Sabra Health Care REIT (SBRA) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	1781 Flight Way
Entity Address, City or Town	Tustin
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92782
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		231,495,570
Entity Central Index Key	0001492298
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Real estate investments, net of accumulated depreciation of $1,059,405 and $1,021,086 as of March 31, 2024 and December 31, 2023, respectively	$ 4,577,318	$ 4,617,261
Loans receivable and other investments, net	422,472	420,624
Investment in unconsolidated joint ventures	132,022	136,843
Cash and cash equivalents	59,927	41,285
Restricted cash	6,003	5,434
Lease intangible assets, net	28,301	30,897
Accounts receivable, prepaid expenses and other assets, net	148,395	133,806
Total assets	5,374,438	5,386,150
Liabilities
Secured debt, net	46,810	47,301
Revolving credit facility	146,127	94,429
Term loans, net	534,993	537,120
Senior unsecured notes, net	1,735,455	1,735,253
Accounts payable and accrued liabilities	112,764	136,981
Lease intangible liabilities, net	31,115	32,532
Total liabilities	2,607,264	2,583,616
Commitments and contingencies (Note 13)
Equity
Preferred stock, $0.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 231,494,286 and 231,266,020 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	2,315	2,313
Additional paid-in capital	4,495,663	4,494,755
Cumulative distributions in excess of net income	(1,761,999)	(1,718,279)
Accumulated other comprehensive income	31,195	23,745
Total equity	2,767,174	2,802,534
Total liabilities and equity	$ 5,374,438	$ 5,386,150

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Accumulated depreciation	$ 1,059,405	$ 1,021,086
Preferred Stock
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
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	500,000,000	500,000,000
Shares issued (in shares)	231,494,286	231,266,020
Shares outstanding (in shares)	231,494,286	231,266,020

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Rental and related revenues (Note 6)	$ 91,776	$ 95,870
Resident fees and services	66,031	56,721
Interest and other income	8,940	8,733
Total revenues	166,747	161,324
Expenses:
Depreciation and amortization	42,914	52,827
Interest	28,408	28,540
General and administrative	11,890	10,502
Recovery of loan losses	(137)	(208)
Impairment of real estate	3,137	7,064
Total expenses	140,205	146,530
Other income (expense):
Loss on extinguishment of debt	0	(1,541)
Other income	760	341
Net loss on sales of real estate	0	(21,515)
Total other income (expense)	760	(22,715)
Income (loss) before loss from unconsolidated joint ventures and income tax expense	27,302	(7,921)
Loss from unconsolidated joint ventures	(595)	(838)
Income tax expense	(453)	(728)
Net income (loss)	$ 26,254	$ (9,487)
Net income (loss), per:
Basic common share (in dollars per share)	$ 0.11	$ (0.04)
Diluted common share (in dollars per share)	$ 0.11	$ (0.04)
Weighted average number of common shares outstanding, basic (in shares)	231,453,564	231,164,876
Weighted average number of common shares outstanding, diluted (in shares)	233,365,031	231,164,876
Revenue, type, extensible enumeration	Health Care, Resident Service [Member]	Health Care, Resident Service [Member]
Triple-net portfolio
Expenses:
Operating expenses	$ 4,324	$ 4,168
Senior housing - managed
Expenses:
Operating expenses	$ 49,669	$ 43,637

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 26,254	$ (9,487)
Unrealized gain (loss), net of tax:
Foreign currency translation loss	(1,498)	(1,623)
Unrealized gain (loss) on cash flow hedges	8,948	(2)
Total other comprehensive income (loss)	7,450	(1,625)
Comprehensive income (loss)	$ 33,704	$ (11,112)

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 (Loss)
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 income (loss)	(9,487)			(9,487)
Other comprehensive loss	(1,625)				(1,625)
Amortization of stock-based compensation	2,675		2,675
Common stock issuance, net (in shares)		185,853
Common stock issuance, net	(1,933)	$ 2	(1,935)
Common dividends	(69,798)			(69,798)
Ending balance (in shares) at Mar. 31, 2023		231,195,148
Ending balance at Mar. 31, 2023	2,976,227	$ 2,312	4,487,707	(1,531,230)	17,438
Beginning balance (in shares) at Dec. 31, 2023		231,266,020
Beginning balance at Dec. 31, 2023	2,802,534	$ 2,313	4,494,755	(1,718,279)	23,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	26,254			26,254
Other comprehensive loss	7,450				7,450
Amortization of stock-based compensation	3,049		3,049
Common stock issuance, net (in shares)		228,266
Common stock issuance, net	(2,139)	$ 2	(2,141)
Common dividends	(69,974)			(69,974)
Ending balance (in shares) at Mar. 31, 2024		231,494,286
Ending balance at Mar. 31, 2024	$ 2,767,174	$ 2,315	$ 4,495,663	$ (1,761,999)	$ 31,195

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares		3 Months Ended
	Feb. 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common dividends (in dollars per share)	$ 0.30	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 26,254	$ (9,487)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	42,914	52,827
Non-cash rental and related revenues	591	(2,398)
Non-cash interest income	7	(392)
Non-cash interest expense	3,071	3,014
Stock-based compensation expense	2,521	2,229
Loss on extinguishment of debt	0	1,541
Recovery of loan losses	(137)	(208)
Net loss on sales of real estate	0	21,515
Impairment of real estate	3,137	7,064
Loss from unconsolidated joint ventures	595	838
Distributions of earnings from unconsolidated joint ventures	1,478	367
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net	(6,288)	(2,782)
Accounts payable and accrued liabilities	(21,348)	(5,839)
Net cash provided by operating activities	52,795	68,289
Cash flows from investing activities:
Acquisition of real estate	0	(39,630)
Origination and fundings of loans receivable	(102)	(1,800)
Origination and fundings of preferred equity investments	(1,007)	(6,384)
Additions to real estate	(12,935)	(19,540)
Repayments of loans receivable	391	6,144
Repayments of preferred equity investments	617	1,433
Investment in unconsolidated joint ventures	(188)	(4,797)
Net proceeds from the sales of real estate	0	152,259
Net proceeds from sales-type lease	0	25,490
Net cash (used in) provided by investing activities	(13,224)	113,175
Cash flows from financing activities:
Net borrowings from (repayments of) revolving credit facility	52,404	(118,442)
Proceeds from term loans	0	12,186
Principal payments on secured debt	(503)	(490)
Payments of deferred financing costs	(80)	(18,127)
Issuance of common stock, net	(2,606)	(1,847)
Dividends paid on common stock	(69,444)	(69,351)
Net cash used in financing activities	(20,229)	(196,071)
Net increase (decrease) in cash, cash equivalents and restricted cash	19,342	(14,607)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(131)	(641)
Cash, cash equivalents and restricted cash, beginning of period	46,719	53,932
Cash, cash equivalents and restricted cash, end of period	65,930	38,684
Supplemental disclosure of cash flow information:
Interest paid	20,495	22,318
Supplemental disclosure of non-cash investing activities:
Decrease in loans receivable and other investments due to acquisition of real estate	$ 0	$ 4,644

BUSINESS

BUSINESS	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Overview

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of March 31, 2024 and December 31, 2023 and for the three month periods ended March 31, 2024 and 2023. All significant intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for such periods. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the 2023 Annual Report on Form 10-K filed with the SEC. GAAP requires the Company to identify entities for which control is achieved through voting rights or other means and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. If the Company were determined to be the primary beneficiary of the VIE, the Company would consolidate investments in the VIE. The Company may change its original assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary. The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of March 31, 2024, the Company determined that it was not the primary beneficiary of any VIEs. As it relates to investments in loans, in addition to the Company’s assessment of VIEs and whether the Company is the primary beneficiary of those VIEs, the Company evaluates the loan terms and other pertinent facts to determine whether the loan investment should be accounted for as a loan or as a real estate joint venture. If an investment has the characteristics of a real estate joint venture, including if the Company participates in the majority of the borrower’s expected residual profit, the Company would account for the investment as an investment in a real estate joint venture and not as a loan investment. Expected residual profit is defined as the amount of profit, whether called interest or another name, such as an equity kicker, above a reasonable amount of interest and fees expected to be earned by a lender. At March 31, 2024, 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 March 31, 2024, the Company’s determination of which entity controls its investments in joint ventures has not changed as a result of any reassessment. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Recently Issued Accounting Standards Updates In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future Canadian Dollar Offered Rate (“CDOR”)-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. For all derivatives in hedge accounting relationships, the Company will utilize the effective relief in Topic 848 that allows for the continuation of hedge accounting throughout the transition process. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company does not expect the adoption of ASUs 2020-04, 2021-01 and 2022-06 to have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses, as well as disclosure of the title and position of the chief operating decision maker (“CODM”) and how the CODM uses the reported measure(s) of segment profit or loss in assessing performance. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to improve income tax disclosures, primarily through enhanced rate reconciliation disclosures, including specified categories, and enhanced income taxes paid disclosures, including disaggregation by federal, state and foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted.

