LTC Properties (LTC) 10-K 16 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 09, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	1-11314
Entity Registrant Name	LTC PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	71-0720518
Entity Address, Address Line One	2829 Townsgate Road, Suite 350
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	805
Local Phone Number	981-8655
Title of 12(b) Security	Common stock, $.01 Par Value
Trading Symbol	LTC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,515,770,000
Entity Common Stock, Shares Outstanding		41,372,589
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Los Angeles, California
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000887905
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments:
Land	$ 124,665	$ 123,239
Buildings and improvements	1,273,025	1,285,318
Accumulated depreciation and amortization	(389,182)	(374,606)
Operating real estate property, net	1,008,508	1,033,951
Properties held-for-sale, net of accumulated depreciation: 2022-$2,305; 2021-$0	10,710
Real property investments, net	1,019,218	1,033,951
Financing receivable, net of credit loss reserve: 2022-$768; 2021-$0	75,999
Mortgage loans receivable, net of credit loss reserve: 2022-$3,930; 2021-$3,473	389,728	344,442
Real estate investments, net	1,484,945	1,378,393
Notes receivable, net of credit loss reserve: 2022-$589; 2021-$286	58,383	28,337
Investments in unconsolidated joint ventures	19,340	19,340
Investments, net	1,562,668	1,426,070
Other assets:
Cash and cash equivalents	10,379	5,161
Debt issue costs related to revolving line of credit	2,321	3,057
Interest receivable	46,000	39,522
Straight-line rent receivable	21,847	24,146
Lease incentives	1,789	2,678
Prepaid expenses and other assets	11,099	4,191
Total assets	1,656,103	1,504,825
LIABILITIES
Revolving line of credit	130,000	110,900
Term loans, net of debt issue costs: 2022-$489; 2021-$637	99,511	99,363
Senior unsecured notes, net of debt issue costs: 2022-$1,477; 2021-$524	538,343	512,456
Accrued interest	5,234	3,745
Accrued expenses and other liabilities	32,708	33,234
Total liabilities	805,796	759,698
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2022-41,262; 2021-39,374	412	394
Capital in excess of par value	931,124	856,895
Cumulative net income	1,544,660	1,444,636
Accumulated other comprehensive income (loss)	8,719	(172)
Cumulative distributions	(1,656,548)	(1,565,039)
Total LTC Properties, Inc. stockholders' equity	828,367	736,714
Non-controlling interests	21,940	8,413
Total equity	850,307	745,127
Total liabilities and equity	$ 1,656,103	$ 1,504,825

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Properties held-for-sale, accumulated depreciation	$ 2,305	$ 0
Financial Receivable credit loss reserve	768	0
Mortgage loans receivable, loan loss reserve	3,930	3,473
Notes receivable, loan loss reserve	$ 589	$ 286
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	60,000	60,000
Common stock, shares issued	41,262	39,374
Common stock, shares outstanding	41,262	39,374
Term loans
Debt issue costs, net	$ 489	$ 637
Senior Unsecured Notes
Debt issue costs, net	$ 1,477	$ 524

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental income	$ 128,244,000	$ 121,125,000	$ 126,094,000
Interest income from financing receivable	1,762,000
Interest income from mortgage loans	40,600,000	32,811,000	31,396,000
Interest and other income	4,547,000	1,386,000	1,847,000
Total revenues	175,153,000	155,322,000	159,337,000
Expenses:
Interest expense	31,437,000	27,375,000	29,705,000
Depreciation and amortization	37,496,000	38,296,000	39,071,000
Impairment loss	3,422,000	0	3,977,000
Provision (recovery) for credit losses	1,528,000	1,021,000	(3,000)
Transaction costs	828,000	4,433,000	299,000
Property tax expense	15,486,000	15,392,000	15,065,000
General and administrative expenses	23,706,000	21,460,000	19,710,000
Total expenses	113,903,000	107,977,000	107,824,000
Other operating income:
Gain on sale of real estate, net	37,830,000	7,462,000	44,117,000
Operating income	99,080,000	54,807,000	95,630,000
Gain from property insurance proceeds			373,000
Loss on unconsolidated joint ventures			(758,000)
Income from unconsolidated joint ventures	1,504,000	1,417,000	432,000
Net income	100,584,000	56,224,000	95,677,000
Income allocated to non-controlling interests	(560,000)	(363,000)	(384,000)
Net income attributable to LTC Properties, Inc.	100,024,000	55,861,000	95,293,000
Income allocated to participating securities	(580,000)	(458,000)	(422,000)
Net income available to common stockholders	$ 99,444,000	$ 55,403,000	$ 94,871,000
Earnings per common share:
Basic (in dollars per share)	$ 2.49	$ 1.41	$ 2.42
Diluted (in dollars per share)	$ 2.48	$ 1.41	$ 2.42
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	39,894	39,156	39,179
Diluted (in shares)	40,067	39,156	39,264

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 100,584	$ 56,224	$ 95,677
Unrealized gain (loss) on cash flow hedges before reclassification	9,181	(172)
(Gains) reclassified from accumulated other comprehensive income to interest expense	(290)
Comprehensive income	109,475	56,052	95,677
Less: Comprehensive income allocated to non-controlling interests	(560)	(363)	(384)
Comprehensive income attributable to LTC Properties, Inc.	$ 108,915	$ 55,689	$ 95,293

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Parent	Common Stock	Capital in Excess of Par Value	Cumulative Net Income	Accumulated Other Comprehensive Income (Loss)	Cumulative Distributions	Non-controlling Interests	Total
Balance at beginning of period at Dec. 31, 2019	$ 776,943	$ 398	$ 867,346	$ 1,293,482		$ (1,384,283)	$ 8,483	$ 785,426
Balance (in shares) at Dec. 31, 2019		39,752
Equity activity
Repurchase of common stock	(18,012)	$ (6)	(18,006)					(18,012)
Repurchase of common stock (in shares)		(616)
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		101
Net income	95,293			95,293			384	95,677
Stock-based compensation expense	7,012		7,012					7,012
Vesting of performance-based stock units, including the payment of distributions	(586)					(586)		(586)
Vesting of performance-based stock units, including the payment of distributions (in shares)		82
Non-controlling interest distributions							(463)	(463)
Common stock cash distributions	(89,676)					(89,676)		(89,676)
Cash paid for taxes in lieu of common shares	(3,566)	$ (1)	(3,565)					(3,566)
Cash paid for taxes in lieu of common shares (in shares)		(77)
Other	(6)		(6)					(6)
Balance at end of period at Dec. 31, 2020	767,402	$ 392	852,780	1,388,775		(1,474,545)	8,404	775,806
Balance (in shares) at Dec. 31, 2020		39,242
Equity activity
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		110
Net income	55,861			55,861			363	56,224
Stock-based compensation expense	7,760		7,760					7,760
Vesting of performance-based stock units, including the payment of distributions	(764)	$ 1	(1)			(764)		(764)
Vesting of performance-based stock units, including the payment of distributions (in shares)		109
Non-controlling interests contributions							9	9
Non-controlling interest distributions							(363)	(363)
Common stock cash distributions	(89,730)					(89,730)		(89,730)
Cash paid for taxes in lieu of common shares	(3,573)		(3,573)					(3,573)
Cash paid for taxes in lieu of common shares (in shares)		(87)
Fair market valuation adjustment for interest rate swap	(172)				$ (172)			(172)
Other	(70)		(70)					(70)
Balance at end of period at Dec. 31, 2021	736,714	$ 394	856,895	1,444,636	(172)	(1,565,039)	8,413	745,127
Balance (in shares) at Dec. 31, 2021		39,374
Equity activity
Issuance of common stock	67,643	$ 18	67,625					67,643
Issuance of common stock (in shares)		1,792
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		135
Net income	100,024			100,024			560	100,584
Stock-based compensation expense	7,964		7,964					7,964
Non-controlling interests contributions							14,375	14,375
Non-controlling interest distributions							(1,406)	(1,406)
Common stock cash distributions	(91,509)					(91,509)		(91,509)
Cash paid for taxes in lieu of common shares	(1,355)	$ (1)	(1,354)					(1,355)
Cash paid for taxes in lieu of common shares (in shares)		(39)
Fair market valuation adjustment for interest rate swap	8,891				8,891			8,891
Other	(5)		(5)				(2)	(7)
Balance at end of period at Dec. 31, 2022	$ 828,367	$ 412	$ 931,124	$ 1,544,660	$ 8,719	$ (1,656,548)	$ 21,940	$ 850,307
Balance (in shares) at Dec. 31, 2022		41,262

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF EQUITY
Common Stock cash distributions	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.280

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net income	$ 100,584	$ 56,224	$ 95,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,496	38,296	39,071
Stock-based compensation expense	7,964	7,760	7,012
Impairment loss	3,422		3,977
Gain on sale of real estate, net	(37,830)	(7,462)	(44,117)
Loss on unconsolidated joint ventures			758
Income from unconsolidated joint ventures	(1,504)	(1,417)	(432)
Income distributions from unconsolidated joint ventures	351		432
Straight-line rental adjustment (income)	1,369	(467)	(1,778)
Adjustment for collectability of lease incentives and rental income	256	758	23,214
Amortization of lease incentives	877	608	426
Provision (recovery) for credit losses	1,528	1,021	(3)
Application of interest reserve	(6,192)	(150)
Amortization of debt issue costs	1,139	1,122	1,029
Other non-cash items, net	113		4
Change in operating assets and liabilities
Lease incentives funded	(418)	(824)	(220)
Increase in interest receivable	(7,173)	(6,776)	(6,161)
Increase (decrease) in accrued interest payable	1,489	(471)	(767)
Net change in other assets and liabilities	2,115	2,962	(2,021)
Net cash provided by operating activities	105,586	91,184	116,101
INVESTING ACTIVITIES:
Investment in real estate properties	(51,817)		(13,581)
Investment in real estate developments	(105)		(16,699)
Investment in real estate capital improvements	(8,994)	(6,298)	(6,913)
Capitalized interest			(354)
Proceeds from sale of real estate, net	72,620	43,627	72,141
Investment in financing receivable	(61,747)
Investment in real estate mortgage loans receivable	(40,732)	(88,955)	(4,253)
Principal payments received on mortgage loans receivable	1,175	1,175	1,065
Investments in unconsolidated joint ventures		(5,676)	(8,520)
Proceeds from liquidation of investments in unconsolidated joint ventures			17,848
Advances and originations under notes receivable	(37,192)	(16,353)	(2,078)
Principal payments received on notes receivable	6,843	2,694	5,275
Net cash (used in) provided by investing activities	(119,949)	(69,786)	43,931
FINANCING ACTIVITIES:
Borrowings from revolving line of credit	194,000	204,400	24,000
Borrowings from term loans		100,000
Repayment of revolving line of credit	(174,900)	(183,400)	(28,000)
Proceeds from issuance of senior unsecured notes	75,000
Principal payments on senior unsecured notes	(48,160)	(47,160)	(40,160)
Stock repurchase plan			(18,012)
Proceeds from common stock issued	68,156
Distributions paid to stockholders	(91,509)	(90,494)	(90,262)
Contribution from non-controlling interests	50	9
Distributions paid to non-controlling interests	(487)	(363)	(463)
Financing costs paid	(1,208)	(3,358)	(35)
Cash paid for taxes in lieu of shares upon vesting of restricted stock and performance-based stock units	(1,355)	(3,573)	(3,566)
Other	(6)	(70)	(6)
Net cash provided by (used in) financing activities	19,581	(24,009)	(156,504)
Increase (decrease) in cash and cash equivalents	5,218	(2,611)	3,528
Cash and cash equivalents, beginning of period	5,161	7,772	4,244
Cash and cash equivalents, end of period	10,379	5,161	7,772
Supplemental disclosure of cash flow information:
Interest paid	$ 28,809	$ 26,724	$ 29,443

The Company

The Company	12 Months Ended
	Dec. 31, 2022
General
The Company	1. The Company LTC Properties, Inc. (“LTC”), a Maryland corporation, commenced operations on August 25, 1992. LTC is a real estate investment trust (“REIT”) that invests primarily in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint ventures and structured finance solutions including preferred equity and mezzanine lending. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision-making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. Our primary seniors housing and health care property classifications include skilled nursing centers (“SNF”), assisted living communities (“ALF”), independent living communities (“ILF”), memory care communities (“MC”) and combinations thereof. We also invest in other (“OTH”) types of properties, such as land parcels, projects under development (“UDP”) and behavioral health care hospitals. ILF, ALF, MC and combinations thereof are included in the ALF classification.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Consolidation. ● A legal structure has been established to conduct business activities and to hold assets. ● LTC has a variable interest in the entity - i.e., it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does meet the above criteria and does not qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1. The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2. The equity holders, as a group, lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: ● The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ● The obligation to absorb the entity's expected losses; ● The right to receive the entity's expected residual returns; or 3. The entity is established with non-substantive voting rights (i.e., the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights. The FASB requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Use of Estimates. Preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Our most significant assumptions and estimates are related to the valuation of real estate, purchase price allocation of acquired assets, revenue recognition including the collectability of tenant receivables and asset impairment. Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be business combinations are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be business combinations are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles. Financing Receivable. As part of our acquisitions, we may from time to time, invest in sale and leaseback transactions. In accordance with ASC Topic 842, Leases Financing receivable Consolidated Balance Sheets Interest income from financing receivable Consolidated Statements of Income Financing receivable Real property investments Consolidated Balance Sheets Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis. Working Capital Loans. Mezzanine Loans. four Investments in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to Accounting Standard Codification (“ASC”) 810, Consolidation We periodically perform evaluation of our investment in unconsolidated JVs to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, we write the investment down to its estimated fair value as of the measurement date. Loan Loss Reserve. ASC 326, Financial Instruments- Credit Losses We adopted ASC 326 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by reversing interest income and/or recognizing credit loss expense. As of December 31, 2022, the total balance of accrued interest receivable of $46,000,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2022, 2021 and 2020, Company did not recognize any write-off related to accrued interest receivable. Accrued incentives. Prepaid expenses and other assets Consolidated Balance Sheets Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes management’s probability-weighting of various scenarios including whether the management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. In determining fair value, we use current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Based on our assessment, during the years ended December 31, 2022, 2021 and 2020, we recognized impairment losses of $3,422,000, $0 and $3,977,000, respectively, related to our real property investments. Properties held-for-sale. Properties classified as held-for-sale on the Consolidated Balance Sheets Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements Derivative Instruments. Note 9. Debt Obligations Accumulated other comprehensive income (loss) Consolidated Balance Sheets In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform Deferral of the Sunset Date of Topic 848 In December 2022, we amended our unsecured credit agreement to update the benchmark provisions to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”), plus a credit spread of 10 basis points, as the reference rate for the purpose of calculating interest under the agreement. In connection with amending the unsecured credit agreement, we also amended our fixed interest rate swap agreements to update reference rate to SOFR. As a result, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the ASU and may apply other elections, as applicable, as additional changes in the market occur. Our election to apply the hedge accounting expedients did not have a material impact on our consolidated financial statements. See Note 9. Debt Obligations Revenue Recognition- Rental Income. Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in (i) a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0% ; (ii) a calculation based on the Consumer Price Index or the Medicare Market Basket Rate; (iii) as a percentage of facility revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not permit recognition of contingent revenue until the contingencies have been resolved. Historically, we have not included contingent rents as income until received and we will continue our historical policy. During the years ended December 31, 2022, 2021 and 2020, we received $57,000, $0 and $111,000, respectively, of contingent rental income. In accordance with ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income In April 2020, the FASB staff released guidance regarding accounting for lease concessions in response to the novel coronavirus (“COVID-19”) pandemic. The FASB staff guidance indicates that lessors could elect an accounting policy to not evaluate whether rent concessions provided in response to the COVID-19 pandemic are lease modifications. When only the timing of payments is impacted by the rent deferrals, but the amount of the consideration is substantially the same as required by the original lease agreement, the FASB listed two methods for lessors to account for the rent deferrals. We elected to account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, we increased the lease receivable and continued to recognize income. We recognized the rent abatements given to the operators where we accrue rent on a straight-line basis, over the remaining life of those respective leases. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized over the term of the lease on a straight-line basis. Revenue Recognition- Interest Income. Interest income on mortgage loans receivable and notes receivable is recognized using the effective interest method. Exit fee income and commitment fee income are also amortized over the life of the related loan under the effective interest method. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. When the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan, an effective interest receivable asset is created and included in the Interest receivable Consolidated Balance Sheets As previously discussed under Financing Receivable Interest income from financing receivable Consolidated Statements of Income. Financing receivable Real estate investments Gains on sale of Real Estate, Net. a) meet certain revenue recognition criteria in accordance with ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets; and b) transfer control of the real estate to the buyer. The gain or loss recorded is measured as the difference between the sales price, less costs to sell, and the carrying value of the real estate when we sell it. Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, For Federal tax purposes, depreciation is generally calculated using the straight-line method over a period 27.5 years. Earnings profits, which determine the taxability of distributions to stockholders, use the straight-line method over 30 years . The determination of Federal taxable income differ from net income for financial statement purposes principally due to the treatment of certain investments in joint ventures, timing of interest income, rental income, other expense items, recognition of impairment charges, and depreciable lives and bases of assets. At December 31, 2022, the net book basis of our depreciable assets exceeded our net tax basis by approximately The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more-likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our Consolidated Statements of Income General and administrative expenses Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, operating leases on owned properties, financing receivable and mortgage loans receivable. Our financial instruments, operating leases, financing receivable and mortgage loans receivable are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators Net Income Per Share. Basic earnings per share is calculated using the weighted-average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share-based payments transactions are participating securities, we have applied the two-class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities. Stock-Based Compensation. The FASB requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. Also, we use the Monte Carlo model to estimate the value of performance-based stock units granted to employees. These models require management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on the Consolidated Statements of Cash Flows Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in seniors housing and health care properties, including property lease transactions, financing receivable, mortgage loans, and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment. ​

