4
Ensign \| Other Ensign Leases
Real Estate [Line Items]
Annualized contractual rental income \| $	$ 4.1		$ 4.1
Number of Properties			4			4
Ensign \| Triple-Net Leases
Real Estate [Line Items]
Number of Properties	6
Ensign \| Triple-Net Leases \| Subsequent Event
Real Estate [Line Items]
Annualized contractual rental income \| $							$ 7.1
Ensign \| Pennant Master Lease
Real Estate [Line Items]
Annualized contractual rental income \| $	$ 7.5		$ 7.5
PACS Master Lease
Real Estate [Line Items]
Annualized contractual rental income escalation rate (percent)	3.00%		3.00%			4.00%					2.00%
Lease term (in years)	15 years		15 years
Number of renewal options \| renewal_option	2		2
Lease renewal term (in years)	5 years		5 years
Number Of Real Estate Properties With Guaranties \| property	14		14
Number of Operational Beds Held for Sale			1,827
Number Of Operational Beds, Leased To Subsidiaries			1,186
Annualized Lease Revenue Excluding The Facility Classified As Held For Sale \| $	$ 20.0		$ 20.0
Annualized Lease Revenue Excluding Rent Abatement \| $	$ 37.9		37.9
Rent abatement \| $			$ 0.3
Number of Facilities			11
Percentage Of Total Annualized Contractual Rental Income	8.00%		8.00%
PACS Master Lease \| Minimum
Real Estate [Line Items]
Annualized contractual rental income escalation rate (percent)	0.00%		0.00%
PMG
Real Estate [Line Items]
Number of Facilities	15		15
Annualized contractual rental income \| $	$ 31.9		$ 31.9
Lease term (in years)	15 years		15 years
Number of renewal options \| renewal_option	2		2
Lease renewal term (in years)	5 years		5 years
PMG \| Minimum
Real Estate [Line Items]
Annualized contractual rental income escalation rate (percent)	0.00%		0.00%
PMG \| Maximum
Real Estate [Line Items]
Annualized contractual rental income escalation rate (percent)	3.00%		3.00%

REAL ESTATE INVESTMENTS, NET - Schedule of Total Future Contractual Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Future Contractual Minimum Rental Income
2025	$ 273,728
2026	281,304
2027	283,468
2028	281,736
2029	277,286
Thereafter	1,588,781
Total	$ 2,986,303

REAL ESTATE INVESTMENTS, NET - Schedule of Tenant Purchase Options (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2024 USD ($) option	Dec. 31, 2024 USD ($) numberOfFacility
Lessor, Lease, Description [Line Items]
Period of option window	6 months
Purchase option types \| option			2
SNF \| Lease Expiration March 2029, Next Option 2022
Lessor, Lease, Description [Line Items]
Properties \| property		1
Current cash rent	$ 858,000	$ 858,000	$ 858,000	$ 858,000
SNF \| Lease Expiration November 2034, Next Option 2024
Lessor, Lease, Description [Line Items]
Properties \| property		4
Current cash rent	4,079,000	$ 4,079,000	4,079,000	4,079,000
SNF \| Lease Expiration November 2034, Next Option 2027
Lessor, Lease, Description [Line Items]
Properties \| property		1
Current cash rent	1,100,000	$ 1,100,000	1,100,000	1,100,000
SNF \| Lease Expiration November 2039, Next Option 2027
Lessor, Lease, Description [Line Items]
Properties \| property		2
Current cash rent	$ 3,460,000	$ 3,460,000	3,460,000	$ 3,460,000
Period of option window	1 year
SNF \| Lease Expiration November 2039, Next Option 2028
Lessor, Lease, Description [Line Items]
Properties		2		2
Current cash rent	$ 3,460,000	$ 3,460,000	3,460,000	$ 3,460,000
Purchase option, number of properties \| numberOfFacility				6
SNF \| Lease Expiration November 2039, Next Option 2028 \| Minimum
Lessor, Lease, Description [Line Items]
Current cash rent	2,400,000	2,400,000	2,400,000	$ 2,400,000
SNF \| Lease Expiration November 2039, Next Option 2028 \| Maximum
Lessor, Lease, Description [Line Items]
Current cash rent	4,600,000	$ 4,600,000	4,600,000	$ 4,600,000
SNF \| Lease Expiration November 2039, Next Option 2029
Lessor, Lease, Description [Line Items]
Properties		1		1
Current cash rent	1,615,000	$ 1,615,000	1,615,000	$ 1,615,000
SNF \| Lease Expiration November 2039, Next Option 2029 \| Minimum
Lessor, Lease, Description [Line Items]
Current cash rent	900,000	900,000	900,000	900,000
SNF \| Lease Expiration November 2039, Next Option 2029 \| Maximum
Lessor, Lease, Description [Line Items]
Current cash rent	2,300,000	$ 2,300,000	2,300,000	2,300,000
SNF \| Lease Expiration November 2039, Next Option 2030
Lessor, Lease, Description [Line Items]
Properties \| property		1
Current cash rent	1,615,000	$ 1,615,000	1,615,000	1,615,000
Skilled Nursing and Campus Facilities \| Minimum
Lessor, Lease, Description [Line Items]
Current cash rent	3,200,000	3,200,000	3,200,000	3,200,000
Skilled Nursing and Campus Facilities \| Maximum
Lessor, Lease, Description [Line Items]
Current cash rent	3,500,000	$ 3,500,000	3,500,000	$ 3,500,000
Skilled Nursing and Campus Facilities \| Lease Expiration October 2034, Next Option 2026
Lessor, Lease, Description [Line Items]
Properties		2		2
Current cash rent	3,367,000	$ 3,367,000	3,367,000	$ 3,367,000
Purchase option, number of properties \| numberOfFacility				3
Skilled Nursing and Campus Facilities \| Lease Expiration May 2034, Next Option 2026
Lessor, Lease, Description [Line Items]
Properties \| property		1
Current cash rent	1,293,000	$ 1,293,000	1,293,000	$ 1,293,000
Skilled Nursing and Campus Facilities \| Lease Expiration May 2034, Next Option 2027
Lessor, Lease, Description [Line Items]
Properties		1		1
Current cash rent	1,293,000	$ 1,293,000	1,293,000	$ 1,293,000
Purchase option, number of properties \| numberOfFacility				5
Skilled Nursing and Campus Facilities \| Lease Expiration May 2034, Next Option 2027 \| Minimum
Lessor, Lease, Description [Line Items]
Current cash rent	1,000,000	1,000,000	1,000,000	$ 1,000,000
Skilled Nursing and Campus Facilities \| Lease Expiration May 2034, Next Option 2027 \| Maximum
Lessor, Lease, Description [Line Items]
Current cash rent	$ 1,600,000	$ 1,600,000	$ 1,600,000	$ 1,600,000

REAL ESTATE INVESTMENTS, NET - Schedule of Rental Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) operator
Lessor, Lease, Description [Line Items]
Contractual rent due	$ 225,426	$ 198,244	$ 188,906
Straight-line rent	(28)	(29)	17
Amortization of lease incentives	(22)	0	0
Amortization of below-market lease intangible	2,885	384	0
Adjustment for collectibility	0	0	(1,417)
Total	228,261	198,599	187,506
Operating leases, tenant operating expense reimbursement	$ 6,700	$ 5,500	$ 2,800
Number of operators for which collectability not probable \| operator			5
Lease Income, Operating Expense Reimbursements
Lessor, Lease, Description [Line Items]
Operating lease, lease income, adjustments for collectability, reversed			$ 700
Contractual Rent
Lessor, Lease, Description [Line Items]
Operating lease, lease income, adjustments for collectability, reversed			200
Straight-line Rent
Lessor, Lease, Description [Line Items]
Operating lease, lease income, adjustments for collectability, reversed			$ 500

REAL ESTATE INVESTMENTS, NET - Schedule of Recent Real Estate Acquisitions (Details) $ in Thousands		12 Months Ended
	Mar. 01, 2024 facility	Dec. 31, 2024 USD ($) facility bed numberOfProperty	Dec. 31, 2023 USD ($) bed numberOfProperty	Dec. 31, 2022 USD ($) numberOfProperty bed	Jun. 01, 2023 facility
Business Acquisition [Line Items]
Purchase price		$ 815,859	$ 233,775	$ 21,921
Initial annual cash rent		$ 74,413	$ 19,175	$ 2,050
Number of Properties \| numberOfProperty		49	15	2
Number of Beds/Units \| bed		5,293	1,665	265
Number of facilities \| facility		258			1
Joint Venture
Business Acquisition [Line Items]
Number of Properties \| facility		11
Rent abatement		$ 300
Acquisition One Year
Business Acquisition [Line Items]
Annual fixed increases		6,800
Acquisition Two Year
Business Acquisition [Line Items]
Annual fixed increases		7,600
Acquisition Three Year
Business Acquisition [Line Items]
Annual fixed increases		8,900
Skilled nursing
Business Acquisition [Line Items]
Purchase price		712,471	$ 169,181	$ 8,918
Initial annual cash rent		$ 65,924	$ 13,764	$ 815
Number of Properties	2	42	10	1
Number of Beds/Units \| bed		4,508	1,256	135
Number of facilities \| facility		3
Multi-service campuses
Business Acquisition [Line Items]
Purchase price		$ 90,639	$ 25,276	$ 13,003
Initial annual cash rent		$ 7,467	$ 1,916	$ 1,235
Number of Properties \| numberOfProperty		5	1	1
Number of Beds/Units \| bed		683	168	130
Number of facilities \| facility		1
ALF
Business Acquisition [Line Items]
Number of facilities \| facility		1
ALF / ILF
Business Acquisition [Line Items]
Purchase price		$ 12,749	$ 39,318
Initial annual cash rent		$ 1,022	$ 3,495
Number of Properties \| numberOfProperty		2	4
Number of Beds/Units \| bed		102	241

REAL ESTATE INVESTMENTS, NET - Lease Amendments and Terminations Narrative (Details) $ in Millions													1 Months Ended		12 Months Ended
	Dec. 05, 2024 facility	Nov. 01, 2024 USD ($) facility	Aug. 01, 2024 USD ($) facility option_to_renew	Apr. 01, 2024 USD ($) installment facility	Mar. 01, 2024 USD ($) facility renewal_option lease	Dec. 31, 2023 USD ($)	Sep. 01, 2023 USD ($) renewal_option facility	Apr. 01, 2023 USD ($) renewal_option facility	Mar. 24, 2023 USD ($)	Mar. 16, 2023 USD ($) facility renewal_option	Mar. 01, 2022 USD ($) renewal_option facility	Feb. 01, 2022 USD ($) renewal_option facility	Sep. 30, 2022 facility	Aug. 31, 2022 USD ($) facility anniversary renewal_option	Dec. 31, 2024 USD ($) facility numberOfProperty	Dec. 31, 2023 USD ($) numberOfProperty	Dec. 31, 2022 numberOfProperty facility	Jan. 01, 2025 USD ($) facility	Dec. 01, 2024 renewalOption	Sep. 01, 2024 USD ($) facility lease renewal_option	Jul. 31, 2024 USD ($)	Jan. 01, 2024 facility	Oct. 24, 2023 USD ($) facility renewal_option	Jul. 06, 2023 renewal	Jun. 01, 2023 facility	Mar. 15, 2023 USD ($)	Jun. 30, 2022 facility	Apr. 01, 2022 USD ($) facility renewal_option	Dec. 31, 2020 facility
Real Estate [Line Items]
Number of facilities held for sale															4
Number of Facilities															258										1
Number of Properties \| numberOfProperty															49	15	2
Florida
Real Estate [Line Items]
Number of Facilities															1
Jaybird Lease
Real Estate [Line Items]
Lease term (in years)			12 years
Number of renewal options \| option_to_renew			2
Renewal options terms															5 years
Lessor, operating lease, abated rent, period			3 months
Lessor, operating lease, rent calculated as a percentage of subtenant's gross revenue, period			15 months
Lessor, operating lease, payment to be received, next rolling 12 months \| $			$ 0.8												$ 1.8
Number of facilities in process of transferring operations															2
Lease renewal term (in years)			5 years
Master Lease Termination
Real Estate [Line Items]
Annual cash rent \| $																					$ 1.8
Annual cash rent under amended lease \| $																				$ 0.8
Master Lease Termination \| Subsequent Event
Real Estate [Line Items]
Number of Facilities																		2
Annual cash rent \| $																		$ 0.8
PACS Master Lease
Real Estate [Line Items]
Lease term (in years)		8 years
Annual cash rent increase under amended lease \| $		$ 5.0
Lease amendment deferral \| $		$ 1.1
Period of deferred rent to be repaid		24 months
Ensign Amended Triple-net Master Lease
Real Estate [Line Items]
Lease term (in years)					20 years						11 years									15 years								5 years
Number of renewal options \| renewal_option					2						2									2
Annual cash rent increase under amended lease \| $											$ 0.3																	$ 0.4
Annual cash rent under amended lease \| $																				$ 0.6
Number of amended leases \| lease					1															1
Lease renewal term (in years)					5 years						5 years									5 years
Annual cash rent decrease under amended lease \| $																												$ 0.8
New Bayshire Lease
Real Estate [Line Items]
Lease term (in years)				15 years
Number of renewal options \| renewalOption																			2
Annual cash rent \| $				$ 2.6
Lease amendment deferral \| $				$ 0.4
Lease renewal term (in years)				5 years
Number of installments \| installment				15
New Cascade Lease
Real Estate [Line Items]
Number of Properties	46
Eduro Amended Triple-Net Master Lease
Real Estate [Line Items]
Lease term (in years)												12 years
Number of renewal options \| renewal_option												2
Annual cash rent increase under amended lease \| $					$ 2.1							$ 0.8
Lease renewal term (in years)												5 years
New Embassy Lease Agreement
Real Estate [Line Items]
Number of renewal options \| renewal_option					2
Annual cash rent increase under amended lease \| $					$ 0.6
Lease renewal term (in years)					5 years
Hillstone Lease Amendment and Termination
Real Estate [Line Items]
Annual cash rent under amended lease \| $						$ 1.3										$ 1.3
Deferred rent \| $									$ 0.7
Period of deferral									12 months
Payment for termination fee \| $						$ 0.8
Noble NJ Lease Termination and New Ridgeline NJ Lease
Real Estate [Line Items]
Lease term (in years)																							10 years
Number of renewal options \| renewal_option																							2
Number of Facilities																							2
Annual cash rent \| $																							$ 1.0
Lease renewal term (in years)																							5 years
Premier Termination and Amended Ridgeline Lease
Real Estate [Line Items]
Lease term (in years)							15 years
Number of renewal options \| renewal_option							2
Annual cash rent under amended lease \| $							$ 2.7
Lease renewal term (in years)							5 years
Rent abatement \| $							$ 0.2
Deferred rent credit \| $							$ 0.2
Premier Termination and Amended Ridgeline Lease \| ALF
Real Estate [Line Items]
Number of properties, terminated operations							6
Number of properties included or entered into lease							6
Amended Pennant Lease
Real Estate [Line Items]
Lease term (in years)																								15 years
Number of renewal options \| renewal																								2
Lease renewal term (in years)																								5 years
Amended Momentum Lease
Real Estate [Line Items]
Lease term (in years)								15 years
Number of renewal options \| renewal_option								2
Annual cash rent under amended lease \| $								$ 1.0
Lease renewal term (in years)								5 years
Noble VA Lease Termination and New Pennant Lease
Real Estate [Line Items]
Lease term (in years)										15 years
Number of renewal options \| renewal_option										2
Annual cash rent under amended lease \| $										$ 0.8																$ 2.3
Lease renewal term (in years)										5 years
Period of deferred rent to be repaid										3 months
Landmark Maryland
Real Estate [Line Items]
Lease renewal term (in years)														10 years
Annual cash rent decrease under amended lease \| $														$ 1.1
Landmark Maryland \| Minimum
Real Estate [Line Items]
Lessor, operating lease, term of lease commencement														12 months
Landmark Maryland \| Maximum
Real Estate [Line Items]
Lessor, operating lease, term of lease commencement														18 months
Noble Master Leases, Amended
Real Estate [Line Items]
Number of renewal options \| renewal_option														1
Anniversary expiration period \| anniversary														20
Ensign Amended Triple-Net Master Lease 2
Real Estate [Line Items]
Lease term (in years)																												16 years
Ensign Amended Triple-net Master Lease Combined
Real Estate [Line Items]
Number of renewal options \| renewal_option																												3
Lease renewal term (in years)																												5 years
WLC Management Firm Amended Triple-Net Master Lease
Real Estate [Line Items]
Lease term (in years)											12 years
Number of renewal options \| renewal_option											2
Number of Properties											1
Annual cash rent increase under amended lease \| $											$ 1.2
Lease renewal term (in years)											5 years
ALF
Real Estate [Line Items]
Number of Facilities															1
Number of properties, terminated operations														2													2
ALF \| Florida
Real Estate [Line Items]
Number of properties, terminated operations														1													1
ALF \| Maryland
Real Estate [Line Items]
Number of properties, terminated operations														1													1
ALF \| New Bayshire Lease
Real Estate [Line Items]
Percentage of fixed rent escalator				3.00%
ALF \| Noble VA Lease Termination and New Pennant Lease
Real Estate [Line Items]
Number of properties, terminated operations										2
Number of properties included or entered into lease										2
SNF
Real Estate [Line Items]
Number of Facilities													4
Number of Facilities			37														1												9
Number of Properties												1
SNF \| PACS Master Lease
Real Estate [Line Items]
Number of Properties		4
SNF \| New Bayshire Lease
Real Estate [Line Items]
Number of Facilities				1
SNF \| Amended Momentum Lease
Real Estate [Line Items]
Number of Facilities								1
Number of properties included or entered into lease								1
Skilled Nursing Properties
Real Estate [Line Items]
Number of Facilities															3
Number of Properties					2										42	10	1
Skilled Nursing Properties \| Master Lease Termination
Real Estate [Line Items]
Number of properties, terminated operations			2																	1
Multi-service campuses
Real Estate [Line Items]
Number of Facilities															1
Number of Properties \| numberOfProperty															5	1	1
Multi-service campuses \| New Embassy Lease Agreement
Real Estate [Line Items]
Number of Facilities																						1
Jaybird Senior Living, Inc. \| ALF
Real Estate [Line Items]
Number of Facilities			2
Ensign \| ALF
Real Estate [Line Items]
Number of properties transferred											1																	2
Number of properties removed																												2
Number of properties included																												2
Ensign \| SNF
Real Estate [Line Items]
Lease term (in years)					15 years
Number of skilled nursing facilities					2															1
Ensign \| Triple-Net Leases
Real Estate [Line Items]
Number of properties amended																												2
New Embassy Lease Agreement \| SNF
Real Estate [Line Items]
Lease term (in years)					10 years