RECENT REAL ESTATE ACQUISITIONS

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)	RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) No acquisitions were completed during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company acquired one Senior Housing - Leased community and one Senior Housing - Managed community that was part of the Company’s proprietary development pipeline and was previously reflected as a preferred equity investment which had a book value of $4.6 million at the time of acquisition. The consideration was allocated as follows (in thousands): Three Months Ended Land $ 3,415 Building and improvements 45,333 Tenant origination and absorption costs intangible assets 2,706 Tenant relationship intangible assets 20 Total consideration $ 51,474 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 three months ended March 31, 2023. For the three months ended March 31, 2023, the Company recognized $1.7 million of total revenues and $0.2 million of net income from the facilities acquired during the three months ended March 31, 2023.

INVESTMENT IN REAL ESTATE PROPE

INVESTMENT IN REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
INVESTMENT IN REAL ESTATE PROPERTIES	INVESTMENT IN REAL ESTATE PROPERTIES The Company’s real estate properties held for investment consisted of the following (dollars in thousands): As of March 31, 2024 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 237 26,667 $ 3,043,320 $ (555,220) $ 2,488,100 Senior Housing - Leased 38 3,191 475,831 (94,895) 380,936 Senior Housing - Managed 66 6,341 1,392,189 (284,444) 1,107,745 Behavioral Health 18 1,159 496,934 (75,334) 421,600 Specialty Hospitals and Other 15 392 225,498 (48,808) 176,690 374 37,750 5,633,772 (1,058,701) 4,575,071 Corporate Level 2,951 (704) 2,247 $ 5,636,723 $ (1,059,405) $ 4,577,318 As of December 31, 2023 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 241 26,769 $ 3,050,861 $ (535,653) $ 2,515,208 Senior Housing - Leased 43 3,473 573,274 (109,601) 463,673 Senior Housing - Managed 61 6,041 1,289,485 (255,803) 1,033,682 Behavioral Health 18 1,159 496,737 (71,943) 424,794 Specialty Hospitals and Other 15 392 225,443 (47,454) 177,989 378 37,834 5,635,800 (1,020,454) 4,615,346 Corporate Level 2,547 (632) 1,915 $ 5,638,347 $ (1,021,086) $ 4,617,261 March 31, 2024 December 31, 2023 Building and improvements $ 4,843,475 $ 4,843,258 Furniture and equipment 239,086 238,185 Land improvements 10,253 10,306 Land 543,909 546,598 Total real estate at cost 5,636,723 5,638,347 Accumulated depreciation (1,059,405) (1,021,086) Total real estate investments, net $ 4,577,318 $ 4,617,261 Capital and Other Expenditures As of March 31, 2024, the Company’s aggregate commitment for future capital and other expenditures associated with facilities leased under triple-net operating leases was approximately $21 million. These commitments are principally for improvements to its facilities. 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 $0.7 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. The Company received $1.3 million of insurance proceeds related to a fire that occurred at one of the Company’s Senior Housing - Managed communities, and recorded $0.9 million of business interruption insurance income during the three months ended March 31, 2024 which is included in other income on the accompanying consolidated statements of income (loss). The remaining proceeds were recorded as expense reimbursements in Senior Housing - Managed portfolio operating expenses on the accompanying consolidated statements of income (loss). 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 March 31, 2024 Ownership as of March 31, 2024 (1) Book Value March 31, 2024 December 31, 2023 Sienna Joint Venture Senior Housing - Managed 12 50 % $ 115,921 $ 119,724 Marlin Spring Joint Venture Senior Housing - Managed 4 85 % 16,101 17,119 $ 132,022 $ 136,843 (1) These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.

ASSETS HELD FOR SALE, IMPAIRMEN

ASSETS HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS	ASSETS HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS Assets Held for Sale As of March 31, 2024, the Company determined that four skilled nursing/transitional care facilities with an aggregate net book value of $4.4 million met the criteria to be classified as assets held for sale, and this balance is included in accounts receivable, prepaid expenses and other assets, net on the consolidated balance sheets. Subsequent to March 31, 2024, the Company completed the sale of three of these facilities for an aggregate gross sales price of $6.2 million. Impairment of Real Estate During the three months ended March 31, 2024 and 2023, the Company recognized real estate impairment of $3.1 million related to three skilled nursing/transitional care facilities that are held for sale and $7.1 million related to one skilled nursing/transitional care facility that has sold, respectively. 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 No dispositions were completed during the three months ended March 31, 2024. The following table summarizes the Company’s dispositions for the period presented (dollars in millions): Three Months Ended Number of facilities 8 Consideration, net of closing costs $ 160.3 Net carrying value 181.8 Net loss on sale $ (21.5) The Company recognized net loss of $22.1 million during the three months ended March 31, 2023, which includes net loss on sale from these facilities. 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.

OPERATING LEASES

OPERATING LEASES	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES Lessor Accounting As of March 31, 2024, the substantial majority of the Company’s real estate properties (excluding 66 Senior Housing - Managed communities) were leased under triple-net operating leases with expirations ranging from less than one year to 20 years. As of March 31, 2024, the leases had a weighted average remaining term of seven years. The leases generally include provisions to extend the lease terms and other negotiated terms and conditions. The Company, through its subsidiaries, retains substantially all of the risks and benefits of ownership of the real estate assets leased to the tenants. The Company may receive additional security under these operating leases in the form of letters of credit and security deposits from the lessee or guarantees from the parent of the lessee. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets and totaled $8.0 million and $16.4 million as of March 31, 2024 and December 31, 2023, respectively, and letters of credit deposited with the Company totaled approximately $64 million and $56 million as of March 31, 2024 and December 31, 2023, respectively. In addition, the Company’s tenants have deposited with the Company $12.0 million and $12.4 million as of March 31, 2024 and December 31, 2023, 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 $3.3 million and $3.8 million during the three months ended March 31, 2024 and 2023 , 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. For the three months ended March 31, 2024, no tenant relationship represented 10% or more of the Company’s total revenues. As of March 31, 2024, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands): April 1 through December 31, 2024 $ 278,698 2025 367,860 2026 351,473 2027 329,118 2028 305,441 Thereafter 1,300,476 $ 2,933,066 Lessee Accounting For operating leases greater than 12 months for which the Company is the lessee, such as corporate office leases and ground leases, the Company recognizes a right-of-use (“ROU”) asset and related lease liability on its consolidated balance sheets at inception of the lease. ROU assets represent the Company’s right to use underlying assets for the lease term, and lease liabilities are determined based on the estimated present value of the Company’s minimum lease payments under the agreements. The discount rate used to determine the lease liabilities is based on the estimated incremental borrowing rate on a lease-by-lease basis. Certain of the Company’s lease agreements have options to extend or terminate the contract terms upon meeting certain criteria. The lease term utilized in the calculation of the lease liability includes these options if exercise is considered reasonably certain. As of March 31, 2024 and December 31, 2023, the Company had $11.4 million and $11.6 million of ROU assets included in accounts receivable, prepaid expenses and other assets, net accounts payable and accrued liabilities During the three months ended March 31, 2024 and 2023, the Company incurred lease expense of $0.4 million and $0.3 million, respectively. As of March 31, 2024, the weighted average remaining lease term and discount rate were 17 years and 8%, respectively, and the future minimum lease payments under the operating leases included in the Company’s lease liability were as follows (in thousands): April 1 through December 31, 2024 $ 996 2025 1,802 2026 1,324 2027 1,347 2028 1,330 Thereafter 18,104 Undiscounted minimum lease payments included in the lease liability 24,903 Less: imputed interest (12,480) Present value of lease liability $ 12,423
OPERATING LEASES	OPERATING LEASES Lessor Accounting As of March 31, 2024, the substantial majority of the Company’s real estate properties (excluding 66 Senior Housing - Managed communities) were leased under triple-net operating leases with expirations ranging from less than one year to 20 years. As of March 31, 2024, the leases had a weighted average remaining term of seven years. The leases generally include provisions to extend the lease terms and other negotiated terms and conditions. The Company, through its subsidiaries, retains substantially all of the risks and benefits of ownership of the real estate assets leased to the tenants. The Company may receive additional security under these operating leases in the form of letters of credit and security deposits from the lessee or guarantees from the parent of the lessee. Security deposits received in cash related to tenant leases are included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets and totaled $8.0 million and $16.4 million as of March 31, 2024 and December 31, 2023, respectively, and letters of credit deposited with the Company totaled approximately $64 million and $56 million as of March 31, 2024 and December 31, 2023, respectively. In addition, the Company’s tenants have deposited with the Company $12.0 million and $12.4 million as of March 31, 2024 and December 31, 2023, 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 $3.3 million and $3.8 million during the three months ended March 31, 2024 and 2023 , 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. For the three months ended March 31, 2024, no tenant relationship represented 10% or more of the Company’s total revenues. As of March 31, 2024, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands): April 1 through December 31, 2024 $ 278,698 2025 367,860 2026 351,473 2027 329,118 2028 305,441 Thereafter 1,300,476 $ 2,933,066 Lessee Accounting For operating leases greater than 12 months for which the Company is the lessee, such as corporate office leases and ground leases, the Company recognizes a right-of-use (“ROU”) asset and related lease liability on its consolidated balance sheets at inception of the lease. ROU assets represent the Company’s right to use underlying assets for the lease term, and lease liabilities are determined based on the estimated present value of the Company’s minimum lease payments under the agreements. The discount rate used to determine the lease liabilities is based on the estimated incremental borrowing rate on a lease-by-lease basis. Certain of the Company’s lease agreements have options to extend or terminate the contract terms upon meeting certain criteria. The lease term utilized in the calculation of the lease liability includes these options if exercise is considered reasonably certain. As of March 31, 2024 and December 31, 2023, the Company had $11.4 million and $11.6 million of ROU assets included in accounts receivable, prepaid expenses and other assets, net accounts payable and accrued liabilities During the three months ended March 31, 2024 and 2023, the Company incurred lease expense of $0.4 million and $0.3 million, respectively. As of March 31, 2024, the weighted average remaining lease term and discount rate were 17 years and 8%, respectively, and the future minimum lease payments under the operating leases included in the Company’s lease liability were as follows (in thousands): April 1 through December 31, 2024 $ 996 2025 1,802 2026 1,324 2027 1,347 2028 1,330 Thereafter 18,104 Undiscounted minimum lease payments included in the lease liability 24,903 Less: imputed interest (12,480) Present value of lease liability $ 12,423

