National Health Investors (NHI) 10-K 25 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 19, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-10822
Entity Registrant Name	National Health Investors, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	62-1470956
Entity Address, Address Line One	222 Robert Rose Drive
Entity Address, City or Town	Murfreesboro
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37129
City Area Code	(615)
Local Phone Number	890-9100
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NHI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,806,597,661
Entity Common Stock, Shares Outstanding		45,687,942
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2025 annual meeting of stockholders are incorporated by reference into Part III, Items 10, 11, 12, 13, and 14 of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0000877860

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Nashville, Tennessee
Auditor Firm ID	243

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Real estate properties:
Land		$ 191,909	$ 180,749
Buildings and improvements		2,751,071	2,593,696
Construction in progress		10,568	5,913
Real estate properties, gross		2,953,548	2,780,358
Less accumulated depreciation		(742,295)	(673,276)
Real estate properties, net		2,211,253	2,107,082
Mortgage and other notes receivable, net of reserve of $20,249 and $15,476, respectively		268,926	245,271
Cash and cash equivalents		24,289	22,347
Straight-line rents receivable		87,150	84,713
Assets held for sale, net		0	5,004
Other assets, net		22,753	24,063
Total Assets	[1]	2,614,371	2,488,480
Liabilities and Equity:
Debt		1,146,041	1,135,051
Accounts payable and accrued expenses		37,757	34,304
Dividends payable		41,119	39,069
Deferred income		4,277	6,009
Total Liabilities		1,229,194	1,214,433
Commitments and Contingencies
Redeemable noncontrolling interest		9,790	9,656
National Health Investors Stockholders' Equity:
Common stock		457	434
Capital in excess of par value		1,736,831	1,603,757
Retained earnings		2,604,829	2,466,844
Cumulative dividends		(2,975,642)	(2,817,083)
Total National Health Investors, Inc. Stockholders' Equity		1,366,475	1,253,952
Noncontrolling interests		8,912	10,439
Total Equity		1,375,387	1,264,391
Total Liabilities and Equity		$ 2,614,371	$ 2,488,480
[1] The consolidated balance sheets include the following amounts related to our consolidated Variable Interest Entities (VIEs): $505.9 million and $513.2 million of Real estate properties, net; $9.7 million and $10.9 million of Cash and cash equivalents; $10.0 million and $9.7 million of Straight-line rents receivable; $7.5 million and $9.4 million of Other assets, net; and $5.7 million and $4.7 million of Accounts payable and accrued expenses as of December 31, 2024 and 2023, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Mortgage and other notes receivable, net of reserve	$ 20,249	$ 15,476
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000,000	100,000,000,000
Common stock, shares issued (in shares)	45,687,942	43,409,841
Common stock, shares outstanding (in shares)	45,687,942	43,409,841
Real estate properties, net	$ 2,211,253	$ 2,107,082
Cash and cash equivalents	24,289	22,347
Straight-line rents receivable	87,150	84,713
Other assets, net	22,753	24,063
Accounts payable and accrued liabilities	(37,757)	(34,304)
Variable Interest Entity, Primary Beneficiary
Real estate properties, net	505,900	513,200
Cash and cash equivalents	9,700	10,900
Straight-line rents receivable	10,000	9,700
Other assets, net	7,500	9,400
Accounts payable and accrued liabilities	$ (5,700)	$ (4,700)

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental income	$ 257,049	$ 249,227	$ 217,700
Resident fees and services	54,421	48,809	35,796
Interest income and other	23,711	21,799	24,698
Revenues	335,181	319,835	278,194
Expenses:
Depreciation	71,443	69,973	70,880
Interest	59,903	58,160	44,917
Other senior housing operating expenses1	42,251	39,587	28,193
Legal	1,052	507	2,555
Franchise, excise and other taxes	38	449	844
General and administrative	20,736	19,314	22,768
Taxes and insurance on leased properties	11,165	11,513	9,788
Loan and realty losses, net	5,295	1,376	61,911
Total operating expenses	211,883	200,879	241,856
Gain (loss) on operations transfer, net	0	20	(710)
Gain on note receivable payoff	0	0	1,113
Loss on early retirement of debt	0	(73)	(151)
Gains from equity method investment	402	555	569
Gains on sales of real estate	6,678	14,721	28,342
Gain on forward equity sale agreement, net	6,261	0	0
Other income	0	202	0
Net income (loss)	136,639	134,381	65,501
Add: net loss attributable to noncontrolling interests	1,346	1,273	902
Net income attributable to stockholders	137,985	135,654	66,403
Less: net income attributable to unvested restricted stock awards	(118)	(57)	0
Net income attributable to common stockholders	$ 137,867	$ 135,597	$ 66,403
Weighted average common shares outstanding:
Basic (in shares)	43,844,771	43,388,794	44,774,708
Diluted (in shares)	44,102,636	43,389,466	44,794,236
Earnings per common share - basic (in usd per share)	$ 3.14	$ 3.13	$ 1.48
Earnings per common share - diluted (in usd per share)	$ 3.13	$ 3.13	$ 1.48

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 136,639	$ 134,381	$ 65,501
Adjustments to reconcile net income to net cash provided by
Depreciation	71,443	69,973	70,880
Amortization of deferred loan costs, debt discounts and prepaids	6,583	4,685	4,283
Amortization of commitment fees and note receivable discounts	(116)	(412)	(872)
Amortization of lease incentives	2,893	2,521	7,555
Straight-line lease revenue	(3,031)	(6,961)	16,681
Non-cash rental income	0	(2,500)	(3,000)
Non-cash interest income on mortgage and other notes receivable	(124)	(1,302)	(4,314)
Non-cash lease deposit liability recognized as rental income	0	0	(8,838)
Non-cash lease incentive recognized as interest and other income	(100)	0	0
Non-cash gain on equity forward	(6,261)	0	0
Gains on sales of real estate	(6,678)	(14,721)	(28,342)
Gain on note receivable payoff	0	0	(1,113)
Loss on operations transfer, net	0	0	710
Loss on early retirement of debt	0	73	151
Gains from equity method investment	(402)	(555)	(569)
Loan and realty losses, net	5,295	1,376	61,911
Payment of lease incentives	0	(10,000)	(1,200)
Non-cash share-based compensation	4,182	4,605	8,613
Changes in operating assets and liabilities:
Other assets, net	(4,700)	(2,743)	(3,534)
Accounts payable and accrued expenses	3,285	5,929	425
Deferred income	(1,140)	101	412
Net cash provided by operating activities	207,768	184,450	185,340
Cash flows from investing activities:
Investment in mortgage and other notes receivable	(60,412)	(35,625)	(79,801)
Collection of mortgage and other notes receivable	19,365	13,465	119,212
Fees received on mortgage note	82	0	0
Acquisition of real estate	(138,128)	(38,081)	(6,364)
Proceeds from sales of real estate	6,179	57,031	168,958
Investments in renovations of existing real estate	(15,734)	(7,732)	(4,629)
Investments in equipment	(4,069)	(3,743)	0
Distributions from equity method investment	402	3,055	569
Net cash (used in) provided by investing activities	(192,315)	(11,630)	197,945
Cash flows from financing activities:
Proceeds from revolving credit facility	449,700	364,000	225,000
Payments on revolving credit facility	(363,500)	(161,000)	(183,000)
Borrowings on term loans	0	200,000	0
Payments on term loans and private placement notes	(75,436)	(415,427)	(135,388)
Deferred loan costs	(3,486)	(2,747)	(4,612)
Distributions to noncontrolling interests	(1,151)	(1,280)	(916)
Proceeds from noncontrolling interests	1,170	2,973	11,738
Taxes remitted on employee stock awards	(5,819)	0	(288)
Proceeds from equity offering	142,394	0	0
Equity issuance costs	(930)	0	(66)
Dividends paid to stockholders	(156,510)	(156,238)	(161,771)
Payments to repurchase shares of common stock	0	0	(151,951)
Net cash used in financing activities	(13,568)	(169,719)	(401,254)
Increase (decrease) in cash and cash equivalents and restricted cash	1,885	3,101	(17,969)
Cash and cash equivalents and restricted cash, beginning of year	24,617	21,516	39,485
Cash and cash equivalents and restricted cash, end of year	26,502	24,617	21,516
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	55,374	51,897	42,659
Supplemental disclosure of non-cash investing and financing activities:
Real estate acquired in exchange for mortgage notes receivable	22,184	14,200	23,071
Increase in mortgage note receivable from sale of real estate	9,000	2,249	0
Change in other assets related to sales of real estate	0	0	102
Change in accounts payable related to investments in real estate construction	0	325	20
Right of use asset in exchange for lease liability	344	101	0
Operating equipment received in lease termination	0	0	1,287
Change in accounts payable related to renovations of existing real estate	(250)	0	(37)
Change in accounts payable related to distributions to noncontrolling interests	16	6	139
Change in accounts payable from debt issuance costs	189	0	0
Increase in accounts payable related to transfer of operations	0	0	300
Reclassification of prepaid equity issuance costs to capital in excess of par value	$ 471	$ 275	$ 0

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total National Health Investors Stockholders’ Equity	Common Stock	Capital in Excess of Par Value	Retained Earnings	Cumulative Dividends	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021			45,850,599
Beginning balance, amount at Dec. 31, 2021	$ 1,516,983	$ 1,507,083	$ 459	$ 1,591,182	$ 2,416,713	$ (2,501,271)	$ 9,900
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions declared to noncontrolling interests, excluding attributable to redeemable noncontrolling interests	(1,015)						(1,015)
Net income, excluding loss attributable to redeemable noncontrolling interest	66,344	66,403			66,403		(59)
Reclassification of redeemable noncontrolling interest	1,030						1,030
Equity issuance cost	(80)	(80)		(80)
Taxes related to net settlement of equity awards	$ (288)	(288)		(288)
Shares issued on stock options exercised (in shares)			6,497
Repurchases of common stock (in shares)	(2,500,000)		(2,468,354)
Repurchases of common stock	$ (151,951)	(151,951)	$ (25)		(151,926)
Share-based compensation	8,613	8,613		8,613
Dividends declared	(159,555)	(159,555)				(159,555)
Ending balance (in shares) at Dec. 31, 2022			43,388,742
Ending balance, amount at Dec. 31, 2022	1,280,081	1,270,225	$ 434	1,599,427	2,331,190	(2,660,826)	9,856
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interests capital contribution	2,051						2,051
Distributions declared to noncontrolling interests, excluding attributable to redeemable noncontrolling interests	(1,286)						(1,286)
Net income, excluding loss attributable to redeemable noncontrolling interest	135,472	135,654			135,654		(182)
Equity issuance cost	$ (275)	(275)		(275)
Grants of restricted stock (in shares)			21,000
Shares issued on stock options exercised (in shares)			99
Repurchases of common stock (in shares)	0
Share-based compensation	$ 4,605	4,605		4,605
Dividends declared	$ (156,257)	(156,257)				(156,257)
Ending balance (in shares) at Dec. 31, 2023	43,409,841		43,409,841
Ending balance, amount at Dec. 31, 2023	$ 1,264,391	1,253,952	$ 434	1,603,757	2,466,844	(2,817,083)	10,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interests capital contribution	70						70
Distributions declared to noncontrolling interests, excluding attributable to redeemable noncontrolling interests	(1,167)						(1,167)
Net income, excluding loss attributable to redeemable noncontrolling interest	137,555	137,985			137,985		(430)
Equity issuance cost	$ (1,401)	(1,401)		(1,401)
Issuance of common stock, net (in shares)	2,065,878
Issuance of common stock, net	$ 142,394	142,394	$ 21	142,373
Reclassification of asset related to forward equity sale agreement	(6,261)	(6,261)		(6,261)
Taxes related to net settlement of equity awards (in shares)			(230)
Taxes related to net settlement of equity awards	$ (5,819)	(5,819)		(5,819)
Grants of restricted stock (in shares)			15,000
Shares issued on stock options exercised (in shares)	1,065,119		197,453
Shares issued on stock options exercised	$ 2	2	$ 2
Repurchases of common stock (in shares)	0
Share-based compensation	$ 4,182	4,182		4,182
Dividends declared	$ (158,559)	(158,559)				(158,559)
Ending balance (in shares) at Dec. 31, 2024	45,687,942		45,687,942
Ending balance, amount at Dec. 31, 2024	$ 1,375,387	$ 1,366,475	$ 457	$ 1,736,831	$ 2,604,829	$ (2,975,642)	$ 8,912

Consolidated Statements Equity

Consolidated Statements Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Distributions	$ 1,100		$ 40
Noncontrolling interests capital contributions, excluding attributable to redeemable noncontrolling interest	50
Net income	$ 916	$ 1,091	$ (843)
Dividends to common stockholders (in usd per share)	$ 3.60	$ 3.60	$ 3.60
Noncontrolling interest capital contribution, excluding attributable to redeemable noncontrolling interest		$ 922
Reclassification of asset related to forward equity sale agreement	$ (6,261)

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Organization and Nature of Business National Health Investors, Inc. (“NHI,” the “Company,” “we,” “us,” or “our”), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”) specializing in sale-leaseback, joint venture and mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. We operate through two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio (“SHOP”). Our Real Estate Investments segment consists of real estate investments, leases, and mortgage and other notes receivables in independent living facilities (“ILFs”), assisted living facilities (“ALFs”), entrance-fee communities (“EFCs”), senior living campuses (“SLCs”), skilled nursing facilities (“SNFs”) and hospitals (“HOSPs”). As of December 31, 2024, we had gross real estate investments of approximately $2.6 billion in 172 healthcare real estate properties located in 31 states and leased pursuant primarily to triple-net leases to 27 tenants consisting of 106 senior housing communities (“SHO”), 65 SNFs and one HOSP. Our portfolio of eleven mortgages along with other notes receivable totaled $289.2 million, excluding an allowance for expected credit losses of $20.2 million, as of December 31, 2024. Units, beds and property count disclosures in these footnotes to the consolidated financial statements are unaudited. Our SHOP segment is comprised of two ventures that own the operations of ILFs. For this segment, as of December 31, 2024, we had gross investments of approximately $358.4 million in 15 ILFs located in eight states with a combined 1,732 units that are operated on behalf of the Company by independent managers pursuant to the terms of separate management agreements. The third-party managers, or related parties of the managers, own equity interests in the respective ventures.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Principles of Consolidation - The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries, joint ventures and subsidiaries in which we have a controlling interest. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if the Company is deemed to be the primary beneficiary of such entities. All material intercompany transactions and balances are eliminated in consolidation. 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. We evaluate our arrangements with VIEs to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. In accordance with Financial Accounting Standards Board (“FASB”) guidance, management must evaluate each of the Company’s contractual relationships which creates a variable interest in other entities. If the Company has a variable interest and the entity is a VIE, then management must determine whether the Company is the primary beneficiary of the VIE. If it is determined that the Company is the primary beneficiary, NHI would consolidate the VIE. We identify 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. We perform this analysis on an ongoing basis. If the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidation . These provisions provide for consolidation of majority-owned entities where a majority voting interest held by the Company demonstrates control of such entities in the absence of any legal constraints. Our consolidated total assets and liabilities include two consolidated ventures comprising our SHOP activities, each formed with a separate partner - Merrill Gardens, L.L.C. (“Merrill”) and DSHI NHI Holiday LLC (the “Discovery member”), a related party of Discovery Senior Living (“Discovery”). We consider both ventures to be VIEs as the members of each, as a group, lack the characteristics of a controlling financial interest. We are deemed to be the primary beneficiary of each VIE because we have the ability to control the activities that most significantly impact each VIE’s economic performance and the obligation to absorb losses or the right to receive benefits. Reference Notes 5 and 17 for further discussion of our SHOP ventures. We also consolidate two real estate partnerships formed with our partners, Discovery Senior Housing Investor XXIV, LLC, a related party of Discovery, and LCS Timber Ridge LLC (“LCS”), to invest in senior housing facilities. We consider both partnerships to be VIEs as either the members, as a group, lack the characteristics of a controlling financial interest or the total equity at risk is insufficient to finance activities without additional subordinated financial support. NHI directs the activities that most significantly impact economic performance of these partnerships and the obligation to absorb losses or the right to receive benefits, subject to limited protective rights extended to our partners for specified business decisions. Because of our control of these partnerships, we include their assets, liabilities, noncontrolling interests and operations in our consolidated financial statements. Reference Note 17 for further discussion of these consolidated real estate partnerships. We use the equity method of accounting when we own an interest in an entity over which we can exert significant influence but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. Reference Note 6 for further discussion of our equity method investment. We have concluded that the Company is not the primary beneficiary for certain investments where we lack either directly or through related parties the power to direct the activities that most significantly impact their economic performance. See Note 17 for information on unconsolidated VIEs. Noncontrolling Interests - Contingently redeemable noncontrolling interests are recorded at their initial carrying amounts upon issuance and are subsequently adjusted to reflect their share of gains or losses, contributions, and distributions attributable to the noncontrolling interests. In periods where they are or will become probable of redemption, an adjustment to the redemption value of the noncontrolling interests is also recognized through “ Capital in excess of par value ” on the Company’s Consolidated Balance Sheets and included in our computation of earnings per share. As of December 31, 2024 and 2023, the Merrill SHOP venture noncontrolling interest was classified in the Consolidated Balance Sheets as mezzanine equity, as discussed further in Note 10. The noncontrolling interests associated with our two consolidated real estate partnerships, and our Discovery member SHOP venture were classified in the Consolidated Balance Sheets as equity as of December 31, 2024 and 2023. Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant assumptions and estimates include purchase price allocations to record investments in real estate, impairment of real estate, and allowance for credit losses. Actual results could differ from those estimates. Forward Equity Sales - The Company has and may continue to enter into forward sale agreements relating to shares of its common stock, either through its at-the-market (“ATM”) equity program or through underwritten public offerings. These agreements may be physically settled in stock, settled in cash or net share settled at the Company’s election. The forward sale price that we will receive upon physical settlement of the forward sale agreements will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, and (ii) scheduled dividends during the term of the forward sale agreement. To the extent our forward sales agreements do not meet all the criteria to qualify for equity treatment under ASC 815-40, we recognize the change in the fair value of the derivative in our earnings. The Company evaluated its forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity as of December 31, 2024. Shares issuable under a forward equity sales agreement are reflected in the diluted earnings per share calculations for the applicable periods using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward equity sales agreement over the number of common shares that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the average forward price during the reporting period). Reference Note 11 for more discussion. Earnings Per Share - Our unvested restricted stock awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. Therefore, the Company applies the two-class method to calculate basic and diluted earnings. Under the two-class method, we allocate net income attributable to stockholders to common stockholders and holders of unvested restricted stock by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods, based on their respective participation rights to dividends declared and undistributed earnings. Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share reflects the effect of dilutive securities. Fair Value Measurements - Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy is required to prioritize the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. If the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. When an event or circumstance alters our assessment of the observability and thus the appropriate classification of an input to a fair value measurement which we deem to be significant to the fair value measurement as a whole, we will transfer that fair value measurement to the appropriate level within the fair value hierarchy. Real Property Owned - Real estate properties are recorded at cost or, if acquired through business combination, at fair value, including the fair value of contingent consideration, if any. Cost or fair value at the time of acquisition is allocated among land, buildings, improvements, personal property and lease and other intangibles. For properties acquired in transactions accounted for as asset purchases, the purchase price, which includes transaction costs, is allocated based on the relative fair values of the assets acquired. Cost includes the amount of contingent consideration, if any, deemed to be probable at the acquisition date. Contingent consideration is deemed to be probable to the extent that a significant reversal in amounts recognized is not likely to occur when the uncertainty associated with the contingent consideration is subsequently resolved. Cost also includes capitalized interest during construction periods. We use the straight-line method of depreciation for buildings over their estimated useful lives ranging from 30 to 40 years, and improvements, including any equipment related to the SHOP segment, over their estimated useful lives ranging from 5 to 25 years. For contingent consideration arising from business combinations, the liability is adjusted to estimated fair value at each reporting date through earnings. Expenditures for repairs and maintenance are expensed as incurred. Impairment of Long-Lived Assets - We evaluate the recoverability of the carrying amount of our long-lived assets when events or circumstances, including significant physical changes, significant adverse changes in general economic conditions or significant deterioration of the underlying cash flows of the long-lived assets, indicate that the carrying amount of the long-lived asset may not be recoverable. The need to recognize an impairment charge is based on estimated undiscounted future cash flows compared to the carrying amount. If recognition of an impairment charge is necessary, it is measured as the amount by which the carrying amount of the property exceeds the estimated fair value of the long-lived asset. During the years ended December 31, 2024, 2023 and 2022, we recognized impairment charges of approximately $0.7 million , $1.6 million and $51.6 million , respectively, included in “ Loan and realty losses, net ” in our Consolidated Statements of Income. Reference Note 3 for more discussion. Leases - All of our leases within the Real Estate Investment segment are classified as operating leases and generally have an initial leasehold term of 10 to 15 years followed by one or more five-year tenant renewal options. The leases are primarily “triple-net leases” under which the tenant is responsible for the payment of all taxes, utilities, insurance premiums, repairs and other charges relating to the operation of the properties, including required levels of capital expenditures each year. The tenant is obligated at its expense to keep all improvements, fixtures and other components of the properties covered by “all risk” insurance in an amount equal to at least the full replacement cost thereof, and to maintain specified minimal personal injury and property damage insurance. The leases also require the tenant to indemnify and hold us harmless from all claims resulting from the use, occupancy and related activities of each property by the tenant, and to indemnify us against all costs related to any release, discovery, clean-up and removal of hazardous substances or materials, or other environmental responsibility with respect to each facility. While we do not incorporate residual value guarantees, the lease provisions and considerations discussed above impact our expectation of realizable value from our properties upon the expiration of their lease terms. The residual value of our real estate under lease is still subject to various market, asset, and tenant-specific risks and characteristics. As the classification of our leases is dependent on the fair value of estimated cash flows at lease commencement, management’s projected residual values represent significant assumptions in our accounting for operating leases. Similarly, the exercise of renewal options is also subject to these same risks, making a tenant’s lease term another significant variable in a lease’s cash flows. Initial direct costs that are incremental to entering into a lease are capitalized in accordance with the provisions of ASC Topic 842. FASB Lease Modifications Related to Effects of the COVID-19 Pandemic - In accordance with the FASB’s question-and-answer document issued in April 2020, we elected to account for qualified rent concessions provided as a result of the coronavirus pandemic (“COVID-19”) as variable lease payments, recorded as rental income when received and not as lease modifications under ASC Topic 842. This guidance was applicable to certain rent concessions granted in 2022. Reference Note 3 for more detail. Financial Instruments - Credit Losses - We estimate and record an allowance for credit losses upon origination of a loan, based on expected credit losses over the term of the loan and update this estimate each reporting period. We calculate the estimated credit losses on mortgages by pooling these loans into two groups – investments in existing or new mortgages and construction mortgages. Mezzanine loans, revolving lines of credit and loans designated as non-performing are evaluated at the individual loan level. We estimate the allowance for credit losses by utilizing a loss model that relies on future expected credit losses, rather than incurred losses. This loss model incorporates our historical experience, adjusted for current conditions and our forecasts, using the probability of default and loss given default method. Incorporated into the construction mortgage loss model is an estimate of the probability that NHI will acquire the property. Using the resulting estimate, a portion of the outstanding construction mortgage balance which we currently expect will be reduced by our acquisition of the underlying property when construction is complete, is deducted from the construction mortgage balance included in the expected loss calculation. Mezzanine loans, revolving lines of credit and loans designated as non-performing are also based on the loss model to recognize expected future credit losses and are applied to each individual loan using borrower specific information. We also perform a qualitative assessment beyond model estimates and apply adjustments as necessary. The credit loss estimate is based on the net amortized cost balance of our mortgage and other notes receivables as of the balance sheet date. Calculation of the allowance for credit losses involves significant judgment. It is possible that actual credit losses will differ materially from our current estimates. Write-offs are deducted from the allowance for credit losses when we judge the principal to be uncollectible. Cash and Cash Equivalents and Restricted Cash - Cash equivalents consist of all highly liquid investments with original maturities of three months or less. Restricted cash includes amounts required to be held on deposit or subject to an agreement ( e.g. with a qualified intermediary subject to an exchange agreement pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or in accordance with agency agreements governing our mortgages). The following table sets forth our “ Cash and cash equivalents and restricted cash ” reported within the Company’s Consolidated Statements of Cash Flows ( $ in thousands ): As of December 31, 2024 2023 Beginning of period: Cash and cash equivalents $ 22,347 $ 19,291 Restricted cash (included in Other assets, net ) 2,270 2,225 Cash, cash equivalents, and restricted cash $ 24,617 $ 21,516 End of period: Cash and cash equivalents $ 24,289 $ 22,347 Restricted cash (included in Other assets, net ) 2,213 2,270 Cash, cash equivalents, and restricted cash $ 26,502 $ 24,617 Assets Held for Sale - We consider properties to be assets held for sale when (1) management commits to a plan to sell the property, (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we anticipate the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated transaction costs. Depreciation and amortization of the property are discontinued. If a property subsequently no longer meets the criteria to be classified as held for sale, it is reclassified as held and used and measured at the lower of i) its original carrying amount before the asset was classified as held for sale, adjusted for any depreciation expense not recognized while it was classified as held for sale, and ii) its fair value. Concentration of Credit Risks - Our credit risks primarily relate to cash and cash equivalents and investments in mortgage and other notes receivable. Cash and cash equivalents are primarily held in bank accounts and overnight investments. We maintain our bank deposit accounts with large financial institutions in amounts that may exceed federally insured limits. We have not experienced any losses in such accounts. Our mortgage and other notes receivable consist primarily of secured loans on facilities. Our financial instruments, principally our investments in mortgage and other notes receivable, are subject to the possibility of loss of the carrying values as a result of the failure of other parties to perform according to their contractual obligations which may make the instruments less valuable. We obtain collateral in the form of mortgage liens and other protective rights for mortgage and other notes receivable and continually monitor these rights in order to reduce such possibilities of loss. We evaluate the need to provide for reserves for potential losses on our financial instruments based on management’s periodic review of our portfolio on an instrument-by-instrument basis. Deferred Loan Costs - Costs incurred to acquire debt are capitalized and amortized by the straight-line method, which approximates the effective-interest method, over the term of the related debt. Deferred Income - Deferred income primarily includes rents received in advance from tenants and residents and non-refundable commitment fees received by us, which are amortized into income over the expected period of the related loan or lease. In the event that our financing commitment to a potential borrower or tenant expires, the related commitment fees are recognized into income immediately. Commitment fees may be charged based on the terms of the contracts and the creditworthiness of the parties. Revenue Recognition Rental Income - Our leases generally provide for rent escalators throughout the term of the lease. Base rental income is recognized using the straight-line method over the term of the lease to the extent that lease payments are considered collectable and the lease provides for specific contractual escalators. Under certain leases, we receive additional contingent rent, which is calculated on the increase in revenues of the tenant over a base year or base quarter. We recognize contingent rent annually or quarterly based on the actual revenues of the tenant once the target threshold has been achieved. Lease payments that depend on a factor directly related to future use of the property, such as an increase in annual revenues over a base year, are considered to be contingent rent and are excluded from the schedule of minimum lease payments. If rental income calculated on a straight-line basis exceeds the cash rent due under a lease, the difference is recorded as an increase to straight-line rents receivable in the Consolidated Balance Sheets and an increase in rental income in the Consolidated Statements of Income. If rental income on a straight-line basis is calculated to be less than cash received, there is a decrease in the same accounts. Property operating expenses that are reimbursed by our operators are recorded as “ Rental income” in the Consolidated Statements of Income. Accordingly, we record a corresponding expense, reflected as “ Taxes and insurance on leased properties” in the Consolidated Statements of Income. Rental income includes reimbursement of property operating expenses for the years ended December 2024, 2023 and 2022, totaling $11.2 million, $11.5 million and $9.8 million, respectively. Rental income is reduced for the non-cash amortization of payments made upon the eventual settlement of commitments and contingencies originally identified and recorded as lease inducements. We record lease inducements to the extent that it is probable that a significant reversal of amounts recognized will not occur when the uncertainty associated with the contingent consideration is subsequently resolved. The Company reviews its operating lease receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability of substantially all lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made as an adjustment to rental income and any future rental revenue is recognized only when the tenant makes a rental payment. As of December 31, 2024, we had three tenants, including Bickford Senior Living (“Bickford”), on the cash basis of revenue recognition for their lease arrangements. Reference Note 3 for further discussion. Resident Fees and Services - Resident fees and services revenue associated with our SHOP activities is recognized as the related performance obligations are satisfied and includes resident room charges, community fees and other resident charges. Residency agreements are generally short term (30 days to one year), and entitle the resident to certain room and care services for a monthly fee billed in advance. Revenue for certain related services is billed monthly in arrears. The Company has elected the lessor practical expedient within ASC 842, Leases , not to separate the lease and nonlease components within our resident agreements as the timing and pattern of transfer to the resident are the same. The Company has determined that the nonlease component is the predominant component within the contract and recognizes revenue under ASC 606, Revenue Recognition from Contracts with Customers . Interest Income from Mortgage and Other Notes Receivable - Interest income is recognized based on the interest rates and principal amounts outstanding on the notes receivable. We identify a mortgage note or other note receivable as non-performing, and is placed on non-accrual status, based on various criteria including timeliness of required payments, compliance with other provisions under the related note agreement, and an evaluation of the borrower’s current financial condition for indicators that it is probable it cannot pay its contractual amounts. A non-performing loan is returned to accrual status at such time as the note becomes contractually current and management believes all future principal and interest will be received according to the contractual terms of the note. As of December 31, 2024, we had one mortgage notes receivable and two mezzanine loans totaling an aggregate of $25.9 million designated as non-performing. Reference Note 4 for further discussion. Income Taxes - We intend at all times to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code. Accordingly, we will generally not be subject to U.S. federal income tax, provided that we continue to qualify as a REIT. A failure to qualify under the applicable REIT qualification rules and regulations would have a material adverse impact on our financial position, results of operations and cash flows. Certain activities that we undertake may be conducted by subsidiary entities that have elected to be treated as taxable REIT subsidiaries (“TRS”). TRSs are subject to federal, state, and local income taxes. Accordingly, a provision for income taxes has been made in the consolidated financial statements. Earnings and profits, which determine the taxability of dividends to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in the basis of assets, estimated useful lives used to compute depreciation expense, gains on sales of real estate, non-cash compensation expense and recognition of commitment fees. Our tax returns filed for years beginning in 2021 are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our Consolidated Statements of Income as a component of income tax expense. Segments - We operate our business through two reportable segments: Real Estate Investments and SHOP. In our Real Estate Investments segment, we invest in (i) senior housing and healthcare real estate and lease those properties to healthcare operating companies under primarily triple-net leases that obligate tenants to pay all property-related expenses and (ii) mortgage and other notes receivable throughout the United States. Our SHOP segment is comprised of the operations of 15 ILFs located throughout the United States that are operated on behalf of the Company by independent managers pursuant to the terms of separate management agreements. Reference Notes 5 and 16 for additional information. Recent Accounting Pronouncements - In November 2023, the FASB issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU enhances segment disclosures by requiring public entities to provide investors with additional, more detailed information about a reportable segment’s expenses. The ASU also requires disclosure of the chief operating decision maker’s (“CODM”) title and position on an annual basis, as well as an explanation of how the CODM uses the reported measures and other disclosures. We adopted this guidance effective for the year ended December 31, 2024. The adoption of this guidance resulted in additional segment disclosures as disclosed in Note 16. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential impact of adoption on our consolidated financial statements or related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires public entities to disclose, on an annual and interim basis, disaggregated information in the footnotes about specified information related to certain costs and expenses. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of this standard on our consolidated financial statements and related disclosures.