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES - Narrative (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Sep. 30, 2024 USD ($) facility	Jun. 30, 2024 USD ($)	Dec. 31, 2022 USD ($) facility	Sep. 30, 2022 USD ($) facility	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) facility	Aug. 01, 2024 facility	Jun. 29, 2023 facility	Jun. 01, 2023 facility	Dec. 31, 2020 facility
Real Estate [Line Items]
Impairment of real estate investments					$ 42,225	$ 36,301	$ 79,062
Number of facilities \| facility					258					1
Real estate investment property, at cost					$ 2,705,522	2,005,077
Real estate investments, net					2,226,740	1,567,119
Financing Receivable, Seller Financing In Connection With Sale					1,000
ALF
Real Estate [Line Items]
Impairment of real estate investments		$ 4,400			$ 5,000
Number of facilities \| facility					1
Real estate investment property, at cost					$ 5,000
SNF
Real Estate [Line Items]
Impairment of real estate investments						8,000	$ 1,700
Number of facilities \| facility			1				1	37			9
Real estate investment property, at cost			$ 2,800			8,700	$ 2,800
Real estate investments, net			1,100			700	1,100
SNF \| Mortgage secured loans receivable(4)
Real Estate [Line Items]
Number of facilities \| facility									1
Independent Living Facilities \| Mortgage secured loans receivable(4)
Real Estate [Line Items]
Number of facilities \| facility									1
Level 3 \| SNF
Real Estate [Line Items]
Prices per unit input			20			7	20
Level 3 \| Facilities Held For Sale
Real Estate [Line Items]
Number of facilities \| facility					10
Valuation, Market Approach \| Level 3 \| Minimum
Real Estate [Line Items]
Prices per unit input			20		$ 7	8	20
Valuation, Market Approach \| Level 3 \| Maximum
Real Estate [Line Items]
Prices per unit input			85		116	85	85
Valuation, Market Approach \| Level 3 \| Weighted Average
Real Estate [Line Items]
Prices per unit input			$ 55		60	20	55
Held for Sale
Real Estate [Line Items]
Impairment of real estate investments					18,800	26,800	14,400
Held For Investment
Real Estate [Line Items]
Impairment of real estate investments					9,400	8,000	19,700
Held For Investment \| ALF
Real Estate [Line Items]
Impairment of real estate investments					4,400		$ 1,400
Number of facilities \| facility	2		9	1			9
Real estate investment property, at cost			$ 50,800				$ 50,800
Amount transferred out of assets held-for-sale	$ 5,000		$ 47,800	$ 4,900
Held For Investment \| Nine Assisted Living Facility
Real Estate [Line Items]
Impairment of real estate investments							$ 16,600
Held For Investment \| Valuation, Market Approach \| Level 3 \| ALF
Real Estate [Line Items]
Prices per unit input	$ 45			$ 125
Held For Investment \| Valuation Technique, Terminal Capitalization Rate \| Level 3 \| Minimum \| ALF
Real Estate [Line Items]
Assets held-for-sale, measurement input			0.075				0.075
Held For Investment \| Valuation Technique, Terminal Capitalization Rate \| Level 3 \| Maximum \| ALF
Real Estate [Line Items]
Assets held-for-sale, measurement input			0.0875				0.0875
Held For Investment \| Discounted cash flow \| Level 3 \| Minimum \| ALF
Real Estate [Line Items]
Assets held-for-sale, measurement input			0.085				0.085
Held For Investment \| Discounted cash flow \| Level 3 \| Maximum \| ALF
Real Estate [Line Items]
Assets held-for-sale, measurement input			0.0975				0.0975
Disposed of by Sale
Real Estate [Line Items]
Impairment of real estate investments					$ 14,000	$ 1,500	$ 45,000

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES - Schedule of Company's Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($) facility	Jun. 30, 2023 USD ($) facility	Jun. 01, 2023 facility	Sep. 30, 2022 USD ($) facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) gain on sale \| $	$ (2,208)	$ 2,218	$ (3,769)
Number of facilities	258				1
Skilled Nursing Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities	3
Multi-service campuses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities	1
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities	17	5	13
Net sales proceeds \| $	$ 17,715	$ 18,313	$ 57,149
Net carrying value \| $	19,923	16,095	60,918
Net (loss) gain on sale \| $	$ (2,208)	$ 2,218	$ (3,769)
Disposed of by Sale \| ALF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities				1
Disposed of by Sale \| Skilled Nursing Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities						6
Disposed of by Sale \| Multi-service campuses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities						1
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 facilities	10	14	5
Disposal Group, Held-for-Sale, Not Discontinued Operations \| ALF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Principal amount \| $				$ 2,000
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Skilled Nursing Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Principal amount \| $						$ 12,000

IMPAIRMENT OF REAL ESTATE INVESTMENTS, ASSETS HELD FOR SALE, NET AND ASSET SALES - Schedule of Company's Assets Held for Sale Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($) facility
Increase Decrease in Assets Held for Sale [Roll Forward]
Beginning balance, at cost \| $	$ 2,005,077
Ending balance, at cost \| $	$ 2,705,522	$ 2,005,077
Number of facilities at beginning \| facility
Number of facilities at end \| facility	258
Disposal Group, Held-for-Sale, Not Discontinued Operations
Increase Decrease in Assets Held for Sale [Roll Forward]
Beginning balance, at cost \| $	$ 15,011	12,291
Additions to assets held for sale \| $	104,447	47,114
Assets sold \| $	(19,923)	(16,095)
Impairment of real estate held for sale \| $	(37,266)	(28,299)
Assets reclassified to held for investment \| $	(5,008)
Ending balance, at cost \| $	$ 57,261	$ 15,011
Number of facilities at beginning \| facility	14	5
Number of facilities, Additions to assets held for sale \| facility	15	14
Number of facilities, Assets sold \| facility	(17)	(5)
Number of facilities, Impairment of real estate held for sale \| facility	0	0
Assets reclassified to held for investment \| facility	(2)
Number of facilities at end \| facility	10	14

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Other Real Estate Related Investments, At Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) facility option paymentInstallment	Dec. 05, 2024 USD ($)	Aug. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Accrued interest, net	$ 281
Financing receivable, at fair value (including accrued interest of $281 as of December 31, 2024)	$ 96,004			$ 0
Number Of Monthly Installment Payments \| paymentInstallment	24
Other loans receivable
Real Estate Properties [Line Items]
Principal amount	$ 740,687
Fair Value	$ 741,004			178,568
SNF
Real Estate Properties [Line Items]
Principal amount			$ 260,000
Mortgage secured loans receivable
Real Estate Properties [Line Items]
Number of facilities \| facility	3
Basis spread on variable rate (percent)	4.34%
Mortgage secured loans receivable \| Other loans receivable
Real Estate Properties [Line Items]
Principal amount	$ 658,400
Fair Value	$ 660,392			156,769
Weighted Average Contractual Interest Rate	8.80%
Accrued interest, net	$ 3,400			1,500
Mortgage secured loans receivable \| SNF \| Other loans receivable
Real Estate Properties [Line Items]
Facility Count by Type \| facility	62
Mortgage secured loans receivable \| Campus \| Other loans receivable
Real Estate Properties [Line Items]
Facility Count by Type \| facility	4
Mortgage secured loans receivable \| ALF \| Other loans receivable
Real Estate Properties [Line Items]
Facility Count by Type \| facility	19
Mortgage secured loans receivable \| ILF \| Other loans receivable
Real Estate Properties [Line Items]
Facility Count by Type \| facility	2
Mezzanine loan receivable
Real Estate Properties [Line Items]
Number of facilities \| facility	2
Mezzanine loan receivable \| Other loans receivable
Real Estate Properties [Line Items]
Principal amount	$ 82,287
Fair Value	$ 80,612			21,799
Weighted Average Contractual Interest Rate	12.80%
Accrued interest, net	$ 900			200
Mezzanine loan receivable \| SNF \| Other loans receivable
Real Estate Properties [Line Items]
Facility Count by Type \| facility	40
Mezzanine loan receivable \| Campus \| Other loans receivable
Real Estate Properties [Line Items]
Facility Count by Type \| facility	4
Mezzanine loan receivable \| ALF \| Other loans receivable
Real Estate Properties [Line Items]
Facility Count by Type \| facility	2
Mezzanine loan receivable \| ILF \| Other loans receivable
Real Estate Properties [Line Items]
Facility Count by Type \| facility	0
Preferred Equity \| Other Investments
Real Estate Properties [Line Items]
Principal amount	$ 53,782
Fair Value	$ 54,199			1,801
Weighted Average Contractual Interest Rate	11.10%
Financing Receivable \| Other Investments
Real Estate Properties [Line Items]
Principal amount	$ 95,723	$ 95,700
Fair Value	$ 96,004			$ 0
Weighted Average Contractual Interest Rate	12.00%
Accrued interest, net	$ 300
Term of contract	15 years
Number of renewal options \| option	2
Lease extended period	5 years
Initial contractual cash yield	11.00%
Deferred Rent As Percentage Of Contractual Cash Yield	2.00%
Deferred Rent As Percentage Of Contractual Cash Yield, Year Two	0.50%
Operating Lease Lessor Cash Yield Term	3 years
Percentage Cap	3.00%
Contractual Cash Yield	12.50%
Financing Receivable \| SNF \| Other Investments
Real Estate Properties [Line Items]
Facility Count by Type \| facility	39
Financing Receivable \| Campus \| Other Investments
Real Estate Properties [Line Items]
Facility Count by Type \| facility	0
Financing Receivable \| ALF \| Other Investments
Real Estate Properties [Line Items]
Facility Count by Type \| facility	5
Financing Receivable \| ILF \| Other Investments
Real Estate Properties [Line Items]
Facility Count by Type \| facility	2

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Other Real Estate Related Investment Activity (Details) - Other Real Estate Related Investments - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Origination of other real estate related investments	$ 607,203	$ 53,834	$ 147,150
Unrealized gain (loss) on other real estate related investments, net	9,045	(6,485)	(7,102)
Payments of other real estate related investments	(4,412)	(25,537)	0
Net (decrease) increase in other loans receivable	614,834	22,200	141,213
Change In Financing Receivable, Accrued Interest, After Allowance For Credit Loss	$ 2,998	$ 388	$ 1,165

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Narrative (Details)															1 Months Ended					12 Months Ended
	Dec. 27, 2024 USD ($)	Dec. 05, 2024 USD ($) facility	Dec. 01, 2024	Oct. 01, 2024 USD ($) window extension_option	Aug. 01, 2024 USD ($) facility	Jul. 30, 2024 USD ($)	Jun. 03, 2024 USD ($) facility extension_option	Dec. 15, 2023 loan	Nov. 29, 2023 USD ($) extension_option facility	Sep. 29, 2023 USD ($) facility extension_option	Jul. 17, 2023 USD ($) extension_option facility	Jun. 01, 2023 USD ($) facility	Mar. 30, 2023 USD ($) loan	Feb. 01, 2022 facility	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($) Rate	Sep. 30, 2022 USD ($) facility extension_option	Aug. 31, 2022 USD ($) facility extension_option	Jun. 30, 2022 USD ($) facility	Dec. 31, 2024 USD ($) facility numberOfProperty	Dec. 31, 2023 USD ($) numberOfProperty	Dec. 31, 2022 USD ($) numberOfProperty facility	Dec. 20, 2024 USD ($) facility	May 01, 2024 USD ($) facility	Feb. 02, 2024 USD ($) facility extension_option	Feb. 01, 2024 USD ($) facility	Jan. 25, 2024 USD ($) extension_option facility	Jan. 01, 2024 USD ($) facility	Jun. 29, 2023 USD ($) facility	Dec. 31, 2020 facility
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility												1			258					258
Interest rate																														12.00%
Participating mortgage loans, amount							$ 75,000,000
Payment on secured borrowing																				$ 75,000,000	$ 0	$ 0
Loss on extinguishment of debt																				657,000	0	0
Purchase price																				815,859,000	233,775,000	21,921,000
Number of facilities operated by existing operator \| facility																		4
Number of facilities operated by large regional operator \| facility																		1
Investment, interest rate							0.11
Payments for preferred equity investments							$ 9,000,000													$ 52,000,000	$ 1,782,000	$ 0
Number of properties \| numberOfProperty																				49	15	2
Cash received from financing receivable																				$ 700,000
Provision for loan losses, net																				(4,900,000)	$ 0	$ (3,844,000)
Provision for loan losses, net																				$ 4,900,000	0	$ 3,844,000
New Cascade Lease
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of properties \| facility		46
Term			15 years
Next WV Realty, LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility																			18
COLORADO
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility															1					1
Secured Borrowings
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount							$ 165,000,000
Payment on secured borrowing						$ 75,000,000
Loss on extinguishment of debt						$ 400,000
SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility					37																	1								9
Principal amount					$ 260,000,000
Interest rate					8.40%
Lockout period					24 months
Number of Facilities \| facility																	4
Investment, interest rate					0.11
Payments for preferred equity investments					$ 43,000,000
Number of properties \| facility														1
SNF \| Held for Sale \| Trio Healthcare Holdings, LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility																						6
Skilled Nursing Facility And Skilled Nursing And Campus Facilities \| Maryland
Financing Receivable, Allowance for Credit Loss [Line Items]
Purchase price				$ 55,500,000
Multi-service campuses
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility															1					1
Purchase price																				$ 90,639,000	$ 25,276,000	$ 13,003,000
Number of properties \| numberOfProperty																				5	1	1
Multi-service campuses \| Held for Sale \| Trio Healthcare Holdings, LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility																						1
Mortgage Secured Loan Receivable January 1, 2027 Maturity
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility																												1
Mortgage Secured Loan Receivable January 1, 2027 Maturity \| ALF
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount																												$ 1,000,000
Interest rate																												9.00%
Mezzanine Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount																									$ 50,000,000		$ 10,200,000
Interest rate																										11.50%
Number of extension options \| extension_option																									2		2
Extension option, term																									6 months		6 months
Mezzanine Loan \| SOFR
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest rate																									8.75%		8.75%
Subservicing fee percentage																									0.75%		0.75%
Mezzanine Loan \| Secured Overnight Financing Rate (SOFR) Floor
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest rate																									6.00%		6.00%
Mezzanine Loan \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility																									15	1	10
Principal amount																									$ 35,000,000	$ 7,400,000	$ 9,800,000
Period of unpaid interest payments due upon prepayment																									18 months	18 months	24 months
Mezzanine Loan \| SNF \| Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee																									1.00%		1.00%
Mezzanine Loan \| SNF \| Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee																									2.00%		2.00%
Mortgage Loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest rate																								9.10%
Number of extension options \| extension_option							2
Extension option, term							6 months																	1 year
Mortgage Loan \| Secured Overnight Financing Rate (SOFR) Floor
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest rate							5.15%
Subservicing fee percentage							0.25%
Mortgage Loan \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility																								2
Principal amount																								$ 26,700,000
Mortgage Loan \| Regional Healthcare Facility
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility							8
Principal amount							$ 165,000,000
Mortgage Loan \| Regional Healthcare Facility \| SOFR
Financing Receivable, Allowance for Credit Loss [Line Items]
Interest rate							4.25%
Mortgage secured loans receivable \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount	$ 11,300,000																												$ 26,000,000
Interest rate				8.50%
Period of unpaid interest payments due upon prepayment	18 months
Extension option, term (year)	1 year
Mortgage secured loans receivable \| Maryland
Financing Receivable, Allowance for Credit Loss [Line Items]
Extension option, term				5 years
Loan, term \| extension_option				2
Term				15 years
Number of exercise windows \| window				2
Purchase option, second exercise window duration				6 months
Mortgage secured loans receivable \| Maryland \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount				$ 19,200,000
Interest rate				9.35%
Mortgage secured loans receivable \| COLORADO
Financing Receivable, Allowance for Credit Loss [Line Items]
Extension option, term				1 year
Period of unpaid interest payments due upon prepayment				18 months
Mortgage secured loans receivable \| COLORADO \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount				$ 9,800,000
Mortgage secured loans receivable \| Minimum \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee				0.00%
Mortgage secured loans receivable \| Minimum \| Maryland
Financing Receivable, Allowance for Credit Loss [Line Items]
Put Option				30 days
Mortgage secured loans receivable \| Maximum \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee				2.00%
Mortgage secured loans receivable \| Maximum \| Maryland
Financing Receivable, Allowance for Credit Loss [Line Items]
Put Option				90 days
Mezzanine loan receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Payments for loans receivable													$ 15,000,000
Number of loans \| loan													1
Mezzanine loan receivable \| Next WV Realty, LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount																			$ 25,000,000
Loan receivable interest rate																			11.00%
Mezzanine loan receivable \| Multi-service campuses
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility																							1
Principal amount																							$ 5,100,000
Interest rate																							13.00%
Mortgage Secured Loan Receivable May 31, 2024 Maturity
Financing Receivable, Allowance for Credit Loss [Line Items]
Extension option, term (year)												1 year
Mortgage Secured Loan Receivable May 31, 2024 Maturity \| ALF
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount												$ 2,000,000
Interest rate												9.00%
Mortgage Secured Loan Receivable, September 29, 2026 Maturity
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount									$ 6,300,000
Interest rate									9.90%	12.00%
Early termination fee									2.00%
Extension option, term (year)									6 months
Mortgage Secured Loan Receivable, September 29, 2026 Maturity \| E3 Acquisition, LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Preferred equity investment																$ 1,800,000
Preferred rate \| Rate																15.00%
Repayment period																15 months
Mortgage Secured Loan Receivable, September 29, 2026 Maturity \| ALF
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility									1
Mortgage Secured Loan Receivable, September 29, 2026 Maturity \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility										3
Extension option, term (year)										6 months
Number of extension option \| extension_option									2	2
Mortgage Secured Loan Receivable, September 29, 2026 Maturity \| SNF \| Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee										0.00%
Mortgage Secured Loan Receivable, September 29, 2026 Maturity \| SNF \| Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee										2.00%
Mortgage Secured Loan Receivable, September 29, 2026 Maturity \| Multi-Tranche Facilities
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount										$ 3,600,000
Mortgage secured loans receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount																	$ 24,900,000	$ 22,300,000
Payments for loans receivable															$ 4,400,000	$ 10,500,000
Extension option, term (year)																	1 year	1 year
Number of extension option \| extension_option																	2	2
Number of loans \| loan								1
Loans receivable, basis spread on variable rate																	4.50%	4.25%
Floor rate																	1.00%	1.00%
Subservicing fee percentage																	100.00%	50.00%
Earnout advance																	$ 4,700,000
Mortgage secured loans receivable \| Next WV Realty, LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount																			$ 75,000,000
Loan receivable interest rate																			8.50%
Servicing fee threshold																			8.25%
Effective rate																			8.375%
Mortgage secured loans receivable \| Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee																	1.00%	2.00%
Subservicing fee percentage																	9.00%	8.25%
Mortgage secured loans receivable \| Minimum \| Next WV Realty, LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee																			1.00%
Mortgage secured loans receivable \| Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee																	3.00%	3.00%
Mortgage secured loans receivable \| Maximum \| Next WV Realty, LLC
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee																			3.00%
Mortgage secured loans receivable \| Weighted Average
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable, basis spread on variable rate																	2.85%	2.75%
B Tranche Mortgage Loan \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of facilities acquired by borrower \| facility																		5
Other loans receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount															21,979,000					$ 21,979,000
Provision for loan losses, net																					$ 0	$ 4,600,000
Unfunded loan commitment																						400,000
Write-off																						$ 800,000
Number of loans receivable with provision \| facility																						2
Other loans receivable \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Write-off																						$ 2,500,000
Other loans receivable \| Multi-service campuses
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loans receivable with provision \| facility																						1
Mortgage secured loans receivable(4) \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility																													1
Interest rate																													9.00%
Mortgage secured loans receivable(4) \| SNF \| Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee																													0.00%
Mortgage secured loans receivable(4) \| SNF \| Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee																													3.00%
Mortgage Secured Loan Receivable August 1, 2028 Maturity \| SNF
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of Facilities \| facility											2
Principal amount											$ 15,700,000
Interest rate											9.00%
Extension option, term (year)											5 years
Number of extension option \| extension_option											1
Mortgage Secured Loan Receivable August 1, 2028 Maturity \| SNF \| Minimum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee											2.00%
Mortgage Secured Loan Receivable August 1, 2028 Maturity \| SNF \| Maximum
Financing Receivable, Allowance for Credit Loss [Line Items]
Early termination fee											3.00%
Financing Receivable \| Other Investments
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal amount		$ 95,700,000													$ 95,723,000					$ 95,723,000

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Other Real Estate Related Investment Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Net change in other real estate related investments	$ 96,004	$ 0
Other loans receivable
Real Estate Properties [Line Items]
Principal amount	21,979
Mortgage loan receivable	$ 22,010	17,156
Weighted average interest rate	9.00%
Expected credit loss	$ (6,994)	(2,094)
Principal Balance	21,979
Net change in other real estate related investments	$ 15,016	$ 15,062