LOANS RECEIVABLE AND OTHER INVE

LOANS RECEIVABLE AND OTHER INVESTMENTS	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
LOANS RECEIVABLE AND OTHER INVESTMENTS	LOANS RECEIVABLE AND OTHER INVESTMENTS As of March 31, 2024 and December 31, 2023, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): As of March 31, 2024 Investment Quantity as of March 31, 2024 Property Type Principal Balance as of March 31, 2024 (1) Book Value as of March 31, 2024 Book Value as of December 31, 2023 Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date as of March 31, 2024 Loans Receivable: Mortgage 2 Behavioral Health $ 319,000 $ 319,000 $ 319,000 7.6 % 7.6 % 11/01/26 - 01/31/27 Other 12 Multiple 53,620 50,181 50,440 7.8 % 7.4 % 10/01/23 - 05/01/29 14 372,620 369,181 369,440 7.7 % 7.6 % Allowance for loan losses — (6,528) (6,665) $ 372,620 $ 362,653 $ 362,775 Other Investments: Preferred Equity 5 Skilled Nursing / Senior Housing 59,632 59,819 57,849 11.0 % 11.0 % N/A Total 19 $ 432,252 $ 422,472 $ 420,624 8.1 % 8.1 % (1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees. As of March 31, 2024, the Company has committed to provide up to $1.8 million of future funding related to one preferred equity investment and one loan receivable investment. Additional information regarding the Company’s loans receivable is as follows (dollars in thousands): Three Months Ended March 31, 2024 2023 Allowance for loan losses: Balance at beginning of the period $ 6,665 $ 6,611 Recovery of loan losses (137) (208) Balance at end of the period $ 6,528 $ 6,403 March 31, 2024 December 31, 2023 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 March 31, 2024 and December 31, 2023, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Secured Indebtedness The Company’s secured debt consists of the following (dollars in thousands): Principal Balance as of As of March 31, 2024 Interest Rate Type March 31, 2024 (1) December 31, 2023 (1) Weighted Average Weighted Average (2) Maturity Fixed Rate $ 47,640 $ 48,143 2.85 % 3.35 % May 2031 - (1) Principal balance does not include deferred financing costs, net of $0.8 million as of each of March 31, 2024 and December 31, 2023. (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 March 31, 2024 (1) December 31, 2023 (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 $4.4 million and deferred financing costs, net of $10.1 million as of March 31, 2024 and does not include discount, net of $4.3 million and deferred financing costs, net of $10.5 million as of December 31, 2023. In addition, the weighted average effective interest rate as of March 31, 2024 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 March 31, 2024, the Company was in compliance with all applicable financial covenants under the Senior Notes Indentures. Credit Agreement On January 4, 2023, the Operating Partnership and Sabra Canadian Holdings, LLC (together, the “Borrowers”), and the other parties thereto entered into a sixth amended and restated unsecured credit agreement (the “Credit Agreement”). During the three months ended March 31, 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 unsecured credit agreement. 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 March 31, 2024, there was $146.1 million (including CAD $40.8 million) outstanding under the Revolving Credit Facility and $853.9 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 March 31, 2024, the weighted average interest rate on the Revolving Credit Facility was 6.51%. 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 March 31, 2024, the interest rate on the U.S. dollar Term Loan was 6.69%. 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 March 31, 2024, the interest rate on the Canadian dollar Term Loan was 6.54%. 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 March 31, 2024, 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 $40.8 million outstanding as of March 31, 2024 under the Revolving Credit Facility are designated as net investment hedges. See Note 9, “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 March 31, 2024, the Company was in compliance with all applicable financial covenants under the Credit Agreement. Interest Expense The Company incurred interest expense of $28.4 million and $28.5 million during the three months ended March 31, 2024 and 2023, respectively. Interest expense includes non-cash interest expense of $3.1 million and $3.0 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, the Company had $21.3 million and $16.5 million, respectively, of accrued interest included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets. Maturities The following is a schedule of maturities for the Company’s outstanding debt as of March 31, 2024 (in thousands): Secured Revolving Credit Facility (1) Term Loans Senior Notes Total April 1 through December 31, 2024 $ 1,530 $ — $ — $ — $ 1,530 2025 2,089 — — — 2,089 2026 2,147 — — 500,000 502,147 2027 2,206 146,127 — 100,000 248,333 2028 2,266 — 540,760 — 543,026 Thereafter 37,402 — — 1,150,000 1,187,402 Total Debt 47,640 146,127 540,760 1,750,000 2,484,527 Discount, net — — — (4,443) (4,443) Deferred financing costs, net (830) — (5,767) (10,102) (16,699) Total Debt, Net $ 46,810 $ 146,127 $ 534,993 $ 1,735,455 $ 2,463,385 (1) Revolving Credit Facility is subject to two six-month extension options.

