Sabra Health Care REIT (SBRA) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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
Entity Address, Address Line Two	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		231,219,523
Entity Central Index Key	0001492298
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Real estate investments, net of accumulated depreciation of $1,002,484 and $913,345 as of September 30, 2023 and December 31, 2022, respectively	$ 4,603,014	$ 4,959,343
Loans receivable and other investments, net	417,947	411,396
Investment in unconsolidated joint ventures	135,755	134,962
Cash and cash equivalents	33,256	49,308
Restricted cash	5,602	4,624
Lease intangible assets, net	32,749	40,131
Accounts receivable, prepaid expenses and other assets, net	152,239	147,908
Total assets	5,380,562	5,747,672
Liabilities
Secured debt, net	47,789	49,232
Revolving credit facility	32,623	196,982
Term loans, net	534,011	526,129
Senior unsecured notes, net	1,735,055	1,734,431
Accounts payable and accrued liabilities	128,039	142,259
Lease intangible liabilities, net	34,192	42,244
Total liabilities	2,511,709	2,691,277
Commitments and contingencies (Note 12)
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 231,219,523 and 231,009,295 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	2,312	2,310
Additional paid-in capital	4,491,917	4,486,967
Cumulative distributions in excess of net income	(1,665,045)	(1,451,945)
Accumulated other comprehensive income	39,669	19,063
Total equity	2,868,853	3,056,395
Total liabilities and equity	$ 5,380,562	$ 5,747,672

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Accumulated depreciation	$ 1,002,484	$ 913,345
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
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, Number of Shares, Par Value and Other Disclosure [Abstract]
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	500,000,000	500,000,000
Shares issued (in shares)	231,219,523	231,009,295
Shares outstanding (in shares)	231,219,523	231,009,295

CONSOLIDATED STATEMENTS OF (LOS

CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Rental and related revenues (Note 4)	$ 93,085	$ 84,214	$ 283,229	$ 297,268
Resident fees and services	59,748	47,610	174,897	133,973
Interest and other income	8,794	8,940	25,991	28,585
Total revenues	161,627	140,764	484,117	459,826
Expenses:
Depreciation and amortization	43,242	47,427	140,211	137,855
Interest	28,156	27,071	85,024	77,573
General and administrative	10,759	9,676	30,793	28,721
Provision for (recovery of) loan losses and other reserves	328	(217)	549	(12)
Impairment of real estate	0	60,857	7,064	72,602
Total expenses	131,312	186,639	409,008	435,557
Other (expense) income:
Loss on extinguishment of debt	0	(140)	(1,541)	(411)
Other income (expense)	2,229	994	2,570	(1,101)
Net loss on sales of real estate	(46,545)	(80)	(75,893)	(4,581)
Total other (expense) income	(44,316)	774	(74,864)	(6,093)
(Loss) income before loss from unconsolidated joint ventures and income tax expense	(14,001)	(45,101)	245	18,176
Loss from unconsolidated joint ventures	(645)	(4,384)	(2,136)	(9,715)
Income tax expense	(455)	(579)	(1,509)	(1,118)
Net (loss) income	$ (15,101)	$ (50,064)	$ (3,400)	$ 7,343
Net (loss) income, per:
Basic common share (in dollars per share)	$ (0.07)	$ (0.22)	$ (0.01)	$ 0.03
Diluted common share (in dollars per share)	$ (0.07)	$ (0.22)	$ (0.01)	$ 0.03
Weighted average number of common shares outstanding, basic (in shares)	231,224,692	230,982,227	231,197,375	230,936,032
Weighted average number of common shares outstanding, diluted (in shares)	231,224,692	230,982,227	231,197,375	231,779,750
Revenue, type, extensible enumeration	Health Care, Resident Service [Member]	Health Care, Resident Service [Member]	Health Care, Resident Service [Member]	Health Care, Resident Service [Member]
Triple-net portfolio
Expenses:
Operating expenses	$ 4,304	$ 5,120	$ 13,243	$ 14,983
Senior housing - managed
Expenses:
Operating expenses	$ 44,523	$ 36,705	$ 132,124	$ 103,835

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (15,101)	$ (50,064)	$ (3,400)	$ 7,343
Unrealized gain (loss), net of tax:
Foreign currency translation (loss) gain	(1,347)	1,068	(1,948)	3,505
Unrealized gain on cash flow hedges	8,777	7,309	22,554	25,038
Total other comprehensive income	7,430	8,377	20,606	28,543
Comprehensive (loss) income	$ (7,671)	$ (41,687)	$ 17,206	$ 35,886

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 Income
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 (loss) income	7,343			7,343
Other comprehensive income	28,543				28,543
Amortization of stock-based compensation	6,513		6,513
Common stock issuance, net (in shares)		577,951
Common stock issuance, net	(4,189)	$ 6	(4,195)
Common dividends	(209,007)			(209,007)
Ending balance (in shares) at Sep. 30, 2022		230,976,606
Ending balance at Sep. 30, 2022	3,208,733	$ 2,310	4,484,769	(1,296,868)	18,522
Beginning balance (in shares) at Jun. 30, 2022		230,968,872
Beginning balance at Jun. 30, 2022	3,317,726	$ 2,310	4,482,239	(1,176,968)	10,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(50,064)			(50,064)
Other comprehensive income	8,377				8,377
Amortization of stock-based compensation	2,657		2,657
Common stock issuance, net (in shares)		7,734
Common stock issuance, net	(127)		(127)
Common dividends	(69,836)			(69,836)
Ending balance (in shares) at Sep. 30, 2022		230,976,606
Ending balance at Sep. 30, 2022	3,208,733	$ 2,310	4,484,769	(1,296,868)	18,522
Beginning balance (in shares) at Dec. 31, 2022		231,009,295
Beginning balance at Dec. 31, 2022	3,056,395	$ 2,310	4,486,967	(1,451,945)	19,063
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(3,400)			(3,400)
Other comprehensive income	20,606				20,606
Amortization of stock-based compensation	7,090		7,090
Common stock issuance, net (in shares)		210,228
Common stock issuance, net	(2,138)	$ 2	(2,140)
Common dividends	(209,700)			(209,700)
Ending balance (in shares) at Sep. 30, 2023		231,219,523
Ending balance at Sep. 30, 2023	2,868,853	$ 2,312	4,491,917	(1,665,045)	39,669
Beginning balance (in shares) at Jun. 30, 2023		231,218,658
Beginning balance at Jun. 30, 2023	2,943,744	$ 2,312	4,489,107	(1,579,914)	32,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(15,101)			(15,101)
Other comprehensive income	7,430				7,430
Amortization of stock-based compensation	2,900		2,900
Common stock issuance, net (in shares)		865
Common stock issuance, net	(90)		(90)
Common dividends	(70,030)			(70,030)
Ending balance (in shares) at Sep. 30, 2023		231,219,523
Ending balance at Sep. 30, 2023	$ 2,868,853	$ 2,312	$ 4,491,917	$ (1,665,045)	$ 39,669

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares				3 Months Ended		9 Months Ended
	Aug. 07, 2023	May 03, 2023	Feb. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common dividends (in dollars per share)	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.90	$ 0.90

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net (loss) income	$ (3,400)	$ 7,343
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	140,211	137,855
Non-cash rental and related revenues	(6,781)	4,970
Non-cash interest income	(380)	(1,683)
Non-cash interest expense	9,179	8,300
Stock-based compensation expense	5,468	5,367
Loss on extinguishment of debt	1,541	411
Provision for (recovery of) loan losses and other reserves	549	(12)
Net loss on sales of real estate	75,893	4,581
Impairment of real estate	7,064	72,602
Loss from unconsolidated joint ventures	2,136	9,715
Distributions of earnings from unconsolidated joint ventures	1,705	0
Other non-cash items	(3,704)	2,167
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net	(10,660)	(5,631)
Accounts payable and accrued liabilities	3,013	2,161
Net cash provided by operating activities	221,834	248,146
Cash flows from investing activities:
Acquisition of real estate	(39,630)	(83,985)
Origination and fundings of loans receivable	(9,614)	(4,500)
Origination and fundings of preferred equity investments	(11,015)	(5,813)
Additions to real estate	(63,794)	(33,809)
Escrow deposits for potential investments	0	(836)
Repayments of loans receivable	8,674	4,885
Repayments of preferred equity investments	4,828	4,173
Investment in unconsolidated joint ventures	(4,797)	(128,019)
Net proceeds from the sales of real estate	248,222	62,816
Net proceeds from sales-type lease	25,490	0
Insurance proceeds	6,001	0
Distributions in excess of earnings from unconsolidated joint ventures	544	0
Net cash provided by (used in) investing activities	164,909	(185,088)
Cash flows from financing activities:
Net (repayments of) borrowings from revolving credit facility	(165,338)	147,353
Proceeds from term loans	12,188	0
Principal payments on term loans	0	(63,750)
Principal payments on secured debt	(1,479)	(17,030)
Payments of deferred financing costs	(18,135)	(6)
Payment of contingent consideration	(17,900)	(2,500)
Issuance of common stock, net	(2,194)	(4,394)
Dividends paid on common stock	(208,079)	(207,861)
Net cash used in financing activities	(400,937)	(148,188)
Net decrease in cash, cash equivalents and restricted cash	(14,194)	(85,130)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(880)	392
Cash, cash equivalents and restricted cash, beginning of period	53,932	115,886
Cash, cash equivalents and restricted cash, end of period	38,858	31,148
Supplemental disclosure of cash flow information:
Interest paid	72,911	68,778
Supplemental disclosure of non-cash investing activities:
Decrease in loans receivable and other investments due to acquisition of real estate	$ 4,644	$ 14,311

BUSINESS

BUSINESS	9 Months Ended
	Sep. 30, 2023
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 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 tenants who are responsible for the operations of these facilities; senior housing communities operated by third-party property managers pursuant to property management agreements (“Senior Housing - Managed”); investments in joint ventures; investments in loans receivable; and preferred equity investments.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 and for the three and nine month periods ended September 30, 2023 and 2022. 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 and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 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 September 30, 2023, 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 September 30, 2023, 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 partners’ rights and their impact on the presumption of control of the 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 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 September 30, 2023, 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. Casualty Gains and Losses Income resulting from insurance recoveries of property damage or business interruption losses is recognized when proceeds are received or contingencies related to the insurance recoveries are resolved. A vacant facility owned by the Company suffered damages as a result of vandalism and theft. The Company received $6.0 million of net insurance proceeds and recorded a $3.7 million gain related to the property damage during the three and nine months ended September 30, 2023 which is included in other income (expense) on the accompanying consolidated statements of (loss) income. A fire occurred at one of the Company’s Senior Housing - Managed communities. The Company received $1.1 million of insurance proceeds and recorded $0.5 million of business interruption insurance income during the three and nine months ended September 30, 2023 which is included in other income (expense) on the accompanying consolidated statements of (loss) income. The remaining proceeds were recorded as expense reimbursements in Senior Housing - Managed portfolio operating expenses on the accompanying consolidated statements of (loss) income.