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph a
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Loan Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Origination of loans receivable	$ 4,985	$ 8,486	$ 14,500
Principal payments	(100)	(988)	(6,307)
Accrued interest, net	(31)	58	(4)
Provision for loan losses, net	(4,900)	0	(3,844)
Net (decrease) increase in other loans receivable	$ (46)	$ 7,556	$ 4,345

OTHER REAL ESTATE RELATED AND OTHER INVESTMENTS - Schedule of Interest and Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate Properties [Line Items]
Interest income from other real estate related investments and other income	$ 67,016	$ 19,171	$ 8,626
Other Income, Excluding Interest	68,025	19,171	8,626
Mortgage secured loans receivable
Real Estate Properties [Line Items]
Interest income from other real estate related investments and other income	35,972	13,329	4,853
Mezzanine loan receivable
Real Estate Properties [Line Items]
Interest income from other real estate related investments and other income	9,456	3,683	3,489
Preferred equity investments
Real Estate Properties [Line Items]
Interest income from other real estate related investments and other income	2,826	18	0
Other loans receivable
Real Estate Properties [Line Items]
Interest income from other real estate related investments and other income	1,227	847	284
Other
Real Estate Properties [Line Items]
Interest income from other real estate related investments and other income	17,535	1,294	0
Financing Receivable
Real Estate Properties [Line Items]
Interest income from other real estate related investments and other income	$ 1,009	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Schedule of Items Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Secured And Mezzanine Loans Receivable
Assets:
Loans receivable	$ 837,008	$ 178,568
Recurring \| Mortgage secured loans receivable
Assets:
Loans receivable	660,392	156,769
Recurring \| Mezzanine loan receivable
Assets:
Loans receivable	80,612	21,799
Recurring \| Financing receivable
Assets:
Loans receivable	96,004
Recurring \| Level 1 \| Secured And Mezzanine Loans Receivable
Assets:
Loans receivable	0	0
Recurring \| Level 1 \| Mortgage secured loans receivable
Assets:
Loans receivable	0	0
Recurring \| Level 1 \| Mezzanine loan receivable
Assets:
Loans receivable	0	0
Recurring \| Level 1 \| Financing receivable
Assets:
Loans receivable	0
Recurring \| Level 2 \| Secured And Mezzanine Loans Receivable
Assets:
Loans receivable	0	0
Recurring \| Level 2 \| Mortgage secured loans receivable
Assets:
Loans receivable	0	0
Recurring \| Level 2 \| Mezzanine loan receivable
Assets:
Loans receivable	0	0
Recurring \| Level 2 \| Financing receivable
Assets:
Loans receivable	0
Recurring \| Level 3 \| Secured And Mezzanine Loans Receivable
Assets:
Loans receivable	837,008	178,568
Recurring \| Level 3 \| Mortgage secured loans receivable
Assets:
Loans receivable	660,392	156,769
Recurring \| Level 3 \| Mezzanine loan receivable
Assets:
Loans receivable	80,612	$ 21,799
Recurring \| Level 3 \| Financing receivable
Assets:
Loans receivable	$ 96,004

FAIR VALUE MEASUREMENTS - Schedule of Assets at Fair Value Measured Using Level 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized gains on other real estate related investments, net	$ (9,045)	$ 6,485	$ 7,102
Investments in Real Estate Secured Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2023	156,769
Originations	497,916
Accrued interest, net	1,965
Unrealized gains on other real estate related investments, net	8,154
Payments	(4,412)
Balance as of December 31, 2024	660,392	156,769
Investments in Mezzanine Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2023	21,799
Originations	57,287
Accrued interest, net	635
Unrealized gains on other real estate related investments, net	891
Payments	0
Balance as of December 31, 2024	80,612	21,799
Investment in Financing Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2023	0
Originations	95,723
Accrued interest, net	281
Unrealized gains on other real estate related investments, net	0
Payments	0
Balance as of December 31, 2024	$ 96,004	$ 0

FAIR VALUE MEASUREMENTS - Narrative (Details)	12 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details)	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($)
Financing Receivable, Past Due [Line Items]
Unrealized gain (loss) on other real estate related investments, net	$ 9,045,000	$ (6,485,000)	$ (7,102,000)
Impairment of real estate investments	42,225,000	36,301,000	$ 79,062,000
Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Mortgage loan receivable	$ 0	0
Level 3 \| Maximum
Financing Receivable, Past Due [Line Items]
Measurement input	0.15
Level 3 \| Minimum
Financing Receivable, Past Due [Line Items]
Measurement input	0.11
Secured And Mezzanine Loans Receivable
Financing Receivable, Past Due [Line Items]
Unrealized gain (loss) on other real estate related investments, net	$ 9,000,000	$ (6,500,000)
Mezzanine Loans
Financing Receivable, Past Due [Line Items]
Number of loans \| facility		1
Mortgage loans receivable
Financing Receivable, Past Due [Line Items]
Number of loans \| facility		1
Financing receivable
Financing Receivable, Past Due [Line Items]
Number of loans \| loan	1
Financing receivable \| Level 3 \| Discount Rate \| Discounted cash flow
Financing Receivable, Past Due [Line Items]
Loans receivable, measurement input	0.120

FAIR VALUE MEASUREMENTS - Schedule of Quantitative Information About Unobservable Inputs Related To Level 3 Fair Value Measurements (Details) - Level 3 - Discount Rate - Discounted cash flow $ in Thousands	Dec. 31, 2024 USD ($)
Mortgage secured loans receivable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, book value	$ 660,392
Mortgage secured loans receivable \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.08
Mortgage secured loans receivable \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.14
Mezzanine loan receivable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, book value	$ 80,612
Mezzanine loan receivable \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.12
Mezzanine loan receivable \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.14

FAIR VALUE MEASUREMENTS - Schedule of Face Value, Carrying Amount and Fair Value of Financial Instruments (Details) - Senior unsecured notes payable - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Level 3 \| Preferred equity investments
Financial liabilities:
Face Value	$ 53,782	$ 1,782
Level 2 \| Senior unsecured notes payable
Financial liabilities:
Face Value	400,000	400,000
Carrying Amount \| Level 3 \| Preferred equity investments
Financial liabilities:
Preferred equity investment, fair value disclosure	54,199	1,801
Carrying Amount \| Level 2 \| Senior unsecured notes payable
Financial liabilities:
Notes payable, fair value disclosure	396,927	396,039
Fair Value \| Level 3 \| Preferred equity investments
Financial liabilities:
Preferred equity investment, fair value disclosure	54,199	1,801
Fair Value \| Level 2 \| Senior unsecured notes payable
Financial liabilities:
Notes payable, fair value disclosure	$ 381,812	$ 362,500

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Amount	$ 400,000	$ 600,000
Deferred Loan Fees	(3,073)	(4,402)
Carrying Amount	396,927	595,598
Unsecured revolving credit facility(1)
Debt Instrument [Line Items]
Principal Amount	0	0
Deferred Loan Fees	0	0
Carrying Amount	0	0
Notes payable \| Senior unsecured notes payable
Debt Instrument [Line Items]
Principal Amount	400,000	400,000
Deferred Loan Fees	(3,073)	(3,961)
Carrying Amount	396,927	396,039
Term Loan \| Senior unsecured term loan
Debt Instrument [Line Items]
Principal Amount	0	200,000
Deferred Loan Fees	0	(441)
Carrying Amount	$ 0	$ 199,559

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Paragraph 69C
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

DEBT - Senior Unsecured Notes Payable Narrative (Details) - Notes Payable - Senior Unsecured Notes Payable $ in Millions	Jun. 17, 2021 USD ($)
Debt Instrument [Line Items]
Debt instrument face amount	$ 400.0
Interest rate (percent)	3.875%
Gross proceeds from issuance	$ 400.0
Net proceeds from issuance	$ 393.8
Redemption price, percentage upon change of control (percent)	101.00%
Period prior to March 30 2028
Debt Instrument [Line Items]
Redemption price of notes (percent)	100.00%
Period after March 30 2028
Debt Instrument [Line Items]
Redemption price of notes (percent)	100.00%

DEBT - Unsecured Revolving Credit Facility and Term Loan Narrative (Details)						12 Months Ended
	Sep. 19, 2024 USD ($)	Jul. 30, 2024 USD ($)	Jun. 03, 2024 USD ($)	Dec. 16, 2022 USD ($)	Feb. 09, 2019 extension_option	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 18, 2024 USD ($)
Line of Credit Facility [Line Items]
Payments on senior unsecured term loan						$ 200,000,000	$ 0	$ 0
Loss on extinguishment of debt						657,000	0	0
Participating mortgage loans, amount			$ 75,000,000
Payment on secured borrowing						75,000,000	$ 0	$ 0
Unsecured Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility borrowing capacity				$ 600,000,000					$ 1,200,000,000
Borrowings outstanding						$ 0
Number of extension options \| extension_option					2
Extension option term (in months)					6 months
Unsecured Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Facility fee on revolving commitment fees (percent)				0.15%
Facility fee on revolving commitment fee based on investment grade ratings (percent)				0.125%
Unsecured Revolving Credit Facility \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				0.05%
Unsecured Revolving Credit Facility \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				1.05%
Unsecured Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Facility fee on revolving commitment fees (percent)				0.35%
Facility fee on revolving commitment fee based on investment grade ratings (percent)				0.30%
Unsecured Revolving Credit Facility \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				0.55%
Unsecured Revolving Credit Facility \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				1.55%
Letter of Credit
Line of Credit Facility [Line Items]
Subfacility capacity as percentage of available revolving commitments (percent)				10.00%
Swingline Loan
Line of Credit Facility [Line Items]
Subfacility capacity as percentage of available revolving commitments (percent)				10.00%
Secured Borrowings
Line of Credit Facility [Line Items]
Loss on extinguishment of debt		$ 400,000
Principal amount			$ 165,000,000
Payment on secured borrowing		75,000,000
Prepayment penalty		$ 400,000
Secured Borrowings \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			2.25%
Secured Borrowings \| Secured Overnight Financing Rate (SOFR) Floor
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			3.00%
Secured Borrowings \| Maximum
Line of Credit Facility [Line Items]
Exit fee (as percent)			0.0050
Secured Borrowings \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			2.50%
Term Loan \| Senior Unsecured Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount				$ 200,000,000
Payments on senior unsecured term loan	$ 200,000,000
Loss on extinguishment of debt	$ 300,000
Term Loan \| Senior Unsecured Term Loan \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				0.50%
Term Loan \| Senior Unsecured Term Loan \| Minimum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				1.50%
Term Loan \| Senior Unsecured Term Loan \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				1.20%
Term Loan \| Senior Unsecured Term Loan \| Maximum \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)				2.20%

DEBT - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt, Fiscal Year Maturity [Abstract]
2025	$ 0
2026	0
2027	0
2028	400,000
2029	0
Thereafter	0
Total debt	$ 400,000	$ 600,000

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions		12 Months Ended
	Nov. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 29, 2024	Aug. 28, 2024
Class of Stock [Line Items]
Gross proceeds of common stock		$ 1,552,894,000	$ 634,446,000	$ 47,236,000
ATM Program
Class of Stock [Line Items]
Securities Offering, Previous Offering, Terminated Amount					$ 750,000,000.0	$ 500,000,000
Expected term		1 year
Remaining offering amount available		$ 440,100,000
Underwritten Public Offering
Class of Stock [Line Items]
Number of shares issued (in shares)	15.9
Issuance price (usd per share)	$ 32.00
Gross proceeds	$ 507,800,000

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - Schedule of the at-the-Market Equity Offering Program (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Gross proceeds	$ 1,552,894	$ 634,446	$ 47,236
ATM Program
Class of Stock [Line Items]
Number of shares (shares)	40,986,000	30,869,000	2,405,000
Average sales price per share (usd per share)	$ 26.35	$ 20.86	$ 20.00
Gross proceeds	$ 1,079,852	$ 643,802	$ 48,100
Commissions paid on stock issuance	$ 13,400	$ 8,300	$ 600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - Schedule of Dividends on Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common dividend (usd per share)	$ 0.29	$ 0.29	$ 0.29	$ 0.29	$ 0.28	$ 0.28	$ 0.28	$ 0.28	$ 0.275	$ 0.275	$ 0.275	$ 0.275	$ 1.16	$ 1.12	$ 1.10
Dividends payable as of record date	$ 54,388	$ 49,721	$ 44,721	$ 41,192	$ 36,531	$ 32,403	$ 27,853	$ 27,846	$ 27,386	$ 26,683	$ 26,683	$ 26,691	$ 54,388	$ 36,531	$ 27,386
O 2024 Q1 Dividends
Class of Stock [Line Items]
Dividends payment date				Apr. 15, 2024
Dividends record date				Mar. 28, 2024
O 2024 Q2 Dividends
Class of Stock [Line Items]
Dividends payment date			Jul. 15, 2024
Dividends record date			Jun. 28, 2024
O 2024 Q3 Dividends
Class of Stock [Line Items]
Dividends payment date		Oct. 15, 2024
Dividends record date		Sep. 30, 2024
O 2024 Q4 Dividends
Class of Stock [Line Items]
Dividends payment date	Jan. 15, 2025
Dividends record date	Dec. 31, 2024
O 2023 Q1 Dividends
Class of Stock [Line Items]
Dividends payment date								Apr. 14, 2023
Dividends record date								Mar. 31, 2023
O 2023 Q2 Dividends
Class of Stock [Line Items]
Dividends payment date							Jul. 14, 2023
Dividends record date							Jun. 30, 2023
O 2023 Q3 Dividends
Class of Stock [Line Items]
Dividends payment date						Oct. 13, 2023
Dividends record date						Sep. 29, 2023
O 2023 Q4 Dividends
Class of Stock [Line Items]
Dividends payment date					Jan. 12, 2024
Dividends record date					Dec. 29, 2023
O 2022 Q1 Dividends
Class of Stock [Line Items]
Dividends payment date												Apr. 15, 2022
Dividends record date												Mar. 31, 2022
O 2022 Q2 Dividends
Class of Stock [Line Items]
Dividends payment date											Jul. 15, 2022
Dividends record date											Jun. 30, 2022
O 2022 Q3 Dividends
Class of Stock [Line Items]
Dividends payment date										Oct. 14, 2022
Dividends record date										Sep. 30, 2022
O 2022 Q4 Dividends
Class of Stock [Line Items]
Dividends payment date									Jan. 13, 2023
Dividends record date									Dec. 30, 2022

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for awards (shares)	5,000,000
Unamortized stock-based compensation expense	$ 15.9
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				3 years	4 years
RSAs \| Non-Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					1 year
PSAs \| Minimum \| Vesting Period Range One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				1 year
PSAs \| Minimum \| Vesting Period Range Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					1 year
PSAs \| Maximum \| Vesting Period Range One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				3 years
PSAs \| Maximum \| Vesting Period Range Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					4 years
TSR Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Total fair value of awards granted	$ 4.9	$ 2.9	$ 2.5
TSR Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards ultimately vesting based on TRS, as percentage of initial grant	0.00%
TSR Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards ultimately vesting based on TRS, as percentage of initial grant	200.00%
RSAs and PSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average remaining vesting period (in years)	1 year 10 months 24 days

STOCK-BASED COMPENSATION - Schedule of Restricted Stock and Performance Awards Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Unvested, beginning balance (shares)	510,596
Vested (shares)	(169,963)
Forfeited (shares)	(35,161)
Unvested, ending balance (shares)	552,999	510,596
Weighted Average Share Price
Unvested, beginning balance (usd per share)	$ 21.01
Vested (usd per share)	20.68
Forfeited (usd per share)	20.48
Unvested, ending balance (usd per share)	$ 23.86	$ 21.01
RSAs
Shares
Granted (shares)	225,815	166,122	159,663
Vested (shares)	(145,195)
Weighted Average Share Price
Granted (usd per share)	$ 27.38	$ 22.41	$ 19.56
Board Awards
Shares
Granted (shares)	21,712
Weighted Average Share Price
Granted (usd per share)	$ 23.95

STOCK-BASED COMPENSATION - Schedule of Grants During the Period (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (shares)	169,963
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	225,815	166,122	159,663
Granted (usd per share)	$ 27.38	$ 22.41	$ 19.56
Grant Date Fair Value	$ 6,183	$ 3,722	$ 3,123
Vested (shares)	145,195
Vest Date Fair Value	$ 3,051
Board Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	21,712
Granted (usd per share)	$ 23.95
Board Awards \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	21,712	24,768	25,992
Granted (usd per share)	$ 23.95	$ 19.38	$ 16.93
Grant Date Fair Value	$ 520	$ 480	$ 440
Vested (shares)	24,768
Vest Date Fair Value	$ 593

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(iv)(01)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION - Schedule of Key Assumptions Used in Valuation (Details) - TSR Units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Key Assumptions Used in Valuation
Risk-free interest rate	4.30%	4.08%	3.91%
Expected stock price volatility	24.45%	26.44%	52.90%
Expected service period	3 years 10 days	3 years 14 days	3 years 14 days
Expected dividend yield (assuming full reinvestment)	0.00%	0.00%	0.00%
Fair value per share at date of grant (usd per share)	$ 34.10	$ 27.41	$ 26.53

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 6,130	$ 5,153	$ 5,758

EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss) attributable to CareTrust REIT, Inc.	$ 125,080	$ 53,735	$ (7,506)
Less: Net income allocated to participating securities	(445)	(400)	(440)
Numerator for basic earnings available to common stockholders	124,635	53,335	(7,946)
Numerator for diluted earnings available to common stockholders	$ 124,635	$ 53,335	$ (7,946)
Denominator:
Weighted-average basic common shares outstanding (shares)	154,795	105,956	96,703
Weighted-average diluted common shares outstanding (shares)	155,167	106,152	96,703
Earnings (loss) per common share attributable to CareTrust REIT, Inc., basic (usd per share)	$ 0.81	$ 0.50	$ (0.08)
Earnings (loss) per common share attributable to CareTrust REIT, Inc., diluted (usd per share)	$ 0.80	$ 0.50	$ (0.08)
Antidilutive unvested restricted stock awards, total shareholder units, performance awards, and forward equity shares excluded from the computation (shares)	553	475	744
Performance Stock Awards
Denominator:
Dilutive performance stock awards (shares)	372	164	0
Forward Equity Agreements
Denominator:
Dilutive performance stock awards (shares)	0	32	0

SEGMENT REPORTING - Narrative (Details) - 12 months ended Dec. 31, 2024	reportable_segment	segment
Segment Reporting [Abstract]
Reportable segment	1	1

SEGMENT REPORTING - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental income	$ 228,261	$ 198,599	$ 187,506
Interest income from financing receivable	1,009	0	0
Interest income from other real estate related investments and other income	67,016	19,171	8,626
Total revenues	296,286	217,770	196,132
Expenses:
Depreciation and amortization	56,831	51,199	50,316
Interest expense	30,310	40,883	30,008
Property taxes	7,838	6,170	4,333
Impairment of real estate investments	42,225	36,301	79,062
Transaction costs	1,326	0	0
Provision for loan losses, net	4,900	0	3,844
Property operating expenses	5,714	3,423	5,039
General and administrative	28,923	21,805	20,165
Total expenses	178,067	159,781	192,767
Other income (loss):
Loss on extinguishment of debt	(657)	0	0
(Loss) gain on sale of real estate, net	(2,208)	2,218	(3,769)
Unrealized gain (loss) on other real estate related investments, net	9,045	(6,485)	(7,102)
Total other income (loss)	6,180	(4,267)	(10,871)
Net income (loss)	124,399	53,722	(7,506)
Net loss attributable to noncontrolling interests	(681)	(13)	0
Net income (loss) attributable to CareTrust REIT, Inc.	125,080	53,735	(7,506)
Reportable Segment
Revenues:
Rental income	228,261	198,599	187,506
Interest income from financing receivable	1,009	0	0
Interest income from other real estate related investments and other income	67,016	19,171	8,626
Total revenues	296,286	217,770	196,132
Expenses:
Depreciation and amortization	56,831	51,199	50,316
Interest expense	30,310	40,883	30,008
Property taxes	7,838	6,170	4,333
Impairment of real estate investments	42,225	36,301	79,062
Transaction costs	1,326	0	0
Provision for loan losses, net	4,900	0	3,844
Property operating expenses	5,714	3,423	5,039
Cash compensation	6,474	5,636	6,107
Incentive compensation	9,699	5,350	3,550
Share-based compensation	6,130	5,153	5,758
Independent living facilities	2,785	2,399	1,897
Taxes and insurance	1,019	908	897
Other Expenses	2,816	2,359	1,956
General and administrative	28,923	21,805	20,165
Total expenses	178,067	159,781	192,767
Other income (loss):
Loss on extinguishment of debt	(657)	0	0
(Loss) gain on sale of real estate, net	(2,208)	2,218	(3,769)
Unrealized gain (loss) on other real estate related investments, net	9,045	(6,485)	(7,102)
Total other income (loss)	6,180	(4,267)	(10,871)
Net income (loss)	124,399	53,722	(7,506)
Net loss attributable to noncontrolling interests	(681)	(13)	0
Net income (loss) attributable to CareTrust REIT, Inc.	$ 125,080	$ 53,735	$ (7,506)