Major Operators

Major Operators	12 Months Ended
	Dec. 31, 2022
Major Operators
Major Operators	3. Major Operators We have one operator from which we derive approximately 10% or more of our total revenues. The following table sets forth information regarding our major operator as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenues (1) ​ ​ Assets (2) ​ ​ Prestige Healthcare (3) ​ 24 ​ — ​ 2,820 ​ 93 ​ 18.6 % ​ 16.0 % ​ (1) Includes total revenues for the twelve months ended December 31, 2022. ​ (2) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets . ​ (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency, or general downturn in business of any such operator, impact upon services or occupancy levels due to infectious disease outbreaks, or in the event any such operator does not renew and/or extend its relationship with us.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Non-cash investing and financing transactions: ​ ​ ​ ​ ​ ​ ​ Contribution of financing receivable from non-controlling interests (See Note 5. Real Estate Investments ​ $ 14,325 ​ $ — ​ $ — ​ Mortgage loans receivable reserve withheld at origination (See Note 5. Real Estate Investments) ​ ​ 107 ​ ​ 298 ​ ​ — ​ Accretion of interest reserve recorded as mortgage loan receivable (See Note 5. Real Estate Investments) ​ ​ (6,192) ​ ​ — ​ ​ — ​ Preferred return reserve related to investment in unconsolidated joint ventures (See N ote 6. Investment in Unconsolidated Joint Ventures ​ ​ 351 ​ ​ 2,324 ​ ​ 2,878 ​ Notes receivable reserve withheld at origination (See N ote 7. Notes Receivable ​ ​ — ​ ​ 353 ​ ​ — ​ Reclassification of notes receivable to lease incentives (N ote 8. Lease Incentives ​ ​ — ​ ​ — ​ ​ 300 ​ Change in fair value of interest rate swap agreements (N ote 9. Debt Obligations ​ ​ (8,891) ​ ​ 172 ​ ​ — ​ ​

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2022
Real Estate Investments
Real Estate Investments	5. Real Estate Investments Owned Properties. Independent living communities, assisted living communities, memory care communities and combinations thereof are included in the assisted living property classification (collectively “ALF”). Any reference to the number of properties, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Depreciation expense on buildings and improvements, including properties classified as held-for-sale, was $37,394,000, $38,192,000, and $38,945,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent, amortization of lease incentives and renewal options are as follows ( in thousands ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2023 ​ $ 120,817 ​ 2024 ​ 113,003 ​ 2025 ​ 103,690 ​ 2026 ​ 71,044 ​ 2027 ​ 67,087 ​ Thereafter ​ 200,663 ​ (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash. Includes rent from subsequent acquisitions and excludes rent from subsequent dispositions. See Note 16. Subsequent Events for more information. Many of our existing leases contain renewal options that, if exercised, could result in the amount of rent receivable upon renewal being greater of less than that currently being paid. Subsequent to December 31, 2022, a master lease covering two skilled nursing centers that was scheduled to mature in 2023 was renewed at the contractual rate for another five years extending the maturity to November 2028. The centers have a total 216 beds and are located in Florida. We monitor the collectability of our receivable balances, including deferred rent receivable balances, on an ongoing basis. We write-off uncollectable operator receivable balances, including straight-line rent receivable and lease incentives balances, as a reduction to rental income in the period such balances are no longer probable of being collected. Therefore, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a straight-line basis for those customer receivable balances deemed uncollectable. We wrote-off straight-line rent receivable and lease incentives balances of $256,000, $758,000 and $23,214,000 for the years ended December 31, 2022, 2021 and 2020, respectively. We continue to take into account the current financial condition of our operators, including consideration of the impact of COVID-19, in our estimation of uncollectable accounts and deferred rents receivable at December 31, 2022. We are closely monitoring the collectability of such rents and will adjust future estimations as appropriate as further information becomes known. The following table summarizes components of our rental income for the years ended December 31, 2022, 2021 and 2020 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Rental Income ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Base cash rental income $ 115,230 (1) $ 107,692 (2) $ 132,789 ​ Variable cash rental income ​ 15,516 (3) ​ 14,332 (3) ​ 15,167 (3) Straight-line rent ​ (1,369) (4) ​ 467 (5) ​ 1,778 ​ Adjustment for collectability of lease incentives and rental income ​ (256) (6) ​ (758) (6) ​ (23,214) (6) Amortization of lease incentives ​ (877) ​ ​ (608) ​ ​ (426) ​ Total $ 128,244 ​ $ 121,125 ​ $ 126,094 ​ (1) Increased primarily due to rent received from transitioned portfolios, rental income from acquisitions, completed development projects, annual rent escalations, and lease termination fee income of $1,181 received in connection with the sale of a 74 -unit ALF partially offset by decreased rent from the sold properties. ​ (2) Decreased primarily due to defaults of payments for lease obligations from Senior Lifestyle and Senior Care, abated and deferred rent and reduced rent from a sold property. This decrease was partially offset by increased rent from re-leasing 18 properties previously leased to Senior Lifestyle, completion of development projects and contractual rent increases. ​ (3) The variable cash rental income for the years ended December 31, 2022, 2021 and 2020 primarily includes reimbursement of real estate taxes by our lessees. ​ (4) Decreased primarily due to a deferred rent repayment, normal amortization and the impact of the 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis. ​ (5) Decreased due to more leases accounted for on a cash basis, normal amortization and the impact of the 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis. ​ (6) Represents straight-line rent receivable and lease incentives write-offs. Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Carrying ​ Option ​ State ​ Property ​ Properties ​ ​ Investments ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 33,719 ​ 2023-2029 ​ Florida ​ MC ​ 1 ​ ​ 15,201 ​ ​ 12,500 ​ 2029 ​ Florida ​ SNF ​ 3 ​ ​ 76,767 ​ ​ 75,999 ​ 2025-2027 (1) Nebraska ​ ALF ​ 3 ​ ​ 7,633 ​ ​ 2,948 ​ TBD (2) South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 9,052 ​ 2029 ​ Texas ​ SNF ​ 4 ​ ​ 51,837 ​ ​ 50,848 ​ 2027-2029 (3) Total ​ ​ ​ ​ ​ $ 202,013 ​ $ 185,066 ​ ​ ​ (1) During 2022, we entered into a joint venture to purchase three SNFs. For more information regarding this transaction, see Financing Receivable below. ​ (2) Subject to the properties achieving certain coverage ratios. ​ (3) During 2022, we purchased four SNFs and leased these properties under a 10-year lease with an existing operator. The lease allows the operator to elect either an earn-out payment or purchase option. If neither is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 11 Commitments and Contingencies. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic. At December 31, 2022, in conjunction with the continued levels of uncertainty related to the adverse effects of COVID-19, we assessed the probability of collecting substantially all of our lease payments through maturity and concluded that we did not have sufficient information available to evaluate the impact of COVID-19 on the collectability of our lease payments. The extent to which COVID-19 could impact our operators and the collectability of our future lease payments will depend on the future developments including the financial impact significance, government support and subsidies and the duration of the pandemic. In recognition of the pandemic impact affecting our operators, we have agreed to provide assistance in form of rent abatements and rent deferrals and we may continue to provide assistance as needed. Impairment Loss. During 2022, we made the decision to sell an assisted living community located in Kentucky which decreased the period over which we could recover the carrying value of the community. As a result of our decision to sell, we determined that the community’s carrying value would not be fully recoverable and recorded an impairment loss of Properties Held-for-Sale Properties Held-for-Sale. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ State (1) ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ KY ​ ALF ​ 1 ​ 60 ​ $ 13,015 ​ $ 2,305 ​ (1) During 2022, we recorded an impairment loss of $1,286 to write-down the carrying value of the community to its anticipated selling price. Acquisitions. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Number ​ Number ​ ​ ​ ​ Purchase ​ Transaction ​ Acquisition ​ of ​ of Year ​ Type of Property ​ Price ​ Costs ​ Costs ​ Properties ​ Beds/Units 2022 (1) ​ SNF ​ $ 51,534 ​ $ 283 ​ $ 51,817 ​ 4 ​ 339 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ n/a ​ $ — ​ $ — ​ $ — ​ — ​ — (1) The properties are located in Texas and are leased to an affiliate of an existing operator under a 10-year lease with two 5-year renewal options. Additionally, the lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the seventh lease year. The initial cash yield is 8% for the first year, increasing to 8.25% for the second year, then increases annually by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate. In connection with transaction, we provided the lessee a 10-year working capital loan for up to $2,000 at 8% for first year, increasing to 8.25% for the second year, then increasing annually with the lease rate. At December 31, 2022, the working capital loan had an outstanding balance of $1,642 . Developments and Improvements. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Property ​ ​ 2022 ​ ​ ​ 2021 ​ ​ 2020 ​ ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ 105 ​ $ 5,538 ​ ​ $ — ​ $ 5,846 ​ ​ $ 4,491 ​ $ 6,842 ​ Skilled Nursing Centers ​ ​ — ​ ​ 2,897 ​ ​ ​ — ​ ​ 452 ​ ​ ​ 12,208 ​ ​ 71 ​ Other ​ ​ — ​ ​ 559 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ Total ​ $ 105 ​ $ 8,994 ​ ​ $ — ​ $ 6,298 ​ ​ $ 16,699 ​ $ 6,913 ​ ​ Completed Projects. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ ​ ​ Total Year ​ Properties ​ Property ​ Beds/Units ​ State ​ Investment 2020 ​ 1 ​ ALF/MC ​ 78 ​ Oregon ​ $ 18,447 ​ ​ 1 ​ SNF ​ 90 ​ Missouri ​ ​ 16,587 Total 2020 ​ 2 ​ ​ ​ 168 ​ ​ ​ $ 35,034 Property Sales (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ Gain (loss) (1) ​ 2022 ​ California ​ ALF ​ 2 ​ 232 ​ $ 43,715 ​ $ 17,832 ​ $ 25,867 ​ ​ ​ California ​ SNF ​ 1 ​ 121 ​ ​ 13,250 ​ ​ 1,846 ​ ​ 10,846 ​ ​ ​ Texas ​ SNF ​ 1 ​ — ​ ​ 485 ​ ​ 697 ​ ​ (441) ​ ​ ​ Virginia ​ ALF ​ 1 ​ 74 ​ ​ 16,895 ​ ​ 15,549 ​ ​ 1,344 (2) ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 214 (3) Total 2022 ​ ​ ​ ​ ​ 5 ​ 427 ​ $ 74,345 ​ $ 35,924 ​ $ 37,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Florida ​ ALF ​ 1 ​ — ​ $ 2,000 ​ $ 2,626 ​ $ (858) ​ ​ ​ Nebraska ​ ALF ​ 1 ​ 40 ​ ​ 900 ​ ​ 1,079 ​ ​ (200) ​ ​ ​ Washington ​ SNF ​ 1 ​ 123 ​ ​ 7,700 ​ ​ 4,513 ​ ​ 2,562 ​ ​ ​ Wisconsin ​ ALF ​ 3 ​ 263 ​ ​ 35,000 ​ ​ 28,295 ​ ​ 5,595 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 363 (3) Total 2021 ​ ​ ​ ​ ​ 6 ​ 426 ​ $ 45,600 ​ $ 36,513 ​ $ 7,462 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Arizona ​ SNF ​ 1 ​ 194 ​ $ 12,550 ​ $ 2,229 ​ $ 10,293 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,364 ​ ​ ​ Iowa ​ SNF ​ 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 9,051 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 9,750 ​ ​ 7,438 ​ ​ 1,993 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 23,000 ​ ​ 10,260 ​ ​ 12,287 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 129 (3) Total 2020 ​ ​ ​ ​ ​ 21 ​ 2,411 ​ $ 74,800 ​ $ 29,084 ​ $ 44,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Calculation of net gain (loss) includes cost of sales and write-off of straight-line rent receivable and lease incentives, when applicable. ​ (2) In connection with this sale, the former operator paid us a lease termination fee of $1,181 which is not included in the gain on sale. ​ (3) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and 2019, under the expected value model per ASC Topic 606, Contracts with Customers . During 2020, we sold a 114-bed skilled nursing center in Texas and recorded $373,000 from insurance proceeds related to the property’s roof damage as Gain from property insurance proceeds Consolidated Statements of Income. Financing Receivable. 10-year Financing receivable Consolidated Balance Sheets Interest income from financing receivable Consolidated Statements of Income Provisions for expected loan losses Subsequent to December 31, 2022, we entered into a $121,321,000 JV with an affiliate of an existing operator and contributed $117,900,000 into the JV that purchased 11 assisted living and memory care communities from an affiliate of our JV partner. The JV leased the communities back to an affiliate of the seller under a 10-year Financing receivable Consolidated Balance Sheets. Mortgage Loans. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ ALF ​ per Interest Rate ​ Maturity ​ State ​ Investment (1) ​ Property ​ Investment ​ Loans (2) ​ Properties (3) ​ Beds ​ Units ​ Bed/Unit 7.5% ​ 2023 ​ MO ​ $ 1,886 ​ OTH ​ 0.5 % 1 ​ — (4) — ​ — ​ $ n/a 7.5% ​ 2024 ​ LA ​ ​ 29,347 ​ SNF ​ 7.5 % 1 ​ 1 ​ 189 ​ — ​ $ 155.28 7.8% ​ 2025 ​ FL ​ ​ 14,308 ​ ALF ​ 3.6 % 1 ​ 1 ​ — ​ 68 ​ $ 210.41 7.3% (5) ​ 2025 ​ NC/SC ​ ​ 56,317 ​ ALF ​ 14.3 % 1 ​ 13 ​ — ​ 523 ​ $ 107.68 7.3% ​ 2026 ​ NC ​ ​ 33,001 ​ ALF ​ 8.4 % 1 ​ 4 ​ — ​ 217 ​ $ 152.08 7.3% ​ 2026 ​ NC ​ ​ 797 ​ OTH ​ 0.2 % 1 ​ — (6) — ​ — ​ $ — 10.6% (7) ​ 2043 ​ MI ​ ​ 184,351 ​ SNF ​ 46.8 % 1 ​ 15 ​ 1,875 ​ — ​ $ 98.32 9.6% (7) ​ 2045 ​ MI ​ ​ 39,026 ​ SNF ​ 9.9 % 1 ​ 4 ​ 480 — ​ $ 81.30 9.8% (7) ​ 2045 ​ MI ​ 19,750 ​ SNF ​ 5.0 % 1 ​ 2 ​ 201 — ​ $ 98.26 10.1% (7) ​ 2045 ​ MI ​ ​ 14,875 ​ SNF ​ 3.8 % 1 ​ 1 ​ 146 ​ — ​ $ 101.88 Total ​ ​ ​ ​ ​ $ 393,658 ​ ​ ​ 100.0 % 10 ​ 41 ​ 2,891 808 ​ $ 106.42 (1) Subsequent to December 31, 2022, we originated a $10,750 mortgage loan secured by a MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% . ​ (2) Some loans contain certain guarantees and/or provide for certain facility fees. ​ (3) Our mortgage loans are secured by properties located in six states with five borrowers. ​ (4) Represents a mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF. ​ (5) Represents the initial rate. This loan has an IRR of 8% . ​ (6) Represents a mortgage loan secured by a parcel of land in North Carolina held for future development of a seniors housing community. ​ (7) Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period. ​ The following table summarizes our mortgage loan activity for the years ended December 31, 2022, 2021 and 2020 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ ​ 2021 ​ 2020 Originations and funding under mortgage loans receivable ​ $ 40,732 (1) (2) ​ $ 88,955 (3) $ 4,253 (4) Application of interest reserve ​ ​ 6,192 ​ ​ ​ 298 ​ ​ — ​ Scheduled principal payments received ​ ​ (1,175) ​ ​ ​ (1,175) ​ ​ (1,065) ​ Mortgage loan premium amortization ​ ​ (6) ​ ​ ​ (6) ​ ​ (4) ​ Provision for loan loss reserve ​ ​ (457) ​ ​ ​ (881) ​ ​ (32) ​ Net increase in mortgage loans receivable ​ $ 45,286 ​ ​ $ 87,191 ​ $ 3,152 ​ (1) Subsequent to December 31, 2022, we originated a $10,750 mortgage loan secured by a MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% . ​ (2) We originated two senior mortgage loans, secured by four ALFs operated by an existing operator, as well as a land parcel in North Carolina. The communities have a combined total of 217 units, with an average age of less than four years . The land parcel is approximately 7.6 acres adjacent to one of the ALFs and is being held for the future development of a seniors housing community. The mortgage loans have a four-year term, an interest rate of 7.25% and an IRR of 8% . We also funded an additional $2,000 under an existing mortgage loan. ​ (3) We funded the following: a. $1,638 mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF in Missouri and withheld an interest reserve of $142 . The mortgage loan term is one year at a yield of 7.5% ; b. $27,047 mortgage loan secured by a 189 -bed SNF in Louisiana with a regional operator new to us. The mortgage loan has a three-year term with one 12-month extension option and a yield of 7.5% ; c. $11,724 mortgage loan secured by a 68 -unit ALF and MC in Florida operated by a regional operator new to us. At origination, we withheld an interest reserve of $806 and applied $156 of the reserve during 2021. The mortgage loan term is approximately 4 years at a 7.75% yield and includes an additional $4,177 loan commitment for the construction of a memory care addition to the property to be funded at a later date subject to satisfaction of various conditions; d. $48,006 mortgage loan for the purchase of a 13 -property seniors housing portfolio located in North (12) and South Carolina (1). The communities are operated by an existing LTC operator. At origination, we withheld an interest reserve of $4,496 . The loan term is 4 years at a 7.25% yield and includes a commitment of $6,097 for capital improvements and $650 for working capital; and ​ e. $540 additional capital funding under our existing mortgage loans. ​ (4) We funded an additional $2,000 under an existing mortgage loan. At December 31, 2022 and 2021 the carrying values of the mortgage loans were $389,728,000 and $344,442,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ​ ​ ​ ​ ​ ​ ​ Scheduled ​ ​ Principal 2023 ​ $ 3,061 ​ 2024 ​ 30,522 ​ 2025 ​ 71,801 ​ 2026 ​ 34,972 ​ 2027 ​ 1,175 ​ Thereafter ​ 252,127 ​ Total ​ $ 393,658 ​ ​ ​