DERIVATIVE AND HEDGING INSTRUME

DERIVATIVE AND HEDGING INSTRUMENTS	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE AND HEDGING INSTRUMENTS	DERIVATIVE AND HEDGING INSTRUMENTS The Company is exposed to various market risks, including the potential loss arising from adverse changes in interest rates and foreign exchange rates. The Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and foreign exchange rates. The Company’s derivative financial instruments are used to manage differences in the amount of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value in the Company’s functional currency, the U.S. dollar, of the Company’s investment in foreign operations, the cash receipts and payments related to these foreign operations and payments of interest and principal under Canadian dollar denominated debt. The Company enters into derivative financial instruments to protect the value of its foreign investments and fix a portion of the interest payments for certain debt obligations. The Company does not enter into derivatives for speculative purposes. Cash Flow Hedges The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. As of March 31, 2024, approximately $8.6 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): March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 753,750 $ 753,750 Denominated in Canadian Dollars (2) $ 300,000 $ 300,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 52,920 $ 55,335 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 190,800 $ 194,300 Derivatives not designated as net investment hedges: Denominated in Canadian Dollars $ 3,380 $ 965 (1) Balance as of March 31, 2024 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 March 31, 2024 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 March 31, 2024 and December 31, 2023 (dollars in thousands): Count as of March 31, 2024 Fair Value as of Maturity Dates Type Designation March 31, 2024 December 31, 2023 Balance Sheet Location Assets: Interest rate swaps Cash flow 5 $ 6,022 $ 6,002 2024 - 2028 Accounts receivable, prepaid expenses and other assets, net Interest rate collars Cash flow 2 2,250 3,216 2024 Accounts receivable, prepaid expenses and other assets, net Forward starting interest rate swaps Cash flow 4 14,982 6,736 2028 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 3,881 2,964 2025 Accounts receivable, prepaid expenses and other assets, net $ 27,135 $ 18,918 Liabilities: CAD borrowings under Revolving Credit Facility Net investment 1 30,127 33,429 2027 Revolving credit facility CAD Term Loan Net investment 1 110,760 113,190 2028 Term loans, net $ 140,887 $ 146,619 The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of income (loss) and the consolidated statements of equity for the three months ended March 31, 2024 and 2023 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended March 31, 2024 2023 Cash Flow Hedges: Interest rate products $ 11,492 $ 1,565 Net Investment Hedges: Foreign currency products 911 (14) CAD borrowings under Revolving Credit Facility (503) (1,026) CAD term loan 2,430 (140) $ 14,330 $ 385 Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31, Income Statement Location 2024 2023 Cash Flow Hedges: Interest rate products Interest expense $ 2,449 $ 1,572 During the three months ended March 31, 2024 and 2023, no cash flow hedges were determined to be ineffective. Derivatives Not Designated as Hedging Instruments As of March 31, 2024, the Company had no material balances related to derivatives not designated as hedging instruments. During the three months ended March 31, 2024, the Company recorded $0.1 million of other income related to the portion of derivatives not designated as hedging instruments and no such expense was recorded during the three months ended March 31, 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 March 31, 2024 and December 31, 2023 (in thousands): As of March 31, 2024 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 $ 27,135 $ — $ 27,135 $ — $ — $ 27,135 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 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 $ 18,918 $ — $ 18,918 $ — $ — $ 18,918 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 March 31, 2024, the Company had no derivatives in a net liability position related to these agreements.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2024
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 6% to 14% with a weighted average rate of 7% 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 6% in its fair value calculation. As such, the Company classifies these instruments as Level 3. The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2024 and December 31, 2023 whose carrying amounts do not approximate their fair value (in thousands): As of March 31, 2024 As of December 31, 2023 Face (1) Carrying Amount (2) Fair Face (1) Carrying (2) Fair Financial assets: Loans receivable $ 372,620 $ 362,653 $ 379,941 $ 372,873 $ 362,775 $ 383,141 Preferred equity investments 59,632 59,819 61,684 57,681 57,849 59,526 Financial liabilities: Senior Notes 1,750,000 1,735,455 1,574,855 1,750,000 1,735,253 1,567,428 Secured indebtedness 47,640 46,810 35,420 48,143 47,301 36,279 (1) Face value represents amounts contractually due under the terms of the respective agreements. (2) Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs. The Company determined the fair value of financial instruments as of March 31, 2024 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 $ 379,941 $ — $ — $ 379,941 Preferred equity investments 61,684 — — 61,684 Financial liabilities: Senior Notes 1,574,855 — 1,574,855 — Secured indebtedness 35,420 — — 35,420 Disclosure of the fair value of financial instruments is based on pertinent information available to the Company at the applicable dates and requires a significant amount of judgment. Transaction volume for certain of the Company’s financial instruments remains relatively low, which has made the estimation of fair values difficult. Therefore, both the actual results and the Company’s estimate of fair value at a future date could be materially different. Items Measured at Fair Value on a Recurring Basis During the three months ended March 31, 2024, the Company recorded the following amounts measured at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Recurring Basis: Financial assets: Interest rate swaps $ 6,022 $ — $ 6,022 $ — Interest rate collars 2,250 — 2,250 — Forward starting interest rate swaps 14,982 — 14,982 — Cross currency interest rate swaps 3,881 — 3,881 —

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024, no shares were sold under the ATM Program and the Company did not utilize the forward feature of the ATM Program. As of March 31, 2024, 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 three months ended March 31, 2024: Declaration Date Record Date Amount Per Share Dividend Payable Date February 1, 2024 February 13, 2024 $ 0.30 February 29, 2024 During the three months ended March 31, 2024, 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 three months ended March 31, 2024 and 2023, the Company incurred $2.0 million and $1.4 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): March 31, 2024 December 31, 2023 Foreign currency translation (loss) gain $ (535) $ 963 Unrealized gain on cash flow hedges 31,730 22,782 Total accumulated other comprehensive income $ 31,195 $ 23,745

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share amounts): Three Months Ended March 31, 2024 2023 Numerator Net income (loss) $ 26,254 $ (9,487) Denominator Basic weighted average common shares and common equivalents 231,453,564 231,164,876 Dilutive restricted stock units 1,911,467 — Diluted weighted average common shares 233,365,031 231,164,876 Net income (loss), per: Basic common share $ 0.11 $ (0.04) Diluted common share $ 0.11 $ (0.04) During the three months ended March 31, 2024 and 2023, approximately 2,300 and 0.7 million 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	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. As of March 31, 2024, the Company does not expect that compliance with existing environmental laws will have a material adverse effect on the Company’s financial condition and results of operations. Legal Matters From time to time, the Company and its subsidiaries are party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings where the likelihood of a loss contingency is reasonably possible and the amount or range of reasonably possible losses is material to the Company’s results of operations, financial condition or cash flows.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Dividend Declaration On May 8, 2024, the Company’s board of directors declared a quarterly cash dividend of $0.30 per share of common stock. The dividend will be paid on May 31, 2024 to common stockholders of record as of the close of business on May 20, 2024.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	The accompanying consolidated financial statements include the accounts of Sabra and its wholly owned subsidiaries as of March 31, 2024 and December 31, 2023 and for the three month periods ended March 31, 2024 and 2023. All significant intercompany transactions and balances have been eliminated in consolidation.
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair statement of the results for such periods. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the 2023 Annual Report on Form 10-K filed with the SEC.
Variable Interest Entities	GAAP requires the Company to identify entities for which control is achieved through voting rights or other means and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. If the Company were determined to be the primary beneficiary of the VIE, the Company would consolidate investments in the VIE. The Company may change its original assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary. The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of March 31, 2024, the Company determined that it was not the primary beneficiary of any VIEs. As it relates to investments in loans, in addition to the Company’s assessment of VIEs and whether the Company is the primary beneficiary of those VIEs, the Company evaluates the loan terms and other pertinent facts to determine whether the loan investment should be accounted for as a loan or as a real estate joint venture. If an investment has the characteristics of a real estate joint venture, including if the Company participates in the majority of the borrower’s expected residual profit, the Company would account for the investment as an investment in a real estate joint venture and not as a loan investment. Expected residual profit is defined as the amount of profit, whether called interest or another name, such as an equity kicker, above a reasonable amount of interest and fees expected to be earned by a lender. At March 31, 2024, none of the Company’s investments in loans were accounted for as real estate joint ventures.
Use of Estimates	The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Recently Issued Accounting Standards Updates	Recently Issued Accounting Standards Updates In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future Canadian Dollar Offered Rate (“CDOR”)-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. For all derivatives in hedge accounting relationships, the Company will utilize the effective relief in Topic 848 that allows for the continuation of hedge accounting throughout the transition process. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The Company does not expect the adoption of ASUs 2020-04, 2021-01 and 2022-06 to have a material impact on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses, as well as disclosure of the title and position of the chief operating decision maker (“CODM”) and how the CODM uses the reported measure(s) of segment profit or loss in assessing performance. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to improve income tax disclosures, primarily through enhanced rate reconciliation disclosures, including specified categories, and enhanced income taxes paid disclosures, including disaggregation by federal, state and foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements when adopted.
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 6% to 14% with a weighted average rate of 7% 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 6% 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)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Purchase Price Allocation	The consideration was allocated as follows (in thousands): Three Months Ended Land $ 3,415 Building and improvements 45,333 Tenant origination and absorption costs intangible assets 2,706 Tenant relationship intangible assets 20 Total consideration $ 51,474

INVESTMENT IN REAL ESTATE PRO_2

INVESTMENT IN REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Real Estate Properties Held for Investment	The Company’s real estate properties held for investment consisted of the following (dollars in thousands): As of March 31, 2024 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 237 26,667 $ 3,043,320 $ (555,220) $ 2,488,100 Senior Housing - Leased 38 3,191 475,831 (94,895) 380,936 Senior Housing - Managed 66 6,341 1,392,189 (284,444) 1,107,745 Behavioral Health 18 1,159 496,934 (75,334) 421,600 Specialty Hospitals and Other 15 392 225,498 (48,808) 176,690 374 37,750 5,633,772 (1,058,701) 4,575,071 Corporate Level 2,951 (704) 2,247 $ 5,636,723 $ (1,059,405) $ 4,577,318 As of December 31, 2023 Property Type Number of Number of Total Accumulated Total Skilled Nursing/Transitional Care 241 26,769 $ 3,050,861 $ (535,653) $ 2,515,208 Senior Housing - Leased 43 3,473 573,274 (109,601) 463,673 Senior Housing - Managed 61 6,041 1,289,485 (255,803) 1,033,682 Behavioral Health 18 1,159 496,737 (71,943) 424,794 Specialty Hospitals and Other 15 392 225,443 (47,454) 177,989 378 37,834 5,635,800 (1,020,454) 4,615,346 Corporate Level 2,547 (632) 1,915 $ 5,638,347 $ (1,021,086) $ 4,617,261 March 31, 2024 December 31, 2023 Building and improvements $ 4,843,475 $ 4,843,258 Furniture and equipment 239,086 238,185 Land improvements 10,253 10,306 Land 543,909 546,598 Total real estate at cost 5,636,723 5,638,347 Accumulated depreciation (1,059,405) (1,021,086) Total real estate investments, net $ 4,577,318 $ 4,617,261
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 March 31, 2024 Ownership as of March 31, 2024 (1) Book Value March 31, 2024 December 31, 2023 Sienna Joint Venture Senior Housing - Managed 12 50 % $ 115,921 $ 119,724 Marlin Spring Joint Venture Senior Housing - Managed 4 85 % 16,101 17,119 $ 132,022 $ 136,843 (1) These investments are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.