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities Investments (Details) $ in Thousands	Dec. 31, 2024 USD ($) facility	Aug. 01, 2024 facility	Jun. 01, 2023 facility	Dec. 31, 2022 facility	Dec. 31, 2020 facility
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	258		1
Variable Interest Entity, Primary Beneficiary
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	34
Investments	$ 568,758
Variable Interest Entity, Primary Beneficiary \| Investment Seven
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	0
Investments	$ 1,500
CTRE \| Variable Interest Entity, Primary Beneficiary
Noncontrolling Interest [Line Items]
Investments	546,988
CTRE \| Variable Interest Entity, Primary Beneficiary \| Investment Seven
Noncontrolling Interest [Line Items]
Investments	1,275
Noncontrolling Interests \| Variable Interest Entity, Primary Beneficiary
Noncontrolling Interest [Line Items]
Investments	21,770
Noncontrolling Interests \| Variable Interest Entity, Primary Beneficiary \| Investment Seven
Noncontrolling Interest [Line Items]
Investments	$ 225
SNF
Noncontrolling Interest [Line Items]
Number of Facilities \| facility		37		1	9
SNF \| Variable Interest Entity, Primary Beneficiary \| Investment One
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	1
Investments	$ 26,112
SNF \| Variable Interest Entity, Primary Beneficiary \| Investment Two
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	2
Investments	$ 35,148
SNF \| Variable Interest Entity, Primary Beneficiary \| Investment Five
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	1
Investments	$ 25,131
SNF \| Variable Interest Entity, Primary Beneficiary \| Investment Six
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	27
Investments	$ 441,035
SNF \| CTRE \| Variable Interest Entity, Primary Beneficiary \| Investment One
Noncontrolling Interest [Line Items]
Investments	25,459
SNF \| CTRE \| Variable Interest Entity, Primary Beneficiary \| Investment Two
Noncontrolling Interest [Line Items]
Investments	34,269
SNF \| CTRE \| Variable Interest Entity, Primary Beneficiary \| Investment Five
Noncontrolling Interest [Line Items]
Investments	24,503
SNF \| CTRE \| Variable Interest Entity, Primary Beneficiary \| Investment Six
Noncontrolling Interest [Line Items]
Investments	422,646
SNF \| Noncontrolling Interests \| Variable Interest Entity, Primary Beneficiary \| Investment One
Noncontrolling Interest [Line Items]
Investments	653
SNF \| Noncontrolling Interests \| Variable Interest Entity, Primary Beneficiary \| Investment Two
Noncontrolling Interest [Line Items]
Investments	879
SNF \| Noncontrolling Interests \| Variable Interest Entity, Primary Beneficiary \| Investment Five
Noncontrolling Interest [Line Items]
Investments	628
SNF \| Noncontrolling Interests \| Variable Interest Entity, Primary Beneficiary \| Investment Six
Noncontrolling Interest [Line Items]
Investments	$ 18,389
ALF \| Variable Interest Entity, Primary Beneficiary \| Investment Three
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	1
Investments	$ 11,036
ALF \| CTRE \| Variable Interest Entity, Primary Beneficiary \| Investment Three
Noncontrolling Interest [Line Items]
Investments	10,760
ALF \| Noncontrolling Interests \| Variable Interest Entity, Primary Beneficiary \| Investment Three
Noncontrolling Interest [Line Items]
Investments	$ 276
Multi-service campuses
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	1
Multi-service campuses \| Variable Interest Entity, Primary Beneficiary \| Investment Four
Noncontrolling Interest [Line Items]
Number of Facilities \| facility	2
Investments	$ 28,796
Multi-service campuses \| CTRE \| Variable Interest Entity, Primary Beneficiary \| Investment Four
Noncontrolling Interest [Line Items]
Investments	28,076
Multi-service campuses \| Noncontrolling Interests \| Variable Interest Entity, Primary Beneficiary \| Investment Four
Noncontrolling Interest [Line Items]
Investments	$ 720

VARIABLE INTEREST ENTITIES - Narrative (Details)	Dec. 31, 2024	Jan. 03, 2024
JV Partner
Noncontrolling Interest [Line Items]
Equity ownership percentage (percentage)	50.00%
JV Partner
Noncontrolling Interest [Line Items]
Ownership percentage held by parent (percentage)	90.00%
JV Partner
Noncontrolling Interest [Line Items]
Ownership percentage held by parent (percentage)		100.00%

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Real estate investments, net	$ 2,226,740	$ 1,567,119
Cash and cash equivalents	213,822	294,448
Prepaid expenses and other assets, net	35,608	23,337
Total assets	3,437,016	2,084,838
Total liabilities	507,633	666,121
Variable Interest Entity, Primary Beneficiary
Noncontrolling Interest [Line Items]
Real estate investments, net	565,959	68,106
Cash and cash equivalents	6,506	0
Prepaid expenses and other assets, net	8,317	2,800
Total assets	580,782	70,906
Accounts payable, accrued liabilities and deferred rent liabilities	10,332	7,239
Total liabilities	$ 10,332	$ 7,239

- Definition

Amount of asset recognized for present right to economic benefit.

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Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Ensign and Pennant
Accounting Policies [Line Items]
Aggregate required financing of capital expenditures as percentage of initial investment in property (percent)	20.00%
Tenant ESG Program
Accounting Policies [Line Items]
Authorized annual fund	$ 500

COMMITMENTS AND CONTINGENCIES - Schedule of Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($)
Accounting Policies [Line Items]
Commitments and contingencies
VIRGINIA \| SNF
Accounting Policies [Line Items]
Contingent earnout liability	$ 10,000
Number of facilities \| facility	1
Certain Capital Improvements at Triple-net Leased Facilities
Accounting Policies [Line Items]
Funding commitment	$ 6,600
Portion of funding commitment subject to rent increase at time of funding	5,700
Remaining Commitment
Accounting Policies [Line Items]
Commitments and contingencies	23,391
Remaining Commitment \| Capital expenditures
Accounting Policies [Line Items]
Commitments and contingencies	6,565
Remaining Commitment \| Other loans receivable
Accounting Policies [Line Items]
Commitments and contingencies	6,826
Remaining Commitment \| Earn-Out Obligation
Accounting Policies [Line Items]
Commitments and contingencies	$ 10,000

CONCENTRATION OF RISK (Details)	12 Months Ended
CONCENTRATION OF RISK (Details)	Dec. 31, 2024 facility bed	Dec. 31, 2023 facility bed	Dec. 31, 2022 bed facility	Aug. 01, 2024 facility	Jun. 01, 2023 facility	Dec. 31, 2020 facility
Concentration Risk [Line Items]
Number of facilities	258				1
SNF
Concentration Risk [Line Items]
Number of facilities			1	37		9
Campus
Concentration Risk [Line Items]
Number of facilities	1
CA
Concentration Risk [Line Items]
Number of facilities	3
CA \| SNF
Concentration Risk [Line Items]
Number of facilities	43	40	27
Number of Beds/Units \| bed	5,104	4,615	3,048
CA \| Campus
Concentration Risk [Line Items]
Number of facilities	12	9	8
Number of Beds/Units \| bed	2,004	1,527	1,359
CA \| ALF/ILF
Concentration Risk [Line Items]
Number of facilities	10	8	5
Number of Beds/Units \| bed	872	656	437
CA \| Rental Revenue \| Geographic Concentration Risk
Concentration Risk [Line Items]
Percentage of Total Revenue (percent)	28.00%	28.00%	26.00%
TX \| SNF
Concentration Risk [Line Items]
Number of facilities	38	40	38
Number of Beds/Units \| bed	4,726	5,123	4,849
TX \| Campus
Concentration Risk [Line Items]
Number of facilities	3	3	3
Number of Beds/Units \| bed	476	536	536
TX \| ALF/ILF
Concentration Risk [Line Items]
Number of facilities	2	2	3
Number of Beds/Units \| bed	212	212	242
TX \| Rental Revenue \| Geographic Concentration Risk
Concentration Risk [Line Items]
Percentage of Total Revenue (percent)	18.00%	21.00%	22.00%
Ensign \| SNF
Concentration Risk [Line Items]
Number of facilities	92	83	83
Number of Beds/Units \| bed	9,708	8,738	8,741
Ensign \| Campus
Concentration Risk [Line Items]
Number of facilities	8	8	8
Number of Beds/Units \| bed	997	997	997
Ensign \| ALF/ILF
Concentration Risk [Line Items]
Number of facilities	7	7	7
Number of Beds/Units \| bed	661	661	661
Ensign \| Rental Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of Total Revenue (percent)	26.00%	32.00%	35.00%
PMG \| SNF
Concentration Risk [Line Items]
Number of facilities	13	13	13
Number of Beds/Units \| bed	1,742	1,742	1,742
PMG \| Campus
Concentration Risk [Line Items]
Number of facilities	2	2	2
Number of Beds/Units \| bed	402	402	402
PMG \| ALF/ILF
Concentration Risk [Line Items]
Number of facilities	0	0	0
Number of Beds/Units \| bed	0	0	0
PMG \| Rental Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of Total Revenue (percent)	12.00%	14.00%	16.00%

Subsequent Events (Details)			1 Months Ended		12 Months Ended
Subsequent Events (Details)	Feb. 01, 2025 USD ($) option facility	Jan. 28, 2025 $ / shares shares	Feb. 12, 2025 USD ($) facility	Sep. 30, 2022 facility	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Jan. 21, 2025 USD ($)	Jan. 10, 2025 USD ($) facility	Dec. 20, 2024 USD ($)	Aug. 29, 2024 USD ($)	Aug. 28, 2024 USD ($)	Aug. 01, 2024 USD ($)	Feb. 02, 2024 USD ($)	Feb. 01, 2024 USD ($)	Jan. 25, 2024 USD ($)	Jan. 03, 2024	Dec. 31, 2020
Subsequent Event [Line Items]
Interest rate																		12.00%
Assets held for sale, net					$ 57,261,000	$ 15,011,000
RSAs
Subsequent Event [Line Items]
Granted (shares) \| shares					225,815	166,122	159,663
Granted (usd per share) \| $ / shares					$ 27.38	$ 22.41	$ 19.56
JV Partner
Subsequent Event [Line Items]
Ownership percentage held by parent (percentage)																	100.00%
ATM Program
Subsequent Event [Line Items]
Securities offering, previous offering, terminated amount											$ 750,000,000.0	$ 500,000,000
Remaining offering amount available					$ 440,100,000
SNF
Subsequent Event [Line Items]
Principal amount													$ 260,000,000
Interest rate													8.40%
Number of facilities \| facility				4
Subsequent Event
Subsequent Event [Line Items]
Assets held for sale, net			$ 40,500,000
Disposal of real estate, expected gain (loss) on disposal			3,900,000
Purchase of property plant and equipment	$ 20,400,000
Subsequent Event \| Officer And Employee \| RSAs
Subsequent Event [Line Items]
Granted (shares) \| shares		137,920
Granted (usd per share) \| $ / shares		$ 27.17
Subsequent Event \| ATM Program
Subsequent Event [Line Items]
Securities offering, previous offering, terminated amount								$ 750,000,000
Remaining offering amount available			$ 750,000,000
Subsequent Event \| SNF
Subsequent Event [Line Items]
Number of properties sold \| facility			3
Subsequent Event \| Skilled Nursing Facility Campus
Subsequent Event [Line Items]
Number of properties sold \| facility			1
Subsequent Event \| ALF
Subsequent Event [Line Items]
Number of properties sold \| facility			1
Mezzanine Loan
Subsequent Event [Line Items]
Principal amount														$ 50,000,000		$ 10,200,000
Interest rate															11.50%
Mezzanine Loan \| SNF
Subsequent Event [Line Items]
Principal amount														$ 35,000,000	$ 7,400,000	$ 9,800,000
Mezzanine loan receivable \| Multi-service campuses
Subsequent Event [Line Items]
Principal amount										$ 5,100,000
Interest rate										13.00%
SNF \| Subsequent Event
Subsequent Event [Line Items]
Contributed to JV	$ 19,700,000
Number of facilities \| facility	1
Lease term (in years)	15 years
Number of renewal options \| option	2
Lease renewal term (in years)	5 years
Annual cash rent	$ 2,000,000
SNF \| Subsequent Event \| Skilled Nursing Facility, Tennessee, Joint Venture
Subsequent Event [Line Items]
Equity ownership percentage (percentage)	50.00%
SNF \| Subsequent Event \| JV Partner
Subsequent Event [Line Items]
Contributed to JV	$ 700,000
SNF \| Subsequent Event \| Skilled Nursing Facility, Tennessee, Joint Venture
Subsequent Event [Line Items]
Ownership percentage held by parent (percentage)	100.00%
SNF \| Mezzanine Loan \| Subsequent Event
Subsequent Event [Line Items]
Number of property secured by a pledge \| facility									1
SNF \| Maryland \| Mezzanine Loan \| Subsequent Event
Subsequent Event [Line Items]
Principal amount									$ 6,400,000