Investment Activity

Investment Activity	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Investment Activity	Investment Activity Asset Acquisition 2024 Acquisitions and New Leases of Real Estate During the year ended December 31, 2024, we completed the following real estate acquisitions within our Real Estate Investments segment ( $ in thousands ): Operator Date Properties Asset Class Land Building and Improvements Total Encore Senior Living Q2 2024 1 ALF $ 1,329 $ 30,721 $ 32,050 Spring Arbor Q4 2024 10 ALF 10,284 111,038 121,322 William James Group, LLC Q4 2024 1 ALF 452 6,488 6,940 $ 12,065 $ 148,247 $ 160,312 In June 2024, we acquired a 110-unit ALF located in Sussex, Wisconsin, from Encore Senior Living. The acquisition price was $32.1 million, including $0.1 million in closing costs, and the cancellation of an outstanding construction note receivable held by us of $22.2 million including interest. We added the facility to an existing master lease with Encore Senior Living for a term of 15 years at an initial lease rate of 8.25% and annual escalators of 2.21%. In October 2024, we acquired a portfolio of ten assisted living and memory care communities located in North Carolina for a total purchase price of $121.0 million, excluding $0.3 million in closing costs. The 15-year master lease, which includes two five-year extension options, has an initial lease rate of 8.25% with fixed annual escalators of 2%. The master lease includes a $10.0 million lease incentive which will be added to the respective lease base if funded. In December 2024, we acquired an assisted living and memory care community located in Georgia for a total purchase price of $6.9 million, including $0.1 million in closing costs. We added the facility to an existing 10-year master lease, which includes two five-year extension options, at an initial lease rate of 8.5% with fixed annual escalators of 2%. 2023 Acquisitions and New Leases of Real Estate During the year ended December 31, 2023, we completed the following real estate acquisitions within our Real Estate Investments segment ( $ in thousands ): Operator Date Properties Asset Class Land Building and Improvements Total Silverado Senior Living Q1 2023 2 ALF $ 3,894 $ 33,599 $ 37,493 Bickford Q1 2023 1 ALF 1,746 15,542 17,288 $ 5,640 $ 49,141 $ 54,781 In February 2023, we acquired two memory care communities operated by Silverado Senior Living for approximately $37.5 million. The newly developed properties opened in 2022 and include a 60-unit community in Summerlin, Nevada and a 60-unit community in Frederick, Maryland. They are leased pursuant to 20-year leases with a first-year lease rate of 7.5% and annual escalators of 2.0%. In February 2023, we also acquired a 64-unit assisted living and memory care community in Chesapeake, Virginia from Bickford. The acquisition price was $17.3 million, including the satisfaction of an outstanding construction note receivable of $14.2 million including interest, cash consideration of $0.5 million and approximately $0.1 million in closing costs. The acquisition price also included a reduction of $2.5 million in Bickford’s outstanding rent deferrals that has been recognized in “ Rental income. ” We added the community to an existing master lease with Bickford at an initial rate of 8.0%. 2025 Acquisitions and New Leases of Real Estate In January 2025, we acquired a 109-unit assisted living and memory care community in Montrose, Colorado. The acquisition price was $21.2 million, including $0.2 million in closing cost. The 10-year lease, which includes two five-year extension options, has an initial lease rate of 8.0% with fixed annual escalators of 2%. Asset Dispositions 2024 Asset Dispositions During the year ended December 31, 2024, we completed the following real estate property dispositions within our Real Estate Investments segment ( $ in thousands ): Operator Date Properties Asset Class Net Proceeds Net Real Estate Investment Gain Senior Living Management Q2 2024 2 ALF $ 4,658 $ 3,240 $ 1,418 Bickford Senior Living 1 Q4 2024 1 ALF 790 665 125 Senior Living Management 2 Q4 2024 1 ALF 9,731 5,004 4,727 4 $ 15,179 $ 8,909 $ 6,270 1 Total aggregate impairment charges previously recognized on the property was $0.7 million and $1.2 million for the years ended December 31, 2024 and 2023, respectively. 2 The Company provided aggregate financing of approximately $9.4 million , net of discounts, on the transaction in the form of notes receivable, which is included in net proceeds. Total rental income related to the disposed properties was $1.3 million , $2.6 million and $1.0 million for the years ended December 31, 2024 , 2023 and 2022 , respectively. 2023 Asset Dispositions During the year ended December 31, 2023, we completed the following real estate property dispositions within our Real Estate Investments segment ( $ in thousands ): Operator Date Properties Asset Class Net Proceeds Net Real Estate Investment Gain Impairment 1 BAKA Enterprises, LLC 2 Q1 2023 1 ALF $ 7,478 $ 7,505 $ — $ 27 Bickford Q1 2023 1 ALF 2,553 1,421 1,132 — Chancellor Health Care 2 Q2 2023 1 ALF 2,355 1,977 378 — Milestone Retirement 2,3 Q2 2023 2 ALF 3,803 3,934 — 131 Chancellor Health Care 3 Q2 2023 1 ALF 7,633 6,140 1,493 — Milestone Retirement 2,3 Q2 2023 1 ALF 1,602 1,452 150 — Chancellor Health Care Q2 2023 1 ALF 23,724 14,476 9,248 — Chancellor Health Care 2 Q3 2023 1 ALF 2,923 2,292 631 — Senior Living Management 3 Q4 2023 2 ALF 5,522 4,770 752 — Senior Living Management 2 Q4 2023 1 ALF 1,515 1,100 415 — 12 $ 59,108 $ 45,067 $ 14,199 $ 158 1 Impairments are included in “ Loan and realty losses, net ” in the Consolidated Statement of Income for the year ended December 31, 2023. 2 Total aggregate impairment charges previously recognized on these properties were $0.3 million and $17.4 million for the years ended December 31, 2023 and 2022, respectively. 3 The Company provided aggregate financing of approximately $2.2 million , net of discounts, on these transactions in the form of notes receivable, which is included net proceeds. Total rental income related to the disposed properties was $3.3 million and $0.7 million for years ended December 31, 2023 and 2022, respectively. Assets Held for Sale and Long-Lived Assets At December 31, 2023, we classified one property in our Real Estate Investments segment as assets held for sale on our Consolidated Balance Sheet that was sold in the fourth quarter of 2024. Rental income associated with the assets held for sale as of December 31, 2023 totaled $0.9 million, $1.7 million and $0.9 million for the years ended December 31, 2024, 2023 and 2022 , respectively. During the year ended December 31, 2024, we recorded impairment charges of approximately $0.7 million for one property that was sold in the fourth quarter of 2024 in our Real Estate Investments segment. Du ring the year ended December 31, 2023, we recorded impairment charges of approximately $1.6 million for four properties of which $0.5 million related to three properties either sold or classified as assets held for sale in our Real Estate Investments segm ent. Impairment charges are included in “ Loan and realty losses, net ” in the Consolidated Statements of Income. We reduce the carrying value of impaired properties to their estimated fair value or, with respect to the properties classified as assets held for sale, to the estimated fair value less costs to sell. To estimate the fair values of the properties, we utilized a market approach which considered binding agreements for sales (Level 1 inputs), non-binding offers to purchase from unrelated third parties broker quotes of estimated values (Level 3 inputs), and/or independent third-party valuations (Level 1 and 3 inputs). We lease an SLC that is subject to an outstanding purchase and sale agreement for the tenant to acquire the property for approximately $38.5 million. The purchase and sale agreement, as amended, expires in June 2025. The property continues to be classified as held and used and is leased pursuant to the existing triple-net lease that generates approximately $2.8 million in annual rent and expires in July 2027. The property will be reclassified to assets held for sale when the sale becomes probable, including when the tenant demonstrates its ability to obtain sufficient financing to close on the sale of the property within the terms of the purchase and sale agreement. The property had a net investment of $19.1 million as of December 31, 2024. Tenant Concentration The following table contains information regarding tenant concentration in our Real Estate Investments segment, excluding $2.6 million for our corporate office, $358.4 million for the SHOP segment, and a credit loss reserve of $20.2 million, based on the percentage of revenues for the years ended December 31, 2024, 2023 and 2022 related to tenants or affiliates of tenants, that exceed 10% of total revenue ( $ in thousands ): As of December 31, 2024 Revenues 1 Asset Gross Real Notes Year Ended December 31, Class Estate Receivable 2024 2023 2022 Senior Living Communities EFC $ 577,243 $ 43,916 $ 53,570 16% $ 51,274 16% $ 51,183 18% Bickford 2 ALF 428,068 16,072 41,720 12% 38,688 12% N/A N/A National HealthCare Corporation SNF 133,770 — 40,016 12% 37,335 12% 36,893 13% All others, net Various 1,453,506 229,187 134,289 41% 132,216 41% 144,534 52% Escrow funds received from tenants for property operating expenses Various — — 11,165 3% 11,513 4% 9,788 4% $ 2,592,587 $ 289,175 280,760 271,026 242,398 Resident fees and services 3 54,421 16% 48,809 15% 35,796 13% $ 335,181 $ 319,835 $ 278,194 1 Includes interest income on notes receivable and rental income from properties classified as assets held for sale. 2 Revenues included in All others, net for years when less than 10%. 3 There is no tenant concentration in “ Resident fees and services ” because these agreements are with individual residents. At December 31, 2024, the two states in which we had an investment concentration of 10% or more were South Carolina (11.6%) and Texas (10.1%). As of December 31, 2023, the two states in which we had an investment concentration of 10% or more were also South Carolina (12.1%) and Texas (10.7%). Senior Living Communities As of December 31, 2024, we leased ten retirement communities totaling 2,232 units to Senior Living Communities, LLC (“Senior Living”). In 2024, the Senior Living leases were amended to extend the maturity dates by two years and to provide up to $10.0 million of capital improvements on various properties. Rental revenue will increase at a lease rate of 8.5% applied to the amount expended. We recognized straight-line lease revenue of $(0.2) million, $(1.2) million and $0.4 million from Senior Living for the years ended December 31, 2024, 2023 and 2022, respectively. Bickford As of December 31, 2024, we leased 38 facilities to Bickford under four leases. Bickford has been on the cash basis of revenue recognition since the second quarter of 2022 based upon information obtained from Bickford regarding its financial condition that raised substantial doubt as to its ability to continue as a going concern. As a result, we wrote off approximately $18.1 million of straight-line rents receivable and $7.1 million of lease incentives, that were included in “ Other assets, net ” on the Consolidated Balance Sheet, to rental income in 2022. Effective April 1, 2024, the combined rent for the Bickford leased portfolio was reset to $34.5 million per year with nominal increases through April 1, 2026, at which time the rent will be reset to a fair market value based on the Consumer Price Index (“CPI”). Base rent will escalate annually thereafter based on either a fixed percentage or CPI subject to a floor of 2% and a ceiling of 3%. As part of the related lease amendments, we agreed to fund up to $8.0 million of capital improvements on various properties. Rental revenue will increase at a lease rate of 8.0% applied to the amount expended. During the years ended December 31, 2024, 2023 and 2022, Bickford repaid $5.1 million $2.3 million and $0.2 million of its outstanding rent deferrals, respectively. These amounts exclude $2.5 million and $3.0 million of rental income for the years ended December 31, 2023 and 2022, respectively, related to the reduction of rent deferrals in connection with the acquisition of two ALFs located in Virginia from Bickford through notes receivables conversions. As of December 31, 2024, Bickford’s outstanding rent deferrals were $12.9 million. In November 2024, we disposed of one ALF located in Indiana from the Bickford portfolio that is included in the “ 2024 Asset Dispositions” table above. During 2022, we transferred one ALF located in Pennsylvania from the Bickford portfolio to a new operator that is leased pursuant to a ten-year triple-net lease and wrote off approximately $0.7 million in a straight-line rents receivable, reducing rental income. National HealthCare Corporation (“NHC”) As of December 31, 2024, we leased three ILFs and 32 SNFs to NHC, a publicly held company, under a master lease (four of which were subleased to other parties for whom the lease payments were guaranteed to us by NHC) that expires on December 31, 2026. There are two five-year renewal options at a fair rental value as negotiated between the parties. In addition to the base rent, NHC pays any additional rent and percentage rent as required by the master lease. Under the terms of the master lease, the base annual rent escalates by 4% of the increase, if any, in each facility’s annual revenue over a base year and is referred to as “percentage rent.”. The following table summarizes the percentage rent income from NHC ( $ in thousands ): Year Ended December 31, 2024 2023 2022 Current year $ 5,518 $ 3,862 $ 3,332 Prior year final certification 1 1,656 630 (206) Total percentage rent income $ 7,174 $ 4,492 $ 3,126 1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year. One of the members of our Board of Directors is also a member of NHC’s board of directors. Our former chairperson, Mr. W. Andrew Adams, was also a director of NHC. Mr. W. Andrew Adams retired from our Board of Directors effective December 31, 2024. As of December 31, 2024, NHC owned 1,630,642 shares of our common stock. Cash Basis Operators We had three tenants on the cash basis of accounting for revenue recognition for their leasing arrangements based on our assessment of each tenant’s ability to satisfy its contractual obligations as of December 31, 2024. Cash rents received from these tenants for the years ended December 31, 2024, 2023 and 2022 were as follows ( $ in thousands ): Year Ended December 31, 2024 2023 2022 Bickford 1,2 $ 38,971 $ 33,352 $ 27,650 All others 3 11,010 12,444 7,681 Total cash rent received from cash basis operators $ 49,981 $ 45,796 $ 35,331 1 Excludes $2.5 million and $3.0 million of rental income related to the reduction of rent deferrals recognized in connection with the acquisition of two ALFs located in Virginia from Bickford for the years ended December 31, 2023 and 2022, respectively. 2 Excludes the impact of write-offs of $18.1 million in total straight-line rents receivable and $7.1 million of lease incentives during the year ended December 31, 2022. 3 Excludes the impact of write-offs of $9.0 million in total straight-line rents receivable during the year ended December 31, 2022. Included in rental income are amounts received from prior rent deferrals granted to cash basis tenants totaling $9.0 million, $2.8 million and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Senior Living Management In 2022, we converted four properties leased to Senior Living Management (“SLM”) to the cash basis of accounting. In late September 2024, SLM notified us that ongoing liquidity constraints raised doubts about SLM’s ability to sustain its operations and pay its contractual rent and interest obligations prospectively. In the fourth quarter of 2024, one property was transitioned to a new operator under a new lease agreement, as previously planned, one property classified as assets held for sale in 2023 was sold, and the remaining two leased properties with a net book value of $6.8 million as of December 31, 2024, were transitioned pursuant to interim management agreements and subsequently transitioned to the interim manager pursuant to a new triple-net lease in January 2025. Total cash rent received from SLM recognized for the years ended December 31, 2024, 2023 and 2022 was $2.7 million, $5.4 million and $3.7 million, respectively. Reference Note 4 for further discussion on the two non-performing notes receivable from SLM. Other Portfolio Activity Tenant Transitions In addition to the ALF previously leased to SLM that was transitioned as discussed above, we transitioned an SNF in Wisconsin and an ALF in Alabama to new operators in 2024. We wrote off to “ Rental income ” the straight-line rents receivable of approximately $1.6 million associated with two of the terminated leases. Tenant Purchase Options Certain of our leases contain purchase options allowing tenants to acquire the leased properties at a fixed base price plus a specified share in any appreciation, fixed base price, or a fixed minimum internal rate of return on our investment. At December 31, 2024, tenants had purchase options on four properties with an aggregate net investment of $77.2 million that will become exercisable between 2027 and 2031. Rental income from these properties with tenant purchase options was $8.8 million, $7.2 million and $7.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. We cannot reasonably estimate at this time the probability that any purchase options will be exercised in the future. Consideration to be received from the exercise of any tenant purchase option is expected to exceed our net investment in the leased property or properties. Lease Costs As of December 31, 2024, we are a lessee under a ground lease related to an ALF located in Ohio. For the years ended December 31, 2024, 2023 and 2022, the expense associated with this operating lease was $0.1 million and is included within “ General and administrative expense ” on the Consolidated Statements of Income. Future minimum lease payments are approximately $0.1 million annually for 2025 through 2029 with cumulative payments of $2.1 million thereafter reflecting an aggregate of $1.2 million of imputed interest. At December 31, 2024, the discount rate for this lease approximated 4.7%. Supplemental balance sheet information related to the lease is as follows ( $ in thousands ): As of December 31, 2024 2023 Buildings and improvements - right of use asset $ 1,524 $ 1,562 Accounts payable and accrued expenses - lease liability $ 1,685 $ 1,705 Rent Concessions During 2022 we granted approximately $9.3 million in rent concessions to tenants whose operations were adversely affected by COVID-19. These concessions were accounted for as variable lease payments, reducing rental income. Bickford accounted for $4.0 million of the concessions. There were no rent concessions accounted for as variable lease payments granted for the years ended December 31, 2024 or 2023. Future Minimum Lease Payments Future minimum lease payments to be received by us under our operating leases, including cash basis tenants, at December 31, 2024 are as follows ( $ in thousands ): Year Ending December 31, Amount 2025 $ 247,712 2026 254,499 2027 208,589 2028 203,933 2029 194,283 Thereafter 845,337 $ 1,954,353 Variable Lease Payments Most of our leases contain annual escalators in rent payments. Some of our leases contain escalators that are determined annually based on a variable index or other factors that are indeterminable at the inception of the lease. The table below indicates the rental income recognized as a result of fixed and variable lease escalators ( $ in thousands ): Year Ended December 31, 2024 2023 2022 Lease payments based on fixed escalators $ 234,672 $ 225,565 $ 226,873 Lease payments based on variable escalators 11,074 7,709 5,275 Straight-line rent income, net of write-offs 3,031 6,961 (16,681) Escrow funds received from tenants for property operating expenses 11,165 11,513 9,788 Amortization and write-off of lease incentives (2,893) (2,521) (7,555) Rental income $ 257,049 $ 249,227 $ 217,700

Mortgage and Other Notes Receiv

Mortgage and Other Notes Receivable	12 Months Ended
	Dec. 31, 2024
Mortgage and Other Notes Receivable [Abstract]
Mortgage and Other Notes Receivable	Mortgage and Other Notes Receivable At December 31, 2024, our investments in mortgage notes receivable totaled $175.8 million secured by real estate and other assets of the borrowers ( e.g ., Uniform Commercial Code liens on personal property) related to 16 facilities, and our investments in other notes receivable totaled $113.4 million, substantially all of which were guaranteed by significant parties to the notes or by cross-collateralization of properties with the same owner. At December 31, 2023 , our investments in mortgage notes receivable totaled $162.4 million and other notes receivable totaled $98.3 million. These balances exclude a credit loss reserve of $20.2 million and $15.5 million at December 31, 2024 and 2023, respectively. Non-performing Loans As of December 31, 2024 and 2023, we had three loans designated as non-performing including a mortgage note receivable of $10.0 million and a mezzanine loan of $14.5 million due from affiliates of SLM. As of December 31, 2023, we had designated a mortgage note receivable of $2.1 million, due from Bickford, as non-performing. In the fourth quarter of 2024, we received $0.7 million to settle this mortgage note receivable upon sale of the underlying property securing the loan. We executed a new unsecured loan with Bickford for the remaining balance of the mortgage loan of approximately $1.4 million, on which we maintain a full reserve. Interest income recognized, representing cash received, from these non-performing loans was $1.3 million, $1.8 million and $1.7 million, respectively, for the years ended December 31, 2024, 2023 and 2022. All other loans were on full accrual basis at December 31, 2024 and 2023. The credit loss reserve related to non-performing loans totaled $16.1 million and $11.9 million at December 31, 2024 and 2023, respectively. The credit loss reserve was increased $3.6 million during the third quarter of 2024 related to the $14.5 million mezzanine loan due from SLM based upon further deterioration in SLM’s liquidity. Reference Note 3 for further discussion. In February 2025, we received ownership of the property securing the $10.0 million mortgage note receivable in lieu of foreclosure. The fair value of the real estate assets was estimated at approximately $8.6 million, consistent with our net carrying value of the mortgage loan as of December 31, 2024. 2024 Mortgage and Other Notes Receivable Carriage Crossing Senior Living Bloomington In February 2024, we funded $15.0 million on a mortgage note receivable with Carriage Crossing Senior Living Bloomington (“Carriage Crossing”), with an additional $2.0 million available to be funded contingent upon the performance of facility operations until March 31, 2027. The five-year loan agreement provides for an annual interest rate of 8.75% and two one-year extensions with an option for the Company to purchase the facility after February 2026. Compass Senior Living, LLC In June 2024, we funded $9.5 million on a mortgage note receivable secured by two facilities with Compass Senior Living, LLC. The five-year loan agreement provides for an annual interest rate of 8.5% with an option for the Company to purchase one or both facilities after July 2026. The Sanders Trust, LLC In August 2024, we entered into an agreement to fund up to $27.7 million on a construction loan with TST Lake City IRF, LLC for the development of an in-patient rehabilitation facility to be located in Lake City, Florida. The four-year loan agreement provides for an annual interest rate of 9.0% and two one-year extensions. As of December 31, 2024, $7.4 million was outstanding on the loan. Capital Funding Group, Inc. Loan Extension In November 2024, we amended a mezzanine loan with Capital Funding Group, Inc. Pursuant to the terms of the related amended loan agreement, the loan balance increased from $25.0 million to $50.0 million. The loan bears interest at an annual rate of 10.0% and matures December 31, 2028. Montecito Medical Real Estate We have a $50.0 million mezzanine loan and security agreement with Montecito Medical Real Estate for a fund that invests in medical real estate, including medical office buildings, throughout the United States. In 2024, approximately $4.5 million of principal was repaid upon the sale by the fund of three of the underlying properties. As of December 31, 2024, $15.6 million was outstanding on the loan associated with six medical office buildings with a combined purchase price of approximately $64.7 million. In January 2025, we received an additional $6.2 million in principal repayment upon the sale of an additional property by the fund. Interest accrues at an annual rate ranging between 7.5% and 9.5% that is paid monthly in arrears. Deferred interest accrues at an additional annual rate ranging between 2.5% and 4.5% to be paid upon certain future events including repayments, sales of fund investments, and refinancings. The deferred interest will be recognized as interest income upon receipt. For the years ended December 31, 2024, 2023 and 2022, we received interest of $1.9 million, $1.8 million and $1.8 million, respectively. Funds drawn in accordance with this agreement are required to be repaid on a per-investment basis five years from deployment of the funds for the applicable investment, subject to two one-year extensions. 2023 Mortgage and Other Notes Receivable Capital Funding Group, Inc. Loan Extension In September 2023, we amended a mezzanine loan with Capital Funding Group, Inc. Pursuant to the terms of the related amended loan agreement, the loan increased from its balance of $8.1 million to $25.0 million. The interest rate on the loan was increased to 10% and the maturity was extended to December 31, 2028. Other Activity Bickford Construction and Mortgage Loans At December 31, 2024, we had one fully funded construction loan of $14.7 million outstanding to Bickford. The construction loan is secured by a first mortgage lien on substantially all of the related real and personal property as well as a pledge of any and all leases or agreements which may grant a right of use to the property. Usual and customary covenants extend to the agreement, including the borrower’s obligation for payment of insurance and taxes. NHI has a fair market value purchase option on the property upon stabilization of the underlying operations. As of December 31, 2023, we had designated a mortgage note receivable of $2.1 million, due from Bickford, as non-performing. In the fourth quarter of 2024, we received $0.7 million to settle this mortgage note receivable upon sale of the underlying property securing the loan. We executed a new unsecured loan with Bickford for the remaining balance of the mortgage loan of approximately $1.4 million, on which we maintain a full reserve. This note receivable bears interest at a 9% annual rate and matures in May 2033. At December 31, 2024, we held a $12.2 million second mortgage as a component of the purchase price consideration in connection with the sale of properties to Bickford. This second mortgage notes receivable bears interest at a 10% annual rate and matures in April 2026. Interest income was $1.3 million, $1.2 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to the second mortgage. We did not include this mortgage notes receivable in the determination of the gain recognized upon sale of the portfolio. Therefore, this mortgage notes receivable is not reflected in “ Mortgage and other notes receivable, net ” in the Consolidated Balance Sheets as of December 31, 2024 and 2023. During the years ended December 31, 2024 and 2023 Bickford repaid $0.4 million and $0.3 million, respectively, of principal on this mortgage notes receivable which is reflected in “ Gains on sales of real estate ” in the Consolidated Statements of Income. Senior Living We have provided a $20.0 million revolving line of credit to Senior Living whose borrowings under the revolver are to be used for working capital needs and to finance construction projects within its portfolio, including building additional units. Beginning January 1, 2025, availability under the revolver was reduced to $15.0 million. The revolver matures in December 2031 at the time of the Senior Living lease maturity. At December 31, 2024, the $11.3 million outstanding under the revolver bore interest at 8.0% per annum. The Company also has a mortgage loan of $32.7 million with Senior Living that originated in July 2019 for the acquisition of a 248-unit CCRC in Columbia, South Carolina. The mortgage loan matures in July 2025, which may be extended for one-year, and bears interest at an annual rate of 7.25%. Additionally, the loan conveys to NHI a purchase option at a stated minimum price of $38.3 million, subject to adjustment for market conditions. Credit Loss Reserve Our principal measures of credit quality, except for construction mortgages, are debt service coverage for amortizing loans and interest or fixed charge coverage for non-amortizing loans, collectively referred to as “Coverage.” A Coverage ratio provides a measure of the borrower’s ability to make scheduled principal and interest payments. The Coverage ratios presented in the table below have been calculated utilizing the most recent date for which data is available, September 30, 2024, using EBITDARM (earnings before interest, taxes, depreciation, amortization, rent and management fees) and the requisite debt service, interest service or fixed charges, as defined in the applicable loan agreement. We categorize Coverage into three levels: (i) more than 1.5x, (ii) between 1.0x and 1.5x, and (iii) less than 1.0x. We update the calculation of Coverage on a quarterly basis. Coverage is not a meaningful credit quality indicator for construction mortgages as either these developments are not generating any operating income, or they have insufficient operating income as occupancy levels necessary to stabilize the properties have not yet been achieved. We measure credit quality for these mortgages by considering the construction and stabilization timeline and the financial condition of the borrower as well as economic and market conditions. The tables below present outstanding note balances as of December 31, 2024 at amortized cost. We consider the guidance in ASC 310-20, Receivables - Nonrefundable Fees and Other Costs , when determining whether a modification, extension or renewal constitutes a current period origination. The credit quality indicator as of December 31, 2024, is presented below for the amortized cost, net by year of origination ( $ in thousands ): 2024 2023 2022 2021 2020 Prior Total Mortgages more than 1.5x $ 16,589 $ — $ 42,465 $ — $ — $ 32,666 $ 91,720 between 1.0x and 1.5x 23,877 725 28,387 — — 6,423 59,412 less than 1.0x — — — — — 14,700 14,700 40,466 725 70,852 — — 53,789 165,832 Mezzanine more than 1.5x — 524 — 13,137 — — 13,661 between 1.0x and 1.5x — — — 18,998 — — 18,998 less than 1.0x 24,760 229 — — — 25,000 49,989 24,760 753 — 32,135 — 25,000 82,648 Non-performing more than 1.5x — — — — — 10,000 10,000 between 1.0x and 1.5x 1,369 — — — — 14,500 15,869 1,369 — — — — 24,500 25,869 Revolver more than 1.5x 14,476 between 1.0x and 1.5x 350 14,826 Credit loss reserve (20,249) $ 268,926 Due to the continuing challenges in financial markets and the potential impact on the collectability of our mortgage and other notes receivable, we forecasted a 20% increase in the probability of a default and a 20% increase in the amount of loss from a default on all loans, other than those designated as non-performing, resulting in an effective adjustment of 40%. The methodology for estimating the reserves for non-performing loans incorporates the sufficiency of the underlying collateral and the current conditions and forecasts of future economic conditions of these loans, including qualitative factors, which may differ from conditions existing in the historical periods. The allowance for expected credit losses is presented in the following table for the year ended December 31, 2024 ( $ in thousands ): Balance at January 1, 2024 $ 15,476 Provision for expected credit losses 4,773 Balance at December 31, 2024 $ 20,249

Senior Housing Operating Portfo

Senior Housing Operating Portfolio Structure	12 Months Ended
	Dec. 31, 2024
Senior Housing Operating Portfolio Formation Activities [Abstract]
Senior Housing Operating Portfolio Structure	Senior Housing Operating Portfolio Structure Our SHOP segment is comprised of two ventures that own the operations of 15 ILFs. These ventures are structured to comply with REIT requirements and utilize the TRS for activities that would otherwise be non-qualifying for REIT purposes. The properties in each venture are operated by a property manager in exchange for a management fee. The ventures were capitalized with preferred and common equity interests, with the Company owning 100% of the preferred equity and a controlling common equity interest in each venture. The managers, or related parties of the managers, own a non-controlling common equity interest in their respective ventures. Each venture is discussed in more detail below. Merrill Managed Portfolio We have six ILFs located in California and Washington in a consolidated venture with Merrill. Merrill initially contributed $10.6 million in cash for its 20% common equity interest in the venture. For the years ended December 31, 2024, and 2023, the members contributed an additional $5.5 million and $4.6 million, respectively, to fund additional capital expenditures, of which Merrill contributed approximately $1.1 million and $0.9 million in cash in accordance with its common equity interest percentage in the venture. The operating agreement for the venture provides for contingent distributions to the members based on the attainment of certain yields on investment calculated on an annual basis. The properties are managed by Merrill pursuant to a management agreement with an initial term through March 2032 that automatically renews on a year-to-year basis thereafter unless terminated by either party with notice. The management agreement entitles Merrill to a base management fee of 5% of net revenue and a real estate services fee of 5% of real estate costs incurred during any calendar year that exceed $1,000 times the number of units at each facility. The noncontrolling interest associated with the venture was determined to be contingently redeemable and is classified in mezzanine equity on the Consolidated Balance Sheets as of December 31, 2024 and 2023, as discussed further in Note 10. Discovery Managed Portfolio We have nine ILFs located in Arkansas, Georgia, Ohio, Oklahoma, New Jersey, and South Carolina in a consolidated venture with the Discovery member, which owns a 2% common equity interest in the venture. For the years ended December 31, 2024 and 2023, the members contributed an additional $3.5 million and $2.6 million, respectively, to fund additional capital expenditures, of which the Discovery member contributed approximately $0.1 million and $0.1 million, respectively, in cash in accordance with its common equity interest percentage in the venture. The operating agreement for the venture provides for contingent distributions to the members based on the attainment of certain yields on investment calculated on an annual basis. At inception, the noncontrolling interest associated with this venture was determined to be contingently redeemable and classified in mezzanine equity on the Consolidated Balance Sheet. Effective in the fourth quarter of 2022, the operating agreement was amended, resulting in the noncontrolling interest no longer being contingently redeemable. The noncontrolling interest associated with the venture is included in “ Equity ” on the Consolidated Balance Sheets as of December 31, 2024 and 2023. The properties are managed by separate related parties of Discovery pursuant to management agreements, each with an initial term through March 2032 that automatically renews on a year-to-year basis thereafter unless terminated by either party with notice. The management agreements entitle the managers to a base management fee of 5% of net revenue.

Equity Method Investment

Equity Method Investment	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment Concurrently with the acquisition of a CCRC from LCS-Westminster Partnership III, LLP in January 2020, we invested $0.9 million in the operating company, Timber Ridge OpCo, LLC (“Timber Ridge OpCo”) representing a 25% equity interest. This investment is held by our TRS to be compliant with the provisions of the REIT Investment Diversification and Empowerment Act (“RIDEA”) of 2007. As part of our investment, we provided Timber Ridge OpCo a revolving credit facility of up to $5.0 million of which no funds have been drawn. We account for our investment in Timber Ridge OpCo under the equity method and decrease the carrying value of our investment for losses in the entity and distributions to NHI for cumulative amounts up to and including our basis plus any guaranteed or implied commitments to fund operations. In February 2023, we received $2.5 million from Timber Ridge OpCo, representing the Company’s proportionate share of the lease incentive earned, as discussed in Note 7, based on its equity interest in the entity. Our guaranteed and implied commitments are currently limited to the additional $5.0 million under the revolving credit facility and the $2.5 million lease incentive distribution received. As of December 31, 2024 and 2023, we have recognized our share of Timber Ridge OpCo’s operating losses in excess of our initial investment. These cumulative losses of $5.0 million in excess of our original basis and the $2.5 million lease incentive distribution received are included in “ Accounts payable and accrued expenses ” in our Consolidated Balance Sheets as of December 31, 2024 and 2023. Excess unrecognized equity method losses for this investment for both the years ended December 31, 2024 and 2023 were $2.7 million. Cumulative unrecognized losses for this investment were $12.2 million through December 31, 2024. We recognized gains of approximately $0.4 million, $0.6 million and $0.6 million representing cash distributions received related to our investment in Timber Ridge OpCo for the years ended December 31, 2024, 2023 and 2022 respectively. The Timber Ridge OpCo property is subject to early resident mortgages secured by a Deed of Trust and Indenture of Trust (the “Deed and Indenture”). As part of our acquisition, NHI-LCS JV I, LLC (“Timber Ridge PropCo”) acquired the Timber Ridge CCRC property and a subordination agreement was entered into pursuant to which the trustee acknowledged and confirmed that the security interests created under the Deed and Indenture were subordinate to any security interests granted in connection with the $81.0 million loan made by NHI to Timber Ridge PropCo, which is eliminated upon consolidation. In addition, under the terms of the resident loan assumption agreements, during the term of the lease (seven years with two five-year renewal options), Timber Ridge OpCo is to indemnify Timber Ridge PropCo for any repayment by Timber Ridge PropCo of these early resident mortgage liabilities under the guarantee. As a result of the subordination agreement and the resident loan assumption agreements, no liability has been recorded as of December 31, 2024. The balance secured by the Deed and Indenture was $10.3 million at December 31, 2024.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets, net consist of the following ( $ in thousands ): December 31, 2024 December 31, 2023 SHOP accounts receivable, net of allowance of $494 and $343, and other assets $ 2,232 $ 1,620 Real estate investments accounts receivable and prepaid expenses 4,223 3,296 Lease incentive payments, net 7,877 10,669 Regulatory escrows 6,208 6,208 Restricted cash 2,213 2,270 $ 22,753 $ 24,063 In February 2023, Timber Ridge PropCo, the consolidated senior housing partnership with LCS that owns the Timber Ridge CCRC, paid a $10.0 million lease incentive earned by Timber Ridge OpCo. The lease incentive is being amortized on a straight-line basis through the remaining initial lease term ending January 2027.

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Instruments [Abstract]
Debt	Debt Debt consisted of the following ( $ in thousands ): December 31, 2024 December 31, 2023 Revolving credit facility - unsecured $ 331,200 $ 245,000 Bank term loans - unsecured 200,000 200,000 2031 Senior Notes - unsecured, net of discount of $1,956 and $2,278 398,044 397,722 Private placement notes - unsecured 150,000 225,000 Fannie Mae term loans - secured, non-recourse 75,815 76,241 Unamortized loan costs (9,018) (8,912) $ 1,146,041 $ 1,135,051 Aggregate principal maturities of debt as of December 31, 2024 for each of the next five years and thereafter are included in the table below. These maturities do not include the impact of any debt incurred or repaid subsequent to December 31, 2024 ( $ in thousands ): For The Year Ending December 31, 2025 $ 325,815 2026 — 2027 100,000 2028 331,200 2029 — Thereafter 400,000 1,157,015 Less: discount (1,956) Less: unamortized loan costs (9,018) $ 1,146,041 Unsecured revolving credit facility and bank term loan We have a $700.0 million unsecured revolving credit facility (the “Credit Facility”), which was amended and restated on October 24, 2024 to extend the maturity date from March 2026 to October 2028, which may be further extended by us pursuant to (i) one or both of the two six-month extension options or (ii) one twelve-month extension option. Borrowings under the Credit Facility bear interest, at our election, at one of the following (a) Term Secured Overnight Financing Rate (“SOFR”) (plus a credit spread adjustment) plus a margin ranging from 0.725% to 1.40%, (b) Daily SOFR (plus a credit spread adjustment) plus a margin ranging from 0.725% to 1.40% or (c) the base rate plus a margin ranging from 0.00% to 0.40%. In each election, the actual margin is determined according to our credit ratings. The base rate means, for any day, a fluctuating rate per annum equal to the highest of (x) the agent’s prime rate, (y) the federal funds rate on such day plus 0.50% or (z) the adjusted Term SOFR for a one-month tenor in effect on such day plus 1.0%. In addition, the Credit Facility requires a facility fee equal to 0.125% to 0.30%, based on our credit rating on the $700.0 million committed capacity, without regard to usage. We expensed approximately $0.2 million of unamortized loan costs and incurred approximately $3.6 million in costs related to the Credit Facility during the year ended December 31, 2024. At December 31, 2024, we had $368.8 million available to draw on the Credit Facility, subject to usual and customary covenants. Among other stipulations, the unsecured credit facility agreement requires that we maintain certain financial ratios within limits set by our creditors. At December 31, 2024, we were in compliance with these ratios. In 2023, we repaid $20.0 million of a term loan due in 2023 (the “2023 Term Loan”). In June 2023, we entered into a two-year $200.0 million term loan (the “2025 Term Loan”) bearing interest at a variable rate which is SOFR-based with a margin determined according to our credit ratings plus a 0.10% credit spread adjustment. The Company incurred approximately $2.7 million of deferred financing costs associated with this loan. The 2025 Term Loan proceeds were used to repay a portion of the remaining $220.0 million 2023 Term Loan balance, which was repaid in full in June 2023. Upon repayment, we expensed approximately $0.1 million of unamortized loan costs associated with this loan which are included in “ Loss on early retirement of debt ” in our Consolidated Statement of Income for the year ended December 31, 2023. Concurrently with the amendment and restatement of the Credit Facility, we amended the terms of the term loan agreement for the 2025 Term Loan to, among other things, modify the representations, covenants, financial covenants, and events of default to align with the same provisions in Credit Facility. In 2022, we repaid a $75.0 million term loan in advance of its contractual maturity date resulting in a $0.2 million charge reflected in “ Loss on early retirement of debt ” in our Consolidated Statement of Income for the year ended December 31, 2022. Pinnacle Bank is a participating member of our banking group. A member of NHI’s Board of Directors and chairperson of the Board of Directors, effective January 7, 2025, is also the chairperson of Pinnacle Financial Partners, Inc., the holding company for Pinnacle Bank. NHI’s local banking transactions are conducted primarily through Pinnacle Bank. 2031 Senior Notes In January 2021, we issued $400.0 million in aggregate principal amount of 3.00% senior notes that mature on February 1, 2031 and pay interest semi-annually (the “2031 Senior Notes”). The 2031 Senior Notes were sold at an issue price of 99.196% of face value before the underwriters’ discount. Our net proceeds fr om the 2031 Senior Notes offering, after deducting underwriting discounts and expenses, were approximately $392.3 million. The 2031 Senior Notes are subject to affirmative and negative covenants, including financial covenants with which we were in compliance at December 31, 2024. Private Placement Notes In September 2024, we repaid upon maturity the $75.0 million of the private placement notes primarily with proceeds from the Credit Facility. Our unsecured private placement notes outstanding as of December 31, 2024, payable interest-only, are summarized below ( $ in thousands ): Amount Inception Maturity Fixed Rate $ 50,000 November 2015 November 2025 4.33 % 100,000 January 2015 January 2027 4.51 % $ 150,000 Covenants pertaining to the unsecured private placement notes are generally conformed with those governing our Credit Facility, except for specific debt-coverage ratios that are more restrictive. Our unsecured private placement notes include a rate increase provision that is effective if any rating agency lowers our credit rating on our senior unsecured debt below investment grade and our compliance leverage increases to 50% or mo re. Fannie Mae Term Loans As of December 31, 2024, we had $60.1 million in Fannie Mae term-debt mortgage financing, that originated in March 2015, requiring interest-only payments at an annual rate of 3.79% with a 10-year maturity. The mortgages are non-recourse and secured by 11 properties leased to Bickford. In a December 2017 acquisition, we assumed additional Fannie Mae debt that amortizes through 2025 when a balloon payment will be due, bears interest at a rate of 4.6%, and has a remaining balance of $15.7 million at December 31, 2024. Collectively, the Fannie Mae debt is secured by properties having a net book value of $98.2 million at December 31, 2024. Interest Expense The following table summarizes interest expense ( $ in thousands ): December 31, 2024 2024 2023 2022 Interest expense on debt at contractual rates $ 56,313 $ 55,603 $ 42,487 Capitalized interest (193) (90) (46) Amortization of debt issuance costs, debt discount and other 3,783 2,647 2,476 Total interest expense $ 59,903 $ 58,160 $ 44,917