RECENT REAL ESTATE ACQUISITIONS

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)	RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) During the nine months ended September 30, 2023, the Company acquired one Senior Housing - Leased community and one Senior Housing - Managed community. During the nine months ended September 30, 2022, the Company acquired three Senior Housing - Managed communities. The Senior Housing - Managed community acquired during the nine months ended September 30, 2023 and two of the Senior Housing - Managed communities acquired during the nine months ended September 30, 2022 were part of the Company’s proprietary development pipeline and were previously reflected as preferred equity investments which had a book value of $4.6 million and $14.3 million, respectively, at the time of acquisition. The consideration was allocated as follows (in thousands): Nine Months Ended September 30, 2023 2022 Land $ 3,415 $ 10,292 Building and improvements 45,333 83,118 Tenant origination and absorption costs intangible assets 2,706 4,887 Tenant relationship intangible assets 20 — Total consideration $ 51,474 $ 98,297 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 one year and 22 years, respectively, for the acquisitions completed during the nine months ended September 30, 2023. The tenant origination and absorption costs intangible assets had an amortization period as of the date of acquisition of one year for the acquisitions completed during the nine months ended September 30, 2022. For the three and nine months ended September 30, 2023, the Company recognized $2.6 million and $6.8 million of total revenues, respectively, and $46,000 of net loss and less than $1,000 of net income, respectively, from the facilities acquired during the nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Company recognized $3.9 million and $6.0 million of total revenues, respectively, and $0.3 million and $0.9 million of net loss, respectively, from the facilities acquired during the nine months ended September 30, 2022. During the three months ended June 30, 2023, the Company, in accordance with the terms of the agreements pursuant to which it purchased the facilities, paid $17.9 million in additional consideration related to two Senior Housing - Managed communities that achieved certain performance metrics. This amount is included in real estate investments, net of accumulated depreciation on the accompanying consolidated balance sheets.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 240 26,623 $ 3,035,231 $ (530,290) $ 2,504,941 Senior Housing - Leased 43 3,473 572,633 (106,063) 466,570 Senior Housing - Managed 61 6,041 1,278,352 (250,772) 1,027,580 Behavioral Health 18 1,077 492,236 (68,654) 423,582 Specialty Hospitals and Other 15 392 225,443 (46,100) 179,343 377 37,606 5,603,895 (1,001,879) 4,602,016 Corporate Level 1,603 (605) 998 $ 5,605,498 $ (1,002,484) $ 4,603,014 As of December 31, 2022 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 264 29,136 $ 3,385,221 $ (492,495) $ 2,892,726 Senior Housing - Leased 47 3,550 590,694 (97,716) 492,978 Senior Housing - Managed 59 5,942 1,205,283 (222,089) 983,194 Behavioral Health 17 965 465,143 (58,481) 406,662 Specialty Hospitals and Other 15 392 225,443 (42,038) 183,405 402 39,985 5,871,784 (912,819) 4,958,965 Corporate Level 904 (526) 378 $ 5,872,688 $ (913,345) $ 4,959,343 September 30, 2023 December 31, 2022 Building and improvements $ 4,815,199 $ 5,034,470 Furniture and equipment 234,882 262,644 Land improvements 10,241 7,085 Land 545,176 568,489 Total real estate at cost 5,605,498 5,872,688 Accumulated depreciation (1,002,484) (913,345) Total real estate investments, net $ 4,603,014 $ 4,959,343 Operating Leases As of September 30, 2023, the substantial majority of the Company’s real estate properties (excluding 61 Senior Housing - Managed communities) were leased under triple-net operating leases with expirations ranging from less than one year to 19 years. As of September 30, 2023, the leases had a weighted average remaining term of eight 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 $17.0 million and $13.0 million as of September 30, 2023 and December 31, 2022, respectively, and letters of credit deposited with the Company totaled approximately $57 million as of each of September 30, 2023 and December 31, 2022. In addition, the Company’s tenants have deposited with the Company $11.6 million and $13.3 million as of September 30, 2023 and December 31, 2022, 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 $3.8 million and $11.4 million during the three and nine months ended September 30, 2023, respectively, and $4.3 million and $13.7 million during the three and nine months ended September 30, 2022 , 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. During the third quarter of 2022, the Company concluded that its leases with North American Health Care, Inc. should no longer be accounted for on an accrual basis and wrote off $15.6 million of straight-line rent receivable balances related to these leases. The facilities were transitioned to the Ensign Group or Avamere, as applicable, effective February 1, 2023. For the three and nine months ended September 30, 2023, no tenant relationship represented 10% or more of the Company’s total revenues. As of September 30, 2023, 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): October 1 through December 31, 2023 $ 91,919 2024 371,661 2025 366,190 2026 350,583 2027 327,530 Thereafter 1,508,364 $ 3,016,247 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 $0.4 million and $1.4 million for the three and nine months ended September 30, 2023, respectively, and $0.4 million and $1.0 million for the three and nine months ended September 30, 2022, respectively. Capital and Other Expenditures As of September 30, 2023, the Company’s aggregate commitment for future capital and other expenditures associated with facilities leased under triple-net operating leases was approximately $44 million. These commitments are principally for improvements to its facilities. Investment in Unconsolidated Joint Ventures The following is a summary of the Company’s investment in unconsolidated joint ventures (dollars in thousands): Property Type Number of Properties as of September 30, 2023 Ownership as of September 30, 2023 (1) Book Value September 30, 2023 December 31, 2022 Sienna Joint Venture Senior Housing - Managed 12 50 % $ 118,150 $ 120,269 Marlin Spring Joint Venture Senior Housing - Managed 4 85 % 17,605 14,693 $ 135,755 $ 134,962 (1) These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. During the nine months ended September 30, 2023, the Company’s joint venture with Marlin Spring (the “Marlin Spring Joint Venture”) completed the acquisition of one additional senior housing community that is being managed by a third-party property manager. The gross investment in the additional acquisition was CAD $30.0 million, excluding acquisition costs. In addition, the Marlin Spring Joint Venture assumed and financed an aggregate CAD $23.6 million of debt associated with the additional acquisition. The Company’s equity investment in the additional acquisition was CAD $6.1 million. During the fourth quarter of 2022, due to the confluence of labor shortages, increased labor costs, elevated interest rates and a slower than anticipated recovery in the operating performance of the underlying facilities, the Company concluded that the estimated fair value of its investment in its joint venture with affiliates of TPG Real Estate, the real estate platform of TPG (the “Enlivant Joint Venture”) had declined to zero based on updated future cash flow analyses. This decline was deemed to be other-than-temporary, and the Company recorded an impairment charge totaling $57.8 million during the three months ended December 31, 2022. Effective January 1, 2023, the Company discontinued applying the equity method of accounting to the Enlivant Joint Venture, in which it had a 49% equity interest. Effective May 1, 2023, the Company withdrew and resigned its membership in the Enlivant Joint Venture and accordingly, no longer has an equity interest in the Enlivant Joint Venture as of such date. During the nine months ended September 30, 2022, the Enlivant Joint Venture was a significant equity method investee of the Company. The following table presents summarized financial information for the Enlivant Joint Venture and, except for basis adjustments and loss from unconsolidated joint venture, reflects the historical cost basis of the assets which pre-dated the Company’s investment in the Enlivant Joint Venture (in thousands): Nine Months Ended September 30, 2022 Total revenues $ 237,144 Operating expenses 215,293 Net loss (7,177) Company’s share of net loss $ (3,525) Basis adjustments 5,755 Loss from unconsolidated joint venture $ (9,280) Certain amounts in the financial information for the Enlivant Joint Venture have been reclassified to conform to Sabra’s presentation. The Company’s share of net loss in the Enlivant Joint Venture reflects its 49% equity interest and excludes certain equity-like compensation expense and the related income tax impact as such expense is not the responsibility of the Company under the terms of the joint venture agreement. Net Investment in Sales-Type Lease As of December 31, 2022, the Company had a $25.5 million net investment in one skilled nursing/transitional care facility leased to a tenant under a sales-type lease, as the tenant is obligated to purchase the property at the end of the lease term. During the three months ended March 31, 2023, the tenant purchased the skilled nursing/transitional care facility for net proceeds of $25.5 million as obligated under the terms of the lease.