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2022
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	6. Investments in Unconsolidated Joint Ventures During 2020, we provided preferred capital contribution commitments to two joint ventures. We determined that each of these JVs meets the accounting criteria to be considered a VIE. We are not the primary beneficiary of the VIEs as we do not have both: 1) the power to direct the activities that most significantly affect the VIE’s economic performance, and 2) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. However, we do have significant influence over the JVs. Therefore, we account for the joint venture investments using the equity method of accounting. The following table provides information regarding these preferred equity investments (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Type ​ Total ​ ​ Contractual ​ ​ Number ​ ​ ​ ​ ​ ​ of ​ of ​ Preferred ​ ​ Cash ​ ​ of ​ ​ Carrying ​ State ​ Properties ​ Investment ​ Return ​ ​ Portion ​ ​ Beds/ Units ​ ​ Value ​ Washington ​ ALF/MC ​ Preferred Equity (1) 12 % ​ 7 % ​ 95 ​ $ 6,340 (1) Washington ​ UDP ​ Preferred Equity (2) 12 % ​ 8 % ​ — ​ ​ 13,000 (2) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 95 ​ $ 19,340 ​ (1) Represents a preferred equity in an entity that developed and owns a 95 -unit ALF and MC in Washington. Our investment represents 15.5% of the total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (“IRR”) is 8%. After achieving an 8% IRR, the cash rate drops to 8% until achieving an IRR ranging between 12% to 14%, depending upon timing of redemption. During the fourth quarter of 2021, the entity completed the development project and received its certificate of occupancy. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036. ​ (2) Represents a preferred equity in an entity that will develop and own a 267 -unit ILF and ALF in Washington. Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . The JV partner has the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and, upon project completion and leasing the property, prior to the end of the first renewal term of the lease. Subsequent to December 31, 2022, we received a notice of intent to redeem our $13,000 preferred equity investment in the joint venture. The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the years ended December 31, 2022, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ ​ Application of ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Earned ​ ​ Interest Reserve ​ 2022 ​ ALF/MC ​ $ — ​ $ 450 ​ $ — ​ $ 450 ​ ​ ​ UDP ​ ​ — ​ ​ 1,054 ​ ​ 351 ​ ​ 703 ​ Total ​ ​ ​ $ — ​ $ 1,504 ​ $ 351 ​ $ 1,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ALF/MC ​ $ — ​ $ 450 ​ $ — ​ $ 412 ​ ​ ​ UDP ​ ​ 8,000 ​ ​ 967 ​ ​ — ​ ​ 880 ​ Total ​ ​ ​ $ 8,000 ​ $ 1,417 ​ $ — ​ $ 1,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ILF/ALF/MC (1) $ 58 ​ $ 231 ​ $ 231 ​ $ — ​ ​ ​ UDP ​ ​ 6,340 ​ ​ 169 ​ ​ 169 ​ ​ — ​ ​ ​ UDP ​ ​ 5,000 ​ ​ 32 ​ ​ 32 ​ ​ — ​ Total ​ ​ ​ $ 11,398 ​ $ 432 ​ $ 432 ​ $ — ​ ​ (1) We had a preferred equity investment in an unconsolidated joint venture that owned four ALFs located in Arizona, providing independent living, assisted living and memory care services. During the year ended December 31, 2020, upon sale of the four properties comprising the JV, we received liquidation proceeds totaling $17,848 and incurred an additional $758 of loss. ​

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2022
Notes Receivable.
Notes Receivable	7. Notes Receivable Notes receivable consists of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at December 31, 2022 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ Type of ​ Gross ​ ​ ​ ​ Type of ​ Rate ​ IRR ​ Maturity ​ Loan ​ Investment ​ ​ # of loans ​ Property ​ 5.0% ​ — ​ 2023 ​ Working capital ​ $ 380 ​ ​ 1 ​ ALF ​ 7.0% ​ — ​ 2023 ​ Working capital ​ ​ 500 ​ ​ 1 ​ ALF ​ 8.0% ​ 12.0% ​ 2023 ​ Mezzanine ​ ​ 7,460 ​ ​ 1 ​ ALF ​ 5.0% ​ — ​ 2024 ​ Working capital ​ ​ 184 ​ ​ 1 ​ ALF ​ 8.0% ​ 10.5% ​ 2024 ​ Mezzanine ​ ​ 4,355 (1) ​ 1 ​ ILF ​ 4.0% ​ — ​ 2024 ​ Working capital ​ ​ 13,531 ​ ​ 1 ​ SNF 5.0% ​ — ​ 2025 ​ Working capital ​ ​ 932 ​ ​ 1 ​ ALF ​ 7.5% ​ — ​ 2027 ​ Working capital ​ ​ 550 ​ ​ 1 ​ ALF ​ 8.0% ​ 11.0% ​ 2027 ​ Mezzanine ​ ​ 25,000 ​ ​ 1 ​ ALF ​ 6.5% ​ — ​ 2030 ​ Working capital ​ ​ 138 ​ ​ 1 ​ SNF ​ 7.1% ​ — ​ 2030 ​ Working capital ​ ​ 1,607 ​ ​ 2 ​ ALF ​ 7.0% ​ — ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ 8.0% ​ — ​ 2032 ​ Working capital ​ ​ 1,642 ​ ​ 1 ​ SNF ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 58,972 ​ ​ 14 ​ ​ ​ (1) Subsequent to December 31, 2022, we received $4,545 which includes a prepayment fee and the exit IRR totaling $190 , from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit in Oregon. The following table is a summary of our notes receivable components at December 31, 2022 and 2021 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2022 ​ 2021 Mezzanine loans (1) (2) $ 36,815 ​ $ 11,815 ​ Other loans ​ 22,157 ​ ​ 16,808 ​ Notes receivable credit loss reserve ​ (589) ​ ​ (286) ​ Total $ 58,383 ​ $ 28,337 ​ (1) Subsequent to December 31, 2022, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit ILF in Oregon. ​ (2) During 2022, we originated a $25,000 mezzanine loan for the recapitalization of a five -property seniors housing portfolio. The mezzanine loan has a term of approximately five years , with two one-year extension options and bears interest at 8% with an IRR of 11% . The five communities are located in Oregon and Montana, have a total of 621 units, and include ILF, ALF and MC. The following table summarizes our notes receivable activity for the years ended December 31, 2022 through 2020 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Advances under notes receivable $ 37,192 (1) $ 16,353 (2) $ 2,078 ​ Interest reserve withheld ​ — ​ ​ 353 ​ ​ — ​ Principal payments received under notes receivable (3) ​ (6,843) ​ ​ (2,694) ​ ​ (5,275) ​ Reclassified to lease incentives ​ — ​ ​ — ​ ​ (300) (4) Provision (recovery) for credit losses ​ (303) ​ ​ (140) ​ ​ 35 ​ Net increase (decrease) in notes receivable $ 30,046 ​ $ 13,872 ​ $ (3,462) ​ (1) Includes origination of a $25,000 mezzanine loan for the recapitalization of five ALFs located in Oregon and Montana. Additionally includes origination of a working capital loan for a commitment of up to $2,000 , of which $1,867 has been funded and $9,761 of funding under a working capital loan to HMG Healthcare, LLC. ​ (2) Funding under working capital notes and mezzanine loans with interest ranging between 4.0% and 8.0% . During 2021, we originated a $4,355 mezzanine loan and withheld a $353 interest reserve. The mezzanine loan has a three-year term with two 12-month extensions. The initial rate is 8.0% for the first 18 months increasing to 10.5% thereafter with an 10.5% IRR. Additionally, we provided an operator a $25,000 secured working capital loan to facilitate the transition of the 11 properties from Senior Care and Abri Health and funded $9,900 under this working capital loan. ​ (3) Subsequent to December 31, 2022, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 , from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit ILF in Oregon. ​ (4) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease.

Lease Incentives

Lease Incentives	12 Months Ended
	Dec. 31, 2022
Lease Incentives
Lease Incentives	8. Lease Incentives The following table summarizes lease incentives as of December 31, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2022 ​ ​ 2021 Non-contingent lease incentives ​ $ 1,789 ​ $ 2,678 ​ The following table summarizes our non-contingent lease incentive activity for the years ended December 31, 2022, 2021 and 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Lease incentives funded ​ $ 418 ​ $ 824 ​ $ 220 ​ Amortization of lease incentives ​ ​ (877) ​ ​ (608) ​ ​ (426) ​ Adjustment for collectability of lease incentives ​ ​ (256) (1) ​ — ​ ​ — ​ Other adjustments ​ ​ (174) (2) ​ — ​ ​ 115 (3) Net (decrease) increase in non-contingent lease incentives ​ $ (889) ​ $ 216 ​ $ (91) ​ (1) Represents the lease incentive balance write-off related to a closed property and subsequent lease termination and lease incentive balance write-off related to 12 ALFs transitioned to an existing operator. ​ (2) Primarily relates to the sale of two ALFs in California during the second quarter of 2022. ​ (3) We reclassified a $300 interim working capital loan as lease incentive. See Note 7. Notes Receivable for further discussion. Additionally, we wrote-off $185 of lease incentive related to a master lease for which we determined it was not probable we will collect substantially all of the contractual lease obligations through maturity. See Note 5. Real Estate Investments for further discussion. Non-contingent lease incentives represent payments made to our lessees for various reasons including entering into a new lease or lease amendments and extensions. Contingent lease incentives represent potential contingent earn-out payments that may be made to our lessees in the future, as part of our lease agreements. From time to time, we may commit to provide contingent payments to our lessees, upon our properties achieving certain rent coverage ratios. Once the contingent payment becomes probable and estimable, the contingent payment is recorded as a lease incentive. Lease incentives are amortized as a yield adjustment to rental income over the remaining life of the lease.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2022
Debt Obligations
Debt Obligations	9. Debt Obligations Unsecured Credit Facility. Based on our leverage at December 31, 2022, the Revolving Line of Credit provides for interest annually at Adjusted SOFR plus 115 points and a facility fee of 20 basis point and the Term Loans provide for interest annually at Adjusted SOFR plus 135 points. Interest Rate Swap Agreements. four Consolidated Balance Sheets Accumulated other comprehensive income (loss) Consolidated Balance Sheets . In connection with entering into the Amended Credit Agreement discussed above, we entered into amendments to our Interest Rate Swaps to account for SOFR as the updated reference rate in the Amended Credit Agreement. During the year ended December 31, 2022 and 2021, we recorded As of December 31, 2022, the terms of our Interest Rate Swaps were as follows ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Fair Value at Date Entered ​ Maturity Date ​ Swap Rate ​ Rate Index ​ ​ Amount ​ ​ December 31, 2022 ​ ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 4,003 ​ ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 4,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 8,719 ​ ​ ​ Senior Unsecured Notes The senior unsecured notes and Credit Agreement, including the Revolving Line of Credit and the Term Loans, contain financial covenants, which are measured quarterly, require us to maintain, among other things: (i) a ratio of total indebtedness to total asset value not greater than 0.5 to 1.0; (ii) a ratio of secured debt to total asset value not greater than 0.35 to 1.0; (iii) a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and (iv) a ratio of EBITDA, as calculated in the Unsecured Credit Agreement, to fixed charges not less than 1.50 to 1.0. At December 31, 2022, we were in compliance with all applicable financial covenants. These debt obligations also contain additional customary covenants and events of default that are subject to a number of important and significant limitations, qualifications and exceptions. The following table sets forth information regarding debt obligations by component as of December 31, 2022 and 2021 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ At December 31, 2021 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Revolving line of credit (2) ​ 5.38% ​ $ 130,000 ​ $ 270,000 ​ $ 110,900 ​ $ 289,100 ​ Term loans, net of debt issue costs ​ 2.69% ​ ​ 99,511 ​ ​ — ​ ​ 99,363 ​ ​ — ​ Senior unsecured notes, net of debt issue costs (3) ​ 4.25% ​ ​ 538,343 ​ ​ — ​ ​ 512,456 ​ ​ — ​ Total ​ 4.24% ​ $ 767,854 ​ $ 270,000 ​ $ 722,719 ​ $ 289,100 ​ (1) Represents weighted average of interest rate as of December 31, 2022. ​ (2) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. ​ (3) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes. Our borrowings and repayments for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Borrowings ​ Repayments Revolving line of credit (1) ​ $ 194,000 ​ $ (174,900) ​ $ 204,400 ​ $ (183,400) ​ $ 24,000 ​ $ (28,000) Term loans ​ ​ — ​ ​ — ​ ​ 100,000 ​ ​ — ​ ​ — ​ ​ — Senior unsecured notes (2) ​ ​ 75,000 ​ ​ (48,160) ​ ​ — ​ ​ (47,160) ​ ​ — ​ ​ (40,160) Total ​ $ 269,000 ​ $ (223,060) ​ $ 304,400 ​ $ (230,560) ​ $ 24,000 ​ $ (68,160) (1) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes. Scheduled Principal Payments. in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter Revolving line of credit ​ $ 130,000 (1) $ — ​ $ — ​ $ 130,000 (1) $ — ​ $ — ​ $ — ​ Term loans ​ ​ 100,000 ​ ​ — ​ ​ — ​ ​ 50,000 ​ ​ 50,000 ​ ​ — ​ ​ — ​ Senior unsecured notes ​ 539,820 (2) 49,160 (2) 49,160 ​ 49,500 ​ 51,500 ​ ​ 54,500 ​ 286,000 ​ ​ ​ $ 769,820 ​ $ 49,160 ​ $ 49,160 ​ $ 229,500 ​ $ 101,500 ​ $ 54,500 ​ $ 286,000 ​ (1) Subsequent to December 31, 2022, we borrowed $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes.

