Sabra Health Care REIT (SBRA) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-34950
Entity Registrant Name	SABRA HEALTH CARE REIT, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-2560479
Entity Address, Address Line One	18500 Von Karman Avenue, Suite 550
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92612
City Area Code	888
Local Phone Number	393-8248
Title of 12(b) Security	Common stock, $.01 par value
Trading Symbol	SBRA
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		230,954,777
Entity Central Index Key	0001492298
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Real estate investments, net of accumulated depreciation of $873,795 and $831,324 as of March 31, 2022 and December 31, 2021, respectively	$ 5,156,060	$ 5,162,884
Loans receivable and other investments, net	397,074	399,086
Investment in unconsolidated joint venture	93,878	96,680
Cash and cash equivalents	24,836	111,996
Restricted cash	4,443	3,890
Lease intangible assets, net	52,877	54,063
Accounts receivable, prepaid expenses and other assets, net	155,764	138,108
Total assets	5,884,932	5,966,707
Liabilities
Secured debt, net	50,645	66,663
Revolving credit facility	16,792	0
Term loans, net	556,307	594,246
Senior unsecured notes, net	1,733,786	1,733,566
Accounts payable and accrued liabilities	118,296	142,989
Lease intangible liabilities, net	47,583	49,713
Total liabilities	2,523,409	2,587,177
Commitments and contingencies (Note 12)
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 230,954,777 and 230,398,655 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	2,310	2,304
Additional paid-in capital	4,481,634	4,482,451
Cumulative distributions in excess of net income	(1,124,095)	(1,095,204)
Accumulated other comprehensive income (loss)	1,674	(10,021)
Total equity	3,361,523	3,379,530
Total liabilities and equity	$ 5,884,932	$ 5,966,707

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Accumulated depreciation	$ 873,795	$ 831,324
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2022 and December 31, 2021
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	10,000,000	10,000,000
Shares issued (in shares)	0	0
Shares outstanding (in shares)	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 230,954,777 and 230,398,655 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	500,000,000	500,000,000
Shares issued (in shares)	230,954,777	230,398,655
Shares outstanding (in shares)	230,954,777	230,398,655

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Rental and related revenues	$ 109,886	$ 113,383
Interest and other income	10,992	2,941
Resident fees and services	42,227	36,041
Total revenues	163,105	152,365
Expenses:
Depreciation and amortization	45,256	44,375
Interest	24,972	24,443
General and administrative	10,396	8,938
Provision for loan losses and other reserves	475	2,025
Total expenses	119,214	113,861
Other (expense) income:
Loss on extinguishment of debt	(271)	(793)
Other income	68	133
Net gain on sales of real estate	0	1,313
Total other (expense) income	(203)	653
Income before loss from unconsolidated joint venture and income tax expense	43,688	39,157
Loss from unconsolidated joint venture	(2,802)	(5,010)
Income tax expense	(284)	(700)
Net income	$ 40,602	$ 33,447
Net income, per:
Basic common share (in dollars per share)	$ 0.18	$ 0.16
Diluted common share (in dollars per share)	$ 0.18	$ 0.16
Weighted-average number of common shares outstanding, basic (in shares)	230,859,993	211,450,699
Weighted-average number of common shares outstanding, diluted (in shares)	231,564,970	212,624,305
Revenue, type [Extensible Enumeration]	Health Care, Resident Service [Member]	Health Care, Resident Service [Member]
Triple-net portfolio
Expenses:
Operating expenses	$ 5,011	$ 5,135
Senior housing - managed
Expenses:
Operating expenses	$ 33,104	$ 28,945

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 40,602	$ 33,447
Unrealized (loss) gain, net of tax:
Foreign currency translation loss	(644)	(251)
Unrealized gain on cash flow hedges	12,339	33,789
Total other comprehensive income	11,695	33,538
Comprehensive income	$ 52,297	$ 66,985

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Net Income	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2020		210,560,815
Beginning balance at Dec. 31, 2020	$ 3,409,228	$ 2,106	$ 4,163,228	$ (716,195)	$ (39,911)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33,447			33,447
Other comprehensive income	33,538				33,538
Amortization of stock-based compensation	2,835		2,835
Common stock issuance, net (in shares)		5,369,387
Common stock issuance, net	88,124	$ 53	88,071
Common dividends	(63,768)			(63,768)
Ending balance (in shares) at Mar. 31, 2021		215,930,202
Ending balance at Mar. 31, 2021	3,503,404	$ 2,159	4,254,134	(746,516)	(6,373)
Beginning balance (in shares) at Dec. 31, 2021		230,398,655
Beginning balance at Dec. 31, 2021	3,379,530	$ 2,304	4,482,451	(1,095,204)	(10,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40,602			40,602
Other comprehensive income	11,695				11,695
Amortization of stock-based compensation	2,673		2,673
Common stock issuance, net (in shares)		556,122
Common stock issuance, net	(3,484)	$ 6	(3,490)
Common dividends	(69,493)			(69,493)
Ending balance (in shares) at Mar. 31, 2022		230,954,777
Ending balance at Mar. 31, 2022	$ 3,361,523	$ 2,310	$ 4,481,634	$ (1,124,095)	$ 1,674

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Feb. 01, 2022	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common dividends (in dollars per share)	$ 0.30	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 40,602	$ 33,447
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45,256	44,375
Non-cash rental and related revenues	(4,474)	(5,713)
Non-cash interest income	(547)	(412)
Non-cash interest expense	2,698	1,896
Stock-based compensation expense	2,456	2,288
Loss on extinguishment of debt	(271)	(793)
Provision for loan losses and other reserves	475	2,025
Net gain on sales of real estate	0	(1,313)
Loss from unconsolidated joint venture	2,802	5,010
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net	(5,457)	(2,873)
Accounts payable and accrued liabilities	(20,968)	(10,992)
Net cash provided by operating activities	63,114	68,531
Cash flows from investing activities:
Acquisition of real estate	(20,573)	(28,654)
Origination and fundings of preferred equity investments	(4,074)	0
Additions to real estate	(10,803)	(10,833)
Escrow deposits for potential investments	(3,217)	0
Repayments of loans receivable	696	628
Repayments of preferred equity investments	729	301
Net proceeds from the sales of real estate	0	3,202
Net cash used in investing activities	(37,242)	(35,356)
Cash flows from financing activities:
Net borrowings from revolving credit facility	16,577	0
Principal payments on term loans	(40,000)	(93,000)
Principal payments on secured debt	(16,067)	(709)
Payments of deferred financing costs	(6)	0
Issuance of common stock, net	(3,748)	87,654
Dividends paid on common stock	(69,275)	(63,221)
Net cash used in financing activities	(112,519)	(69,276)
Net decrease in cash, cash equivalents and restricted cash	(86,647)	(36,101)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	40	65
Cash, cash equivalents and restricted cash, beginning of period	115,886	65,523
Cash, cash equivalents and restricted cash, end of period	29,279	29,487
Supplemental disclosure of cash flow information:
Interest paid	18,383	21,620
Supplemental disclosure of non-cash investing activities:
Decrease in loans receivable and other investments due to acquisition of real estate	$ 5,623	$ 0

BUSINESS

BUSINESS	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Overview Sabra Health Care REIT, Inc. (“Sabra” or the “Company”) was incorporated on May 10, 2010 as a wholly owned subsidiary of Sun Healthcare Group, Inc. (“Sun”) and commenced operations on November 15, 2010 following Sabra’s separation from Sun. Sabra elected to be treated as a real estate investment trust (“REIT”) with the filing of its United States (“U.S.”) federal income tax return for the taxable year beginning January 1, 2011. Sabra believes that it has been organized and operated, and it intends to continue to operate, in a manner to qualify as a REIT. Sabra’s primary business consists of acquiring, financing and owning real estate property to be leased to third-party tenants in the healthcare sector. Sabra primarily generates revenues by leasing properties to tenants and operators throughout the U.S. and Canada. Sabra owns substantially all of its assets and properties and conducts its operations through Sabra Health Care Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), of which Sabra is the sole general partner and a wholly owned subsidiary of Sabra is currently the only limited partner, or by subsidiaries of the Operating Partnership. The Company’s investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing communities (“Senior Housing - Leased”), behavioral health facilities and specialty hospitals and other facilities, in each case leased to third-party operators; senior housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing - Managed”); investments in loans receivable; and preferred equity investments. COVID-19 The ongoing COVID-19 pandemic and measures intended to prevent its spread have negatively impacted and are expected to continue to negatively impact the Company and its operations in a number of ways, including but not limited to: • Decreased occupancy and increased operating costs for the Company’s tenants and borrowers, which have negatively impacted their operating results and may adversely impact their ability to make full and timely rental payments and debt service payments, respectively, to the Company. In some cases, the Company may have to restructure tenants’ long-term rent obligations and may not be able to do so on terms that are as favorable to the Company as those currently in place. Reduced or modified rental and debt service amounts could result in the determination that the full amounts of the Company’s investments are not recoverable, which could result in an impairment charge. To date, the impact of COVID-19 on the Company’s skilled nursing/transitional care facility and assisted living community tenants has been partially mitigated by the assistance they have received or expect to receive from state and federal assistance programs, including through the CARES Act (as defined and further described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Skilled Nursing Facility Reimbursement Rates” in Part I, Item 2), although these benefits on an individual tenant basis vary and may not provide enough relief to meet their rental obligations to the Company. From the beginning of the pandemic through March 31, 2022, the Company has agreed to temporary pandemic-related rent deferrals for six tenants of two • Decreased occupancy and increased operating costs within the Company’s Senior Housing - Managed portfolio, which have negatively impacted and are expected to continue to negatively impact the operating results of these investments. As noted above, the assistance received or expected to be received by eligible assisted living operators will partially mitigate the negative impact of COVID-19 on the Company’s Senior Housing - Managed portfolio. Prolonged deterioration in the operating results for the Company’s investments in its Senior Housing - Managed portfolio could result in the determination that the full amounts of the Company’s investments are not recoverable, which could result in an impairment charge. • See Note 4, “Investment in Real Estate Properties,” for discussion of the impact on the Company’s investment in unconsolidated joint venture. The Company’s financial results as of and for the three months ended March 31, 2022 reflect the results of the Company’s evaluation of the impact of COVID-19 on its business including, but not limited to, its evaluation of potential impairments of long-lived or other assets, measurement of credit losses on financial instruments, evaluation of any lease