IMPAIRMENT OF REAL ESTATE AND D

IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS	IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS Impairment of Real Estate During the nine months ended September 30, 2023, the Company recognized $7.1 million of real estate impairment related to one skilled nursing/transitional care facility that has sold. During the nine months ended September 30, 2022, the Company recognized $72.6 million of real estate impairment related to ten skilled nursing/transitional care facilities that have sold. To estimate the fair value of the impaired facilities, the Company utilized a market approach which considered binding sale agreements, non-binding offers from unrelated third parties or model-derived valuations with significant unobservable inputs (Level 3 measurements), as applicable. The Company continues to evaluate additional assets for sale as part of its initiative to recycle capital and further improve its portfolio quality. This could lead to a shorter hold period and could result in the determination that the full amount of the Company’s investment is not recoverable, resulting in an impairment charge or loss on sale which could be material. Dispositions The following table summarizes the Company’s dispositions for the periods presented (dollars in millions): Nine Months Ended September 30, 2023 2022 Number of facilities 27 11 Consideration, net of closing costs $ 256.2 $ 62.8 Net carrying value 332.1 67.4 Net loss on sale $ (75.9) $ (4.6) Net loss (1) $ (80.3) $ (63.1) (1) In addition to net loss on sale, net loss includes impairment of real estate of $7.1 million and $65.8 million for the nine months ended September 30, 2023 and 2022, respectively. The sale of the disposition facilities does not represent a strategic shift that has or will have a major effect on the Company’s operations and financial results, and therefore the results of operations attributable to these facilities have remained in continuing operations.

LOANS RECEIVABLE AND OTHER INVE

LOANS RECEIVABLE AND OTHER INVESTMENTS	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
LOANS RECEIVABLE AND OTHER INVESTMENTS	LOANS RECEIVABLE AND OTHER INVESTMENTS As of September 30, 2023 and December 31, 2022, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): As of September 30, 2023 Investment Quantity as of September 30, 2023 Property Type Principal Balance as of September 30, 2023 (1) Book Value as of September 30, 2023 Book Value as of December 31, 2022 Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date as of September 30, 2023 Loans Receivable: Mortgage 2 Behavioral Health $ 319,000 $ 319,000 $ 319,000 7.6 % 7.6 % 11/01/26 - 01/31/27 Other 10 Multiple 52,133 48,703 47,936 7.5 % 7.0 % 08/31/23 - 05/01/29 12 371,133 367,703 366,936 7.6 % 7.6 % Allowance for loan losses — (6,677) (6,611) $ 371,133 $ 361,026 $ 360,325 Other Investments: Preferred Equity 5 Skilled Nursing / Senior Housing 56,760 56,921 51,071 11.0 % 11.0 % N/A Total 17 $ 427,893 $ 417,947 $ 411,396 8.1 % 8.0 % (1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees. Additional information regarding the Company’s loans receivable is as follows (dollars in thousands): Nine Months Ended September 30, 2023 2022 Allowance for loan losses: Balance at beginning of the period $ 6,611 $ 6,344 Provision for loan losses 549 83 Write-off of uncollectible balances (483) — Balance at end of the period $ 6,677 $ 6,427 September 30, 2023 December 31, 2022 Deteriorated credit quality: Number of loans receivable investments 1 1 Principal balance $ 1,214 $ 1,214 Book value — — Nonaccrual status: Number of loans receivable investments 3 3 Book value $ — $ — As of September 30, 2023 and December 31, 2022, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Secured Indebtedness The Company’s secured debt consists of the following (dollars in thousands): As of September 30, 2023 Interest Rate Type Principal Balance as of (1) Principal Balance as of (1) Weighted Average Weighted Average (2) Maturity Fixed Rate $ 48,643 $ 50,123 2.85 % 3.34 % May 2031 - (1) Principal balance does not include deferred financing costs, net of $0.9 million as of each of September 30, 2023 and December 31, 2022. (2) Weighted average effective interest rate includes private mortgage insurance. Senior Unsecured Notes The Company’s senior unsecured notes consist of the following (dollars in thousands): Principal Balance as of Title Maturity Date September 30, 2023 (1) December 31, 2022 (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 $4.1 million and deferred financing costs, net of $10.9 million as of September 30, 2023 and does not include discount, net of $3.5 million and deferred financing costs, net of $12.0 million as of December 31, 2022. In addition, the weighted average effective interest rate as of September 30, 2023 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, until redemption of the Company’s previously outstanding 5.375% senior notes due 2023 in October 2019, 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 September 30, 2023, 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 “Prior Credit Agreement”). The Prior Credit Agreement included a $1.0 billion revolving credit facility (the “Prior Revolving Credit Facility”), a $436.3 million U.S. dollar term loan and a CAD $125.0 million Canadian dollar term loan (collectively, the “Prior Term Loans”). Further, up to $175.0 million of the Prior Revolving Credit Facility could be used for borrowings in certain foreign currencies. The Prior Credit Agreement also contained an accordion feature that allowed for an increase in the total available borrowings to $2.75 billion, subject to terms and conditions. During the three and nine months ended September 30, 2022, the Company recognized $0.1 million and $0.4 million, respectively, of loss on extinguishment of debt related to write-offs of deferred financing costs in connection with the partial pay downs of the U.S. dollar Prior Term Loan. Borrowings under the Prior Revolving Credit Facility bore 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 “Prior Base Rate”). The ratings-based applicable interest margin for borrowings varied based on the Debt Ratings, as defined in the Prior Credit Agreement, and ranged 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 Prior Base Rate. In addition, the Operating Partnership paid a facility fee ranging between 0.125% and 0.300% per annum based on the aggregate amount of commitments under the Prior Revolving Credit Facility regardless of amounts outstanding thereunder. The U.S. dollar Prior Term Loan bore 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 Prior Base Rate. The ratings-based applicable interest margin for borrowings varied based on the Debt Ratings and ranged from 0.85% to 1.65% per annum for LIBOR based borrowings and 0.00% to 0.65% per annum for borrowings at the Prior Base Rate. The Canadian dollar Prior Term Loan bore interest on the outstanding principal amount at a rate equal to CDOR plus an interest margin that ranged from 0.85% to 1.65% depending on the Debt Ratings. On January 4, 2023, the Borrowers, and the other parties thereto entered into a sixth amended and restated unsecured credit agreement (the “Credit Agreement”). During the nine months ended September 30, 2023, the Company recorded $18.1 million of deferred financing costs related to the Credit Agreement and recognized $1.5 million of loss on extinguishment of debt related to write-offs of deferred financing costs in connection with amending and restating the Prior Credit Agreement. No loss on extinguishment of debt was recognized during the three months ended September 30, 2023. The Credit Agreement includes a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), a $430.0 million U.S. dollar term loan and a CAD $150.0 million Canadian dollar term loan (collectively, the “Term Loans”). Further, up to $350.0 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 January 4, 2027, and includes two six-month extension options. The Term Loans have a maturity date of January 4, 2028. As of September 30, 2023, there was $32.6 million (CAD $44.3 million) outstanding under the Revolving Credit Facility and $967.4 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, CDOR for Canadian dollar borrowings, or at the Operating Partnership’s option for U.S. dollar borrowings, either (a) Daily Simple SOFR, as defined in the Credit Agreement, or (b) a base rate determined as the greater of (i) the federal funds rate plus 0.5%, (ii) the prime rate, (iii) Term SOFR, as defined in the Credit Agreement, plus 1.0% (the “Base Rate”), and (iv) 1.00%. 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 1.450% per annum for Daily Simple SOFR-based borrowings and 0.00% to 0.450% per annum for borrowings at the Base Rate. As of September 30, 2023, the weighted average interest rate on the Revolving Credit Facility was 6.49%. 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 ratings-based applicable interest margin plus, at the Operating Partnership’s option, either (a) Term SOFR or (b) the Base Rate. The ratings-based applicable interest margin for borrowings will vary based on the Debt Ratings and will range from 0.850% to 1.650% per annum for Term SOFR-based borrowings and 0.00% to 0.650% per annum for borrowings at the Base Rate. As of September 30, 2023, the interest rate on the U.S. dollar Term Loan was 6.66%. The Canadian dollar Term Loan bears interest on the outstanding principal amount at a rate equal CDOR plus an interest margin that will range from 0.850% to 1.650% depending on the Debt Ratings. As of September 30, 2023, the interest rate on the Canadian dollar Term Loan was 6.64%. The Company has interest rate swaps and interest rate collars that fix and set a cap and floor, respectively, for the SOFR portion of the interest rate for $430.0 million of SOFR-based borrowings under its U.S. dollar Term Loan at a weighted average rate of 2.69% and interest rate swaps that fix the CDOR portion of the interest rate for CAD $150.0 million of CDOR-based borrowings under its Canadian dollar Term Loan at a rate of 1.63%. As of September 30, 2023, the effective interest rate on the U.S. dollar and Canadian dollar Term Loans was 3.94% and 2.88%, respectively. In addition, the Canadian dollar Term Loan and the CAD $44.3 million outstanding as of September 30, 2023 under the Revolving Credit Facility are designated as net investment hedges. See Note 8, “Derivative and Hedging Instruments,” for further information. The obligations of the Borrowers under the Credit Agreement are guaranteed by the Company and certain of its subsidiaries. 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 maximum 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 September 30, 2023, the Company was in compliance with all applicable financial covenants under the Credit Agreement. Interest Expense The Company incurred interest expense of $28.2 million and $85.0 million during the three and nine months ended September 30, 2023, respectively, and $27.1 million and $77.6 million during the three and nine months ended September 30, 2022, respectively. Interest expense includes non-cash interest expense of $3.1 million and $9.2 million for the three and nine months ended September 30, 2023, respectively, and $2.8 million and $8.3 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 and December 31, 2022, the Company had $21.1 million and $18.2 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 September 30, 2023 (in thousands): Secured Revolving Credit Facility (1) Term Loans Senior Notes Total October 1 through December 31, 2023 $ 499 $ — $ — $ — $ 499 2024 2,034 — — — 2,034 2025 2,089 — — — 2,089 2026 2,147 — — 500,000 502,147 2027 2,206 32,623 — 100,000 134,829 Thereafter 39,668 — 540,460 1,150,000 1,730,128 Total Debt 48,643 32,623 540,460 1,750,000 2,371,726 Discount, net — — — (4,075) (4,075) Deferred financing costs, net (854) — (6,449) (10,870) (18,173) Total Debt, Net $ 47,789 $ 32,623 $ 534,011 $ 1,735,055 $ 2,349,478 (1) Revolving Credit Facility is subject to two six-month extension options.