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity
Equity	10. Equity Non-controlling Interests. in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year (1) ​ Purpose ​ Type ​ State ​ ​ Assets ​ ​ Interests ​ 2022 ​ Owned real estate (2) SNF ​ FL ​ $ 76,767 ​ $ 14,325 ​ 2018 ​ Owned real estate ​ ILF ​ OR ​ ​ 14,650 ​ ​ 2,906 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 18,452 ​ ​ 1,164 ​ 2017 ​ Owned real estate and development ​ ILF/ALF/MC ​ WI ​ ​ 22,007 ​ ​ 2,305 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,240 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 143,556 ​ $ 21,940 ​ (1) Subsequent to December 31, 2022, we entered into a $121,321 JV with an affiliate of an existing operator and contributed $117,900 into the JV that purchased 11 ALF and MC from an affiliate of our JV partner. The JV leased the communities back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options. The contractual initial cash yield of 7.25% increases to 7.5% in year three then escalates thereafter based on CPI subject to a floor of 2.0% and a ceiling of 4.0% . Additionally, the JV provided the seller-lessee with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0% . In accordance with GAAP, the communities acquired by the JV are required to be presented as a Financing receivable on our Consolidated Balance Sheets. See Note 2. Summary of Significant Accounting Policies and Note 5. Real Estate Investments for more information. ​ (2) During 2022, we entered into a joint venture and contributed $61,661 into the JV that purchased three SNFs located in Florida for $75,825 . Our JV partner contributed the remaining $14,325 of equity. The JV leased the centers back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option, exercisable at the beginning of the fourth year through the end of the fifth year. In accordance with GAAP, the centers acquired by the JV are required to be presented as a Financing receivable on our Consolidated Balance Sheets . See Note 2. Summary of Significant Accounting Policies and Note 5. Real Estate Investments for more information. Common Stock. We have separate equity distribution agreements (collectively, “Equity Distribution Agreements”) to offer and sell, from time to time, up to During the years 2022, 2021 and 2020, we acquired 39,463 shares, 87,249 shares and 76,574 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Stock Repurchase Plan. Shelf Registration Statement. We have an automatic shelf registration statement on file with the SEC, and currently have the ability to file additional automatic shelf registration statements, to provide us with capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time publicly raise capital under our automatic shelf registration statement in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. Our shelf registration statement expires on February 17, 2025. Distributions. We declared and paid the following cash dividends (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ Declared ​ Paid ​ Common Stock (1) ​ $ 91,509 ​ $ 91,509 ​ $ 90,494 (2) $ 90,494 (2) $ 90,262 (2) $ 90,262 (2) ​ (1) Represents $0.19 per share per month for the years ended December 31, 2022, 2021 and 2020. ​ (2) During the years ended December 31, 2021 and 2020, we paid $764 and $586 , respectively as a result of vesting of the performance-based stock units. In January 2023, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February March 2023 Stock Based Compensation Plans. During 2021, we adopted, and our stockholders approved the 2021 Equity Participation Plan (the “2021 Plan”) which replaces the 2015 Equity Participation Plan (the “2015 Plan”) . Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2022, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 Outstanding, January 1 ​ ​ 197,422 ​ ​ 180,440 ​ ​ 163,569 ​ Granted ​ ​ 135,210 ​ ​ 110,348 ​ ​ 101,348 ​ Vested ​ ​ (103,396) ​ ​ (93,366) ​ ​ (84,477) ​ Outstanding, December 31 ​ ​ 229,236 ​ ​ 197,422 ​ ​ 180,440 ​ ​ During the years ended December 31, 2022, 2021 and 2020, we granted 86,332, 71,892 and 66,027, respectively, of performance-based stock units. Additionally, no performance-based stock units vested during the twelve months ended December 31, 2022. During the years ended December 31, 2021 and 2020, the number of vested performance-based stock units were 108,720 and 81,574, respectively. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2022, 2021 and 2020 were $7,964,000, $7,760,000 and $7,012,000. During 2022, 2021 and 2020, we granted 221,542, 182,240 and 167,375 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan and 2015 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ ​ ​ Year ​ Shares/Units ​ Share ​ Reward Type ​ Vesting Period ​ 2022 ​ 122,865 ​ $ 33.94 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,332 ​ $ 33.94 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 12,345 ​ $ 38.48 ​ Restricted stock ​ May 25,2023 ​ ​ ​ 221,542 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 95,293 ​ $ 42.27 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 71,892 ​ $ 42.27 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 12,055 ​ $ 39.40 ​ Restricted stock ​ May 26, 2022 ​ ​ ​ 3,000 ​ $ 43.14 ​ Restricted stock ​ April 1, 2022 ​ ​ ​ 182,240 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 76,464 ​ $ 48.95 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 66,027 ​ $ 49.98 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 9,884 ​ $ 38.45 ​ Restricted stock ​ May 27, 2021 ​ ​ ​ 15,000 ​ $ 38.45 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 167,375 ​ ​ ​ ​ ​ ​ ​ ​ (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years . At December 31, 2022, the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows ( dollar amount in thousands ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense 2023 ​ $ 5,603 2024 ​ ​ 2,853 2025 ​ ​ 309 Total ​ $ 8,765 ​ Stock Options. During 2022, 2021 and 2020, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2022, 2021 and 2020, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Price ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ ​ 2021 ​ 2020 Outstanding, January 1 15,000 ​ 15,000 15,000 $ 38.43 ​ $ 38.43 $ 38.43 ​ Granted — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Exercised — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Canceled (5,000) ​ — — ​ $ 38.43 ​ ​ n/a ​ ​ n/a ​ Outstanding, December 31 10,000 ​ 15,000 15,000 ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, December 31 (1) 10,000 ​ 15,000 15,000 ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ (1) The aggregate intrinsic value of exercisable options at December 31, 2022, based upon the closing price of our common shares at December 30, 2022, the last trading day of 2022, was approximately $0 . Options exercisable at December 31, 2022, 2021 and 2020 have a weighted average remaining contractual life of approximately 0.7 years, 1.2 years, and 2.2 years, respectively. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. Compensation expense related to the vesting of stock options for the years ended December 31, 2022, 2021 and 2020 was $0.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies At December 31, 2022, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2022 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties ote 5. Real Estate Investments ​ $ 22,102 (1) $ 7,263 ​ $ 8,315 ​ $ 13,787 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ​ ​ 19,000 (2) ​ — ​ ​ — ​ ​ 19,000 Mortgage loans (N ote 5. Real Estate Investments ​ ​ 32,507 (3) ​ 5,873 ​ ​ 9,613 ​ ​ 22,894 Notes receivable (N ote 7. Notes Receivable ​ ​ 27,541 ​ ​ 12,192 ​ ​ 15,962 ​ ​ 11,579 Total ​ $ 101,150 ​ $ 25,328 ​ $ 33,890 ​ $ 67,260 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ​ (2) Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. If neither option is elected within the timeframe defined in the lease, both elections are terminated. ​ (3) Represents $14,507 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios. Also, some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. See Note 5. Real Estate Investments We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2022
Distributions
Distributions	12. Distributions We must distribute at least 90% of our taxable income in order to continue to qualify as a REIT. This distribution requirement can be satisfied by current year distributions or, to a certain extent, by distributions in the following year. For federal tax purposes, distributions to stockholders are treated as ordinary income, capital gains, return of capital or a combination thereof. Distributions for 2022, 2021 and 2020 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Ordinary taxable distribution $ 1.095 $ 1.220 $ 0.936 ​ Return of capital ​ — ​ 0.750 ​ — ​ Unrecaptured Section 1250 gain ​ 0.502 ​ 0.252 ​ 0.894 ​ Long-term capital gain ​ 0.683 ​ 0.058 ​ 0.450 ​ Total ​ $ 2.280 ​ $ 2.280 ​ $ 2.280 ​ ​

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2022
Net Income Per Common Share
Net Income Per Common Share	13. Net Income Per Common Share Basic and diluted net income per share was as follows (in thousands except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ Net income ​ $ 100,584 $ 56,224 $ 95,677 ​ Less income allocated to non-controlling interests ​ (560) ​ (363) ​ (384) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (531) ​ (458) ​ (397) ​ Income allocated to participating securities ​ (49) ​ — ​ (25) ​ Total net income allocated to participating securities ​ (580) ​ (458) ​ (422) ​ Net income available to common stockholders ​ 99,444 ​ 55,403 ​ 94,871 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share ​ $ 99,444 ​ $ 55,403 ​ $ 94,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 39,894 ​ 39,156 ​ 39,179 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (2) ​ — ​ — ​ — ​ Performance-based stock units ​ ​ 173 ​ ​ — (3) ​ 85 ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities ​ 173 ​ — ​ 85 ​ Shares for diluted net income per share ​ 40,067 ​ 39,156 ​ 39,264 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 2.49 ​ $ 1.41 ​ $ 2.42 ​ Diluted net income per share ​ $ 2.48 ​ $ 1.41 ​ $ 2.42 ​ (1) For the years ended December 31, 2022, 2021 and 2020, the participating securities were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ​ (2) For the years ended December 31, 2022, 2021and 2020, the stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ​ (3) For the year ended December 31, 2021, no performance-based stock units would be earned based on TSR targets. ​

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information
Quarterly Financial Information	14. Quarterly Financial Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the quarter ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ ​ (unaudited, in thousands except per share amounts) 2022 ​ ​ ​ ​ ​ Revenues ​ $ 40,787 ​ $ 43,024 ​ $ 43,503 ​ $ 47,839 ​ Net income available to common stockholders ​ $ 14,275 ​ $ 54,065 ​ $ 13,159 ​ $ 17,809 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.36 ​ $ 1.37 ​ $ 0.33 ​ $ 0.44 ​ Diluted ​ $ 0.36 ​ $ 1.36 ​ $ 0.32 ​ $ 0.44 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 40,280 ​ $ 38,129 ​ $ 37,472 ​ $ 39,441 ​ Net income available to common stockholders ​ $ 13,642 ​ $ 18,126 ​ $ 10,909 ​ $ 12,726 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.35 ​ $ 0.46 ​ $ 0.28 ​ $ 0.32 ​ Diluted ​ $ 0.35 ​ $ 0.46 ​ $ 0.28 ​ $ 0.32 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ ​ ​ NOTE: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year. ​

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	15. Fair Value Measurements In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not adopt the elective fair market value option for our financial assets and financial liabilities. The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of December 31, 2022 and 2021 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ At December 31, 2021 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivable, net of credit loss reserve ​ $ 75,999 ​ $ 76,033 (1) $ — ​ $ — ​ Mortgage loans receivable, net of credit loss reserve ​ ​ 389,728 ​ ​ 461,276 (2) ​ 344,442 ​ ​ 405,162 (2) Notes receivable, net of credit loss reserve ​ 58,383 ​ 61,858 (3) 28,337 ​ 28,653 (3) Revolving line of credit ​ 130,000 ​ ​ 130,000 (4) ​ 110,900 ​ ​ 110,900 (4) Term loans, net of debt issue costs ​ ​ 99,511 ​ ​ 100,000 (4) ​ 99,363 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 538,343 ​ ​ 477,653 (5) ​ 512,456 ​ ​ 540,045 (5) (1) Our investment in financing receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate used to value our future cash inflows of the financing receivable at December 31, 2022 was 7.6% . ​ (2) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at December 31, 2022 and 2021 was 9.3% and 9.5% , respectively. ​ (3) Our investments in notes receivable are classified as Level 3. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash flows of the notes receivable at December 31, 2022 and 2021, were 7.1% and 5.6% , respectively. ​ (4) Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at December 31, 2022 and 2021 based upon prevailing market interest rates for similar debt arrangements. ​ (5) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2022, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.50% for those maturing before year 2030 and 7.00% for those maturing at or beyond year 2030. At December 31, 2021, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.0% for those maturing before year 2030 and 3.25% for those maturing beyond year 2030.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	16. Subsequent Events The following events occurred subsequent to the balance sheet date: Lease Renewals. Financing Receivable. W 10-year with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0%. In accordance with GAAP, the communities acquired by the JV are required to be presented as a Financing receivable Consolidated Balance Sheets. Note 2. Summary of Significant Accounting Policies Note 5. Real Estate Investments Mortgage Loans. We originated a Notes Receivable. Unconsolidated Joint Ventures. We received a note of intent to redeem our Revolving Line of Credit. We borrowed Senior Unsecured Notes. We repaid Equity. We declared a monthly cash dividend of February March 2023 January 31 February 28 March 31, 2023