Commitments, Contingencies and

Commitments, Contingencies and Uncertainties	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Uncertainties	Commitments, Contingencies and Uncertainties In the normal course of business, we enter into a variety of commitments, typically consisting of funding of revolving credit arrangements, construction and mezzanine loans to our operators to conduct expansions and acquisitions for their own account, and commitments for the funding of construction for expansion or renovation to our existing properties under lease. In our leasing operations, we offer to our tenants and to sellers of newly acquired properties a variety of inducements that originate contractually as contingencies but which may become commitments upon the satisfaction of the contingent event. Contingent payments earned are included in the respective lease bases when funded. As of December 31, 2024, we had working capital, mortgage, construction, revolving credit and mezzanine loan commitments to seven operators or borrowers for an aggregate of $138.2 million, of which we had funded $70.7 million toward these commitments. Loan funded amounts do not reflect the effects of discounts or commitment fees. See Note 4 for further details of our loan commitments. Loans funded do not include the effects of discounts or commitment fees. As of December 31, 2024, we had $37.1 million of development commitments for renovation of eight properties, of which we had funded $19.5 million toward these commitments. As of December 31, 2024, we had an aggregate of $16.9 million in remaining contingent lease inducement commitments in four lease agreements which are generally based on the performance of facility operations and may or may not be met by the tenant. The credit loss liability for unfunded loan commitments is estimated using the same methodology as used for our funded mortgage and other notes receivable based on the estimated amount that we expect to fund. We applied the same market adjustments as discussed in Note 4. The liability for expected credit losses on our unfunded loan commitments reflected in “ Accounts payable and accrued expenses ” on the Consolidated Balance Sheets as of December 31, 2024 and 2023 is presented in the following table for the year ended December 31, 2024 ( $ in thousands ): Balance at January 1, 2024 $ 279 Provision for expected credit losses (132) Balance at December 31, 2024 $ 147 Bickford Contingent Note Arrangement Related to the sale of six properties to Bickford in 2021 we reached an agreement with Bickford whereby Bickford would owe us up to $4.5 million under a contingent note arrangement. We have the one-time option to determine fair market value of the portfolio through April 30, 2026, at which time the amount owed under the contingent note arrangement, if any, will be determined as the lesser of (i) the difference between the fair market value of the portfolio and $52.1 million, which amount represents the purchase consideration for the portfolio of $52.9 million less $0.8 million in mortgage debt repayment fees previously paid by us associated with this portfolio, and (ii) $4.5 million. Any amount due on the contingent note arrangement will accrue interest at an annual rate of 10% and will be due in five years from the determination date. Litigation Our facilities are subject to claims and suits in the ordinary course of business. Such claims may include, among other things, professional liability and general liability claims, as well as regulatory proceedings related to our SHOP segment. Our managers, tenants and borrowers have indemnified, and are obligated to continue to indemnify, us against liabilities arising from their operation of the facilities, and are further obligated to indemnify us against environmental or title problems affecting the real estate underlying such facilities. While there may be lawsuits pending against us and certain of the owners and/or lessees of the facilities, management believes that the ultimate resolution of all such pending proceedings will have no material adverse effect on our financial condition, results of operations or cash flows. Welltower Inc. In 2021, Welltower completed the purchase of a senior housing portfolio from Holiday Retirement (“Holiday”), which included 17 facilities subject to a 2013 master lease between a Holiday subsidiary and NHI. NHI received no rent due under such master lease after the Welltower closing. As a result, NHI and certain of its subsidiaries filed suit against Welltower and certain of its affiliates or subsidiaries for, among other things, failure to pay rent and failure to comply with other obligations. Pursuant to a memorandum of understanding dated March 4, 2022, NHI applied the remaining approximately $8.8 million lease deposit to past due rents in the first quarter of 2022, and Welltower transferred approximately $6.9 million to an escrow account to be released to NHI upon satisfactory transition of facility operations and mutual dismissal of the lawsuit. Effective April 1, 2022, the escrow conditions were satisfied, the escrowed funds were released, and NHI recognized $6.9 million as rental income during the year ended December 31, 2022. NHI recognized approximately $0.7 million as a “ Loss on operations transfer, net” on the Consolidated Statements of Income for the year ended December 31, 2022, which represents the amount of net working capital deficit assumed by NHI in connection with the transfer of operations.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interest	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest The interest held by Merrill in its SHOP venture was classified as a “ Redeemable noncontrolling interest ” in the mezzanine section between Total liabilities and Stockholders’ equity on our Consolidated Balance Sheets as of December 31, 2024 and 2023. Certain provisions within the operating agreement of the Merrill venture provide Merrill with put rights upon certain contingent events that are not solely within the control of the Company. Therefore, Merrill’s noncontrolling interest was determined to be contingently redeemable. The redeemable noncontrolling interest is not currently redeemable and we concluded a contingent redemption event is not probable to occur as of December 31, 2024. Consequently, the noncontrolling interest will not be subsequently remeasured to its redemption amount until such contingent event and the related redemption are probable to occur. We will continue to reflect the attribution of gains or losses to the redeemable noncontrolling interest each period. The following table presents the change in “ Redeemable noncontrolling interest ” for the years ended December 31, 2024 and 2023 ( $ in thousands ): Year Ended December 31, 2024 2023 Balance at January 1, $ 9,656 $ 9,825 Contributions 1,100 922 Net loss (916) (1,091) Distributions (50) — Balance at December 31, $ 9,790 $ 9,656

Equity and Dividends

Equity and Dividends	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity and Dividends	Equity and Dividends Share Repurchase Plan On February 16, 2024, our Board of Directors renewed our stock repurchase plan (the “Repurchase Plan”) pursuant to which we may repurchase up to $160.0 million in shares of our issued and outstanding common stock, par value $0.01 per share. The Repurchase plan, which was effective for a period of one year, expired in February 2025. Under the Repurchase Plan shares could be repurchased from time-to-time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with the terms of Rule 10b-18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act”). No common stock was repurchased under the Repurchase Plan during the years ended December 31, 2024 and 2023. During the year ended December 31, 2022, we repurchased through the open market transactions approximately 2.5 million shares of common stock for an average price of $61.56 per share, excluding commissions. All shares received were constructively retired upon receipt, and the excess of the purchase price over the par value per share was recorded to “ Retained earnings ” in the Consolidated Balance Sheet. Forward Sale Agreements In August 2024, we entered into forward equity sale agreements with financial institutions to sell up to an aggregate of approximately 2.8 million shares of common stock, at an initial forward sale price of $68.40 per share, pursuant to which the financial institutions borrowed and sold these shares of common stock in a public offering. We did not receive any proceeds from the sale of shares of our common stock by the forward purchasers at the time of the offering. In the fourth quarter of 2024, we partially settled the forward equity sale agreements by issuing approximately 1.8 million shares of common stock for net proceeds of approximately $122.4 million. As of December 31, 2024, the remaining 1.0 million shares of common stock were available for settlement for proceeds of approximately $64.9 million at a forward price of $67.65. ATM Equity Program We maintain an ATM equity program which allows us to sell our common stock directly into the market and have entered into an ATM equity offering sales agreement pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $500.0 million of the Company’s common stock. The ATM equity program has a forward sale provision which allows us to sell shares of common stock to forward purchasers at a predetermined price at a future date (the “ATM forward sale agreements”). On November 22, 2024, we entered into an ATM forward sale agreement with a financial institution to sell shares of common stock over a forward selling period to be completed by the end of the year. We sold approximately 1.0 million shares on a forward basis at a weighted average price of $74.99 per share net of sales agent fees, or $74.2 million. We did not initially receive any proceeds from the sale of shares on a forward basis. On December 19, 2024, we closed the forward selling period and completed the hedge with the financial institution at an initial forward price of $75.17 per share. Prior to this date, we did not qualify for equity treatment in accordance with ASC 815-40. Accordingly, we have recognized a gain of approximately $6.3 million for the year ended December 31, 2024 representing the net asset of the forward at the conclusion of the forward selling period. Upon hedge completion, the forward qualified for equity treatment and we reclassified the asset into “ Capital in excess of par value ” on the Consolidated Balance Sheet. The gain is reflected in “ Gain on forward equity sale agreement, net” on the Consolidated Statements of Income. On December 26, 2024, we physically settled in part the forward by issuing approximately 0.3 million shares of common stock and received net proceeds of approximately $20.0 million, or $75.22 per share. As of December 31, 2024, the remaining approximately 0.7 million shares of common stock were available for settlement for proceeds of approximately $53.8 million at a forward price of $74.36. No shares were sold under the ATM equity program during the year ended December 31, 2023. Dividends The following table summarizes dividends declared by the Board of Directors or paid during the years ended December 31, 2024 and 2023: Year Ended December 31, 2024 Date of Declaration Date of Record Date Paid/Payable Quarterly Dividend February 16, 2024 March 28, 2024 May 3, 2024 $0.90 May 3, 2024 June 28, 2024 August 2, 2024 $0.90 August 2, 2024 September 27, 2024 November 1, 2024 $0.90 November 1, 2024 December 31, 2024 January 29, 2025 $0.90 Year Ended December 31, 2023 Date of Declaration Date of Record Date Paid/Payable Quarterly Dividend February 17, 2023 March 31, 2023 May 5, 2023 $0.90 May 5, 2023 June 30, 2023 August 4, 2023 $0.90 August 4, 2023 September 29, 2023 November 3, 2023 $0.90 November 3, 2023 December 29, 2023 January 26, 2024 $0.90 On February 14, 2025, the Board of Directors declared a $0.90 per share dividend to common stockholders of record on March 31, 2025, payable May 2, 2025.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation We recognize share-based compensation for all stock options granted over the requisite service period using the fair value of these grants as estimated at the date of grant using the Black-Scholes pricing model over the requisite service period using the market value of our publicly traded common stock on the date of grant. Restricted stock awards are issued with a grant date fair value based on the market value of our common stock on the date of grant. The restricted stock awards vest over five years, with 20% vesting on each anniversary of the date of grant. The restricted stock awards contain non-forfeitable rights to dividends or dividend equivalents during the vesting periods. Share-Based Compensation Plans The Compensation Committee of the Board of Directors (the “Committee”) has the authority to select the participants to be granted options; to designate whether the option granted is an incentive stock option (“ISO”), a non-qualified option, or a stock appreciation right; to establish the number of shares of common stock that may be issued upon exercise of the option; to establish the vesting provision for any award; and to establish the term any award may be outstanding. The exercise price of any ISOs granted will not be less than 100% of the fair market value of the shares of common stock on the date granted and the term of an ISO may not be more than ten years. The exercise price of any non-qualified options granted will not be less than 100% of the fair market value of the shares of common stock on the date granted unless so determined by the Committee. The Company’s outstanding stock incentive awards have been granted under two incentive plans – the 2012 Stock Incentive Plan and the 2019 Stock Incentive Plan, as amended and restated (the “2019 Plan”). The number of shares of common stock authorized for issuance under the 2019 Plan is 6,000,000 and the Company may award shares of restricted stock and restricted stock units subject to such conditions and restrictions as the Company may determine. The individual awards may vest over periods up to five years. The term of the awards under the 2019 Plan is up to ten years from the date of grant. As of December 31, 2024, shares available for future grants totaled 3,713,168 under the 2019 Plan. In February 2024, 15,000 shares of restricted stock were issued to executive officers with a grant date fair value of $57.76 per share based on the market value of our common stock on the date of grant. In May 2023, 21,000 shares of restricted stock were issued to executive officers with a grant date fair value of $49.30 per share based on the market value of our common stock on the date of grant. The restricted stock awards vests over five years, with 20% vesting on each anniversary of the date of grant. The restricted stock awards contain non-forfeitable rights to dividends or dividend equivalents during the vesting periods. During the second quarter of 2024, 3,970 net shares of restricted stock vested. As of December 31, 2024, there were 31,800 non-vested shares of restricted stock outstanding. Compensation expense is recognized only for the awards that ultimately vest. Accordingly, forfeitures that were not expected may result in the reversal of previously recorded compensation expense. The following is a summary of share-based compensation expense, net of any forfeitures, included in “ General and administrative expenses ” in the Consolidated Statements of Income ( $ in thousands ): December 31, 2024 December 31, 2023 December 31, 2022 Shared-based compensation components: Restricted stock expense $ 676 $ 310 $ — Stock option expense 3,506 4,295 8,613 Total share-based compensation expense $ 4,182 $ 4,605 $ 8,613 Determining Fair Value of Option Awards The fair value of each option award was estimated on the grant date using the Black-Scholes option valuation model with the weighted average assumptions indicated in the following table. Each grant is valued as a single award with an expected term based upon expected employee and termination behavior. Compensation expense is recognized on the graded vesting method over the requisite service period for each separately vesting tranche of the award as though the award were, in substance, multiple awards. The expected volatility is derived using daily historical data for periods preceding the date of grant. The risk-free interest rate is the approximate yield on the United States Treasury Strips having a life equal to the expected option life on the date of grant. The expected life is an estimate of the number of years an option will be held before it is exercised. Stock Options The weighted average fair value of options granted was $7.36, $10.56 and $11.92 for the years ended December 31, 2024, 2023 and 2022, respectively. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: December 31, 2024 December 31, 2023 December 31, 2022 Dividend yield 6.4% 6.9% 7.0% Expected volatility 26.1% 39.0% 49.3% Expected lives 2.9 years 2.9 years 2.9 years Risk-free interest rate 4.49% 4.56% 1.75% Stock Option Activity The following tables summarize our outstanding stock options: Weighted Average Number Weighted Average Remaining of Shares Exercise Price Contractual Life (Years) Outstanding December 31, 2021 1,652,505 $78.10 Options granted under 2019 Plan 718,000 $53.62 Options exercised under 2019 Plan (56,832) $53.41 Options forfeited (23,000) $62.33 Options expired (74,498) $77.93 Outstanding December 31, 2022 2,216,175 $70.97 Options granted under 2019 Plan 385,500 $54.73 Options exercised (5,166) $53.41 Options forfeited (61,168) $66.44 Options expired (88,170) $64.33 Outstanding December 31, 2023 2,447,171 $68.80 Options granted under 2019 Plan 431,000 $57.76 Options exercised (1,065,119) $58.24 Options forfeited (95,000) $68.00 Options expired (301,837) $79.96 Outstanding December 31, 2024 1,416,215 $71.06 1.78 Exercisable at December 31, 2024 1,075,521 $75.56 1.12 Remaining Grant Number Exercise Contractual Date of Shares Price Life in Years 2/21/2020 491,000 $ 90.79 0.14 2/25/2021 322,500 $ 69.20 1.15 2/25/2022 126,560 $ 53.41 2.15 2/24/2023 171,650 $ 54.73 3.15 2/23/2024 304,505 $ 57.76 4.15 Options outstanding, December 31, 2024 1,416,215 The following table summarizes our outstanding non-vested stock options: Number of Shares Weighted Average Grant Date Fair Value Non-vested December 31, 2023 368,344 $11.48 Options granted under 2019 Plan 431,000 $7.36 Options vested under 2019 Plan (458,650) $9.68 Non-vested December 31, 2024 340,694 $8.71 As of December 31, 2024, unrecognized compensation expense totaling $1.7 million associated with stock-based awards was expected to be recognized over the following periods: 2025 - $1.2 million, 2026 - $0.3 million, 2027 - $0.1 million, and 2028 - $0.1 million.. Share-based compensation expense is included in “ General and administrative expense ” in the Consolidated Statements of Income. At December 31, 2024, the aggregate intrinsic value of stock options outstanding and exercisable was $8.1 million and $3.8 million, respectfully. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $11.8 million or $77.92 per share; less than $0.01 million or $1.23 per share, and $0.1 million or $6.13 per share, respectively.

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Our unvested restricted stock awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. Therefore, the Company applies the two-class method to calculate basic and diluted earnings. Under the two-class method, we allocate net income attributable to stockholders to common stockholders and holders of unvested restricted stock by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods, based on their respective participation rights to dividends declared and undistributed earnings. Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted number of shares of common stock outstanding during the period. Diluted earnings per common share reflects the effect of dilutive securities. The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ( $ in thousands, except share and per share amounts ): Year Ended December 31, 2024 2023 2022 Net income $ 136,639 $ 134,381 $ 65,501 Add: net loss attributable to noncontrolling interests 1,346 1,273 $ 902 Net income attributable to stockholders 137,985 135,654 66,403 Less: net income attributable to unvested restricted stock awards (118) (57) — Net income attributable to common stockholders - basic and diluted $ 137,867 $ 135,597 $ 66,403 BASIC: Weighted average common shares outstanding 43,844,771 43,388,794 44,774,708 DILUTED: Weighted average common shares outstanding 43,844,771 43,388,794 44,774,708 Stock options 184,416 672 19,528 Forward equity sales agreement 73,449 — — Weighted average dilutive common shares outstanding 44,102,636 43,389,466 44,794,236 Earnings per common share - basic $ 3.14 $ 3.13 $ 1.48 Earnings per common share - diluted $ 3.13 $ 3.13 $ 1.48 Incremental anti-dilutive shares excluded: Net share effect of stock options with an exercise price in excess of the average market price for our common shares 235,344 802,506 564,803 Regular dividends declared per common share $ 3.60 $ 3.60 $ 3.60

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Carrying amounts and fair values of financial instruments that are not carried at fair value at December 31, 2024 and December 31, 2023 in the Consolidated Balance Sheets are as follows ( $ in thousands ): Carrying Amount Fair Value Measurement 2024 2023 2024 2023 Level 2 Variable rate debt $ 525,177 $ 439,693 $ 531,200 $ 445,000 Fixed rate debt $ 620,864 $ 695,358 $ 548,339 $ 616,852 Level 3 Mortgage and other notes receivable, net $ 268,926 $ 245,271 $ 261,708 $ 237,646 Fixed rate debt. Fixed rate debt is classified as Level 2 and its fair value is based on quoted prices for similar instruments or calculated utilizing model derived valuations in which significant inputs are observable in active markets. Variable rate debt. Variable rate debt is classified as Level 2 and the fair values of our borrowings under our revolving credit facility and other variable rate debt are reasonably estimated at their notional amounts due to the predominance of floating interest rates, which generally reflect market conditions. Mortgage and other notes receivable . The fair value of mortgage and other notes receivable is based on credit risk and discount rates that are not observable in the marketplace and therefore represents a Level 3 measurement. Carrying amounts of cash and cash equivalents and restricted cash, accounts receivable and accounts payable approximate fair value due to their short-term nature and are classified as Level 1.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Beginning with our inception in 1991, we have elected to be taxed as a REIT under the Internal Revenue C ode. We have recorded state income tax expense of $0.1 million related to a Texas franchise tax that has attributes of an income tax for each of the years ended years ended December 31, 2024, 2023, and 2022. Some of our leases require taxes to be reimbursed by our tenants. State income taxes are combined in “ Franchise, excise and other taxes ” in our Consolidated Statements of Income. We have a deferred tax asset, which is fully reserved through a valuation allowanc e, of $0.9 million and $2.2 million as of December 31, 2024 and 2023 , respectively. The deferred tax asset is primarily a result of net operating losses from our participation in the operations of a joint venture during the years 2012 through 2016 and by entities that are structured as TRSs under provisions of the Internal Revenue Code. See Notes 5 and 6 for a discussion of SHOP ventures and Timber Ridge OpCo. The Company made state income tax payments of $0.2 million for each of the years ended December 31, 2024, 2023, and 2022. Distributions to common stockholders for the last three years are characterized for tax purposes as follows on a per share basis ( unaudited ): Year Ended December 31, 2024 1 2023 2022 Ordinary income $ 2.84119 $ 2.40807 $ 2.61966 Capital gain — 0.24805 — Return of capital — 0.94388 0.98034 Distributions per common share $ 2.84119 $ 3.60 $ 3.60 1 Pursuant to Section 857(b)(9) of the Internal Revenue Code, the $0.90 per share cash distribution paid on January 29, 2025 with a record date of December 31, 2024 (the “January 2025 Cash Distribution”) is treated as received by stockholders on December 31, 2024 to the extent of 2024 earnings and profits. As the Company’s aggregate 2024 cash distributions exceeded 2024 earnings and profits, only a portion of the January 2025 Cash Distribution has been included as a distribution for 2024 tax reporting. The remainder of the January 2025 Cash Distribution will be treated as a 2025 distribution for federal income tax purposes.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We evaluate our business and make resource allocations on our two operating segments: Real Estate Investments and SHOP. Our Real Estate Investments segment includes leases, mortgages and other note investments in ILFs, ALFs, EFCs, SLCs, SNFs and HOSPs. Under the Real Estate Investments segment, we invest in senior housing and healthcare real estate through acquisition and financing of primarily single-tenant properties. Properties acquired are leased primarily under triple-net leases, and we are not involved in the management of the properties. The SHOP segment includes multi-tenant ILFs. The SHOP properties and related operations are controlled by the Company and are operated by property managers in exchange for a management fee. See Note 5 for further discussion. Effective April 1, 2022, the operations and properties of 15 ILFs were transferred from a triple-net lease to two separate ventures, as discussed further in Notes 5 and 10. The results associated with the prior triple-net lease structure for these properties are included in the Real Estate Investments segment and the results from operating these SHOP properties after the transition are included in our SHOP segment. Our President and Chief Executive Officer serves as our CODM. Our CODM reviews financial and performance information quarterly based upon segment net operating income (“NOI”). We define NOI as total revenues, less tenant reimbursements and property operating expenses. Our CODM evaluates NOI to make decisions about resource allocations and to assess the property level performance of our properties. For both segments, the CODM considers revenue and operating expenses on a comparative basis (i.e., sequential or year over year) and budget to actual variances on a quarterly basis when making decisions about allocating resources to the segments. In addition, for the SHOP segment, the CODM reviews key performance indicators, including revenues and operating expenses per occupied unit or available unit and resident revenues and related functional expenses. There were no intersegment transactions for years ended December 31, 2024, 2023 and 2022. Capital expenditures for the years ended December 31, 2024, 2023 and 2022, were approximately $169.2 million, $56.9 million and $30.8 million for the Real Estate Investments segment, respectively, and $11.0 million, $9.3 million and $3.3 million for the SHOP segment, respectively. Non-segment revenue consists mainly of other income. Non-segment assets consist of corporate assets including cash and cash equivalents, and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2. The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. Prior period segment disclosures have been recast to conform to the current period presentation. Summary information for the reportable segments during the years ended December 31, 2024, 2023 and 2022 are as follows ( $ in thousands ): For the year ended December 31, 2024: Real Estate Investments SHOP Non-segment/Corporate Total Rental income $ 257,049 $ — $ — $ 257,049 Resident fees and services — 54,421 — 54,421 Interest income and other 23,243 — 468 23,711 Total revenues 280,292 54,421 468 335,181 Labor — 17,166 — 17,166 Dietary — 4,287 — 4,287 Utilities — 3,887 — 3,887 Taxes and insurance 11,165 6,412 — 17,577 Other senior housing operating expenses 1 — 10,499 — 10,499 NOI 269,127 12,170 468 281,765 Depreciation 61,249 10,157 37 71,443 Interest 3,060 — 56,843 59,903 Legal — — 1,052 1,052 Franchise, excise and other taxes — — 38 38 General and administrative — — 20,736 20,736 Loan and realty losses, net 5,295 — — 5,295 Gains on sales of real estate (6,678) — — (6,678) Gains from equity method investment (402) — — (402) Gain on forward equity sale agreement, net — — (6,261) (6,261) Net income (loss) $ 206,603 $ 2,013 $ (71,977) $ 136,639 Total assets $ 2,325,269 $ 270,273 $ 18,829 $ 2,614,371 1 Includes management fees, general and administrative and marketing expenses. For the year ended December 31, 2023: Real Estate Investments SHOP Non-segment/Corporate Total Rental income $ 249,227 $ — $ — $ 249,227 Resident fees and services — 48,809 — 48,809 Interest income and other 21,448 — 351 21,799 Total revenues 270,675 48,809 351 319,835 Labor — 16,165 — 16,165 Dietary — 3,763 — 3,763 Utilities — 3,537 — 3,537 Taxes and insurance 11,513 5,889 — 17,402 Other senior housing operating expenses 1 — 10,233 — 10,233 NOI 259,162 9,222 351 268,735 Depreciation 60,764 9,158 51 69,973 Interest 3,071 — 55,089 58,160 Legal — — 507 507 Franchise, excise and other taxes — — 449 449 General and administrative — — 19,314 19,314 Loan and realty losses, net 1,376 — — 1,376 Gains on sales of real estate (14,721) — — (14,721) Gain on operations transfer, net (20) — — (20) Other income (202) — — (202) Loss on early retirement of debt — — 73 73 Gains from equity method investment (555) — — (555) Net income (loss) $ 209,449 $ 64 $ (75,132) $ 134,381 Total assets $ 2,202,647 $ 270,051 $ 15,782 $ 2,488,480 1 Includes management fees, general and administrative and marketing expenses. For the year ended December 31, 2022: Real Estate Investments SHOP Non-segment/Corporate Total Rental income $ 217,700 $ — $ — $ 217,700 Resident fees and services — 35,796 — 35,796 Interest income and other 24,383 — 315 24,698 Total revenues 242,083 35,796 315 278,194 Labor — 11,184 — 11,184 Dietary — 2,749 — 2,749 Utilities — 2,633 — 2,633 Taxes and insurance 9,788 4,183 — 13,971 Other senior housing operating expenses 1 — 7,444 — 7,444 NOI 232,295 7,603 315 240,213 Depreciation 64,407 6,408 65 70,880 Interest 3,089 — 41,828 44,917 Legal — — 2,555 2,555 Franchise, excise and other taxes — — 844 844 General and administrative — — 22,768 22,768 Loan and realty losses, net 61,911 — — 61,911 Gains on sales of real estate (28,342) — — (28,342) Loss on operations transfer, net 710 — — 710 Gain on note receivable payoff (1,113) — — (1,113) Loss on early retirement of debt — — 151 151 Gains from equity method investment (569) — — (569) Net income (loss) $ 132,202 $ 1,195 $ (67,896) $ 65,501 Total assets $ 2,225,176 $ 274,135 $ 8,113 $ 2,507,424 1 Includes management fees, general and administrative and marketing expenses.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Consolidated Variable Interest Entities SHOP - The assets of the SHOP ventures primarily consist of real estate properties, cash and cash equivalents, and resident fees and services (accounts receivable). The obligations of the ventures primarily consist of operating expenses of the ILFs (accounts payable and accrued expenses) and capital expenditures for the properties. Aggregate assets of the consolidated SHOP ventures that can be used only to settle obligations of each respective SHOP venture primarily include approximately $261.6 million and $260.7 million of real estate properties, net, $6.5 million and $7.7 million of cash and cash equivalents, $1.5 million and $0.9 million of other assets, and $0.8 million and $0.8 million of accounts receivable, net as of December 31, 2024 and 2023, respectively. Liabilities of the consolidated SHOP ventures for which creditors do not have recourse to the general credit of the Company are $5.7 million and $4.7 million as of December 31, 2024 and 2023, respectively. Reference Notes 5 and 10 for further discussion of these ventures. Real Estate Partnerships - The aggregate assets of the two consolidated real estate partnerships that can be used only to settle obligations of each respective partnership for the years ended December 31, 2024 and 2023 include approximately $244.3 million and $252.5 million of real estate properties, net, $10.0 million and $9.7 million in straight-line rents receivable, $3.2 million and $3.2 million of cash and cash equivalents and $5.3 million and $7.8 million of other assets, net, respectively. Liabilities of these partnerships for which creditors do not have recourse to the general credit of the Company are not material. Unconsolidated Variable Interest Entities The Company’s unconsolidated VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of exposure to these VIEs, see the notes to our consolidated financial statements cross-referenced below ( $ in thousands ). Date Name Source of Exposure Carrying Amount Maximum Exposure to Loss Note Reference 2014 Senior Living Notes and straight-line rents receivable $ 84,087 $ 92,837 Notes 3, 4 2016 Senior Living Management Notes $ 24,500 $ 24,500 Notes 3, 4 2018 Bickford Notes $ 16,186 $ 28,432 Notes 3, 4 2019 Encore Senior Living Various 1 $ 35,330 $ 35,397 — 2020 Timber Ridge OpCo Various 2 $ (1,332) $ 3,668 Notes 6, 7 2020 Watermark Retirement Notes and straight-line rents receivable $ 10,293 $ 12,067 — 2021 Montecito Medical Real Estate Notes and funding commitment $ 15,618 $ 50,053 Note 4 2021 Vizion Health Notes and straight-line rents receivable $ 15,244 $ 15,244 — 2021 Navion Senior Solutions Various 3 $ 7,730 $ 9,880 — 2023 Kindcare Senior Living Notes 4 $ 785 $ 785 — 2024 Mainstay Healthcare Maitland, LLC Note $ 9,019 $ 9,019 — 1 Note, straight-line rents receivable, and lease receivables 2 Loan commitment, equity method investment, straight-line rents receivable and unamortized lease incentive 3 Straight-line rents receivable, and unamortized lease incentive 4 Represents two mezzanine loans originated from the sales of real estate We are not obligated to provide support beyond our stated commitments to these tenants and borrowers whom we classify as VIEs, and accordingly, our maximum exposure to loss as a result of these relationships is limited to the amount of our commitments, as shown above and discussed in the notes. Economic loss on a lease, in excess of what is presented in the table above, if any, would be limited to that resulting from any period of non-payment of rent before we are able to take effective remedial action, as well as costs incurred in transitioning the lease to a new tenant. The potential extent of such loss would be dependent upon individual facts and circumstances, and is therefore not included in the table above. In the future, NHI may be deemed the primary beneficiary of the operations if the tenants or borrowers do not have adequate liquidity to accept the risks and rewards as the tenants and operators of the properties and NHI may be required to consolidate the financial position and results of operations of the tenants or borrowers into our consolidated financial statements.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
Schedule III - Real Estate and Accumulated Depreciation [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	NATIONAL HEALTH INVESTORS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 ($ in thousands) Costs Initial Cost to Company (C) Capitalized Date Buildings & Subsequent to Buildings & Accumulated Acquired/ Encumbrances (A) Land Improvements Acquisition Land Improvements (D) Total (E) Depreciation (B) Constructed Real Estate Investments Skilled Nursing Facilities Anniston, AL $ — $ 70 $ 4,477 $ — $ 70 $ 4,477 $ 4,547 $ 3,860 10/17/1991 Moulton, AL — 25 688 — 25 688 713 688 10/17/1991 Avondale, AZ — 453 6,678 — 453 6,678 7,131 4,795 08/13/1996 Brooksville, FL — 1,217 16,166 — 1,217 16,166 17,383 6,029 02/01/2010 Crystal River, FL — 912 12,117 — 912 12,117 13,029 4,519 02/01/2010 Dade City, FL — 605 8,042 — 605 8,042 8,647 2,999 02/01/2010 Hudson, FL (2 facilities) — 1,290 22,392 — 1,290 22,392 23,682 13,807 Various Merritt Island, FL — 701 8,869 — 701 8,869 9,570 7,942 10/17/1991 New Port Richey, FL — 228 3,023 — 228 3,023 3,251 1,127 02/01/2010 Plant City, FL — 405 8,777 — 405 8,777 9,182 7,801 10/17/1991 Stuart, FL — 787 9,048 — 787 9,048 9,835 8,259 10/17/1991 Trenton, FL — 851 11,312 — 851 11,312 12,163 4,218 09/29/2000 Glasgow, KY — 33 2,110 — 33 2,110 2,143 2,072 10/17/1991 Desloge, MO — 178 3,804 — 178 3,804 3,982 3,804 10/17/1991 Joplin, MO — 175 4,034 — 175 4,034 4,209 3,478 10/17/1991 Kennett, MO — 180 4,928 — 180 4,928 5,108 4,829 10/17/1991 Maryland Heights, MO — 150 4,790 — 150 4,790 4,940 4,684 10/17/1991 St. Charles, MO — 420 5,512 — 420 5,512 5,932 5,512 10/17/1991 Albany, OR — 190 10,415 — 190 10,415 10,605 3,217 03/31/2014 Creswell, OR — 470 8,946 — 470 8,946 9,416 2,663 03/31/2014 Forest Grove, OR — 540 11,848 — 540 11,848 12,388 3,591 03/31/2014 Anderson, SC — 308 4,643 — 308 4,643 4,951 4,514 10/17/1991 Greenwood, SC — 174 3,457 — 174 3,457 3,631 3,314 10/17/1991 Laurens, SC — 42 3,426 — 42 3,426 3,468 3,221 10/17/1991 Orangeburg, SC — 300 3,714 — 300 3,714 4,014 1,568 09/25/2008 Athens, TN — 38 1,463 — 38 1,463 1,501 1,383 10/17/1991 Chattanooga, TN — 143 2,309 — 143 2,309 2,452 2,302 10/17/1991 Dickson, TN — 90 3,541 — 90 3,541 3,631 3,334 10/17/1991 Franklin, TN — 47 1,130 — 47 1,130 1,177 1,130 10/17/1991 NATIONAL HEALTH INVESTORS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 ($ in thousands) Costs Initial Cost to Company (C) Capitalized Date Buildings & Subsequent to Buildings & Accumulated Acquired/ Encumbrances (A) Land Improvements Acquisition Land Improvements (D) Total (E) Depreciation (B) Constructed Hendersonville, TN — 363 3,837 — 363 3,837 4,200 3,515 10/17/1991 Johnson City, TN — 85 1,918 — 85 1,918 2,003 1,917 10/17/1991 Lewisburg, TN (2 facilities) — 46 994 — 46 994 1,040 995 10/17/1991 McMinnville, TN — 73 3,618 — 73 3,618 3,691 3,332 10/17/1991 Milan, TN — 41 1,826 — 41 1,826 1,867 1,720 10/17/1991 Pulaski, TN — 53 3,921 — 53 3,921 3,974 3,571 10/17/1991 Lawrenceburg, TN — 98 2,900 — 98 2,900 2,998 2,548 10/17/1991 Dunlap, TN — 35 3,679 — 35 3,679 3,714 3,217 10/17/1991 Smithville, TN — 35 3,816 — 35 3,816 3,851 3,420 10/18/1991 Somerville, TN — 26 677 — 26 677 703 678 10/19/1991 Sparta, TN — 80 1,602 — 80 1,602 1,682 1,559 10/20/1991 Austin, TX — 606 9,895 — 606 9,895 10,501 2,490 04/01/2016 Canton, TX — 420 12,330 — 420 12,330 12,750 4,328 04/18/2013 Corinth, TX — 1,075 13,935 — 1,075 13,935 15,010 5,090 04/18/2013 Ennis, TX — 986 9,025 — 986 9,025 10,011 3,510 10/31/2011 Euless, TX — 1,241 12,629 — 1,241 12,629 13,870 3,394 04/01/2016 Fort Worth, TX — 1,380 14,370 — 1,380 14,370 15,750 3,222 05/10/2018 Garland, TX — 1,440 14,310 — 1,440 14,310 15,750 3,202 05/10/2018 Gladewater, TX — 70 17,840 — 70 17,840 17,910 4,292 04/01/2016 Greenville, TX — 1,800 13,948 — 1,800 13,948 15,748 5,229 10/31/2011 Houston, TX (3 facilities) — 2,808 42,511 — 2,808 42,511 45,319 16,496 Various Katy, TX — 610 13,893 — 610 13,893 14,503 3,514 04/01/2016 Kyle, TX — 1,096 12,279 — 1,096 12,279 13,375 4,635 06/11/2012 Marble Falls, TX — 480 14,989 — 480 14,989 15,469 3,719 04/01/2016 McAllen, TX — 1,175 8,259 — 1,175 8,259 9,434 2,259 04/01/2016 New Braunfels, TX — 1,430 13,666 — 1,430 13,666 15,096 3,545 02/24/2017 San Antonio, TX (3 facilities) — 2,370 40,054 — 2,370 40,054 42,424 12,742 Various Waxahachie, TX — 1,330 14,349 — 1,330 14,349 15,679 3,358 01/17/2018 Bristol, VA — 176 2,511 — 176 2,511 2,687 2,511 10/17/1991 Oak Creek, WI — 2,000 14,903 7,403 2,000 22,306 24,306 3,856 12/07/2018 — 34,450 516,143 7,403 34,450 523,546 557,996 238,524 NATIONAL HEALTH INVESTORS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 ($ in thousands) Costs Initial Cost to Company (C) Capitalized Date Buildings & Subsequent to Buildings & Accumulated Acquired/ Encumbrances (A) Land Improvements Acquisition Land Improvements (D) Total (E) Depreciation (B) Constructed Assisted Living Facilities Rainbow City, AL — 670 11,330 — 670 11,330 12,000 3,493 10/31/2013 Sacramento, CA — 660 10,840 — 660 10,840 11,500 3,242 06/01/2014 Pueblo West, CO — 169 7,431 — 169 7,431 7,600 1,207 07/23/2019 Greensboro, GA — 672 4,849 675 672 5,524 6,196 1,829 09/15/2011 Statham, GA — 452 6,487 — 452 6,487 6,939 22 12/05/2024 Ames, IA 3,193 360 4,670 — 360 4,670 5,030 1,501 06/28/2013 Burlington, IA 3,901 200 8,374 14 200 8,388 8,588 2,702 06/28/2013 Cedar Falls, IA — 260 4,700 30 260 4,730 4,990 1,553 06/28/2013 Ft. Dodge, IA 4,008 100 7,208 — 100 7,208 7,308 2,281 06/28/2013 Iowa City, IA — 297 2,725 33 297 2,758 3,055 1,105 06/30/2010 Marshalltown, IA 5,714 240 6,208 — 240 6,208 6,448 1,997 06/28/2013 Urbandale, IA 8,113 540 4,292 18 540 4,310 4,850 1,418 06/28/2013 Caldwell, ID — 320 9,353 — 320 9,353 9,673 2,806 03/31/2014 Aurora, IL — 1,195 11,713 — 1,195 11,713 12,908 3,079 05/09/2017 Bolingbrook, IL — 1,290 14,677 — 1,290 14,677 15,967 3,171 03/16/2017 Bourbonnais, IL 7,974 170 16,594 390 170 16,984 17,154 5,173 06/28/2013 Crystal Lake, IL (2 facilities) — 1,060 30,043 170 1,060 30,213 31,273 6,702 Various Gurnee, IL — 1,244 13,856 — 1,244 13,856 15,100 2,192 09/10/2019 Moline, IL 3,896 250 5,630 — 250 5,630 5,880 1,826 06/28/2013 Oswego, IL — 390 20,957 212 390 21,169 21,559 4,793 06/01/2016 Quincy, IL 6,055 360 12,403 — 360 12,403 12,763 3,930 06/28/2013 Rockford, IL 6,412 390 12,575 381 390 12,956 13,346 3,988 06/28/2013 South Barrington, IL — 1,610 13,456 — 1,610 13,456 15,066 2,963 03/16/2017 St. Charles, IL — 820 22,188 252 820 22,440 23,260 5,120 06/01/2016 Tinley Park, IL — 1,622 11,354 — 1,622 11,354 12,976 3,058 06/23/2016 Attica, IN — 284 7,891 — 284 7,891 8,175 1,113 05/01/2020 Carmel, IN — 463 7,055 — 463 7,055 7,518 2,525 11/12/2014 Crown Point, IN — 574 7,336 353 574 7,689 8,263 2,679 10/30/2013 Greenwood, IN — 791 7,020 227 791 7,247 8,038 2,596 11/07/2013 Linton, IN — 60 6,015 — 60 6,015 6,075 850 05/01/2020 Bossier City, LA — 500 3,344 — 500 3,344 3,844 1,307 04/30/2011 NATIONAL HEALTH INVESTORS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 ($ in thousands) Costs Initial Cost to Company (C) Capitalized Date Buildings & Subsequent to Buildings & Accumulated Acquired/ Encumbrances (A) Land Improvements Acquisition Land Improvements (D) Total (E) Depreciation (B) Constructed West Monroe, LA — 770 5,627 — 770 5,627 6,397 2,087 04/30/2011 Frederick, MD — 1,942 17,415 — 1,942 17,415 19,357 1,015 02/04/2023 Battle Creek, MI — 398 3,093 197 398 3,290 3,688 1,435 10/19/2009 Lansing, MI — 1,020 9,684 174 1,020 9,858 10,878 2,313 10/19/2009 Okemos, MI — 340 8,082 — 340 8,082 8,422 3,322 11/19/2009 Shelby, MI — 1,588 13,512 — 1,588 13,512 15,100 2,022 01/27/2020 Champlin, MN — 980 4,475 — 980 4,475 5,455 1,775 03/10/2010 Hugo, MN — 400 3,945 113 400 4,058 4,458 1,549 03/10/2010 Maplewood, MN — 1,700 6,544 — 1,700 6,544 8,244 2,594 03/10/2010 North Branch, MN — 595 3,053 — 595 3,053 3,648 1,240 03/10/2010 Mahtomedi, MN — 515 8,825 — 515 8,825 9,340 1,249 12/27/2019 Albermarle, NC — 870 4,872 — 870 4,872 5,742 36 10/09/2024 Apex, NC — 1,042 15,831 — 1,042 15,831 16,873 112 10/09/2024 Cary, NC — 1,366 20,805 — 1,366 20,805 22,171 146 10/09/2024 Charlotte, NC — 650 17,663 2,000 650 19,663 20,313 5,225 07/01/2015 Durham, NC — 860 7,752 2,681 860 10,433 11,293 1,376 12/15/2017 Greensboro, NC — 1,426 20,550 — 1,426 20,550 21,976 151 10/09/2024 Greenville, NC — 797 10,612 — 797 10,612 11,409 83 10/09/2024 Hendersonville, NC (2 facilities) — 3,120 12,980 128 3,120 13,108 16,228 3,008 Various Kinston, NC — 798 3,958 — 798 3,958 4,756 31 10/09/2024 Kill Devil Hills, NC — 1,276 9,471 — 1,276 9,471 10,747 67 10/09/2024 Rocky Mount, NC — 990 8,114 — 990 8,114 9,104 83 10/09/2024 Wilmington, NC — 843 7,313 — 843 7,313 8,156 59 10/09/2024 Wilson, NC — 876 9,512 — 876 9,512 10,388 76 10/09/2024 Lincoln, NE 8,418 380 10,904 — 380 10,904 11,284 3,403 06/28/2013 Omaha, NE (2 facilities) 2,455 1,110 15,437 851 1,110 16,288 17,398 4,568 Various Las Vegas, NV — 1,951 16,184 — 1,951 16,184 18,135 934 02/14/2023 Arlington, OH — 570 7,917 — 570 7,917 8,487 2,206 04/30/2018 Columbus, OH — 530 6,776 — 530 6,776 7,306 1,974 04/30/2018 Lancaster, OH — 530 20,530 261 530 20,791 21,321 5,779 07/31/2015 Middletown, OH — 940 15,548 222 940 15,770 16,710 4,468 10/31/2014 Rocky River, OH — 650 4,189 — 650 4,189 4,839 967 04/30/2018 Worthington, OH — — 18,869 1,476 — 20,345 20,345 4,706 04/30/2018 NATIONAL HEALTH INVESTORS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 ($ in thousands) Costs Initial Cost to Company (C) Capitalized Date Buildings & Subsequent to Buildings & Accumulated Acquired/ Encumbrances (A) Land Improvements Acquisition Land Improvements (D) Total (E) Depreciation (B) Constructed McMinnville, OR — 390 9,183 — 390 9,183 9,573 2,193 08/31/2016 Portland, OR — 930 25,270 — 930 25,270 26,200 5,281 08/31/2015 Erie, PA — 1,030 15,206 976 1,030 16,182 17,212 2,952 04/30/2018 Reading, PA — 1,027 11,179 — 1,027 11,179 12,206 1,871 05/31/2019 Manchester, TN — 534 6,068 191 534 6,259 6,793 724 06/03/2021 Chesapeake, VA — 1,746 15,542 — 1,746 15,542 17,288 912 02/09/2023 Fredericksburg, VA — 1,615 9,271 — 1,615 9,271 10,886 2,466 09/20/2016 Midlothian, VA — 1,646 8,635 — 1,646 8,635 10,281 2,379 10/31/2016 Suffolk, VA — 1,022 9,320 — 1,022 9,320 10,342 2,347 03/25/2016 Virginia Beach, VA — 2,052 15,148 — 2,052 15,148 17,200 866 11/10/2022 Bellevue, WI — 504 11,796 — 504 11,796 12,300 1,558 09/30/2020 Oshkosh, WI — 542 12,758 — 542 12,758 13,300 973 04/29/2022 Sussex, WI — 1,329 30,721 — 1,329 30,721 32,050 448 06/21/2024 60,139 64,203 842,713 12,025 64,203 854,738 918,941 167,250 Independent Living Facilities Vero Beach, FL — 550 37,450 2,543 550 39,993 40,543 6,631 02/01/2019 Columbus, IN — 348 6,124 — 348 6,124 6,472 989 05/31/2019 St. Charles, MO — 344 3,181 — 344 3,181 3,525 2,833 10/17/1991 Tulsa, OK 15,676 1,980 32,620 502 1,980 33,122 35,102 6,634 12/01/2017 Chattanooga, TN — 9 1,567 1 9 1,568 1,577 1,510 10/17/1991 Johnson City, TN — 55 4,077 — 55 4,077 4,132 3,456 10/17/1991 Chehalis, WA — 1,980 7,710 7,520 1,980 15,230 17,210 3,127 01/15/2016 15,676 5,266 92,729 10,566 5,266 103,295 108,561 25,180 NATIONAL HEALTH INVESTORS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 ($ in thousands) Costs Initial Cost to Company (C) Capitalized Date Buildings & Subsequent to Buildings & Accumulated Acquired/ Encumbrances (A) Land Improvements Acquisition Land Improvements (D) Total (E) Depreciation (B) Constructed Senior Living Campuses Michigan City, IN — 974 22,667 — 974 22,667 23,641 3,622 05/31/2019 Portage, IN — 661 21,959 — 661 21,959 22,620 3,517 05/31/2019 Needham, MA — 5,500 45,157 1,451 5,500 46,608 52,108 8,779 01/15/2019 Salisbury, MD — 1,876 44,084 471 1,876 44,555 46,431 7,411 05/31/2019 Roscommon, MI — 44 6,005 1 44 6,006 6,050 1,692 08/31/2015 Mt. Airy, NC — 1,370 7,470 150 1,370 7,620 8,990 2,193 12/17/2014 McMinnville, OR — 410 26,667 — 410 26,667 27,077 6,057 08/31/2016 Silverdale, WA — 1,750 23,860 2,167 1,750 26,027 27,777 8,674 08/16/2012 — 12,585 197,869 4,240 12,585 202,109 214,694 41,945 Entrance-Fee Communities Bridgeport, CT — 4,320 23,494 5,809 4,320 29,303 33,623 7,499 06/02/2016 North Branford, CT — 7,724 64,430 33 7,724 64,463 72,187 14,945 11/03/2016 Southbury, CT — 10,320 17,143 6,178 10,320 23,321 33,641 5,450 06/02/2016 Fernandina Beach, FL — 1,430 63,420 2,044 1,430 65,464 66,894 18,054 12/17/2014 St. Simons Island, GA — 8,770 38,070 1,764 8,770 39,834 48,604 10,972 12/17/2014 Winston-Salem, NC — 8,700 73,920 919 8,700 74,839 83,539 20,487 12/17/2014 Greenville, SC — 5,850 90,760 1,149 5,850 91,909 97,759 24,555 12/17/2014 Myrtle Beach, SC — 3,910 82,140 744 3,910 82,884 86,794 22,872 12/17/2014 Pawleys Island, SC — 1,480 38,620 645 1,480 39,265 40,745 11,107 12/17/2014 Spartanburg, SC — 900 49,190 1,329 900 50,519 51,419 13,948 12/17/2014 Issaquah, WA — 4,370 130,522 — 4,370 130,522 134,892 18,427 01/31/2020 — 57,774 671,709 20,614 57,774 692,323 750,097 168,316 Hospitals Tulsa, OK — 1,470 38,780 2,048 1,470 40,828 42,298 3,746 05/28/2021 — 1,470 38,780 2,048 1,470 40,828 42,298 3,746 Total real estate investments properties 75,815 175,748 2,359,943 56,896 175,748 2,416,839 2,592,587 644,961 NATIONAL HEALTH INVESTORS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 ($ in thousands) Costs Initial Cost to Company (C) Capitalized Date Buildings & Subsequent to Buildings & Accumulated Acquired/ Encumbrances (A) Land Improvements Acquisition Land Improvements (D) Total (E) Depreciation (B) Constructed Senior Housing Operating Independent Living Facilities Fort Smith, AR — 590 22,447 1,036 590 23,483 24,073 6,748 04/01/2022 Rogers, AR — 1,470 25,282 1,998 1,470 27,280 28,750 7,673 04/01/2022 Fresno, CA — 420 10,899 1,240 420 12,139 12,559 3,370 04/01/2022 Modesto, CA — 1,170 22,673 1,648 1,170 24,321 25,491 6,725 04/01/2022 Pinole, CA — 1,020 18,066 1,650 1,020 19,716 20,736 5,402 04/01/2022 Roseville, CA — 630 31,343 1,650 630 32,993 33,623 9,272 04/01/2022 West Covina, CA — 940 20,280 2,336 940 22,616 23,556 6,184 04/01/2022 Athens, GA — 910 31,940 1,962 910 33,902 34,812 9,663 04/01/2022 Columbus, GA — 570 8,639 1,271 570 9,910 10,480 2,879 04/01/2022 Voorhees, NJ — 670 23,710 1,847 670 25,557 26,227 7,232 04/01/2022 Gahanna, OH — 920 22,919 1,065 920 23,984 24,904 6,932 04/01/2022 Broken Arrow, OK — 2,660 18,477 851 2,660 19,328 21,988 5,634 04/01/2022 Greenville, SC — 560 16,547 1,138 560 17,685 18,245 5,170 04/01/2022 Myrtle Beach, SC — 1,310 26,229 2,274 1,310 28,503 29,813 8,079 04/01/2022 Vancouver, WA — 1,030 19,183 2,908 1,030 22,091 23,121 5,856 04/01/2022 Total senior housing operating properties — 14,870 318,634 24,874 14,870 343,508 358,378 96,819 Corporate office — 1,291 677 615 1,291 1,292 2,583 515 $ 75,815 $ 191,909 $ 2,679,254 $ 82,385 $ 191,909 $ 2,761,639 $ 2,953,548 $ 742,295 NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (A) See Note 8 to the consolidated financial statements included in this Annual Report. (B) Depreciation is calculated using estimated useful lives up to 40 years for all completed facilities. (C) Subsequent to NHC’s transfer of the original real estate properties in 1991, we purchased from NHC $33.9 million of additions to those properties. As the additions were purchased from NHC rather than developed by us, the $33.9 million has been included as Initial Cost to Company. (D) Includes construction in progress. (E) At December 31, 2024, the tax basis of the Company’s net real estate assets was $2.2 billion. NATIONAL HEALTH INVESTORS, INC. SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022 ($ in thousands) December 31, 2024 2023 2022 Investment in Real Estate: Balance at beginning of period $ 2,780,358 $ 2,729,898 $ 2,894,548 Additions through cash expenditures 157,931 49,556 10,993 Change in accounts payable related to investments in real estate construction & equipment (250) 325 (69) Change in other assets related to investments in real estate — 454 200 Right of use asset in exchange for lease liability 344 101 — Operating equipment received in lease termination — — 1,287 Real estate acquired in exchange for non-cash rental income — 2,500 3,000 Real estate acquired in exchange for mortgage notes receivable 22,184 14,200 23,071 Sale of properties for cash (4,758) (19,326) (104,691) Properties classified as held for sale (2,261) (11,970) (84,761) Property reclassified as held for use — 15,793 7,851 Impairment of property — (1,173) (21,531) Balance at end of period $ 2,953,548 $ 2,780,358 $ 2,729,898 Accumulated Depreciation: Balance at beginning of period $ 673,276 $ 611,688 $ 576,668 Addition charged to costs and expenses 71,443 69,973 70,880 Amortization of right-of-use asset 36 38 36 Sale of properties (1,518) (4,851) (25,643) Properties classified as held for sale (942) (6,965) (11,092) Property reclassified as held for use — 3,393 839 Balance at end of period $ 742,295 $ 673,276 $ 611,688