Schedule III - Real Estate Assets and Accumulated Depreciation - By Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	369,335
Buildings and improvements	2,120,116
Cost Capitalized Since Acquisition
Improvements	123,394
Gross Carrying Value
Land	367,044
Buildings and improvements	2,220,287
Total	2,587,331	$ 1,899,290	$ 1,721,871	$ 1,873,806
Accumulated depreciation	(390,218)	$ (350,732)	$ (315,914)	$ (304,785)
Aggregate cost of real estate for federal income tax purposes	2,600,000
Skilled Nursing Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	237,804
Buildings and improvements	1,637,220
Cost Capitalized Since Acquisition
Improvements	103,779
Gross Carrying Value
Land	236,191
Buildings and improvements	1,742,612
Total	1,978,803
Accumulated depreciation	(299,886)
Skilled Nursing Properties \| Ensign Highland LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	257
Buildings and improvements	976
Cost Capitalized Since Acquisition
Improvements	926
Gross Carrying Value
Land	257
Buildings and improvements	1,902
Total	2,159
Accumulated depreciation	$ (1,597)
Construction/Renovation date	2013
Acquisition date	2000
Skilled Nursing Properties \| Meadowbrook Health Associates LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	425
Buildings and improvements	3,716
Cost Capitalized Since Acquisition
Improvements	1,940
Gross Carrying Value
Land	425
Buildings and improvements	5,656
Total	6,081
Accumulated depreciation	$ (3,895)
Construction/Renovation date	2012
Acquisition date	2000
Skilled Nursing Properties \| Terrace Holdings AZ LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	113
Buildings and improvements	504
Cost Capitalized Since Acquisition
Improvements	971
Gross Carrying Value
Land	113
Buildings and improvements	1,475
Total	1,588
Accumulated depreciation	$ (1,165)
Construction/Renovation date	2004
Acquisition date	2002
Skilled Nursing Properties \| Rillito Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	471
Buildings and improvements	2,041
Cost Capitalized Since Acquisition
Improvements	3,055
Gross Carrying Value
Land	471
Buildings and improvements	5,096
Total	5,567
Accumulated depreciation	$ (4,061)
Construction/Renovation date	2013
Acquisition date	2003
Skilled Nursing Properties \| Valley Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	629
Buildings and improvements	5,154
Cost Capitalized Since Acquisition
Improvements	1,519
Gross Carrying Value
Land	629
Buildings and improvements	6,673
Total	7,302
Accumulated depreciation	$ (4,847)
Construction/Renovation date	2009
Acquisition date	2004
Skilled Nursing Properties \| Cedar Avenue Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,812
Buildings and improvements	3,919
Cost Capitalized Since Acquisition
Improvements	1,994
Gross Carrying Value
Land	2,812
Buildings and improvements	5,913
Total	8,725
Accumulated depreciation	$ (4,234)
Construction/Renovation date	2011
Acquisition date	2005
Skilled Nursing Properties \| Granada Investments LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,526
Buildings and improvements	2,827
Cost Capitalized Since Acquisition
Improvements	1,522
Gross Carrying Value
Land	3,526
Buildings and improvements	4,349
Total	7,875
Accumulated depreciation	$ (3,319)
Construction/Renovation date	2010
Acquisition date	2005
Skilled Nursing Properties \| Plaza Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	450
Buildings and improvements	5,566
Cost Capitalized Since Acquisition
Improvements	1,055
Gross Carrying Value
Land	450
Buildings and improvements	6,621
Total	7,071
Accumulated depreciation	$ (4,890)
Construction/Renovation date	2009
Acquisition date	2006
Skilled Nursing Properties \| Mountainview Communitycare LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	931
Buildings and improvements	2,612
Cost Capitalized Since Acquisition
Improvements	653
Gross Carrying Value
Land	931
Buildings and improvements	3,265
Total	4,196
Accumulated depreciation	$ (2,549)
Construction/Renovation date	1963
Acquisition date	2006
Skilled Nursing Properties \| CM Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,028
Buildings and improvements	3,119
Cost Capitalized Since Acquisition
Improvements	2,071
Gross Carrying Value
Land	3,028
Buildings and improvements	5,190
Total	8,218
Accumulated depreciation	$ (3,726)
Construction/Renovation date	2012
Acquisition date	2006
Skilled Nursing Properties \| Polk Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	60
Buildings and improvements	4,391
Cost Capitalized Since Acquisition
Improvements	1,167
Gross Carrying Value
Land	60
Buildings and improvements	5,558
Total	5,618
Accumulated depreciation	$ (3,904)
Construction/Renovation date	2009
Acquisition date	2006
Skilled Nursing Properties \| Snohomish Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	741
Buildings and improvements	1,663
Cost Capitalized Since Acquisition
Improvements	1,998
Gross Carrying Value
Land	741
Buildings and improvements	3,661
Total	4,402
Accumulated depreciation	$ (3,091)
Construction/Renovation date	2009
Acquisition date	2006
Skilled Nursing Properties \| Cherry Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	171
Buildings and improvements	1,828
Cost Capitalized Since Acquisition
Improvements	2,038
Gross Carrying Value
Land	171
Buildings and improvements	3,866
Total	4,037
Accumulated depreciation	$ (3,348)
Construction/Renovation date	2010
Acquisition date	2006
Skilled Nursing Properties \| Golfview Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,105
Buildings and improvements	3,110
Cost Capitalized Since Acquisition
Improvements	1,067
Gross Carrying Value
Land	1,105
Buildings and improvements	4,177
Total	5,282
Accumulated depreciation	$ (2,849)
Construction/Renovation date	2007
Acquisition date	2006
Skilled Nursing Properties \| Tenth East Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	332
Buildings and improvements	2,426
Cost Capitalized Since Acquisition
Improvements	2,507
Gross Carrying Value
Land	332
Buildings and improvements	4,933
Total	5,265
Accumulated depreciation	$ (4,111)
Construction/Renovation date	2013
Acquisition date	2006
Skilled Nursing Properties \| Trinity Mill Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	664
Buildings and improvements	2,294
Cost Capitalized Since Acquisition
Improvements	902
Gross Carrying Value
Land	664
Buildings and improvements	3,196
Total	3,860
Accumulated depreciation	$ (2,781)
Construction/Renovation date	2007
Acquisition date	2006
Skilled Nursing Properties \| Cottonwood Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	965
Buildings and improvements	2,070
Cost Capitalized Since Acquisition
Improvements	958
Gross Carrying Value
Land	965
Buildings and improvements	3,028
Total	3,993
Accumulated depreciation	$ (2,813)
Construction/Renovation date	2008
Acquisition date	2007
Skilled Nursing Properties \| Verde Villa Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	600
Buildings and improvements	1,890
Cost Capitalized Since Acquisition
Improvements	470
Gross Carrying Value
Land	600
Buildings and improvements	2,360
Total	2,960
Accumulated depreciation	$ (1,835)
Construction/Renovation date	2011
Acquisition date	2007
Skilled Nursing Properties \| Mesquite Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	470
Buildings and improvements	1,715
Cost Capitalized Since Acquisition
Improvements	8,632
Gross Carrying Value
Land	441
Buildings and improvements	10,376
Total	10,817
Accumulated depreciation	$ (9,318)
Construction/Renovation date	2012
Acquisition date	2007
Skilled Nursing Properties \| Arrow Tree Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,165
Buildings and improvements	1,105
Cost Capitalized Since Acquisition
Improvements	324
Gross Carrying Value
Land	2,165
Buildings and improvements	1,429
Total	3,594
Accumulated depreciation	$ (1,277)
Construction/Renovation date	1965
Acquisition date	2007
Skilled Nursing Properties \| Fort Street Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	443
Buildings and improvements	2,394
Cost Capitalized Since Acquisition
Improvements	759
Gross Carrying Value
Land	443
Buildings and improvements	3,153
Total	3,596
Accumulated depreciation	$ (2,041)
Construction/Renovation date	2008
Acquisition date	2007
Skilled Nursing Properties \| Trousdale Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,415
Buildings and improvements	1,841
Cost Capitalized Since Acquisition
Improvements	1,861
Gross Carrying Value
Land	1,415
Buildings and improvements	3,702
Total	5,117
Accumulated depreciation	$ (2,712)
Construction/Renovation date	2013
Acquisition date	2007
Skilled Nursing Properties \| Ensign Bellflower LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	937
Buildings and improvements	1,168
Cost Capitalized Since Acquisition
Improvements	357
Gross Carrying Value
Land	937
Buildings and improvements	1,525
Total	2,462
Accumulated depreciation	$ (1,149)
Construction/Renovation date	2009
Acquisition date	2007
Skilled Nursing Properties \| RB Heights Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,007
Buildings and improvements	2,793
Cost Capitalized Since Acquisition
Improvements	1,762
Gross Carrying Value
Land	2,007
Buildings and improvements	4,555
Total	6,562
Accumulated depreciation	$ (3,172)
Construction/Renovation date	2009
Acquisition date	2008
Skilled Nursing Properties \| San Corrine Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	310
Buildings and improvements	2,090
Cost Capitalized Since Acquisition
Improvements	719
Gross Carrying Value
Land	310
Buildings and improvements	2,809
Total	3,119
Accumulated depreciation	$ (1,708)
Construction/Renovation date	2005
Acquisition date	2008
Skilled Nursing Properties \| Temple Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	529
Buildings and improvements	2,207
Cost Capitalized Since Acquisition
Improvements	1,163
Gross Carrying Value
Land	529
Buildings and improvements	3,370
Total	3,899
Accumulated depreciation	$ (2,281)
Construction/Renovation date	2008
Acquisition date	2008
Skilled Nursing Properties \| Anson Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	369
Buildings and improvements	3,220
Cost Capitalized Since Acquisition
Improvements	1,725
Gross Carrying Value
Land	369
Buildings and improvements	4,945
Total	5,314
Accumulated depreciation	$ (3,286)
Construction/Renovation date	2012
Acquisition date	2008
Skilled Nursing Properties \| Willits Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	490
Buildings and improvements	1,231
Cost Capitalized Since Acquisition
Improvements	500
Gross Carrying Value
Land	490
Buildings and improvements	1,731
Total	2,221
Accumulated depreciation	$ (1,135)
Construction/Renovation date	2011
Acquisition date	2008
Skilled Nursing Properties \| Lufkin Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	467
Buildings and improvements	4,644
Cost Capitalized Since Acquisition
Improvements	782
Gross Carrying Value
Land	467
Buildings and improvements	5,426
Total	5,893
Accumulated depreciation	$ (2,197)
Construction/Renovation date	1988
Acquisition date	2009
Skilled Nursing Properties \| Lowell Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	217
Buildings and improvements	856
Cost Capitalized Since Acquisition
Improvements	1,735
Gross Carrying Value
Land	217
Buildings and improvements	2,591
Total	2,808
Accumulated depreciation	$ (1,934)
Construction/Renovation date	2012
Acquisition date	2009
Skilled Nursing Properties \| Jefferson Ralston Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	280
Buildings and improvements	1,230
Cost Capitalized Since Acquisition
Improvements	834
Gross Carrying Value
Land	280
Buildings and improvements	2,064
Total	2,344
Accumulated depreciation	$ (1,236)
Construction/Renovation date	2012
Acquisition date	2009
Skilled Nursing Properties \| Lafayette Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,607
Buildings and improvements	4,222
Cost Capitalized Since Acquisition
Improvements	6,195
Gross Carrying Value
Land	1,607
Buildings and improvements	10,417
Total	12,024
Accumulated depreciation	$ (7,027)
Construction/Renovation date	2012
Acquisition date	2009
Skilled Nursing Properties \| Hillendahl Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,133
Buildings and improvements	11,977
Cost Capitalized Since Acquisition
Improvements	1,421
Gross Carrying Value
Land	2,133
Buildings and improvements	13,398
Total	15,531
Accumulated depreciation	$ (7,482)
Construction/Renovation date	1984
Acquisition date	2009
Skilled Nursing Properties \| Price Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	193
Buildings and improvements	2,209
Cost Capitalized Since Acquisition
Improvements	849
Gross Carrying Value
Land	193
Buildings and improvements	3,058
Total	3,251
Accumulated depreciation	$ (1,519)
Construction/Renovation date	2012
Acquisition date	2009
Skilled Nursing Properties \| Silver Lake Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,051
Buildings and improvements	8,362
Cost Capitalized Since Acquisition
Improvements	2,011
Gross Carrying Value
Land	2,051
Buildings and improvements	10,373
Total	12,424
Accumulated depreciation	$ (4,308)
Construction/Renovation date	2011
Acquisition date	2009
Skilled Nursing Properties \| Jordan Health Properties LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,671
Buildings and improvements	4,244
Cost Capitalized Since Acquisition
Improvements	1,507
Gross Carrying Value
Land	2,671
Buildings and improvements	5,751
Total	8,422
Accumulated depreciation	$ (2,519)
Construction/Renovation date	2013
Acquisition date	2009
Skilled Nursing Properties \| Regal Road Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	767
Buildings and improvements	4,648
Cost Capitalized Since Acquisition
Improvements	155
Gross Carrying Value
Land	193
Buildings and improvements	5,377
Total	5,570
Accumulated depreciation	$ (2,730)
Construction/Renovation date	2012
Acquisition date	2009
Skilled Nursing Properties \| Paredes Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	373
Buildings and improvements	1,354
Cost Capitalized Since Acquisition
Improvements	190
Gross Carrying Value
Land	373
Buildings and improvements	1,544
Total	1,917
Accumulated depreciation	$ (630)
Construction/Renovation date	1969
Acquisition date	2009
Skilled Nursing Properties \| Expressway Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	90
Buildings and improvements	675
Cost Capitalized Since Acquisition
Improvements	430
Gross Carrying Value
Land	90
Buildings and improvements	1,105
Total	1,195
Accumulated depreciation	$ (627)
Construction/Renovation date	2011
Acquisition date	2009
Skilled Nursing Properties \| Rio Grande Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	642
Buildings and improvements	1,085
Cost Capitalized Since Acquisition
Improvements	870
Gross Carrying Value
Land	642
Buildings and improvements	1,955
Total	2,597
Accumulated depreciation	$ (1,273)
Construction/Renovation date	2012
Acquisition date	2009
Skilled Nursing Properties \| Fifth East Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	345
Buildings and improvements	2,464
Cost Capitalized Since Acquisition
Improvements	1,065
Gross Carrying Value
Land	345
Buildings and improvements	3,529
Total	3,874
Accumulated depreciation	$ (1,836)
Construction/Renovation date	2011
Acquisition date	2009
Skilled Nursing Properties \| Emmett Healthcare Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	591
Buildings and improvements	2,383
Cost Capitalized Since Acquisition
Improvements	69
Gross Carrying Value
Land	591
Buildings and improvements	2,452
Total	3,043
Accumulated depreciation	$ (1,087)
Construction/Renovation date	1972
Acquisition date	2010
Skilled Nursing Properties \| Burley Healthcare Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	250
Buildings and improvements	4,004
Cost Capitalized Since Acquisition
Improvements	424
Gross Carrying Value
Land	250
Buildings and improvements	4,428
Total	4,678
Accumulated depreciation	$ (2,117)
Construction/Renovation date	2011
Acquisition date	2010
Skilled Nursing Properties \| Josey Ranch Healthcare Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,382
Buildings and improvements	2,293
Cost Capitalized Since Acquisition
Improvements	478
Gross Carrying Value
Land	1,382
Buildings and improvements	2,771
Total	4,153
Accumulated depreciation	$ (1,278)
Construction/Renovation date	1996
Acquisition date	2010
Skilled Nursing Properties \| Everglades Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,847
Buildings and improvements	5,377
Cost Capitalized Since Acquisition
Improvements	682
Gross Carrying Value
Land	1,847
Buildings and improvements	6,059
Total	7,906
Accumulated depreciation	$ (2,147)
Construction/Renovation date	1990
Acquisition date	2011
Skilled Nursing Properties \| Irving Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	60
Buildings and improvements	2,931
Cost Capitalized Since Acquisition
Improvements	245
Gross Carrying Value
Land	60
Buildings and improvements	3,176
Total	3,236
Accumulated depreciation	$ (1,469)
Construction/Renovation date	2011
Acquisition date	2011
Skilled Nursing Properties \| Falls City Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	170
Buildings and improvements	2,141
Cost Capitalized Since Acquisition
Improvements	82
Gross Carrying Value
Land	170
Buildings and improvements	2,223
Total	2,393
Accumulated depreciation	$ (967)
Construction/Renovation date	1972
Acquisition date	2011
Skilled Nursing Properties \| Gillette Park Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	163
Buildings and improvements	1,491
Cost Capitalized Since Acquisition
Improvements	12
Gross Carrying Value
Land	163
Buildings and improvements	1,503
Total	1,666
Accumulated depreciation	$ (817)
Construction/Renovation date	1967
Acquisition date	2011
Skilled Nursing Properties \| Gazebo Park Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	80
Buildings and improvements	2,541
Cost Capitalized Since Acquisition
Improvements	97
Gross Carrying Value
Land	80
Buildings and improvements	2,638
Total	2,718
Accumulated depreciation	$ (1,468)
Construction/Renovation date	1978
Acquisition date	2011
Skilled Nursing Properties \| Oleson Park Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	90
Buildings and improvements	2,341
Cost Capitalized Since Acquisition
Improvements	759
Gross Carrying Value
Land	90
Buildings and improvements	3,100
Total	3,190
Accumulated depreciation	$ (2,189)
Construction/Renovation date	2012
Acquisition date	2011
Skilled Nursing Properties \| Arapahoe Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	158
Buildings and improvements	4,810
Cost Capitalized Since Acquisition
Improvements	759
Gross Carrying Value
Land	128
Buildings and improvements	5,599
Total	5,727
Accumulated depreciation	$ (2,850)
Construction/Renovation date	2012
Acquisition date	2011
Skilled Nursing Properties \| Dixie Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	487
Buildings and improvements	1,978
Cost Capitalized Since Acquisition
Improvements	98
Gross Carrying Value
Land	487
Buildings and improvements	2,076
Total	2,563
Accumulated depreciation	$ (749)
Construction/Renovation date	1978
Acquisition date	2011
Skilled Nursing Properties \| Memorial Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	537
Buildings and improvements	2,138
Cost Capitalized Since Acquisition
Improvements	698
Gross Carrying Value
Land	537
Buildings and improvements	2,836
Total	3,373
Accumulated depreciation	$ (1,502)
Construction/Renovation date	2007
Acquisition date	2011
Skilled Nursing Properties \| Bogardus Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,425
Buildings and improvements	5,307
Cost Capitalized Since Acquisition
Improvements	1,079
Gross Carrying Value
Land	1,425
Buildings and improvements	6,386
Total	7,811
Accumulated depreciation	$ (3,058)
Construction/Renovation date	2011
Acquisition date	2011
Skilled Nursing Properties \| South Dora Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	297
Buildings and improvements	2,087
Cost Capitalized Since Acquisition
Improvements	1,621
Gross Carrying Value
Land	297
Buildings and improvements	3,708
Total	4,005
Accumulated depreciation	$ (2,405)
Construction/Renovation date	2013
Acquisition date	2011
Skilled Nursing Properties \| Silverada Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,012
Buildings and improvements	3,282
Cost Capitalized Since Acquisition
Improvements	103
Gross Carrying Value
Land	1,012
Buildings and improvements	3,385
Total	4,397
Accumulated depreciation	$ (1,159)
Construction/Renovation date	1970
Acquisition date	2011
Skilled Nursing Properties \| Orem Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,689
Buildings and improvements	3,896
Cost Capitalized Since Acquisition
Improvements	3,235
Gross Carrying Value
Land	1,689
Buildings and improvements	7,131
Total	8,820
Accumulated depreciation	$ (4,062)
Construction/Renovation date	2011
Acquisition date	2011
Skilled Nursing Properties \| Wisteria Health Holdings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	746
Buildings and improvements	9,903
Cost Capitalized Since Acquisition
Improvements	290
Gross Carrying Value
Land	746
Buildings and improvements	10,193
Total	10,939
Accumulated depreciation	$ (3,010)
Construction/Renovation date	2008
Acquisition date	2011
Skilled Nursing Properties \| Renee Avenue Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	180
Buildings and improvements	2,481
Cost Capitalized Since Acquisition
Improvements	966
Gross Carrying Value
Land	180
Buildings and improvements	3,447
Total	3,627
Accumulated depreciation	$ (1,806)
Construction/Renovation date	2013
Acquisition date	2012
Skilled Nursing Properties \| Stillhouse Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	129
Buildings and improvements	7,139
Cost Capitalized Since Acquisition
Improvements	6
Gross Carrying Value
Land	129
Buildings and improvements	7,145
Total	7,274
Accumulated depreciation	$ (1,582)
Construction/Renovation date	2009
Acquisition date	2012
Skilled Nursing Properties \| Fig Street Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	329
Buildings and improvements	2,653
Cost Capitalized Since Acquisition
Improvements	1,094
Gross Carrying Value
Land	329
Buildings and improvements	3,747
Total	4,076
Accumulated depreciation	$ (1,999)
Construction/Renovation date	2007
Acquisition date	2012
Skilled Nursing Properties \| Lowell Lake Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	49
Buildings and improvements	1,554
Cost Capitalized Since Acquisition
Improvements	29
Gross Carrying Value
Land	49
Buildings and improvements	1,583
Total	1,632
Accumulated depreciation	$ (458)
Construction/Renovation date	1990
Acquisition date	2012
Skilled Nursing Properties \| Queensway Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	999
Buildings and improvements	4,237
Cost Capitalized Since Acquisition
Improvements	2,331
Gross Carrying Value
Land	999
Buildings and improvements	6,568
Total	7,567
Accumulated depreciation	$ (3,317)
Construction/Renovation date	2008
Acquisition date	2012
Skilled Nursing Properties \| Long Beach Health Associates LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,285
Buildings and improvements	2,343
Cost Capitalized Since Acquisition
Improvements	2,172
Gross Carrying Value
Land	1,285
Buildings and improvements	4,515
Total	5,800
Accumulated depreciation	$ (2,570)
Construction/Renovation date	2013
Acquisition date	2012
Skilled Nursing Properties \| Kings Court Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	193
Buildings and improvements	2,311
Cost Capitalized Since Acquisition
Improvements	318
Gross Carrying Value
Land	193
Buildings and improvements	2,629
Total	2,822
Accumulated depreciation	$ (942)
Construction/Renovation date	1965
Acquisition date	2012
Skilled Nursing Properties \| 51st Avenue Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	340
Buildings and improvements	3,925
Cost Capitalized Since Acquisition
Improvements	32
Gross Carrying Value
Land	340
Buildings and improvements	3,957
Total	4,297
Accumulated depreciation	$ (1,352)
Construction/Renovation date	1970
Acquisition date	2013
Skilled Nursing Properties \| Ives Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	371
Buildings and improvements	2,951
Cost Capitalized Since Acquisition
Improvements	274
Gross Carrying Value
Land	371
Buildings and improvements	3,225
Total	3,596
Accumulated depreciation	$ (1,066)
Construction/Renovation date	1972
Acquisition date	2013
Skilled Nursing Properties \| Guadalupe Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	80
Buildings and improvements	2,391
Cost Capitalized Since Acquisition
Improvements	15
Gross Carrying Value
Land	80
Buildings and improvements	2,406
Total	2,486
Accumulated depreciation	$ (640)
Construction/Renovation date	2013
Acquisition date	2013
Skilled Nursing Properties \| 49th Street Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	129
Buildings and improvements	2,418
Cost Capitalized Since Acquisition
Improvements	24
Gross Carrying Value
Land	129
Buildings and improvements	2,442
Total	2,571
Accumulated depreciation	$ (957)
Construction/Renovation date	1960
Acquisition date	2013
Skilled Nursing Properties \| Willows Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,388
Buildings and improvements	2,982
Cost Capitalized Since Acquisition
Improvements	202
Gross Carrying Value
Land	1,388
Buildings and improvements	3,184
Total	4,572
Accumulated depreciation	$ (1,348)
Construction/Renovation date	1970
Acquisition date	2013
Skilled Nursing Properties \| Tulalip Bay Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,722
Buildings and improvements	2,642
Cost Capitalized Since Acquisition
Improvements	(980)
Gross Carrying Value
Land	742
Buildings and improvements	2,642
Total	3,384
Accumulated depreciation	$ (1,013)
Construction/Renovation date	1966
Acquisition date	2013
Skilled Nursing Properties \| Sky Holdings AZ LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	228
Buildings and improvements	1,124
Cost Capitalized Since Acquisition
Improvements	1,380
Gross Carrying Value
Land	228
Buildings and improvements	2,504
Total	2,732
Accumulated depreciation	$ (2,094)
Construction/Renovation date	2004
Acquisition date	2002
Skilled Nursing Properties \| Lemon River Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	152
Buildings and improvements	357
Cost Capitalized Since Acquisition
Improvements	1,493
Gross Carrying Value
Land	152
Buildings and improvements	1,850
Total	2,002
Accumulated depreciation	$ (1,610)
Construction/Renovation date	2012
Acquisition date	2009
Skilled Nursing Properties \| CTR Partnership, L.P. \| Shoreline Health and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,462
Buildings and improvements	5,034
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,462
Buildings and improvements	5,034
Total	6,496
Accumulated depreciation	$ (1,206)
Construction/Renovation date	1987
Acquisition date	2015
Skilled Nursing Properties \| CTR Partnership, L.P. \| Premier Estates of Cincinnati-Riverview
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	833
Buildings and improvements	18,086
Cost Capitalized Since Acquisition
Improvements	792
Gross Carrying Value
Land	833
Buildings and improvements	18,878
Total	19,711
Accumulated depreciation	$ (4,465)
Construction/Renovation date	1992
Acquisition date	2015
Skilled Nursing Properties \| CTR Partnership, L.P. \| Shaw Mountain at Cascadia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,801
Buildings and improvements	6,572
Cost Capitalized Since Acquisition
Improvements	395
Gross Carrying Value
Land	1,801
Buildings and improvements	6,967
Total	8,768
Accumulated depreciation	$ (1,724)
Construction/Renovation date	1989
Acquisition date	2016
Skilled Nursing Properties \| CTR Partnership, L.P. \| Arbor Nursing Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	768
Buildings and improvements	10,712
Cost Capitalized Since Acquisition
Improvements	58
Gross Carrying Value
Land	768
Buildings and improvements	10,770
Total	11,538
Accumulated depreciation	$ (2,254)
Construction/Renovation date	1982
Acquisition date	2016
Skilled Nursing Properties \| CTR Partnership, L.P. \| Broadmoor Medical Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,232
Buildings and improvements	22,152
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,232
Buildings and improvements	22,152
Total	23,384
Accumulated depreciation	$ (4,477)
Construction/Renovation date	1984
Acquisition date	2016
Skilled Nursing Properties \| CTR Partnership, L.P. \| Decatur Medical Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	990
Buildings and improvements	24,909
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	990
Buildings and improvements	24,909
Total	25,899
Accumulated depreciation	$ (5,034)
Construction/Renovation date	2013
Acquisition date	2016
Skilled Nursing Properties \| CTR Partnership, L.P. \| Royse City Medical Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	606
Buildings and improvements	14,660
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	606
Buildings and improvements	14,660
Total	15,266
Accumulated depreciation	$ (2,962)
Construction/Renovation date	2009
Acquisition date	2016
Skilled Nursing Properties \| CTR Partnership, L.P. \| Saline Care Nursing and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,022
Buildings and improvements	5,713
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,022
Buildings and improvements	5,713
Total	6,735
Accumulated depreciation	$ (1,119)
Construction/Renovation date	2009
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Carrier Mills Nursing and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	775
Buildings and improvements	8,377
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	775
Buildings and improvements	8,377
Total	9,152
Accumulated depreciation	$ (1,640)
Construction/Renovation date	1968
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| StoneBridge Nursing and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	439
Buildings and improvements	3,475
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	439
Buildings and improvements	3,475
Total	3,914
Accumulated depreciation	$ (681)
Construction/Renovation date	2014
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| DuQuoin Nursing and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	511
Buildings and improvements	3,662
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	511
Buildings and improvements	3,662
Total	4,173
Accumulated depreciation	$ (717)
Construction/Renovation date	2014
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Pinckneyville Nursing and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	406
Buildings and improvements	3,411
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	406
Buildings and improvements	3,411
Total	3,817