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of March 31, 2022 and December 31, 2021 and for the three month periods ended March 31, 2022 and 2021. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for such periods. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC. GAAP requires the Company to identify entities for which control is achieved through voting rights or other means and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. If the Company were determined to be the primary beneficiary of the VIE, the Company would consolidate investments in the VIE. The Company may change its original assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary. The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of March 31, 2022, the Company determined that it was not the primary beneficiary of any VIEs. As it relates to investments in loans, in addition to the Company’s assessment of VIEs and whether the Company is the primary beneficiary of those VIEs, the Company evaluates the loan terms and other pertinent facts to determine whether the loan investment should be accounted for as a loan or as a real estate joint venture. If an investment has the characteristics of a real estate joint venture, including if the Company participates in the majority of the borrower’s expected residual profit, the Company would account for the investment as an investment in a real estate joint venture and not as a loan investment. Expected residual profit is defined as the amount of profit, whether called interest or another name, such as an equity kicker, above a reasonable amount of interest and fees expected to be earned by a lender. At March 31, 2022, none of the Company’s investments in loans were accounted for as real estate joint ventures. As it relates to investments in joint ventures, the Company assesses any limited partners’ rights and their impact on the presumption of control of the limited partnership by any single partner. The Company also applies this guidance to managing member interests in limited liability companies. The Company reassesses its determination of which entity controls the joint venture if: there is a change to the terms or in the exercisability of the rights of any partners or members, the sole general partner or managing member increases or decreases its ownership interests, or there is an increase or decrease in the number of outstanding ownership interests. As of March 31, 2022, the Company’s determination of which entity controls its investments in joint ventures has not changed as a result of any reassessment. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Recently Issued Accounting Standards Update Issued but Not Yet Adopted In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

RECENT REAL ESTATE ACQUISITIONS

RECENT REAL ESTATE ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
RECENT REAL ESTATE ACQUISITIONS	RECENT REAL ESTATE ACQUISITIONS During the three months ended March 31, 2022, the Company acquired one Senior Housing - Managed community. The investment was part of the Company’s proprietary development pipeline and was previously reflected as a preferred equity investment which had a book value of $5.6 million at the time of acquisition. During the three months ended March 31, 2021, the Company acquired one behavioral health facility and one Senior Housing - Managed community. The consideration was allocated as follows (in thousands): Three Months Ended March 31, 2022 2021 Land $ 3,691 $ 917 Building and improvements 21,168 26,389 Tenant origination and absorption costs intangible assets 1,337 1,338 Tenant relationship intangible assets — 10 Total consideration $ 26,196 $ 28,654 The tenant origination and absorption costs intangible assets had an amortization period as of the date of acquisition of one year, for the acquisition completed during the three months ended March 31, 2022. The tenant origination and absorption costs intangible assets and tenant relationship intangible assets had weighted-average amortization periods as of the respective dates of acquisition of two years and 26 years, respectively, for acquisitions completed during the three months ended March 31, 2021. For the three months ended March 31, 2022, the Company recognized $0.9 million of total revenues and $0.1 million of net loss from the facility acquired during the three months ended March 31, 2022. For the three months ended March 31, 2021, the Company recognized $0.4 million of total revenues and $0.1 million of net income from the facilities acquired during the three months ended March 31, 2021.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	INVESTMENT IN REAL ESTATE PROPERTIES The Company’s real estate properties held for investment consisted of the following (dollars in thousands): As of March 31, 2022 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 279 30,920 $ 3,623,501 $ (499,510) $ 3,123,991 Senior Housing - Leased 59 4,072 718,178 (108,364) 609,814 Senior Housing - Managed 50 5,266 1,043,235 (183,148) 860,087 Behavioral Health 13 795 418,625 (44,309) 374,316 Specialty Hospitals and Other 15 392 225,443 (37,977) 187,466 416 41,445 6,028,982 (873,308) 5,155,674 Corporate Level 873 (487) 386 $ 6,029,855 $ (873,795) $ 5,156,060 As of December 31, 2021 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 279 30,920 $ 3,617,359 $ (474,534) $ 3,142,825 Senior Housing - Leased 60 4,099 720,581 (104,046) 616,535 Senior Housing - Managed 49 5,140 1,012,398 (174,098) 838,300 Behavioral Health 13 795 417,659 (41,556) 376,103 Specialty Hospitals and Other 15 392 225,348 (36,623) 188,725 416 41,346 5,993,345 (830,857) 5,162,488 Corporate Level 863 (467) 396 $ 5,994,208 $ (831,324) $ 5,162,884 March 31, 2022 December 31, 2021 Building and improvements $ 5,175,057 $ 5,145,096 Furniture and equipment 265,312 262,969 Land improvements 4,003 4,295 Land 585,483 581,848 Total real estate at cost 6,029,855 5,994,208 Accumulated depreciation (873,795) (831,324) Total real estate investments, net $ 5,156,060 $ 5,162,884 Operating Leases As of March 31, 2022, the substantial majority of the Company’s real estate properties (excluding 50 Senior Housing - Managed communities) were leased under triple-net operating leases with expirations ranging from less than one year to 20 years. As of March 31, 2022, the leases had a weighted-average remaining term of seven years. The leases generally include provisions to extend the lease terms and other negotiated terms and conditions. The Company, through its subsidiaries, retains substantially all of the risks and benefits of ownership of the real estate assets leased to the tenants. The Company may receive additional security under these operating leases in the form of letters of credit and security deposits from the lessee or guarantees from the parent of the lessee. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets and totaled $11.2 million and $28.6 million as of March 31, 2022 and December 31, 2021, respectively, and letters of credit deposited with the Company totaled approximately $82 million and $63 million as of March 31, 2022 and December 31, 2021, respectively. In addition, the Company’s tenants have deposited with the Company $16.7 million and $16.8 million as of March 31, 2022 and December 31, 2021, respectively, for future real estate taxes, insurance expenditures and tenant improvements related to the Company’s properties and their operations, and these amounts are included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets. Lessor costs that are paid by the lessor and reimbursed by the lessee are included in the measurement of variable lease revenue and the associated expense. As a result, the Company recognized variable lease revenue and the associated expense of $5.1 million and $4.8 million during the three months ended March 31, 2022 and 2021, respectively. The Company monitors the creditworthiness of its tenants by evaluating the ability of the tenants to meet their lease obligations to the Company based on the tenants’ financial performance, including, as applicable and appropriate, the evaluation of any parent guarantees (or the guarantees of other related parties) of such lease obligations. The primary basis for the Company’s evaluation of the credit quality of its tenants (and more specifically the tenant’s ability to pay their rent obligations to the Company) is the tenant’s lease coverage ratio as supplemented by the parent’s fixed charge coverage ratio for those entities with a parent guarantee. These coverage ratios include earnings before interest, taxes, depreciation, amortization and rent (“EBITDAR”) to rent and earnings before interest, taxes, depreciation, amortization, rent and management fees (“EBITDARM”) to rent at the lease level and consolidated EBITDAR to total fixed charges at the parent guarantor level when such a guarantee exists. The Company obtains various financial and operational information from the majority of its tenants each month and reviews this information in conjunction with the above-described coverage metrics to identify financial and operational trends, evaluate the impact of the industry’s operational and financial environment (including the impact of government reimbursement), and evaluate the management of the tenant’s operations. These metrics help the Company identify potential areas of concern relative to its tenants’ credit quality and ultimately the tenant’s ability to generate sufficient liquidity to meet its obligations, including its obligation to continue to pay the rent due to the Company. The Avamere Family of Companies (“Avamere”) leases 27 facilities from the Company and has been impacted by census declines, labor cost increases and cash flow constraints as a result of the COVID-19 pandemic. In 2021, the Company concluded that its lease with Avamere should no longer be accounted for on an accrual basis and used Avamere’s $11.9 million letter of credit to fund rent. In 2022, Avamere’s lease was amended to, among other things, reduce Avamere’s annual base rent to $30.7 million from $44.1 million effective February 1, 2022. For the three months ended March 31, 2022, no tenant relationship represented 10% or more of the Company’s total revenues. As of March 31, 2022, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands): April 1 through December 31, 2022 $ 305,189 2023 394,427 2024 394,817 2025 387,304 2026 370,067 Thereafter 1,410,722 $ 3,262,526 Senior Housing - Managed Communities The Company’s Senior Housing - Managed communities offer residents certain ancillary services that are not contemplated in the lease with each resident (i.e., housekeeping, laundry, guest meals, etc.). These services are provided and paid for in addition to the standard services included in each resident lease (i.e., room and board, standard meals, etc.). The Company bills residents for ancillary services one month in arrears and recognizes revenue as the services are provided, as the Company has no continuing performance obligation related to those services. Resident fees and services include ancillary service revenue of $0.3 million for each of the three months ended March 31, 2022 and 2021. Investment in Unconsolidated Joint Venture The Company has a 49% equity interest in a joint venture (the “Enlivant Joint Venture”) with affiliates of TPG Real Estate, the real estate platform of TPG. TPG also owns Enlivant, the senior housing management platform that manages the portfolio owned by the Enlivant Joint Venture. As of March 31, 2022, the Enlivant Joint Venture owned 158 senior housing communities. During the second quarter of 2021, the Company re-evaluated its plans with respect to the Enlivant Joint Venture and determined that it intends to eventually exit its 49% stake. The Company revisited its estimate of the fair value of its investment in the Enlivant Joint Venture and concluded that the carrying value exceeded the estimated fair value of the investment and deemed the decline to be other-than-temporary. This resulted in the Company recording an impairment charge totaling $164.1 million during the three months ended June 30, 2021. As of March 31, 2022, the book value of the Company’s investment in the Enlivant Joint Venture was $93.9 million which includes an unamortized basis difference of $291.8 million. The unamortized basis difference is related to the difference between the amount the Company purchased its interest in the Enlivant Joint Venture for and the historical cost basis of the assets. The Company’s book value of the Enlivant Joint Venture is presented net of the debt at the joint venture level. The ongoing operating performance of the Enlivant Joint Venture, as well as whether TPG is able to secure a buyer on favorable terms or at all, will impact the ultimate amounts realized from the Enlivant Joint Venture and may require the Company to recognize an additional impairment charge in the future with respect to this investment. Accordingly, the amount ultimately realized by the Company for its investment in the Enlivant Joint Venture could materially differ from its estimated fair value as reflected in the consolidated balance sheets as of March 31, 2022. Net Investment in Sales-Type Lease As of March 31, 2022, the Company had a $25.3 million net investment in one skilled nursing/transitional care facility leased to an operator under a sales-type lease, as the tenant is obligated to purchase the property at the end of the lease term. The net investment in sales-type lease is recorded in accounts receivable, prepaid expenses and other assets, net on the accompanying consolidated balance sheets and represents the present value of total rental payments of $2.5 million, plus the estimated purchase price of $25.6 million, less the unearned lease income of $2.6 million and allowance for credit losses of $0.2 million as of March 31, 2022. Unearned lease income represents the excess of the minimum lease payments and residual value over the cost of the investment. Unearned lease income is deferred and amortized to income over the lease term to provide a constant yield when collectability of the lease payments is reasonably assured. Income from the Company’s net investment in sales-type lease was $0.6 million for each of the three months ended March 31, 2022 and 2021, and is reflected in interest and other income on the accompanying consolidated statements of income. During the three months ended March 31, 2022 and 2021, the Company reduced its allowance for credit losses by $32,000 and increased its allowance for credit losses by $0.1 million, respectively. During the three months ended March 31, 2021, the Company was required to recognize a $1.0 million gain on sale of real estate prior to the sale to the tenant as a result of a lease modification and reassessing the classification of the lease and determining it should be accounted for as a sales-type lease. Future minimum lease payments contractually due under the sales-type lease at March 31, 2022 were as follows: $1.8 million for the remainder of 2022 and $0.8 million for 2023.