DERIVATIVE AND HEDGING INSTRUME

DERIVATIVE AND HEDGING INSTRUMENTS	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023, approximately $9.6 million of gains, 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): September 30, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 753,750 $ 436,250 Denominated in Canadian Dollars (2) $ 300,000 $ 125,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 56,300 $ 55,991 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 194,300 $ 329,500 Derivatives not designated as net investment hedges: Denominated in Canadian Dollars $ — $ 309 (1) Balance as of September 30, 2023 includes two forward starting interest rate swaps with an effective date of August 2024 and an aggregate notional amount of $323.8 million. (2) Balance as of September 30, 2023 includes two forward starting interest rate swaps with an effective date of September 2024 and an aggregate notional amount of CAD $150.0 million. 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 September 30, 2023 and December 31, 2022 (dollars in thousands): Count as of September 30, 2023 Fair Value as of Maturity Dates Type Designation September 30, 2023 December 31, 2022 Balance Sheet Location Assets: Interest rate swaps Cash flow 5 $ 11,986 $ 11,004 2024 - 2028 Accounts receivable, prepaid expenses and other assets, net Interest rate collars Cash flow 2 5,133 6,622 2024 Accounts receivable, prepaid expenses and other assets, net Forward starting interest rate swaps Cash flow 4 18,164 — 2028 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 4,048 3,851 2025 Accounts receivable, prepaid expenses and other assets, net $ 39,331 $ 21,477 Liabilities: CAD borrowings under Revolving Credit Facility Net investment 1 32,623 150,982 2027 Revolving credit facility CAD Term Loan Net investment 1 110,460 92,288 2028 Term loans, net $ 143,083 $ 243,270 The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of (loss) income and the consolidated statements of equity for the three and nine months ended September 30, 2023 and 2022 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cash Flow Hedges: Interest rate products $ 11,373 $ 6,817 $ 28,462 $ 20,146 Net Investment Hedges: Foreign currency products 1,140 2,253 349 2,840 CAD borrowings under Revolving Credit Facility 42 8,790 (2,650) 11,157 CAD term loan 2,760 5,988 265 7,463 $ 15,315 $ 23,848 $ 26,426 $ 41,606 Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2023 2022 2023 2022 Cash Flow Hedges: Interest rate products Interest expense $ 2,369 $ (602) $ 5,848 $ (5,264) During the three and nine months ended September 30, 2023 and 2022, no cash flow hedges were determined to be ineffective. Derivatives Not Designated as Hedging Instruments As of September 30, 2023, the Company’s derivatives were all designated as hedging instruments. During the nine months ended September 30, 2022, the Company recorded $0.1 million of other expense related to the portion of derivatives not designated as hedging instruments and no such expense was recorded during each of the three months ended September 30, 2022 and the three and nine months ended September 30, 2023. 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 September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 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 $ 39,331 $ — $ 39,331 $ — $ — $ 39,331 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 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 $ 21,477 $ — $ 21,477 $ — $ — $ 21,477 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — 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 September 30, 2023, the Company had no derivatives in a net liability position related to these agreements.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2023
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 8% to 15% 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 7% 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 September 30, 2023 and December 31, 2022 whose carrying amounts do not approximate their fair value (in thousands): As of September 30, 2023 As of December 31, 2022 Face (1) Carrying Amount (2) Fair Face (1) Carrying (2) Fair Financial assets: Loans receivable $ 371,133 $ 361,026 $ 368,437 $ 370,364 $ 360,325 $ 370,188 Preferred equity investments 56,760 56,921 58,697 50,902 51,071 51,995 Financial liabilities: Senior Notes 1,750,000 1,735,055 1,468,812 1,750,000 1,734,431 1,463,041 Secured indebtedness 48,643 47,789 34,164 50,123 49,232 38,149 (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 September 30, 2023 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 $ 368,437 $ — $ — $ 368,437 Preferred equity investments 58,697 — — 58,697 Financial liabilities: Senior Notes 1,468,812 — 1,468,812 — Secured indebtedness 34,164 — — 34,164 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 nine months ended September 30, 2023, 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 $ 11,986 $ — $ 11,986 $ — Interest rate collars 5,133 — 5,133 — Forward starting interest rate swaps 18,164 — 18,164 — Cross currency interest rate swaps 4,048 — 4,048 —

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
EQUITY	EQUITY Common Stock On February 23, 2023, 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 and nine months ended September 30, 2023, no shares were sold under the ATM Program and the Company did not utilize the forward feature of the ATM Program. As of September 30, 2023, the Company had $500.0 million available under the ATM Program. The following table lists the cash dividends on common stock declared and paid by the Company during the nine months ended September 30, 2023: Declaration Date Record Date Amount Per Share Dividend Payable Date February 1, 2023 February 13, 2023 $ 0.30 February 28, 2023 May 3, 2023 May 16, 2023 $ 0.30 May 31, 2023 August 7, 2023 August 17, 2023 $ 0.30 August 31, 2023 During the nine months ended September 30, 2023, the Company issued 0.2 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 nine months ended September 30, 2023 and 2022, the Company incurred $1.4 million and $3.3 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 The following is a summary of the Company’s accumulated other comprehensive income (in thousands): September 30, 2023 December 31, 2022 Foreign currency translation (loss) gain $ (780) $ 1,168 Unrealized gain on cash flow hedges 40,449 17,895 Total accumulated other comprehensive income $ 39,669 $ 19,063

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2023
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 and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net (loss) income $ (15,101) $ (50,064) $ (3,400) $ 7,343 Denominator Basic weighted average common shares and common equivalents 231,224,692 230,982,227 231,197,375 230,936,032 Dilutive restricted stock units — — — 843,718 Diluted weighted average common shares 231,224,692 230,982,227 231,197,375 231,779,750 Net (loss) income, per: Basic common share $ (0.07) $ (0.22) $ (0.01) $ 0.03 Diluted common share $ (0.07) $ (0.22) $ (0.01) $ 0.03 During the three and nine months ended September 30, 2023, approximately 1.6 million and 1.4 million restricted stock units, respectively, were not included in computing diluted earnings per share because they were considered anti-dilutive. During the three and nine months ended September 30, 2022, approximately 1.0 million and 10,500 restricted stock units, respectively, were not included in computing diluted earnings per share because they were considered anti-dilutive.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023, 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	9 Months Ended
	Sep. 30, 2023
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 November 6, 2023, 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 November 30, 2023 to common stockholders of record as of the close of business on November 17, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net (loss) income	$ (15,101)	$ (50,064)	$ (3,400)	$ 7,343

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	The accompanying consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of September 30, 2023 and December 31, 2022 and for the three and nine month periods ended September 30, 2023 and 2022. 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 and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 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 September 30, 2023, 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 September 30, 2023, 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.
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 8% to 15% 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 7% in its fair value calculation. As such, the Company classifies these instruments as Level 3.

RECENT REAL ESTATE ACQUISITIO_2

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Allocation	The consideration was allocated as follows (in thousands): Nine Months Ended September 30, 2023 2022 Land $ 3,415 $ 10,292 Building and improvements 45,333 83,118 Tenant origination and absorption costs intangible assets 2,706 4,887 Tenant relationship intangible assets 20 — Total consideration $ 51,474 $ 98,297

INVESTMENT IN REAL ESTATE PRO_2

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 240 26,623 $ 3,035,231 $ (530,290) $ 2,504,941 Senior Housing - Leased 43 3,473 572,633 (106,063) 466,570 Senior Housing - Managed 61 6,041 1,278,352 (250,772) 1,027,580 Behavioral Health 18 1,077 492,236 (68,654) 423,582 Specialty Hospitals and Other 15 392 225,443 (46,100) 179,343 377 37,606 5,603,895 (1,001,879) 4,602,016 Corporate Level 1,603 (605) 998 $ 5,605,498 $ (1,002,484) $ 4,603,014 As of December 31, 2022 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 264 29,136 $ 3,385,221 $ (492,495) $ 2,892,726 Senior Housing - Leased 47 3,550 590,694 (97,716) 492,978 Senior Housing - Managed 59 5,942 1,205,283 (222,089) 983,194 Behavioral Health 17 965 465,143 (58,481) 406,662 Specialty Hospitals and Other 15 392 225,443 (42,038) 183,405 402 39,985 5,871,784 (912,819) 4,958,965 Corporate Level 904 (526) 378 $ 5,872,688 $ (913,345) $ 4,959,343 September 30, 2023 December 31, 2022 Building and improvements $ 4,815,199 $ 5,034,470 Furniture and equipment 234,882 262,644 Land improvements 10,241 7,085 Land 545,176 568,489 Total real estate at cost 5,605,498 5,872,688 Accumulated depreciation (1,002,484) (913,345) Total real estate investments, net $ 4,603,014 $ 4,959,343
Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases	As of September 30, 2023, 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): October 1 through December 31, 2023 $ 91,919 2024 371,661 2025 366,190 2026 350,583 2027 327,530 Thereafter 1,508,364 $ 3,016,247
Schedule of Investment in Joint Ventures	The following is a summary of the Company’s investment in unconsolidated joint ventures (dollars in thousands): Property Type Number of Properties as of September 30, 2023 Ownership as of September 30, 2023 (1) Book Value September 30, 2023 December 31, 2022 Sienna Joint Venture Senior Housing - Managed 12 50 % $ 118,150 $ 120,269 Marlin Spring Joint Venture Senior Housing - Managed 4 85 % 17,605 14,693 $ 135,755 $ 134,962 (1) These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. During the nine months ended September 30, 2022, the Enlivant Joint Venture was a significant equity method investee of the Company. The following table presents summarized financial information for the Enlivant Joint Venture and, except for basis adjustments and loss from unconsolidated joint venture, reflects the historical cost basis of the assets which pre-dated the Company’s investment in the Enlivant Joint Venture (in thousands): Nine Months Ended September 30, 2022 Total revenues $ 237,144 Operating expenses 215,293 Net loss (7,177) Company’s share of net loss $ (3,525) Basis adjustments 5,755 Loss from unconsolidated joint venture $ (9,280)