Accumulated depreciation	$ (668)
Construction/Renovation date	2014
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Wellspring Health and Rehabilitation Of Cascadia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	775
Buildings and improvements	5,044
Cost Capitalized Since Acquisition
Improvements	336
Gross Carrying Value
Land	775
Buildings and improvements	5,380
Total	6,155
Accumulated depreciation	$ (1,028)
Construction/Renovation date	2011
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| The Rio at Fox Hollow
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,178
Buildings and improvements	12,059
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,178
Buildings and improvements	12,059
Total	13,237
Accumulated depreciation	$ (2,286)
Construction/Renovation date	2016
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| The Rio at Cabezon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,055
Buildings and improvements	9,749
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	2,055
Buildings and improvements	9,749
Total	11,804
Accumulated depreciation	$ (1,848)
Construction/Renovation date	2016
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Eldorado Rehab & Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	940
Buildings and improvements	2,093
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	940
Buildings and improvements	2,093
Total	3,033
Accumulated depreciation	$ (392)
Construction/Renovation date	1993
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Secora Health and Rehabilitation of Cascadia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,481
Buildings and improvements	2,216
Cost Capitalized Since Acquisition
Improvements	110
Gross Carrying Value
Land	1,481
Buildings and improvements	2,326
Total	3,807
Accumulated depreciation	$ (436)
Construction/Renovation date	2012
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Mountain Valley
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	916
Buildings and improvements	7,874
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	916
Buildings and improvements	7,874
Total	8,790
Accumulated depreciation	$ (1,443)
Construction/Renovation date	1971
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Caldwell Care
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	906
Buildings and improvements	7,020
Cost Capitalized Since Acquisition
Improvements	516
Gross Carrying Value
Land	906
Buildings and improvements	7,536
Total	8,442
Accumulated depreciation	$ (1,382)
Construction/Renovation date	1947
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Canyon West
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	312
Buildings and improvements	10,410
Cost Capitalized Since Acquisition
Improvements	461
Gross Carrying Value
Land	312
Buildings and improvements	10,871
Total	11,183
Accumulated depreciation	$ (1,993)
Construction/Renovation date	1969
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Lewiston Health and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	625
Buildings and improvements	12,087
Cost Capitalized Since Acquisition
Improvements	215
Gross Carrying Value
Land	625
Buildings and improvements	12,302
Total	12,927
Accumulated depreciation	$ (2,230)
Construction/Renovation date	1964
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| The Orchards
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	785
Buildings and improvements	8,923
Cost Capitalized Since Acquisition
Improvements	272
Gross Carrying Value
Land	785
Buildings and improvements	9,195
Total	9,980
Accumulated depreciation	$ (1,667)
Construction/Renovation date	1958
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Weiser Care
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	80
Buildings and improvements	4,419
Cost Capitalized Since Acquisition
Improvements	389
Gross Carrying Value
Land	80
Buildings and improvements	4,808
Total	4,888
Accumulated depreciation	$ (872)
Construction/Renovation date	1964
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Aspen Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	698
Buildings and improvements	5,092
Cost Capitalized Since Acquisition
Improvements	274
Gross Carrying Value
Land	698
Buildings and improvements	5,366
Total	6,064
Accumulated depreciation	$ (1,020)
Construction/Renovation date	1965
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Ridgmar Medical Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	681
Buildings and improvements	6,587
Cost Capitalized Since Acquisition
Improvements	1,256
Gross Carrying Value
Land	681
Buildings and improvements	7,843
Total	8,524
Accumulated depreciation	$ (1,695)
Construction/Renovation date	2006
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Mansfield Medical Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	607
Buildings and improvements	4,801
Cost Capitalized Since Acquisition
Improvements	1,073
Gross Carrying Value
Land	607
Buildings and improvements	5,874
Total	6,481
Accumulated depreciation	$ (1,265)
Construction/Renovation date	2006
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Grapevine Medical Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,602
Buildings and improvements	4,536
Cost Capitalized Since Acquisition
Improvements	891
Gross Carrying Value
Land	1,602
Buildings and improvements	5,427
Total	7,029
Accumulated depreciation	$ (1,177)
Construction/Renovation date	2006
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| The Oaks at Lakewood
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,001
Buildings and improvements	1,779
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,001
Buildings and improvements	1,779
Total	2,780
Accumulated depreciation	$ (322)
Construction/Renovation date	1989
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| The Oaks at Timberline
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	446
Buildings and improvements	869
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	446
Buildings and improvements	869
Total	1,315
Accumulated depreciation	$ (157)
Construction/Renovation date	1972
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Providence Waterman Nursing Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,831
Buildings and improvements	19,791
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	3,831
Buildings and improvements	19,791
Total	23,622
Accumulated depreciation	$ (3,587)
Construction/Renovation date	1967
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Providence Orange Tree
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,897
Buildings and improvements	14,700
Cost Capitalized Since Acquisition
Improvements	345
Gross Carrying Value
Land	2,897
Buildings and improvements	15,045
Total	17,942
Accumulated depreciation	$ (2,756)
Construction/Renovation date	1969
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Providence Ontario
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	4,204
Buildings and improvements	21,880
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	4,204
Buildings and improvements	21,880
Total	26,084
Accumulated depreciation	$ (3,966)
Construction/Renovation date	1980
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Greenville Nursing and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	188
Buildings and improvements	3,972
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	188
Buildings and improvements	3,972
Total	4,160
Accumulated depreciation	$ (840)
Construction/Renovation date	1973
Acquisition date	2017
Skilled Nursing Properties \| CTR Partnership, L.P. \| Copper Ridge Health and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	220
Buildings and improvements	4,974
Cost Capitalized Since Acquisition
Improvements	39
Gross Carrying Value
Land	220
Buildings and improvements	5,013
Total	5,233
Accumulated depreciation	$ (954)
Construction/Renovation date	2010
Acquisition date	2018
Skilled Nursing Properties \| CTR Partnership, L.P. \| Prairie Heights Healthcare Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,372
Buildings and improvements	7,491
Cost Capitalized Since Acquisition
Improvements	38
Gross Carrying Value
Land	1,372
Buildings and improvements	7,529
Total	8,901
Accumulated depreciation	$ (1,340)
Construction/Renovation date	1965
Acquisition date	2018
Skilled Nursing Properties \| CTR Partnership, L.P. \| The Meadows on University
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	989
Buildings and improvements	3,275
Cost Capitalized Since Acquisition
Improvements	429
Gross Carrying Value
Land	989
Buildings and improvements	3,704
Total	4,693
Accumulated depreciation	$ (559)
Construction/Renovation date	1966
Acquisition date	2018
Skilled Nursing Properties \| CTR Partnership, L.P. \| The Suites - Parker
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,178
Buildings and improvements	17,857
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,178
Buildings and improvements	17,857
Total	19,035
Accumulated depreciation	$ (2,779)
Construction/Renovation date	2012
Acquisition date	2018
Skilled Nursing Properties \| CTR Partnership, L.P. \| Huntington Park Nursing Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,131
Buildings and improvements	8,876
Cost Capitalized Since Acquisition
Improvements	302
Gross Carrying Value
Land	3,131
Buildings and improvements	9,178
Total	12,309
Accumulated depreciation	$ (1,488)
Construction/Renovation date	1955
Acquisition date	2019
Skilled Nursing Properties \| CTR Partnership, L.P. \| Shoreline Care Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,699
Buildings and improvements	9,004
Cost Capitalized Since Acquisition
Improvements	819
Gross Carrying Value
Land	1,699
Buildings and improvements	9,823
Total	11,522
Accumulated depreciation	$ (1,367)
Construction/Renovation date	1962
Acquisition date	2019
Skilled Nursing Properties \| CTR Partnership, L.P. \| Downey Care Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,502
Buildings and improvements	6,141
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	2,502
Buildings and improvements	6,141
Total	8,643
Accumulated depreciation	$ (934)
Construction/Renovation date	1967
Acquisition date	2019
Skilled Nursing Properties \| CTR Partnership, L.P. \| Courtyard Healthcare Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,351
Buildings and improvements	9,256
Cost Capitalized Since Acquisition
Improvements	48
Gross Carrying Value
Land	2,351
Buildings and improvements	9,304
Total	11,655
Accumulated depreciation	$ (1,433)
Construction/Renovation date	1969
Acquisition date	2019
Skilled Nursing Properties \| CTR Partnership, L.P. \| Cascadia of Nampa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	880
Buildings and improvements	14,117
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	880
Buildings and improvements	14,117
Total	14,997
Accumulated depreciation	$ (2,094)
Construction/Renovation date	2017
Acquisition date	2019
Skilled Nursing Properties \| CTR Partnership, L.P. \| Valley Skilled Nursing
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	798
Buildings and improvements	7,671
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	798
Buildings and improvements	7,671
Total	8,469
Accumulated depreciation	$ (1,045)
Construction/Renovation date	2016
Acquisition date	2019
Skilled Nursing Properties \| CTR Partnership, L.P. \| Cascadia of Boise
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,597
Buildings and improvements	15,692
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,597
Buildings and improvements	15,692
Total	17,289
Accumulated depreciation	$ (2,059)
Construction/Renovation date	2018
Acquisition date	2020
Skilled Nursing Properties \| CTR Partnership, L.P. \| Cooney Healthcare and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	867
Buildings and improvements	7,431
Cost Capitalized Since Acquisition
Improvements	20
Gross Carrying Value
Land	867
Buildings and improvements	7,451
Total	8,318
Accumulated depreciation	$ (853)
Construction/Renovation date	1984
Acquisition date	2020
Skilled Nursing Properties \| CTR Partnership, L.P. \| Elkhorn Healthcare and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	183
Buildings and improvements	7,380
Cost Capitalized Since Acquisition
Improvements	576
Gross Carrying Value
Land	183
Buildings and improvements	7,956
Total	8,139
Accumulated depreciation	$ (938)
Construction/Renovation date	1960
Acquisition date	2020
Skilled Nursing Properties \| CTR Partnership, L.P. \| El Centro Post-Acute Care
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,283
Buildings and improvements	8,133
Cost Capitalized Since Acquisition
Improvements	135
Gross Carrying Value
Land	1,283
Buildings and improvements	8,268
Total	9,551
Accumulated depreciation	$ (823)
Construction/Renovation date	1962
Acquisition date	2021
Skilled Nursing Properties \| CTR Partnership, L.P. \| Sedona Trace Health and Wellness
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,282
Buildings and improvements	12,763
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	3,282
Buildings and improvements	12,763
Total	16,045
Accumulated depreciation	$ (1,222)
Construction/Renovation date	2017
Acquisition date	2021
Skilled Nursing Properties \| CTR Partnership, L.P. \| Cedar Pointe Health and Wellness Suites
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,325
Buildings and improvements	11,738
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	3,325
Buildings and improvements	11,738
Total	15,063
Accumulated depreciation	$ (1,111)
Construction/Renovation date	2017
Acquisition date	2021
Skilled Nursing Properties \| CTR Partnership, L.P. \| Ennis Care Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	568
Buildings and improvements	8,055
Cost Capitalized Since Acquisition
Improvements	100
Gross Carrying Value
Land	568
Buildings and improvements	8,155
Total	8,723
Accumulated depreciation	$ (641)
Construction/Renovation date	1982
Acquisition date	2022
Skilled Nursing Properties \| CTR Partnership, L.P. \| Park Bend Rehabilitation and Healthcare Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,877
Buildings and improvements	6,616
Cost Capitalized Since Acquisition
Improvements	718
Gross Carrying Value
Land	1,877
Buildings and improvements	7,334
Total	9,211
Accumulated depreciation	$ (406)
Construction/Renovation date	1988
Acquisition date	2023
Skilled Nursing Properties \| CTR Partnership, L.P. \| Prairie Ridge Health and Rehabiliation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,301
Buildings and improvements	5,025
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,301
Buildings and improvements	5,025
Total	6,326
Accumulated depreciation	$ (243)
Construction/Renovation date	1987
Acquisition date	2023
Skilled Nursing Properties \| CTR Partnership, L.P. \| Spalding Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	680
Buildings and improvements	11,044
Cost Capitalized Since Acquisition
Improvements	1,853
Gross Carrying Value
Land	680
Buildings and improvements	12,897
Total	13,577
Accumulated depreciation	$ (522)
Construction/Renovation date	2022
Acquisition date	2023
Skilled Nursing Properties \| CTR Partnership, L.P. \| Casa Azul Skilled Nursing and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,413
Buildings and improvements	10,451
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	3,413
Buildings and improvements	10,451
Total	13,864
Accumulated depreciation	$ (449)
Construction/Renovation date	2005
Acquisition date	2023
Skilled Nursing Properties \| CTR Partnership, L.P. \| bethal update
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,668
Buildings and improvements	15,375
Cost Capitalized Since Acquisition
Improvements	105
Gross Carrying Value
Land	1,668
Buildings and improvements	15,480
Total	17,148
Accumulated depreciation	$ (3,836)
Construction/Renovation date	1989
Acquisition date	2015
Skilled Nursing Properties \| CTR Partnership, L.P. \| Mira
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,601
Buildings and improvements	7,425
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,601
Buildings and improvements	7,425
Total	9,026
Accumulated depreciation	$ (1,810)
Construction/Renovation date	1989
Acquisition date	2015
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| Alpine Skilled Nursing and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,688
Buildings and improvements	23,825
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	2,688
Buildings and improvements	23,825
Total	26,513
Accumulated depreciation	$ (3,613)
Construction/Renovation date	2014
Acquisition date	2019
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| The Bradford Skilled Nursing and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,758
Buildings and improvements	21,325
Cost Capitalized Since Acquisition
Improvements	17
Gross Carrying Value
Land	3,758
Buildings and improvements	21,342
Total	25,100
Accumulated depreciation	$ (3,261)
Construction/Renovation date	1980
Acquisition date	2019
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| Colonial Oaks Skilled Nursing And Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,635
Buildings and improvements	21,180
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,635
Buildings and improvements	21,180
Total	22,815
Accumulated depreciation	$ (3,136)
Construction/Renovation date	2013
Acquisition date	2019
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| The Guest House Skilled Nursing And Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,437
Buildings and improvements	20,889
Cost Capitalized Since Acquisition
Improvements	2,845
Gross Carrying Value
Land	3,437
Buildings and improvements	23,734
Total	27,171
Accumulated depreciation	$ (3,824)
Construction/Renovation date	2006
Acquisition date	2019
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| Pilgrim Manor Skilled Nursing And Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,979
Buildings and improvements	24,617
Cost Capitalized Since Acquisition
Improvements	1,978
Gross Carrying Value
Land	2,979
Buildings and improvements	26,595
Total	29,574
Accumulated depreciation	$ (3,921)
Construction/Renovation date	2008
Acquisition date	2019
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| Shreveport Manor Skilled Nursing and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	676
Buildings and improvements	10,238
Cost Capitalized Since Acquisition
Improvements	602
Gross Carrying Value
Land	676
Buildings and improvements	10,840
Total	11,516
Accumulated depreciation	$ (1,662)
Construction/Renovation date	2008
Acquisition date	2019
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| Booker T Washington Skilled Nursing and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,452
Buildings and improvements	9,148
Cost Capitalized Since Acquisition
Improvements	113
Gross Carrying Value
Land	2,452
Buildings and improvements	9,261
Total	11,713
Accumulated depreciation	$ (1,479)
Construction/Renovation date	2013
Acquisition date	2019
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| Legacy West Rehabilitation and Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	120
Buildings and improvements	6,682
Cost Capitalized Since Acquisition
Improvements	436
Gross Carrying Value
Land	120
Buildings and improvements	7,118
Total	7,238
Accumulated depreciation	$ (1,227)
Construction/Renovation date	2002
Acquisition date	2019
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| Legacy at Jacksonville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	173
Buildings and improvements	7,481
Cost Capitalized Since Acquisition
Improvements	148
Gross Carrying Value
Land	173
Buildings and improvements	7,629
Total	7,802
Accumulated depreciation	$ (1,246)
Construction/Renovation date	2006
Acquisition date	2019
Skilled Nursing Properties \| Gulf Coast Buyer 1 LLC \| Pecan Tree Rehabilitation and Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	219
Buildings and improvements	10,097
Cost Capitalized Since Acquisition
Improvements	255
Gross Carrying Value
Land	219
Buildings and improvements	10,352
Total	10,571
Accumulated depreciation	$ (1,648)
Construction/Renovation date	1990
Acquisition date	2019
Skilled Nursing Properties \| Lakewest SNF Realty, LLC \| Lakewest Rehabilitation and Skilled Care
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings and improvements	6,905
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	0
Buildings and improvements	6,905
Total	6,905
Accumulated depreciation	$ (1,094)
Construction/Renovation date	2011
Acquisition date	2019
Skilled Nursing Properties \| 160 North Patterson Avenue, LLC \| Buena Vista Care Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	7,987
Buildings and improvements	7,237
Cost Capitalized Since Acquisition
Improvements	552
Gross Carrying Value
Land	7,987
Buildings and improvements	7,789
Total	15,776
Accumulated depreciation	$ (735)
Construction/Renovation date	1967
Acquisition date	2021
Skilled Nursing Properties \| 8665 La Mesa Boulevard, LLC \| Community Convalescent Hospital of La Mesa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	5,346
Buildings and improvements	21,528
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	5,346
Buildings and improvements	21,528
Total	26,874
Accumulated depreciation	$ (873)
Construction/Renovation date	1968
Acquisition date	2023
Skilled Nursing Properties \| 7039 Alonda Boulevard, LLC \| Paramount Meadows Nursing Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,640
Buildings and improvements	15,380
Cost Capitalized Since Acquisition
Improvements	369
Gross Carrying Value
Land	3,640
Buildings and improvements	15,749
Total	19,389
Accumulated depreciation	$ (623)
Construction/Renovation date	1969
Acquisition date	2023
Skilled Nursing Properties \| 10625 Leffingwell Road, LLC \| Norwalk Meadows Nursing Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	4,932
Buildings and improvements	14,229
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	4,932
Buildings and improvements	14,229
Total	19,161
Accumulated depreciation	$ (586)
Construction/Renovation date	1964
Acquisition date	2023
Skilled Nursing Properties \| 247 E. Bobier Drive, LLC \| La Fuente Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	4,882
Buildings and improvements	20,793
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	4,882
Buildings and improvements	20,793
Total	25,675
Accumulated depreciation	$ (748)
Construction/Renovation date	1990
Acquisition date	2023
Skilled Nursing Properties \| Capitola 1935 Realty LLC \| Pacific Coast Manor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	5,231
Buildings and improvements	16,321
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	5,231
Buildings and improvements	16,321
Total	21,552
Accumulated depreciation	$ (493)
Construction/Renovation date	1964
Acquisition date	2023
Skilled Nursing Properties \| Morgan Hills Realty LLC \| Pacific Hills Manor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,239
Buildings and improvements	14,418
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	3,239
Buildings and improvements	14,418
Total	17,657
Accumulated depreciation	$ (447)
Construction/Renovation date	2014
Acquisition date	2023
Skilled Nursing Properties \| Columbia Post Acute \| Columbia Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,619
Buildings and improvements	15,678
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,619
Buildings and improvements	15,678
Total	17,297
Accumulated depreciation	$ (352)
Construction/Renovation date	2017
Acquisition date	2024
Skilled Nursing Properties \| Houston Transitional Care \| Houston Transitional Care
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,668
Buildings and improvements	17,434
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	2,668
Buildings and improvements	17,434
Total	20,102
Accumulated depreciation	$ (399)
Construction/Renovation date	2022
Acquisition date	2024
Skilled Nursing Properties \| Brunswick Rehabilitation and Healthcare Center \| Brunswick Rehabilitation and Healthcare Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	551
Buildings and improvements	16,589
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	551
Buildings and improvements	16,589
Total	17,140
Accumulated depreciation	$ (282)
Construction/Renovation date	2009
Acquisition date	2024
Skilled Nursing Properties \| Fletcher Rehabilitation and Healthcare Center \| Fletcher Rehabilitation and Healthcare Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,547
Buildings and improvements	15,316
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,547
Buildings and improvements	15,316
Total	16,863
Accumulated depreciation	$ (263)
Construction/Renovation date	2002
Acquisition date	2024
Skilled Nursing Properties \| Ramseur Rehabilitation and Healthcare Center \| Ramseur Rehabilitation and Healthcare Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	747
Buildings and improvements	15,085
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	747
Buildings and improvements	15,085
Total	15,832
Accumulated depreciation	$ (275)
Construction/Renovation date	2002
Acquisition date	2024
Skilled Nursing Properties \| Rockwell Park Rehabilitation and Healthcare Center \| Rockwell Park Rehabilitation and Healthcare Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,217
Buildings and improvements	16,213
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	2,217
Buildings and improvements	16,213
Total	18,430
Accumulated depreciation	$ (278)
Construction/Renovation date	1993
Acquisition date	2024
Skilled Nursing Properties \| Seven Oaks Rehabilitation and Healthcare Center \| Seven Oaks Rehabilitation and Healthcare Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	583
Buildings and improvements	10,847
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	583
Buildings and improvements	10,847
Total	11,430
Accumulated depreciation	$ (184)
Construction/Renovation date	1980
Acquisition date	2024
Skilled Nursing Properties \| 8170 Murray Propco, LLC \| Gilroy Healthcare and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	6,539
Buildings and improvements	19,162
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	6,539
Buildings and improvements	19,162
Total	25,701
Accumulated depreciation	$ (206)
Construction/Renovation date	1968
Acquisition date	2024
Skilled Nursing Properties \| Glenburnie Nursing & Rehabilitation Center \| Glenburnie Nursing & Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings and improvements	31,567
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	0
Buildings and improvements	31,567
Total	31,567
Accumulated depreciation	$ (274)
Construction/Renovation date	2005
Acquisition date	2024
Skilled Nursing Properties \| Dennett Rehab Center \| Dennett Rehab Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,134
Buildings and improvements	18,227
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,134
Buildings and improvements	18,227
Total	19,361
Accumulated depreciation	$ (131)
Construction/Renovation date	2023
Acquisition date	2024
Skilled Nursing Properties \| Mountain City Rehab Center \| Mountain City Rehab Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	853
Buildings and improvements	20,334
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	853
Buildings and improvements	20,334
Total	21,187
Accumulated depreciation	$ (135)
Construction/Renovation date	1995
Acquisition date	2024
Skilled Nursing Properties \| South Hills Post Acute \| South Hills Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,835
Buildings and improvements	12,726
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,835
Buildings and improvements	12,726
Total	14,561
Accumulated depreciation	$ (58)
Construction/Renovation date	2021
Acquisition date	2024
Skilled Nursing Properties \| Peters Township Post Acute \| Peters Township Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,651
Buildings and improvements	12,509
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,651
Buildings and improvements	12,509
Total	14,160
Accumulated depreciation	$ (57)
Construction/Renovation date	1988
Acquisition date	2024
Skilled Nursing Properties \| Monroeville Post Acute \| Monroeville Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,182
Buildings and improvements	10,906
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,182
Buildings and improvements	10,906
Total	12,088
Accumulated depreciation	$ (48)
Construction/Renovation date	1996
Acquisition date	2024
Skilled Nursing Properties \| Whitehall Borough Post Acute \| Whitehall Borough Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,323
Buildings and improvements	13,119
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,323
Buildings and improvements	13,119
Total	14,442
Accumulated depreciation	$ (57)
Construction/Renovation date	1999
Acquisition date	2024
Skilled Nursing Properties \| 704 Dupree Road TN LLC \| Haywood Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	508
Buildings and improvements	17,027
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	508
Buildings and improvements	17,027
Total	17,535
Accumulated depreciation	$ (38)
Construction/Renovation date	2022
Acquisition date	2024
Skilled Nursing Properties \| 175 Hospital Drive TN LLC \| Cherrywood Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,187
Buildings and improvements	16,873
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,187
Buildings and improvements	16,873
Total	18,060
Accumulated depreciation	$ (42)
Construction/Renovation date	2020
Acquisition date	2024
Skilled Nursing Properties \| 900 Professional Park Drive TN LLC \| Park Meadows Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,785
Buildings and improvements	21,328
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,785
Buildings and improvements	21,328
Total	23,113
Accumulated depreciation	$ (52)
Construction/Renovation date	2018
Acquisition date	2024
Skilled Nursing Properties \| 119 Kittrell Street TN LLC \| Lewis Park Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	826
Buildings and improvements	11,505
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	826
Buildings and improvements	11,505
Total	12,331
Accumulated depreciation	$ (28)
Construction/Renovation date	1996
Acquisition date	2024
Skilled Nursing Properties \| 444 One Eleven Place TN LLC \| Grandview Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,636
Buildings and improvements	20,941
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,636
Buildings and improvements	20,941
Total	22,577
Accumulated depreciation	$ (53)
Construction/Renovation date	2024
Acquisition date	2024
Skilled Nursing Properties \| 727 East Church Street TN LLC \| Lexington Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	551
Buildings and improvements	15,171