ASSETS HELD FOR SALE, IMPAIRM_2

ASSETS HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Dispositions	The following table summarizes the Company’s dispositions for the period presented (dollars in millions): Three Months Ended Number of facilities 8 Consideration, net of closing costs $ 160.3 Net carrying value 181.8 Net loss on sale $ (21.5)

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Future Minimum Rental Payments from Non-Cancelable Operating Leases	As of March 31, 2024, the future minimum rental payments from the Company’s properties held for investment under non-cancelable operating leases were as follows and may materially differ from actual future rental payments received (in thousands): April 1 through December 31, 2024 $ 278,698 2025 367,860 2026 351,473 2027 329,118 2028 305,441 Thereafter 1,300,476 $ 2,933,066
Schedule of Future Minimum Lease Payments	As of March 31, 2024, the weighted average remaining lease term and discount rate were 17 years and 8%, respectively, and the future minimum lease payments under the operating leases included in the Company’s lease liability were as follows (in thousands): April 1 through December 31, 2024 $ 996 2025 1,802 2026 1,324 2027 1,347 2028 1,330 Thereafter 18,104 Undiscounted minimum lease payments included in the lease liability 24,903 Less: imputed interest (12,480) Present value of lease liability $ 12,423

LOANS RECEIVABLE AND OTHER IN_2

LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Loans Receivable and Other Investments	As of March 31, 2024 and December 31, 2023, the Company’s loans receivable and other investments consisted of the following (dollars in thousands): As of March 31, 2024 Investment Quantity as of March 31, 2024 Property Type Principal Balance as of March 31, 2024 (1) Book Value as of March 31, 2024 Book Value as of December 31, 2023 Weighted Average Contractual Interest Rate / Rate of Return Weighted Average Annualized Effective Interest Rate / Rate of Return Maturity Date as of March 31, 2024 Loans Receivable: Mortgage 2 Behavioral Health $ 319,000 $ 319,000 $ 319,000 7.6 % 7.6 % 11/01/26 - 01/31/27 Other 12 Multiple 53,620 50,181 50,440 7.8 % 7.4 % 10/01/23 - 05/01/29 14 372,620 369,181 369,440 7.7 % 7.6 % Allowance for loan losses — (6,528) (6,665) $ 372,620 $ 362,653 $ 362,775 Other Investments: Preferred Equity 5 Skilled Nursing / Senior Housing 59,632 59,819 57,849 11.0 % 11.0 % N/A Total 19 $ 432,252 $ 422,472 $ 420,624 8.1 % 8.1 % (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): Three Months Ended March 31, 2024 2023 Allowance for loan losses: Balance at beginning of the period $ 6,665 $ 6,611 Recovery of loan losses (137) (208) Balance at end of the period $ 6,528 $ 6,403 March 31, 2024 December 31, 2023 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)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s secured debt consists of the following (dollars in thousands): Principal Balance as of As of March 31, 2024 Interest Rate Type March 31, 2024 (1) December 31, 2023 (1) Weighted Average Weighted Average (2) Maturity Fixed Rate $ 47,640 $ 48,143 2.85 % 3.35 % May 2031 - (1) Principal balance does not include deferred financing costs, net of $0.8 million as of each of March 31, 2024 and December 31, 2023. (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 March 31, 2024 (1) December 31, 2023 (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 $4.4 million and deferred financing costs, net of $10.1 million as of March 31, 2024 and does not include discount, net of $4.3 million and deferred financing costs, net of $10.5 million as of December 31, 2023. In addition, the weighted average effective interest rate as of March 31, 2024 was 4.01%.
Schedule of Maturities for Outstanding Debt	The following is a schedule of maturities for the Company’s outstanding debt as of March 31, 2024 (in thousands): Secured Revolving Credit Facility (1) Term Loans Senior Notes Total April 1 through December 31, 2024 $ 1,530 $ — $ — $ — $ 1,530 2025 2,089 — — — 2,089 2026 2,147 — — 500,000 502,147 2027 2,206 146,127 — 100,000 248,333 2028 2,266 — 540,760 — 543,026 Thereafter 37,402 — — 1,150,000 1,187,402 Total Debt 47,640 146,127 540,760 1,750,000 2,484,527 Discount, net — — — (4,443) (4,443) Deferred financing costs, net (830) — (5,767) (10,102) (16,699) Total Debt, Net $ 46,810 $ 146,127 $ 534,993 $ 1,735,455 $ 2,463,385 (1) Revolving Credit Facility is subject to two six-month extension options.

DERIVATIVE AND HEDGING INSTRU_2

DERIVATIVE AND HEDGING INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amount of Derivatives Instruments	The following presents the notional amount of derivative instruments as of the dates indicated (in thousands): March 31, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Denominated in U.S. Dollars (1) $ 753,750 $ 753,750 Denominated in Canadian Dollars (2) $ 300,000 $ 300,000 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 52,920 $ 55,335 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 190,800 $ 194,300 Derivatives not designated as net investment hedges: Denominated in Canadian Dollars $ 3,380 $ 965 (1) Balance as of March 31, 2024 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 March 31, 2024 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 March 31, 2024 and December 31, 2023 (dollars in thousands): Count as of March 31, 2024 Fair Value as of Maturity Dates Type Designation March 31, 2024 December 31, 2023 Balance Sheet Location Assets: Interest rate swaps Cash flow 5 $ 6,022 $ 6,002 2024 - 2028 Accounts receivable, prepaid expenses and other assets, net Interest rate collars Cash flow 2 2,250 3,216 2024 Accounts receivable, prepaid expenses and other assets, net Forward starting interest rate swaps Cash flow 4 14,982 6,736 2028 Accounts receivable, prepaid expenses and other assets, net Cross currency interest rate swaps Net investment 2 3,881 2,964 2025 Accounts receivable, prepaid expenses and other assets, net $ 27,135 $ 18,918 Liabilities: CAD borrowings under Revolving Credit Facility Net investment 1 30,127 33,429 2027 Revolving credit facility CAD Term Loan Net investment 1 110,760 113,190 2028 Term loans, net $ 140,887 $ 146,619
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) Income and Condensed Consolidated Statements of Equity	The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of income (loss) and the consolidated statements of equity for the three months ended March 31, 2024 and 2023 (in thousands): Gain (Loss) Recognized in Other Comprehensive Income Three Months Ended March 31, 2024 2023 Cash Flow Hedges: Interest rate products $ 11,492 $ 1,565 Net Investment Hedges: Foreign currency products 911 (14) CAD borrowings under Revolving Credit Facility (503) (1,026) CAD term loan 2,430 (140) $ 14,330 $ 385 Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31, Income Statement Location 2024 2023 Cash Flow Hedges: Interest rate products Interest expense $ 2,449 $ 1,572
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Assets	The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of March 31, 2024 and December 31, 2023 (in thousands): As of March 31, 2024 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 $ 27,135 $ — $ 27,135 $ — $ — $ 27,135 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 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 $ 18,918 $ — $ 18,918 $ — $ — $ 18,918 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 March 31, 2024 and December 31, 2023 (in thousands): As of March 31, 2024 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 $ 27,135 $ — $ 27,135 $ — $ — $ 27,135 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ — As of December 31, 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 $ 18,918 $ — $ 18,918 $ — $ — $ 18,918 Offsetting Liabilities: Derivatives $ — $ — $ — $ — $ — $ —