IMPAIRMENT OF REAL ESTATE AND_2

IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Dispositions	The following table summarizes the Company’s dispositions for the periods presented (dollars in millions): Nine Months Ended September 30, 2023 2022 Number of facilities 27 11 Consideration, net of closing costs $ 256.2 $ 62.8 Net carrying value 332.1 67.4 Net loss on sale $ (75.9) $ (4.6) Net loss (1) $ (80.3) $ (63.1) (1) In addition to net loss on sale, net loss includes impairment of real estate of $7.1 million and $65.8 million for the nine months ended September 30, 2023 and 2022, respectively.

LOANS RECEIVABLE AND OTHER IN_2

LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Loans Receivable and Other Investments	As of September 30, 2023 and December 31, 2022, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): As of September 30, 2023 Investment Quantity as of September 30, 2023 Property Type Principal Balance as of September 30, 2023 (1) Book Value as of September 30, 2023 Book Value as of December 31, 2022 Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date as of September 30, 2023 Loans Receivable: Mortgage 2 Behavioral Health $ 319,000 $ 319,000 $ 319,000 7.6 % 7.6 % 11/01/26 - 01/31/27 Other 10 Multiple 52,133 48,703 47,936 7.5 % 7.0 % 08/31/23 - 05/01/29 12 371,133 367,703 366,936 7.6 % 7.6 % Allowance for loan losses — (6,677) (6,611) $ 371,133 $ 361,026 $ 360,325 Other Investments: Preferred Equity 5 Skilled Nursing / Senior Housing 56,760 56,921 51,071 11.0 % 11.0 % N/A Total 17 $ 427,893 $ 417,947 $ 411,396 8.1 % 8.0 % (1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
Schedule of Additional Information Regarding the Company's Loans Receivable	Additional information regarding the Company’s loans receivable is as follows (dollars in thousands): Nine Months Ended September 30, 2023 2022 Allowance for loan losses: Balance at beginning of the period $ 6,611 $ 6,344 Provision for loan losses 549 83 Write-off of uncollectible balances (483) — Balance at end of the period $ 6,677 $ 6,427 September 30, 2023 December 31, 2022 Deteriorated credit quality: Number of loans receivable investments 1 1 Principal balance $ 1,214 $ 1,214 Book value — — Nonaccrual status: Number of loans receivable investments 3 3 Book value $ — $ —

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s secured debt consists of the following (dollars in thousands): As of September 30, 2023 Interest Rate Type Principal Balance as of (1) Principal Balance as of (1) Weighted Average Weighted Average (2) Maturity Fixed Rate $ 48,643 $ 50,123 2.85 % 3.34 % May 2031 - (1) Principal balance does not include deferred financing costs, net of $0.9 million as of each of September 30, 2023 and December 31, 2022. (2) Weighted average effective 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 September 30, 2023 (1) December 31, 2022 (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 $4.1 million and deferred financing costs, net of $10.9 million as of September 30, 2023 and does not include discount, net of $3.5 million and deferred financing costs, net of $12.0 million as of December 31, 2022. In addition, the weighted average effective interest rate as of September 30, 2023 was 4.01%.
Schedule of Maturities for Outstanding Debt	The following is a schedule of maturities for the Company’s outstanding debt as of September 30, 2023 (in thousands): Secured Revolving Credit Facility (1) Term Loans Senior Notes Total October 1 through December 31, 2023 $ 499 $ — $ — $ — $ 499 2024 2,034 — — — 2,034 2025 2,089 — — — 2,089 2026 2,147 — — 500,000 502,147 2027 2,206 32,623 — 100,000 134,829 Thereafter 39,668 — 540,460 1,150,000 1,730,128 Total Debt 48,643 32,623 540,460 1,750,000 2,371,726 Discount, net — — — (4,075) (4,075) Deferred financing costs, net (854) — (6,449) (10,870) (18,173) Total Debt, Net $ 47,789 $ 32,623 $ 534,011 $ 1,735,055 $ 2,349,478 (1) Revolving Credit Facility is subject to two six-month extension options.

DERIVATIVE AND HEDGING INSTRU_2

DERIVATIVE AND HEDGING INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
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): September 30, 2023 December 31, 2022 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 753,750 $ 436,250 Denominated in Canadian Dollars (2) $ 300,000 $ 125,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 56,300 $ 55,991 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 194,300 $ 329,500 Derivatives not designated as net investment hedges: Denominated in Canadian Dollars $ — $ 309 (1) Balance as of September 30, 2023 includes two forward starting interest rate swaps with an effective date of August 2024 and an aggregate notional amount of $323.8 million. (2) Balance as of September 30, 2023 includes two forward starting interest rate swaps with an effective date of September 2024 and an aggregate notional amount of CAD $150.0 million.
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 September 30, 2023 and December 31, 2022 (dollars in thousands): Count as of September 30, 2023 Fair Value as of Maturity Dates Type Designation September 30, 2023 December 31, 2022 Balance Sheet Location Assets: Interest rate swaps Cash flow 5 $ 11,986 $ 11,004 2024 - 2028 Accounts receivable, prepaid expenses and other assets, net Interest rate collars Cash flow 2 5,133 6,622 2024 Accounts receivable, prepaid expenses and other assets, net Forward starting interest rate swaps Cash flow 4 18,164 — 2028 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 4,048 3,851 2025 Accounts receivable, prepaid expenses and other assets, net $ 39,331 $ 21,477 Liabilities: CAD borrowings under Revolving Credit Facility Net investment 1 32,623 150,982 2027 Revolving credit facility CAD Term Loan Net investment 1 110,460 92,288 2028 Term loans, net $ 143,083 $ 243,270
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 (loss) income and the consolidated statements of equity for the three and nine months ended September 30, 2023 and 2022 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cash Flow Hedges: Interest rate products $ 11,373 $ 6,817 $ 28,462 $ 20,146 Net Investment Hedges: Foreign currency products 1,140 2,253 349 2,840 CAD borrowings under Revolving Credit Facility 42 8,790 (2,650) 11,157 CAD term loan 2,760 5,988 265 7,463 $ 15,315 $ 23,848 $ 26,426 $ 41,606 Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended September 30, Nine Months Ended September 30, Income Statement Location 2023 2022 2023 2022 Cash Flow Hedges: Interest rate products Interest expense $ 2,369 $ (602) $ 5,848 $ (5,264)
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 September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 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 $ 39,331 $ — $ 39,331 $ — $ — $ 39,331 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 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 $ 21,477 $ — $ 21,477 $ — $ — $ 21,477 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ —
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 September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 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 $ 39,331 $ — $ 39,331 $ — $ — $ 39,331 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 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 $ 21,477 $ — $ 21,477 $ — $ — $ 21,477 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ —

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022 whose carrying amounts do not approximate their fair value (in thousands): As of September 30, 2023 As of December 31, 2022 Face (1) Carrying Amount (2) Fair Face (1) Carrying (2) Fair Financial assets: Loans receivable $ 371,133 $ 361,026 $ 368,437 $ 370,364 $ 360,325 $ 370,188 Preferred equity investments 56,760 56,921 58,697 50,902 51,071 51,995 Financial liabilities: Senior Notes 1,750,000 1,735,055 1,468,812 1,750,000 1,734,431 1,463,041 Secured indebtedness 48,643 47,789 34,164 50,123 49,232 38,149 (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 September 30, 2023 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 $ 368,437 $ — $ — $ 368,437 Preferred equity investments 58,697 — — 58,697 Financial liabilities: Senior Notes 1,468,812 — 1,468,812 — Secured indebtedness 34,164 — — 34,164
Schedule of Items Measured at Fair Value on a Recurring Basis	During the nine months ended September 30, 2023, 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 $ 11,986 $ — $ 11,986 $ — Interest rate collars 5,133 — 5,133 — Forward starting interest rate swaps 18,164 — 18,164 — Cross currency interest rate swaps 4,048 — 4,048 —

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023: Declaration Date Record Date Amount Per Share Dividend Payable Date February 1, 2023 February 13, 2023 $ 0.30 February 28, 2023 May 3, 2023 May 16, 2023 $ 0.30 May 31, 2023 August 7, 2023 August 17, 2023 $ 0.30 August 31, 2023
Schedule of Accumulated Other Comprehensive Income	The following is a summary of the Company’s accumulated other comprehensive income (in thousands): September 30, 2023 December 31, 2022 Foreign currency translation (loss) gain $ (780) $ 1,168 Unrealized gain on cash flow hedges 40,449 17,895 Total accumulated other comprehensive income $ 39,669 $ 19,063