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	551
Buildings and improvements	15,171
Total	15,722
Accumulated depreciation	$ (34)
Construction/Renovation date	2024
Acquisition date	2024
Skilled Nursing Properties \| 835 East Poplar Avenue TN LLC \| Selmer Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	765
Buildings and improvements	19,394
Cost Capitalized Since Acquisition
Improvements	500
Gross Carrying Value
Land	765
Buildings and improvements	19,894
Total	20,659
Accumulated depreciation	$ (43)
Construction/Renovation date	1995
Acquisition date	2024
Skilled Nursing Properties \| 2650 North Mt Juliet Road TN LLC \| Cedar Creek Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,719
Buildings and improvements	12,640
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,719
Buildings and improvements	12,640
Total	14,359
Accumulated depreciation	$ (32)
Construction/Renovation date	2021
Acquisition date	2024
Skilled Nursing Properties \| 202 East Mtcs Road TN LLC \| Stone River Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,607
Buildings and improvements	7,649
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,607
Buildings and improvements	7,649
Total	9,256
Accumulated depreciation	$ (23)
Construction/Renovation date	1996
Acquisition date	2024
Skilled Nursing Properties \| 813 S Dickerson Rd TN LLC \| Alta Heights Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,324
Buildings and improvements	13,075
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,324
Buildings and improvements	13,075
Total	14,399
Accumulated depreciation	$ (32)
Construction/Renovation date	2005
Acquisition date	2024
Skilled Nursing Properties \| 895 Powers Blvd TN LLC \| Waverly Hills Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,071
Buildings and improvements	9,821
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,071
Buildings and improvements	9,821
Total	10,892
Accumulated depreciation	$ (28)
Construction/Renovation date	1989
Acquisition date	2024
Skilled Nursing Properties \| 1900 Parr Avenue TN LLC \| Okeena Health and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,122
Buildings and improvements	30,135
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,122
Buildings and improvements	30,135
Total	31,257
Accumulated depreciation	$ (67)
Construction/Renovation date	1989
Acquisition date	2024
Skilled Nursing Properties \| 2031 Avondale Street TN LLC \| Avondale Health and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	810
Buildings and improvements	10,127
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	810
Buildings and improvements	10,127
Total	10,937
Accumulated depreciation	$ (25)
Construction/Renovation date	2011
Acquisition date	2024
Skilled Nursing Properties \| 800 Volunteer Drive TN LLC \| Riverbend Health and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	963
Buildings and improvements	26,215
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	963
Buildings and improvements	26,215
Total	27,178
Accumulated depreciation	$ (59)
Construction/Renovation date	2023
Acquisition date	2024
Skilled Nursing Properties \| 1630 E Reelfoot Ave TN LLC \| Union City Health and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	885
Buildings and improvements	14,562
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	885
Buildings and improvements	14,562
Total	15,447
Accumulated depreciation	$ 0
Construction/Renovation date	1996
Acquisition date	2024
Skilled Nursing Properties \| 5275 Millennium Drive AL LLC \| The Health Center at Research Park
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,246
Buildings and improvements	9,659
Cost Capitalized Since Acquisition
Improvements	64
Gross Carrying Value
Land	1,246
Buildings and improvements	9,723
Total	10,969
Accumulated depreciation	$ 0
Construction/Renovation date	2006
Acquisition date	2024
Skilled Nursing Properties \| 460 Hannings Lane TN LLC \| VanAyer Senior Living and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	819
Buildings and improvements	9,771
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	819
Buildings and improvements	9,771
Total	10,590
Accumulated depreciation	$ 0
Construction/Renovation date	2023
Acquisition date	2024
Skilled Nursing Properties \| 1245 E College St TN LLC \| Meadowbrook Healthcare and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	437
Buildings and improvements	13,488
Cost Capitalized Since Acquisition
Improvements	483
Gross Carrying Value
Land	437
Buildings and improvements	13,971
Total	14,408
Accumulated depreciation	$ 0
Construction/Renovation date	1991
Acquisition date	2024
Skilled Nursing Properties \| 7424 Middlebrook Pike TN LLC \| Legacy Park Health and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,181
Buildings and improvements	15,678
Cost Capitalized Since Acquisition
Improvements	106
Gross Carrying Value
Land	1,181
Buildings and improvements	15,784
Total	16,965
Accumulated depreciation	$ 0
Construction/Renovation date	1972
Acquisition date	2024
Skilled Nursing Properties \| 7512 Middlebrook Pike TN LLC \| Wellpark Health and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,662
Buildings and improvements	1,188
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,662
Buildings and improvements	1,188
Total	2,850
Accumulated depreciation	$ 0
Construction/Renovation date	2015
Acquisition date	2024
Skilled Nursing Properties \| 1536 Appling Care Lane TN LLC \| Applingwood Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	482
Buildings and improvements	12,015
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	482
Buildings and improvements	12,015
Total	12,497
Accumulated depreciation	$ 0
Construction/Renovation date	1997
Acquisition date	2024
Skilled Nursing Properties \| 5070 Sanderlin Avenue TN LLC \| Shelby Oaks Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	788
Buildings and improvements	9,153
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	788
Buildings and improvements	9,153
Total	9,941
Accumulated depreciation	$ 0
Construction/Renovation date	1964
Acquisition date	2024
Skilled Nursing Properties \| 765 Bert Johnston Avenue TN LLC \| Covington Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	794
Buildings and improvements	15,735
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	794
Buildings and improvements	15,735
Total	16,529
Accumulated depreciation	$ 0
Construction/Renovation date	2023
Acquisition date	2024
Skilled Nursing Properties \| 45 Forest Cove TN LLC \| Cypress Grove Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	960
Buildings and improvements	16,359
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	960
Buildings and improvements	16,359
Total	17,319
Accumulated depreciation	$ 0
Construction/Renovation date	2022
Acquisition date	2024
Skilled Nursing Properties \| 121 Physicians Dr TN LLC \| Northbrooke Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	663
Buildings and improvements	17,643
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	663
Buildings and improvements	17,643
Total	18,306
Accumulated depreciation	$ 0
Construction/Renovation date	1997
Acquisition date	2024
Skilled Nursing Properties \| 597 West Forest Avenue TN LLC \| West Tennessee Transitional Care
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,779
Buildings and improvements	6,929
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,779
Buildings and improvements	6,929
Total	8,708
Accumulated depreciation	$ 0
Construction/Renovation date	2013
Acquisition date	2024
Skilled Nursing Properties \| 1513 N 2nd Street TN LLC \| Harborview Post Acute
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,764
Buildings and improvements	18,429
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,764
Buildings and improvements	18,429
Total	20,193
Accumulated depreciation	$ 0
Construction/Renovation date	2020
Acquisition date	2024
Multi-Service Campus Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	98,295
Buildings and improvements	335,453
Cost Capitalized Since Acquisition
Improvements	9,918
Gross Carrying Value
Land	98,295
Buildings and improvements	345,371
Total	443,666
Accumulated depreciation	(55,298)
Multi-Service Campus Properties \| CTR Partnership, L.P. \| Liberty Nursing Center of Willard
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	144
Buildings and improvements	11,097
Cost Capitalized Since Acquisition
Improvements	50
Gross Carrying Value
Land	144
Buildings and improvements	11,147
Total	11,291
Accumulated depreciation	$ (2,608)
Construction/Renovation date	1985
Acquisition date	2015
Multi-Service Campus Properties \| CTR Partnership, L.P. \| Premier Estates of Middletown/Premier Retirement Estates of Middletown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	990
Buildings and improvements	7,484
Cost Capitalized Since Acquisition
Improvements	380
Gross Carrying Value
Land	990
Buildings and improvements	7,864
Total	8,854
Accumulated depreciation	$ (1,900)
Construction/Renovation date	1985
Acquisition date	2015
Multi-Service Campus Properties \| CTR Partnership, L.P. \| Turlock Nursing and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,258
Buildings and improvements	16,526
Cost Capitalized Since Acquisition
Improvements	75
Gross Carrying Value
Land	1,258
Buildings and improvements	16,601
Total	17,859
Accumulated depreciation	$ (3,477)
Construction/Renovation date	1986
Acquisition date	2016
Multi-Service Campus Properties \| CTR Partnership, L.P. \| Bridgeport Medical Lodge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	980
Buildings and improvements	27,917
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	980
Buildings and improvements	27,917
Total	28,897
Accumulated depreciation	$ (5,642)
Construction/Renovation date	2014
Acquisition date	2016
Multi-Service Campus Properties \| CTR Partnership, L.P. \| The Villas at Saratoga
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	8,709
Buildings and improvements	9,736
Cost Capitalized Since Acquisition
Improvements	1,397
Gross Carrying Value
Land	8,709
Buildings and improvements	11,133
Total	19,842
Accumulated depreciation	$ (2,180)
Construction/Renovation date	2004
Acquisition date	2018
Multi-Service Campus Properties \| CTR Partnership, L.P. \| Madison Park Healthcare
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	601
Buildings and improvements	6,385
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	601
Buildings and improvements	6,385
Total	6,986
Accumulated depreciation	$ (1,022)
Construction/Renovation date	1924
Acquisition date	2018
Multi-Service Campus Properties \| CTR Partnership, L.P. \| Oakview Heights Nursing and Rehabilitation Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	298
Buildings and improvements	8,393
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	298
Buildings and improvements	8,393
Total	8,691
Accumulated depreciation	$ (1,405)
Construction/Renovation date	2004
Acquisition date	2019
Multi-Service Campus Properties \| CTR Partnership, L.P. \| City Creek Post-Acute and Assisted Living
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,980
Buildings and improvements	10,106
Cost Capitalized Since Acquisition
Improvements	1,488
Gross Carrying Value
Land	3,980
Buildings and improvements	11,594
Total	15,574
Accumulated depreciation	$ (1,913)
Construction/Renovation date	1990
Acquisition date	2019
Multi-Service Campus Properties \| CTR Partnership, L.P. \| Imboden Creek Living Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	131
Buildings and improvements	12,499
Cost Capitalized Since Acquisition
Improvements	91
Gross Carrying Value
Land	131
Buildings and improvements	12,590
Total	12,721
Accumulated depreciation	$ (999)
Construction/Renovation date	2003
Acquisition date	2022
Multi-Service Campus Properties \| Gulf Coast Buyer 1 LLC \| Spring Lake Skilled Nursing and Rehabilitation
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	3,217
Buildings and improvements	21,195
Cost Capitalized Since Acquisition
Improvements	2,729
Gross Carrying Value
Land	3,217
Buildings and improvements	23,924
Total	27,141
Accumulated depreciation	$ (4,136)
Construction/Renovation date	2008
Acquisition date	2019
Multi-Service Campus Properties \| Gulf Coast Buyer 1 LLC \| The Village at Heritage Oaks
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	143
Buildings and improvements	11,429
Cost Capitalized Since Acquisition
Improvements	462
Gross Carrying Value
Land	143
Buildings and improvements	11,891
Total	12,034
Accumulated depreciation	$ (1,974)
Construction/Renovation date	2007
Acquisition date	2019
Multi-Service Campus Properties \| Ensign Southland LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	966
Buildings and improvements	5,082
Cost Capitalized Since Acquisition
Improvements	2,213
Gross Carrying Value
Land	966
Buildings and improvements	7,295
Total	8,261
Accumulated depreciation	$ (6,356)
Construction/Renovation date	2011
Acquisition date	1999
Multi-Service Campus Properties \| Mission CCRC LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,962
Buildings and improvements	11,035
Cost Capitalized Since Acquisition
Improvements	464
Gross Carrying Value
Land	1,962
Buildings and improvements	11,499
Total	13,461
Accumulated depreciation	$ (4,503)
Construction/Renovation date	1994
Acquisition date	2011
Multi-Service Campus Properties \| Wayne Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	130
Buildings and improvements	3,061
Cost Capitalized Since Acquisition
Improvements	122
Gross Carrying Value
Land	130
Buildings and improvements	3,183
Total	3,313
Accumulated depreciation	$ (1,401)
Construction/Renovation date	1978
Acquisition date	2011
Multi-Service Campus Properties \| 4th Street Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	180
Buildings and improvements	3,352
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	180
Buildings and improvements	3,352
Total	3,532
Accumulated depreciation	$ (1,408)
Construction/Renovation date	2006
Acquisition date	2011
Multi-Service Campus Properties \| Big Sioux River Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	110
Buildings and improvements	3,522
Cost Capitalized Since Acquisition
Improvements	75
Gross Carrying Value
Land	110
Buildings and improvements	3,597
Total	3,707
Accumulated depreciation	$ (1,421)
Construction/Renovation date	1974
Acquisition date	2011
Multi-Service Campus Properties \| Prairie Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	130
Buildings and improvements	1,571
Cost Capitalized Since Acquisition
Improvements	22
Gross Carrying Value
Land	130
Buildings and improvements	1,593
Total	1,723
Accumulated depreciation	$ (1,078)
Construction/Renovation date	2011
Acquisition date	2011
Multi-Service Campus Properties \| Salmon River Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	168
Buildings and improvements	2,496
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	168
Buildings and improvements	2,496
Total	2,664
Accumulated depreciation	$ (775)
Construction/Renovation date	2012
Acquisition date	2012
Multi-Service Campus Properties \| Northshore Healthcare Holdings LLC \| San Juan Capistrano Senior Living
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	11,176
Buildings and improvements	25,298
Cost Capitalized Since Acquisition
Improvements	350
Gross Carrying Value
Land	11,176
Buildings and improvements	25,648
Total	36,824
Accumulated depreciation	$ (2,615)
Construction/Renovation date	1999
Acquisition date	2021
Multi-Service Campus Properties \| Northshore Healthcare Holdings LLC \| Camarillo Senior Living
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	7,516
Buildings and improvements	30,552
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	7,516
Buildings and improvements	30,552
Total	38,068
Accumulated depreciation	$ (3,014)
Construction/Renovation date	2000
Acquisition date	2021
Multi-Service Campus Properties \| Northshore Healthcare Holdings LLC \| Bayshire Carlsbad
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	7,398
Buildings and improvements	19,714
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	7,398
Buildings and improvements	19,714
Total	27,112
Accumulated depreciation	$ (1,973)
Construction/Renovation date	1999
Acquisition date	2021
Multi-Service Campus Properties \| Northshore Healthcare Holdings LLC \| Bayshire Rancho Mirage
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	4,024
Buildings and improvements	16,790
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	4,024
Buildings and improvements	16,790
Total	20,814
Accumulated depreciation	$ (1,715)
Construction/Renovation date	2000
Acquisition date	2021
Multi-Service Campus Properties \| 4075 54th Street, LLC \| Jacob Healthcare Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	4,949
Buildings and improvements	20,227
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	4,949
Buildings and improvements	20,227
Total	25,176
Accumulated depreciation	$ (835)
Construction/Renovation date	1994
Acquisition date	2023
Multi-Service Campus Properties \| 1740 San Dimas, LLC \| Skilled San Dimas LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	9,592
Buildings and improvements	5,936
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	9,592
Buildings and improvements	5,936
Total	15,528
Accumulated depreciation	$ (136)
Construction/Renovation date	1999
Acquisition date	2024
Multi-Service Campus Properties \| 17803 Imperial Hwy, LLC \| Skilled Yorba Linda LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	6,493
Buildings and improvements	6,025
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	6,493
Buildings and improvements	6,025
Total	12,518
Accumulated depreciation	$ (126)
Construction/Renovation date	1999
Acquisition date	2024
Multi-Service Campus Properties \| North Houston Transitional Care \| North Houston Transitional Care
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,419
Buildings and improvements	14,525
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	2,419
Buildings and improvements	14,525
Total	16,944
Accumulated depreciation	$ (332)
Construction/Renovation date	2022
Acquisition date	2024
Multi-Service Campus Properties \| Torrey Pines Senior Living \| Bayshire Torrey Pines
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	19,009
Buildings and improvements	13,079
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	19,009
Buildings and improvements	13,079
Total	32,088
Accumulated depreciation	$ (270)
Construction/Renovation date	1999
Acquisition date	2024
Multi-Service Campus Properties \| Ridgeway Rehab CenterRidgeway Village Assisted Living \| Ridgeway Rehab CenterRidgeway Village Assisted Living
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,622
Buildings and improvements	10,421
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,622
Buildings and improvements	10,421
Total	12,043
Accumulated depreciation	$ (84)
Construction/Renovation date	2023
Acquisition date	2024
Assisted and Independent Living Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	33,236
Buildings and improvements	147,443
Cost Capitalized Since Acquisition
Improvements	9,697
Gross Carrying Value
Land	32,558
Buildings and improvements	132,304
Total	164,862
Accumulated depreciation	(35,034)
Assisted and Independent Living Properties \| Lafayette Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company
Land	420
Buildings and improvements	1,160
Cost Capitalized Since Acquisition
Improvements	189
Gross Carrying Value
Land	420
Buildings and improvements	1,349
Total	1,769
Accumulated depreciation	$ (581)
Construction/Renovation date	2011
Acquisition date	2009
Assisted and Independent Living Properties \| Everglades Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,542
Buildings and improvements	4,012
Cost Capitalized Since Acquisition
Improvements	113
Gross Carrying Value
Land	1,542
Buildings and improvements	4,125
Total	5,667
Accumulated depreciation	$ (1,221)
Construction/Renovation date	1990
Acquisition date	2011
Assisted and Independent Living Properties \| Wisteria Health Holdings
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	244
Buildings and improvements	3,241
Cost Capitalized Since Acquisition
Improvements	81
Gross Carrying Value
Land	244
Buildings and improvements	3,322
Total	3,566
Accumulated depreciation	$ (2,229)
Construction/Renovation date	2008
Acquisition date	2011
Assisted and Independent Living Properties \| Willows Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,835
Buildings and improvements	3,784
Cost Capitalized Since Acquisition
Improvements	395
Gross Carrying Value
Land	2,835
Buildings and improvements	4,179
Total	7,014
Accumulated depreciation	$ (1,792)
Construction/Renovation date	2013
Acquisition date	2013
Assisted and Independent Living Properties \| Sky Holdings AZ LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	61
Buildings and improvements	304
Cost Capitalized Since Acquisition
Improvements	372
Gross Carrying Value
Land	61
Buildings and improvements	676
Total	737
Accumulated depreciation	$ (566)
Construction/Renovation date	2004
Acquisition date	2002
Assisted and Independent Living Properties \| Lemon River Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	342
Buildings and improvements	802
Cost Capitalized Since Acquisition
Improvements	3,360
Gross Carrying Value
Land	342
Buildings and improvements	4,162
Total	4,504
Accumulated depreciation	$ (3,623)
Construction/Renovation date	2012
Acquisition date	2009
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Prelude Cottages of Woodbury
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	430
Buildings and improvements	6,714
Cost Capitalized Since Acquisition
Improvements	289
Gross Carrying Value
Land	430
Buildings and improvements	7,003
Total	7,433
Accumulated depreciation	$ (1,733)
Construction/Renovation date	2011
Acquisition date	2014
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Lamplight Inn of Baltimore
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	0
Buildings and improvements	3,697
Cost Capitalized Since Acquisition
Improvements	733
Gross Carrying Value
Land	0
Buildings and improvements	0
Total	0
Accumulated depreciation	$ 0
Construction/Renovation date	2014
Acquisition date	2016
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Croatan Village
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	312
Buildings and improvements	6,919
Cost Capitalized Since Acquisition
Improvements	155
Gross Carrying Value
Land	129
Buildings and improvements	2,946
Total	3,075
Accumulated depreciation	$ (30)
Construction/Renovation date	2010
Acquisition date	2016
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Countryside Village
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	131
Buildings and improvements	4,157
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	52
Buildings and improvements	1,674
Total	1,726
Accumulated depreciation	$ (17)
Construction/Renovation date	2011
Acquisition date	2016
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Arbor Place
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	392
Buildings and improvements	3,605
Cost Capitalized Since Acquisition
Improvements	59
Gross Carrying Value
Land	392
Buildings and improvements	3,664
Total	4,056
Accumulated depreciation	$ (759)
Construction/Renovation date	1984
Acquisition date	2016
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Applewood of Brookfield
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	493
Buildings and improvements	14,002
Cost Capitalized Since Acquisition
Improvements	105
Gross Carrying Value
Land	243
Buildings and improvements	6,091
Total	6,334
Accumulated depreciation	$ (357)
Construction/Renovation date	2013
Acquisition date	2017
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Applewood of New Berlin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	356
Buildings and improvements	10,812
Cost Capitalized Since Acquisition
Improvements	139
Gross Carrying Value
Land	190
Buildings and improvements	5,172
Total	5,362
Accumulated depreciation	$ (295)
Construction/Renovation date	2016
Acquisition date	2017
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Memory Care Cottages in White Bear Lake
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,611
Buildings and improvements	5,633
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,611
Buildings and improvements	5,633
Total	7,244
Accumulated depreciation	$ (1,056)
Construction/Renovation date	2016
Acquisition date	2017
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Vista Del Lago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	4,362
Buildings and improvements	7,997
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	4,362
Buildings and improvements	7,997
Total	12,359
Accumulated depreciation	$ (1,117)
Construction/Renovation date	2015
Acquisition date	2019
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Inn at Barton Creek
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,480
Buildings and improvements	4,804
Cost Capitalized Since Acquisition
Improvements	15
Gross Carrying Value
Land	2,480
Buildings and improvements	4,819
Total	7,299
Accumulated depreciation	$ (640)
Construction/Renovation date	1999
Acquisition date	2020
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Chapters Living of Northwest Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,964
Buildings and improvements	5,650
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,964
Buildings and improvements	5,650
Total	7,614
Accumulated depreciation	$ (265)
Construction/Renovation date	2017
Acquisition date	2023
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| Chapters Living of Elmhurst
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	2,852
Buildings and improvements	7,348
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	2,852
Buildings and improvements	7,348
Total	10,200
Accumulated depreciation	$ (339)
Construction/Renovation date	2017
Acquisition date	2023
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| The Ridge at Lansing
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	888
Buildings and improvements	9,871
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	888
Buildings and improvements	9,871
Total	10,759
Accumulated depreciation	$ (443)
Construction/Renovation date	2018
Acquisition date	2023
Assisted and Independent Living Properties \| CTR Partnership, L.P. \| The Ridge at Beavercreek
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,165
Buildings and improvements	8,616
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,165
Buildings and improvements	8,616
Total	9,781
Accumulated depreciation	$ (381)
Construction/Renovation date	2018
Acquisition date	2023
Assisted and Independent Living Properties \| Mission CCRC LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	411
Buildings and improvements	2,312
Cost Capitalized Since Acquisition
Improvements	258
Gross Carrying Value
Land	411
Buildings and improvements	2,570
Total	2,981
Accumulated depreciation	$ (2,111)
Construction/Renovation date	1994
Acquisition date	2011
Assisted and Independent Living Properties \| Avenue N Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	124
Buildings and improvements	2,301
Cost Capitalized Since Acquisition
Improvements	392
Gross Carrying Value
Land	124
Buildings and improvements	2,693
Total	2,817
Accumulated depreciation	$ (1,690)
Construction/Renovation date	2007
Acquisition date	2006
Assisted and Independent Living Properties \| Moenium Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,893
Buildings and improvements	5,268
Cost Capitalized Since Acquisition
Improvements	1,210
Gross Carrying Value
Land	1,893
Buildings and improvements	6,478
Total	8,371
Accumulated depreciation	$ (4,292)
Construction/Renovation date	1986
Acquisition date	2007
Assisted and Independent Living Properties \| Expo Park Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	570
Buildings and improvements	1,692
Cost Capitalized Since Acquisition
Improvements	248
Gross Carrying Value
Land	570
Buildings and improvements	1,940
Total	2,510
Accumulated depreciation	$ (1,182)
Construction/Renovation date	1986
Acquisition date	2010
Assisted and Independent Living Properties \| Flamingo Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	908
Buildings and improvements	4,767
Cost Capitalized Since Acquisition
Improvements	281
Gross Carrying Value
Land	908
Buildings and improvements	5,048
Total	5,956
Accumulated depreciation	$ (3,509)
Construction/Renovation date	1986
Acquisition date	2011
Assisted and Independent Living Properties \| 18th Place Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,011
Buildings and improvements	2,053
Cost Capitalized Since Acquisition
Improvements	490
Gross Carrying Value
Land	1,011
Buildings and improvements	2,543
Total	3,554
Accumulated depreciation	$ (1,321)
Construction/Renovation date	1974
Acquisition date	2011
Assisted and Independent Living Properties \| Boardwalk Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	367
Buildings and improvements	1,633
Cost Capitalized Since Acquisition
Improvements	52
Gross Carrying Value
Land	367
Buildings and improvements	1,685
Total	2,052
Accumulated depreciation	$ (732)
Construction/Renovation date	1993
Acquisition date	2012
Assisted and Independent Living Properties \| Lockwood Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,792
Buildings and improvements	2,253
Cost Capitalized Since Acquisition
Improvements	585
Gross Carrying Value
Land	1,792
Buildings and improvements	2,838
Total	4,630
Accumulated depreciation	$ (1,834)
Construction/Renovation date	1967
Acquisition date	2013
Assisted and Independent Living Properties \| Saratoga Health Holdings LLC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	444
Buildings and improvements	2,265
Cost Capitalized Since Acquisition
Improvements	176
Gross Carrying Value
Land	444
Buildings and improvements	2,441
Total	2,885
Accumulated depreciation	$ (681)
Construction/Renovation date	1995
Acquisition date	2013
Assisted and Independent Living Properties \| 2985 N. G. Street PropCo, LLC \| Villas at San Bernardino
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,631
Buildings and improvements	9,263
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,631
Buildings and improvements	9,263
Total	10,894
Accumulated depreciation	$ (238)
Construction/Renovation date	2003
Acquisition date	2024
Assisted and Independent Living Properties \| South Mountain \| South Mountain
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company
Land	1,205
Buildings and improvements	508
Cost Capitalized Since Acquisition
Improvements	0
Gross Carrying Value
Land	1,205
Buildings and improvements	508
Total	1,713
Accumulated depreciation	$ 0
Construction/Renovation date	2022
Acquisition date	2024