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Face Values, Carrying Amounts and Fair Values of Financial Instruments	The following are the face values, carrying amounts and fair values of the Company’s financial instruments as of March 31, 2024 and December 31, 2023 whose carrying amounts do not approximate their fair value (in thousands): As of March 31, 2024 As of December 31, 2023 Face (1) Carrying Amount (2) Fair Face (1) Carrying (2) Fair Financial assets: Loans receivable $ 372,620 $ 362,653 $ 379,941 $ 372,873 $ 362,775 $ 383,141 Preferred equity investments 59,632 59,819 61,684 57,681 57,849 59,526 Financial liabilities: Senior Notes 1,750,000 1,735,455 1,574,855 1,750,000 1,735,253 1,567,428 Secured indebtedness 47,640 46,810 35,420 48,143 47,301 36,279 (1) Face value represents amounts contractually due under the terms of the respective agreements. (2) Carrying amount represents the book value of financial instruments, including unamortized premiums/discounts and deferred financing costs.
Schedule of Fair Value of Financial Instruments	The Company determined the fair value of financial instruments as of March 31, 2024 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 $ 379,941 $ — $ — $ 379,941 Preferred equity investments 61,684 — — 61,684 Financial liabilities: Senior Notes 1,574,855 — 1,574,855 — Secured indebtedness 35,420 — — 35,420
Schedule of Items Measured at Fair Value on a Recurring Basis	During the three months ended March 31, 2024, the Company recorded the following amounts measured at fair value (in thousands): Fair Value Measurements Using Total Quoted Prices in Significant Other Significant Recurring Basis: Financial assets: Interest rate swaps $ 6,022 $ — $ 6,022 $ — Interest rate collars 2,250 — 2,250 — Forward starting interest rate swaps 14,982 — 14,982 — Cross currency interest rate swaps 3,881 — 3,881 —

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Cash Dividends on Common Stock Declared and Paid	The following table lists the cash dividends on common stock declared and paid by the Company during the three months ended March 31, 2024: Declaration Date Record Date Amount Per Share Dividend Payable Date February 1, 2024 February 13, 2024 $ 0.30 February 29, 2024
Schedule of Accumulated Other Comprehensive Income	The following is a summary of the Company’s accumulated other comprehensive income (in thousands): March 31, 2024 December 31, 2023 Foreign currency translation (loss) gain $ (535) $ 963 Unrealized gain on cash flow hedges 31,730 22,782 Total accumulated other comprehensive income $ 31,195 $ 23,745

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in thousands, except share and per share amounts): Three Months Ended March 31, 2024 2023 Numerator Net income (loss) $ 26,254 $ (9,487) Denominator Basic weighted average common shares and common equivalents 231,453,564 231,164,876 Dilutive restricted stock units 1,911,467 — Diluted weighted average common shares 233,365,031 231,164,876 Net income (loss), per: Basic common share $ 0.11 $ (0.04) Diluted common share $ 0.11 $ (0.04)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2024 investment variableInterestEntity
Accounting Policies [Line Items]
Number of investments in loans accounted for as real estate joint ventures | investment	0
Primary beneficiary
Accounting Policies [Line Items]
Number of variable interest entities | variableInterestEntity	0

RECENT REAL ESTATE ACQUISITIO_3

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 property	Mar. 31, 2023 USD ($) property
Business Acquisition [Line Items]
Number of acquired properties | property	0
Recent Real Estate Acquisitions
Business Acquisition [Line Items]
Total revenues | $		$ 1.7
Net income | $		$ 0.2
Recent Real Estate Acquisitions | Tenant origination and absorption costs
Business Acquisition [Line Items]
Weighted-average amortization period of intangible assets		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
Preferred equity investment book value at acquisition | $		$ 4.6

RECENT REAL ESTATE ACQUISITIO_4

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) - Purchase Price Allocation for Recent Real Estate Acquisitions (Details) - Recent Real Estate Acquisitions $ in Thousands	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Land	$ 3,415
Building and improvements	45,333
Total consideration	51,474
Tenant origination and absorption costs intangible assets
Business Acquisition [Line Items]
Tenant intangible assets	2,706
Tenant relationship intangible assets
Business Acquisition [Line Items]
Tenant intangible assets	$ 20

INVESTMENT IN REAL ESTATE PRO_3

INVESTMENT IN REAL ESTATE PROPERTIES - Real Estate Properties Held for Investment (Details) $ in Thousands	Mar. 31, 2024 USD ($) facility bed	Dec. 31, 2023 USD ($) bed facility
Real Estate Properties [Line Items]
Building and improvements	$ 4,843,475	$ 4,843,258
Furniture and equipment	239,086	238,185
Land improvements	10,253	10,306
Land	543,909	546,598
Total Real Estate at Cost	5,636,723	5,638,347
Accumulated Depreciation	(1,059,405)	(1,021,086)
Total Real Estate Investments, Net	$ 4,577,318	$ 4,617,261
Operating Segments
Real Estate Properties [Line Items]
Number of Properties | facility	374	378
Number of Beds/Units | bed	37,750	37,834
Total Real Estate at Cost	$ 5,633,772	$ 5,635,800
Accumulated Depreciation	(1,058,701)	(1,020,454)
Total Real Estate Investments, Net	$ 4,575,071	$ 4,615,346
Operating Segments | Skilled Nursing/Transitional Care
Real Estate Properties [Line Items]
Number of Properties | facility	237	241
Number of Beds/Units | bed	26,667	26,769
Total Real Estate at Cost	$ 3,043,320	$ 3,050,861
Accumulated Depreciation	(555,220)	(535,653)
Total Real Estate Investments, Net	$ 2,488,100	$ 2,515,208
Operating Segments | Senior Housing - Leased
Real Estate Properties [Line Items]
Number of Properties | facility	38	43
Number of Beds/Units | bed	3,191	3,473
Total Real Estate at Cost	$ 475,831	$ 573,274
Accumulated Depreciation	(94,895)	(109,601)
Total Real Estate Investments, Net	$ 380,936	$ 463,673
Operating Segments | Senior Housing - Managed
Real Estate Properties [Line Items]
Number of Properties | facility	66	61
Number of Beds/Units | bed	6,341	6,041
Total Real Estate at Cost	$ 1,392,189	$ 1,289,485
Accumulated Depreciation	(284,444)	(255,803)
Total Real Estate Investments, Net	$ 1,107,745	$ 1,033,682
Operating Segments | Behavioral Health
Real Estate Properties [Line Items]
Number of Properties | facility	18	18
Number of Beds/Units | bed	1,159	1,159
Total Real Estate at Cost	$ 496,934	$ 496,737
Accumulated Depreciation	(75,334)	(71,943)
Total Real Estate Investments, Net	$ 421,600	$ 424,794
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	$ 225,498	$ 225,443
Accumulated Depreciation	(48,808)	(47,454)
Total Real Estate Investments, Net	176,690	177,989
Corporate Level
Real Estate Properties [Line Items]
Total Real Estate at Cost	2,951	2,547
Accumulated Depreciation	(704)	(632)
Total Real Estate Investments, Net	$ 2,247	$ 1,915

INVESTMENT IN REAL ESTATE PRO_4

INVESTMENT IN REAL ESTATE PROPERTIES - Capital and Other Expenditures Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Real Estate [Abstract]
Future capital expenditures	$ 21

INVESTMENT IN REAL ESTATE PRO_5

INVESTMENT IN REAL ESTATE PROPERTIES - Senior Housing - Managed Communities Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Resident fees and services	$ 66,031	$ 56,721
Fire
Disaggregation of Revenue [Line Items]
Proceeds of insurance	1,300
Gain of unusual amount	900
Ancillary services
Disaggregation of Revenue [Line Items]
Resident fees and services	$ 700	$ 500

INVESTMENT IN REAL ESTATE PRO_6

INVESTMENT IN REAL ESTATE PROPERTIES - Schedule of Investment in Joint Ventures (Details) $ in Thousands	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Unconsolidated Joint Venture
Book Value	$ 132,022	$ 136,843
Sienna Joint Venture
Unconsolidated Joint Venture
Ownership	50%
Book Value	$ 115,921	119,724
Marlin Spring Joint Venture
Unconsolidated Joint Venture
Ownership	85%
Book Value	$ 16,101	$ 17,119
Senior Housing - Managed | Sienna Joint Venture
Unconsolidated Joint Venture
Number of properties | property	12
Senior Housing - Managed | Marlin Spring Joint Venture
Unconsolidated Joint Venture
Number of properties | property	4

ASSETS HELD FOR SALE, IMPAIRM_3

ASSETS HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May 08, 2024 USD ($) facility	Mar. 31, 2024 USD ($) facility	Mar. 31, 2023 USD ($) facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate		$ 3,137	$ 7,064
Net loss			$ 22,100
Held for Sale | Skilled nursing transitional care facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | facility		4
Net book value of properties held for sale		$ 4,400
Number of properties impaired | facility		3
Impairment of real estate		$ 3,100
Disposed of by Sale | Skilled nursing transitional care facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties impaired | facility			1
Impairment of real estate			$ 7,100
Disposed of by Sale | Skilled nursing transitional care facility | Subsequent event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | facility	3
Aggregate gross proceeds from the sale of real estate	$ 6,200