SCHEDULE II VALUATION AND QUALI

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2022
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	LTC PROPERTIES, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Recovered) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ charged to ​ Charged to ​ ​ ​ ​ ​ ​ ​ ​ beginning of ​ costs and ​ other ​ ​ ​ ​ Balance at end Account Description ​ period ​ expenses ​ accounts (1) ​ Deductions (2) ​ of period Year ended December 31, 2020 ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 2,560 ​ $ 32 ​ $ — ​ $ — ​ $ 2,592 ​ Other notes receivable allowance ​ ​ 181 ​ ​ (35) ​ ​ — ​ ​ — ​ ​ 146 ​ Straight-line rent receivable allowance ​ — ​ — ​ — ​ — ​ — ​ ​ ​ $ 2,741 ​ $ (3) ​ $ — ​ $ — ​ $ 2,738 ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 2,592 ​ $ 881 ​ $ — ​ $ — ​ $ 3,473 ​ Other notes receivable allowance ​ ​ 146 ​ ​ 140 ​ ​ — ​ ​ — ​ ​ 286 ​ Straight-line rent receivable allowance ​ — ​ — ​ — ​ — ​ — ​ ​ ​ $ 2,738 ​ $ 1,021 ​ $ — ​ $ — ​ $ 3,759 ​ Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 3,473 ​ $ 457 ​ $ — ​ $ — ​ $ 3,930 ​ Financing receivable loss reserve ​ ​ — ​ ​ 768 ​ ​ — ​ ​ — ​ ​ 768 ​ Other notes receivable allowance ​ ​ 286 ​ ​ 303 ​ ​ — ​ ​ — ​ ​ 589 ​ ​ ​ $ 3,759 ​ $ 1,528 ​ $ — ​ $ — ​ $ 5,287 ​ (1) There were no charges to other accounts. ​ (2) Deductions represent uncollectable accounts written off.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2022
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ ​ Encumbrances ​ Land ​ improvements ​ acquisition ​ Land ​ improvements ​ Total (1) ​ deprec. ​ renovation date ​ date Skilled Nursing Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ 134 Alamogordo, NM $ — $ 210 $ 2,593 $ 641 $ 210 $ 3,234 $ 3,444 $ 1,742 1985 2001 ​ 218 Albuquerque, NM ​ — ​ 1,696 ​ 3,891 ​ 530 ​ 1,696 ​ 4,421 ​ 6,117 ​ 2,293 2008 2005 ​ 219 Albuquerque, NM ​ — ​ 1,950 ​ 8,910 ​ 207 ​ 1,950 ​ 9,117 ​ 11,067 ​ 4,513 1982 2005 ​ 220 Albuquerque, NM ​ — ​ 2,463 ​ 7,647 ​ 9 ​ 2,463 ​ 7,656 ​ 10,119 ​ 3,751 1970 2005 ​ 252 Amarillo, TX ​ — ​ 844 ​ — ​ 7,925 ​ 844 ​ 7,925 ​ 8,769 ​ 2,488 2013 2011 ​ 247 Arlington, TX ​ — ​ 1,016 ​ 13,649 ​ 132 ​ 1,016 ​ 13,781 ​ 14,797 ​ 4,988 2007 2011 ​ 325 Austin, TX ​ ​ — ​ ​ 896 ​ ​ 9,562 ​ ​ — ​ ​ 896 ​ ​ 9,562 ​ ​ 10,458 ​ ​ 202 ​ 2017 ​ 2022 ​ 319, Blue Springs, MO ​ ​ — ​ ​ 2,644 ​ ​ 13,942 ​ ​ 73 ​ ​ 2,644 ​ ​ 14,015 ​ ​ 16,659 ​ ​ 1,508 ​ 2020 ​ 2019 ​ 007 Bradenton, FL ​ — ​ 330 ​ 2,720 ​ 160 ​ 330 ​ 2,880 ​ 3,210 ​ 2,418 2012 1993 ​ 256 Brownwood, TX ​ — ​ 164 ​ 6,336 ​ 29 ​ 164 ​ 6,365 ​ 6,529 ​ 2,188 2011 2012 ​ 177 Chesapeake, VA ​ — ​ 388 ​ 3,469 ​ 2,777 ​ 388 ​ 6,246 ​ 6,634 ​ 4,110 2017 1995 ​ 257 Cincinnati, OH ​ — ​ 1,890 ​ 25,110 ​ 224 ​ 1,890 ​ 25,334 ​ 27,224 ​ 5,945 2009 2012 ​ 125 Clovis, NM ​ — ​ 561 ​ 5,539 ​ 307 ​ 561 ​ 5,846 ​ 6,407 ​ 3,155 2006 2001 ​ 129 Clovis, NM ​ — ​ 598 ​ 5,902 ​ 59 ​ 598 ​ 5,961 ​ 6,559 ​ 3,236 1995 2001 ​ 267 Cold Spring, KY ​ ​ — ​ ​ 2,050 ​ ​ 21,496 ​ ​ 196 ​ ​ 2,050 ​ ​ 21,692 ​ ​ 23,742 ​ ​ 6,014 ​ 2014 ​ 2012 ​ 253 Colton, CA ​ — ​ 2,474 ​ 15,158 ​ — ​ 2,474 ​ 15,158 ​ 17,632 ​ 4,803 1990 2011 ​ 246 Crowley, TX ​ — ​ 2,247 ​ 14,276 ​ 187 ​ 2,247 ​ 14,463 ​ 16,710 ​ 5,266 2007 2011 ​ 235 Daleville, VA ​ — ​ 279 ​ 8,382 ​ — ​ 279 ​ 8,382 ​ 8,661 ​ 3,180 2005 2010 ​ 258 Dayton, OH ​ — ​ 373 ​ 26,627 ​ — ​ 373 ​ 26,627 ​ 27,000 ​ 6,344 2010 2012 ​ 196 Dresden, TN ​ — ​ 31 ​ 1,529 ​ 1,073 ​ 31 ​ 2,602 ​ 2,633 ​ 1,400 2014 2000 ​ 298 Forth Worth, TX ​ ​ — ​ ​ 2,785 ​ ​ 7,546 ​ ​ 413 ​ ​ 2,785 ​ ​ 7,959 ​ ​ 10,744 ​ ​ 3,086 ​ 1998 ​ 2015 ​ 326 Forth Worth, TX ​ ​ — ​ ​ 922 ​ ​ 12,268 ​ ​ — ​ ​ 922 ​ ​ 12,268 ​ ​ 13,190 ​ ​ 267 ​ 2017 ​ 2022 ​ 026 Gardendale, AL ​ ​ — ​ ​ 100 ​ ​ 7,550 ​ ​ 2,084 ​ ​ 100 ​ ​ 9,634 ​ ​ 9,734 ​ ​ 7,078 ​ 2011 ​ 1996 ​ 248 Granbury, TX ​ — ​ 836 ​ 6,693 ​ 363 ​ 836 ​ 7,056 ​ 7,892 ​ 3,132 2008 2011 ​ 250 Hewitt, TX ​ — ​ 1,780 ​ 8,220 ​ 391 ​ 1,780 ​ 8,611 ​ 10,391 ​ 2,787 2008 2011 ​ 318 Kansas City, MO ​ ​ — ​ ​ 1,229 ​ ​ 18,369 ​ ​ 69 ​ ​ 1,229 ​ ​ 18,438 ​ ​ 19,667 ​ ​ 1,755 ​ 2018 ​ 2019 ​ 008 Lecanto, FL ​ — ​ 351 ​ 2,665 ​ 2,737 ​ 351 ​ 5,402 ​ 5,753 ​ 4,287 2012 1993 ​ 322 Longview, TX ​ ​ — ​ ​ 1,405 ​ ​ 12,176 ​ ​ — ​ ​ 1,405 ​ ​ 12,176 ​ ​ 13,581 ​ ​ 1,274 ​ 2014 ​ 2020 ​ 300 Mansfield, TX ​ ​ — ​ ​ 2,890 ​ ​ 13,110 ​ ​ — ​ ​ 2,890 ​ ​ 13,110 ​ ​ 16,000 ​ ​ 3,377 ​ 2015 ​ 2016 ​ 053 Mesa, AZ ​ — ​ 305 ​ 6,909 ​ 1,876 ​ 305 ​ 8,785 ​ 9,090 ​ 6,610 1996 1996 ​ 242 Mission, TX ​ — ​ 1,111 ​ 16,602 ​ 82 ​ 1,111 ​ 16,684 ​ 17,795 ​ 5,727 2004 2010 ​ 233 Nacogdoches, TX ​ — ​ 394 ​ 7,456 ​ 268 ​ 394 ​ 7,724 ​ 8,118 ​ 2,848 1991 2010 ​ 249 Nacogdoches, TX ​ — ​ 1,015 ​ 11,109 ​ 358 ​ 1,015 ​ 11,467 ​ 12,482 ​ 4,575 2007 2011 ​ 245 Newberry, SC ​ ​ — ​ ​ 439 ​ ​ 4,639 ​ ​ 879 ​ ​ 439 ​ ​ 5,518 ​ ​ 5,957 ​ ​ 2,374 ​ 1995 ​ 2011 ​ 244 Newberry, SC ​ ​ — ​ ​ 919 ​ ​ 5,454 ​ ​ 200 ​ ​ 919 ​ ​ 5,654 ​ ​ 6,573 ​ ​ 2,277 ​ 2001 ​ 2011 ​ 251 Pasadena, TX ​ — ​ 1,155 ​ 14,345 ​ 522 ​ 1,155 ​ 14,867 ​ 16,022 ​ 4,685 2005 2011 ​ 193 Phoenix, AZ ​ — ​ 300 ​ 9,703 ​ 92 ​ 300 ​ 9,795 ​ 10,095 ​ 6,608 1985 2000 ​ 094 Portland, OR ​ — ​ 100 ​ 1,925 ​ 3,152 ​ 100 ​ 5,077 ​ 5,177 ​ 4,147 2007 1997 ​ 254 Red Oak, TX ​ — ​ 1,427 ​ 17,173 ​ 244 ​ 1,427 ​ 17,417 ​ 18,844 ​ 5,550 2002 2012 ​ 197 Ripley, TN ​ — ​ 20 ​ 985 ​ 1,638 ​ 20 ​ 2,623 ​ 2,643 ​ 1,468 2014 2000 ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ ​ ​ Encumbrances Land ​ improvements ​ acquisition ​ Land ​ improvements ​ Total (1) ​ deprec. renovation date date 133 Roswell, NM $ — $ 568 $ 5,235 $ 1,396 $ 568 $ 6,631 $ 7,199 $ 3,521 ​ 1975 ​ 2001 ​ 325 San Antonio, TX ​ ​ — ​ ​ 1,676 ​ ​ 15,470 ​ ​ 20 ​ ​ 1,676 ​ ​ 15,490 ​ ​ 17,166 ​ ​ 320 ​ 2018 ​ 2022 ​ 281 Slinger, WI ​ ​ — ​ ​ 464 ​ ​ 13,482 ​ ​ — ​ ​ 464 ​ ​ 13,482 ​ ​ 13,946 ​ ​ 3,916 ​ 2014 ​ 2015 ​ 234 St. Petersburg, FL ​ ​ — ​ 1,070 ​ ​ 7,930 ​ ​ 500 ​ ​ 1,070 ​ ​ 8,430 ​ ​ 9,500 ​ ​ 2,892 ​ 1988 ​ 2010 ​ 243 Stephenville, TX ​ ​ — ​ ​ 670 ​ ​ 10,117 ​ ​ 616 ​ ​ 670 ​ ​ 10,733 ​ ​ 11,403 ​ ​ 3,811 ​ 2009 ​ 2010 ​ 178 Tappahannock, VA ​ ​ — ​ ​ 375 ​ ​ 1,327 ​ ​ 397 ​ ​ 375 ​ ​ 1,724 ​ ​ 2,099 ​ ​ 1,569 ​ 1978 ​ 1995 ​ 270 Trinity, FL ​ ​ — ​ 1,653 ​ ​ 12,748 ​ ​ — ​ ​ 1,653 ​ ​ 12,748 ​ ​ 14,401 ​ ​ 3,781 ​ 2008 ​ 2013 ​ 192 Tucson, AZ ​ ​ — ​ 276 ​ ​ 8,924 ​ ​ 112 ​ ​ 276 ​ ​ 9,036 ​ ​ 9,312 ​ ​ 6,091 ​ 1992 ​ 2000 ​ 305 Union, KY ​ ​ — ​ ​ 858 ​ ​ 24,116 ​ ​ — ​ ​ 858 ​ ​ 24,116 ​ ​ 24,974 ​ ​ 3,426 ​ 2019 ​ 2016 ​ 299 Weatherford, TX ​ ​ — ​ ​ 836 ​ ​ 11,902 ​ ​ 280 ​ ​ 836 ​ ​ 12,182 ​ ​ 13,018 ​ ​ 3,962 ​ 1996 ​ 2015 ​ 323 Webster, TX ​ ​ — ​ ​ 2,310 ​ ​ 8,713 ​ ​ — ​ ​ 2,310 ​ ​ 8,713 ​ ​ 11,023 ​ ​ 200 ​ 2018 ​ 2022 ​ 236 Wytheville, VA ​ ​ — ​ ​ 647 ​ ​ 12,167 ​ ​ — ​ ​ 647 ​ ​ 12,167 ​ ​ 12,814 ​ ​ 5,363 ​ 1996 ​ 2010 ​ Skilled Nursing Properties ​ $ — $ 53,990 ​ $ 513,766 ​ $ 33,218 ​ $ 53,990 ​ $ 546,984 ​ $ 600,974 ​ $ 182,308 ​ ​ ​ ​ ​ Assisted Living Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 077 Ada, OK ​ ​ — ​ 100 ​ ​ 1,650 ​ ​ 180 ​ ​ 100 ​ ​ 1,830 ​ ​ 1,930 ​ ​ 1,106 ​ 1996 ​ 1996 ​ 105 Arvada, CO ​ ​ — ​ 100 ​ ​ 2,810 ​ ​ 7,072 ​ ​ 100 ​ ​ 9,882 ​ ​ 9,982 ​ ​ 4,027 ​ 2014 ​ 1997 ​ 304 Athens, GA ​ ​ — ​ ​ 1,056 ​ ​ 13,326 ​ ​ 111 ​ ​ 1,056 ​ ​ 13,437 ​ ​ 14,493 ​ ​ 2,422 ​ 2016 ​ 2016 ​ 063 Athens, TX ​ ​ — ​ 96 ​ ​ 1,510 ​ ​ 113 ​ ​ 96 ​ ​ 1,623 ​ ​ 1,719 ​ ​ 1,125 ​ 1995 ​ 1996 ​ 320 Auburn Hills, MI ​ ​ — ​ ​ 1,964 ​ ​ 4,577 ​ ​ 1,149 ​ ​ 1,964 ​ ​ 5,726 ​ ​ 7,690 ​ ​ 1,056 ​ 1995 ​ 2019 ​ 269 Aurora, CO ​ ​ — ​ 850 ​ ​ 8,583 ​ ​ — ​ ​ 850 ​ ​ 8,583 ​ ​ 9,433 ​ ​ 2,566 ​ 2014 ​ 2013 ​ 260 Aurora, CO ​ ​ — ​ 831 ​ ​ 10,071 ​ ​ 327 ​ ​ 831 ​ ​ 10,398 ​ ​ 11,229 ​ ​ 2,866 ​ 1999 ​ 2012 ​ 117 Beatrice, NE ​ ​ — ​ 100 ​ ​ 2,173 ​ ​ 243 ​ ​ 100 ​ ​ 2,416 ​ ​ 2,516 ​ ​ 1,517 ​ 1997 ​ 1997 ​ 277 Burr Ridge, IL ​ ​ — ​ ​ 1,400 ​ ​ 11,102 ​ ​ — ​ ​ 1,400 ​ ​ 11,102 ​ ​ 12,502 ​ ​ 2,735 ​ 2016 ​ 2014 ​ 278 Castle Rock, CO ​ ​ — ​ ​ 759 ​ ​ 5,091 ​ ​ — ​ ​ 759 ​ ​ 5,091 ​ ​ 5,850 ​ ​ 1,573 ​ 2012 ​ 2014 ​ 311 Cedarburg, WI ​ ​ — ​ ​ 924 ​ ​ 21,083 ​ ​ — ​ ​ 924 ​ ​ 21,083 ​ ​ 22,007 ​ ​ 2,946 ​ 2019 ​ 2017 ​ 160 Central, SC ​ ​ — ​ 100 ​ ​ 2,321 ​ ​ 119 ​ ​ 100 ​ ​ 2,440 ​ ​ 2,540 ​ ​ 1,272 ​ 1998 ​ 1999 ​ 263 Chatham, NJ ​ ​ — ​ 5,365 ​ ​ 36,399 ​ ​ 587 ​ ​ 5,365 ​ ​ 36,986 ​ ​ 42,351 ​ ​ 10,105 ​ 2002 ​ 2012 ​ 307 Clovis, CA ​ ​ — ​ ​ 2,542 ​ ​ 19,126 ​ ​ — ​ ​ 2,542 ​ ​ 19,126 ​ ​ 21,668 ​ ​ 3,022 ​ 2014 ​ 2017 ​ 308 Clovis, CA ​ ​ — ​ ​ 3,054 ​ ​ 14,172 ​ ​ — ​ ​ 3,054 ​ ​ 14,172 ​ ​ 17,226 ​ ​ 2,154 ​ 2016 ​ 2017 ​ 279 Corpus Christi, TX ​ ​ — ​ ​ 880 ​ ​ 11,440 ​ ​ 298 ​ ​ 880 ​ ​ 11,738 ​ ​ 12,618 ​ ​ 2,753 ​ 2016 ​ 2015 ​ 292 De Forest, WI ​ ​ — ​ ​ 485 ​ ​ 5,568 ​ ​ 47 ​ ​ 485 ​ ​ 5,615 ​ ​ 6,100 ​ ​ 1,191 ​ 2006 ​ 2015 ​ 057 Dodge City, KS ​ ​ — ​ 84 ​ ​ 1,666 ​ ​ 30 ​ ​ 84 ​ ​ 1,696 ​ ​ 1,780 ​ ​ 1,156 ​ 1995 ​ 1995 ​ 083 Durant, OK ​ ​ — ​ 100 ​ ​ 1,769 ​ ​ 157 ​ ​ 100 ​ ​ 1,926 ​ ​ 2,026 ​ ​ 1,162 ​ 1997 ​ 1997 ​ 107 Edmond, OK ​ ​ — ​ 100 ​ ​ 1,365 ​ ​ 659 ​ ​ 100 ​ ​ 2,024 ​ ​ 2,124 ​ ​ 1,226 ​ 1996 ​ 1997 ​ 163 Ft. Collins, CO ​ ​ — ​ 100 ​ ​ 2,961 ​ ​ 3,674 ​ ​ 100 ​ ​ 6,635 ​ ​ 6,735 ​ ​ 3,147 ​ 2014 ​ 1999 ​ 170 Ft. Collins, CO ​ ​ — ​ 100 ​ ​ 3,400 ​ ​ 4,928 ​ ​ 100 ​ ​ 8,328 ​ ​ 8,428 ​ ​ 3,669 ​ 2014 ​ 1999 ​ 132 Ft. Meyers, FL ​ ​ — ​ 100 ​ ​ 2,728 ​ ​ 272 ​ ​ 100 ​ ​ 3,000 ​ ​ 3,100 ​ ​ 1,717 ​ 1998 ​ 1998 ​ 315 Ft. Worth, TX ​ ​ — ​ ​ 1,534 ​ ​ 11,099 ​ ​ 34 ​ ​ 1,534 ​ ​ 11,133 ​ ​ 12,667 ​ ​ 1,424 ​ 2014 ​ 2018 ​ 100 Fremont ,OH ​ ​ — ​ 100 ​ ​ 2,435 ​ ​ 203 ​ ​ 100 ​ ​ 2,638 ​ ​ 2,738 ​ ​ 1,663 ​ 1997 ​ 1997 ​ 266 Frisco, TX ​ ​ — ​ 1,000 ​ ​ 5,154 ​ ​ — ​ ​ 1,000 ​ ​ 5,154 ​ ​ 6,154 ​ ​ 1,667 ​ 2014 ​ 2012 ​ 314 Frisco, TX ​ ​ — ​ ​ 2,216 ​ ​ 10,417 ​ ​ 119 ​ ​ 2,216 ​ ​ 10,536 ​ ​ 12,752 ​ ​ 1,367 ​ 2015 ​ 2018 ​ 296 Glenview, IL ​ ​ — ​ ​ 2,800 ​ ​ 14,248 ​ ​ — ​ ​ 2,800 ​ ​ 14,248 ​ ​ 17,048 ​ ​ 2,764 ​ 2017 ​ 2015 ​ 167 Goldsboro, NC ​ ​ — ​ 100 ​ ​ 2,385 ​ ​ 170 ​ ​ 100 ​ ​ 2,555 ​ ​ 2,655 ​ ​ 1,217 ​ 1998 ​ 1999 ​ 056 Great Bend, KS ​ ​ — ​ 80 ​ ​ 1,570 ​ ​ 68 ​ ​ 80 ​ ​ 1,638 ​ ​ 1,718 ​ ​ 1,234 ​ 1995 ​ 1995 ​ 102 Greeley, CO ​ ​ — ​ 100 ​ ​ 2,310 ​ ​ 612 ​ ​ 100 ​ ​ 2,922 ​ ​ 3,022 ​ ​ 1,686 ​ 1997 ​ 1997 ​ 284 Green Bay, WI ​ ​ — ​ ​ 1,660 ​ ​ 19,079 ​ ​ 475 ​ ​ 1,660 ​ ​ 19,554 ​ ​ 21,214 ​ ​ 4,448 ​ 2004 ​ 2015 ​ 286 Greenfield, WI ​ ​ — ​ ​ 818 ​ ​ 8,014 ​ ​ 232 ​ ​ 818 ​ ​ 8,246 ​ ​ 9,064 ​ ​ 1,755 ​ 2007 ​ 2015 ​ 164 Greenville, NC ​ ​ — ​ 100 ​ ​ 2,478 ​ ​ 198 ​ ​ 100 ​ ​ 2,676 ​ ​ 2,776 ​ ​ 1,418 ​ 1998 ​ 1999 ​ 062 Greenville, TX ​ ​ — ​ 42 ​ ​ 1,565 ​ ​ 105 ​ ​ 42 ​ ​ 1,670 ​ ​ 1,712 ​ ​ 1,134 ​ 1995 ​ 1996 ​ 161 Greenwood, SC ​ ​ — ​ 100 ​ ​ 2,638 ​ ​ 337 ​ ​ 100 ​ ​ 2,975 ​ ​ 3,075 ​ ​ 1,544 ​ 1998 ​ 1999 ​ 295 Jacksonville, FL ​ ​ — ​ ​ 1,389 ​ ​ 12,756 ​ ​ 1,056 ​ ​ 1,389 ​ ​ 13,812 ​ ​ 15,201 ​ ​ 2,702 ​ 2015 ​ 2015 ​ 066 Jacksonville, TX ​ ​ — ​ 100 ​ ​ 1,900 ​ ​ 90 ​ ​ 100 ​ ​ 1,990 ​ ​ 2,090 ​ ​ 1,361 ​ 1996 ​ 1996 ​ 310 Kansas City, MO ​ ​ — ​ ​ 1,072 ​ ​ 15,552 ​ ​ — ​ ​ 1,072 ​ ​ 15,552 ​ ​ 16,624 ​ ​ 2,071 ​ 2017 ​ 2017 ​ 285 Kenosha, WI ​ ​ — ​ ​ 936 ​ ​ 12,361 ​ ​ 498 ​ ​ 936 ​ ​ 12,859 ​ ​ 13,795 ​ ​ 2,625 ​ 2008 ​ 2015 ​ 255 Littleton, CO ​ ​ — ​ ​ 1,882 ​ ​ 8,248 ​ ​ — ​ ​ 1,882 ​ ​ 8,248 ​ ​ 10,130 ​ ​ 2,226 ​ 2013 ​ 2012 ​ 268 Littleton, CO ​ ​ — ​ ​ 1,200 ​ ​ 8,688 ​ ​ — ​ ​ 1,200 ​ ​ 8,688 ​ ​ 9,888 ​ ​ 2,670 ​ 2014 ​ 2013 ​ 148 Longmont, CO ​ ​ — ​ ​ 100 ​ ​ 2,640 ​ ​ 64 ​ ​ 100 ​ ​ 2,704 ​ ​ 2,804 ​ ​ 1,645 ​ 1998 ​ 1998 ​ 060 Longview, TX ​ ​ — ​ ​ 38 ​ ​ 1,568 ​ ​ 134 ​ ​ 38 ​ ​ 1,702 ​ ​ 1,740 ​ ​ 1,180 ​ 1995 ​ 1995 ​ 261 Louisville, CO ​ ​ — ​ ​ 911 ​ ​ 11,703 ​ ​ 390 ​ ​ 911 ​ ​ 12,093 ​ ​ 13,004 ​ ​ 3,283 ​ 2000 ​ 2012 ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ Encumbrances Land ​ improvements acquisition Land improvements Total (1) deprec. renovation date date 301 Louisville, KY ​ $ — ​ $ 1,021 ​ $ 11,871 ​ $ 123 ​ $ 1,021 ​ $ 11,994 ​ $ 13,015 ​ $ 2,305 ​ 2016 ​ 2016 ​ 114 Loveland, CO ​ ​ — ​ ​ 100 ​ ​ 2,865 ​ ​ 324 ​ ​ 100 ​ ​ 3,189 ​ ​ 3,289 ​ ​ 1,995 ​ 1997 ​ 1997 ​ 068 Lufkin, TX ​ ​ — ​ ​ 100 ​ ​ 1,950 ​ ​ 106 ​ ​ 100 ​ ​ 2,056 ​ ​ 2,156 ​ ​ 1,400 ​ 1996 ​ 1996 ​ 061 Marshall, TX ​ ​ — ​ ​ 38 ​ ​ 1,568 ​ ​ 544 ​ ​ 38 ​ ​ 2,112 ​ ​ 2,150 ​ ​ 1,477 ​ 1995 ​ 1995 ​ 293 McHenry, IL ​ ​ — ​ ​ 1,289 ​ ​ 28,976 ​ ​ 987 ​ ​ 1,289 ​ ​ 29,963 ​ ​ 31,252 ​ ​ 6,257 ​ 2005 ​ 2015 ​ 058 McPherson, KS ​ ​ — ​ ​ 79 ​ ​ 1,571 ​ ​ 67 ​ ​ 79 ​ ​ 1,638 ​ ​ 1,717 ​ ​ 1,223 ​ 1994 ​ 1995 ​ 313 Medford, OR ​ ​ ​ ​ ​ 636 ​ ​ 17,816 ​ ​ — ​ ​ 636 ​ ​ 17,816 ​ ​ 18,452 ​ ​ 1,788 ​ 2020 ​ 2018 ​ 316 Medford, OR ​ ​ — ​ ​ 750 ​ ​ 13,650 ​ ​ 250 ​ ​ 750 ​ ​ 13,900 ​ ​ 14,650 ​ ​ 1,874 ​ 2005 ​ 2018 ​ 239 Merritt Island, FL ​ ​ — ​ ​ 550 ​ ​ 6,928 ​ ​ 115 ​ ​ 550 ​ ​ 7,043 ​ ​ 7,593 ​ ​ 3,056 ​ 2004 ​ 2010 ​ 104 Millville, NJ ​ ​ — ​ ​ 100 ​ ​ 2,825 ​ ​ 848 ​ ​ 100 ​ ​ 3,673 ​ ​ 3,773 ​ ​ 2,174 ​ 1997 ​ 1997 ​ 231 Monroeville, PA ​ ​ — ​ ​ 526 ​ ​ 5,334 ​ ​ 439 ​ ​ 526 ​ ​ 5,773 ​ ​ 6,299 ​ 2,317 1997 ​ 2009 ​ 280 Murrells Inlet, SC ​ ​ — ​ ​ 2,490 ​ ​ 14,185 ​ ​ 129 ​ ​ 2,490 ​ ​ 14,314 ​ ​ 16,804 ​ ​ 3,278 ​ 2016 ​ 2015 ​ 294 Murrieta, CA ​ ​ — ​ ​ 2,022 ​ ​ 11,136 ​ ​ — ​ ​ 2,022 ​ ​ 11,136 ​ ​ 13,158 ​ ​ 2,586 ​ 2016 ​ 2015 ​ 289 Neenah, WI ​ ​ — ​ ​ 694 ​ ​ 20,839 ​ ​ 251 ​ ​ 694 ​ ​ 21,090 ​ ​ 21,784 ​ ​ 4,316 ​ 1991 ​ 2015 ​ 166 New Bern, NC ​ ​ — ​ ​ 100 ​ ​ 2,427 ​ ​ 170 ​ ​ 100 ​ ​ 2,597 ​ ​ 2,697 ​ 1,254 1998 ​ 1999 ​ 118 Newark, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 383 ​ ​ 100 ​ ​ 2,818 ​ ​ 2,918 ​ 1,703 1997 ​ 1997 ​ 143 Niceville, FL ​ ​ — ​ ​ 100 ​ ​ 2,680 ​ ​ 108 ​ ​ 100 ​ ​ 2,788 ​ ​ 2,888 ​ 1,676 1998 ​ 1998 ​ 095 Norfolk, NE ​ ​ — ​ ​ 100 ​ ​ 2,123 ​ ​ 311 ​ ​ 100 ​ ​ 2,434 ​ ​ 2,534 ​ 1,541 1997 ​ 1997 ​ 306 Oak Lawn, IL ​ ​ — ​ ​ 1,591 ​ ​ 13,772 ​ ​ — ​ ​ 1,591 ​ ​ 13,772 ​ ​ 15,363 ​ ​ 2,325 ​ 2018 ​ 2016 ​ 302 Overland Park, KS ​ ​ — ​ ​ 1,951 ​ ​ 11,882 ​ ​ 281 ​ ​ 1,951 ​ ​ 12,163 ​ ​ 14,114 ​ ​ 2,496 ​ 2013 ​ 2016 ​ 232 Pittsburgh, PA ​ ​ — ​ ​ 470 ​ ​ 2,615 ​ ​ 360 ​ ​ 470 ​ ​ 2,975 ​ ​ 3,445 ​ 1,264 1994 ​ 2009 ​ 165 Rocky Mount, NC ​ ​ — ​ ​ 100 ​ ​ 2,494 ​ ​ 378 ​ ​ 100 ​ ​ 2,872 ​ ​ 2,972 ​ 1,359 1998 ​ 1999 ​ 059 Salina, KS ​ ​ — ​ ​ 79 ​ ​ 1,571 ​ ​ 303 ​ ​ 79 ​ ​ 1,874 ​ ​ 1,953 ​ 1,250 1994 ​ 1995 ​ 084 San Antonio, TX ​ ​ — ​ ​ 100 ​ ​ 1,900 ​ ​ 45 ​ ​ 100 ​ ​ 1,945 ​ ​ 2,045 ​ 1,240 1997 ​ 1997 ​ 092 San Antonio, TX ​ ​ — ​ ​ 100 ​ ​ 2,055 ​ ​ 577 ​ ​ 100 ​ ​ 2,632 ​ ​ 2,732 ​ 1,411 1997 ​ 1997 ​ 288 Sheboygan, WI ​ ​ — ​ ​ 1,168 ​ ​ 5,382 ​ ​ 379 ​ ​ 1,168 ​ ​ 5,761 ​ ​ 6,929 ​ ​ 1,384 ​ 2006 ​ 2015 ​ 149 Shelby, NC ​ ​ — ​ ​ 100 ​ ​ 2,805 ​ ​ 312 ​ ​ 100 ​ ​ 3,117 ​ ​ 3,217 ​ 1,782 1998 ​ 1998 ​ 312 Spartanburg, SC ​ ​ — ​ ​ 254 ​ ​ 9,906 ​ ​ 1,520 ​ ​ 254 ​ ​ 11,426 ​ ​ 11,680 ​ ​ 2,627 ​ 1999 ​ 2017 ​ 150 Spring Hill, FL ​ ​ — ​ ​ 100 ​ ​ 2,650 ​ ​ 104 ​ ​ 100 ​ ​ 2,754 ​ ​ 2,854 ​ 1,662 1998 ​ 1998 ​ 103 Springfield, OH ​ ​ — ​ ​ 100 ​ ​ 2,035 ​ ​ 363 ​ ​ 100 ​ ​ 2,398 ​ ​ 2,498 ​ 1,490 1997 ​ 1997 ​ 321 Sterling Heights, MI ​ ​ — ​ ​ 1,133 ​ ​ 11,487 ​ ​ 1,133 ​ ​ 1,133 ​ ​ 12,620 ​ ​ 13,753 ​ ​ 1,643 ​ 1997 ​ 2019 ​ 162 Sumter, SC ​ ​ — ​ ​ 100 ​ ​ 2,351 ​ ​ 656 ​ ​ 100 ​ ​ 3,007 ​ ​ 3,107 ​ 1,393 1998 ​ 1999 ​ 140 Tallahassee, FL ​ ​ — ​ ​ 100 ​ ​ 3,075 ​ ​ 140 ​ ​ 100 ​ ​ 3,215 ​ ​ 3,315 ​ 1,925 1998 ​ 1998 ​ 098 Tiffin, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 366 ​ ​ 100 ​ ​ 2,801 ​ ​ 2,901 ​ 1,678 1997 ​ 1997 ​ 282 Tinley Park, IL ​ ​ — ​ ​ 702 ​ ​ 11,481 ​ ​ — ​ ​ 702 ​ ​ 11,481 ​ ​ 12,183 ​ ​ 2,608 ​ 2016 ​ 2015 ​ 088 Troy, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 821 ​ ​ 100 ​ ​ 3,256 ​ ​ 3,356 ​ 1,950 1997 ​ 1997 ​ 080 Tulsa, OK ​ ​ — ​ ​ 200 ​ ​ 1,650 ​ ​ 148 ​ ​ 200 ​ ​ 1,798 ​ ​ 1,998 ​ 1,091 1997 ​ 1997 ​ 093 Tulsa, OK ​ ​ — ​ ​ 100 ​ ​ 2,395 ​ ​ 42 ​ ​ 100 ​ ​ 2,437 ​ ​ 2,537 ​ 1,553 1997 ​ 1997 ​ 238 Tupelo, MS ​ ​ — ​ ​ 1,170 ​ ​ 8,230 ​ ​ 52 ​ ​ 1,170 ​ ​ 8,282 ​ ​ 9,452 ​ 3,133 2000 ​ 2010 ​ 075 Tyler, TX ​ ​ — ​ ​ 100 ​ ​ 1,800 ​ ​ 144 ​ ​ 100 ​ ​ 1,944 ​ ​ 2,044 ​ 1,207 1996 ​ 1996 ​ 091 Waco, TX ​ ​ — ​ ​ 100 ​ ​ 2,235 ​ ​ 770 ​ ​ 100 ​ ​ 3,005 ​ ​ 3,105 ​ 1,563 2021 ​ 1997 ​ 096 Wahoo, NE ​ ​ — ​ ​ 100 ​ ​ 2,318 ​ ​ 166 ​ ​ 100 ​ ​ 2,484 ​ ​ 2,584 ​ 1,628 1997 ​ 1997 ​ 108 Watauga, TX ​ ​ — ​ ​ 100 ​ ​ 1,668 ​ ​ 38 ​ ​ 100 ​ ​ 1,706 ​ ​ 1,806 ​ 1,076 1996 ​ 1997 ​ 109 Weatherford, OK ​ ​ — ​ ​ 100 ​ ​ 1,669 ​ ​ 698 ​ ​ 100 ​ ​ 2,367 ​ ​ 2,467 ​ 1,454 1996 ​ 1997 ​ 309 West Chester, OH ​ ​ — ​ ​ 2,355 ​ ​ 13,553 ​ ​ 212 ​ ​ 2,355 ​ ​ 13,765 ​ ​ 16,120 ​ ​ 2,235 ​ 2017 ​ 2017 ​ 276 Westminster, CO ​ ​ — ​ ​ 1,425 ​ ​ 9,575 ​ ​ — ​ ​ 1,425 ​ ​ 9,575 ​ ​ 11,000 ​ ​ 2,660 ​ 2015 ​ 2013 ​ 110 Wheelersburg, OH ​ ​ — ​ ​ 29 ​ ​ 2,435 ​ ​ 349 ​ ​ 29 ​ ​ 2,784 ​ ​ 2,813 ​ 1,720 1997 ​ 1997 ​ 303 Wichita, KS ​ ​ — ​ ​ 1,422 ​ ​ 9,957 ​ ​ 285 ​ ​ 1,422 ​ ​ 10,242 ​ ​ 11,664 ​ ​ 2,162 ​ 2011 ​ 2016 ​ 259 Wichita, KS ​ ​ — ​ ​ 730 ​ ​ — ​ ​ 9,682 ​ ​ 730 ​ ​ 9,682 ​ ​ 10,412 ​ 2,911 2013 ​ 2012 ​ 283 Wichita, KS ​ ​ — ​ ​ 624 ​ ​ 13,946 ​ ​ — ​ ​ 624 ​ ​ 13,946 ​ ​ 14,570 ​ ​ 2,373 ​ 2016 ​ 2015 ​ 076 Wichita Falls, TX ​ ​ — ​ ​ 100 ​ ​ 1,850 ​ ​ 126 ​ ​ 100 ​ ​ 1,976 ​ ​ 2,076 ​ 1,225 1996 ​ 1996 ​ 120 Wichita Falls, TX ​ ​ — ​ ​ 100 ​ ​ 2,750 ​ ​ 143 ​ ​ 100 ​ ​ 2,893 ​ ​ 2,993 ​ 1,841 1997 ​ 1997 ​ 264 Williamstown, NJ ​ ​ — ​ ​ 711 ​ ​ 6,637 ​ ​ — ​ ​ 711 ​ ​ 6,637 ​ ​ 7,348 ​ 1,982 2000 ​ 2012 ​ 265 Williamstown, NJ ​ ​ — ​ ​ 711 ​ ​ 8,649 ​ ​ — ​ ​ 711 ​ ​ 8,649 ​ ​ 9,360 ​ 2,411 2000 ​ 2012 ​ Assisted Living Properties ​ $ — ​ $ 68,788 ​ $ 678,526 ​ $ 50,499 ​ $ 68,788 ​ $ 729,025 ​ $ 797,813 ​ $ 207,529 ​ ​ ​ ​ ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 297 Las Vegas, NV ​ ​ — ​ ​ 1,965 ​ ​ 7,308 ​ ​ 1,702 ​ ​ 1,965 ​ ​ 9,010 ​ ​ 10,975 ​ ​ 1,650 ​ 1990/1994 ​ 2015 ​ Properties ​ ​ — ​ ​ 1,965 ​ 7,308 ​ ​ 1,702 ​ ​ 1,965 ​ 9,010 ​ 10,975 ​ ​ 1,650 ​ ​ ​ ​ ​ Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 271 Howell, MI ​ ​ — ​ ​ 420 ​ — ​ ​ — ​ ​ 420 ​ — ​ 420 ​ ​ — ​ N/A ​ 2013 ​ 272 Milford, MI ​ ​ — ​ ​ 450 ​ — ​ ​ — ​ ​ 450 ​ — ​ 450 ​ ​ — ​ N/A ​ 2014 ​ 275 Yale, MI ​ ​ — ​ ​ 73 ​ — ​ ​ — ​ ​ 73 ​ — ​ 73 ​ ​ — ​ N/A ​ 2013 ​ Land ​ ​ — ​ ​ 943 ​ — ​ ​ — ​ ​ 943 ​ — ​ 943 ​ ​ — ​ ​ ​ ​ ​ Other Properties ​ ​ — ​ ​ 2,908 ​ 7,308 ​ ​ 1,702 ​ ​ 2,908 ​ 9,010 ​ 11,918 ​ ​ 1,650 ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 125,686 ​ $ 1,199,600 ​ $ 85,419 ​ $ 125,686 ​ $ 1,285,019 ​ $ 1,410,705 (2) $ 391,487 ​ ​ ​ ​ ​ (1) Depreciation is computed principally by the straight-line method for financial reporting purposes which generally range of a life from 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles . ​ (2) As of December 31, 2022, our aggregate cost for Federal income tax purposes was $1,420,258 (unaudited). ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2022, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Reconciliation of real estate: ​ ​ ​ ​ Carrying cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 1,408,557 ​ $ 1,452,001 ​ $ 1,484,571 ​ Acquisitions ​ 51,817 ​ — ​ 13,581 ​ Improvements ​ 9,099 ​ 6,298 ​ 23,612 ​ Capitalized interest ​ — ​ — ​ 354 ​ Cost of real estate sold ​ (55,346) ​ (49,742) ​ (66,140) ​ Impairment loss from real estate investments ​ (3,422) ​ — ​ (3,977) ​ Ending balance ​ $ 1,410,705 ​ $ 1,408,557 ​ $ 1,452,001 ​ Accumulated depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 374,606 ​ $ 349,643 ​ $ 347,755 ​ Depreciation expense ​ 37,394 ​ 38,192 ​ 38,945 ​ Cost of real estate sold ​ (20,513) ​ (13,229) ​ (37,057) ​ Ending balance ​ $ 391,487 ​ $ 374,606 ​ $ 349,643 ​ ​