ASSET HELD FOR SALE AND DISPOSI

ASSET HELD FOR SALE AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
ASSET HELD FOR SALE AND DISPOSITIONS	ASSET HELD FOR SALE AND DISPOSITIONS Asset Held for Sale As of March 31, 2022, the Company determined that one senior housing community with an aggregate net book value of $2.0 million met the criteria to be classified as an asset held for sale, and this balance is included in accounts receivable, prepaid expenses and other assets, net on the consolidated balance sheets. Subsequent to March 31, 2022, the Company completed the sale of the facility for a gross sales price of $2.6 million. Dispositions No dispositions were completed during the three months ended March 31, 2022. The following table summarizes the Company’s dispositions for the three months ended March 31, 2021 (dollars in millions): Three Months Ended March 31, 2021 Number of facilities 2 Consideration, net of closing costs $ 5.3 Net carrying value 5.0 Net gain on sale $ 0.3 Net income $ 0.3

LOANS RECEIVABLE AND OTHER INVE

LOANS RECEIVABLE AND OTHER INVESTMENTS	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
LOANS RECEIVABLE AND OTHER INVESTMENTS	LOANS RECEIVABLE AND OTHER INVESTMENTS As of March 31, 2022 and December 31, 2021, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): As of March 31, 2022 Investment Quantity Property Type Principal Balance as of March 31, 2022 (1) Book Value Book Value Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date Loans Receivable: Mortgage 2 Behavioral Health $ 309,000 $ 309,000 $ 309,000 7.7 % 7.7 % 11/01/26 - 01/31/27 Construction 1 Senior Housing 3,343 3,345 3,347 8.0 % 7.8 % 09/30/22 Other 13 Multiple 39,120 35,330 36,028 6.8 % 6.1 % 04/01/22 - 08/31/28 16 351,463 347,675 348,375 7.6 % 7.5 % Allowance for loan losses — (6,851) (6,344) $ 351,463 $ 340,824 $ 342,031 Other Investments: Preferred Equity 7 Skilled Nursing / Senior Housing 56,034 56,250 57,055 11.0 % 10.9 % N/A Total 23 $ 407,497 $ 397,074 $ 399,086 8.0 % 8.0 % (1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees. As of March 31, 2022, the Company has committed to provide up to $58.9 million of future funding related to one preferred equity investment and two loan receivable investments with maturity dates ranging from September 2022 to November 2026. As of March 31, 2022 and December 31, 2021, the Company had four loans receivable investments, with an aggregate principal balance of $1.7 million and $1.8 million, respectively, that were considered to have deteriorated credit quality. As of March 31, 2022 and December 31, 2021, the book value of the outstanding loans with deteriorated credit quality was $0.1 million and $0.2 million, respectively. During the three months ended March 31, 2022 and 2021, the Company increased its allowance for loan losses by $0.5 million and $1.9 million, respectively. As of March 31, 2022 and December 31, 2021, the Company had a $6.9 million and $6.3 million allowance for loan losses, respectively, and three loans receivable investments with no book value were on nonaccrual status. As of March 31, 2022 and December 31, 2021, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Secured Indebtedness The Company’s secured debt consists of the following (dollars in thousands): As of March 31, 2022 Interest Rate Type Principal Balance as of (1) Principal Balance as of (1) Weighted Average Weighted Average (2) Maturity Fixed Rate $ 51,572 $ 67,602 2.84 % 3.33 % May 2031 - (1) Principal balance does not include deferred financing costs, net of $0.9 million as of each of March 31, 2022 and December 31, 2021. (2) Weighted average interest rate includes private mortgage insurance. During the three months ended March 31, 2022, the Company repaid $15.4 million of debt secured by three facilities. Senior Unsecured Notes The Company’s senior unsecured notes consist of the following (dollars in thousands): Principal Balance as of Title Maturity Date March 31, 2022 (1) December 31, 2021 (1) 5.125% senior unsecured notes due 2026 (“2026 Notes”) August 15, 2026 $ 500,000 $ 500,000 5.88% senior unsecured notes due 2027 (“2027 Notes”) May 17, 2027 100,000 100,000 3.90% senior unsecured notes due 2029 (“2029 Notes”) October 15, 2029 350,000 350,000 3.20% senior unsecured notes due 2031 (“2031 Notes”) December 1, 2031 800,000 800,000 $ 1,750,000 $ 1,750,000 (1) Principal balance does not include discount, net of $3.0 million and deferred financing costs, net of $13.2 million as of March 31, 2022 and does not include discount, net of $2.9 million and deferred financing costs, net of $13.6 million as of December 31, 2021. In addition, the weighted average effective interest rate as of March 31, 2022 was 4.01%. The 2026 Notes and the 2027 Notes were assumed as a result of the Company’s merger with Care Capital Properties, Inc. in 2017 and accrue interest at a rate of 5.125% and 5.88%, respectively, per annum. Interest is payable semiannually on February 15 and August 15 of each year for the 2026 Notes and on May 17 and November 17 of each year for the 2027 Notes. The 2029 Notes were issued by the Operating Partnership and Sabra Capital Corporation, wholly owned subsidiaries of the Company, and accrue interest at a rate of 3.90% per annum. Interest is payable semiannually on April 15 and October 15 of each year. The 2031 Notes were issued by the Operating Partnership, a wholly owned subsidiary of the Company, and accrue interest at a rate of 3.20% per annum. Interest is payable semiannually on June 1 and December 1 of each year, commencing on June 1, 2022. The obligations under the 2027 Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by Sabra and one of its non-operating subsidiaries, subject to release under certain customary circumstances. The obligations under the 2026 Notes, 2029 Notes and 2031 Notes are fully and unconditionally guaranteed, on an unsecured basis, by Sabra; provided, however, that such guarantee is subject to release under certain customary circumstances. The indentures and agreements (the “Senior Notes Indentures”) governing the 2026 Notes, 2027 Notes, 2029 Notes and 2031 Notes (collectively, the “Senior Notes”) include customary events of default and require the Company to comply with specified restrictive covenants. As of March 31, 2022, the Company was in compliance with all applicable financial covenants under the Senior Notes Indentures. Credit Agreement On September 9, 2019, the Operating Partnership and Sabra Canadian Holdings, LLC (together, the “Borrowers”), Sabra and the other parties thereto entered into a fifth amended and restated unsecured credit agreement (the “Credit Agreement”). The Credit Agreement includes a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), a $460.0 million U.S. dollar term loan and a CAD $125.0 million Canadian dollar term loan (collectively, the “Term Loans”). Further, up to $175.0 million of the Revolving Credit Facility may be used for borrowings in certain foreign currencies. The Credit Agreement also contains an accordion feature that can increase the total available borrowings to $2.75 billion, subject to terms and conditions. The Revolving Credit Facility has a maturity date of September 9, 2023, and includes two six-month extension options. The Term Loans have a maturity date of September 9, 2024. During the three months ended March 31, 2022, the Company recognized $0.3 million of loss on extinguishment of debt related to write-offs of deferred financing costs in connection with the partial pay down of the U.S. dollar Term Loan. As of March 31, 2022, there was $16.8 million (comprised of CAD $21.0 million) outstanding under the Revolving Credit Facility and $983.2 million available for borrowing. Borrowings under the Revolving Credit Facility bear interest on the outstanding principal amount at a rate equal to a ratings-based applicable interest margin plus, Canadian Dollar Offered Rate (“CDOR”) for Canadian dollar borrowings, or at the Operating Partnership’s option for U.S. dollar borrowings, either (a) LIBOR or (b) a base rate determined as the greater of (i) the federal funds rate plus 0.5%, (ii) the prime rate, and (iii) one-month LIBOR plus 1.0% (the “Base Rate”). The ratings-based applicable interest margin for borrowings will vary based on the Debt Ratings, as defined in the Credit Agreement, and will range from 0.775% to 1.45% per annum for CDOR or LIBOR based borrowings and 0.00% to 0.45% per annum for borrowings at the Base Rate. As of March 31, 2022, the weighted average interest rate on the Revolving Credit Facility was 2.06%. In addition, the Operating Partnership pays a facility fee ranging between 0.125% and 0.300% per annum based on the aggregate amount of commitments under the Revolving Credit Facility regardless of amounts outstanding thereunder. The U.S. dollar Term Loan bears interest on the outstanding principal amount at a rate equal to a ratings-based applicable interest margin plus, at the Operating Partnership’s option, either (a) LIBOR or (b) the Base Rate. The ratings-based applicable interest margin for borrowings will vary based on the Debt Ratings and will range from 0.85% to 1.65% per annum for LIBOR based borrowings and 0.00% to 0.65% per annum for borrowings at the Base Rate. As of March 31, 2022, the interest rate on the U.S. dollar Term Loan was 1.70%. The Canadian dollar Term Loan bears interest on the outstanding principal amount at a rate equal to CDOR plus an interest margin that ranges from 0.85% to 1.65% depending on the Debt Ratings. As of March 31, 2022, the interest rate on the Canadian dollar Term Loan was 2.21%. The Company has interest rate swaps that fix the LIBOR portion of the interest rate for $436.3 million of LIBOR-based borrowings under its U.S. dollar Term Loan at a weighted average rate of 1.14% and interest rate swaps that fix the CDOR portion of the interest rate for CAD $125.0 million of CDOR-based borrowings under its Canadian dollar Term Loan at a rate of 1.10%. As of March 31, 2022, the effective interest rate on both the U.S. dollar and Canadian dollar Term Loans was 2.35%. In addition, CAD $125.0 million of the Canadian dollar Term Loan is designated as a net investment hedge. See Note 8, “Derivative and Hedging Instruments,” for further information. The obligations of the Borrowers under the Credit Agreement are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by Sabra and one of its non-operating subsidiaries, subject to release under certain customary circumstances. The Credit Agreement contains customary covenants that include restrictions or limitations on the ability to pay dividends, incur additional indebtedness, engage in non-healthcare related business activities, enter into transactions with affiliates and sell or otherwise transfer certain assets as well as customary events of default. The Credit Agreement also requires Sabra, through the Operating Partnership, to comply with specified financial covenants, which include a maximum total leverage ratio, a minimum secured debt leverage ratio, a minimum fixed charge coverage ratio, a maximum unsecured leverage ratio, a minimum tangible net worth requirement and a minimum unsecured interest coverage ratio. As of March 31, 2022, the Company was in compliance with all applicable financial covenants under the Credit Agreement. Interest Expense The Company incurred interest expense of $25.0 million and $24.4 million during the three months ended March 31, 2022 and 2021, respectively. Interest expense includes non-cash interest expense of $2.7 million and $1.9 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, the Company had $25.4 million and $21.5 million, respectively, of accrued interest included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets. Maturities The following is a schedule of maturities for the Company’s outstanding debt as of March 31, 2022 (in thousands): Secured Revolving Credit Facility (1) Term Loans Senior Notes Total April 1 through December 31, 2022 $ 1,449 $ — $ — $ — $ 1,449 2023 1,979 16,792 — — 18,771 2024 2,034 — 559,950 — 561,984 2025 2,089 — — — 2,089 2026 2,147 — — 500,000 502,147 Thereafter 41,874 — — 1,250,000 1,291,874 Total Debt 51,572 16,792 559,950 1,750,000 2,378,314 Discount, net — — — (3,043) (3,043) Deferred financing costs, net (927) — (3,643) (13,171) (17,741) Total Debt, Net $ 50,645 $ 16,792 $ 556,307 $ 1,733,786 $ 2,357,530 (1) Revolving Credit Facility is subject to two six-month extension options.