ASSETS HELD FOR SALE, IMPAIRM_4

ASSETS HELD FOR SALE, IMPAIRMENT OF REAL ESTATE AND DISPOSITIONS - Dispositions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) facility
Dispositions:
Number of facilities | facility	8
Consideration, net of closing costs	$ 160.3
Net carrying value	181.8
Net loss on sale	$ (21.5)

OPERATING LEASES - Lessor Narra

OPERATING LEASES - Lessor Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) facility	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) facility
Lessor, Lease, Description [Line Items]
Weighted-average remaining term of operating leases	17 years
Security deposit liability	$ 8		$ 16.4
Letters of credit deposited	64		56
Tenant deposits for future real estate taxes, insurance expenditures, and tenant improvements	12		$ 12.4
Variable lease revenue	$ 3.3	$ 3.8
Minimum
Lessor, Lease, Description [Line Items]
Operating lease expiration term	1 year
Maximum
Lessor, Lease, Description [Line Items]
Operating lease expiration term	20 years
Senior Housing - Managed
Lessor, Lease, Description [Line Items]
Weighted-average remaining term of operating leases	7 years
Operating Segments
Lessor, Lease, Description [Line Items]
Number of properties | facility	374		378
Operating Segments | Senior Housing - Managed
Lessor, Lease, Description [Line Items]
Number of properties | facility	66		61

OPERATING LEASES - Future Minim

OPERATING LEASES - Future Minimum Rental Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
April 1 through December 31, 2024	$ 278,698
2025	367,860
2026	351,473
2027	329,118
2028	305,441
Thereafter	1,300,476
Total	$ 2,933,066

OPERATING LEASES - Lessee Narra

OPERATING LEASES - Lessee Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use asset	$ 11,400	$ 11,600
Operating lease, right-of-use asset, statement of financial position	Accounts receivable, prepaid expenses and other assets, net	Accounts receivable, prepaid expenses and other assets, net
Present value of lease liability	$ 12,423	$ 12,500
Operating lease, liability, statement of financial position	Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Operating lease, expense	$ 400	$ 300
Weighted-average remaining term of operating leases	17 years
Weighted average discount rate	8%

OPERATING LEASES - Schedule of

OPERATING LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
April 1 through December 31, 2024	$ 996
2025	1,802
2026	1,324
2027	1,347
2028	1,330
Thereafter	18,104
Undiscounted minimum lease payments included in the lease liability	24,903
Less: imputed interest	(12,480)
Present value of lease liability	$ 12,423	$ 12,500

LOANS RECEIVABLE AND OTHER IN_3

LOANS RECEIVABLE AND OTHER INVESTMENTS - Composition of Loans Receivable and Other Investments (Details) $ in Thousands	Mar. 31, 2024 USD ($) loan investment preferredEquityInvestment	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loans Receivable:
Quantity | loan	14
Principal balance	$ 372,620	$ 372,873
Book value	369,181	369,440
Allowance for loan losses	(6,528)	(6,665)	$ (6,403)	$ (6,611)
Book value	$ 362,653	362,775
Weighted Average Contractual Interest Rate / Rate of Return	7.70%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.60%
Other Investments:
Quantity | preferredEquityInvestment	5
Principal balance	$ 59,632	57,681
Book value	$ 59,819	57,849
Weighted Average Contractual Interest Rate / Rate of Return	11%
Weighted Average Annualized Effective Interest Rate / Rate of Return	11%
Total quantity | investment	19
Total principal balance	$ 432,252
Total book value	$ 422,472	420,624
Total weighted average contractual interest rate / rate of return	8.10%
Total weighted average annualized effective interest rate / rate of return	8.10%
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	12
Principal balance	$ 53,620
Book value	$ 50,181	$ 50,440
Weighted Average Contractual Interest Rate / Rate of Return	7.80%
Weighted Average Annualized Effective Interest Rate / Rate of Return	7.40%

LOANS RECEIVABLE AND OTHER IN_4

LOANS RECEIVABLE AND OTHER INVESTMENTS - Narrative (Details) - Future funding on investment $ in Millions	Mar. 31, 2024 USD ($) investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Future funding commitment | $	$ 1.8
Number of preferred equity investments for funding commitment	1
Number of loan receivable investments for funding commitment	1

LOANS RECEIVABLE AND OTHER IN_5

LOANS RECEIVABLE AND OTHER INVESTMENTS - Schedule of Additional Information Regarding the Company's Loans Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Allowance for loan losses:
Balance at beginning of the period	$ 6,665	$ 6,611
Recovery of loan losses	(137)	(208)
Balance at end of the period	6,528	$ 6,403
Deteriorated credit quality:
Principal balance	372,620		$ 372,873
Book value	$ 362,653		$ 362,775
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	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Deferred financing costs	$ 16,699
Secured Debt
Debt Instrument [Line Items]
Deferred financing costs	830	$ 800
Secured Debt | Fixed Rate
Debt Instrument [Line Items]
Principal balance	$ 47,640	$ 48,143
Weighted Average Interest Rate (percent)	2.85%
Weighted Average Effective Interest Rate (percent)	3.35%

DEBT - Senior Unsecured Notes (

DEBT - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Discount, net	$ 4,443
Deferred financing costs	16,699
Senior Notes
Debt Instrument [Line Items]
Principal balance	1,750,000	$ 1,750,000
Discount, net	4,443	4,300
Deferred financing costs	$ 10,102	$ 10,500
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%	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%	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%	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%	3.20%
Principal balance	$ 800,000	$ 800,000

DEBT - Senior Unsecured Notes N

DEBT - Senior Unsecured Notes Narrative (Details) - Senior Notes	Mar. 31, 2024	Dec. 31, 2023
5.125% senior unsecured notes due 2026 (“2026 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	5.125%	5.125%
5.88% senior unsecured notes due 2027 (“2027 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	5.88%	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%	3.90%
3.20% senior unsecured notes due 2031 (“2031 Notes”)
Debt Instrument [Line Items]
Interest rate (percent)	3.20%	3.20%

DEBT - Credit Agreement Narrati

DEBT - Credit Agreement Narrative (Details)		3 Months Ended
	Jan. 04, 2023 USD ($) extensionOption	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Jan. 04, 2023 CAD ($) extensionOption
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0	$ 1,541,000
Revolving credit facility		146,127,000			$ 94,429,000
Credit Agreement
Debt Instrument [Line Items]
Deferred finance costs			18,100,000
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 1,000,000,000
Borrowing capacity in certain foreign currencies	$ 350,000,000
Number of extension options | extensionOption	2					2
Extension period	6 months
Revolving credit facility		146,100,000		$ 40,800,000
Available borrowing capacity		$ 853,900,000
Basis spread on variable rate	1%
Interest rate		6.51%		6.51%
Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Annum percent unused borrowing fee	0.125%
Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Annum percent unused borrowing fee	0.30%
Credit Agreement | Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Credit Agreement | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Credit Agreement | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Credit Agreement | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.45%
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
U.S. dollar Term Loan | Credit Agreement
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 1,500,000
Aggregate principal amount	$ 430,000,000
Interest rate		6.69%		6.69%
Weighted average effective interest rate (percent)		3.94%		3.94%
U.S. dollar Term Loan | Credit Agreement | Interest rate swaps
Debt Instrument [Line Items]
Aggregate principal amount		$ 430,000,000
Fixed interest rate under swap		2.69%		2.69%
U.S. dollar Term Loan | Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0%
U.S. dollar Term Loan | Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.65%
U.S. dollar Term Loan | Credit Agreement | 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%
Canadian dollar Term Loan | Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount						$ 150,000,000
Interest rate		6.54%		6.54%
Weighted average effective interest rate (percent)		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%
Canadian dollar Term Loan | Credit Agreement | CDOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Canadian dollar Term Loan | Credit Agreement | CDOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%

DEBT - Interest Expense Narrati

DEBT - Interest Expense Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 28,408	$ 28,540
Non-cash interest expense	3,071	$ 3,014
Accrued interest	$ 21,300		$ 16,500