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
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 and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net (loss) income $ (15,101) $ (50,064) $ (3,400) $ 7,343 Denominator Basic weighted average common shares and common equivalents 231,224,692 230,982,227 231,197,375 230,936,032 Dilutive restricted stock units — — — 843,718 Diluted weighted average common shares 231,224,692 230,982,227 231,197,375 231,779,750 Net (loss) income, per: Basic common share $ (0.07) $ (0.22) $ (0.01) $ 0.03 Diluted common share $ (0.07) $ (0.22) $ (0.01) $ 0.03

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) variableInterestEntity investment	Sep. 30, 2023 USD ($) variableInterestEntity investment
Accounting Policies [Line Items]
Number of investments in loans accounted for as real estate joint ventures | investment	0	0
Vandalism And Theft
Accounting Policies [Line Items]
Proceeds of insurance	$ 6	$ 6
Gain of unusual amount	3.7	3.7
Fire
Accounting Policies [Line Items]
Proceeds of insurance	1.1	1.1
Gain of unusual amount	$ 0.5	$ 0.5
Primary beneficiary
Accounting Policies [Line Items]
Number of variable interest entities | variableInterestEntity	0	0

RECENT REAL ESTATE ACQUISITIO_3

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property
Business Acquisition [Line Items]
Payment of contingent consideration				$ 17,900	$ 2,500
Recent Real Estate Acquisitions
Business Acquisition [Line Items]
Total revenues	$ 2,600		$ 3,900	6,800	6,000
Net (loss) income (less than in nine months ended 2023)	$ 46		$ 300	$ 1	$ 900
Recent Real Estate Acquisitions | Tenant origination and absorption costs
Business Acquisition [Line Items]
Weighted-average amortization period of intangible assets				1 year	1 year
Recent Real Estate Acquisitions | Tenant relationships
Business Acquisition [Line Items]
Weighted-average amortization period of intangible assets				22 years
Recent Real Estate Acquisitions | Senior Housing - Leased
Business Acquisition [Line Items]
Number of acquired properties | property				1
Recent Real Estate Acquisitions | Senior Housing - Managed
Business Acquisition [Line Items]
Number of acquired properties | property				1	3
Preferred equity investment book value at acquisition				$ 4,600	$ 14,300
Payment of contingent consideration		$ 17,900
Number of properties | property		2
Recent Real Estate Acquisitions | Senior Housing Facilities - Managed Communities, Proprietary Development Pipeline
Business Acquisition [Line Items]
Number of acquired properties | property					2

RECENT REAL ESTATE ACQUISITIO_4

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) - Purchase Price Allocation for Recent Real Estate Acquisitions (Details) - Recent Real Estate Acquisitions - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Land	$ 3,415	$ 10,292
Building and improvements	45,333	83,118
Total consideration	51,474	98,297
Tenant origination and absorption costs intangible assets
Business Acquisition [Line Items]
Tenant intangible assets	2,706	4,887
Tenant relationship intangible assets
Business Acquisition [Line Items]
Tenant intangible assets	$ 20	$ 0

INVESTMENT IN REAL ESTATE PRO_3

INVESTMENT IN REAL ESTATE PROPERTIES - Real Estate Properties Held for Investment (Details) $ in Thousands	Sep. 30, 2023 USD ($) bed facility	Dec. 31, 2022 USD ($) facility bed
Real Estate Properties [Line Items]
Building and improvements	$ 4,815,199	$ 5,034,470
Furniture and equipment	234,882	262,644
Land improvements	10,241	7,085
Land	545,176	568,489
Total Real Estate at Cost	5,605,498	5,872,688
Accumulated Depreciation	(1,002,484)	(913,345)
Total Real Estate Investments, Net	$ 4,603,014	$ 4,959,343
Operating Segments
Real Estate Properties [Line Items]
Number of Properties | facility	377	402
Number of Beds/Units | bed	37,606	39,985
Total Real Estate at Cost	$ 5,603,895	$ 5,871,784
Accumulated Depreciation	(1,001,879)	(912,819)
Total Real Estate Investments, Net	$ 4,602,016	$ 4,958,965
Operating Segments | Skilled Nursing/Transitional Care
Real Estate Properties [Line Items]
Number of Properties | facility	240	264
Number of Beds/Units | bed	26,623	29,136
Total Real Estate at Cost	$ 3,035,231	$ 3,385,221
Accumulated Depreciation	(530,290)	(492,495)
Total Real Estate Investments, Net	$ 2,504,941	$ 2,892,726
Operating Segments | Senior Housing - Leased
Real Estate Properties [Line Items]
Number of Properties | facility	43	47
Number of Beds/Units | bed	3,473	3,550
Total Real Estate at Cost	$ 572,633	$ 590,694
Accumulated Depreciation	(106,063)	(97,716)
Total Real Estate Investments, Net	$ 466,570	$ 492,978
Operating Segments | Senior Housing - Managed
Real Estate Properties [Line Items]
Number of Properties | facility	61	59
Number of Beds/Units | bed	6,041	5,942
Total Real Estate at Cost	$ 1,278,352	$ 1,205,283
Accumulated Depreciation	(250,772)	(222,089)
Total Real Estate Investments, Net	$ 1,027,580	$ 983,194
Operating Segments | Behavioral Health
Real Estate Properties [Line Items]
Number of Properties | facility	18	17
Number of Beds/Units | bed	1,077	965
Total Real Estate at Cost	$ 492,236	$ 465,143
Accumulated Depreciation	(68,654)	(58,481)
Total Real Estate Investments, Net	$ 423,582	$ 406,662
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	$ 225,443
Accumulated Depreciation	(46,100)	(42,038)
Total Real Estate Investments, Net	179,343	183,405
Corporate Level
Real Estate Properties [Line Items]
Total Real Estate at Cost	1,603	904
Accumulated Depreciation	(605)	(526)
Total Real Estate Investments, Net	$ 998	$ 378

INVESTMENT IN REAL ESTATE PRO_4

INVESTMENT IN REAL ESTATE PROPERTIES - Operating Leases Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) facility	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) facility	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) facility
Real Estate Properties [Line Items]
Weighted-average remaining term of operating leases	8 years		8 years
Security deposit liability	$ 17		$ 17		$ 13
Letters of credit deposited	57		57		57
Tenant deposits for future real estate taxes, insurance expenditures, and tenant improvements	11.6		11.6		$ 13.3
Variable lease revenue	$ 3.8	$ 4.3	$ 11.4	$ 13.7
North American Health Care, Inc
Real Estate Properties [Line Items]
Write-off of non-cash rent receivable		$ 15.6
Minimum
Real Estate Properties [Line Items]
Operating lease expiration term	1 year		1 year
Maximum
Real Estate Properties [Line Items]
Operating lease expiration term	19 years		19 years
Operating Segments
Real Estate Properties [Line Items]
Number of properties | facility	377		377		402
Operating Segments | Senior Housing - Managed
Real Estate Properties [Line Items]
Number of properties | facility	61		61		59

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	Sep. 30, 2023 USD ($)
Future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases:
October 1 through December 31, 2023	$ 91,919
2024	371,661
2025	366,190
2026	350,583
2027	327,530
Thereafter	1,508,364
Total	$ 3,016,247

INVESTMENT IN REAL ESTATE PRO_6

INVESTMENT IN REAL ESTATE PROPERTIES - Senior Housing - Managed Communities Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Resident fees and services	$ 59,748	$ 47,610	$ 174,897	$ 133,973
Ancillary services
Disaggregation of Revenue [Line Items]
Resident fees and services	$ 400	$ 400	$ 1,400	$ 1,000

INVESTMENT IN REAL ESTATE PRO_7

INVESTMENT IN REAL ESTATE PROPERTIES - Capital and Other Expenditures Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Real Estate [Abstract]
Future capital expenditures	$ 44

INVESTMENT IN REAL ESTATE PRO_8

INVESTMENT IN REAL ESTATE PROPERTIES - Schedule of Investment in Joint Ventures (Details) $ in Thousands, $ in Millions	Sep. 30, 2023 USD ($) property	Sep. 30, 2023 CAD ($) property	Dec. 31, 2022 USD ($)
Unconsolidated Joint Venture
Book Value	$ 135,755		$ 134,962
Sienna Joint Venture
Unconsolidated Joint Venture
Ownership	50%	50%
Book Value	$ 118,150		120,269
Marlin Spring Joint Venture
Unconsolidated Joint Venture
Ownership	85%	85%
Book Value	$ 17,605		$ 14,693
Senior Housing - Managed | Marlin Spring Joint Venture
Unconsolidated Joint Venture
Book Value		$ 6.1
Senior Housing - Managed | Sienna Joint Venture
Unconsolidated Joint Venture
Number of properties | property	12	12
Senior Housing - Managed | Marlin Spring Joint Venture
Unconsolidated Joint Venture
Number of properties | property	4	4

INVESTMENT IN REAL ESTATE PRO_9

INVESTMENT IN REAL ESTATE PROPERTIES - Investment in Unconsolidated Joint Venture Narrative (Details) $ in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2023 CAD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2023 CAD ($) property	Jan. 01, 2023
Unconsolidated Joint Venture
Investment in unconsolidated joint ventures	$ 134,962		$ 135,755
Marlin Spring Joint Venture
Unconsolidated Joint Venture
Investment in unconsolidated joint ventures	14,693		$ 17,605
Equity interest in joint venture			85%	85%
Marlin Spring Joint Venture | Senior Housing - Managed
Unconsolidated Joint Venture
Number of acquired properties | property			1	1
Payments to acquire buildings		$ 30
Investment in unconsolidated joint ventures				$ 6.1
Enlivant Joint Venture
Unconsolidated Joint Venture
Equity interest, investment basis amount	0
Other-than-temporary impairment of unconsolidated joint ventures	$ 57,800
Equity interest in joint venture					49%
Marlin Spring Joint Venture | Marlin Spring Joint Venture | Senior Housing - Managed
Unconsolidated Joint Venture
Debt assumed				$ 23.6