DERIVATIVE AND HEDGING INSTRUME

DERIVATIVE AND HEDGING INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING INSTRUMENTS	DERIVATIVE AND HEDGING INSTRUMENTS The Company is exposed to various market risks, including the potential loss arising from adverse changes in interest rates and foreign exchange rates. The Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and foreign exchange rates. The Company’s derivative financial instruments are used to manage differences in the amount of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value in the Company’s functional currency, the U.S. dollar, of the Company’s investment in foreign operations, the cash receipts and payments related to these foreign operations and payments of interest and principal under Canadian dollar denominated debt. The Company enters into derivative financial instruments to protect the value of its foreign investments and fix a portion of the interest payments for certain debt obligations. The Company does not enter into derivatives for speculative purposes. Cash Flow Hedges The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. As of March 31, 2022, approximately $4.7 million of losses, which are included in accumulated other comprehensive income, are expected to be reclassified into earnings in the next 12 months. Net Investment Hedges The Company is exposed to fluctuations in foreign exchange rates on investments it holds in Canada. The Company uses cross currency interest rate swaps to hedge its exposure to changes in foreign exchange rates on these foreign investments. The following presents the notional amount of derivative instruments as of the dates indicated (in thousands): March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 436,250 $ 436,250 Denominated in Canadian Dollars $ 125,000 $ 125,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 50,414 $ 50,859 Financial instrument designated as net investment hedge: Denominated in Canadian Dollars $ 125,000 $ 125,000 Derivatives not designated as net investment hedges: Denominated in Canadian Dollars $ 5,886 $ 5,441 (1) Balance includes swaps with an aggregate notional amount of $175.0 million, which accretes to $262.5 million in January 2023. Derivative and Financial Instruments Designated as Hedging Instruments The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at March 31, 2022 and December 31, 2021 (dollars in thousands): Count as of March 31, 2022 Fair Value as of Maturity Dates Type Designation March 31, 2022 December 31, 2021 Balance Sheet Location Assets: Interest rate swaps Cash flow 6 $ 6,307 $ 1,481 2023 - 2024 Accounts receivable, prepaid expenses and other assets, net Interest rate collars Cash flow 2 2,359 — 2024 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 743 1,849 2025 Accounts receivable, prepaid expenses and other assets, net $ 9,409 $ 3,330 Liabilities: Interest rate swaps Cash flow — $ — $ 3,522 2023 - 2024 Accounts payable and accrued liabilities Interest rate collars Cash flow — — 204 2024 Accounts payable and accrued liabilities CAD term loan Net investment 1 99,950 98,438 2024 Term loans, net $ 99,950 $ 102,164 The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of income and the consolidated statements of equity for the three months ended March 31, 2022 and 2021 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended March 31, 2022 2021 Cash Flow Hedges: Interest rate products $ 9,652 $ 30,598 Net Investment Hedges: Foreign currency products (986) (555) CAD term loan (1,513) (1,175) $ 7,153 $ 28,868 Loss Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31, Income Statement Location 2022 2021 Cash Flow Hedges: Interest rate products Interest expense $ (2,704) $ (3,202) During the three months ended March 31, 2022 and 2021, no cash flow hedges were determined to be ineffective. Derivatives Not Designated as Hedging Instruments As of March 31, 2022, the Company had one outstanding cross currency interest rate swap, of which a portion was not designated as a hedging instrument, in an asset position with a fair value of $0.1 million and included this amount in accounts receivable, prepaid expenses and other assets, net on the consolidated balance sheets. During the three months ended March 31, 2022 and 2021, the Company recorded $0.1 million and $44,000 of other expense, respectively, related to the portion of derivatives not designated as hedging instruments. Offsetting Derivatives The Company enters into master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2022 and December 31, 2021 (in thousands): As of March 31, 2022 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 9,409 $ — $ 9,409 $ — $ — $ 9,409 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 2021 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 3,330 $ — $ 3,330 $ (930) $ — $ 2,400 Offsetting Liabilities: Derivatives $ 3,726 $ — $ 3,726 $ (930) $ — $ 2,796 Credit Risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision pursuant to which the Company could be declared in default on the derivative obligation if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender. As of March 31, 2022, the Company had no derivatives in a net liability position related to these agreements.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. Financial Instruments The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and whose markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments whose markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The carrying values of cash and cash equivalents, restricted cash, accounts payable, accrued liabilities and the Credit Agreement are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair values for other financial instruments are derived as follows: Loans receivable : These instruments are presented on the accompanying consolidated balance sheets at their amortized cost and not at fair value. The fair values of the loans receivable were estimated using an internal valuation model that considered the expected cash flows for the loans receivable, as well as the underlying collateral value and other credit enhancements as applicable. The Company utilized discount rates ranging from 7% to 13% with a weighted average rate of 8% in its fair value calculation. As such, the Company classifies these instruments as Level 3. Preferred equity investments : These instruments are presented on the accompanying consolidated balance sheets at their cost and not at fair value. The fair values of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows for the preferred equity investments, the underlying collateral value and other credit enhancements. The Company utilized discount rates ranging from 10% to 15% with a weighted average rate of 11% in its fair value calculation. As such, the Company classifies these instruments as Level 3. Derivative instruments : The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The Company estimates the fair value of derivative instruments, including its interest rate swaps, interest rate collars and cross currency swaps, using the assistance of a third party using inputs that are observable in the market, which include forward yield curves and other relevant information. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in Level 2 of the fair value hierarchy. Senior Notes : These instruments are presented on the accompanying consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Senior Notes were determined using third-party market quotes derived from orderly trades. As such, the Company classifies these instruments as Level 2. Secured indebtedness : These instruments are presented on the accompanying consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Company’s secured debt were estimated using a discounted cash flow analysis based on management’s estimates of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. The Company utilized a rate of 5% in its fair value calculation. As such, the Company classifies these instruments as Level 3. The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2022 and December 31, 2021 whose carrying amounts do not approximate their fair value (in thousands): As of March 31, 2022 As of December 31, 2021 Face (1) Carrying Amount (2) Fair Face (1) Carrying (2) Fair Financial assets: Loans receivable $ 351,463 $ 340,824 $ 348,881 $ 352,159 $ 342,031 $ 350,107 Preferred equity investments 56,034 56,250 54,870 56,805 57,055 57,784 Financial liabilities: Senior Notes 1,750,000 1,733,786 1,669,152 1,750,000 1,733,566 1,808,781 Secured indebtedness 51,572 50,645 43,405 67,602 66,663 65,361 (1) Face value represents amounts contractually due under the terms of the respective agreements. (2) Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs. The Company determined the fair value of financial instruments as of March 31, 2022 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Financial assets: Loans receivable $ 348,881 $ — $ — $ 348,881 Preferred equity investments 54,870 — — 54,870 Financial liabilities: Senior Notes 1,669,152 — 1,669,152 — Secured indebtedness 43,405 — — 43,405 Disclosure of the fair value of financial instruments is based on pertinent information available to the Company at the applicable dates and requires a significant amount of judgment. Transaction volume for certain of the Company’s financial instruments remains relatively low, which has made the estimation of fair values difficult. Therefore, both the actual results and the Company’s estimate of fair value at a future date could be materially different. Items Measured at Fair Value on a Recurring Basis During the three months ended March 31, 2022, the Company recorded the following amounts measured at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Recurring Basis: Financial assets: Interest rate swaps $ 6,307 $ — $ 6,307 $ — Interest rate collars 2,359 — 2,359 — Cross currency interest rate swaps 743 — 743 —

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
EQUITY	EQUITY Common Stock On August 6, 2021, the Company established an at-the-market equity offering program (the “ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $500.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares at the time the agreement is effective, but defer receiving the proceeds from the sale of the shares until a later date. The Company may also elect to cash settle or net share settle all or a portion of its obligations under any forward sale agreement. The forward sale agreements have a one year term during which time the Company may settle the forward sales by delivery of physical shares of common stock to the forward purchasers or, at the Company’s election, in cash or net shares. The forward sale price that the Company expects to receive upon settlement will be the initial forward price established upon the effective date, subject to adjustments for (i) the forward purchasers’ stock borrowing costs and (ii) certain fixed price reductions during the term of the agreement. During the three months ended March 31, 2022, no shares were sold under the ATM Program and the Company did not utilize the forward feature of the ATM Program. As of March 31, 2022, the Company had $475.0 million available under the ATM Program. The following table lists the cash dividends on common stock declared and paid by the Company during the three months ended March 31, 2022: Declaration Date Record Date Amount Per Share Dividend Payable Date February 1, 2022 February 11, 2022 $ 0.30 February 28, 2022 During the three months ended March 31, 2022, the Company issued 0.6 million shares of common stock as a result of restricted stock unit vestings. Upon any payment of shares to team members as a result of restricted stock unit vestings, the team members’ related tax withholding obligation will generally be satisfied by the Company reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. During the three months ended March 31, 2022 and 2021, the Company incurred $3.3 million and $1.9 million, respectively, in tax withholding obligations on behalf of its team members that were satisfied through a reduction in the number of shares delivered to those participants. Accumulated Other Comprehensive Income (Loss) The following is a summary of the Company’s accumulated other comprehensive income (loss) (in thousands): March 31, 2022 December 31, 2021 Foreign currency translation loss $ (2,617) $ (1,973) Unrealized gain (loss) on cash flow hedges 4,291 (8,048) Total accumulated other comprehensive income (loss) $ 1,674 $ (10,021)