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2022
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	LTC PROPERTIES, INC. SCHEDULE IV MORTGAGE LOANS RECEIVABLE ON REAL ESTATE (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ Amount of ​ Subject to ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ Monthly ​ Face ​ Mortgages ​ Delinquent ​ ​ Number of ​ ​ ​ Final ​ Balloon ​ Debt ​ Amount of ​ December 31, ​ Principal or State ​ Properties ​ Units/Beds (1) ​ Interest Rate (2) ​ Maturity Date ​ Amount (3) ​ Service ​ Mortgages ​ 2022 ​ Interest MI ​ 15 ​ 1,875 ​ 10.60% ​ 2043 ​ $ 163,214 ​ $ 1,623 ​ $ 190,214 ​ $ 182,514 ​ $ — ​ MI 4 480 ​ 9.60% ​ 2045 ​ 35,576 ​ 311 ​ 39,406 ​ 38,636 ​ — ​ MI 1 146 ​ 10.10% ​ 2045 ​ 14,325 ​ 125 ​ 15,000 ​ 14,726 ​ — ​ MI ​ 2 ​ 201 ​ 9.80% ​ 2045 ​ ​ 19,750 ​ ​ 162 ​ ​ 19,750 ​ ​ 19,553 ​ ​ — ​ FL ​ 1 ​ 68 ​ 7.80% ​ 2025 ​ ​ 14,308 ​ ​ 92 ​ ​ 14,308 ​ ​ 14,165 ​ ​ — ​ LA ​ 1 ​ 189 ​ 7.50% ​ 2024 ​ ​ 29,346 ​ ​ 186 ​ ​ 29,346 ​ ​ 29,054 ​ ​ — ​ MO ​ — ​ — ​ 7.50% ​ 2023 ​ ​ 1,887 ​ ​ 12 ​ ​ 1,887 ​ ​ 1,867 ​ ​ — ​ NC ​ 4 ​ 217 ​ 7.30% ​ 2026 ​ ​ 33,000 ​ ​ 209 ​ ​ 33,000 ​ ​ 32,670 ​ ​ — ​ NC ​ — ​ — ​ 7.30% ​ 2026 ​ ​ 796 ​ ​ 5 ​ ​ 796 ​ ​ 788 ​ ​ — ​ NC ​ 12 (4) 478 ​ 7.30% ​ 2025 ​ ​ 51,531 ​ ​ 318 ​ ​ 51,531 ​ ​ 51,016 ​ ​ — ​ SC ​ 1 (4) 45 ​ 7.30% ​ 2025 ​ ​ 4,787 ​ ​ 30 ​ ​ 4,787 ​ ​ 4,739 ​ ​ — ​ ​ 41 (5) 3,699 ​ ​ ​ ​ ​ $ 368,520 ​ $ 3,073 ​ $ 400,025 ​ $ 389,728 ​ $ — ​ (1) This number is based upon unit/bed counts shown on operating licenses provided to us by lessee/borrowers or units/beds as stipulated by lease/mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral. ​ (2) Represents current stated interest rate. Generally, the loans have principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan. ​ (3) Balloon payment is due upon maturity. ​ (4) Represents a single mortgage loan secured by 13 ALFs. The mortgage loan was allocated by state for reporting purposes only. ​ (5) Includes 10 first-lien mortgage loans as follows: ​ ​ ​ ​ ​ ​ Number of Loans Original loan amounts 2 ​ ​ $ 500 - $2,000 ​ 0 ​ ​ $2,001 - $3,000 ​ 0 ​ ​ $3,001 - $4,000 ​ 0 ​ ​ $4,001 - $5,000 ​ 0 ​ ​ $5,001 - $6,000 ​ 0 ​ ​ $6,001 - $7,000 ​ 8 ​ ​ $7,001 + ​ ​ Mortgage loans receivable activity for the years ended December 31, 2022, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Balance— December 31, 2019 $ 254,099 New mortgage loans ​ — Other additions ​ 4,253 Amortization of mortgage premium ​ (4) Collections of principal ​ (1,065) Foreclosures ​ — Loan loss reserve ​ (32) Other deductions ​ — Balance— December 31, 2020 ​ 257,251 New mortgage loans ​ 88,415 Other additions ​ 540 Application of interest reserve ​ ​ 298 Amortization of mortgage premium ​ (6) Collections of principal ​ (1,175) Foreclosures ​ — Loan loss reserve ​ (881) Other deductions ​ — Balance— December 31, 2021 ​ 344,442 New mortgage loans ​ 31,965 Other additions ​ 8,767 Application of interest reserve ​ ​ 6,192 Amortization of mortgage premium ​ (6) Collections of principal ​ (1,175) Foreclosures ​ — Loan loss reserve ​ (457) Other deductions ​ — Balance— December 31, 2022 ​ $ 389,728 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.
Consolidation	Consolidation. ● A legal structure has been established to conduct business activities and to hold assets. ● LTC has a variable interest in the entity - i.e., it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does meet the above criteria and does not qualify for a scope exception from the VIE model, we will determine whether the entity is a VIE. A legal entity is determined to be a VIE if it has any of the following three characteristics: 1. The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2. The equity holders, as a group, lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: ● The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; ● The obligation to absorb the entity's expected losses; ● The right to receive the entity's expected residual returns; or 3. The entity is established with non-substantive voting rights (i.e., the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights. The FASB requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest.
Use of Estimates	Use of Estimates. Preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Our most significant assumptions and estimates are related to the valuation of real estate, purchase price allocation of acquired assets, revenue recognition including the collectability of tenant receivables and asset impairment.
Cash Equivalents	Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market.
Owned Properties	Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in-place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in-place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be business combinations are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be business combinations are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles.
Financing Receivable	Financing Receivable. As part of our acquisitions, we may from time to time, invest in sale and leaseback transactions. In accordance with ASC Topic 842, Leases Financing receivable Consolidated Balance Sheets Interest income from financing receivable Consolidated Statements of Income Financing receivable Real property investments Consolidated Balance Sheets
Mortgage Loans Receivable, Net of Loan Loss Reserve	Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis.
Working capital loans	Working Capital Loans.
Mezzanine Loans	Mezzanine Loans. four
Investments in unconsolidated joint ventures	Investments in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to Accounting Standard Codification (“ASC”) 810, Consolidation We periodically perform evaluation of our investment in unconsolidated JVs to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, we write the investment down to its estimated fair value as of the measurement date.
Loan Loss Reserve	Loan Loss Reserve. ASC 326, Financial Instruments- Credit Losses We adopted ASC 326 on January 1, 2020 and determined our Mortgage loans receivable Notes receivable . We elected not to measure an allowance for expected credit losses on accrued interest receivable under the expected credit loss standard as we have a policy in place to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by reversing interest income and/or recognizing credit loss expense. As of December 31, 2022, the total balance of accrued interest receivable of $46,000,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2022, 2021 and 2020, Company did not recognize any write-off related to accrued interest receivable.
Accrued incentives	Accrued incentives. Prepaid expenses and other assets Consolidated Balance Sheets
Impairments	Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes management’s probability-weighting of various scenarios including whether the management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. In determining fair value, we use current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Based on our assessment, during the years ended December 31, 2022, 2021 and 2020, we recognized impairment losses of $3,422,000, $0 and $3,977,000, respectively, related to our real property investments.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements
Derivatives Instruments	Derivative Instruments. Note 9. Debt Obligations Accumulated other comprehensive income (loss) Consolidated Balance Sheets In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform Deferral of the Sunset Date of Topic 848 In December 2022, we amended our unsecured credit agreement to update the benchmark provisions to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”), plus a credit spread of 10 basis points, as the reference rate for the purpose of calculating interest under the agreement. In connection with amending the unsecured credit agreement, we also amended our fixed interest rate swap agreements to update reference rate to SOFR. As a result, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the ASU and may apply other elections, as applicable, as additional changes in the market occur. Our election to apply the hedge accounting expedients did not have a material impact on our consolidated financial statements. See Note 9. Debt Obligations
Revenue Recognition	Revenue Recognition- Rental Income. Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in (i) a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0% ; (ii) a calculation based on the Consumer Price Index or the Medicare Market Basket Rate; (iii) as a percentage of facility revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not permit recognition of contingent revenue until the contingencies have been resolved. Historically, we have not included contingent rents as income until received and we will continue our historical policy. During the years ended December 31, 2022, 2021 and 2020, we received $57,000, $0 and $111,000, respectively, of contingent rental income. In accordance with ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income In April 2020, the FASB staff released guidance regarding accounting for lease concessions in response to the novel coronavirus (“COVID-19”) pandemic. The FASB staff guidance indicates that lessors could elect an accounting policy to not evaluate whether rent concessions provided in response to the COVID-19 pandemic are lease modifications. When only the timing of payments is impacted by the rent deferrals, but the amount of the consideration is substantially the same as required by the original lease agreement, the FASB listed two methods for lessors to account for the rent deferrals. We elected to account for the rent deferrals as if there were no changes made to the lease agreement. Accordingly, we increased the lease receivable and continued to recognize income. We recognized the rent abatements given to the operators where we accrue rent on a straight-line basis, over the remaining life of those respective leases. Payments made to or on behalf of our lessees represent incentives that are deferred and amortized over the term of the lease on a straight-line basis. Revenue Recognition- Interest Income. Interest income on mortgage loans receivable and notes receivable is recognized using the effective interest method. Exit fee income and commitment fee income are also amortized over the life of the related loan under the effective interest method. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. When the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan, an effective interest receivable asset is created and included in the Interest receivable Consolidated Balance Sheets As previously discussed under Financing Receivable Interest income from financing receivable Consolidated Statements of Income. Financing receivable Real estate investments
Gains on sale of Real Estate, Net	Gains on sale of Real Estate, Net. a) meet certain revenue recognition criteria in accordance with ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets; and b) transfer control of the real estate to the buyer. The gain or loss recorded is measured as the difference between the sales price, less costs to sell, and the carrying value of the real estate when we sell it.
Federal Income Taxes	Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, For Federal tax purposes, depreciation is generally calculated using the straight-line method over a period 27.5 years. Earnings profits, which determine the taxability of distributions to stockholders, use the straight-line method over 30 years . The determination of Federal taxable income differ from net income for financial statement purposes principally due to the treatment of certain investments in joint ventures, timing of interest income, rental income, other expense items, recognition of impairment charges, and depreciable lives and bases of assets. At December 31, 2022, the net book basis of our depreciable assets exceeded our net tax basis by approximately The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more-likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our Consolidated Statements of Income General and administrative expenses
Concentrations of Credit Risks	Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, operating leases on owned properties, financing receivable and mortgage loans receivable. Our financial instruments, operating leases, financing receivable and mortgage loans receivable are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators
Properties held-for-sale	Properties held-for-sale. Properties classified as held-for-sale on the Consolidated Balance Sheets
Net Income Per Share	Net Income Per Share. Basic earnings per share is calculated using the weighted-average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share-based payments transactions are participating securities, we have applied the two-class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities.
Stock-Based Compensation	Stock-Based Compensation. The FASB requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. Also, we use the Monte Carlo model to estimate the value of performance-based stock units granted to employees. These models require management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on the Consolidated Statements of Cash Flows
Segment Disclosures	Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in seniors housing and health care properties, including property lease transactions, financing receivable, mortgage loans, and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment. ​