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2024
Schedule IV - Mortgage Loans on Real Estate [Abstract]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	NATIONAL HEALTH INVESTORS, INC. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2024 Monthly Amount Subject To Interest Maturity Payment Prior Original Carrying Delinquent Principal Rate Date Terms Liens Face Amount Amount or Interest ( $ in thousands ) First Mortgages: Skilled nursing facilities: Austin/San Antonio, TX 7.25% 2027-11-30 Interest Only $ 42,500 $ 42,465 Maitland, FL 8.5% 2027-12-31 Interest Only $ 9,000 $ 9,000 Assisted living facilities: Oviedo, FL 8.25% 2025-07-31 Interest Only $ 10,000 $ 10,000 Bloomington, IL 8.75% 2029-02-28 Interest Only $ 15,000 $ 14,877 Indianapolis, IN 7.0% 2025-06-30 Interest Only $ 6,423 $ 6,423 Tulsa, OK 8.5% 2029-06-30 Interest Only $ 9,500 $ 9,416 Entrance-fee communities: Columbia, SC 7.25% 2025-06-30 Interest Only $ 32,700 $ 32,666 Second Mortgages: Winter Park, FL 12.0% 2025-10-31 Interest Only $ 725 $ 725 Construction Loans: Lake City, FL 9.0% 2028-08-31 Interest Only $ 7,172 $ 7,172 Canton, MI 9.0% 2025-07-31 Interest Only $ 14,700 $ 14,700 Fitchburg, WI 8.5% 2026-01-28 Interest Only $ 28,386 $ 28,386 $ 175,830 $ — At December 31, 2024, the tax basis of our mortgage loans on real estate was $188.7 million. Balloon payments on our interest only mortgage receivables are equivalent to the carrying amounts listed above except for unamortized commitment fees of $651.2 thousand. See the notes to our consolidated financial statements included in the Annual Report for more information on our mortgage loan receivables. NATIONAL HEALTH INVESTORS, INC. SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022 ($ in thousands) December 31, 2024 2023 2022 Reconciliation of mortgage loans on real estate Balance at beginning of period $ 162,433 $ 164,576 $ 230,927 Additions: New mortgage loans 41,718 15,083 67,978 Amortization of loan discount and commitment fees 471 428 907 Total Additions 42,189 15,511 68,885 Deductions: Loan commitment fees received 885 — 497 Extension fee received 82 — — Mortgage notes receivable related to investments in real estate 22,184 14,200 23,071 Collection of principal, less recoveries of previous write-downs 5,641 3,454 111,668 Total Deductions 28,792 17,654 135,236 Balance at end of period $ 175,830 $ 162,433 $ 164,576

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 137,985	$ 135,654	$ 66,403

Insider Trading Arrangements

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

Insider Trading Policies and Pr

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

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The Board of Directors recognizes the importance of maintaining the trust and confidence of our tenants/borrowers/operators and employees to safeguard sensitive information and the integrity of our information systems. We have systems in place to assess, identify and manage cybersecurity incidents and we invest in technology and third-party support to identify, mitigate, and quickly respond to cybersecurity incidents. We have maintained a strong focus on consistently reviewing our cybersecurity practices. We also conduct periodic information security and awareness training to ensure that employees are aware of information security risks and to enable them to take steps to mitigate those risks. As part of this program, we also take steps designed to provide appropriate guidance regarding security to our executive management and employees, including any employee who may come into possession of confidential financial information. We have engaged the services of various third-party service providers to, among other things, review and evaluate our processes and procedures designed to control access to our information systems, perform penetration testing on our cybersecurity systems on a biannual basis, and provide regular information technology reviews based upon the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework. In addition, we contracted with a third-party managed detection and response security company (“MDR”) in the fourth quarter of 2023 to commence testing for cyber vulnerabilities on a continual basis. In order to identify and mitigate cybersecurity threats related to our use of material third-party vendors, we conduct periodic reviews of internal controls of certain third-party service providers to assess their procedures to mitigate material security risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Board of Directors recognizes the importance of maintaining the trust and confidence of our tenants/borrowers/operators and employees to safeguard sensitive information and the integrity of our information systems. We have systems in place to assess, identify and manage cybersecurity incidents and we invest in technology and third-party support to identify, mitigate, and quickly respond to cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board & Management Responsibilities We have formed an Information Technology Steering Committee comprised of employees from multiple departments within the Company including the Chief Executive Officer (“CEO”); the Chief Financial Officer; the Chief Accounting Officer; the Vice President, Controller; the Vice President, Investor Relations & Finance; and the Vice President of Human Resources and Compliance & Information Security Officer (“ISO”) to more effectively prevent, detect and respond to information security threats. The ISO has served in various roles in corporate compliance for over 20 years and reports directly to the Company’s CEO. To enhance our cybersecurity capabilities, we actively collaborate with third-party vendors. Notably, we engage a Managed Service Provider (“MSP”) and an MDR provider who specializes in cybersecurity issues. Our MSP plays a critical role in supporting our IT infrastructure, offering expertise and resources that complement our in-house capabilities. The MDR provides advanced cybersecurity solutions, including continuous monitoring and threat detection services, which are integral to our cybersecurity program. The ISO is responsible for overseeing a company-wide information security strategy, including policy, standards, architecture, and processes, and managing many of the security services that run on personal computers and servers. The Audit Committee meets with the ISO at least annually to review and discuss the Company’s cyber risks and threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s security program and the emerging threat landscape. In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response. The Company periodically conducts cybersecurity “tabletop” exercises administered by an independent third-party in which members of a cross-functional team and relevant third-party vendors engage in simulated cybersecurity incident scenarios. These exercises are intended to provide hand-on training for the participants and assists the Company with assessing its processes and capabilities in addressing cybersecurity threats. As of December 31, 2024, we have not experienced any material risks from cybersecurity threats, including as a result of any previous cybersecurity incidents or threats, that have materially affected the business strategy, results of operations or financial condition of the Company or are reasonably likely to have such a material effect. We also maintain cyber liability insurance to help mitigate potential liabilities resulting from cyber issues. However, there can be no assurance that our cyber risk insurance coverage will be sufficient to cover incurred losses in the event of a cyber-attack.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The ISO is responsible for overseeing a company-wide information security strategy, including policy, standards, architecture, and processes, and managing many of the security services that run on personal computers and servers. The Audit Committee meets with the ISO at least annually to review and discuss the Company’s cyber risks and threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s security program and the emerging threat landscape. In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee meets with the ISO at least annually to review and discuss the Company’s cyber risks and threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s security program and the emerging threat landscape. In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response.
Cybersecurity Risk Role of Management [Text Block]	We have formed an Information Technology Steering Committee comprised of employees from multiple departments within the Company including the Chief Executive Officer (“CEO”); the Chief Financial Officer; the Chief Accounting Officer; the Vice President, Controller; the Vice President, Investor Relations & Finance; and the Vice President of Human Resources and Compliance & Information Security Officer (“ISO”) to more effectively prevent, detect and respond to information security threats. The ISO has served in various roles in corporate compliance for over 20 years and reports directly to the Company’s CEO. To enhance our cybersecurity capabilities, we actively collaborate with third-party vendors. Notably, we engage a Managed Service Provider (“MSP”) and an MDR provider who specializes in cybersecurity issues. Our MSP plays a critical role in supporting our IT infrastructure, offering expertise and resources that complement our in-house capabilities. The MDR provides advanced cybersecurity solutions, including continuous monitoring and threat detection services, which are integral to our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee meets with the ISO at least annually to review and discuss the Company’s cyber risks and threats, incident responses, technology, the status of projects to strengthen the Company’s information security systems, assessments of the Company’s security program and the emerging threat landscape. In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The ISO has served in various roles in corporate compliance for over 20 years and reports directly to the Company’s CEO.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (“IRP”). The IRP is overseen by the Information Technology Steering Committee and sets forth the processes for containment, review, escalation, recovery from and remediation of any cybersecurity incidents identified by the Company. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. The IRP also specifies the approach to reporting findings and keeping senior management and other key stakeholders (including the Audit Committee and the Board of Directors for certain incidents) informed and involved as appropriate and specifies the use of third-party experts for legal advice, consulting and cyber incident response.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation - The consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries, joint ventures and subsidiaries in which we have a controlling interest. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if the Company is deemed to be the primary beneficiary of such entities. All material intercompany transactions and balances are eliminated in consolidation.
Variable Interest Entity	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. We evaluate our arrangements with VIEs to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. In accordance with Financial Accounting Standards Board (“FASB”) guidance, management must evaluate each of the Company’s contractual relationships which creates a variable interest in other entities. If the Company has a variable interest and the entity is a VIE, then management must determine whether the Company is the primary beneficiary of the VIE. If it is determined that the Company is the primary beneficiary, NHI would consolidate the VIE. We identify 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. We perform this analysis on an ongoing basis. If the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidation . These provisions provide for consolidation of majority-owned entities where a majority voting interest held by the Company demonstrates control of such entities in the absence of any legal constraints. Our consolidated total assets and liabilities include two consolidated ventures comprising our SHOP activities, each formed with a separate partner - Merrill Gardens, L.L.C. (“Merrill”) and DSHI NHI Holiday LLC (the “Discovery member”), a related party of Discovery Senior Living (“Discovery”). We consider both ventures to be VIEs as the members of each, as a group, lack the characteristics of a controlling financial interest. We are deemed to be the primary beneficiary of each VIE because we have the ability to control the activities that most significantly impact each VIE’s economic performance and the obligation to absorb losses or the right to receive benefits. Reference Notes 5 and 17 for further discussion of our SHOP ventures. We also consolidate two real estate partnerships formed with our partners, Discovery Senior Housing Investor XXIV, LLC, a related party of Discovery, and LCS Timber Ridge LLC (“LCS”), to invest in senior housing facilities. We consider both partnerships to be VIEs as either the members, as a group, lack the characteristics of a controlling financial interest or the total equity at risk is insufficient to finance activities without additional subordinated financial support. NHI directs the activities that most significantly impact economic performance of these partnerships and the obligation to absorb losses or the right to receive benefits, subject to limited protective rights extended to our partners for specified business decisions. Because of our control of these partnerships, we include their assets, liabilities, noncontrolling interests and operations in our consolidated financial statements. Reference Note 17 for further discussion of these consolidated real estate partnerships. We use the equity method of accounting when we own an interest in an entity over which we can exert significant influence but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. Reference Note 6 for further discussion of our equity method investment. We have concluded that the Company is not the primary beneficiary for certain investments where we lack either directly or through related parties the power to direct the activities that most significantly impact their economic performance. See Note 17 for information on unconsolidated VIEs.
Noncontrolling Interests	Noncontrolling Interests - Contingently redeemable noncontrolling interests are recorded at their initial carrying amounts upon issuance and are subsequently adjusted to reflect their share of gains or losses, contributions, and distributions attributable to the noncontrolling interests. In periods where they are or will become probable of redemption, an adjustment to the redemption value of the noncontrolling interests is also recognized through “ Capital in excess of par value ” on the Company’s Consolidated Balance Sheets and included in our computation of earnings per share. As of December 31, 2024 and 2023, the Merrill SHOP venture noncontrolling interest was classified in the Consolidated Balance Sheets as mezzanine equity, as discussed further in Note 10.
Use of Estimates	Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant assumptions and estimates include purchase price allocations to record investments in real estate, impairment of real estate, and allowance for credit losses. Actual results could differ from those estimates.
Forward Equity Sales	Forward Equity Sales - The Company has and may continue to enter into forward sale agreements relating to shares of its common stock, either through its at-the-market (“ATM”) equity program or through underwritten public offerings. These agreements may be physically settled in stock, settled in cash or net share settled at the Company’s election. The forward sale price that we will receive upon physical settlement of the forward sale agreements will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, and (ii) scheduled dividends during the term of the forward sale agreement. To the extent our forward sales agreements do not meet all the criteria to qualify for equity treatment under ASC 815-40, we recognize the change in the fair value of the derivative in our earnings. The Company evaluated its forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity as of December 31, 2024. Shares issuable under a forward equity sales agreement are reflected in the diluted earnings per share calculations for the applicable periods using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward equity sales agreement over the number of common shares that could be purchased by us in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the average forward price during the reporting period). Reference Note 11 for more discussion.
Earnings Per Share	Earnings Per Share - Our unvested restricted stock awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. Therefore, the Company applies the two-class method to calculate basic and diluted earnings. Under the two-class method, we allocate net income attributable to stockholders to common stockholders and holders of unvested restricted stock by using the weighted-average shares of each class outstanding for quarter-to-date and year-to-date periods, based on their respective participation rights to dividends declared and undistributed earnings. Basic earnings per common share is computed by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share reflects the effect of dilutive securities.
Fair Value Measurements	Fair Value Measurements - Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy is required to prioritize the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. If the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. When an event or circumstance alters our assessment of the observability and thus the appropriate classification of an input to a fair value measurement which we deem to be significant to the fair value measurement as a whole, we will transfer that fair value measurement to the appropriate level within the fair value hierarchy.
Real Property Owned	Real Property Owned - Real estate properties are recorded at cost or, if acquired through business combination, at fair value, including the fair value of contingent consideration, if any. Cost or fair value at the time of acquisition is allocated among land, buildings, improvements, personal property and lease and other intangibles. For properties acquired in transactions accounted for as asset purchases, the purchase price, which includes transaction costs, is allocated based on the relative fair values of the assets acquired. Cost includes the amount of contingent consideration, if any, deemed to be probable at the acquisition date. Contingent consideration is deemed to be probable to the extent that a significant reversal in amounts recognized is not likely to occur when the uncertainty associated with the contingent consideration is subsequently resolved. Cost also includes capitalized interest during construction periods. We use the straight-line method of depreciation for buildings over their estimated useful lives ranging from 30 to 40 years, and improvements, including any equipment related to the SHOP segment, over their estimated useful lives ranging from 5 to 25 years. For contingent consideration arising from business combinations, the liability is adjusted to estimated fair value at each reporting date through earnings. Expenditures for repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets - We evaluate the recoverability of the carrying amount of our long-lived assets when events or circumstances, including significant physical changes, significant adverse changes in general economic conditions or significant deterioration of the underlying cash flows of the long-lived assets, indicate that the carrying amount of the long-lived asset may not be recoverable. The need to recognize an impairment charge is based on estimated undiscounted future cash flows compared to the carrying amount. If recognition of an impairment charge is necessary, it is measured as the amount by which the carrying amount of the property exceeds the estimated fair value of the long-lived asset.
Leases	Leases - All of our leases within the Real Estate Investment segment are classified as operating leases and generally have an initial leasehold term of 10 to 15 years followed by one or more five-year tenant renewal options. The leases are primarily “triple-net leases” under which the tenant is responsible for the payment of all taxes, utilities, insurance premiums, repairs and other charges relating to the operation of the properties, including required levels of capital expenditures each year. The tenant is obligated at its expense to keep all improvements, fixtures and other components of the properties covered by “all risk” insurance in an amount equal to at least the full replacement cost thereof, and to maintain specified minimal personal injury and property damage insurance. The leases also require the tenant to indemnify and hold us harmless from all claims resulting from the use, occupancy and related activities of each property by the tenant, and to indemnify us against all costs related to any release, discovery, clean-up and removal of hazardous substances or materials, or other environmental responsibility with respect to each facility. While we do not incorporate residual value guarantees, the lease provisions and considerations discussed above impact our expectation of realizable value from our properties upon the expiration of their lease terms. The residual value of our real estate under lease is still subject to various market, asset, and tenant-specific risks and characteristics. As the classification of our leases is dependent on the fair value of estimated cash flows at lease commencement, management’s projected residual values represent significant assumptions in our accounting for operating leases. Similarly, the exercise of renewal options is also subject to these same risks, making a tenant’s lease term another significant variable in a lease’s cash flows. Initial direct costs that are incremental to entering into a lease are capitalized in accordance with the provisions of ASC Topic 842. FASB Lease Modifications Related to Effects of the COVID-19 Pandemic
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses - We estimate and record an allowance for credit losses upon origination of a loan, based on expected credit losses over the term of the loan and update this estimate each reporting period. We calculate the estimated credit losses on mortgages by pooling these loans into two groups – investments in existing or new mortgages and construction mortgages. Mezzanine loans, revolving lines of credit and loans designated as non-performing are evaluated at the individual loan level. We estimate the allowance for credit losses by utilizing a loss model that relies on future expected credit losses, rather than incurred losses. This loss model incorporates our historical experience, adjusted for current conditions and our forecasts, using the probability of default and loss given default method. Incorporated into the construction mortgage loss model is an estimate of the probability that NHI will acquire the property. Using the resulting estimate, a portion of the outstanding construction mortgage balance which we currently expect will be reduced by our acquisition of the underlying property when construction is complete, is deducted from the construction mortgage balance included in the expected loss calculation. Mezzanine loans, revolving lines of credit and loans designated as non-performing are also based on the loss model to recognize expected future credit losses and are applied to each individual loan using borrower specific information. We also perform a qualitative assessment beyond model estimates and apply adjustments as necessary. The credit loss estimate is based on the net amortized cost balance of our mortgage and other notes receivables as of the balance sheet date. Calculation of the allowance for credit losses involves significant judgment. It is possible that actual credit losses will differ materially from our current estimates. Write-offs are deducted from the allowance for credit losses when we judge the principal to be uncollectible.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash - Cash equivalents consist of all highly liquid investments with original maturities of three months or less. Restricted cash includes amounts required to be held on deposit or subject to an agreement ( e.g. with a qualified intermediary subject to an exchange agreement pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or in accordance with agency agreements governing our mortgages).
Assets Held for Sale	Assets Held for Sale - We consider properties to be assets held for sale when (1) management commits to a plan to sell the property, (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we anticipate the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated transaction costs. Depreciation and amortization of the property are discontinued. If a property subsequently no longer meets the criteria to be classified as held for sale, it is reclassified as held and used and measured at the lower of i) its original carrying amount before the asset was classified as held for sale, adjusted for any depreciation expense not recognized while it was classified as held for sale, and ii) its fair value.
Concentration of Credit Risks	Concentration of Credit Risks - Our credit risks primarily relate to cash and cash equivalents and investments in mortgage and other notes receivable. Cash and cash equivalents are primarily held in bank accounts and overnight investments. We maintain our bank deposit accounts with large financial institutions in amounts that may exceed federally insured limits. We have not experienced any losses in such accounts. Our mortgage and other notes receivable consist primarily of secured loans on facilities. Our financial instruments, principally our investments in mortgage and other notes receivable, are subject to the possibility of loss of the carrying values as a result of the failure of other parties to perform according to their contractual obligations which may make the instruments less valuable. We obtain collateral in the form of mortgage liens and other protective rights for mortgage and other notes receivable and continually monitor these rights in order to reduce such possibilities of loss. We evaluate the need to provide for reserves for potential losses on our financial instruments based on management’s periodic review of our portfolio on an instrument-by-instrument basis.
Deferred Loan Costs and Deferred Income	Deferred Loan Costs - Costs incurred to acquire debt are capitalized and amortized by the straight-line method, which approximates the effective-interest method, over the term of the related debt. Deferred Income - Deferred income primarily includes rents received in advance from tenants and residents and non-refundable commitment fees received by us, which are amortized into income over the expected period of the related loan or lease. In the event that our financing commitment to a potential borrower or tenant expires, the related commitment fees are recognized into income immediately. Commitment fees may be charged based on the terms of the contracts and the creditworthiness of the parties.
Rental Income	Rental Income - Our leases generally provide for rent escalators throughout the term of the lease. Base rental income is recognized using the straight-line method over the term of the lease to the extent that lease payments are considered collectable and the lease provides for specific contractual escalators. Under certain leases, we receive additional contingent rent, which is calculated on the increase in revenues of the tenant over a base year or base quarter. We recognize contingent rent annually or quarterly based on the actual revenues of the tenant once the target threshold has been achieved. Lease payments that depend on a factor directly related to future use of the property, such as an increase in annual revenues over a base year, are considered to be contingent rent and are excluded from the schedule of minimum lease payments. If rental income calculated on a straight-line basis exceeds the cash rent due under a lease, the difference is recorded as an increase to straight-line rents receivable in the Consolidated Balance Sheets and an increase in rental income in the Consolidated Statements of Income. If rental income on a straight-line basis is calculated to be less than cash received, there is a decrease in the same accounts. Property operating expenses that are reimbursed by our operators are recorded as “ Rental income” in the Consolidated Statements of Income. Accordingly, we record a corresponding expense, reflected as “ Taxes and insurance on leased properties” in the Consolidated Statements of Income. Rental income includes reimbursement of property operating expenses for the years ended December 2024, 2023 and 2022, totaling $11.2 million, $11.5 million and $9.8 million, respectively. Rental income is reduced for the non-cash amortization of payments made upon the eventual settlement of commitments and contingencies originally identified and recorded as lease inducements. We record lease inducements to the extent that it is probable that a significant reversal of amounts recognized will not occur when the uncertainty associated with the contingent consideration is subsequently resolved. The Company reviews its operating lease receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability of substantially all lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made as an adjustment to rental income and any future rental revenue is recognized only when the tenant makes a rental payment. As of December 31, 2024, we had three tenants, including Bickford Senior Living (“Bickford”), on the cash basis of revenue recognition for their lease arrangements. Reference Note 3 for further discussion. Resident Fees and Services - Resident fees and services revenue associated with our SHOP activities is recognized as the related performance obligations are satisfied and includes resident room charges, community fees and other resident charges. Residency agreements are generally short term (30 days to one year), and entitle the resident to certain room and care services for a monthly fee billed in advance. Revenue for certain related services is billed monthly in arrears. The Company has elected the lessor practical expedient within ASC 842, Leases , not to separate the lease and nonlease components within our resident agreements as the timing and pattern of transfer to the resident are the same. The Company has determined that the nonlease component is the predominant component within the contract and recognizes revenue under ASC 606, Revenue Recognition from Contracts with Customers .
Interest Income from Mortgage and Other Notes Receivable	Interest Income from Mortgage and Other Notes Receivable - Interest income is recognized based on the interest rates and principal amounts outstanding on the notes receivable. We identify a mortgage note or other note receivable as non-performing, and is placed on non-accrual status, based on various criteria including timeliness of required payments, compliance with other provisions under the related note agreement, and an evaluation of the borrower’s current financial condition for indicators that it is probable it cannot pay its contractual amounts. A non-performing loan is returned to accrual status at such time as the note becomes contractually current and management believes all future principal and interest will be received according to the contractual terms of the note. As of December 31, 2024, we had one mortgage notes receivable and two mezzanine loans totaling an aggregate of $25.9 million designated as non-performing. Reference Note 4 for further discussion.
Income Taxes	Income Taxes - We intend at all times to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code. Accordingly, we will generally not be subject to U.S. federal income tax, provided that we continue to qualify as a REIT. A failure to qualify under the applicable REIT qualification rules and regulations would have a material adverse impact on our financial position, results of operations and cash flows. Certain activities that we undertake may be conducted by subsidiary entities that have elected to be treated as taxable REIT subsidiaries (“TRS”). TRSs are subject to federal, state, and local income taxes. Accordingly, a provision for income taxes has been made in the consolidated financial statements. Earnings and profits, which determine the taxability of dividends to stockholders, differ from net income reported for financial reporting purposes due primarily to differences in the basis of assets, estimated useful lives used to compute depreciation expense, gains on sales of real estate, non-cash compensation expense and recognition of commitment fees. Our tax returns filed for years beginning in 2021 are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our Consolidated Statements of Income as a component of income tax expense.
Segments	Segments - We operate our business through two reportable segments: Real Estate Investments and SHOP. In our Real Estate Investments segment, we invest in (i) senior housing and healthcare real estate and lease those properties to healthcare operating companies under primarily triple-net leases that obligate tenants to pay all property-related expenses and (ii) mortgage and other notes receivable throughout the United States. Our SHOP segment is comprised of the operations of 15 ILFs located throughout the United States that are operated on behalf of the Company by independent managers pursuant to the terms of separate management agreements. Reference Notes 5 and 16 for additional information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements - In November 2023, the FASB issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU enhances segment disclosures by requiring public entities to provide investors with additional, more detailed information about a reportable segment’s expenses. The ASU also requires disclosure of the chief operating decision maker’s (“CODM”) title and position on an annual basis, as well as an explanation of how the CODM uses the reported measures and other disclosures. We adopted this guidance effective for the year ended December 31, 2024. The adoption of this guidance resulted in additional segment disclosures as disclosed in Note 16. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential impact of adoption on our consolidated financial statements or related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires public entities to disclose, on an annual and interim basis, disaggregated information in the footnotes about specified information related to certain costs and expenses. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of this standard on our consolidated financial statements and related disclosures.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table sets forth our “ Cash and cash equivalents and restricted cash ” reported within the Company’s Consolidated Statements of Cash Flows ( $ in thousands ): As of December 31, 2024 2023 Beginning of period: Cash and cash equivalents $ 22,347 $ 19,291 Restricted cash (included in Other assets, net ) 2,270 2,225 Cash, cash equivalents, and restricted cash $ 24,617 $ 21,516 End of period: Cash and cash equivalents $ 24,289 $ 22,347 Restricted cash (included in Other assets, net ) 2,213 2,270 Cash, cash equivalents, and restricted cash $ 26,502 $ 24,617
Schedule of Restrictions on Cash and Cash Equivalents	The following table sets forth our “ Cash and cash equivalents and restricted cash ” reported within the Company’s Consolidated Statements of Cash Flows ( $ in thousands ): As of December 31, 2024 2023 Beginning of period: Cash and cash equivalents $ 22,347 $ 19,291 Restricted cash (included in Other assets, net ) 2,270 2,225 Cash, cash equivalents, and restricted cash $ 24,617 $ 21,516 End of period: Cash and cash equivalents $ 24,289 $ 22,347 Restricted cash (included in Other assets, net ) 2,213 2,270 Cash, cash equivalents, and restricted cash $ 26,502 $ 24,617