INVESTMENT IN REAL ESTATE PR_10

INVESTMENT IN REAL ESTATE PROPERTIES - Summarized Financial Data of Unconsolidated Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Summarized financial information
Total revenues	$ 161,627	$ 140,764	$ 484,117	$ 459,826
Loss from unconsolidated joint venture	$ (645)	$ (4,384)	$ (2,136)	(9,715)
Enlivant Joint Venture
Summarized financial information
Total revenues				237,144
Operating expenses				215,293
Net loss				(7,177)
Company’s share of net loss				(3,525)
Basis adjustments				5,755
Loss from unconsolidated joint venture				$ (9,280)

INVESTMENT IN REAL ESTATE PR_11

INVESTMENT IN REAL ESTATE PROPERTIES - Net Investment in Sales-Type Lease Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) property
Real Estate Properties [Line Items]
Net proceeds from sales-type lease		$ 25,490	$ 0
Skilled nursing transitional care facility
Real Estate Properties [Line Items]
Net investment in sales type lease				$ 25,500
Properties in sales-type | property				1
Net proceeds from sales-type lease	$ 25,500

IMPAIRMENT OF REAL ESTATE AND_3

IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) facility	Sep. 30, 2022 USD ($) facility	Sep. 30, 2023 USD ($) facility	Sep. 30, 2022 USD ($) facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate | $	$ 0	$ 60,857	$ 7,064	$ 72,602
Held-for-sale or sold | Skilled nursing transitional care facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | facility	1	10	1	10

IMPAIRMENT OF REAL ESTATE AND_4

IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS - Dispositions (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) facility	Sep. 30, 2022 USD ($) facility
Dispositions:
Number of facilities | facility	27	11
Consideration, net of closing costs	$ 256.2	$ 62.8
Net carrying value	332.1	67.4
Net loss on sale	(75.9)	(4.6)
Net loss	(80.3)	(63.1)
Impairment upon disposal	$ 7.1	$ 65.8

LOANS RECEIVABLE AND OTHER IN_3

LOANS RECEIVABLE AND OTHER INVESTMENTS - Composition of Loans Receivable and Other Investments (Details) $ in Thousands	Sep. 30, 2023 USD ($) loan investment preferredEquityInvestment	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loans Receivable:
Quantity | loan	12
Principal balance	$ 371,133	$ 370,364
Book value	367,703	366,936
Allowance for loan losses	(6,677)	(6,611)	$ (6,427)	$ (6,344)
Book value	$ 361,026	360,325
Weighted Average Contractual Interest Rate / Rate of Return	7.60%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.60%
Other Investments:
Quantity | preferredEquityInvestment	5
Principal balance	$ 56,760	50,902
Book value	$ 56,921	51,071
Weighted Average Contractual Interest Rate / Rate of Return	11%
Weighted Average Annualized Effective Interest Rate / Rate of Return	11%
Total quantity | investment	17
Total principal balance	$ 427,893
Total book value	$ 417,947	411,396
Total weighted average contractual interest rate / rate of return	8.10%
Total weighted average annualized effective interest rate / rate of return	8%
Mortgage
Loans Receivable:
Quantity | loan	2
Principal balance	$ 319,000
Book value	$ 319,000	319,000
Weighted Average Contractual Interest Rate / Rate of Return	7.60%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.60%
Other
Loans Receivable:
Quantity | loan	10
Principal balance	$ 52,133
Book value	$ 48,703	$ 47,936
Weighted Average Contractual Interest Rate / Rate of Return	7.50%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7%

LOANS RECEIVABLE AND OTHER IN_4

LOANS RECEIVABLE AND OTHER INVESTMENTS - Schedule of Additional Information Regarding the Company's Loans Receivable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) loan	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) loan
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	$ 6,611	$ 6,344
Provision for loan losses	549	83
Write-off of uncollectible balances	(483)	0
Balance at end of the period	6,677	$ 6,427
Deteriorated credit quality:
Principal balance	371,133		$ 370,364
Book value	$ 361,026		$ 360,325
Nonaccrual status
Nonaccrual status:
Number of loans receivable investments | loan	3		3
Book value	$ 0		$ 0
Receivables with deteriorated credit quality
Deteriorated credit quality:
Number of loans receivable investments | loan	1		1
Principal balance	$ 1,214		$ 1,214
Book value	$ 0		$ 0

DEBT - Secured Indebtedness (De

DEBT - Secured Indebtedness (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Deferred financing costs	$ 18,173
Secured Debt
Debt Instrument [Line Items]
Deferred financing costs	854	$ 900
Secured Debt | Fixed Rate
Debt Instrument [Line Items]
Principal balance	$ 48,643	$ 50,123
Weighted Average Interest Rate (percent)	2.85%
Weighted Average Effective Interest Rate (percent)	3.34%

DEBT - Senior Unsecured Notes (

DEBT - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Discount, net	$ 4,075
Deferred financing costs	18,173
Senior Notes
Debt Instrument [Line Items]
Principal balance	1,750,000	$ 1,750,000
Discount, net	4,075	3,500
Deferred financing costs	$ 10,870	12,000
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	Sep. 30, 2023
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%
5.375% Senior Unsecured Notes Due 2023
Debt Instrument [Line Items]
Interest rate (percent)	5.375%
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)		3 Months Ended		9 Months Ended
	Jan. 04, 2023 USD ($) extensionOption	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 CAD ($)	Jan. 04, 2023 CAD ($) extensionOption	Dec. 31, 2022 USD ($)	Sep. 09, 2019 USD ($)	Sep. 09, 2019 CAD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0	$ 140,000	$ 1,541,000	$ 411,000
Amount outstanding under credit facility		32,623,000		32,623,000				$ 196,982,000
Credit Agreement
Debt Instrument [Line Items]
Loss on extinguishment of debt		0
Deferred finance costs		18,100,000		18,100,000
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 1,000,000,000								$ 1,000,000,000
Borrowing capacity in certain foreign currencies	$ 350,000,000								175,000,000
Basis spread on variable rate	1%
Number of extension options | extensionOption	2						2
Extension period	6 months
Amount outstanding under credit facility		32,600,000		32,600,000		$ 44,300,000
Available borrowing capacity		$ 967,400,000		$ 967,400,000
Interest rate		6.49%		6.49%		6.49%
Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Annum percent unused borrowing fee	0.125%			0.125%
Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Annum percent unused borrowing fee	0.30%			0.30%
Credit Agreement | Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%			0.50%
Credit Agreement | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%			1%
Credit Agreement | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0%			0%
Credit Agreement | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.45%			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 | Revolving Credit Facility | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.775%
Credit Agreement | Revolving Credit Facility | SOFR | 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								2,750,000,000
U.S. dollar Term Loan | Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount	$ 430,000,000								$ 436,300,000
Loss on extinguishment of debt			$ 100,000		$ 400,000
Interest rate		6.66%		6.66%		6.66%
Effective interest rate		3.94%		3.94%		3.94%
U.S. dollar Term Loan | Credit Agreement | Interest rate swaps
Debt Instrument [Line Items]
Aggregate principal amount		$ 430,000,000		$ 430,000,000
Fixed interest rate under swap		2.69%		2.69%		2.69%
U.S. dollar Term Loan | Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0%			0%
U.S. dollar Term Loan | Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.65%			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%
U.S. dollar Term Loan | Credit Agreement | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
U.S. dollar Term Loan | Credit Agreement | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
U.S. dollar Term Loan | Fifth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 1,500,000
Canadian dollar Term Loan | Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount							$ 150,000,000			$ 125,000,000
Interest rate		6.64%		6.64%		6.64%
Effective interest rate		2.88%		2.88%		2.88%
Canadian dollar Term Loan | Credit Agreement | Interest rate swaps
Debt Instrument [Line Items]
Aggregate principal amount						$ 150,000,000
Fixed interest rate under swap		1.63%		1.63%		1.63%
Canadian dollar Term Loan | Credit Agreement | CDOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%			0.85%
Canadian dollar Term Loan | Credit Agreement | CDOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%			1.65%

DEBT - Interest Expense Narrati

DEBT - Interest Expense Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Disclosure [Abstract]
Interest expense	$ 28,156	$ 27,071	$ 85,024	$ 77,573
Non-cash interest expense	3,100	$ 2,800	9,179	$ 8,300
Accrued interest	$ 21,100		$ 21,100		$ 18,200

DEBT - Schedule of Maturities f

DEBT - Schedule of Maturities for Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
October 1 through December 31, 2023	$ 499
2024	2,034
2025	2,089
2026	502,147
2027	134,829
Thereafter	1,730,128
Total Debt	2,371,726
Discount, net	(4,075)
Deferred financing costs, net	(18,173)
Total Debt, Net	2,349,478
Secured Indebtedness
Debt Instrument [Line Items]
October 1 through December 31, 2023	499
2024	2,034
2025	2,089
2026	2,147
2027	2,206
Thereafter	39,668
Total Debt	48,643
Discount, net	0
Deferred financing costs, net	(854)	$ (900)
Total Debt, Net	47,789
Revolving Credit Facility
Debt Instrument [Line Items]
October 1 through December 31, 2023	0
2024	0
2025	0
2026	0
2027	32,623
Thereafter	0
Total Debt	32,623
Discount, net	0
Deferred financing costs, net	0
Total Debt, Net	32,623
Term Loans
Debt Instrument [Line Items]
October 1 through December 31, 2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	540,460
Total Debt	540,460
Discount, net	0
Deferred financing costs, net	(6,449)
Total Debt, Net	534,011
Senior Notes
Debt Instrument [Line Items]
October 1 through December 31, 2023	0
2024	0
2025	0
2026	500,000
2027	100,000
Thereafter	1,150,000
Total Debt	1,750,000
Discount, net	(4,075)	(3,500)
Deferred financing costs, net	(10,870)	$ (12,000)
Total Debt, Net	$ 1,735,055