DEBT - Schedule of Maturities f

DEBT - Schedule of Maturities for Outstanding Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
April 1 through December 31, 2024	$ 1,530
2025	2,089
2026	502,147
2027	248,333
2028	543,026
Thereafter	1,187,402
Total Debt	2,484,527
Discount, net	(4,443)
Deferred financing costs, net	(16,699)
Total Debt, Net	2,463,385
Secured Indebtedness
Debt Instrument [Line Items]
April 1 through December 31, 2024	1,530
2025	2,089
2026	2,147
2027	2,206
2028	2,266
Thereafter	37,402
Total Debt	47,640
Discount, net	0
Deferred financing costs, net	(830)	$ (800)
Total Debt, Net	46,810
Revolving Credit Facility
Debt Instrument [Line Items]
April 1 through December 31, 2024	0
2025	0
2026	0
2027	146,127
2028	0
Thereafter	0
Total Debt	146,127
Discount, net	0
Deferred financing costs, net	0
Total Debt, Net	146,127
Term Loans
Debt Instrument [Line Items]
April 1 through December 31, 2024	0
2025	0
2026	0
2027	0
2028	540,760
Thereafter	0
Total Debt	540,760
Discount, net	0
Deferred financing costs, net	(5,767)
Total Debt, Net	534,993
Senior Notes
Debt Instrument [Line Items]
April 1 through December 31, 2024	0
2025	0
2026	500,000
2027	100,000
2028	0
Thereafter	1,150,000
Total Debt	1,750,000
Discount, net	(4,443)	(4,300)
Deferred financing costs, net	(10,102)	$ (10,500)
Total Debt, Net	$ 1,735,455

DERIVATIVE AND HEDGING INSTRU_3

DERIVATIVE AND HEDGING INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Fair value of derivatives in a net liability position	$ 0		$ 0
Credit risk-related contingent features
Derivative [Line Items]
Fair value of derivatives in a net liability position	0
Cash flow hedges | Interest rate swaps
Derivative [Line Items]
Ineffectiveness on cash flow hedges	0	$ 0
Designated as Hedging Instrument
Derivative [Line Items]
Fair value of derivatives in a net liability position	140,887,000		$ 146,619,000
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	8,600,000
Not Designated as Hedging Instrument | Cross currency interest rate swaps
Derivative [Line Items]
Other income (expense) related to derivatives	$ 100,000	$ 0

DERIVATIVE AND HEDGING INSTRU_4

DERIVATIVE AND HEDGING INSTRUMENTS - Notional Amount of Derivatives Instruments (Details)	Mar. 31, 2024 USD ($) derivative	Mar. 31, 2024 CAD ($) derivative	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
Cash flow hedges | Designated as hedging instrument
Derivative [Line Items]
Notional amount	$ 753,750,000		$ 753,750,000
Cash flow hedges | Designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Notional amount		$ 300,000,000		$ 300,000,000
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		190,800,000		194,300,000
Net Investment Hedges | Designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Notional amount		52,920,000		55,335,000
Net Investment Hedges | Not designated as hedging instrument | Cross currency interest rate swaps
Derivative [Line Items]
Notional amount		$ 3,380,000		$ 965,000

DERIVATIVE AND HEDGING INSTRU_5

DERIVATIVE AND HEDGING INSTRUMENTS - Derivative and Financial Instruments Designated as Hedging Instruments (Details) $ in Thousands	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($)
Assets:
Fair value	$ 27,135	$ 18,918
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	$ 27,135	$ 18,918
Liabilities:
Fair value	$ 140,887	146,619
Designated as hedging instrument | Interest rate swaps | Cash flow
Assets:
Count | instrument	5
Fair value	$ 6,022	6,002
Designated as hedging instrument | Interest rate collars | Cash flow
Assets:
Count | instrument	2
Fair value	$ 2,250	3,216
Designated as hedging instrument | Forward starting interest rate swaps | Cash flow
Assets:
Count | instrument	4
Fair value	$ 14,982	6,736
Designated as hedging instrument | Cross currency interest rate swaps | Net investment
Assets:
Count | instrument	2
Fair value	$ 3,881	2,964
Designated as hedging instrument | Currency Swap | Net investment | Revolving credit facility
Liabilities:
Count | instrument	1
Fair value	$ 30,127	33,429
Designated as hedging instrument | Currency Swap | Net investment | Term loans, net
Liabilities:
Count | instrument	1
Fair value	$ 110,760	$ 113,190

DERIVATIVE AND HEDGING INSTRU_6

DERIVATIVE AND HEDGING INSTRUMENTS - Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) Income and Condensed Consolidated Statements of Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, cash flow hedges and net investment hedges	$ 14,330	$ 385
Interest rate products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, cash flow hedges	11,492	1,565
Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income , cash flow hedges	2,449	1,572
Foreign currency products
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	911	(14)
Currency Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	2,430	(140)
Currency Swap | Revolving Credit Facility
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income, net investment hedges	$ (503)	$ (1,026)

DERIVATIVE AND HEDGING INSTRU_7

DERIVATIVE AND HEDGING INSTRUMENTS - Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Offsetting Assets:
Gross Amounts of Recognized Assets / Liabilities	$ 27,135	$ 18,918
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts of Assets / Liabilities presented in the Balance Sheet	27,135	18,918
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	27,135	18,918
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	Mar. 31, 2024
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.06
Preferred equity investments, measurement input	0.10
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.14
Preferred equity investments, measurement input	0.15
Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, measurement input	0.07
Preferred equity investments, measurement input	0.11
Weighted Average | Secured Indebtedness
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.06

FAIR VALUE DISCLOSURES - Face V

FAIR VALUE DISCLOSURES - Face Values, Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Loans receivable	$ 372,620	$ 372,873
Preferred equity investments	59,632	57,681
Senior Notes
Financial liabilities:
Financial liabilities, face value	1,750,000	1,750,000
Secured Indebtedness
Financial liabilities:
Financial liabilities, face value	47,640	48,143
Carrying Amount
Financial assets:
Loans receivable	362,653	362,775
Preferred equity investments	59,819	57,849
Carrying Amount | Senior Notes
Financial liabilities:
Financial liabilities, carrying amount and fair value	1,735,455	1,735,253
Carrying Amount | Secured Indebtedness
Financial liabilities:
Financial liabilities, carrying amount and fair value	46,810	47,301
Fair Value
Financial assets:
Loans receivable	379,941	383,141
Preferred equity investments	61,684	59,526
Fair Value | Senior Notes
Financial liabilities:
Financial liabilities, carrying amount and fair value	1,574,855	1,567,428
Fair Value | Secured Indebtedness
Financial liabilities:
Financial liabilities, carrying amount and fair value	$ 35,420	$ 36,279

FAIR VALUE DISCLOSURES - Fair V

FAIR VALUE DISCLOSURES - Fair Value of Financial Instruments (Details) - Recurring $ in Thousands	Mar. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable	$ 379,941
Preferred equity investments	61,684
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,574,855
Secured Indebtedness
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	35,420
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	1,574,855
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	379,941
Preferred equity investments	61,684
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	$ 35,420

FAIR VALUE DISCLOSURES - Items

FAIR VALUE DISCLOSURES - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 27,135	$ 18,918
Recurring | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	6,022
Recurring | Interest rate collars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	2,250
Recurring | Forward starting interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	14,982
Recurring | Cross currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	3,881
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	6,022
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	2,250
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	14,982
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	3,881
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
	Feb. 23, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax withholding obligations incurred on behalf of employees		$ 2,000,000	$ 1,400,000
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
Amount available for issuance		$ 500,000,000

EQUITY - Cash Dividends on Comm

EQUITY - Cash Dividends on Common Stock Declared and Paid (Details) - $ / shares		3 Months Ended
	Feb. 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Common dividends (in dollars per share)	$ 0.30	$ 0.30	$ 0.30

EQUITY - Accumulated Other Comp

EQUITY - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Total Equity [Line Items]
Accumulated other comprehensive income	$ 2,767,174	$ 2,802,534	$ 2,976,227	$ 3,056,395
Total accumulated other comprehensive income
Total Equity [Line Items]
Accumulated other comprehensive income	31,195	23,745	$ 17,438	$ 19,063
Foreign currency translation (loss) gain
Total Equity [Line Items]
Accumulated other comprehensive income	(535)	963
Unrealized gain on cash flow hedges
Total Equity [Line Items]
Accumulated other comprehensive income	$ 31,730	$ 22,782

EARNINGS PER COMMON SHARE - Com

EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income (loss)	$ 26,254	$ (9,487)
Denominator
Basic weighted average common shares and common equivalents (in shares)	231,453,564	231,164,876
Dilutive restricted stock units (in shares)	1,911,467	0
Diluted weighted average common shares (in shares)	233,365,031	231,164,876
Net income (loss), per:
Basic common share (in dollars per share)	$ 0.11	$ (0.04)
Diluted common share (in dollars per share)	$ 0.11	$ (0.04)

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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)	2,300	700,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares			3 Months Ended
	May 08, 2024	Feb. 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Quarterly cash dividend declared on common stock (in dollars per share)		$ 0.30	$ 0.30	$ 0.30
Subsequent event
Subsequent Event [Line Items]
Quarterly cash dividend declared on common stock (in dollars per share)	$ 0.30