Investment Activity (Tables)

Investment Activity (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Business Acquisitions, by Acquisition	During the year ended December 31, 2024, we completed the following real estate acquisitions within our Real Estate Investments segment ( $ in thousands ): Operator Date Properties Asset Class Land Building and Improvements Total Encore Senior Living Q2 2024 1 ALF $ 1,329 $ 30,721 $ 32,050 Spring Arbor Q4 2024 10 ALF 10,284 111,038 121,322 William James Group, LLC Q4 2024 1 ALF 452 6,488 6,940 $ 12,065 $ 148,247 $ 160,312 During the year ended December 31, 2023, we completed the following real estate acquisitions within our Real Estate Investments segment ( $ in thousands ): Operator Date Properties Asset Class Land Building and Improvements Total Silverado Senior Living Q1 2023 2 ALF $ 3,894 $ 33,599 $ 37,493 Bickford Q1 2023 1 ALF 1,746 15,542 17,288 $ 5,640 $ 49,141 $ 54,781
Schedule of Asset Dispositions	During the year ended December 31, 2024, we completed the following real estate property dispositions within our Real Estate Investments segment ( $ in thousands ): Operator Date Properties Asset Class Net Proceeds Net Real Estate Investment Gain Senior Living Management Q2 2024 2 ALF $ 4,658 $ 3,240 $ 1,418 Bickford Senior Living 1 Q4 2024 1 ALF 790 665 125 Senior Living Management 2 Q4 2024 1 ALF 9,731 5,004 4,727 4 $ 15,179 $ 8,909 $ 6,270 1 Total aggregate impairment charges previously recognized on the property was $0.7 million and $1.2 million for the years ended December 31, 2024 and 2023, respectively. 2 The Company provided aggregate financing of approximately $9.4 million , net of discounts, on the transaction in the form of notes receivable, which is included in net proceeds. During the year ended December 31, 2023, we completed the following real estate property dispositions within our Real Estate Investments segment ( $ in thousands ): Operator Date Properties Asset Class Net Proceeds Net Real Estate Investment Gain Impairment 1 BAKA Enterprises, LLC 2 Q1 2023 1 ALF $ 7,478 $ 7,505 $ — $ 27 Bickford Q1 2023 1 ALF 2,553 1,421 1,132 — Chancellor Health Care 2 Q2 2023 1 ALF 2,355 1,977 378 — Milestone Retirement 2,3 Q2 2023 2 ALF 3,803 3,934 — 131 Chancellor Health Care 3 Q2 2023 1 ALF 7,633 6,140 1,493 — Milestone Retirement 2,3 Q2 2023 1 ALF 1,602 1,452 150 — Chancellor Health Care Q2 2023 1 ALF 23,724 14,476 9,248 — Chancellor Health Care 2 Q3 2023 1 ALF 2,923 2,292 631 — Senior Living Management 3 Q4 2023 2 ALF 5,522 4,770 752 — Senior Living Management 2 Q4 2023 1 ALF 1,515 1,100 415 — 12 $ 59,108 $ 45,067 $ 14,199 $ 158 1 Impairments are included in “ Loan and realty losses, net ” in the Consolidated Statement of Income for the year ended December 31, 2023. 2 Total aggregate impairment charges previously recognized on these properties were $0.3 million and $17.4 million for the years ended December 31, 2023 and 2022, respectively. 3 The Company provided aggregate financing of approximately $2.2 million , net of discounts, on these transactions in the form of notes receivable, which is included net proceeds.
Schedule of Tenant Concentration	The following table contains information regarding tenant concentration in our Real Estate Investments segment, excluding $2.6 million for our corporate office, $358.4 million for the SHOP segment, and a credit loss reserve of $20.2 million, based on the percentage of revenues for the years ended December 31, 2024, 2023 and 2022 related to tenants or affiliates of tenants, that exceed 10% of total revenue ( $ in thousands ): As of December 31, 2024 Revenues 1 Asset Gross Real Notes Year Ended December 31, Class Estate Receivable 2024 2023 2022 Senior Living Communities EFC $ 577,243 $ 43,916 $ 53,570 16% $ 51,274 16% $ 51,183 18% Bickford 2 ALF 428,068 16,072 41,720 12% 38,688 12% N/A N/A National HealthCare Corporation SNF 133,770 — 40,016 12% 37,335 12% 36,893 13% All others, net Various 1,453,506 229,187 134,289 41% 132,216 41% 144,534 52% Escrow funds received from tenants for property operating expenses Various — — 11,165 3% 11,513 4% 9,788 4% $ 2,592,587 $ 289,175 280,760 271,026 242,398 Resident fees and services 3 54,421 16% 48,809 15% 35,796 13% $ 335,181 $ 319,835 $ 278,194 1 Includes interest income on notes receivable and rental income from properties classified as assets held for sale. 2 Revenues included in All others, net for years when less than 10%. 3 There is no tenant concentration in “ Resident fees and services ” because these agreements are with individual residents.
Schedule of NHC Percentage Rent	The following table summarizes the percentage rent income from NHC ( $ in thousands ): Year Ended December 31, 2024 2023 2022 Current year $ 5,518 $ 3,862 $ 3,332 Prior year final certification 1 1,656 630 (206) Total percentage rent income $ 7,174 $ 4,492 $ 3,126 1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.
Schedule of Cash Rents Received	Cash rents received from these tenants for the years ended December 31, 2024, 2023 and 2022 were as follows ( $ in thousands ): Year Ended December 31, 2024 2023 2022 Bickford 1,2 $ 38,971 $ 33,352 $ 27,650 All others 3 11,010 12,444 7,681 Total cash rent received from cash basis operators $ 49,981 $ 45,796 $ 35,331 1 Excludes $2.5 million and $3.0 million of rental income related to the reduction of rent deferrals recognized in connection with the acquisition of two ALFs located in Virginia from Bickford for the years ended December 31, 2023 and 2022, respectively. 2 Excludes the impact of write-offs of $18.1 million in total straight-line rents receivable and $7.1 million of lease incentives during the year ended December 31, 2022. 3 Excludes the impact of write-offs of $9.0 million in total straight-line rents receivable during the year ended December 31, 2022.
Schedule of Supplemental Balance Sheet Information Related to Lease	Supplemental balance sheet information related to the lease is as follows ( $ in thousands ): As of December 31, 2024 2023 Buildings and improvements - right of use asset $ 1,524 $ 1,562 Accounts payable and accrued expenses - lease liability $ 1,685 $ 1,705
Schedule of Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Future Minimum Lease Payments Future minimum lease payments to be received by us under our operating leases, including cash basis tenants, at December 31, 2024 are as follows ( $ in thousands ): Year Ending December 31, Amount 2025 $ 247,712 2026 254,499 2027 208,589 2028 203,933 2029 194,283 Thereafter 845,337 $ 1,954,353
Schedule of Fixed and Variable Lease Payments	Variable Lease Payments Most of our leases contain annual escalators in rent payments. Some of our leases contain escalators that are determined annually based on a variable index or other factors that are indeterminable at the inception of the lease. The table below indicates the rental income recognized as a result of fixed and variable lease escalators ( $ in thousands ): Year Ended December 31, 2024 2023 2022 Lease payments based on fixed escalators $ 234,672 $ 225,565 $ 226,873 Lease payments based on variable escalators 11,074 7,709 5,275 Straight-line rent income, net of write-offs 3,031 6,961 (16,681) Escrow funds received from tenants for property operating expenses 11,165 11,513 9,788 Amortization and write-off of lease incentives (2,893) (2,521) (7,555) Rental income $ 257,049 $ 249,227 $ 217,700

Mortgage and Other Notes Rece_2

Mortgage and Other Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2024
Mortgage and Other Notes Receivable [Abstract]
Schedule of Financing Receivable Credit Quality Indicators	The credit quality indicator as of December 31, 2024, is presented below for the amortized cost, net by year of origination ( $ in thousands ): 2024 2023 2022 2021 2020 Prior Total Mortgages more than 1.5x $ 16,589 $ — $ 42,465 $ — $ — $ 32,666 $ 91,720 between 1.0x and 1.5x 23,877 725 28,387 — — 6,423 59,412 less than 1.0x — — — — — 14,700 14,700 40,466 725 70,852 — — 53,789 165,832 Mezzanine more than 1.5x — 524 — 13,137 — — 13,661 between 1.0x and 1.5x — — — 18,998 — — 18,998 less than 1.0x 24,760 229 — — — 25,000 49,989 24,760 753 — 32,135 — 25,000 82,648 Non-performing more than 1.5x — — — — — 10,000 10,000 between 1.0x and 1.5x 1,369 — — — — 14,500 15,869 1,369 — — — — 24,500 25,869 Revolver more than 1.5x 14,476 between 1.0x and 1.5x 350 14,826 Credit loss reserve (20,249) $ 268,926
Schedule of Financing Receivable, Allowance for Credit Loss, Roll Forward	The allowance for expected credit losses is presented in the following table for the year ended December 31, 2024 ( $ in thousands ): Balance at January 1, 2024 $ 15,476 Provision for expected credit losses 4,773 Balance at December 31, 2024 $ 20,249

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets, net consist of the following ( $ in thousands ): December 31, 2024 December 31, 2023 SHOP accounts receivable, net of allowance of $494 and $343, and other assets $ 2,232 $ 1,620 Real estate investments accounts receivable and prepaid expenses 4,223 3,296 Lease incentive payments, net 7,877 10,669 Regulatory escrows 6,208 6,208 Restricted cash 2,213 2,270 $ 22,753 $ 24,063

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Instruments [Abstract]
Schedule of Long-term Debt Instruments	Debt consisted of the following ( $ in thousands ): December 31, 2024 December 31, 2023 Revolving credit facility - unsecured $ 331,200 $ 245,000 Bank term loans - unsecured 200,000 200,000 2031 Senior Notes - unsecured, net of discount of $1,956 and $2,278 398,044 397,722 Private placement notes - unsecured 150,000 225,000 Fannie Mae term loans - secured, non-recourse 75,815 76,241 Unamortized loan costs (9,018) (8,912) $ 1,146,041 $ 1,135,051
Schedule of Maturities of Long-term Debt	Aggregate principal maturities of debt as of December 31, 2024 for each of the next five years and thereafter are included in the table below. These maturities do not include the impact of any debt incurred or repaid subsequent to December 31, 2024 ( $ in thousands ): For The Year Ending December 31, 2025 $ 325,815 2026 — 2027 100,000 2028 331,200 2029 — Thereafter 400,000 1,157,015 Less: discount (1,956) Less: unamortized loan costs (9,018) $ 1,146,041
Schedule of Unsecured Term Loans	Our unsecured private placement notes outstanding as of December 31, 2024, payable interest-only, are summarized below ( $ in thousands ): Amount Inception Maturity Fixed Rate $ 50,000 November 2015 November 2025 4.33 % 100,000 January 2015 January 2027 4.51 % $ 150,000
Schedule of Interest Expense	The following table summarizes interest expense ( $ in thousands ): December 31, 2024 2024 2023 2022 Interest expense on debt at contractual rates $ 56,313 $ 55,603 $ 42,487 Capitalized interest (193) (90) (46) Amortization of debt issuance costs, debt discount and other 3,783 2,647 2,476 Total interest expense $ 59,903 $ 58,160 $ 44,917

Commitments, Contingencies an_2

Commitments, Contingencies and Uncertainties (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Off Balance Sheet, Credit Loss, Liability, Roll Forward	The liability for expected credit losses on our unfunded loan commitments reflected in “ Accounts payable and accrued expenses ” on the Consolidated Balance Sheets as of December 31, 2024 and 2023 is presented in the following table for the year ended December 31, 2024 ( $ in thousands ): Balance at January 1, 2024 $ 279 Provision for expected credit losses (132) Balance at December 31, 2024 $ 147

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest	The following table presents the change in “ Redeemable noncontrolling interest ” for the years ended December 31, 2024 and 2023 ( $ in thousands ): Year Ended December 31, 2024 2023 Balance at January 1, $ 9,656 $ 9,825 Contributions 1,100 922 Net loss (916) (1,091) Distributions (50) — Balance at December 31, $ 9,790 $ 9,656

Equity and Dividends (Tables)

Equity and Dividends (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Dividends Declared	The following table summarizes dividends declared by the Board of Directors or paid during the years ended December 31, 2024 and 2023: Year Ended December 31, 2024 Date of Declaration Date of Record Date Paid/Payable Quarterly Dividend February 16, 2024 March 28, 2024 May 3, 2024 $0.90 May 3, 2024 June 28, 2024 August 2, 2024 $0.90 August 2, 2024 September 27, 2024 November 1, 2024 $0.90 November 1, 2024 December 31, 2024 January 29, 2025 $0.90 Year Ended December 31, 2023 Date of Declaration Date of Record Date Paid/Payable Quarterly Dividend February 17, 2023 March 31, 2023 May 5, 2023 $0.90 May 5, 2023 June 30, 2023 August 4, 2023 $0.90 August 4, 2023 September 29, 2023 November 3, 2023 $0.90 November 3, 2023 December 29, 2023 January 26, 2024 $0.90

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount	The following is a summary of share-based compensation expense, net of any forfeitures, included in “ General and administrative expenses ” in the Consolidated Statements of Income ( $ in thousands ): December 31, 2024 December 31, 2023 December 31, 2022 Shared-based compensation components: Restricted stock expense $ 676 $ 310 $ — Stock option expense 3,506 4,295 8,613 Total share-based compensation expense $ 4,182 $ 4,605 $ 8,613
Schedule of Stock Option Valuation Assumptions	The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: December 31, 2024 December 31, 2023 December 31, 2022 Dividend yield 6.4% 6.9% 7.0% Expected volatility 26.1% 39.0% 49.3% Expected lives 2.9 years 2.9 years 2.9 years Risk-free interest rate 4.49% 4.56% 1.75%
Schedule of Stock Option Activity	The following tables summarize our outstanding stock options: Weighted Average Number Weighted Average Remaining of Shares Exercise Price Contractual Life (Years) Outstanding December 31, 2021 1,652,505 $78.10 Options granted under 2019 Plan 718,000 $53.62 Options exercised under 2019 Plan (56,832) $53.41 Options forfeited (23,000) $62.33 Options expired (74,498) $77.93 Outstanding December 31, 2022 2,216,175 $70.97 Options granted under 2019 Plan 385,500 $54.73 Options exercised (5,166) $53.41 Options forfeited (61,168) $66.44 Options expired (88,170) $64.33 Outstanding December 31, 2023 2,447,171 $68.80 Options granted under 2019 Plan 431,000 $57.76 Options exercised (1,065,119) $58.24 Options forfeited (95,000) $68.00 Options expired (301,837) $79.96 Outstanding December 31, 2024 1,416,215 $71.06 1.78 Exercisable at December 31, 2024 1,075,521 $75.56 1.12 Remaining Grant Number Exercise Contractual Date of Shares Price Life in Years 2/21/2020 491,000 $ 90.79 0.14 2/25/2021 322,500 $ 69.20 1.15 2/25/2022 126,560 $ 53.41 2.15 2/24/2023 171,650 $ 54.73 3.15 2/23/2024 304,505 $ 57.76 4.15 Options outstanding, December 31, 2024 1,416,215
Schedule of Nonvested Share Activity	The following table summarizes our outstanding non-vested stock options: Number of Shares Weighted Average Grant Date Fair Value Non-vested December 31, 2023 368,344 $11.48 Options granted under 2019 Plan 431,000 $7.36 Options vested under 2019 Plan (458,650) $9.68 Non-vested December 31, 2024 340,694 $8.71

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share ( $ in thousands, except share and per share amounts ): Year Ended December 31, 2024 2023 2022 Net income $ 136,639 $ 134,381 $ 65,501 Add: net loss attributable to noncontrolling interests 1,346 1,273 $ 902 Net income attributable to stockholders 137,985 135,654 66,403 Less: net income attributable to unvested restricted stock awards (118) (57) — Net income attributable to common stockholders - basic and diluted $ 137,867 $ 135,597 $ 66,403 BASIC: Weighted average common shares outstanding 43,844,771 43,388,794 44,774,708 DILUTED: Weighted average common shares outstanding 43,844,771 43,388,794 44,774,708 Stock options 184,416 672 19,528 Forward equity sales agreement 73,449 — — Weighted average dilutive common shares outstanding 44,102,636 43,389,466 44,794,236 Earnings per common share - basic $ 3.14 $ 3.13 $ 1.48 Earnings per common share - diluted $ 3.13 $ 3.13 $ 1.48 Incremental anti-dilutive shares excluded: Net share effect of stock options with an exercise price in excess of the average market price for our common shares 235,344 802,506 564,803 Regular dividends declared per common share $ 3.60 $ 3.60 $ 3.60

Fair Value of Financial instr_2

Fair Value of Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements, Nonrecurring	Carrying amounts and fair values of financial instruments that are not carried at fair value at December 31, 2024 and December 31, 2023 in the Consolidated Balance Sheets are as follows ( $ in thousands ): Carrying Amount Fair Value Measurement 2024 2023 2024 2023 Level 2 Variable rate debt $ 525,177 $ 439,693 $ 531,200 $ 445,000 Fixed rate debt $ 620,864 $ 695,358 $ 548,339 $ 616,852 Level 3 Mortgage and other notes receivable, net $ 268,926 $ 245,271 $ 261,708 $ 237,646

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Dividends Paid, Per Share	Distributions to common stockholders for the last three years are characterized for tax purposes as follows on a per share basis ( unaudited ): Year Ended December 31, 2024 1 2023 2022 Ordinary income $ 2.84119 $ 2.40807 $ 2.61966 Capital gain — 0.24805 — Return of capital — 0.94388 0.98034 Distributions per common share $ 2.84119 $ 3.60 $ 3.60 1 Pursuant to Section 857(b)(9) of the Internal Revenue Code, the $0.90 per share cash distribution paid on January 29, 2025 with a record date of December 31, 2024 (the “January 2025 Cash Distribution”) is treated as received by stockholders on December 31, 2024 to the extent of 2024 earnings and profits. As the Company’s aggregate 2024 cash distributions exceeded 2024 earnings and profits, only a portion of the January 2025 Cash Distribution has been included as a distribution for 2024 tax reporting. The remainder of the January 2025 Cash Distribution will be treated as a 2025 distribution for federal income tax purposes.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Summary information for the reportable segments during the years ended December 31, 2024, 2023 and 2022 are as follows ( $ in thousands ): For the year ended December 31, 2024: Real Estate Investments SHOP Non-segment/Corporate Total Rental income $ 257,049 $ — $ — $ 257,049 Resident fees and services — 54,421 — 54,421 Interest income and other 23,243 — 468 23,711 Total revenues 280,292 54,421 468 335,181 Labor — 17,166 — 17,166 Dietary — 4,287 — 4,287 Utilities — 3,887 — 3,887 Taxes and insurance 11,165 6,412 — 17,577 Other senior housing operating expenses 1 — 10,499 — 10,499 NOI 269,127 12,170 468 281,765 Depreciation 61,249 10,157 37 71,443 Interest 3,060 — 56,843 59,903 Legal — — 1,052 1,052 Franchise, excise and other taxes — — 38 38 General and administrative — — 20,736 20,736 Loan and realty losses, net 5,295 — — 5,295 Gains on sales of real estate (6,678) — — (6,678) Gains from equity method investment (402) — — (402) Gain on forward equity sale agreement, net — — (6,261) (6,261) Net income (loss) $ 206,603 $ 2,013 $ (71,977) $ 136,639 Total assets $ 2,325,269 $ 270,273 $ 18,829 $ 2,614,371 1 Includes management fees, general and administrative and marketing expenses. For the year ended December 31, 2023: Real Estate Investments SHOP Non-segment/Corporate Total Rental income $ 249,227 $ — $ — $ 249,227 Resident fees and services — 48,809 — 48,809 Interest income and other 21,448 — 351 21,799 Total revenues 270,675 48,809 351 319,835 Labor — 16,165 — 16,165 Dietary — 3,763 — 3,763 Utilities — 3,537 — 3,537 Taxes and insurance 11,513 5,889 — 17,402 Other senior housing operating expenses 1 — 10,233 — 10,233 NOI 259,162 9,222 351 268,735 Depreciation 60,764 9,158 51 69,973 Interest 3,071 — 55,089 58,160 Legal — — 507 507 Franchise, excise and other taxes — — 449 449 General and administrative — — 19,314 19,314 Loan and realty losses, net 1,376 — — 1,376 Gains on sales of real estate (14,721) — — (14,721) Gain on operations transfer, net (20) — — (20) Other income (202) — — (202) Loss on early retirement of debt — — 73 73 Gains from equity method investment (555) — — (555) Net income (loss) $ 209,449 $ 64 $ (75,132) $ 134,381 Total assets $ 2,202,647 $ 270,051 $ 15,782 $ 2,488,480 1 Includes management fees, general and administrative and marketing expenses. For the year ended December 31, 2022: Real Estate Investments SHOP Non-segment/Corporate Total Rental income $ 217,700 $ — $ — $ 217,700 Resident fees and services — 35,796 — 35,796 Interest income and other 24,383 — 315 24,698 Total revenues 242,083 35,796 315 278,194 Labor — 11,184 — 11,184 Dietary — 2,749 — 2,749 Utilities — 2,633 — 2,633 Taxes and insurance 9,788 4,183 — 13,971 Other senior housing operating expenses 1 — 7,444 — 7,444 NOI 232,295 7,603 315 240,213 Depreciation 64,407 6,408 65 70,880 Interest 3,089 — 41,828 44,917 Legal — — 2,555 2,555 Franchise, excise and other taxes — — 844 844 General and administrative — — 22,768 22,768 Loan and realty losses, net 61,911 — — 61,911 Gains on sales of real estate (28,342) — — (28,342) Loss on operations transfer, net 710 — — 710 Gain on note receivable payoff (1,113) — — (1,113) Loss on early retirement of debt — — 151 151 Gains from equity method investment (569) — — (569) Net income (loss) $ 132,202 $ 1,195 $ (67,896) $ 65,501 Total assets $ 2,225,176 $ 274,135 $ 8,113 $ 2,507,424 1 Includes management fees, general and administrative and marketing expenses.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The Company’s unconsolidated VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of exposure to these VIEs, see the notes to our consolidated financial statements cross-referenced below ( $ in thousands ). Date Name Source of Exposure Carrying Amount Maximum Exposure to Loss Note Reference 2014 Senior Living Notes and straight-line rents receivable $ 84,087 $ 92,837 Notes 3, 4 2016 Senior Living Management Notes $ 24,500 $ 24,500 Notes 3, 4 2018 Bickford Notes $ 16,186 $ 28,432 Notes 3, 4 2019 Encore Senior Living Various 1 $ 35,330 $ 35,397 — 2020 Timber Ridge OpCo Various 2 $ (1,332) $ 3,668 Notes 6, 7 2020 Watermark Retirement Notes and straight-line rents receivable $ 10,293 $ 12,067 — 2021 Montecito Medical Real Estate Notes and funding commitment $ 15,618 $ 50,053 Note 4 2021 Vizion Health Notes and straight-line rents receivable $ 15,244 $ 15,244 — 2021 Navion Senior Solutions Various 3 $ 7,730 $ 9,880 — 2023 Kindcare Senior Living Notes 4 $ 785 $ 785 — 2024 Mainstay Healthcare Maitland, LLC Note $ 9,019 $ 9,019 — 1 Note, straight-line rents receivable, and lease receivables 2 Loan commitment, equity method investment, straight-line rents receivable and unamortized lease incentive 3 Straight-line rents receivable, and unamortized lease incentive 4 Represents two mezzanine loans originated from the sales of real estate

Organization and Nature of Bu_2

Organization and Nature of Business (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2024 property	Dec. 31, 2024 state	Dec. 31, 2024 tenant	Dec. 31, 2024 mortgage	Dec. 31, 2024 unit	Dec. 31, 2024 facility	Dec. 31, 2024 jointVenture	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Number of reportable segments | segment	2
Real estate investment property, portfolio assets | $									$ 358,400
Number of health care properties related to mortgage notes receivables		16			11
Loans an leases receivable, gross | $	$ 289,175
Credit loss reserve | $	20,249								$ 15,476	$ 20,200
Real Estate Investments
Real Estate [Line Items]
Real estate investment property, portfolio assets | $	2,600,000
Properties		172
Number of states in which entity operates | state			31
Number of lessees | tenant				27
Senior Housing Community | Real Estate Investments
Real Estate [Line Items]
Properties		106
Skilled Nursing Facilities
Real Estate [Line Items]
Properties | facility							32
Skilled Nursing Facilities | Real Estate Investments
Real Estate [Line Items]
Properties		65
Hospitals | Real Estate Investments
Real Estate [Line Items]
Properties		1
Independent Living Facilities
Real Estate [Line Items]
Properties		3
Number of states in which entity operates | state			8
Number of joint ventures | jointVenture								2
Independent Living Facilities | SHOP
Real Estate [Line Items]
Real estate investment property, portfolio assets | $	$ 358,400
Properties		15
Number of units in real estate property | unit						1,732

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) mortgage segment	Dec. 31, 2023 USD ($) realEstatePartnership	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 realEstatePartnership	Dec. 31, 2024 operator	Dec. 31, 2024 facility	Dec. 31, 2024 jointVenture
Property, Plant and Equipment [Line Items]
Number of real estate partnerships | realEstatePartnership		2				2
Property, plant and equipment, useful life	40 years
Impairment of property	$ 0	$ 1,173	$ 21,531
Lessor, operating lease, renewal term	5 years
Taxes and insurance	$ 11,165	11,513	9,788
Loans an leases receivable, gross				$ 289,175
Number of reportable segments | segment	2
Independent Living Facilities
Property, Plant and Equipment [Line Items]
Number of joint ventures | jointVenture									2
Properties | property					3
Non-performing
Property, Plant and Equipment [Line Items]
Mortgage note receivables | mortgage	1
Non-performing | Mortgage Receivable And Mezzanine Loan
Property, Plant and Equipment [Line Items]
Loans an leases receivable, gross				$ 25,900
Bickford
Property, Plant and Equipment [Line Items]
Number of operators | operator							3
Properties					4			38
Real Estate Investments
Property, Plant and Equipment [Line Items]
Impairment of property	$ 700	$ 1,600	$ 51,600
Properties | property					172
SHOP | Independent Living Facilities
Property, Plant and Equipment [Line Items]
Properties | property					15
Minimum
Property, Plant and Equipment [Line Items]
Lessor, operating lease, contract term	10 years
Residency agreement, term	30 days
Maximum
Property, Plant and Equipment [Line Items]
Lessor, operating lease, contract term	15 years
Residency agreement, term	1 year
Building | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Building Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Building Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	25 years

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies (Schedule of Cash and Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 24,289	$ 22,347	$ 19,291
Restricted cash (included in Other assets, net)	2,213	2,270	2,225
Cash, cash equivalents, and restricted cash	$ 26,502	$ 24,617	$ 21,516	$ 39,485

Investment Activity (Asset Acqu

Investment Activity (Asset Acquisition Schedule) (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) property	Jun. 30, 2024 USD ($) property	Dec. 31, 2024 USD ($) property
Encore Senior Living
Real Estate [Line Items]
Properties | property		1
Total		$ 32,050
Encore Senior Living | Land
Real Estate [Line Items]
Total		1,329
Encore Senior Living | Building and Improvements
Real Estate [Line Items]
Total		30,721
Spring Arbor
Real Estate [Line Items]
Properties | property			10
Total			$ 121,322
Spring Arbor | Land
Real Estate [Line Items]
Total			10,284
Spring Arbor | Building and Improvements
Real Estate [Line Items]
Total			$ 111,038
William James Group, LLC
Real Estate [Line Items]
Properties | property			1
Total			$ 6,940
William James Group, LLC | Land
Real Estate [Line Items]
Total			452
William James Group, LLC | Building and Improvements
Real Estate [Line Items]
Total			$ 6,488
Silverado Senior Living
Real Estate [Line Items]
Properties | property	2
Total	$ 37,493
Silverado Senior Living | Land
Real Estate [Line Items]
Total	3,894
Silverado Senior Living | Building and Improvements
Real Estate [Line Items]
Total	$ 33,599
Bickford
Real Estate [Line Items]
Properties | property	1
Total	$ 17,288
Bickford | Land
Real Estate [Line Items]
Total	1,746
Bickford | Building and Improvements
Real Estate [Line Items]
Total	15,542
Current Period Real Estate Acquisition
Real Estate [Line Items]
Total	54,781	160,312
Current Period Real Estate Acquisition | Land
Real Estate [Line Items]
Total	5,640	12,065
Current Period Real Estate Acquisition | Building and Improvements
Real Estate [Line Items]
Total	$ 49,141	$ 148,247

Investment Activity (Asset Ac_2

Investment Activity (Asset Acquisition) (Details) $ in Millions	1 Months Ended			6 Months Ended	12 Months Ended
	Jan. 31, 2025 USD ($) unit extensionOption	Oct. 31, 2024 USD ($) extensionOption community	Feb. 28, 2023 USD ($) unit	Jun. 30, 2024 USD ($) unit	Dec. 31, 2024 USD ($) extensionOption
Real Estate [Line Items]
Proceeds from sale and collection of notes receivable			$ 14.2
Subsequent Event
Real Estate [Line Items]
Proceeds from sale and collection of notes receivable	$ 0.2
Encore Senior Living
Real Estate [Line Items]
Initial lease rate				8.25%
Ten Assisted Living and Memory Care Communities
Real Estate [Line Items]
Number of units in real estate property | community		10
Acquisition price		$ 121
Asset purchase transaction costs		$ 0.3
Term Of Master Lease		15 years
Initial lease rate		8.25%
Annual lease escalator		2%
Asset acquisition, number Of loan extensions | extensionOption		2
Asset acquisition, extension option renewal term		5 years
Asset acquisition, lease earnout incentives funded		$ 10
Assisted Living and Memory Care Facility
Real Estate [Line Items]
Acquisition price					$ 6.9
Asset purchase transaction costs					$ 0.1
Term Of Master Lease					10 years
Initial lease rate					8.50%
Annual lease escalator					2%
Asset acquisition, number Of loan extensions | extensionOption					2
Asset acquisition, extension option renewal term					5 years
2024 Asset Acquisition | Subsequent Event
Real Estate [Line Items]
Term Of Master Lease	10 years
Initial lease rate	8%
Annual lease escalator	2%
Asset acquisition, number Of loan extensions | extensionOption	2
Asset acquisition, extension option renewal term	5 years
Silverado Senior Living
Real Estate [Line Items]
Initial lease rate			7.50%
Annual lease escalator			2%
Term of master lease			20 years
Silverado Senior Living, Summerlin, NE
Real Estate [Line Items]
Number of units in real estate property | unit			60
Acquisition price			$ 37.5
Silverado Senior Living, Frederick, MD
Real Estate [Line Items]
Number of units in real estate property | unit			60
Bickford Senior Living Acquisition
Real Estate [Line Items]
Asset acquisition, rent deferral deduction			$ 2.5
Encore Senior Living | Encore Senior Living
Real Estate [Line Items]
Number of units in real estate property | unit				110
Acquisition price				$ 32.1
Asset purchase transaction costs				0.1
Proceeds from sale and collection of notes receivable				$ 22.2
Term Of Master Lease				15 years
Annual lease escalator				2.21%
Bickford | Bickford
Real Estate [Line Items]
Number of units in real estate property | unit			64
Acquisition price			$ 17.3
Asset purchase transaction costs			$ 0.1
Initial lease rate			8%
Cancellation of outstanding construction note receivable			$ 0.5
Bickford | Bickford | Subsequent Event
Real Estate [Line Items]
Number of units in real estate property | unit	109
Acquisition price	$ 21.2