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2022 and 2021 (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net income $ 40,602 $ 33,447 Denominator Basic weighted average common shares and common equivalents 230,859,993 211,450,699 Dilutive restricted stock units 704,977 1,141,455 Dilutive forward equity sale agreements — 32,151 Diluted weighted average common shares 231,564,970 212,624,305 Net income, per: Basic common share $ 0.18 $ 0.16 Diluted common share $ 0.18 $ 0.16 During the three months ended March 31, 2022, approximately 13,100 restricted stock units were not included in computing diluted earnings per share because they were considered anti-dilutive. During the three months ended March 31, 2021, approximately 30,100 restricted stock units and 4,100 shares related to forward equity sale agreements were not included in computing diluted earnings per share because they were considered anti-dilutive.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. As of March 31, 2022, the Company does not expect that compliance with existing environmental laws will have a material adverse effect on the Company’s financial condition and results of operations. Legal Matters From time to time, the Company and its subsidiaries are party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings where the likelihood of a loss contingency is reasonably possible and the amount or range of reasonably possible losses is material to the Company’s results of operations, financial condition or cash flows.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Dividend Declaration On May 4, 2022, the Company’s board of directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 31, 2022 to common stockholders of record as of the close of business on May 16, 2022.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The accompanying consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of March 31, 2022 and December 31, 2021 and for the three month periods ended March 31, 2022 and 2021. All significant intercompany transactions and balances have been eliminated in consolidation.
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for such periods. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC.
Variable Interest Entities	GAAP requires the Company to identify entities for which control is achieved through voting rights or other means and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. If the Company were determined to be the primary beneficiary of the VIE, the Company would consolidate investments in the VIE. The Company may change its original assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary. The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of March 31, 2022, the Company determined that it was not the primary beneficiary of any VIEs. As it relates to investments in loans, in addition to the Company’s assessment of VIEs and whether the Company is the primary beneficiary of those VIEs, the Company evaluates the loan terms and other pertinent facts to determine whether the loan investment should be accounted for as a loan or as a real estate joint venture. If an investment has the characteristics of a real estate joint venture, including if the Company participates in the majority of the borrower’s expected residual profit, the Company would account for the investment as an investment in a real estate joint venture and not as a loan investment. Expected residual profit is defined as the amount of profit, whether called interest or another name, such as an equity kicker, above a reasonable amount of interest and fees expected to be earned by a lender. At March 31, 2022, none of the Company’s investments in loans were accounted for as real estate joint ventures.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Recently Issued Accounting Standards Update	Issued but Not Yet Adopted In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Fair Value of Financial Instruments	Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. Financial Instruments The fair value for certain financial instruments is derived using a combination of market quotes, pricing models and other valuation techniques that involve significant management judgment. The price transparency of financial instruments is a key determinant of the degree of judgment involved in determining the fair value of the Company’s financial instruments. Financial instruments for which actively quoted prices or pricing parameters are available and whose markets contain orderly transactions will generally have a higher degree of price transparency than financial instruments whose markets are inactive or consist of non-orderly trades. The Company evaluates several factors when determining if a market is inactive or when market transactions are not orderly. The carrying values of cash and cash equivalents, restricted cash, accounts payable, accrued liabilities and the Credit Agreement are reasonable estimates of fair value because of the short-term maturities of these instruments. Fair values for other financial instruments are derived as follows: Loans receivable : These instruments are presented on the accompanying consolidated balance sheets at their amortized cost and not at fair value. The fair values of the loans receivable were estimated using an internal valuation model that considered the expected cash flows for the loans receivable, as well as the underlying collateral value and other credit enhancements as applicable. The Company utilized discount rates ranging from 7% to 13% with a weighted average rate of 8% in its fair value calculation. As such, the Company classifies these instruments as Level 3. Preferred equity investments : These instruments are presented on the accompanying consolidated balance sheets at their cost and not at fair value. The fair values of the preferred equity investments were estimated using an internal valuation model that considered the expected future cash flows for the preferred equity investments, the underlying collateral value and other credit enhancements. The Company utilized discount rates ranging from 10% to 15% with a weighted average rate of 11% in its fair value calculation. As such, the Company classifies these instruments as Level 3. Derivative instruments : The Company’s derivative instruments are presented at fair value on the accompanying consolidated balance sheets. The Company estimates the fair value of derivative instruments, including its interest rate swaps, interest rate collars and cross currency swaps, using the assistance of a third party using inputs that are observable in the market, which include forward yield curves and other relevant information. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in Level 2 of the fair value hierarchy. Senior Notes : These instruments are presented on the accompanying consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The fair values of the Senior Notes were determined using third-party market quotes derived from orderly trades. As such, the Company classifies these instruments as Level 2. Secured indebtedness : These instruments are presented on the accompanying consolidated balance sheets at their outstanding principal balance, net of unamortized deferred financing costs and premiums/discounts and not at fair value. The

RECENT REAL ESTATE ACQUISITIO_2

RECENT REAL ESTATE ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Allocation	The consideration was allocated as follows (in thousands): Three Months Ended March 31, 2022 2021 Land $ 3,691 $ 917 Building and improvements 21,168 26,389 Tenant origination and absorption costs intangible assets 1,337 1,338 Tenant relationship intangible assets — 10 Total consideration $ 26,196 $ 28,654

INVESTMENT IN REAL ESTATE PRO_2

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Real Estate Properties Held for Investment	The Company’s real estate properties held for investment consisted of the following (dollars in thousands): As of March 31, 2022 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 279 30,920 $ 3,623,501 $ (499,510) $ 3,123,991 Senior Housing - Leased 59 4,072 718,178 (108,364) 609,814 Senior Housing - Managed 50 5,266 1,043,235 (183,148) 860,087 Behavioral Health 13 795 418,625 (44,309) 374,316 Specialty Hospitals and Other 15 392 225,443 (37,977) 187,466 416 41,445 6,028,982 (873,308) 5,155,674 Corporate Level 873 (487) 386 $ 6,029,855 $ (873,795) $ 5,156,060 As of December 31, 2021 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 279 30,920 $ 3,617,359 $ (474,534) $ 3,142,825 Senior Housing - Leased 60 4,099 720,581 (104,046) 616,535 Senior Housing - Managed 49 5,140 1,012,398 (174,098) 838,300 Behavioral Health 13 795 417,659 (41,556) 376,103 Specialty Hospitals and Other 15 392 225,348 (36,623) 188,725 416 41,346 5,993,345 (830,857) 5,162,488 Corporate Level 863 (467) 396 $ 5,994,208 $ (831,324) $ 5,162,884 March 31, 2022 December 31, 2021 Building and improvements $ 5,175,057 $ 5,145,096 Furniture and equipment 265,312 262,969 Land improvements 4,003 4,295 Land 585,483 581,848 Total real estate at cost 6,029,855 5,994,208 Accumulated depreciation (873,795) (831,324) Total real estate investments, net $ 5,156,060 $ 5,162,884
Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases	As of March 31, 2022, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands): April 1 through December 31, 2022 $ 305,189 2023 394,427 2024 394,817 2025 387,304 2026 370,067 Thereafter 1,410,722 $ 3,262,526

ASSET HELD FOR SALE AND DISPO_2

ASSET HELD FOR SALE AND DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Dispositions	The following table summarizes the Company’s dispositions for the three months ended March 31, 2021 (dollars in millions): Three Months Ended March 31, 2021 Number of facilities 2 Consideration, net of closing costs $ 5.3 Net carrying value 5.0 Net gain on sale $ 0.3 Net income $ 0.3

LOANS RECEIVABLE AND OTHER IN_2

LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Loans Receivable and Other Investments	As of March 31, 2022 and December 31, 2021, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): As of March 31, 2022 Investment Quantity Property Type Principal Balance as of March 31, 2022 (1) Book Value Book Value Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date Loans Receivable: Mortgage 2 Behavioral Health $ 309,000 $ 309,000 $ 309,000 7.7 % 7.7 % 11/01/26 - 01/31/27 Construction 1 Senior Housing 3,343 3,345 3,347 8.0 % 7.8 % 09/30/22 Other 13 Multiple 39,120 35,330 36,028 6.8 % 6.1 % 04/01/22 - 08/31/28 16 351,463 347,675 348,375 7.6 % 7.5 % Allowance for loan losses — (6,851) (6,344) $ 351,463 $ 340,824 $ 342,031 Other Investments: Preferred Equity 7 Skilled Nursing / Senior Housing 56,034 56,250 57,055 11.0 % 10.9 % N/A Total 23 $ 407,497 $ 397,074 $ 399,086 8.0 % 8.0 %

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s secured debt consists of the following (dollars in thousands): As of March 31, 2022 Interest Rate Type Principal Balance as of (1) Principal Balance as of (1) Weighted Average Weighted Average (2) Maturity Fixed Rate $ 51,572 $ 67,602 2.84 % 3.33 % May 2031 - (1) Principal balance does not include deferred financing costs, net of $0.9 million as of each of March 31, 2022 and December 31, 2021. (2) Weighted average interest rate includes private mortgage insurance. The Company’s senior unsecured notes consist of the following (dollars in thousands): Principal Balance as of Title Maturity Date March 31, 2022 (1) December 31, 2021 (1) 5.125% senior unsecured notes due 2026 (“2026 Notes”) August 15, 2026 $ 500,000 $ 500,000 5.88% senior unsecured notes due 2027 (“2027 Notes”) May 17, 2027 100,000 100,000 3.90% senior unsecured notes due 2029 (“2029 Notes”) October 15, 2029 350,000 350,000 3.20% senior unsecured notes due 2031 (“2031 Notes”) December 1, 2031 800,000 800,000 $ 1,750,000 $ 1,750,000 (1) Principal balance does not include discount, net of $3.0 million and deferred financing costs, net of $13.2 million as of March 31, 2022 and does not include discount, net of $2.9 million and deferred financing costs, net of $13.6 million as of December 31, 2021. In addition, the weighted average effective interest rate as of March 31, 2022 was 4.01%.
Schedule of Maturities for Outstanding Debt	The following is a schedule of maturities for the Company’s outstanding debt as of March 31, 2022 (in thousands): Secured Revolving Credit Facility (1) Term Loans Senior Notes Total April 1 through December 31, 2022 $ 1,449 $ — $ — $ — $ 1,449 2023 1,979 16,792 — — 18,771 2024 2,034 — 559,950 — 561,984 2025 2,089 — — — 2,089 2026 2,147 — — 500,000 502,147 Thereafter 41,874 — — 1,250,000 1,291,874 Total Debt 51,572 16,792 559,950 1,750,000 2,378,314 Discount, net — — — (3,043) (3,043) Deferred financing costs, net (927) — (3,643) (13,171) (17,741) Total Debt, Net $ 50,645 $ 16,792 $ 556,307 $ 1,733,786 $ 2,357,530 (1) Revolving Credit Facility is subject to two six-month extension options.