DERIVATIVE AND HEDGING INSTRU_3

DERIVATIVE AND HEDGING INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Derivative [Line Items]
Fair value of derivatives in a net liability position	$ 0		$ 0		$ 0
Credit risk-related contingent features
Derivative [Line Items]
Fair value of derivatives in a net liability position	0		0
Cash flow hedges | Interest rate swaps
Derivative [Line Items]
Ineffectiveness on cash flow hedges	0	$ 0	0	$ 0
Designated as Hedging Instrument
Derivative [Line Items]
Fair value of derivatives in a net liability position	143,083,000		143,083,000		$ 243,270,000
Designated as Hedging Instrument | Cash flow hedges
Derivative [Line Items]
Gains included in accumulated other comprehensive income expected to be reclassified into retained earnings in the next 12 months			9,600,000
Not Designated as Hedging Instrument | Cross currency interest rate swaps
Derivative [Line Items]
Other expense related to derivatives	$ 0	$ 0	$ 0	$ 100,000

DERIVATIVE AND HEDGING INSTRU_4

DERIVATIVE AND HEDGING INSTRUMENTS - Notional Amount of Derivatives Instruments (Details)	Sep. 30, 2023 USD ($) derivative	Sep. 30, 2023 CAD ($) derivative	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)
Cash flow hedges | Designated as hedging instrument
Derivative [Line Items]
Notional amount	$ 753,750,000		$ 436,250,000
Cash flow hedges | Designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Notional amount		$ 300,000,000		$ 125,000,000
Cash flow hedges | Designated as hedging instrument | Interest Rate Swap
Derivative [Line Items]
Number of interest rate swaps | derivative	2	2
Cash flow hedges | Designated as hedging instrument | Interest Rate Swap One
Derivative [Line Items]
Notional amount	$ 323,800,000
Cash flow hedges | Designated as hedging instrument | Interest Rate Swap Two
Derivative [Line Items]
Notional amount		$ 150,000,000
Net Investment Hedges | Designated as hedging instrument
Derivative [Line Items]
Notional amount		194,300,000		329,500,000
Net Investment Hedges | Designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Notional amount		56,300,000		55,991,000
Net Investment Hedges | Not designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Notional amount		$ 0		$ 309,000

DERIVATIVE AND HEDGING INSTRU_5

DERIVATIVE AND HEDGING INSTRUMENTS - Derivative and Financial Instruments Designated as Hedging Instruments (Details) $ in Thousands	Sep. 30, 2023 USD ($) instrument	Dec. 31, 2022 USD ($)
Assets:
Fair value	$ 39,331	$ 21,477
Liabilities:
Fair value	$ 0	$ 0
Derivative liability, statement of financial position		Accounts payable and accrued liabilities, Revolving credit facility, Term loans, net
Derivative asset, statement of financial position	Accounts receivable, prepaid expenses and other assets, net
Designated as hedging instrument
Assets:
Fair value	$ 39,331	$ 21,477
Liabilities:
Fair value	$ 143,083	243,270
Designated as hedging instrument | Interest rate swaps | Cash flow
Assets:
Count | instrument	5
Fair value	$ 11,986	11,004
Designated as hedging instrument | Interest rate collars | Cash flow
Assets:
Count | instrument	2
Fair value	$ 5,133	6,622
Designated as hedging instrument | Forward starting interest rate swaps | Cash flow
Assets:
Count | instrument	4
Fair value	$ 18,164	0
Designated as hedging instrument | Cross currency interest rate swaps | Net investment
Assets:
Count | instrument	2
Fair value	$ 4,048	3,851
Designated as hedging instrument | Currency Swap | Net investment | Revolving credit facility
Liabilities:
Count | instrument	1
Fair value	$ 32,623	150,982
Designated as hedging instrument | Currency Swap | Net investment | Term loans, net
Liabilities:
Count | instrument	1
Fair value	$ 110,460	$ 92,288

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, cash flow hedges and net investment hedges	$ 15,315	$ 23,848	$ 26,426	$ 41,606
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, cash flow hedges	11,373	6,817	28,462	20,146
Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income , cash flow hedges	2,369	(602)	5,848	(5,264)
Foreign currency products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	1,140	2,253	349	2,840
Currency Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	2,760	5,988	265	7,463
Currency Swap | Revolving Credit Facility
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	$ 42	$ 8,790	$ (2,650)	$ 11,157

DERIVATIVE AND HEDGING INSTRU_7

DERIVATIVE AND HEDGING INSTRUMENTS - Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Offsetting Assets:
Gross Amounts of Recognized Assets / Liabilities	$ 39,331	$ 21,477
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets / Liabilities presented in the Balance Sheet	39,331	21,477
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	39,331	21,477
Offsetting Liabilities:
Gross Amounts of Recognized Assets / Liabilities	0	0
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets / Liabilities presented in the Balance Sheet	0	0
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 0	$ 0

FAIR VALUE DISCLOSURES - Narrat

FAIR VALUE DISCLOSURES - Narrative (Details) - Discount Rate	Sep. 30, 2023
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.08
Preferred equity investments, measurement input	0.10
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.15
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	0.07

FAIR VALUE DISCLOSURES - Face V

FAIR VALUE DISCLOSURES - Face Values, Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial assets:
Loans receivable	$ 371,133	$ 370,364
Preferred equity investments	56,760	50,902
Senior Notes
Financial liabilities:
Financial liabilities, face value	1,750,000	1,750,000
Secured Indebtedness
Financial liabilities:
Financial liabilities, face value	48,643	50,123
Carrying Amount
Financial assets:
Loans receivable	361,026	360,325
Preferred equity investments	56,921	51,071
Carrying Amount | Senior Notes
Financial liabilities:
Financial liabilities, carrying amount and fair value	1,735,055	1,734,431
Carrying Amount | Secured Indebtedness
Financial liabilities:
Financial liabilities, carrying amount and fair value	47,789	49,232
Fair Value
Financial assets:
Loans receivable	368,437	370,188
Preferred equity investments	58,697	51,995
Fair Value | Senior Notes
Financial liabilities:
Financial liabilities, carrying amount and fair value	1,468,812	1,463,041
Fair Value | Secured Indebtedness
Financial liabilities:
Financial liabilities, carrying amount and fair value	$ 34,164	$ 38,149

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value of Financial Instruments (Details) - Recurring $ in Thousands	Sep. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	$ 368,437
Preferred equity investments	58,697
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,468,812
Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	34,164
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	1,468,812
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	368,437
Preferred equity investments	58,697
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	$ 34,164

FAIR VALUE DISCLOSURES - Items

FAIR VALUE DISCLOSURES - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 39,331	$ 21,477
Recurring | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	11,986
Recurring | Interest rate collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	5,133
Recurring | Forward starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	18,164
Recurring | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	4,048
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) | Forward starting 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) | 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	11,986
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	5,133
Recurring | Significant Other Observable Inputs (Level 2) | Forward starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	18,164
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	4,048
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) | Forward starting 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) | 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 ($)		3 Months Ended	9 Months Ended
	Feb. 23, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax withholding obligations incurred on behalf of employees			$ 1,400,000	$ 3,300,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon vesting (in shares)			200,000
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 (in shares)		0	0
Amount available for issuance		$ 500,000,000	$ 500,000,000

EQUITY - Cash Dividends on Comm

EQUITY - Cash Dividends on Common Stock Declared and Paid (Details) - $ / shares				3 Months Ended		9 Months Ended
	Aug. 07, 2023	May 03, 2023	Feb. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Common dividends (in dollars per share)	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.90	$ 0.90

EQUITY - Accumulated Other Comp

EQUITY - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Total Equity [Line Items]
Accumulated other comprehensive income	$ 2,868,853	$ 2,943,744	$ 3,056,395	$ 3,208,733	$ 3,317,726	$ 3,379,530
Total accumulated other comprehensive income
Total Equity [Line Items]
Accumulated other comprehensive income	39,669	$ 32,239	19,063	$ 18,522	$ 10,145	$ (10,021)
Foreign currency translation (loss) gain
Total Equity [Line Items]
Accumulated other comprehensive income	(780)		1,168
Unrealized gain on cash flow hedges
Total Equity [Line Items]
Accumulated other comprehensive income	$ 40,449		$ 17,895

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net (loss) income	$ (15,101)	$ (50,064)	$ (3,400)	$ 7,343
Denominator
Basic weighted average common shares and common equivalents (in shares)	231,224,692	230,982,227	231,197,375	230,936,032
Dilutive restricted stock units (in shares)	0	0	0	843,718
Diluted weighted average common shares (in shares)	231,224,692	230,982,227	231,197,375	231,779,750
Net (loss) income, per:
Basic common share (in dollars per share)	$ (0.07)	$ (0.22)	$ (0.01)	$ 0.03
Diluted common share (in dollars per share)	$ (0.07)	$ (0.22)	$ (0.01)	$ 0.03

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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)	1,600,000	1,000,000	1,400,000	10,500

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares					3 Months Ended		9 Months Ended
	Nov. 06, 2023	Aug. 07, 2023	May 03, 2023	Feb. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Quarterly cash dividend declared on common stock (in dollars per share)		$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.90	$ 0.90
Subsequent event
Subsequent Event [Line Items]
Quarterly cash dividend declared on common stock (in dollars per share)	$ 0.30