Investment Activity (Dispositio

Investment Activity (Dispositions Table) (Details) $ in Thousands	3 Months Ended				6 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($) property	Jun. 30, 2023 USD ($) property	Mar. 31, 2023 USD ($) property	Jun. 30, 2024 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2024 property	Dec. 31, 2024 facility
Real Estate [Line Items]
Net Proceeds						$ 6,179	$ 57,031	$ 168,958
Gain						6,678	14,721	28,342
Impairment						0	$ 1,173	21,531
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property	12				4		12
Net Proceeds					$ 15,179		$ 59,108
Net Real Estate Investment	$ 45,067				8,909		45,067
Gain					$ 6,270		14,199
Impairment							$ 158
Senior Living Management | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property	1				2		1		1
Net Proceeds	$ 1,515				$ 4,658	9,731
Net Real Estate Investment	1,100				3,240	5,004	$ 1,100
Gain	415				$ 1,418	4,727
Impairment	0
Bickford
Real Estate [Line Items]
Properties									4	38
Mortgage and other notes receivable, net						16,072
Bickford | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property					1
Net Proceeds					$ 790
Net Real Estate Investment						665
Gain					$ 125
BAKA Enterprises, LLC
Real Estate [Line Items]
Total impairment charges on real estate	300						300	$ 17,400
BAKA Enterprises, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property				1
Net Proceeds				$ 7,478
Net Real Estate Investment				7,505
Gain				0
Impairment				$ 27
Bickford | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property				1
Net Proceeds				$ 2,553
Net Real Estate Investment				1,421
Gain				1,132
Impairment				$ 0
Chancellor Health Care | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property			1
Net Proceeds			$ 2,355
Net Real Estate Investment			1,977
Gain			378
Impairment			$ 0
Milestone Retirement | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property			2
Net Proceeds			$ 3,803
Net Real Estate Investment			3,934
Gain			0
Impairment			$ 131
Chancellor Health Care | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property			1
Net Proceeds			$ 7,633
Net Real Estate Investment			6,140
Gain			1,493
Impairment			$ 0
Milestone Retirement | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property			1
Net Proceeds			$ 1,602
Net Real Estate Investment			1,452
Gain			150
Impairment			$ 0
Chancellor Health Care | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property			1
Net Proceeds			$ 23,724
Net Real Estate Investment			14,476
Gain			9,248
Impairment			$ 0
Chancellor Health Care | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property		1
Net Proceeds		$ 2,923
Net Real Estate Investment		2,292
Gain		631
Impairment		$ 0
Senior Living Management
Real Estate [Line Items]
Total impairment charges on real estate	$ 1,200					700	$ 1,200
Senior Living Management | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Properties | property	2						2
Net Proceeds	$ 5,522
Net Real Estate Investment	4,770						$ 4,770
Gain	752
Impairment	0
Senior Living Management 1 and Milestone Retirement 1 & 2
Real Estate [Line Items]
Mortgage and other notes receivable, net	$ 2,200					$ 9,400	$ 2,200

Investment Activity (2024 Asset

Investment Activity (2024 Asset Dispositions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Rental income	$ 257,049	$ 249,227	$ 217,700
Senior Living Management
Real Estate [Line Items]
Total impairment charges on real estate	700	1,200
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2024 Asset Dispositions
Real Estate [Line Items]
Rental income	$ 1,300	$ 2,600	$ 1,000

Investment Activity (2023 Asset

Investment Activity (2023 Asset Dispositions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Rental income	$ 257,049	$ 249,227	$ 217,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Two Thousand Twenty Three Asset Dispositions
Real Estate [Line Items]
Rental income		$ 3,300	$ 700

Investment Activity (Assets Hel

Investment Activity (Assets Held for Sale and Long-Lived Assets) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Number of properties | property		1
Rental income	$ 257,049	$ 249,227	$ 217,700
Impairment of property	0	$ 1,173	21,531
Real estate properties, impaired, sold or classified as held for sale | property		4
Real estate assets held for development and sale		$ 1,600
Real Estate Investments
Real Estate [Line Items]
Impairment of property	$ 700	$ 1,600	51,600
Real estate properties, impaired, sold or classified as held for sale | property	1	3
Real estate assets held for development and sale		$ 500
Senior Living Campuses | Disposal Group, Held-for-sale, Not Discontinued Operations | Two Thousand Twenty Four Disposal Group
Real Estate [Line Items]
Disposal group, including discontinued operation, consideration	$ 38,500
Lease income, annual rent	2,800
Disposal group, including discontinued operation, assets	19,100
Asset Held For Sale In 2022
Real Estate [Line Items]
Rental income	$ 900	$ 1,700	$ 900

Investment Activity (Tenant Con

Investment Activity (Tenant Concentration) (Details) $ in Thousands

3 Months Ended

12 Months Ended

Apr. 01, 2024 USD ($)

Jun. 30, 2024 USD ($)

Dec. 31, 2024 USD ($)

Dec. 31, 2023 USD ($) state property

Dec. 31, 2022 USD ($) property

Dec. 31, 2024 USD ($)

Dec. 31, 2024 property

Dec. 31, 2024 state

Dec. 31, 2024 unit

Dec. 31, 2024 facility

Dec. 31, 2024 masterLease

Dec. 31, 2024 boardMember

Dec. 31, 2024 shares

Feb. 28, 2023 unit

Jun. 30, 2021 facility

Real Estate [Line Items]

Nonportfolio assets, original cost

$ 2,600

Real estate investment property, portfolio assets

$ 358,400

Mortgage and other notes receivable, net of reserve

15,476

$ 20,200

20,249

Straight-line rent income, net of write-offs

$ 3,031

6,961

(16,681)

Lessor, operating lease, renewal term

5 years

Number of board of directors members also members of NHC board of directors | boardMember

1

Lease incentive payments, net

10,669

7,877

Rental income

$ 257,049

249,227

217,700

Lease Extended Until 2026

Real Estate [Line Items]

Lease escalator minimum

2%

Annual lease cap

3%

Senior Living Communities

Real Estate [Line Items]

Operating lease maturity date extension

2 years

Payments for capital improvements

$ 10,000

Rental revenue increase at lease rate

0.085

Straight-line rent income, net of write-offs

200

1,200

400

Rental income

$ 53,570

51,274

51,183

National HealthCare Corporation

Real Estate [Line Items]

Number of master leases | masterLease

2

Lessor, operating lease, renewal term

5 years

Lessor equity shares owned, significant lessee (in shares) | shares

1,630,642

Rental income

$ 40,016

37,335

36,893

National HealthCare Corporation | NHC - 1991 Lease

Real Estate [Line Items]

Percentage rent rate

4%

Bickford

Real Estate [Line Items]

Properties

4

38

Write off of financing receivable

18,100

Rental income

$ 41,720

38,688

Maximum capital improvements commitment

$ 8,000

Annual rent increase

8%

Asset acquisition, rent deferral deduction

$ 12,900

Bickford | Bickford

Real Estate [Line Items]

Number of units in real estate property | unit

64

Payments for rent

5,100

2,300

200

Bickford | Bickford Senior Living Acquisition

Real Estate [Line Items]

Payments for rent

2,500

3,000

Bickford | Lease Extended Until 2026

Real Estate [Line Items]

Rental income

$ 34,500

Cash Basis Lessees

Real Estate [Line Items]

Write off of financing receivable

9,000

Lease incentive payments, net

7,100

Rental income

49,981

45,796

35,331

Cash Basis Lessees | Bickford

Real Estate [Line Items]

Rental income

$ 38,971

$ 33,352

$ 27,650

Holiday Acquisition Holdings

Real Estate [Line Items]

Properties | facility

17

NHC - 1991 Lease | Senior Living Communities

Real Estate [Line Items]

Properties | property

10

Number of units in real estate property | unit

2,232

Revenue as % of Total, Exceeds 10%

Real Estate [Line Items]

Number of states in which entity operates | state

2

2

Geographic Concentration Risk | SOUTH CAROLINA | Investment Consideration Benchmark

Real Estate [Line Items]

Percentage of continuing revenue

11.60%

12.10%

Geographic Concentration Risk | TEXAS | Investment Consideration Benchmark

Real Estate [Line Items]

Percentage of continuing revenue

10.10%

10.70%

Independent Living Facilities

Real Estate [Line Items]

Number of states in which entity operates | state

8

Properties | property

3

Skilled Nursing Facilities

Real Estate [Line Items]

Properties | facility

32

Skilled Nursing Facilities | National HealthCare Corporation | Subleased Facilities

Real Estate [Line Items]

Properties | property

4

Facilities Transitioned To Other Operators | Bickford

Real Estate [Line Items]

Properties | property

1

Write off of financing receivable

$ 700

Facilities Transitioned To Other Operators | Holiday Acquisition Holdings

Real Estate [Line Items]

Properties | property

2

2

2

Investment Activity (Schedule o

Investment Activity (Schedule of Tenant Concentrations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Gross Real Estate	$ 2,953,548	$ 2,780,358
Total gross real estate	2,592,587
Loans an leases receivable, gross	289,175
Revenues	257,049	249,227	$ 217,700
Escrow funds received from tenants for property operating expenses	11,165	11,513	9,788
Resident fees and services	54,421	48,809	35,796
Total revenues	$ 335,181	$ 319,835	$ 278,194
Percentage of continuing revenue	16%	15%	13%
Senior Living Communities
Real Estate [Line Items]
Gross Real Estate	$ 577,243
Notes Receivable	43,916
Revenues	$ 53,570	$ 51,274	$ 51,183
Percentage of continuing revenue	16%	16%	18%
Bickford
Real Estate [Line Items]
Gross Real Estate	$ 428,068
Notes Receivable	16,072
Revenues	$ 41,720	$ 38,688
Percentage of continuing revenue	12%	12%
National HealthCare Corporation
Real Estate [Line Items]
Gross Real Estate	$ 133,770
Notes Receivable	0
Revenues	$ 40,016	$ 37,335	$ 36,893
Percentage of continuing revenue	12%	12%	13%
All others, net
Real Estate [Line Items]
Gross Real Estate	$ 1,453,506
Notes Receivable	229,187
Revenues	$ 134,289	$ 132,216	$ 144,534
Percentage of continuing revenue	41%	41%	52%
Tenants With Escrow Funds
Real Estate [Line Items]
Percentage of continuing revenue	3%	4%	4%
More than 10% Operators
Real Estate [Line Items]
Revenues	$ 280,760	$ 271,026	$ 242,398

Investment Activity (Schedule_2

Investment Activity (Schedule of NHC Percentage Rent) (Details) - National HealthCare Corporation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Rent income from NHC	$ 7,174	$ 4,492	$ 3,126
Current year
Net Investment Income [Line Items]
Rent income from NHC	5,518	3,862	3,332
Prior year final certification
Net Investment Income [Line Items]
Rent income (loss) from NHC	$ 1,656	$ 630	$ (206)

Investment Activity (Schedule_3

Investment Activity (Schedule of Cash Rents Received) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Revenues	$ 257,049	$ 249,227	$ 217,700
Lease incentive payments, net	7,877	10,669
Cash Basis Lessees
Real Estate [Line Items]
Revenues	49,981	45,796	35,331
Write off of financing receivable			9,000
Lease incentive payments, net			7,100
Cash Basis Lessees | Bickford
Real Estate [Line Items]
Revenues	38,971	33,352	27,650
Cash Basis Lessees | All others
Real Estate [Line Items]
Revenues	11,010	12,444	7,681
Cash Basis Lessees | Bickford Senior Living Acquisition
Real Estate [Line Items]
Lease income, rent deferral deduction		2,500	3,000
Bickford
Real Estate [Line Items]
Revenues	$ 41,720	$ 38,688
Write off of financing receivable			$ 18,100

Investment Activity (Other Tena

Investment Activity (Other Tenant Transitions Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) lease
Real Estate [Line Items]
Number of terminated leases | lease	2
Skilled Nursing Facilities
Real Estate [Line Items]
Straight-line rent adjustments | $	$ (1.6)

Investment Activity (Cash Basis

Investment Activity (Cash Basis Operators Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) tenant loan property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) lease	Oct. 01, 2024 lease
Real Estate [Line Items]
Rental income	$ 2,700	$ 5,400	$ 3,700
Number of non-performing notes receivable | loan	2
Lease incentive payments, net	$ 7,877	10,669
Cash Basis Lessees
Real Estate [Line Items]
Number of cash basis operators | tenant	3
Prior rent deferrals	$ 9,000	2,800	300
Write off of financing receivable			9,000
Lease incentive payments, net			7,100
Cash Basis Lessees | Bickford Senior Living Acquisition
Real Estate [Line Items]
Lease income, rent deferral deduction		$ 2,500	$ 3,000
Senior Living Management
Real Estate [Line Items]
Number of leases | lease			4	2
Number of properties | property	1	1
Net book value of leased properties	$ 6,800
Bickford
Real Estate [Line Items]
Write off of financing receivable			$ 18,100

Investment Activity (Other Port

Investment Activity (Other Portfolio Activity) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Real estate properties, net	$ 2,211,253	$ 2,107,082
Rental income	(257,049)	(249,227)	$ (217,700)
Skilled Nursing Facilities
Real Estate [Line Items]
Straight-line rent adjustments	$ (1,600)
Lease Option
Real Estate [Line Items]
Properties | property	4
Lease Option, Between 2027 and 2028
Real Estate [Line Items]
Real estate properties, net	$ 77,200
Rental income	$ (8,800)	$ (7,200)	$ (7,000)

Investment Activity (Lease Cost

Investment Activity (Lease Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Operating lease	$ 0.1	$ 0.1	$ 0.1
Future minimum lease payments, 2025	0.1
Future minimum lease payments, 2026	0.1
Future minimum lease payments, 2027	0.1
Future minimum lease payments, 2028	0.1
Future minimum lease payments, 2029	0.1
Future minimum lease payments, thereafter	2.1
Imputed interest	$ 1.2
Discount rate	4.70%

Investment Activity (Schedule_4

Investment Activity (Schedule of Supplemental Balance Sheet Information Related to Lease) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Buildings and improvements - right of use asset	$ 1,524	$ 1,562
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Buildings and improvements	Buildings and improvements
Liabilities [Abstract]
Accounts payable and accrued expenses - lease liability	$ 1,685	$ 1,705
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses	Accounts payable and accrued expenses

Investment Activity (Rent Conce

Investment Activity (Rent Concessions) (Details) - Lease Payment Deferral and Abatement - COVID-19 $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Pandemic deferrals	$ 9.3
Bickford
Real Estate [Line Items]
Pandemic deferrals	$ 4

Investment Activity (Future Min

Investment Activity (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Real Estate [Abstract]
2025	$ 247,712
2026	254,499
2027	208,589
2028	203,933
2029	194,283
Thereafter	845,337
Operating leases, future minimum payments due	$ 1,954,353

Investment Activity (Schedule_5

Investment Activity (Schedule of Fixed and Variable Lease Payments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Fixed and Variable Lease Payments [Line Items]
Rental income	$ 257,049	$ 249,227	$ 217,700
Straight-line rent income, net of write-offs	3,031	6,961	(16,681)
Lease payments based on fixed escalators
Schedule of Fixed and Variable Lease Payments [Line Items]
Rental income	234,672	225,565	226,873
Lease payments based on variable escalators
Schedule of Fixed and Variable Lease Payments [Line Items]
Rental income	11,074	7,709	5,275
Straight-line rent income, net of write-offs
Schedule of Fixed and Variable Lease Payments [Line Items]
Straight-line rent income, net of write-offs	3,031	6,961	(16,681)
Escrow funds received from tenants for property operating expenses
Schedule of Fixed and Variable Lease Payments [Line Items]
Rental income	11,165	11,513	9,788
Amortization and write-off of lease incentives
Schedule of Fixed and Variable Lease Payments [Line Items]
Amortization and write-off of lease incentives	$ (2,893)	$ (2,521)	$ (7,555)

Mortgage and Other Notes Rece_3

Mortgage and Other Notes Receivable (Narrative) (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 31, 2025 USD ($)

Aug. 31, 2024 USD ($) extensionOption

Jun. 30, 2024 USD ($) facility

Feb. 29, 2024 USD ($) extensionOption

Sep. 30, 2024 USD ($)

Dec. 31, 2024 USD ($) property

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Feb. 01, 2025 USD ($)

Dec. 31, 2024 mortgage

Dec. 31, 2024 unit

Dec. 31, 2024 property

Dec. 31, 2024

Dec. 31, 2024 renewalOption

Dec. 31, 2024 loan

Nov. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, accrued interest, before allowance for credit loss

$ (289,175)

Number of health care properties related to mortgage notes receivables

11

16

Credit loss reserve

(20,249)

$ (15,476)

$ (20,200)

Financing receivable, allowance for credit loss, period increase (decrease)

$ 3,600

Loans and leases agreement

138,200

Financing receivable, excluding accrued interest, after allowance for credit loss

(268,926)

(245,271)

Loans and lease receivable, number Of underlying properties | property

3

Interest income and other

23,711

21,799

24,698

Probability of default, increase, current conditions adjustment

20%

Estimated credit losses, current conditions adjustment, combined

40%

Carriage Crossing Senior Living

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans and leases agreement

$ 15,000

Contingent incentive payments

$ 2,000

Loan term

5 years

Financing receivable, stated interest rate

8.75%

Number of additional lease renewal options | extensionOption

2

Note receivable renewal term

1 year

Compass Senior Living , LLC

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans and leases agreement

$ 9,500

Loan term

5 years

Financing receivable, stated interest rate

8.50%

Number of mortgage note receivable facilities | facility

2

Clear Sky Senior Living

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans and leases agreement

$ 27,700

Loan term

4 years

Financing receivable, stated interest rate

9%

Number of additional lease renewal options | extensionOption

2

Note receivable renewal term

1 year

Financing receivable, after allowance for credit loss

(7,400)

Montecito Medical Real Estate

Accounts, Notes, Loans and Financing Receivable [Line Items]

Interest income and other

1,900

1,800

1,800

Loans and leases agreement

$ 50,000

Loan term

5 years

Number of additional lease renewal options | renewalOption

2

Financing receivable, after allowance for credit loss

$ (4,500)

Investment interest rate

7.50%

Notes receivable, interest rate, master credit agreement

9.50%

Incremental percentage increase in the stated rate of a note receivable

2.50%

Deferred interest rate, additional interest rate accrued

4.50%

Montecito Medical Real Estate | Subsequent Event

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, proceeds from principal payments

$ 6,200

Bickford

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, after allowance for credit loss

(16,072)

Aggregate principle amount issued

400

300

Interest income and other

$ 1,300

1,200

1,300

Senior Living Communities

Accounts, Notes, Loans and Financing Receivable [Line Items]

Note receivable renewal term

1 year

Financing receivable, after allowance for credit loss

$ (43,916)

Revolving amount line of credit

20,000

Revolving note receivable amount outstanding

$ (11,300)

Loans receivable, description, variable rate basis, reference rate

8%

Purchase option, minimum amount

$ 38,300

Non-performing

Accounts, Notes, Loans and Financing Receivable [Line Items]

Credit loss reserve

(16,100)

(11,900)

Interest income and other

1,300

1,800

$ 1,700

Non-performing

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, accrued interest, before allowance for credit loss

(25,869)

Non-performing | between 1.0x and 1.5x

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, accrued interest, before allowance for credit loss

(14,500)

(15,869)

Mezzanine

Accounts, Notes, Loans and Financing Receivable [Line Items]

Credit loss reserve

(8,600)

Mezzanine | Subsequent Event

Accounts, Notes, Loans and Financing Receivable [Line Items]

Credit loss reserve

$ (10,000)

Bickford

Accounts, Notes, Loans and Financing Receivable [Line Items]

Credit loss reserve

(1,400)

(2,100)

Bickford | Non-performing

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, accrued interest, before allowance for credit loss

(700)

Secured By Real Estate

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, accrued interest, before allowance for credit loss

(175,800)

(162,400)

Not Secured By Real Estate

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, accrued interest, before allowance for credit loss

$ (98,300)

Financing receivable, after allowance for credit loss

(113,400)

Capital Funding Group, Inc.

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, stated interest rate

10%

Financing receivable, excluding accrued interest, after allowance for credit loss

$ (25,000)

$ (50,000)

$ (8,100)

Property Held by Fund | Montecito Medical Real Estate

Accounts, Notes, Loans and Financing Receivable [Line Items]

Financing receivable, after allowance for credit loss

$ (15,600)

Properties | property

6

Combined purchase price of medical office buildings

$ 64,700

Fully Funded | Bickford

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans and leases agreement

14,700

Number of construction loans | loan

1

Note receivable interest rate

10%

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Unlikely to be Collected Financing Receivable | Bickford Note Investment

Accounts, Notes, Loans and Financing Receivable [Line Items]

Increase in mortgage note receivable from sale of real estate

(12,200)

After 2021 | Senior Living Communities

Accounts, Notes, Loans and Financing Receivable [Line Items]

Revolving amount line of credit

15,000

July 2019 Transaction | Senior Living

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans and leases agreement

$ 32,700

Notes receivable, interest rate, master credit agreement

7.25%

June 2019 Transaction | Senior Living Communities

Accounts, Notes, Loans and Financing Receivable [Line Items]

Number of units in real estate property | unit

248

Mortgage and Other Notes Rece_4

Mortgage and Other Notes Receivable (Schedule of Financing Receivables By Credit Quality Indicator) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 289,175
Credit loss reserve	(20,249)		$ (15,476)	$ (20,200)
Financing receivable, after allowance for credit loss	268,926		$ 245,271
Mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2024	40,466
2023	725
2022	70,852
2021	0
2020	0
Prior	53,789
Total	165,832
Mortgages | more than 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
2024	16,589
2023	0
2022	42,465
2021	0
2020	0
Prior	32,666
Total	91,720
Mortgages | between 1.0x and 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
2024	23,877
2023	725
2022	28,387
2021	0
2020	0
Prior	6,423
Total	59,412
Mortgages | less than 1.0x
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	14,700
Total	14,700
Mezzanine
Financing Receivable, Credit Quality Indicator [Line Items]
2024	24,760
2023	753
2022	0
2021	32,135
2020	0
Prior	25,000
Total	82,648
Mezzanine | more than 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	524
2022	0
2021	13,137
2020	0
Prior	0
Total	13,661
Mezzanine | between 1.0x and 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	18,998
2020	0
Prior	0
Total	18,998
Mezzanine | less than 1.0x
Financing Receivable, Credit Quality Indicator [Line Items]
2024	24,760
2023	229
2022	0
2021	0
2020	0
Prior	25,000
Total	49,989
Non-performing
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,369
2023	0
2022	0
2021	0
2020	0
Prior	24,500
Total	25,869
Non-performing | more than 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	10,000
Total	10,000
Non-performing | between 1.0x and 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,369
2023	0
2022	0
2021	0
2020	0
Prior	14,500
Total	15,869	$ 14,500
Revolver
Financing Receivable, Credit Quality Indicator [Line Items]
Total	14,826
Revolver | more than 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
Total	14,476
Revolver | between 1.0x and 1.5x
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 350

Mortgage and Other Notes Rece_5

Mortgage and Other Notes Receivable (Schedule of Financing Receivables By Allowance for Credit Loss) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Financing receivable, allowance for credit loss
Balance at January 1, 2024	$ 15,476
Provision for expected credit losses	4,773
Balance at December 31, 2024	$ 20,249

Senior Housing Operating Port_2

Senior Housing Operating Portfolio Structure (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) property jointVenture	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Minimum
Senior Housing Operating Portfolio Formation Activities [Line Items]
Management fee multiplier	$ 1,000
Merrill Gardens Managed Portfolio
Senior Housing Operating Portfolio Formation Activities [Line Items]
Cash contributed for its common equity interest in the venture	$ 5,500,000	$ 4,600,000	$ 10,600,000
Interest in joint venture percentage	20%
Management fee	5%
Real estate services fee	5%
Merrill Gardens Managed Portfolio | Merrill
Senior Housing Operating Portfolio Formation Activities [Line Items]
Cash contributed for its common equity interest in the venture	$ 1,100,000	900,000
Discovery Managed Portfolio
Senior Housing Operating Portfolio Formation Activities [Line Items]
Cash contributed for its common equity interest in the venture	$ 3,500,000	2,600,000
Management fee	5%
Common equity interest in venture	2%
Discovery Managed Portfolio | Discovery Senior Living [Member]
Senior Housing Operating Portfolio Formation Activities [Line Items]
Cash contributed for its common equity interest in the venture	$ 100,000	$ 100,000
SHOP | New Venture
Senior Housing Operating Portfolio Formation Activities [Line Items]
Ownership percentage	100%
Independent Living Facilities
Senior Housing Operating Portfolio Formation Activities [Line Items]
Number of joint ventures | jointVenture	2
Properties | property	3
Independent Living Facilities | Merrill Gardens Managed Portfolio
Senior Housing Operating Portfolio Formation Activities [Line Items]
Properties | property	6
Independent Living Facilities | Discovery Managed Portfolio
Senior Housing Operating Portfolio Formation Activities [Line Items]
Properties | property	9
Independent Living Facilities | SHOP
Senior Housing Operating Portfolio Formation Activities [Line Items]
Properties | property	15

Equity Method Investment (Narra

Equity Method Investment (Narrative) (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2023 USD ($)	Jan. 31, 2020 USD ($)	Dec. 31, 2024 USD ($) extensionOption	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Investments in affiliates			$ 81,000
Cumulative unrecognized equity method losses			(5,000)
Unrecognized equity method losses			(2,700)
Gains from equity method investment			$ 402	$ 555	$ 569
Operating lease term			7 years
Number of renewal options | extensionOption			2
Renewal term			5 years
Balance secured by deed and indenture			$ 10,300
Timber Ridge OpCo
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Financing receivable of revolving credit facility			5,000
Amortization and write-off of lease incentives	$ 2,500
Maximum Exposure to Loss			5,000
Timber Ridge OpCo
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Mortgage and other notes receivable, net			0
Timber Ridge OpCo | Cumulative Amount
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Cumulative unrecognized equity method losses			$ 12,200
Timber Ridge OpCo | Noncontrolling Interests | Real Estate Operating Company
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Investments in affiliates		$ 900
LCS Timber Ridge | Real Estate Operating Company
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Equity interest acquired		25%

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Lease incentive payments, net		$ 7,877	$ 10,669
Regulatory escrows		6,208	6,208
Restricted cash		2,213	2,270	$ 2,225
Other assets		22,753	24,063
Payment of lease incentive		0	10,000	$ 1,200
Timber Ridge OpCo
Segment Reporting Information [Line Items]
Payment of lease incentive	$ 10,000
SHOP
Segment Reporting Information [Line Items]
Accounts receivable and prepaid expenses		2,232	1,620
Allowance		494	343
Real Estate Investments
Segment Reporting Information [Line Items]
Accounts receivable and prepaid expenses		$ 4,223	$ 3,296

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Revolving credit facility - unsecured	$ 331,200	$ 245,000
Unamortized loan costs	(9,018)	(8,912)
Debt	1,146,041	1,135,051
Debt instrument, unamortized discount	(1,956)
Bank term loans - unsecured
Debt Instrument [Line Items]
Bank term loans - unsecured	200,000	200,000
2031 Senior Notes - unsecured, net of discount of $1,956 and $2,278
Debt Instrument [Line Items]
Bank term loans - unsecured	398,044	397,722
Debt instrument, unamortized discount	(1,956)	(2,278)
Private placement notes - unsecured
Debt Instrument [Line Items]
Bank term loans - unsecured	150,000	225,000
Fannie Mae term loans - secured, non-recourse
Debt Instrument [Line Items]
Fannie Mae term loans - secured, non-recourse	$ 75,815	$ 76,241

Debt (Schedule of Long Term Deb

Debt (Schedule of Long Term Debt Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instruments [Abstract]
2025	$ 325,815
2026	0
2027	100,000
2028	331,200
2029	0
Thereafter	400,000
HUD mortgage loans, balance	1,157,015
Debt instrument, unamortized discount	(1,956)
Unamortized loan costs	(9,018)	$ (8,912)
Debt	$ 1,146,041	$ 1,135,051

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2023	Jan. 31, 2021 USD ($)	Dec. 31, 2024 USD ($) property extensionOption	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Amortization of deferred loan costs, debt discounts and prepaids				$ 6,583	$ 4,685	$ 4,283
Line of credit facility, loan costs capitalized				$ 3,600
Debt issuance costs, gross					2,700
Fannie Mae financing							$ 220,000
Debt leverage limit, coupon change, trigger				50%
$75M Term Loan
Debt Instrument [Line Items]
Aggregate principle amount issued					20,000	75,000
Deferred debt issuance cost					100
$300M Term Loan
Debt Instrument [Line Items]
Long-term debt					$ 200,000
$100M Term Loan
Debt Instrument [Line Items]
Deferred financing costs						$ 200
Fannie Mae Term Loans
Debt Instrument [Line Items]
Long-term debt				$ 60,100
Fannie Mae term loans - secured, non-recourse
Debt Instrument [Line Items]
Debt instrument, term				10 years
Fixed Rate				3.79%
Properties | property				11
Net book value of real estate pledged toward mortgage				$ 98,200
FNMA Berkadia Note
Debt Instrument [Line Items]
Long-term debt				$ 15,700
Fixed Rate				4.60%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate				1%
Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Minimum
Debt Instrument [Line Items]
Facility fee percentage				0.125%
Maximum
Debt Instrument [Line Items]
Facility fee percentage				0.30%
Unsecured Debt
Debt Instrument [Line Items]
Amortization of deferred loan costs, debt discounts and prepaids				$ 200
Senior Notes | 2031 Senior Notes - unsecured, net of discount of $1,956 and $2,278
Debt Instrument [Line Items]
Aggregate principal amount, senior notes			$ 400,000
Fixed Rate			3%
Percentage of issue price on face value			99.196%
Proceeds from issuance of senior notes			$ 392,300
Extinguishment of debt, amount	$ 75,000
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate				0.725%
Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0%
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.40%
Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.40%
Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Unsecured revolving credit facility				$ 700,000
Debt instrument, extension period				6 months
Debt instrument, extension period one				12 months
Unused balance of the unsecured revolving credit facility				$ 368,800
Debt instrument, term		2 years
Revolving Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Revolving Credit Facility | Unsecured Debt | Minimum
Debt Instrument [Line Items]
Debt instrument, extension options | extensionOption				2
Debt instrument, twelve month extension options | extensionOption				1

Debt Debt (Schedule of Unsecure

Debt Debt (Schedule of Unsecured Term Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Private placement notes - unsecured
Debt Instrument [Line Items]
Amount	$ 150,000	$ 225,000
November 2025
Debt Instrument [Line Items]
Amount	$ 50,000
Fixed Rate	4.33%
January 2015
Debt Instrument [Line Items]
Amount	$ 100,000
Fixed Rate	4.51%

Debt Debt (Schedule of Interest

Debt Debt (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instruments [Abstract]
Interest expense on debt at contractual rates	$ 56,313	$ 55,603	$ 42,487
Capitalized interest	(193)	(90)	(46)
Amortization of debt issuance costs, debt discount and other	3,783	2,647	2,476
Total interest expense	$ 59,903	$ 58,160	$ 44,917

Commitments, Contingencies an_3

Commitments, Contingencies and Uncertainties (Narratives) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property	Dec. 31, 2024 property	Dec. 31, 2024 facility	Dec. 31, 2024 operator	Dec. 31, 2024 leaseAgreement	Mar. 31, 2022 USD ($)	Jun. 30, 2021 facility
Loss Contingencies [Line Items]
Loans and leases agreement		$ 138,200
Development commitments for construction and renovation		37,100
Development in process		(19,500)
Contingent funding commitment		16,900
Proceeds from sales of real estate		6,179	$ 57,031	$ 168,958
Litigation settlement, amount awarded from other party	$ 6,900
Loss on operations transfer, net		0	$ (20)	$ 710
Bickford
Loss Contingencies [Line Items]
Financing receivable, after allowance for credit loss		(16,072)
Properties						4	38
Bickford | Assessed not probable to occur
Loss Contingencies [Line Items]
Asset disposition, contingent consideration, note receivable					$ 4,500
Bickford | Assessed not probable to occur | Notes Receivable
Loss Contingencies [Line Items]
Note receivable interest rate					10%
Loan term					5 years
Holiday Acquisition Holdings
Loss Contingencies [Line Items]
Properties | facility											17
Lease deposit liabilities										$ 8,800
Loans Receivable
Loss Contingencies [Line Items]
Number of operators/tenants | operator								7
Notes Receivable Remain Unfunded
Loss Contingencies [Line Items]
Financing receivable, after allowance for credit loss		$ (70,700)
Development Commitment
Loss Contingencies [Line Items]
Number of properties | property						8
Lease Inducement
Loss Contingencies [Line Items]
Number of leases | leaseAgreement									4
Negotiations to sale | Bickford
Loss Contingencies [Line Items]
Properties | property					6
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Bickford
Loss Contingencies [Line Items]
Proceeds from sales of real estate					$ 52,100
Proceeds from sale of real estate					52,900
Repayments of secured debt					$ 800

Commitments, Contingencies an_4

Commitments, Contingencies and Uncertainties (Off Balance Sheet Credit Loss Liability Roll Forward Schedule) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Off Balance Sheet, Credit Loss [Roll Forward]
Provision for expected credit losses	$ (132)
Balance at December 31, 2024	147
Accounting Standards Update 2016-13
Off Balance Sheet, Credit Loss [Roll Forward]
Balance at January 1, 2024	$ 279

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Redeemable Noncontrolling Interests [Roll Forward]
Balance at January 1,	$ 9,656	$ 9,825
Contributions	1,100	922
Net loss	(916)	(1,091)	$ 843
Distributions	(50)	0
Balance at December 31,	$ 9,790	$ 9,656	$ 9,825

Equity and Dividends (Narrative

Equity and Dividends (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended								12 Months Ended
	Feb. 14, 2025	Dec. 26, 2024	Dec. 19, 2024	Nov. 22, 2024	Feb. 16, 2024	Aug. 31, 2024	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Authorized repurchase amount					$ 160,000
Common stock, par value (in usd per share)					$ 0.01		$ 0.01				$ 0.01				$ 0.01	$ 0.01
Effective period of stock repurchase plan					1 year
Repurchases of common stock (in shares)															0	0	2,500,000
Average price of shares repurchased (in usd per share)																	$ 61.56
Sale of stock, aggregate shares (in shares)						2,800,000									1,000,000
Sale of stock, exercise price (in dollars per share)						$ 68.40	$ 67.65								$ 67.65
Sale of stock, additional purchase of shares (in shares)							1,800,000
Sale of stock, consideration received							$ 122,400
Sale of stock, available shares (in shares)															64,900,000
At-the market shelf registration, equity offering sales agreement, aggregate sales price							$ 500,000								$ 500,000
Gain on forward equity sale agreement, net															$ 6,261	$ 0	$ 0
Issuance of common stock, net (in shares)															2,065,878
Proceeds from equity offering															$ 142,394	$ 0	$ 0
Dividends to common stockholders (in usd per share)							$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 3.60	$ 3.60	$ 3.60
Subsequent Event
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends to common stockholders (in usd per share)	$ 0.90
At The Market
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock, exercise price (in dollars per share)							$ 74.36								$ 74.36
Sale of stock, additional purchase of shares (in shares)				1,000,000
Sale of stock, consideration received				$ 74,200
Proceeds from sale of treasury stock															$ 53,800
Sale of Stock, Price Per Share				$ 74.99
Initial forward price per share			$ 75.17
Gain on forward equity sale agreement, net															$ 6,300
Issuance of common stock, net (in shares)		300,000														0
Proceeds from equity offering		$ 20,000
Shares Issued, price per share (in dollars per share)		$ 75.22
Stock Issued During Period, Remaining Shares															700,000

Equity and Dividends - Schedule

Equity and Dividends - Schedule of Dividends Declared (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Dividends to common stockholders (in usd per share)	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 3.60	$ 3.60	$ 3.60

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Feb. 29, 2024 $ / shares shares	May 31, 2023 $ / shares shares	Jun. 30, 2024 shares	Dec. 31, 2024 USD ($) plan $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of incentive plans | plan				2
Weighted average fair value of options granted (in usd per share) | $ / shares				$ 7.36	$ 10.56	$ 11.92
Unrecognized compensation cost				$ 1,700
Intrinsic value of stock options outstanding				8,100
Intrinsic value of stock options exercisable				3,800
Aggregate intrinsic value of stock options exercised				$ 11,800	$ 100	$ 10
Aggregate intrinsic value of stock options exercised, per share amounts (in usd per share) | $ / shares				$ 1.23	$ 77.92	$ 6.13
Restricted stock expense | 2019 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, award vesting period				5 years
Restricted stock expense | 2019 Stock Option Plan | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				20%
Restricted stock expense | 2019 Stock Option Plan | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				20%
Restricted stock expense | 2019 Stock Option Plan | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				20%
Restricted stock expense | 2019 Stock Option Plan | Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				20%
Restricted stock expense | 2019 Stock Option Plan | Tranche Five
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				20%
Restricted stock expense | 2019 Stock Option Plan | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, award vesting period	5 years
Shares issued in period (in dollars per shares) | shares	15,000	21,000
Stock option plan, award vesting period | $ / shares	$ 57.76	$ 49.30
Restricted stock vested shares (in shares) | shares			3,970
Restricted stock non-vested shares (in shares) | shares				31,800
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of fair market value				100%
Share-based compensation arrangement by share-based payment award, expiration period				10 years
Non-qualified Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of fair market value				100%
2019 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of options granted (in usd per share) | $ / shares				$ 7.36
2019 Stock Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, award vesting period				5 years
Share-based compensation arrangement by share-based payment award, expiration period				10 years
Shares available for grants (in shares) | shares				3,713,168
Common Stock | 2019 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares				6,000,000
Expected To Be Recognized During 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 1,200
Expected To Be Recognized During 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				300
Expected To Be Recognized During 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				100
Expected To Be Recognized During 2028
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost				$ 100