DERIVATIVE AND HEDGING INSTRU_2

DERIVATIVE AND HEDGING INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amount of Derivatives Instruments	The following presents the notional amount of derivative instruments as of the dates indicated (in thousands): March 31, 2022 December 31, 2021 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 436,250 $ 436,250 Denominated in Canadian Dollars $ 125,000 $ 125,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 50,414 $ 50,859 Financial instrument designated as net investment hedge: Denominated in Canadian Dollars $ 125,000 $ 125,000 Derivatives not designated as net investment hedges: Denominated in Canadian Dollars $ 5,886 $ 5,441 (1) Balance includes swaps with an aggregate notional amount of $175.0 million, which accretes to $262.5 million in January 2023.
Schedule of Derivative and Financial Instruments Designated as Hedging Instruments	The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at March 31, 2022 and December 31, 2021 (dollars in thousands): Count as of March 31, 2022 Fair Value as of Maturity Dates Type Designation March 31, 2022 December 31, 2021 Balance Sheet Location Assets: Interest rate swaps Cash flow 6 $ 6,307 $ 1,481 2023 - 2024 Accounts receivable, prepaid expenses and other assets, net Interest rate collars Cash flow 2 2,359 — 2024 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 743 1,849 2025 Accounts receivable, prepaid expenses and other assets, net $ 9,409 $ 3,330 Liabilities: Interest rate swaps Cash flow — $ — $ 3,522 2023 - 2024 Accounts payable and accrued liabilities Interest rate collars Cash flow — — 204 2024 Accounts payable and accrued liabilities CAD term loan Net investment 1 99,950 98,438 2024 Term loans, net $ 99,950 $ 102,164
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) Income and Condensed Consolidated Statements of Equity	The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of income and the consolidated statements of equity for the three months ended March 31, 2022 and 2021 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended March 31, 2022 2021 Cash Flow Hedges: Interest rate products $ 9,652 $ 30,598 Net Investment Hedges: Foreign currency products (986) (555) CAD term loan (1,513) (1,175) $ 7,153 $ 28,868 Loss Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31, Income Statement Location 2022 2021 Cash Flow Hedges: Interest rate products Interest expense $ (2,704) $ (3,202)
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2022 and December 31, 2021 (in thousands): As of March 31, 2022 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 9,409 $ — $ 9,409 $ — $ — $ 9,409 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 2021 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 3,330 $ — $ 3,330 $ (930) $ — $ 2,400 Offsetting Liabilities: Derivatives $ 3,726 $ — $ 3,726 $ (930) $ — $ 2,796
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Liabilities	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2022 and December 31, 2021 (in thousands): As of March 31, 2022 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 9,409 $ — $ 9,409 $ — $ — $ 9,409 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 2021 Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Assets / Liabilities presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Offsetting Assets: Derivatives $ 3,330 $ — $ 3,330 $ (930) $ — $ 2,400 Offsetting Liabilities: Derivatives $ 3,726 $ — $ 3,726 $ (930) $ — $ 2,796

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Face Values, Carrying Amounts and Fair Values of Financial Instruments	The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2022 and December 31, 2021 whose carrying amounts do not approximate their fair value (in thousands): As of March 31, 2022 As of December 31, 2021 Face (1) Carrying Amount (2) Fair Face (1) Carrying (2) Fair Financial assets: Loans receivable $ 351,463 $ 340,824 $ 348,881 $ 352,159 $ 342,031 $ 350,107 Preferred equity investments 56,034 56,250 54,870 56,805 57,055 57,784 Financial liabilities: Senior Notes 1,750,000 1,733,786 1,669,152 1,750,000 1,733,566 1,808,781 Secured indebtedness 51,572 50,645 43,405 67,602 66,663 65,361 (1) Face value represents amounts contractually due under the terms of the respective agreements. (2) Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs.
Schedule of Fair Value of Financial Instruments	The Company determined the fair value of financial instruments as of March 31, 2022 whose carrying amounts do not approximate their fair value with valuation methods utilizing the following types of inputs (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Financial assets: Loans receivable $ 348,881 $ — $ — $ 348,881 Preferred equity investments 54,870 — — 54,870 Financial liabilities: Senior Notes 1,669,152 — 1,669,152 — Secured indebtedness 43,405 — — 43,405
Schedule of Items Measured at Fair Value on a Recurring Basis	During the three months ended March 31, 2022, the Company recorded the following amounts measured at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Recurring Basis: Financial assets: Interest rate swaps $ 6,307 $ — $ 6,307 $ — Interest rate collars 2,359 — 2,359 — Cross currency interest rate swaps 743 — 743 —

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Cash Dividends on Common Stock Declared and Paid	The following table lists the cash dividends on common stock declared and paid by the Company during the three months ended March 31, 2022: Declaration Date Record Date Amount Per Share Dividend Payable Date February 1, 2022 February 11, 2022 $ 0.30 February 28, 2022
Schedule of Accumulated Other Comprehensive Loss	The following is a summary of the Company’s accumulated other comprehensive income (loss) (in thousands): March 31, 2022 December 31, 2021 Foreign currency translation loss $ (2,617) $ (1,973) Unrealized gain (loss) on cash flow hedges 4,291 (8,048) Total accumulated other comprehensive income (loss) $ 1,674 $ (10,021)

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2022 and 2021 (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net income $ 40,602 $ 33,447 Denominator Basic weighted average common shares and common equivalents 230,859,993 211,450,699 Dilutive restricted stock units 704,977 1,141,455 Dilutive forward equity sale agreements — 32,151 Diluted weighted average common shares 231,564,970 212,624,305 Net income, per: Basic common share $ 0.18 $ 0.16 Diluted common share $ 0.18 $ 0.16

BUSINESS (Details)

BUSINESS (Details) $ in Millions	25 Months Ended
	Mar. 31, 2022USD ($)tenant
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Number of tenants granted temporary pandemic-related rent deferral | tenant	6
Temporary pandemic-related rent deferrals	$ 3.2
Payments received on temporary pandemic-related rent deferrals	$ 0.5
Minimum
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Temporary pandemic-related rent deferral period (in months)	2 months
Maximum
Organization, Consolidation And Presentation Of Financial Statements [Line Items]
Temporary pandemic-related rent deferral period (in months)	9 months

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2022investmentvariableInterestEntity
Accounting Policies [Line Items]
Number of investments in loans accounted for as real estate joint ventures | investment	0
Primary beneficiary
Accounting Policies [Line Items]
Number of variable interest entities | variableInterestEntity	0

RECENT REAL ESTATE ACQUISITIO_3

RECENT REAL ESTATE ACQUISITIONS - Narrative (Details) - Recent Real Estate Acquisitions $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)property
Business Acquisition [Line Items]
Total revenues	$ 0.9	$ 0.4
Net income (loss)	$ 0.1	$ 0.1
Tenant origination and absorption costs
Business Acquisition [Line Items]
Weighted-average amortization period of intangible assets	1 year	2 years
Tenant relationships
Business Acquisition [Line Items]
Weighted-average amortization period of intangible assets		26 years
Senior Housing - Managed
Business Acquisition [Line Items]
Number of acquired properties | property	1	1
Preferred equity investment book value at acquisition	$ 5.6
Behavioral health facility
Business Acquisition [Line Items]
Number of acquired properties | property		1

RECENT REAL ESTATE ACQUISITIO_4

RECENT REAL ESTATE ACQUISITIONS - Purchase Price Allocation for Recent Real Estate Acquisitions (Details) - Recent Real Estate Acquisitions - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Land	$ 3,691	$ 917
Building and improvements	21,168	26,389
Total consideration	26,196	28,654
Tenant origination and absorption costs intangible assets
Business Acquisition [Line Items]
Tenant intangible assets	1,337	1,338
Tenant relationship intangible assets
Business Acquisition [Line Items]
Tenant intangible assets	$ 0	$ 10

INVESTMENT IN REAL ESTATE PRO_3

INVESTMENT IN REAL ESTATE PROPERTIES - Real Estate Properties Held for Investment (Details) $ in Thousands	Mar. 31, 2022USD ($)bedfacility	Dec. 31, 2021USD ($)facilitybed
Real Estate Properties [Line Items]
Building and improvements	$ 5,175,057	$ 5,145,096
Furniture and equipment	265,312	262,969
Land improvements	4,003	4,295
Land	585,483	581,848
Total Real Estate at Cost	6,029,855	5,994,208
Accumulated Depreciation	(873,795)	(831,324)
Total Real Estate Investments, Net	$ 5,156,060	$ 5,162,884
Operating Segments
Real Estate Properties [Line Items]
Number of Properties | facility	416	416
Number of Beds/Units | bed	41,445	41,346
Total Real Estate at Cost	$ 6,028,982	$ 5,993,345
Accumulated Depreciation	(873,308)	(830,857)
Total Real Estate Investments, Net	$ 5,155,674	$ 5,162,488
Operating Segments | Skilled Nursing/Transitional Care
Real Estate Properties [Line Items]
Number of Properties | facility	279	279
Number of Beds/Units | bed	30,920	30,920
Total Real Estate at Cost	$ 3,623,501	$ 3,617,359
Accumulated Depreciation	(499,510)	(474,534)
Total Real Estate Investments, Net	$ 3,123,991	$ 3,142,825
Operating Segments | Senior Housing - Leased
Real Estate Properties [Line Items]
Number of Properties | facility	59	60
Number of Beds/Units | bed	4,072	4,099
Total Real Estate at Cost	$ 718,178	$ 720,581
Accumulated Depreciation	(108,364)	(104,046)
Total Real Estate Investments, Net	$ 609,814	$ 616,535
Operating Segments | Senior Housing - Managed
Real Estate Properties [Line Items]
Number of Properties | facility	50	49
Number of Beds/Units | bed	5,266	5,140
Total Real Estate at Cost	$ 1,043,235	$ 1,012,398
Accumulated Depreciation	(183,148)	(174,098)
Total Real Estate Investments, Net	$ 860,087	$ 838,300
Operating Segments | Behavioral Health
Real Estate Properties [Line Items]
Number of Properties | facility	13	13
Number of Beds/Units | bed	795	795
Total Real Estate at Cost	$ 418,625	$ 417,659
Accumulated Depreciation	(44,309)	(41,556)
Total Real Estate Investments, Net	$ 374,316	$ 376,103
Operating Segments | Specialty Hospitals and Other
Real Estate Properties [Line Items]
Number of Properties | facility	15	15
Number of Beds/Units | bed	392	392
Total Real Estate at Cost	$ 225,443	$ 225,348
Accumulated Depreciation	(37,977)	(36,623)
Total Real Estate Investments, Net	187,466	188,725
Corporate Level
Real Estate Properties [Line Items]
Total Real Estate at Cost	873	863
Accumulated Depreciation	(487)	(467)
Total Real Estate Investments, Net	$ 386	$ 396