Schedule III - Real Estate Assets and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate:
Balance at the beginning of the period	$ 1,899,290	$ 1,721,871	$ 1,873,806
Acquisitions	793,733	233,876	21,252
Improvements	6,514	8,878	5,896
Impairment	(4,430)	(10,078)	(29,803)
Sales and/or transfers to assets held for sale, net	(107,776)	(55,257)	(149,280)
Balance at the end of the period	2,587,331	1,899,290	1,721,871
Accumulated depreciation:
Balance at the beginning of the period	(350,732)	(315,914)	(304,785)
Depreciation expense	(50,896)	(45,275)	(42,131)
Impairment	906	2,076	10,232
Sales and/or transfers to assets held for sale, net	10,504	8,381	20,770
Balance at the end of the period	$ (390,218)	$ (350,732)	$ (315,914)

Schedule IV - Mortgage Loans on Real Estate - Mortgage Loan (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($)	Jun. 01, 2023 facility	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	258		1
Prior Liens	$ 1,581,803,000
Principal Balance	740,687,000
Book value	$ 741,004,000	$ 178,568,000		$ 156,368,000	$ 15,155,000
California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	3
Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
COLORADO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
SNF, ALF \| Mortgage Secured Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	8.40%
Principal Balance	$ 260,000,000
Book value	$ 262,888,000
SNF, ALF \| Mortgage Secured Loans \| California \| California 2033
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9.00%
Principal Balance	$ 25,993,000
Book value	$ 24,800,000
Skilled Nursing Facility And Skilled Nursing Facility Campus \| Mortgage Secured Loans \| NORTH CAROLINA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9.20%
Principal Balance	$ 165,000,000
Book value	$ 169,974,000
Skilled Nursing Facility And Skilled Nursing Facility Campus \| Mortgage Secured Loans \| West Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	8.40%
Prior Liens	$ 482,000,000
Principal Balance	75,000,000
Book value	$ 71,804,000
Skilled Nursing Facility And Skilled Nursing Facility Campus \| Mezzanine Loans \| West Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	11.00%
Prior Liens	$ 557,000,000
Principal Balance	25,000,000
Book value	$ 22,690,000
SNF \| Mortgage Secured Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	21
SNF \| Mortgage Secured Loans \| NORTH CAROLINA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	5
SNF \| Mortgage Secured Loans \| West Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	17
SNF \| Mortgage Secured Loans \| Georgia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	4
Contractual Interest Rate	9.00%
Prior Liens	$ 80,575,000
Principal Balance	29,600,000
Book value	$ 28,825,000
SNF \| Mortgage Secured Loans \| TENNESSEE
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	2
Contractual Interest Rate	9.10%
Principal Balance	$ 26,675,000
Book value	$ 27,339,000
SNF \| Mortgage Secured Loans \| California \| California, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	10.30%
Prior Liens	$ 24,825,000
Principal Balance	7,301,000
Book value	$ 7,245,000
SNF \| Mortgage Secured Loans \| California \| California, 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	4
Contractual Interest Rate	12.00%
Prior Liens	$ 38,330,000
Principal Balance	3,564,000
Book value	$ 3,491,000
SNF \| Mortgage Secured Loans \| California \| California, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
SNF \| Mortgage Secured Loans \| Maryland
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
Contractual Interest Rate	9.40%
Principal Balance	$ 19,190,000
Book value	$ 17,769,000
SNF \| Mortgage Secured Loans \| Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	2
Contractual Interest Rate	9.00%
Principal Balance	$ 15,727,000
Book value	$ 15,621,000
SNF \| Mortgage Secured Loans \| WASHINGTON
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
Contractual Interest Rate	8.50%
Principal Balance	$ 11,250,000
Book value	$ 11,263,000
SNF \| Mortgage Secured Loans \| COLORADO
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	8.50%
Principal Balance	$ 9,800,000
Book value	$ 9,940,000
SNF \| Mezzanine Loans \| California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	2
Contractual Interest Rate	11.50%
Prior Liens	$ 13,597,000
Principal Balance	7,365,000
Book value	$ 7,438,000
SNF \| Mezzanine Loans \| Maryland
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
Contractual Interest Rate	13.00%
Prior Liens	$ 15,276,000
Principal Balance	5,122,000
Book value	$ 5,144,000
SNF \| Mezzanine Loans \| VIRGINIA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	15
Contractual Interest Rate	14.00%
Prior Liens	$ 270,000,000
Principal Balance	35,000,000
Book value	$ 35,422,000
SNF \| Mezzanine Loans \| MISSOURI
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	6
Contractual Interest Rate	14.00%
Prior Liens	$ 100,200,000
Principal Balance	9,800,000
Book value	$ 9,918,000
ALF \| Mortgage Secured Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	15
ALF \| Mortgage Secured Loans \| California \| California, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
ALF \| Mortgage Secured Loans \| California \| California, 2026
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
Contractual Interest Rate	9.90%
Principal Balance	$ 6,300,000
Book value	$ 6,409,000
ALF \| Mortgage Secured Loans \| Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Contractual Interest Rate	9.00%
Principal Balance	$ 1,000,000
Book value	$ 1,008,000
ALF \| Mortgage Secured Loans \| Indiana
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
Contractual Interest Rate	9.00%
Principal Balance	$ 2,000,000
Book value	$ 2,016,000
ALF \| Mezzanine Loans \| MISSOURI
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	2
Skilled Nursing Facility Campus \| Mortgage Secured Loans \| NORTH CAROLINA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	3
Skilled Nursing Facility Campus \| Mortgage Secured Loans \| West Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
Skilled Nursing Facility Campus \| Mezzanine Loans \| MISSOURI
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	2
ILF \| Mortgage Secured Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1
ILF \| Mortgage Secured Loans \| California \| California, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of facilities \| facility	1

Schedule IV - Mortgage Loans on Real Estate - Mortgage Secured and Mezzanine Loans Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans, beginning of period	$ 178,568	$ 156,368	$ 15,155
Additions during period:
New mortgage and mezzanine loans	555,203	53,834	147,150
Interest income added to principal	2,600	388	1,165
Deductions during period:
Paydowns/Repayments	(4,412)	(25,537)	0
Unrealized gain (loss), net	9,045	(6,485)	(7,102)
Mortgage loans, end of period	741,004	$ 178,568	$ 156,368
Aggregate cost for federal income tax	$ 740,700