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Share-Based Payments) (Details)) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 4,182	$ 4,605	$ 8,613
Restricted stock expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	676	310	0
Stock option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 3,506	$ 4,295	$ 8,613

Share-Based Compensation (Sch_2

Share-Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Dividend yield	6.40%	6.90%	7%
Expected volatility	26.10%	39%	49.30%
Expected lives	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Risk-free interest rate	4.49%	4.56%	1.75%

Share-Based Compensation (Sch_3

Share-Based Compensation (Schedule Of Stock Option Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Options outstanding, beginning (in shares)	2,447,171	2,216,175	1,652,505
Options exercised (in shares)	(1,065,119)
Options expired (in shares)	(301,837)
Options outstanding, December 31 (in shares)	1,416,215	2,447,171	2,216,175
Weighted Average Grant Date Fair Value
Outstanding, January 1 (in usd per share)	$ 68.80	$ 70.97	$ 78.10
Exercised (in usd per share)	58.24
Options expired (in US dollars per share)	79.96
Outstanding, December 31 (in usd per share)	$ 71.06	$ 68.80	$ 70.97
Weighted Average Remaining Contractual Life (Years)
Share-based compensation arrangement by share-based Payment award, options, outstanding, weighted average remaining contractual term	1 year 9 months 10 days
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term	1 year 1 month 13 days
Share-based compensation arrangement by share-based payment award, options, exercisable, number	1,075,521
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average exercise price	$ 75.56
2019 Stock Option Plan
Number of Shares
Options granted (in shares)	431,000	385,500	718,000
Options exercised (in shares)		(5,166)	(56,832)
Options forfeited (in shares)	(95,000)	(61,168)	(23,000)
Options expired (in shares)		(88,170)	(74,498)
Weighted Average Grant Date Fair Value
Granted (in usd per share)	$ 57.76	$ 54.73	$ 53.62
Exercised (in usd per share)		53.41	53.41
Forfeited (in usd per share)	$ 68	66.44	62.33
Options expired (in US dollars per share)		$ 64.33	$ 77.93
Grant Date 2-21-2020
Number of Shares
Options outstanding, December 31 (in shares)	491,000
Weighted Average Grant Date Fair Value
Outstanding, December 31 (in usd per share)	$ 90.79
Weighted Average Remaining Contractual Life (Years)
Share-based compensation arrangement by share-based Payment award, options, outstanding, weighted average remaining contractual term	1 month 20 days
Grant date 2-25-2021
Number of Shares
Options outstanding, December 31 (in shares)	322,500
Weighted Average Grant Date Fair Value
Outstanding, December 31 (in usd per share)	$ 69.20
Weighted Average Remaining Contractual Life (Years)
Share-based compensation arrangement by share-based Payment award, options, outstanding, weighted average remaining contractual term	1 year 1 month 24 days
Grant date 2-25-2022
Number of Shares
Options outstanding, December 31 (in shares)	126,560
Weighted Average Grant Date Fair Value
Outstanding, December 31 (in usd per share)	$ 53.41
Weighted Average Remaining Contractual Life (Years)
Share-based compensation arrangement by share-based Payment award, options, outstanding, weighted average remaining contractual term	2 years 1 month 24 days
Grant date2-24-2023
Number of Shares
Options outstanding, December 31 (in shares)	171,650
Weighted Average Grant Date Fair Value
Outstanding, December 31 (in usd per share)	$ 54.73
Weighted Average Remaining Contractual Life (Years)
Share-based compensation arrangement by share-based Payment award, options, outstanding, weighted average remaining contractual term	3 years 1 month 24 days
Grant date2-23-2024
Number of Shares
Options outstanding, December 31 (in shares)	304,505
Weighted Average Grant Date Fair Value
Outstanding, December 31 (in usd per share)	$ 57.76
Weighted Average Remaining Contractual Life (Years)
Share-based compensation arrangement by share-based Payment award, options, outstanding, weighted average remaining contractual term	4 years 1 month 24 days

Share-Based Compensation (Sch_4

Share-Based Compensation (Schedule of Non-Vested Share Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Non-vested stock options, period start (in shares)	368,344
Non-vested stock options, period end (in shares)	340,694	368,344
Weighted Average Grant Date Fair Value
Non-vested stock options, period start (in usd per share)	$ 8.71	$ 11.48
Weighted average fair value of options granted (in usd per share)	7.36	$ 10.56	$ 11.92
Non-vested stock options, period end (in usd per share)	$ 11.48
2019 Stock Option Plan
Number of Shares
Options granted (in shares)	431,000	385,500	718,000
Options vested (in shares)	(458,650)
Weighted Average Grant Date Fair Value
Weighted average fair value of options granted (in usd per share)	$ 7.36
Weighted average grant date fair value per share, options vested (in usd per share)	$ 9.68

Earnings Per Common Share (Sche

Earnings Per Common Share (Schedule of Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income									$ 136,639	$ 134,381	$ 65,501
Add: net loss attributable to noncontrolling interests									1,346	1,273	902
Net income attributable to stockholders									137,985	135,654	66,403
Less: net income attributable to unvested restricted stock awards									(118)	(57)	0
Net income attributable to common stockholders - diluted									137,867	135,597	66,403
Net income attributable to common stockholders - basic and diluted									$ 137,867	$ 135,597	$ 66,403
BASIC:
Weighted average common shares outstanding (in shares)									43,844,771	43,388,794	44,774,708
DILUTED:
Diluted (in shares)									43,844,771	43,388,794	44,774,708
Stock options (in shares)									184,416	672	19,528
Convertible debt (in shares)									73,449	0	0
Weighted average dilutive common shares outstanding (in shares)									44,102,636	43,389,466	44,794,236
Net income attributable to common stockholders - basic (in usd per share)									$ 3.14	$ 3.13	$ 1.48
Net income attributable to common stockholders - diluted (in usd per share)									$ 3.13	$ 3.13	$ 1.48
Incremental anti-dilutive shares excluded:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares (in shares)									235,344	802,506	564,803
Dividends to common stockholders (in usd per share)	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 0.90	$ 3.60	$ 3.60	$ 3.60

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying Amount | Level 2 | Variable rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 525,177	$ 439,693
Carrying Amount | Level 2 | Fixed rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	620,864	695,358
Carrying Amount | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and other notes receivable, net	268,926	245,271
Fair Value Measurement | Level 2 | Variable rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	531,200	445,000
Fair Value Measurement | Level 2 | Fixed rate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	548,339	616,852
Fair Value Measurement | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage and other notes receivable, net	$ 261,708	$ 237,646

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Deferred tax asset	$ 0.9	$ 2.2
State income tax payments	0.2	0.2	$ 0.2
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 0.1	$ 0.1	$ 0.1

Income Taxes (Schedule of Divid

Income Taxes (Schedule of Dividends Paid, Per Share) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Dividends paid per common share (in usd per share)	$ 2.84119	$ 3.60	$ 3.60
Ordinary income
Income Tax Examination [Line Items]
Dividends paid per common share (in usd per share)	2.84119	2.40807	2.61966
Capital gain
Income Tax Examination [Line Items]
Dividends paid per common share (in usd per share)	0	0.24805	0
Return of capital
Income Tax Examination [Line Items]
Dividends paid per common share (in usd per share)	$ 0	$ 0.94388	$ 0.98034

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) property segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
SHOP
Segment Reporting Information [Line Items]
Capital expenditures | $	$ 11	$ 9.3	$ 3.3
Real Estate Investments
Segment Reporting Information [Line Items]
Properties	172
Capital expenditures | $	$ 169.2	$ 56.9	$ 30.8
Independent Living Facilities
Segment Reporting Information [Line Items]
Properties	3
Independent Living Facilities | SHOP
Segment Reporting Information [Line Items]
Properties	15

Segment Reporting (Schedule of

Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Segment Reporting Information [Line Items]
Rental income	$ 257,049		$ 249,227		$ 217,700
Resident fees and services	54,421		48,809		35,796
Interest income and other	23,711		21,799		24,698
Revenues	335,181		319,835		278,194
Labor	17,166		16,165		11,184
Dietary	4,287		3,763		2,749
Utilities	3,887		3,537		2,633
Taxes and insurance	17,577		17,402		13,971
Other senior housing operating expenses	10,499		10,233		7,444
Net Operating Income	281,765		268,735		240,213
Depreciation	71,443		69,973		70,880
Interest	59,903		58,160		44,917
Legal	1,052		507		2,555
Franchise, excise and other taxes	38		449		844
General and administrative	20,736		19,314		22,768
Loan and realty losses, net	5,295		1,376		61,911
Gains on sales of real estate	(6,678)		(14,721)		(28,342)
Loss on operations transfer, net	0		(20)		710
Gain on note receivable payoff					(1,113)
Other income			(202)
Loss on early retirement of debt	0		73		151
Gains from equity method investment	(402)		(555)		(569)
Gain on forward equity sale agreement, net	(6,261)
Net income (loss)	136,639		134,381		65,501
Total assets	2,614,371	[1]	2,488,480	[1]	2,507,424
Operating Segments | Real Estate Investments
Segment Reporting Information [Line Items]
Rental income	257,049		249,227		217,700
Resident fees and services	0		0		0
Interest income and other	23,243		21,448		24,383
Revenues	280,292		270,675		242,083
Labor	0		0		0
Dietary	0		0		0
Utilities	0		0		0
Taxes and insurance	11,165		11,513		9,788
Other senior housing operating expenses	0		0		0
Net Operating Income	269,127		259,162		232,295
Depreciation	61,249		60,764		64,407
Interest	3,060		3,071		3,089
Legal	0		0		0
Franchise, excise and other taxes	0		0		0
General and administrative	0		0		0
Loan and realty losses, net	5,295		1,376		61,911
Gains on sales of real estate	(6,678)		(14,721)		(28,342)
Loss on operations transfer, net			(20)		710
Gain on note receivable payoff					(1,113)
Other income			(202)
Loss on early retirement of debt			0		0
Gains from equity method investment	(402)		(555)		(569)
Gain on forward equity sale agreement, net	0
Net income (loss)	206,603		209,449		132,202
Total assets	2,325,269		2,202,647		2,225,176
Operating Segments | SHOP
Segment Reporting Information [Line Items]
Rental income	0		0		0
Resident fees and services	54,421		48,809		35,796
Interest income and other	0		0		0
Revenues	54,421		48,809		35,796
Labor	17,166		16,165		11,184
Dietary	4,287		3,763		2,749
Utilities	3,887		3,537		2,633
Taxes and insurance	6,412		5,889		4,183
Other senior housing operating expenses	10,499		10,233		7,444
Net Operating Income	12,170		9,222		7,603
Depreciation	10,157		9,158		6,408
Interest	0		0		0
Legal	0		0		0
Franchise, excise and other taxes	0		0		0
General and administrative	0		0		0
Loan and realty losses, net	0		0		0
Gains on sales of real estate	0		0		0
Loss on operations transfer, net			0		0
Gain on note receivable payoff					0
Other income			0
Loss on early retirement of debt			0		0
Gains from equity method investment	0		0		0
Gain on forward equity sale agreement, net	0
Net income (loss)	2,013		64		1,195
Total assets	270,273		270,051		274,135
Non-segment/Corporate
Segment Reporting Information [Line Items]
Rental income	0		0		0
Resident fees and services	0		0		0
Interest income and other	468		351		315
Revenues	468		351		315
Labor	0		0		0
Dietary	0		0		0
Utilities	0		0		0
Taxes and insurance	0		0		0
Other senior housing operating expenses	0		0		0
Net Operating Income	468		351		315
Depreciation	37		51		65
Interest	56,843		55,089		41,828
Legal	1,052		507		2,555
Franchise, excise and other taxes	38		449		844
General and administrative	20,736		19,314		22,768
Loan and realty losses, net	0		0		0
Gains on sales of real estate	0		0		0
Loss on operations transfer, net			0		0
Gain on note receivable payoff					0
Other income			0
Loss on early retirement of debt			73		151
Gains from equity method investment	0		0		0
Gain on forward equity sale agreement, net	(6,261)
Net income (loss)	(71,977)		(75,132)		(67,896)
Total assets	$ 18,829		$ 15,782		$ 8,113
[1] The consolidated balance sheets include the following amounts related to our consolidated Variable Interest Entities (VIEs): $505.9 million and $513.2 million of Real estate properties, net; $9.7 million and $10.9 million of Cash and cash equivalents; $10.0 million and $9.7 million of Straight-line rents receivable; $7.5 million and $9.4 million of Other assets, net; and $5.7 million and $4.7 million of Accounts payable and accrued expenses as of December 31, 2024 and 2023, respectively.

Variable Interest Entities - (N

Variable Interest Entities - (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) realEstatePartnership	Dec. 31, 2023 USD ($) realEstatePartnership	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Real estate properties, net	$ 2,211,253	$ 2,107,082
Cash and cash equivalents	$ 24,289	$ 22,347	$ 19,291
Number of real estate partnerships | realEstatePartnership	2	2
Other assets, net	$ 22,753	$ 24,063
Subsidiaries
Property, Plant and Equipment [Line Items]
Real estate properties, net	244,300	252,500
Cash and cash equivalents	3,200	3,200
Accounts receivable, net	10,000	9,700
Other assets, net	5,300	7,800
SHOP
Property, Plant and Equipment [Line Items]
Real estate properties, net	261,600	260,700
Cash and cash equivalents	6,500	7,700
Prepaid expense	1,500	900
Accounts receivable, net	800	800
Credit liabilities of SHOP	$ (5,700)	$ (4,700)

Variable Interest Entities - (S

Variable Interest Entities - (Schedule of Variable Interest Entities) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Senior Living Communities | Notes and straight-line rents receivable
Variable Interest Entity [Line Items]
Carrying Amount	$ 84,087
Maximum Exposure to Loss	92,837
Senior Living Management | Notes
Variable Interest Entity [Line Items]
Carrying Amount	24,500
Maximum Exposure to Loss	24,500
Bickford | Notes
Variable Interest Entity [Line Items]
Carrying Amount	16,186
Maximum Exposure to Loss	28,432
Encore Senior Living | Various
Variable Interest Entity [Line Items]
Carrying Amount	35,330
Maximum Exposure to Loss	35,397
Timber Ridge OpCo
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	5,000
Timber Ridge OpCo | Various
Variable Interest Entity [Line Items]
Carrying Amount	(1,332)
Maximum Exposure to Loss	3,668
Watermark Retirement | Notes and straight-line rents receivable
Variable Interest Entity [Line Items]
Carrying Amount	10,293
Maximum Exposure to Loss	12,067
Montecito Medical Real Estate | Notes and funding commitment
Variable Interest Entity [Line Items]
Carrying Amount	15,618
Maximum Exposure to Loss	50,053
Vizion Health | Notes and straight-line rents receivable
Variable Interest Entity [Line Items]
Carrying Amount	15,244
Maximum Exposure to Loss	15,244
Navion Senior Solutions | Various
Variable Interest Entity [Line Items]
Carrying Amount	7,730
Maximum Exposure to Loss	9,880
Kindcare Senior Living | Notes
Variable Interest Entity [Line Items]
Carrying Amount	785
Maximum Exposure to Loss	785
Mainstay Healthcare Maitland, LLC | Note
Variable Interest Entity [Line Items]
Carrying Amount	9,019
Maximum Exposure to Loss	$ 9,019