INVESTMENT IN REAL ESTATE PRO_4

INVESTMENT IN REAL ESTATE PROPERTIES - Operating Leases Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)facility	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)facility
Real Estate Properties [Line Items]
Weighted-average remaining term of operating leases	7 years
Security deposit liability	$ 11.2		$ 28.6
Letters of credit deposited	82		63
Tenant deposits for future real estate taxes, insurance expenditures, and tenant improvements	16.7		$ 16.8
Variable lease revenue	$ 5.1	$ 4.8
Operating Segments
Real Estate Properties [Line Items]
Number of properties | facility	416		416
Operating Segments | Senior Housing - Managed
Real Estate Properties [Line Items]
Number of properties | facility	50		49
Minimum
Real Estate Properties [Line Items]
Operating lease expiration term	1 year
Maximum
Real Estate Properties [Line Items]
Operating lease expiration term	20 years
Avamere
Real Estate Properties [Line Items]
Letter of credit utilized to fund rent			$ 11.9
Annual base rent	$ 30.7		$ 44.1
Avamere | Facilities
Real Estate Properties [Line Items]
Number of properties | facility	27

INVESTMENT IN REAL ESTATE PRO_5

INVESTMENT IN REAL ESTATE PROPERTIES - Future Minimum Rental Payments Receivable for Properties Held for Investment Under Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
Future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases:
April 1 through December 31, 2022	$ 305,189
2023	394,427
2024	394,817
2025	387,304
2026	370,067
Thereafter	1,410,722
Total	$ 3,262,526

INVESTMENT IN REAL ESTATE PRO_6

INVESTMENT IN REAL ESTATE PROPERTIES - Senior Housing - Managed Communities Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Resident fees and services	$ 42,227	$ 36,041
Ancillary services
Disaggregation of Revenue [Line Items]
Resident fees and services	$ 300	$ 300

INVESTMENT IN REAL ESTATE PRO_7

INVESTMENT IN REAL ESTATE PROPERTIES - Investment in Unconsolidated Joint Venture Narrative (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2021USD ($)	Mar. 31, 2022USD ($)property	Dec. 31, 2021USD ($)
Unconsolidated Joint Venture
Investment in unconsolidated joint venture		$ 93,878	$ 96,680
Enlivant Joint Venture
Unconsolidated Joint Venture
Equity interest in joint venture	49.00%	49.00%
Other-than-temporary impairment of unconsolidated joint venture	$ 164,100
Investment in unconsolidated joint venture		$ 93,900
Unamortized basis difference		$ 291,800
Enlivant Joint Venture | Senior Housing Facilities
Unconsolidated Joint Venture
Number of properties | property		158

INVESTMENT IN REAL ESTATE PRO_8

INVESTMENT IN REAL ESTATE PROPERTIES - Net Investment in Sales-Type Lease Narrative (Details) - Skilled nursing transitional care facility $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)
Real Estate Properties [Line Items]
Net investment in sales type lease	$ 25,300
Properties in sales-type | property	1
Total rental payments	$ 2,500
Estimated purchase price	25,600
Unearned lease income	2,600
Allowance for credit losses related to sales-type lease	200
Lease income	600	$ 600
Increase (reduction) in allowance for credit losses related to sales-type lease	(32)	100
Future minimum lease payments contractually due under the direct financing lease for the remainder of this year	1,800
Future minimum lease payments contractually due under the direct financing lease due for next year	$ 800
Sales-type lease
Real Estate Properties [Line Items]
Gain on sale of real estate prior to sale for lease modification and assessment		$ 1,000

ASSET HELD FOR SALE AND DISPO_3

ASSET HELD FOR SALE AND DISPOSITIONS - Narrative (Details) $ in Millions	May 04, 2022USD ($)	Mar. 31, 2022USD ($)facility	Mar. 31, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration, net of closing costs			$ 5.3
Net carrying value			$ 5
Held for Sale | Senior housing communities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | facility		1
Net carrying value		$ 2
Dispositions | Senior housing communities | Subsequent event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration, net of closing costs	$ 2.6

ASSET HELD FOR SALE AND DISPO_4

ASSET HELD FOR SALE AND DISPOSITIONS - Dispositions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)facility
Dispositions:
Number of facilities | facility	2
Consideration, net of closing costs	$ 5.3
Net carrying value	5
Net gain on sale	0.3
Net income	$ 0.3

LOANS RECEIVABLE AND OTHER IN_3

LOANS RECEIVABLE AND OTHER INVESTMENTS - Composition of Loans Receivable and Other Investments (Details) $ in Thousands	Mar. 31, 2022USD ($)loaninvestmentpreferredEquityInvestment	Dec. 31, 2021USD ($)
Loans Receivable:
Quantity | loan	16
Principal balance	$ 351,463	$ 352,159
Book Value	347,675	348,375
Allowance for loan losses	(6,851)	(6,344)
Book Value	$ 340,824	342,031
Weighted Average Contractual Interest Rate / Rate of Return	7.60%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.50%
Other Investments:
Quantity | preferredEquityInvestment	7
Principal Balance	$ 56,034	56,805
Book Value	$ 56,250	57,055
Weighted Average Contractual Interest Rate / Rate of Return	11.00%
Weighted Average Annualized Effective Interest Rate / Rate of Return	10.90%
Total Quantity | investment	23
Total Principal Balance	$ 407,497
Total Book Value	$ 397,074	399,086
Total Weighted Average Contractual Interest Rate / Rate of Return	8.00%
Total Weighted Average Annualized Effective Interest Rate / Rate of Return	8.00%
Mortgage
Loans Receivable:
Quantity | loan	2
Principal balance	$ 309,000
Book Value	$ 309,000	309,000
Weighted Average Contractual Interest Rate / Rate of Return	7.70%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.70%
Construction
Loans Receivable:
Quantity | loan	1
Principal balance	$ 3,343
Book Value	$ 3,345	3,347
Weighted Average Contractual Interest Rate / Rate of Return	8.00%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.80%
Other
Loans Receivable:
Quantity | loan	13
Principal balance	$ 39,120
Book Value	$ 35,330	$ 36,028
Weighted Average Contractual Interest Rate / Rate of Return	6.80%
Weighted Average Annualized Effective Interest Rate / Rate of Return	6.10%

LOANS RECEIVABLE AND OTHER IN_4

LOANS RECEIVABLE AND OTHER INVESTMENTS - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)loaninvestment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance	$ 351,463,000		$ 352,159,000
Book value	340,824,000		342,031,000
Increase (decrease) in the allowance for loan losses	500,000	$ 1,900,000
Allowance for loan losses	6,851,000		$ 6,344,000
Future funding on investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Future funding commitment	$ 58,900,000
Number of preferred equity investments for funding commitment | investment	1
Number of loan receivable investments for funding commitment | investment	2
Receivables with deteriorated credit quality
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans receivable considered to have deteriorated credit quality | loan	4		4
Principal balance	$ 1,700,000		$ 1,800,000
Book value	$ 100,000		$ 200,000
Nonaccrual status
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans receivable on nonaccrual status | loan	3		3
Book value of loans receivable on nonaccrual status	$ 0		$ 0

DEBT - Secured Indebtedness (De

DEBT - Secured Indebtedness (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Deferred financing costs	$ 17,741
Secured Debt
Debt Instrument [Line Items]
Deferred financing costs	927	$ 900
Secured Debt | Fixed Rate
Debt Instrument [Line Items]
Principal balance	$ 51,572	$ 67,602
Weighted average interest rate (percent)	2.84%
Weighted average effective interest rate (percent)	3.33%

DEBT - Secured Indebtedness Nar

DEBT - Secured Indebtedness Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)facility	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Repayments of secured debt	$ 16,067	$ 709
Secured Debt
Debt Instrument [Line Items]
Repayments of secured debt	$ 15,400
Number of properties sold securing debt | facility	3

DEBT - Senior Unsecured Notes (

DEBT - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Discount (premium), net	$ 3,043
Deferred financing costs	17,741
Senior Notes
Debt Instrument [Line Items]
Principal balance	1,750,000	$ 1,750,000
Discount (premium), net	3,043	2,900
Deferred financing costs	$ 13,171	13,600
Weighted average effective interest rate (percent)	4.01%
Senior Notes | 5.125% senior unsecured notes due 2026 (“2026 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	5.125%
Principal balance	$ 500,000	500,000
Senior Notes | 5.88% senior unsecured notes due 2027 (“2027 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	5.88%
Principal balance	$ 100,000	100,000
Senior Notes | 3.90% senior unsecured notes due 2029 (“2029 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	3.90%
Principal balance	$ 350,000	350,000
Senior Notes | 3.20% senior unsecured notes due 2031 (“2031 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	3.20%
Principal balance	$ 800,000	$ 800,000

DEBT - Senior Unsecured Notes N

DEBT - Senior Unsecured Notes Narrative (Details) - Senior Notes	Mar. 31, 2022
5.125% senior unsecured notes due 2026 (“2026 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	5.125%
5.88% senior unsecured notes due 2027 (“2027 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	5.88%
3.90% senior unsecured notes due 2029 (“2029 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	3.90%
3.20% senior unsecured notes due 2031 (“2031 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	3.20%

DEBT - Credit Agreement Narrati

DEBT - Credit Agreement Narrative (Details)	Sep. 09, 2019USD ($)property	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Sep. 09, 2019CAD ($)property
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 271,000	$ 793,000
Amount outstanding under credit facility		16,792,000			$ 0
Net investment hedges | Designated as hedging instrument
Debt Instrument [Line Items]
Notional amount				$ 125,000,000		$ 125,000,000
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 1,000,000,000
Borrowing capacity in certain foreign currencies	$ 175,000,000
Number of extension options | property	2						2
Extension period	6 months
Amount outstanding under credit facility		16,800,000		$ 21,000,000
Available borrowing capacity		$ 983,200,000
Interest rate		2.06%		2.06%
Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Annum percent unused borrowing fee		0.125%
Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Annum percent unused borrowing fee		0.30%
Credit Agreement | Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Credit Agreement | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Credit Agreement | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Credit Agreement | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.45%
Credit Agreement | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.775%
Credit Agreement | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.45%
Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 2,750,000,000
U.S. dollar Term Loan | Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount	$ 460,000,000
Loss on extinguishment of debt		$ 300,000
Interest rate		1.70%		1.70%
Effective interest rate		2.35%		2.35%
U.S. dollar Term Loan | Credit Agreement | Interest rate swaps
Debt Instrument [Line Items]
Aggregate principal amount		$ 436,300,000
Fixed interest rate under swap		1.14%		1.14%
U.S. dollar Term Loan | Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
U.S. dollar Term Loan | Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.65%
U.S. dollar Term Loan | Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.85%
U.S. dollar Term Loan | Credit Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.65%
Canadian dollar Term Loan | Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount							$ 125,000,000
Interest rate		2.21%		2.21%
Effective interest rate		2.35%		2.35%
Canadian dollar Term Loan | Credit Agreement | Interest rate swaps
Debt Instrument [Line Items]
Aggregate principal amount				$ 125,000,000
Fixed interest rate under swap		1.10%		1.10%
Canadian dollar Term Loan | Credit Agreement | CDOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.85%
Canadian dollar Term Loan | Credit Agreement | CDOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.65%

DEBT - Interest Expense Narrati

DEBT - Interest Expense Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense	$ 24,972	$ 24,443
Non-cash interest expense	2,698	$ 1,896
Accrued interest	$ 25,400		$ 21,500

DEBT - Schedule of Maturities f

DEBT - Schedule of Maturities for Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
April 1 through December 31, 2022	$ 1,449
2023	18,771
2024	561,984
2025	2,089
2026	502,147
Thereafter	1,291,874
Total Debt	2,378,314
Discount, net	(3,043)
Deferred financing costs, net	(17,741)
Total Debt, Net	2,357,530
Secured Indebtedness
Debt Instrument [Line Items]
April 1 through December 31, 2022	1,449
2023	1,979
2024	2,034
2025	2,089
2026	2,147
Thereafter	41,874
Total Debt	51,572
Discount, net	0
Deferred financing costs, net	(927)	$ (900)
Total Debt, Net	50,645
Revolving Credit Facility
Debt Instrument [Line Items]
April 1 through December 31, 2022	0
2023	16,792
2024	0
2025	0
2026	0
Thereafter	0
Total Debt	16,792
Discount, net	0
Deferred financing costs, net	0
Total Debt, Net	16,792
Term Loans
Debt Instrument [Line Items]
April 1 through December 31, 2022	0
2023	0
2024	559,950
2025	0
2026	0
Thereafter	0
Total Debt	559,950
Discount, net	0
Deferred financing costs, net	(3,643)
Total Debt, Net	556,307
Senior Notes
Debt Instrument [Line Items]
April 1 through December 31, 2022	0
2023	0
2024	0
2025	0
2026	500,000
Thereafter	1,250,000
Total Debt	1,750,000
Discount, net	(3,043)	(2,900)
Deferred financing costs, net	(13,171)	$ (13,600)
Total Debt, Net	$ 1,733,786

DERIVATIVE AND HEDGING INSTRU_3

DERIVATIVE AND HEDGING INSTRUMENTS - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)derivative	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Derivative [Line Items]
Fair value of derivatives in a net liability position	$ 0		$ 3,726,000
Credit risk-related contingent features
Derivative [Line Items]
Fair value of derivatives in a net liability position	0
Cash flow hedges | Interest rate swaps
Derivative [Line Items]
Ineffectiveness on cash flow hedges	0	$ 0
Designated as hedging instrument
Derivative [Line Items]
Fair value of derivatives in a net liability position	99,950,000		$ 102,164,000
Designated as hedging instrument | Cash flow hedges
Derivative [Line Items]
Losses included in accumulated other comprehensive income expected to be reclassified into retained earnings in the next 12 months	$ 4,700,000
Not designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Number of derivative instruments held | derivative	1
Fair value of derivative asset	$ 100,000
Other income (expense) related to derivatives	$ 100,000	$ (44,000)

DERIVATIVE AND HEDGING INSTRU_4

DERIVATIVE AND HEDGING INSTRUMENTS - Notional Amount of Derivatives Instruments (Details)	Jan. 31, 2023USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2022CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)
Cash flow hedges | Designated as hedging instrument
Derivative [Line Items]
Notional amount		$ 436,250,000		$ 436,250,000
Cash flow hedges | Designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Notional amount			$ 125,000,000		$ 125,000,000
Cash flow hedges | Designated as hedging instrument | Cross currency interest rate contract with accreting balance
Derivative [Line Items]
Notional amount		$ 175,000,000
Cash flow hedges | Designated as hedging instrument | Cross currency interest rate contract with accreting balance | Forecast
Derivative [Line Items]
Notional amount	$ 262,500,000
Net investment hedges | Designated as hedging instrument
Derivative [Line Items]
Notional amount			125,000,000		125,000,000
Net investment hedges | Designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Notional amount			50,414,000		50,859,000
Net investment hedges | Not designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Notional amount			$ 5,886,000		$ 5,441,000

DERIVATIVE AND HEDGING INSTRU_5

DERIVATIVE AND HEDGING INSTRUMENTS - Derivative and Financial Instruments Designated as Hedging Instruments (Details) $ in Thousands	Mar. 31, 2022USD ($)instrument	Dec. 31, 2021USD ($)
Assets:
Fair Value	$ 9,409	$ 3,330
Liabilities:
Fair Value	0	3,726
Designated as hedging instrument
Assets:
Fair Value	9,409	3,330
Liabilities:
Fair Value	$ 99,950	102,164
Designated as hedging instrument | Interest rate swaps | Cash flow | Accounts receivable, prepaid expenses and other assets, net
Assets:
Count | instrument	6
Fair Value	$ 6,307	1,481
Designated as hedging instrument | Interest rate swaps | Cash flow | Accounts payable and accrued liabilities
Liabilities:
Count | instrument	0
Fair Value	$ 0	3,522
Designated as hedging instrument | Interest rate collars | Cash flow | Accounts receivable, prepaid expenses and other assets, net
Assets:
Count | instrument	2
Fair Value	$ 2,359	0
Designated as hedging instrument | Interest rate collars | Cash flow | Accounts payable and accrued liabilities
Liabilities:
Count | instrument	0
Fair Value	$ 0	204
Designated as hedging instrument | Cross currency interest rate swaps | Net investment | Accounts receivable, prepaid expenses and other assets, net
Assets:
Count | instrument	2
Fair Value	$ 743	1,849
Designated as hedging instrument | CAD term loan | Net investment | Term loans, net
Liabilities:
Count | instrument	1
Fair Value	$ 99,950	$ 98,438

DERIVATIVE AND HEDGING INSTRU_6

DERIVATIVE AND HEDGING INSTRUMENTS - Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) Income and Condensed Consolidated Statements of Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) in other comprehensive income, cash flow hedges and net investment hedges	$ 7,153	$ 28,868
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, cash flow hedges	9,652	30,598
Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from accumulated other comprehensive income into income, cash flow hedges	(2,704)	(3,202)
Foreign currency products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	(986)	(555)
CAD term loan
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	$ (1,513)	$ (1,175)

DERIVATIVE AND HEDGING INSTRU_7

DERIVATIVE AND HEDGING INSTRUMENTS - Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Offsetting Assets:
Gross amounts of recognized assets	$ 9,409	$ 3,330
Gross amounts offset in the balance sheet	0	0
Net amounts of assets presented in the balance sheet	9,409	3,330
Financial instruments	0	(930)
Cash collateral received	0	0
Net amount	9,409	2,400
Offsetting Liabilities:
Gross amounts of recognized liabilities	0	3,726
Gross amounts offset in the balance sheet	0	0
Liabilities presented in the balance sheet	0	3,726
Financial instruments	0	(930)
Cash collateral received	0	0
Net amount, liabilities	$ 0	$ 2,796

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - Discount rate	Mar. 31, 2022
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.07
Preferred equity investments, measurement input	0.10
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.13
Preferred equity investments, measurement input	0.15
Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.08
Preferred equity investments, measurement input	0.11
Weighted Average | Secured Indebtedness
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.05

FAIR VALUE DISCLOSURES - Face V

FAIR VALUE DISCLOSURES - Face Values, Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Loans receivable	$ 351,463	$ 352,159
Preferred equity investments	56,034	56,805
Senior Notes
Financial liabilities:
Financial liabilities	1,750,000	1,750,000
Secured Indebtedness
Financial liabilities:
Financial liabilities	51,572	67,602
Carrying Amount
Financial assets:
Loans receivable	340,824	342,031
Preferred equity investments	56,250	57,055
Carrying Amount | Senior Notes
Financial liabilities:
Financial liabilities	1,733,786	1,733,566
Carrying Amount | Secured Indebtedness
Financial liabilities:
Financial liabilities	50,645	66,663
Fair Value
Financial assets:
Loans receivable	348,881	350,107
Preferred equity investments	54,870	57,784
Fair Value | Senior Notes
Financial liabilities:
Financial liabilities	1,669,152	1,808,781
Fair Value | Secured Indebtedness
Financial liabilities:
Financial liabilities	$ 43,405	$ 65,361

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value of Financial Instruments (Details) - Recurring $ in Thousands	Mar. 31, 2022USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	$ 348,881
Preferred equity investments	54,870
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,669,152
Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	43,405
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	0
Preferred equity investments	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	0
Preferred equity investments	0
Significant Other Observable Inputs (Level 2) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,669,152
Significant Other Observable Inputs (Level 2) | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	348,881
Preferred equity investments	54,870
Significant Unobservable Inputs (Level 3) | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Significant Unobservable Inputs (Level 3) | Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 43,405

FAIR VALUE DISCLOSURES - Items

FAIR VALUE DISCLOSURES - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 9,409	$ 3,330
Recurring | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	6,307
Recurring | Interest rate collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	2,359
Recurring | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	743
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	6,307
Recurring | Significant Other Observable Inputs (Level 2) | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	743
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0
Recurring | Significant Unobservable Inputs (Level 3) | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 0

EQUITY - Common Stock (Details)

EQUITY - Common Stock (Details) - USD ($)	Aug. 06, 2021	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax withholding obligations incurred on behalf of employees		$ 3,300,000	$ 1,900,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon vesting (in shares)		600,000
ATM Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross proceeds possible from sales of common stock under equity offering program	$ 500,000,000
Forward sale agreements term	1 year
Shares issued		0
Amount available for issuance		$ 475,000,000

EQUITY - Cash Dividends on Comm

EQUITY - Cash Dividends on Common Stock Declared and Paid (Details) - $ / shares	Feb. 01, 2022	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Common dividends (in dollars per share)	$ 0.30	$ 0.30	$ 0.30

EQUITY - Accumulated Other Comp

EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 3,361,523	$ 3,379,530	$ 3,503,404	$ 3,409,228
Total accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	1,674	(10,021)	$ (6,373)	$ (39,911)
Foreign currency translation loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(2,617)	(1,973)
Unrealized gain (loss) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ 4,291	$ (8,048)

EARNINGS PER COMMON SHARE - Com

EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income	$ 40,602	$ 33,447
Denominator
Basic weighted average common shares and common equivalents (in shares)	230,859,993	211,450,699
Dilutive restricted stock units (in shares)	704,977	1,141,455
Dilutive forward equity sale agreements (in shares)	0	32,151
Diluted weighted average common shares (in shares)	231,564,970	212,624,305
Net income, per:
Basic common share (in dollars per share)	$ 0.18	$ 0.16
Diluted common share (in dollars per share)	$ 0.18	$ 0.16

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not included in computation of diluted earnings per share (in shares)	13,100	30,100
Forward equity sale agreements
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not included in computation of diluted earnings per share (in shares)		4,100

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	May 04, 2022	Feb. 01, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Quarterly cash dividend declared on common stock (in dollars per share)		$ 0.30	$ 0.30	$ 0.30
Subsequent event
Subsequent Event [Line Items]
Quarterly cash dividend declared on common stock (in dollars per share)	$ 0.30