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 75,815
Initial cost to company, land	191,909
Initial cost to company, building and improvements	2,679,254
Cost capitalized subsequent to acquisition	82,385
Investment in real estate and accumulated depreciation, land, amount	191,909
Building and improvements, amount	2,761,639
Investment in real estate, gross	2,953,548	$ 2,780,358	$ 2,729,898	$ 2,894,548
Accumulated depreciation	$ 742,295	$ 673,276	$ 611,688	$ 576,668
Property, plant and equipment, useful life	40 years
Investment in real estate, federal income tax basis	$ 2,200,000
Real estate investment properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	75,815
Initial cost to company, land	175,748
Initial cost to company, building and improvements	2,359,943
Cost capitalized subsequent to acquisition	56,896
Investment in real estate and accumulated depreciation, land, amount	175,748
Building and improvements, amount	2,416,839
Investment in real estate, gross	2,592,587
Accumulated depreciation	644,961
Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	34,450
Initial cost to company, building and improvements	516,143
Cost capitalized subsequent to acquisition	7,403
Investment in real estate and accumulated depreciation, land, amount	34,450
Building and improvements, amount	523,546
Investment in real estate, gross	557,996
Accumulated depreciation	238,524
Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	60,139
Initial cost to company, land	64,203
Initial cost to company, building and improvements	842,713
Cost capitalized subsequent to acquisition	12,025
Investment in real estate and accumulated depreciation, land, amount	64,203
Building and improvements, amount	854,738
Investment in real estate, gross	918,941
Accumulated depreciation	167,250
Independent Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,676
Initial cost to company, land	5,266
Initial cost to company, building and improvements	92,729
Cost capitalized subsequent to acquisition	10,566
Investment in real estate and accumulated depreciation, land, amount	5,266
Building and improvements, amount	103,295
Investment in real estate, gross	108,561
Accumulated depreciation	25,180
Senior Living Campuses
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	12,585
Initial cost to company, building and improvements	197,869
Cost capitalized subsequent to acquisition	4,240
Investment in real estate and accumulated depreciation, land, amount	12,585
Building and improvements, amount	202,109
Investment in real estate, gross	214,694
Accumulated depreciation	41,945
Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	57,774
Initial cost to company, building and improvements	671,709
Cost capitalized subsequent to acquisition	20,614
Investment in real estate and accumulated depreciation, land, amount	57,774
Building and improvements, amount	692,323
Investment in real estate, gross	750,097
Accumulated depreciation	168,316
Hospitals
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	1,470
Initial cost to company, building and improvements	38,780
Cost capitalized subsequent to acquisition	2,048
Investment in real estate and accumulated depreciation, land, amount	1,470
Building and improvements, amount	40,828
Investment in real estate, gross	42,298
Accumulated depreciation	3,746
Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	14,870
Initial cost to company, building and improvements	318,634
Cost capitalized subsequent to acquisition	24,874
Investment in real estate and accumulated depreciation, land, amount	14,870
Building and improvements, amount	343,508
Investment in real estate, gross	358,378
Accumulated depreciation	96,819
Corporate office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	1,291
Initial cost to company, building and improvements	677
Cost capitalized subsequent to acquisition	615
Investment in real estate and accumulated depreciation, land, amount	1,291
Building and improvements, amount	1,292
Investment in real estate, gross	2,583
Accumulated depreciation	515
Subsequent Property Additions Purchased From NHC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial cost to company, building and improvements	33,900
Anniston, AL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	70
Initial cost to company, building and improvements	4,477
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	70
Building and improvements, amount	4,477
Investment in real estate, gross	4,547
Accumulated depreciation	$ 3,860
Date acquired, constructed	Oct. 17, 1991
Moulton, AL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	25
Initial cost to company, building and improvements	688
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	25
Building and improvements, amount	688
Investment in real estate, gross	713
Accumulated depreciation	$ 688
Date acquired, constructed	Oct. 17, 1991
Avondale, AZ | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	453
Initial cost to company, building and improvements	6,678
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	453
Building and improvements, amount	6,678
Investment in real estate, gross	7,131
Accumulated depreciation	$ 4,795
Date acquired, constructed	Aug. 13, 1996
Brooksville, FL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,217
Initial cost to company, building and improvements	16,166
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,217
Building and improvements, amount	16,166
Investment in real estate, gross	17,383
Accumulated depreciation	$ 6,029
Date acquired, constructed	Feb. 01, 2010
Crystal River, FL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	912
Initial cost to company, building and improvements	12,117
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	912
Building and improvements, amount	12,117
Investment in real estate, gross	13,029
Accumulated depreciation	$ 4,519
Date acquired, constructed	Feb. 01, 2010
Dade City, FL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	605
Initial cost to company, building and improvements	8,042
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	605
Building and improvements, amount	8,042
Investment in real estate, gross	8,647
Accumulated depreciation	$ 2,999
Date acquired, constructed	Feb. 01, 2010
Hudson, FL (2 facilities) | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,290
Initial cost to company, building and improvements	22,392
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,290
Building and improvements, amount	22,392
Investment in real estate, gross	23,682
Accumulated depreciation	13,807
Merritt Island, FL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	701
Initial cost to company, building and improvements	8,869
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	701
Building and improvements, amount	8,869
Investment in real estate, gross	9,570
Accumulated depreciation	$ 7,942
Date acquired, constructed	Oct. 17, 1991
New Port Richey, FL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	228
Initial cost to company, building and improvements	3,023
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	228
Building and improvements, amount	3,023
Investment in real estate, gross	3,251
Accumulated depreciation	$ 1,127
Date acquired, constructed	Feb. 01, 2010
Plant City, FL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	405
Initial cost to company, building and improvements	8,777
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	405
Building and improvements, amount	8,777
Investment in real estate, gross	9,182
Accumulated depreciation	$ 7,801
Date acquired, constructed	Oct. 17, 1991
Stuart, FL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	787
Initial cost to company, building and improvements	9,048
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	787
Building and improvements, amount	9,048
Investment in real estate, gross	9,835
Accumulated depreciation	$ 8,259
Date acquired, constructed	Oct. 17, 1991
Trenton, FL | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	851
Initial cost to company, building and improvements	11,312
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	851
Building and improvements, amount	11,312
Investment in real estate, gross	12,163
Accumulated depreciation	$ 4,218
Date acquired, constructed	Sep. 29, 2000
Glasgow, KY | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	33
Initial cost to company, building and improvements	2,110
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	33
Building and improvements, amount	2,110
Investment in real estate, gross	2,143
Accumulated depreciation	$ 2,072
Date acquired, constructed	Oct. 17, 1991
Desloge, MO | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	178
Initial cost to company, building and improvements	3,804
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	178
Building and improvements, amount	3,804
Investment in real estate, gross	3,982
Accumulated depreciation	$ 3,804
Date acquired, constructed	Oct. 17, 1991
Joplin, MO | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	175
Initial cost to company, building and improvements	4,034
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	175
Building and improvements, amount	4,034
Investment in real estate, gross	4,209
Accumulated depreciation	$ 3,478
Date acquired, constructed	Oct. 17, 1991
Kennett, MO | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	180
Initial cost to company, building and improvements	4,928
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	180
Building and improvements, amount	4,928
Investment in real estate, gross	5,108
Accumulated depreciation	$ 4,829
Date acquired, constructed	Oct. 17, 1991
Maryland Heights, MO | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	150
Initial cost to company, building and improvements	4,790
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	150
Building and improvements, amount	4,790
Investment in real estate, gross	4,940
Accumulated depreciation	$ 4,684
Date acquired, constructed	Oct. 17, 1991
St. Charles, MO | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	420
Initial cost to company, building and improvements	5,512
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	420
Building and improvements, amount	5,512
Investment in real estate, gross	5,932
Accumulated depreciation	$ 5,512
Date acquired, constructed	Oct. 17, 1991
St. Charles, MO | Independent Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	344
Initial cost to company, building and improvements	3,181
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	344
Building and improvements, amount	3,181
Investment in real estate, gross	3,525
Accumulated depreciation	$ 2,833
Date acquired, constructed	Oct. 17, 1991
Albany, OR | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	190
Initial cost to company, building and improvements	10,415
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	190
Building and improvements, amount	10,415
Investment in real estate, gross	10,605
Accumulated depreciation	$ 3,217
Date acquired, constructed	Mar. 31, 2014
Creswell, OR | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	470
Initial cost to company, building and improvements	8,946
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	470
Building and improvements, amount	8,946
Investment in real estate, gross	9,416
Accumulated depreciation	$ 2,663
Date acquired, constructed	Mar. 31, 2014
Forest Grove, OR | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	540
Initial cost to company, building and improvements	11,848
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	540
Building and improvements, amount	11,848
Investment in real estate, gross	12,388
Accumulated depreciation	$ 3,591
Date acquired, constructed	Mar. 31, 2014
Anderson, SC | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	308
Initial cost to company, building and improvements	4,643
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	308
Building and improvements, amount	4,643
Investment in real estate, gross	4,951
Accumulated depreciation	$ 4,514
Date acquired, constructed	Oct. 17, 1991
Greenwood, SC | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	174
Initial cost to company, building and improvements	3,457
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	174
Building and improvements, amount	3,457
Investment in real estate, gross	3,631
Accumulated depreciation	$ 3,314
Date acquired, constructed	Oct. 17, 1991
Laurens, SC | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	42
Initial cost to company, building and improvements	3,426
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	42
Building and improvements, amount	3,426
Investment in real estate, gross	3,468
Accumulated depreciation	$ 3,221
Date acquired, constructed	Oct. 17, 1991
Orangeburg, SC | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	300
Initial cost to company, building and improvements	3,714
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	300
Building and improvements, amount	3,714
Investment in real estate, gross	4,014
Accumulated depreciation	$ 1,568
Date acquired, constructed	Sep. 25, 2008
Athens, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	38
Initial cost to company, building and improvements	1,463
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	38
Building and improvements, amount	1,463
Investment in real estate, gross	1,501
Accumulated depreciation	$ 1,383
Date acquired, constructed	Oct. 17, 1991
Chattanooga, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	143
Initial cost to company, building and improvements	2,309
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	143
Building and improvements, amount	2,309
Investment in real estate, gross	2,452
Accumulated depreciation	$ 2,302
Date acquired, constructed	Oct. 17, 1991
Chattanooga, TN | Independent Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	9
Initial cost to company, building and improvements	1,567
Cost capitalized subsequent to acquisition	1
Investment in real estate and accumulated depreciation, land, amount	9
Building and improvements, amount	1,568
Investment in real estate, gross	1,577
Accumulated depreciation	$ 1,510
Date acquired, constructed	Oct. 17, 1991
Dickson, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	90
Initial cost to company, building and improvements	3,541
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	90
Building and improvements, amount	3,541
Investment in real estate, gross	3,631
Accumulated depreciation	$ 3,334
Date acquired, constructed	Oct. 17, 1991
Franklin, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	47
Initial cost to company, building and improvements	1,130
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	47
Building and improvements, amount	1,130
Investment in real estate, gross	1,177
Accumulated depreciation	$ 1,130
Date acquired, constructed	Oct. 17, 1991
Hendersonville, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	363
Initial cost to company, building and improvements	3,837
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	363
Building and improvements, amount	3,837
Investment in real estate, gross	4,200
Accumulated depreciation	$ 3,515
Date acquired, constructed	Oct. 17, 1991
Johnson City, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	85
Initial cost to company, building and improvements	1,918
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	85
Building and improvements, amount	1,918
Investment in real estate, gross	2,003
Accumulated depreciation	$ 1,917
Date acquired, constructed	Oct. 17, 1991
Johnson City, TN | Independent Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	55
Initial cost to company, building and improvements	4,077
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	55
Building and improvements, amount	4,077
Investment in real estate, gross	4,132
Accumulated depreciation	$ 3,456
Date acquired, constructed	Oct. 17, 1991
Lewisburg, TN (2 facilities) | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	46
Initial cost to company, building and improvements	994
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	46
Building and improvements, amount	994
Investment in real estate, gross	1,040
Accumulated depreciation	995
McMinnville, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	73
Initial cost to company, building and improvements	3,618
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	73
Building and improvements, amount	3,618
Investment in real estate, gross	3,691
Accumulated depreciation	$ 3,332
Date acquired, constructed	Oct. 17, 1991
Milan, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	41
Initial cost to company, building and improvements	1,826
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	41
Building and improvements, amount	1,826
Investment in real estate, gross	1,867
Accumulated depreciation	$ 1,720
Date acquired, constructed	Oct. 17, 1991
Pulaski, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	53
Initial cost to company, building and improvements	3,921
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	53
Building and improvements, amount	3,921
Investment in real estate, gross	3,974
Accumulated depreciation	$ 3,571
Date acquired, constructed	Oct. 17, 1991
Lawrenceburg, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	98
Initial cost to company, building and improvements	2,900
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	98
Building and improvements, amount	2,900
Investment in real estate, gross	2,998
Accumulated depreciation	$ 2,548
Date acquired, constructed	Oct. 17, 1991
Dunlap, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	35
Initial cost to company, building and improvements	3,679
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	35
Building and improvements, amount	3,679
Investment in real estate, gross	3,714
Accumulated depreciation	$ 3,217
Date acquired, constructed	Oct. 17, 1991
Smithville, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	35
Initial cost to company, building and improvements	3,816
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	35
Building and improvements, amount	3,816
Investment in real estate, gross	3,851
Accumulated depreciation	$ 3,420
Date acquired, constructed	Oct. 18, 1991
Somerville, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	26
Initial cost to company, building and improvements	677
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	26
Building and improvements, amount	677
Investment in real estate, gross	703
Accumulated depreciation	$ 678
Date acquired, constructed	Oct. 19, 1991
Sparta, TN | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	80
Initial cost to company, building and improvements	1,602
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	80
Building and improvements, amount	1,602
Investment in real estate, gross	1,682
Accumulated depreciation	$ 1,559
Date acquired, constructed	Oct. 20, 1991
Austin, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	606
Initial cost to company, building and improvements	9,895
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	606
Building and improvements, amount	9,895
Investment in real estate, gross	10,501
Accumulated depreciation	$ 2,490
Date acquired, constructed	Apr. 01, 2016
Canton, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	420
Initial cost to company, building and improvements	12,330
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	420
Building and improvements, amount	12,330
Investment in real estate, gross	12,750
Accumulated depreciation	$ 4,328
Date acquired, constructed	Apr. 18, 2013
Corinth, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,075
Initial cost to company, building and improvements	13,935
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,075
Building and improvements, amount	13,935
Investment in real estate, gross	15,010
Accumulated depreciation	$ 5,090
Date acquired, constructed	Apr. 18, 2013
Ennis, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	986
Initial cost to company, building and improvements	9,025
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	986
Building and improvements, amount	9,025
Investment in real estate, gross	10,011
Accumulated depreciation	$ 3,510
Date acquired, constructed	Oct. 31, 2011
Euless, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,241
Initial cost to company, building and improvements	12,629
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,241
Building and improvements, amount	12,629
Investment in real estate, gross	13,870
Accumulated depreciation	$ 3,394
Date acquired, constructed	Apr. 01, 2016
Fort Worth, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,380
Initial cost to company, building and improvements	14,370
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,380
Building and improvements, amount	14,370
Investment in real estate, gross	15,750
Accumulated depreciation	$ 3,222
Date acquired, constructed	May 10, 2018
Garland, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,440
Initial cost to company, building and improvements	14,310
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,440
Building and improvements, amount	14,310
Investment in real estate, gross	15,750
Accumulated depreciation	$ 3,202
Date acquired, constructed	May 10, 2018
Gladewater, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	70
Initial cost to company, building and improvements	17,840
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	70
Building and improvements, amount	17,840
Investment in real estate, gross	17,910
Accumulated depreciation	$ 4,292
Date acquired, constructed	Apr. 01, 2016
Greenville, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,800
Initial cost to company, building and improvements	13,948
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,800
Building and improvements, amount	13,948
Investment in real estate, gross	15,748
Accumulated depreciation	$ 5,229
Date acquired, constructed	Oct. 31, 2011
Houston, TX (3 facilities) | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	2,808
Initial cost to company, building and improvements	42,511
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	2,808
Building and improvements, amount	42,511
Investment in real estate, gross	45,319
Accumulated depreciation	16,496
Katy, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	610
Initial cost to company, building and improvements	13,893
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	610
Building and improvements, amount	13,893
Investment in real estate, gross	14,503
Accumulated depreciation	$ 3,514
Date acquired, constructed	Apr. 01, 2016
Kyle, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,096
Initial cost to company, building and improvements	12,279
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,096
Building and improvements, amount	12,279
Investment in real estate, gross	13,375
Accumulated depreciation	$ 4,635
Date acquired, constructed	Jun. 11, 2012
Marble Falls, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	480
Initial cost to company, building and improvements	14,989
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	480
Building and improvements, amount	14,989
Investment in real estate, gross	15,469
Accumulated depreciation	$ 3,719
Date acquired, constructed	Apr. 01, 2016
McAllen, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,175
Initial cost to company, building and improvements	8,259
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,175
Building and improvements, amount	8,259
Investment in real estate, gross	9,434
Accumulated depreciation	$ 2,259
Date acquired, constructed	Apr. 01, 2016
New Braunfels, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,430
Initial cost to company, building and improvements	13,666
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,430
Building and improvements, amount	13,666
Investment in real estate, gross	15,096
Accumulated depreciation	$ 3,545
Date acquired, constructed	Feb. 24, 2017
San Antonio, TX (3 facilities) | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	2,370
Initial cost to company, building and improvements	40,054
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	2,370
Building and improvements, amount	40,054
Investment in real estate, gross	42,424
Accumulated depreciation	12,742
Waxahachie, TX | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	1,330
Initial cost to company, building and improvements	14,349
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,330
Building and improvements, amount	14,349
Investment in real estate, gross	15,679
Accumulated depreciation	$ 3,358
Date acquired, constructed	Jan. 17, 2018
Bristol, VA | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	176
Initial cost to company, building and improvements	2,511
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	176
Building and improvements, amount	2,511
Investment in real estate, gross	2,687
Accumulated depreciation	$ 2,511
Date acquired, constructed	Oct. 17, 1991
Oak Creek, WI | Skilled Nursing Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	2,000
Initial cost to company, building and improvements	14,903
Cost capitalized subsequent to acquisition	7,403
Investment in real estate and accumulated depreciation, land, amount	2,000
Building and improvements, amount	22,306
Investment in real estate, gross	24,306
Accumulated depreciation	$ 3,856
Date acquired, constructed	Dec. 07, 2018
Rainbow City, AL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	670
Initial cost to company, building and improvements	11,330
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	670
Building and improvements, amount	11,330
Investment in real estate, gross	12,000
Accumulated depreciation	$ 3,493
Date acquired, constructed	Oct. 31, 2013
Sacramento, CA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	660
Initial cost to company, building and improvements	10,840
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	660
Building and improvements, amount	10,840
Investment in real estate, gross	11,500
Accumulated depreciation	$ 3,242
Date acquired, constructed	Jun. 01, 2014
Pueblo West, CO | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	169
Initial cost to company, building and improvements	7,431
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	169
Building and improvements, amount	7,431
Investment in real estate, gross	7,600
Accumulated depreciation	$ 1,207
Date acquired, constructed	Jul. 23, 2019
Greensboro, GA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	672
Initial cost to company, building and improvements	4,849
Cost capitalized subsequent to acquisition	675
Investment in real estate and accumulated depreciation, land, amount	672
Building and improvements, amount	5,524
Investment in real estate, gross	6,196
Accumulated depreciation	$ 1,829
Date acquired, constructed	Sep. 15, 2011
Statham, GA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	452
Initial cost to company, building and improvements	6,487
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	452
Building and improvements, amount	6,487
Investment in real estate, gross	6,939
Accumulated depreciation	$ 22
Date acquired, constructed	Dec. 05, 2024
Ames, IA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,193
Initial cost to company, land	360
Initial cost to company, building and improvements	4,670
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	360
Building and improvements, amount	4,670
Investment in real estate, gross	5,030
Accumulated depreciation	$ 1,501
Date acquired, constructed	Jun. 28, 2013
Burlington, IA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,901
Initial cost to company, land	200
Initial cost to company, building and improvements	8,374
Cost capitalized subsequent to acquisition	14
Investment in real estate and accumulated depreciation, land, amount	200
Building and improvements, amount	8,388
Investment in real estate, gross	8,588
Accumulated depreciation	$ 2,702
Date acquired, constructed	Jun. 28, 2013
Cedar Falls, IA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	260
Initial cost to company, building and improvements	4,700
Cost capitalized subsequent to acquisition	30
Investment in real estate and accumulated depreciation, land, amount	260
Building and improvements, amount	4,730
Investment in real estate, gross	4,990
Accumulated depreciation	$ 1,553
Date acquired, constructed	Jun. 28, 2013
Ft. Dodge, IA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 4,008
Initial cost to company, land	100
Initial cost to company, building and improvements	7,208
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	100
Building and improvements, amount	7,208
Investment in real estate, gross	7,308
Accumulated depreciation	$ 2,281
Date acquired, constructed	Jun. 28, 2013
Iowa City, IA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	297
Initial cost to company, building and improvements	2,725
Cost capitalized subsequent to acquisition	33
Investment in real estate and accumulated depreciation, land, amount	297
Building and improvements, amount	2,758
Investment in real estate, gross	3,055
Accumulated depreciation	$ 1,105
Date acquired, constructed	Jun. 30, 2010
Marshalltown, IA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 5,714
Initial cost to company, land	240
Initial cost to company, building and improvements	6,208
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	240
Building and improvements, amount	6,208
Investment in real estate, gross	6,448
Accumulated depreciation	$ 1,997
Date acquired, constructed	Jun. 28, 2013
Urbandale, IA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,113
Initial cost to company, land	540
Initial cost to company, building and improvements	4,292
Cost capitalized subsequent to acquisition	18
Investment in real estate and accumulated depreciation, land, amount	540
Building and improvements, amount	4,310
Investment in real estate, gross	4,850
Accumulated depreciation	$ 1,418
Date acquired, constructed	Jun. 28, 2013
Caldwell, ID | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	320
Initial cost to company, building and improvements	9,353
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	320
Building and improvements, amount	9,353
Investment in real estate, gross	9,673
Accumulated depreciation	$ 2,806
Date acquired, constructed	Mar. 31, 2014
Aurora, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,195
Initial cost to company, building and improvements	11,713
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,195
Building and improvements, amount	11,713
Investment in real estate, gross	12,908
Accumulated depreciation	$ 3,079
Date acquired, constructed	May 09, 2017
Bolingbrook, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,290
Initial cost to company, building and improvements	14,677
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,290
Building and improvements, amount	14,677
Investment in real estate, gross	15,967
Accumulated depreciation	$ 3,171
Date acquired, constructed	Mar. 16, 2017
Bourbonnais, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 7,974
Initial cost to company, land	170
Initial cost to company, building and improvements	16,594
Cost capitalized subsequent to acquisition	390
Investment in real estate and accumulated depreciation, land, amount	170
Building and improvements, amount	16,984
Investment in real estate, gross	17,154
Accumulated depreciation	$ 5,173
Date acquired, constructed	Jun. 28, 2013
Crystal Lake, IL (2 facilities) | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,060
Initial cost to company, building and improvements	30,043
Cost capitalized subsequent to acquisition	170
Investment in real estate and accumulated depreciation, land, amount	1,060
Building and improvements, amount	30,213
Investment in real estate, gross	31,273
Accumulated depreciation	6,702
Gurnee, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	1,244
Initial cost to company, building and improvements	13,856
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,244
Building and improvements, amount	13,856
Investment in real estate, gross	15,100
Accumulated depreciation	$ 2,192
Date acquired, constructed	Sep. 10, 2019
Moline, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 3,896
Initial cost to company, land	250
Initial cost to company, building and improvements	5,630
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	250
Building and improvements, amount	5,630
Investment in real estate, gross	5,880
Accumulated depreciation	$ 1,826
Date acquired, constructed	Jun. 28, 2013
Oswego, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	390
Initial cost to company, building and improvements	20,957
Cost capitalized subsequent to acquisition	212
Investment in real estate and accumulated depreciation, land, amount	390
Building and improvements, amount	21,169
Investment in real estate, gross	21,559
Accumulated depreciation	$ 4,793
Date acquired, constructed	Jun. 01, 2016
Quincy, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,055
Initial cost to company, land	360
Initial cost to company, building and improvements	12,403
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	360
Building and improvements, amount	12,403
Investment in real estate, gross	12,763
Accumulated depreciation	$ 3,930
Date acquired, constructed	Jun. 28, 2013
Rockford, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 6,412
Initial cost to company, land	390
Initial cost to company, building and improvements	12,575
Cost capitalized subsequent to acquisition	381
Investment in real estate and accumulated depreciation, land, amount	390
Building and improvements, amount	12,956
Investment in real estate, gross	13,346
Accumulated depreciation	$ 3,988
Date acquired, constructed	Jun. 28, 2013
South Barrington, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,610
Initial cost to company, building and improvements	13,456
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,610
Building and improvements, amount	13,456
Investment in real estate, gross	15,066
Accumulated depreciation	$ 2,963
Date acquired, constructed	Mar. 16, 2017
St. Charles, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	820
Initial cost to company, building and improvements	22,188
Cost capitalized subsequent to acquisition	252
Investment in real estate and accumulated depreciation, land, amount	820
Building and improvements, amount	22,440
Investment in real estate, gross	23,260
Accumulated depreciation	$ 5,120
Date acquired, constructed	Jun. 01, 2016
Tinley Park, IL | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,622
Initial cost to company, building and improvements	11,354
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,622
Building and improvements, amount	11,354
Investment in real estate, gross	12,976
Accumulated depreciation	$ 3,058
Date acquired, constructed	Jun. 23, 2016
Attica, IN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	284
Initial cost to company, building and improvements	7,891
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	284
Building and improvements, amount	7,891
Investment in real estate, gross	8,175
Accumulated depreciation	$ 1,113
Date acquired, constructed	May 01, 2020
Carmel, IN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	463
Initial cost to company, building and improvements	7,055
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	463
Building and improvements, amount	7,055
Investment in real estate, gross	7,518
Accumulated depreciation	$ 2,525
Date acquired, constructed	Nov. 12, 2014
Crown Point, IN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	574
Initial cost to company, building and improvements	7,336
Cost capitalized subsequent to acquisition	353
Investment in real estate and accumulated depreciation, land, amount	574
Building and improvements, amount	7,689
Investment in real estate, gross	8,263
Accumulated depreciation	$ 2,679
Date acquired, constructed	Oct. 30, 2013
Greenwood, IN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	791
Initial cost to company, building and improvements	7,020
Cost capitalized subsequent to acquisition	227
Investment in real estate and accumulated depreciation, land, amount	791
Building and improvements, amount	7,247
Investment in real estate, gross	8,038
Accumulated depreciation	$ 2,596
Date acquired, constructed	Nov. 07, 2013
Linton, IN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	60
Initial cost to company, building and improvements	6,015
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	60
Building and improvements, amount	6,015
Investment in real estate, gross	6,075
Accumulated depreciation	$ 850
Date acquired, constructed	May 01, 2020
Bossier City, LA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	500
Initial cost to company, building and improvements	3,344
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	500
Building and improvements, amount	3,344
Investment in real estate, gross	3,844
Accumulated depreciation	$ 1,307
Date acquired, constructed	Apr. 30, 2011
West Monroe, LA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	770
Initial cost to company, building and improvements	5,627
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	770
Building and improvements, amount	5,627
Investment in real estate, gross	6,397
Accumulated depreciation	$ 2,087
Date acquired, constructed	Apr. 30, 2011
Frederick, MD | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,942
Initial cost to company, building and improvements	17,415
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,942
Building and improvements, amount	17,415
Investment in real estate, gross	19,357
Accumulated depreciation	$ 1,015
Date acquired, constructed	Feb. 04, 2023
Battle Creek, MI | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	398
Initial cost to company, building and improvements	3,093
Cost capitalized subsequent to acquisition	197
Investment in real estate and accumulated depreciation, land, amount	398
Building and improvements, amount	3,290
Investment in real estate, gross	3,688
Accumulated depreciation	$ 1,435
Date acquired, constructed	Oct. 19, 2009
Lansing, MI | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,020
Initial cost to company, building and improvements	9,684
Cost capitalized subsequent to acquisition	174
Investment in real estate and accumulated depreciation, land, amount	1,020
Building and improvements, amount	9,858
Investment in real estate, gross	10,878
Accumulated depreciation	$ 2,313
Date acquired, constructed	Oct. 19, 2009
Okemos, MI | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	340
Initial cost to company, building and improvements	8,082
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	340
Building and improvements, amount	8,082
Investment in real estate, gross	8,422
Accumulated depreciation	$ 3,322
Date acquired, constructed	Nov. 19, 2009
Shelby, MI | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,588
Initial cost to company, building and improvements	13,512
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,588
Building and improvements, amount	13,512
Investment in real estate, gross	15,100
Accumulated depreciation	$ 2,022
Date acquired, constructed	Jan. 27, 2020
Champlin, MN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	980
Initial cost to company, building and improvements	4,475
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	980
Building and improvements, amount	4,475
Investment in real estate, gross	5,455
Accumulated depreciation	$ 1,775
Date acquired, constructed	Mar. 10, 2010
Hugo, MN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	400
Initial cost to company, building and improvements	3,945
Cost capitalized subsequent to acquisition	113
Investment in real estate and accumulated depreciation, land, amount	400
Building and improvements, amount	4,058
Investment in real estate, gross	4,458
Accumulated depreciation	$ 1,549
Date acquired, constructed	Mar. 10, 2010
Maplewood, MN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,700
Initial cost to company, building and improvements	6,544
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,700
Building and improvements, amount	6,544
Investment in real estate, gross	8,244
Accumulated depreciation	$ 2,594
Date acquired, constructed	Mar. 10, 2010
North Branch, MN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	595
Initial cost to company, building and improvements	3,053
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	595
Building and improvements, amount	3,053
Investment in real estate, gross	3,648
Accumulated depreciation	$ 1,240
Date acquired, constructed	Mar. 10, 2010
Mahtomedi, MN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	515
Initial cost to company, building and improvements	8,825
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	515
Building and improvements, amount	8,825
Investment in real estate, gross	9,340
Accumulated depreciation	$ 1,249
Date acquired, constructed	Dec. 27, 2019
Albermarle, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	870
Initial cost to company, building and improvements	4,872
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	870
Building and improvements, amount	4,872
Investment in real estate, gross	5,742
Accumulated depreciation	$ 36
Date acquired, constructed	Oct. 09, 2024
Apex, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,042
Initial cost to company, building and improvements	15,831
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,042
Building and improvements, amount	15,831
Investment in real estate, gross	16,873
Accumulated depreciation	$ 112
Date acquired, constructed	Oct. 09, 2024
Cary, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,366
Initial cost to company, building and improvements	20,805
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,366
Building and improvements, amount	20,805
Investment in real estate, gross	22,171
Accumulated depreciation	$ 146
Date acquired, constructed	Oct. 09, 2024
Charlotte, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	650
Initial cost to company, building and improvements	17,663
Cost capitalized subsequent to acquisition	2,000
Investment in real estate and accumulated depreciation, land, amount	650
Building and improvements, amount	19,663
Investment in real estate, gross	20,313
Accumulated depreciation	$ 5,225
Date acquired, constructed	Jul. 01, 2015
Durham, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	860
Initial cost to company, building and improvements	7,752
Cost capitalized subsequent to acquisition	2,681
Investment in real estate and accumulated depreciation, land, amount	860
Building and improvements, amount	10,433
Investment in real estate, gross	11,293
Accumulated depreciation	$ 1,376
Date acquired, constructed	Dec. 15, 2017
Greensboro, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,426
Initial cost to company, building and improvements	20,550
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,426
Building and improvements, amount	20,550
Investment in real estate, gross	21,976
Accumulated depreciation	$ 151
Date acquired, constructed	Oct. 09, 2024
Greenville, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	797
Initial cost to company, building and improvements	10,612
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	797
Building and improvements, amount	10,612
Investment in real estate, gross	11,409
Accumulated depreciation	$ 83
Date acquired, constructed	Oct. 09, 2024
Hendersonville, NC (2 facilities) | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	3,120
Initial cost to company, building and improvements	12,980
Cost capitalized subsequent to acquisition	128
Investment in real estate and accumulated depreciation, land, amount	3,120
Building and improvements, amount	13,108
Investment in real estate, gross	16,228
Accumulated depreciation	3,008
Kinston, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	798
Initial cost to company, building and improvements	3,958
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	798
Building and improvements, amount	3,958
Investment in real estate, gross	4,756
Accumulated depreciation	$ 31
Date acquired, constructed	Oct. 09, 2024
Kill Devil Hills, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,276
Initial cost to company, building and improvements	9,471
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,276
Building and improvements, amount	9,471
Investment in real estate, gross	10,747
Accumulated depreciation	$ 67
Date acquired, constructed	Oct. 09, 2024
Rocky Mount, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	990
Initial cost to company, building and improvements	8,114
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	990
Building and improvements, amount	8,114
Investment in real estate, gross	9,104
Accumulated depreciation	$ 83
Date acquired, constructed	Oct. 09, 2024
Wilmington, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	843
Initial cost to company, building and improvements	7,313
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	843
Building and improvements, amount	7,313
Investment in real estate, gross	8,156
Accumulated depreciation	$ 59
Date acquired, constructed	Oct. 09, 2024
Wilson, NC | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	876
Initial cost to company, building and improvements	9,512
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	876
Building and improvements, amount	9,512
Investment in real estate, gross	10,388
Accumulated depreciation	$ 76
Date acquired, constructed	Oct. 09, 2024
Lincoln, NE | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8,418
Initial cost to company, land	380
Initial cost to company, building and improvements	10,904
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	380
Building and improvements, amount	10,904
Investment in real estate, gross	11,284
Accumulated depreciation	$ 3,403
Date acquired, constructed	Jun. 28, 2013
Omaha, NE (2 facilities) | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,455
Initial cost to company, land	1,110
Initial cost to company, building and improvements	15,437
Cost capitalized subsequent to acquisition	851
Investment in real estate and accumulated depreciation, land, amount	1,110
Building and improvements, amount	16,288
Investment in real estate, gross	17,398
Accumulated depreciation	4,568
Las Vegas, NV | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial cost to company, land	1,951
Initial cost to company, building and improvements	16,184
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,951
Building and improvements, amount	16,184
Investment in real estate, gross	18,135
Accumulated depreciation	$ 934
Date acquired, constructed	Feb. 14, 2023
Arlington, OH | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	570
Initial cost to company, building and improvements	7,917
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	570
Building and improvements, amount	7,917
Investment in real estate, gross	8,487
Accumulated depreciation	$ 2,206
Date acquired, constructed	Apr. 30, 2018
Columbus, OH | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	530
Initial cost to company, building and improvements	6,776
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	530
Building and improvements, amount	6,776
Investment in real estate, gross	7,306
Accumulated depreciation	$ 1,974
Date acquired, constructed	Apr. 30, 2018
Lancaster, OH | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	530
Initial cost to company, building and improvements	20,530
Cost capitalized subsequent to acquisition	261
Investment in real estate and accumulated depreciation, land, amount	530
Building and improvements, amount	20,791
Investment in real estate, gross	21,321
Accumulated depreciation	$ 5,779
Date acquired, constructed	Jul. 31, 2015
Middletown, OH | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	940
Initial cost to company, building and improvements	15,548
Cost capitalized subsequent to acquisition	222
Investment in real estate and accumulated depreciation, land, amount	940
Building and improvements, amount	15,770
Investment in real estate, gross	16,710
Accumulated depreciation	$ 4,468
Date acquired, constructed	Oct. 31, 2014
Rocky River, OH | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	650
Initial cost to company, building and improvements	4,189
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	650
Building and improvements, amount	4,189
Investment in real estate, gross	4,839
Accumulated depreciation	$ 967
Date acquired, constructed	Apr. 30, 2018
Worthington, OH | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	0
Initial cost to company, building and improvements	18,869
Cost capitalized subsequent to acquisition	1,476
Investment in real estate and accumulated depreciation, land, amount	0
Building and improvements, amount	20,345
Investment in real estate, gross	20,345
Accumulated depreciation	$ 4,706
Date acquired, constructed	Apr. 30, 2018
McMinnville, OR | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	390
Initial cost to company, building and improvements	9,183
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	390
Building and improvements, amount	9,183
Investment in real estate, gross	9,573
Accumulated depreciation	$ 2,193
Date acquired, constructed	Aug. 31, 2016
McMinnville, OR | Senior Living Campuses
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	410
Initial cost to company, building and improvements	26,667
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	410
Building and improvements, amount	26,667
Investment in real estate, gross	27,077
Accumulated depreciation	$ 6,057
Date acquired, constructed	Aug. 31, 2016
Portland, OR | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	930
Initial cost to company, building and improvements	25,270
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	930
Building and improvements, amount	25,270
Investment in real estate, gross	26,200
Accumulated depreciation	$ 5,281
Date acquired, constructed	Aug. 31, 2015
Reading, PA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,027
Initial cost to company, building and improvements	11,179
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,027
Building and improvements, amount	11,179
Investment in real estate, gross	12,206
Accumulated depreciation	$ 1,871
Date acquired, constructed	May 31, 2019
Erie, PA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,030
Initial cost to company, building and improvements	15,206
Cost capitalized subsequent to acquisition	976
Investment in real estate and accumulated depreciation, land, amount	1,030
Building and improvements, amount	16,182
Investment in real estate, gross	17,212
Accumulated depreciation	$ 2,952
Date acquired, constructed	Apr. 30, 2018
Manchester, TN | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	534
Initial cost to company, building and improvements	6,068
Cost capitalized subsequent to acquisition	191
Investment in real estate and accumulated depreciation, land, amount	534
Building and improvements, amount	6,259
Investment in real estate, gross	6,793
Accumulated depreciation	$ 724
Date acquired, constructed	Jun. 03, 2021
Chesapeake, VA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,746
Initial cost to company, building and improvements	15,542
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,746
Building and improvements, amount	15,542
Investment in real estate, gross	17,288
Accumulated depreciation	$ 912
Date acquired, constructed	Feb. 09, 2023
Fredericksburg, VA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,615
Initial cost to company, building and improvements	9,271
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,615
Building and improvements, amount	9,271
Investment in real estate, gross	10,886
Accumulated depreciation	$ 2,466
Date acquired, constructed	Sep. 20, 2016
Midlothian, VA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,646
Initial cost to company, building and improvements	8,635
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,646
Building and improvements, amount	8,635
Investment in real estate, gross	10,281
Accumulated depreciation	$ 2,379
Date acquired, constructed	Oct. 31, 2016
Suffolk, VA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,022
Initial cost to company, building and improvements	9,320
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,022
Building and improvements, amount	9,320
Investment in real estate, gross	10,342
Accumulated depreciation	$ 2,347
Date acquired, constructed	Mar. 25, 2016
Virginia Beach, VA | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	2,052
Initial cost to company, building and improvements	15,148
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	2,052
Building and improvements, amount	15,148
Investment in real estate, gross	17,200
Accumulated depreciation	$ 866
Date acquired, constructed	Nov. 10, 2022
Bellevue, WI | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	504
Initial cost to company, building and improvements	11,796
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	504
Building and improvements, amount	11,796
Investment in real estate, gross	12,300
Accumulated depreciation	$ 1,558
Date acquired, constructed	Sep. 30, 2020
Oshkosh, WI | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	542
Initial cost to company, building and improvements	12,758
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	542
Building and improvements, amount	12,758
Investment in real estate, gross	13,300
Accumulated depreciation	$ 973
Date acquired, constructed	Apr. 29, 2022
Sussex, WI | Assisted Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,329
Initial cost to company, building and improvements	30,721
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	1,329
Building and improvements, amount	30,721
Investment in real estate, gross	32,050
Accumulated depreciation	$ 448
Date acquired, constructed	Jun. 21, 2024
Vero Beach, FL | Independent Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	550
Initial cost to company, building and improvements	37,450
Cost capitalized subsequent to acquisition	2,543
Investment in real estate and accumulated depreciation, land, amount	550
Building and improvements, amount	39,993
Investment in real estate, gross	40,543
Accumulated depreciation	$ 6,631
Date acquired, constructed	Feb. 01, 2019
Columbus, IN | Independent Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	348
Initial cost to company, building and improvements	6,124
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	348
Building and improvements, amount	6,124
Investment in real estate, gross	6,472
Accumulated depreciation	$ 989
Date acquired, constructed	May 31, 2019
Tulsa, OK | Independent Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 15,676
Initial cost to company, land	1,980
Initial cost to company, building and improvements	32,620
Cost capitalized subsequent to acquisition	502
Investment in real estate and accumulated depreciation, land, amount	1,980
Building and improvements, amount	33,122
Investment in real estate, gross	35,102
Accumulated depreciation	$ 6,634
Date acquired, constructed	Dec. 01, 2017
Tulsa, OK | Hospitals
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,470
Initial cost to company, building and improvements	38,780
Cost capitalized subsequent to acquisition	2,048
Investment in real estate and accumulated depreciation, land, amount	1,470
Building and improvements, amount	40,828
Investment in real estate, gross	42,298
Accumulated depreciation	$ 3,746
Date acquired, constructed	May 28, 2021
Chehalis, WA | Independent Living Facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,980
Initial cost to company, building and improvements	7,710
Cost capitalized subsequent to acquisition	7,520
Investment in real estate and accumulated depreciation, land, amount	1,980
Building and improvements, amount	15,230
Investment in real estate, gross	17,210
Accumulated depreciation	$ 3,127
Date acquired, constructed	Jan. 15, 2016
Michigan City, IN | Senior Living Campuses
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	974
Initial cost to company, building and improvements	22,667
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	974
Building and improvements, amount	22,667
Investment in real estate, gross	23,641
Accumulated depreciation	$ 3,622
Date acquired, constructed	May 31, 2019
Portage, IN | Senior Living Campuses
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	661
Initial cost to company, building and improvements	21,959
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	661
Building and improvements, amount	21,959
Investment in real estate, gross	22,620
Accumulated depreciation	$ 3,517
Date acquired, constructed	May 31, 2019
Needham, MA | Senior Living Campuses
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	5,500
Initial cost to company, building and improvements	45,157
Cost capitalized subsequent to acquisition	1,451
Investment in real estate and accumulated depreciation, land, amount	5,500
Building and improvements, amount	46,608
Investment in real estate, gross	52,108
Accumulated depreciation	$ 8,779
Date acquired, constructed	Jan. 15, 2019
Salisbury, MD | Senior Living Campuses
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,876
Initial cost to company, building and improvements	44,084
Cost capitalized subsequent to acquisition	471
Investment in real estate and accumulated depreciation, land, amount	1,876
Building and improvements, amount	44,555
Investment in real estate, gross	46,431
Accumulated depreciation	$ 7,411
Date acquired, constructed	May 31, 2019
Roscommon, MI | Senior Living Campuses
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	44
Initial cost to company, building and improvements	6,005
Cost capitalized subsequent to acquisition	1
Investment in real estate and accumulated depreciation, land, amount	44
Building and improvements, amount	6,006
Investment in real estate, gross	6,050
Accumulated depreciation	$ 1,692
Date acquired, constructed	Aug. 31, 2015
Mt. Airy, NC | Senior Living Campuses
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,370
Initial cost to company, building and improvements	7,470
Cost capitalized subsequent to acquisition	150
Investment in real estate and accumulated depreciation, land, amount	1,370
Building and improvements, amount	7,620
Investment in real estate, gross	8,990
Accumulated depreciation	$ 2,193
Date acquired, constructed	Dec. 17, 2014
Silverdale, WA | Senior Living Campuses
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,750
Initial cost to company, building and improvements	23,860
Cost capitalized subsequent to acquisition	2,167
Investment in real estate and accumulated depreciation, land, amount	1,750
Building and improvements, amount	26,027
Investment in real estate, gross	27,777
Accumulated depreciation	$ 8,674
Date acquired, constructed	Aug. 16, 2012
Bridgeport, CT | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	4,320
Initial cost to company, building and improvements	23,494
Cost capitalized subsequent to acquisition	5,809
Investment in real estate and accumulated depreciation, land, amount	4,320
Building and improvements, amount	29,303
Investment in real estate, gross	33,623
Accumulated depreciation	$ 7,499
Date acquired, constructed	Jun. 02, 2016
North Branford, CT | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	7,724
Initial cost to company, building and improvements	64,430
Cost capitalized subsequent to acquisition	33
Investment in real estate and accumulated depreciation, land, amount	7,724
Building and improvements, amount	64,463
Investment in real estate, gross	72,187
Accumulated depreciation	$ 14,945
Date acquired, constructed	Nov. 03, 2016
Southbury, CT | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	10,320
Initial cost to company, building and improvements	17,143
Cost capitalized subsequent to acquisition	6,178
Investment in real estate and accumulated depreciation, land, amount	10,320
Building and improvements, amount	23,321
Investment in real estate, gross	33,641
Accumulated depreciation	$ 5,450
Date acquired, constructed	Jun. 02, 2016
Fernandina Beach, FL | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,430
Initial cost to company, building and improvements	63,420
Cost capitalized subsequent to acquisition	2,044
Investment in real estate and accumulated depreciation, land, amount	1,430
Building and improvements, amount	65,464
Investment in real estate, gross	66,894
Accumulated depreciation	$ 18,054
Date acquired, constructed	Dec. 17, 2014
St. Simons Island, GA | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	8,770
Initial cost to company, building and improvements	38,070
Cost capitalized subsequent to acquisition	1,764
Investment in real estate and accumulated depreciation, land, amount	8,770
Building and improvements, amount	39,834
Investment in real estate, gross	48,604
Accumulated depreciation	$ 10,972
Date acquired, constructed	Dec. 17, 2014
Winston-Salem, NC | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	8,700
Initial cost to company, building and improvements	73,920
Cost capitalized subsequent to acquisition	919
Investment in real estate and accumulated depreciation, land, amount	8,700
Building and improvements, amount	74,839
Investment in real estate, gross	83,539
Accumulated depreciation	$ 20,487
Date acquired, constructed	Dec. 17, 2014
Greenville, SC | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	5,850
Initial cost to company, building and improvements	90,760
Cost capitalized subsequent to acquisition	1,149
Investment in real estate and accumulated depreciation, land, amount	5,850
Building and improvements, amount	91,909
Investment in real estate, gross	97,759
Accumulated depreciation	$ 24,555
Date acquired, constructed	Dec. 17, 2014
Greenville, SC | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	560
Initial cost to company, building and improvements	16,547
Cost capitalized subsequent to acquisition	1,138
Investment in real estate and accumulated depreciation, land, amount	560
Building and improvements, amount	17,685
Investment in real estate, gross	18,245
Accumulated depreciation	$ 5,170
Date acquired, constructed	Apr. 01, 2022
Myrtle Beach, SC | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	3,910
Initial cost to company, building and improvements	82,140
Cost capitalized subsequent to acquisition	744
Investment in real estate and accumulated depreciation, land, amount	3,910
Building and improvements, amount	82,884
Investment in real estate, gross	86,794
Accumulated depreciation	$ 22,872
Date acquired, constructed	Dec. 17, 2014
Myrtle Beach, SC | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,310
Initial cost to company, building and improvements	26,229
Cost capitalized subsequent to acquisition	2,274
Investment in real estate and accumulated depreciation, land, amount	1,310
Building and improvements, amount	28,503
Investment in real estate, gross	29,813
Accumulated depreciation	$ 8,079
Date acquired, constructed	Apr. 01, 2022
Pawleys Island, SC | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,480
Initial cost to company, building and improvements	38,620
Cost capitalized subsequent to acquisition	645
Investment in real estate and accumulated depreciation, land, amount	1,480
Building and improvements, amount	39,265
Investment in real estate, gross	40,745
Accumulated depreciation	$ 11,107
Date acquired, constructed	Dec. 17, 2014
Spartanburg, SC | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	900
Initial cost to company, building and improvements	49,190
Cost capitalized subsequent to acquisition	1,329
Investment in real estate and accumulated depreciation, land, amount	900
Building and improvements, amount	50,519
Investment in real estate, gross	51,419
Accumulated depreciation	$ 13,948
Date acquired, constructed	Dec. 17, 2014
Issaquah, WA | Entrance-Fee Communities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	4,370
Initial cost to company, building and improvements	130,522
Cost capitalized subsequent to acquisition	0
Investment in real estate and accumulated depreciation, land, amount	4,370
Building and improvements, amount	130,522
Investment in real estate, gross	134,892
Accumulated depreciation	$ 18,427
Date acquired, constructed	Jan. 31, 2020
Fort Smith, AR | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	590
Initial cost to company, building and improvements	22,447
Cost capitalized subsequent to acquisition	1,036
Investment in real estate and accumulated depreciation, land, amount	590
Building and improvements, amount	23,483
Investment in real estate, gross	24,073
Accumulated depreciation	$ 6,748
Date acquired, constructed	Apr. 01, 2022
Rogers, AR | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,470
Initial cost to company, building and improvements	25,282
Cost capitalized subsequent to acquisition	1,998
Investment in real estate and accumulated depreciation, land, amount	1,470
Building and improvements, amount	27,280
Investment in real estate, gross	28,750
Accumulated depreciation	$ 7,673
Date acquired, constructed	Apr. 01, 2022
Fresno, CA | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	420
Initial cost to company, building and improvements	10,899
Cost capitalized subsequent to acquisition	1,240
Investment in real estate and accumulated depreciation, land, amount	420
Building and improvements, amount	12,139
Investment in real estate, gross	12,559
Accumulated depreciation	$ 3,370
Date acquired, constructed	Apr. 01, 2022
Modesto, CA | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,170
Initial cost to company, building and improvements	22,673
Cost capitalized subsequent to acquisition	1,648
Investment in real estate and accumulated depreciation, land, amount	1,170
Building and improvements, amount	24,321
Investment in real estate, gross	25,491
Accumulated depreciation	$ 6,725
Date acquired, constructed	Apr. 01, 2022
Pinole, CA | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,020
Initial cost to company, building and improvements	18,066
Cost capitalized subsequent to acquisition	1,650
Investment in real estate and accumulated depreciation, land, amount	1,020
Building and improvements, amount	19,716
Investment in real estate, gross	20,736
Accumulated depreciation	$ 5,402
Date acquired, constructed	Apr. 01, 2022
Roseville, CA | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	630
Initial cost to company, building and improvements	31,343
Cost capitalized subsequent to acquisition	1,650
Investment in real estate and accumulated depreciation, land, amount	630
Building and improvements, amount	32,993
Investment in real estate, gross	33,623
Accumulated depreciation	$ 9,272
Date acquired, constructed	Apr. 01, 2022
West Covina, CA | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	940
Initial cost to company, building and improvements	20,280
Cost capitalized subsequent to acquisition	2,336
Investment in real estate and accumulated depreciation, land, amount	940
Building and improvements, amount	22,616
Investment in real estate, gross	23,556
Accumulated depreciation	$ 6,184
Date acquired, constructed	Apr. 01, 2022
Athens, GA | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	910
Initial cost to company, building and improvements	31,940
Cost capitalized subsequent to acquisition	1,962
Investment in real estate and accumulated depreciation, land, amount	910
Building and improvements, amount	33,902
Investment in real estate, gross	34,812
Accumulated depreciation	$ 9,663
Date acquired, constructed	Apr. 01, 2022
Columbus, GA | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	570
Initial cost to company, building and improvements	8,639
Cost capitalized subsequent to acquisition	1,271
Investment in real estate and accumulated depreciation, land, amount	570
Building and improvements, amount	9,910
Investment in real estate, gross	10,480
Accumulated depreciation	$ 2,879
Date acquired, constructed	Apr. 01, 2022
Voorhees, NJ | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	670
Initial cost to company, building and improvements	23,710
Cost capitalized subsequent to acquisition	1,847
Investment in real estate and accumulated depreciation, land, amount	670
Building and improvements, amount	25,557
Investment in real estate, gross	26,227
Accumulated depreciation	$ 7,232
Date acquired, constructed	Apr. 01, 2022
Gahanna, OH | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	920
Initial cost to company, building and improvements	22,919
Cost capitalized subsequent to acquisition	1,065
Investment in real estate and accumulated depreciation, land, amount	920
Building and improvements, amount	23,984
Investment in real estate, gross	24,904
Accumulated depreciation	$ 6,932
Date acquired, constructed	Apr. 01, 2022
Broken Arrow, OK | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	2,660
Initial cost to company, building and improvements	18,477
Cost capitalized subsequent to acquisition	851
Investment in real estate and accumulated depreciation, land, amount	2,660
Building and improvements, amount	19,328
Investment in real estate, gross	21,988
Accumulated depreciation	$ 5,634
Date acquired, constructed	Apr. 01, 2022
Vancouver, WA | Senior Housing Operating
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost to company, land	1,030
Initial cost to company, building and improvements	19,183
Cost capitalized subsequent to acquisition	2,908
Investment in real estate and accumulated depreciation, land, amount	1,030
Building and improvements, amount	22,091
Investment in real estate, gross	23,121
Accumulated depreciation	$ 5,856
Date acquired, constructed	Apr. 01, 2022

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation (Summary) (Details) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investment in Real Estate:
Balance at beginning of period	$ 2,780,358	$ 2,729,898	$ 2,894,548
Additions through cash expenditures	157,931	49,556	10,993
Change in accounts payable related to investments in real estate construction & equipment	(250)	325	(69)
Change in other assets related to investments in real estate	0	454	200
Right of use asset in exchange for lease liability	344	101	0
Operating equipment received in lease termination	0	0	1,287
Real estate acquired in exchange for non-cash rental income	0	2,500	3,000
Real estate acquired in exchange for mortgage notes receivable	22,184	14,200	23,071
Sale of properties for cash	(4,758)	(19,326)	(104,691)
Properties classified as held for sale	(2,261)	(11,970)	(84,761)
Property reclassified as held for use	0	15,793	7,851
Impairment of property	0	(1,173)	(21,531)
Balance at end of period	2,953,548	2,780,358	2,729,898
Accumulated Depreciation:
Balance at beginning of period	673,276	611,688	576,668
Addition charged to costs and expenses	71,443	69,973	70,880
Amortization of right-of-use asset	36	38	36
Sale of properties	(1,518)	(4,851)	(25,643)
Properties classified as held for sale	(942)	(6,965)	(11,092)
Property reclassified as held for use	0	3,393	839
Balance at end of period	$ 742,295	$ 673,276	$ 611,688

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount	$ 175,830,000	$ 162,433,000	$ 164,576,000	$ 230,927,000
Amount of delinquent loans	0
Federal income tax basis	188,700,000
Origination fee, and premium (discount)	$ 651,200
Second Mortgages | Winter Park, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	12%
Maturity	Oct. 31, 2025
Payment	Interest Only
Face Amount	$ 725,000
Carrying amount	$ 725,000
Construction Loans | Canton, MI
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	9%
Maturity	Jul. 31, 2025
Payment	Interest Only
Face Amount	$ 14,700,000
Carrying amount	$ 14,700,000
Construction Loans | Fitchburg, WI
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	8.50%
Maturity	Jan. 28, 2026
Payment	Interest Only
Face Amount	$ 28,386,000
Carrying amount	$ 28,386,000
Construction Loans | Lake City, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	9%
Maturity	Aug. 31, 2028
Payment	Interest Only
Face Amount	$ 7,172,000
Carrying amount	$ 7,172,000
Skilled Nursing Facilities | First Mortgages | Austin/San Antonio, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	7.25%
Maturity	Nov. 30, 2027
Payment	Interest Only
Face Amount	$ 42,500,000
Carrying amount	$ 42,465,000
Skilled Nursing Facilities | First Mortgages | Maitland, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	8.50%
Maturity	Dec. 31, 2027
Payment	Interest Only
Face Amount	$ 9,000,000
Carrying amount	$ 9,000,000
Assisted Living Facilities | First Mortgages | Oviedo, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	8.25%
Maturity	Jul. 31, 2025
Payment	Interest Only
Face Amount	$ 10,000,000
Carrying amount	$ 10,000,000
Assisted Living Facilities | First Mortgages | Indianapolis, IN
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	7%
Maturity	Jun. 30, 2025
Payment	Interest Only
Face Amount	$ 6,423,000
Carrying amount	$ 6,423,000
Assisted Living Facilities | First Mortgages | Tulsa, OK
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	8.50%
Maturity	Jun. 30, 2029
Payment	Interest Only
Face Amount	$ 9,500,000
Carrying amount	$ 9,416,000
Assisted Living Facilities | First Mortgages | Bloomington, IL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	8.75%
Maturity	Feb. 28, 2029
Payment	Interest Only
Face Amount	$ 15,000,000
Carrying amount	$ 14,877,000
Entrance-Fee Communities | First Mortgages | Columbia, SC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest	7.25%
Maturity	Jun. 30, 2025
Payment	Interest Only
Face Amount	$ 32,700,000
Carrying amount	$ 32,666,000

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate Schedule IV - Mortgage Loans on Real Estate (Roll-Forward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of mortgage loans on real estate
Balance at beginning of period	$ 162,433	$ 164,576	$ 230,927
Additions:
New mortgage loans	41,718	15,083	67,978
Amortization of loan discount and commitment fees	471	428	907
Total Additions	42,189	15,511	68,885
Deductions:
Loan commitment fees received	885	0	497
Extension fee received	82	0	0
Mortgage notes receivable related to investments in real estate	22,184	14,200	23,071
Collection of principal, less recoveries of previous write-downs	5,641	3,454	111,668
Total Deductions	28,792	17,654	135,236
Balance at end of period	$ 175,830	$ 162,433	$ 164,576