Major Operators (Tables)

Major Operators (Tables)	12 Months Ended
	Dec. 31, 2022
Major Operators
Schedule of concentration of risk by major operators	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenues (1) ​ ​ Assets (2) ​ ​ Prestige Healthcare (3) ​ 24 ​ — ​ 2,820 ​ 93 ​ 18.6 % ​ 16.0 % ​ (1) Includes total revenues for the twelve months ended December 31, 2022. ​ (2) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets . ​ (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Information
Supplemental Cash Flow Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (in thousands) Non-cash investing and financing transactions: ​ ​ ​ ​ ​ ​ ​ Contribution of financing receivable from non-controlling interests (See Note 5. Real Estate Investments ​ $ 14,325 ​ $ — ​ $ — ​ Mortgage loans receivable reserve withheld at origination (See Note 5. Real Estate Investments) ​ ​ 107 ​ ​ 298 ​ ​ — ​ Accretion of interest reserve recorded as mortgage loan receivable (See Note 5. Real Estate Investments) ​ ​ (6,192) ​ ​ — ​ ​ — ​ Preferred return reserve related to investment in unconsolidated joint ventures (See N ote 6. Investment in Unconsolidated Joint Ventures ​ ​ 351 ​ ​ 2,324 ​ ​ 2,878 ​ Notes receivable reserve withheld at origination (See N ote 7. Notes Receivable ​ ​ — ​ ​ 353 ​ ​ — ​ Reclassification of notes receivable to lease incentives (N ote 8. Lease Incentives ​ ​ — ​ ​ — ​ ​ 300 ​ Change in fair value of interest rate swap agreements (N ote 9. Debt Obligations ​ ​ (8,891) ​ ​ 172 ​ ​ — ​

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate Investments
Schedule of future minimum base rents receivable	Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent, amortization of lease incentives and renewal options are as follows ( in thousands ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2023 ​ $ 120,817 ​ 2024 ​ 113,003 ​ 2025 ​ 103,690 ​ 2026 ​ 71,044 ​ 2027 ​ 67,087 ​ Thereafter ​ 200,663 ​ (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash. Includes rent from subsequent acquisitions and excludes rent from subsequent dispositions. See Note 16. Subsequent Events for more information.
Summary of components of our rental income	The following table summarizes components of our rental income for the years ended December 31, 2022, 2021 and 2020 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Rental Income ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Base cash rental income $ 115,230 (1) $ 107,692 (2) $ 132,789 ​ Variable cash rental income ​ 15,516 (3) ​ 14,332 (3) ​ 15,167 (3) Straight-line rent ​ (1,369) (4) ​ 467 (5) ​ 1,778 ​ Adjustment for collectability of lease incentives and rental income ​ (256) (6) ​ (758) (6) ​ (23,214) (6) Amortization of lease incentives ​ (877) ​ ​ (608) ​ ​ (426) ​ Total $ 128,244 ​ $ 121,125 ​ $ 126,094 ​ (1) Increased primarily due to rent received from transitioned portfolios, rental income from acquisitions, completed development projects, annual rent escalations, and lease termination fee income of $1,181 received in connection with the sale of a 74 -unit ALF partially offset by decreased rent from the sold properties. ​ (2) Decreased primarily due to defaults of payments for lease obligations from Senior Lifestyle and Senior Care, abated and deferred rent and reduced rent from a sold property. This decrease was partially offset by increased rent from re-leasing 18 properties previously leased to Senior Lifestyle, completion of development projects and contractual rent increases. ​ (3) The variable cash rental income for the years ended December 31, 2022, 2021 and 2020 primarily includes reimbursement of real estate taxes by our lessees. ​ (4) Decreased primarily due to a deferred rent repayment, normal amortization and the impact of the 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis. ​ (5) Decreased due to more leases accounted for on a cash basis, normal amortization and the impact of the 50% reduction of 2021 rent escalations for those leases accounted for on a straight-line basis. ​ (6) Represents straight-line rent receivable and lease incentives write-offs.
Summary of information about purchase options included in our lease agreements	Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Carrying ​ Option ​ State ​ Property ​ Properties ​ ​ Investments ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 33,719 ​ 2023-2029 ​ Florida ​ MC ​ 1 ​ ​ 15,201 ​ ​ 12,500 ​ 2029 ​ Florida ​ SNF ​ 3 ​ ​ 76,767 ​ ​ 75,999 ​ 2025-2027 (1) Nebraska ​ ALF ​ 3 ​ ​ 7,633 ​ ​ 2,948 ​ TBD (2) South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 9,052 ​ 2029 ​ Texas ​ SNF ​ 4 ​ ​ 51,837 ​ ​ 50,848 ​ 2027-2029 (3) Total ​ ​ ​ ​ ​ $ 202,013 ​ $ 185,066 ​ ​ ​ (1) During 2022, we entered into a joint venture to purchase three SNFs. For more information regarding this transaction, see Financing Receivable below. ​ (2) Subject to the properties achieving certain coverage ratios. ​ (3) During 2022, we purchased four SNFs and leased these properties under a 10-year lease with an existing operator. The lease allows the operator to elect either an earn-out payment or purchase option. If neither is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 11 Commitments and Contingencies.
Schedule of properties held-for-sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ State (1) ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ KY ​ ALF ​ 1 ​ 60 ​ $ 13,015 ​ $ 2,305 ​ (1) During 2022, we recorded an impairment loss of $1,286 to write-down the carrying value of the community to its anticipated selling price.
Summary of acquisitions	Acquisitions. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Number ​ Number ​ ​ ​ ​ Purchase ​ Transaction ​ Acquisition ​ of ​ of Year ​ Type of Property ​ Price ​ Costs ​ Costs ​ Properties ​ Beds/Units 2022 (1) ​ SNF ​ $ 51,534 ​ $ 283 ​ $ 51,817 ​ 4 ​ 339 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ n/a ​ $ — ​ $ — ​ $ — ​ — ​ — (1) The properties are located in Texas and are leased to an affiliate of an existing operator under a 10-year lease with two 5-year renewal options. Additionally, the lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the seventh lease year. The initial cash yield is 8% for the first year, increasing to 8.25% for the second year, then increases annually by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate. In connection with transaction, we provided the lessee a 10-year working capital loan for up to $2,000 at 8% for first year, increasing to 8.25% for the second year, then increasing annually with the lease rate. At December 31, 2022, the working capital loan had an outstanding balance of $1,642 .
Schedule of development and improvement projects	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Property ​ ​ 2022 ​ ​ ​ 2021 ​ ​ 2020 ​ ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ 105 ​ $ 5,538 ​ ​ $ — ​ $ 5,846 ​ ​ $ 4,491 ​ $ 6,842 ​ Skilled Nursing Centers ​ ​ — ​ ​ 2,897 ​ ​ ​ — ​ ​ 452 ​ ​ ​ 12,208 ​ ​ 71 ​ Other ​ ​ — ​ ​ 559 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ Total ​ $ 105 ​ $ 8,994 ​ ​ $ — ​ $ 6,298 ​ ​ $ 16,699 ​ $ 6,913 ​
Schedule of completed developments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ ​ ​ Total Year ​ Properties ​ Property ​ Beds/Units ​ State ​ Investment 2020 ​ 1 ​ ALF/MC ​ 78 ​ Oregon ​ $ 18,447 ​ ​ 1 ​ SNF ​ 90 ​ Missouri ​ ​ 16,587 Total 2020 ​ 2 ​ ​ ​ 168 ​ ​ ​ $ 35,034
Schedule of property sold	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ Gain (loss) (1) ​ 2022 ​ California ​ ALF ​ 2 ​ 232 ​ $ 43,715 ​ $ 17,832 ​ $ 25,867 ​ ​ ​ California ​ SNF ​ 1 ​ 121 ​ ​ 13,250 ​ ​ 1,846 ​ ​ 10,846 ​ ​ ​ Texas ​ SNF ​ 1 ​ — ​ ​ 485 ​ ​ 697 ​ ​ (441) ​ ​ ​ Virginia ​ ALF ​ 1 ​ 74 ​ ​ 16,895 ​ ​ 15,549 ​ ​ 1,344 (2) ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 214 (3) Total 2022 ​ ​ ​ ​ ​ 5 ​ 427 ​ $ 74,345 ​ $ 35,924 ​ $ 37,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Florida ​ ALF ​ 1 ​ — ​ $ 2,000 ​ $ 2,626 ​ $ (858) ​ ​ ​ Nebraska ​ ALF ​ 1 ​ 40 ​ ​ 900 ​ ​ 1,079 ​ ​ (200) ​ ​ ​ Washington ​ SNF ​ 1 ​ 123 ​ ​ 7,700 ​ ​ 4,513 ​ ​ 2,562 ​ ​ ​ Wisconsin ​ ALF ​ 3 ​ 263 ​ ​ 35,000 ​ ​ 28,295 ​ ​ 5,595 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 363 (3) Total 2021 ​ ​ ​ ​ ​ 6 ​ 426 ​ $ 45,600 ​ $ 36,513 ​ $ 7,462 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Arizona ​ SNF ​ 1 ​ 194 ​ $ 12,550 ​ $ 2,229 ​ $ 10,293 ​ ​ ​ Colorado ​ SNF ​ 3 ​ 275 ​ ​ 15,000 ​ ​ 4,271 ​ ​ 10,364 ​ ​ ​ Iowa ​ SNF ​ 7 ​ 544 ​ ​ 14,500 ​ ​ 4,886 ​ ​ 9,051 ​ ​ ​ Kansas ​ SNF ​ 3 ​ 250 ​ ​ 9,750 ​ ​ 7,438 ​ ​ 1,993 ​ ​ ​ Texas ​ SNF ​ 7 ​ 1,148 ​ ​ 23,000 ​ ​ 10,260 ​ ​ 12,287 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 129 (3) Total 2020 ​ ​ ​ ​ ​ 21 ​ 2,411 ​ $ 74,800 ​ $ 29,084 ​ $ 44,117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Calculation of net gain (loss) includes cost of sales and write-off of straight-line rent receivable and lease incentives, when applicable. ​ (2) In connection with this sale, the former operator paid us a lease termination fee of $1,181 which is not included in the gain on sale. ​ (3) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and 2019, under the expected value model per ASC Topic 606, Contracts with Customers .
Summary of investments in mortgage loans secured by first mortgages	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ ALF ​ per Interest Rate ​ Maturity ​ State ​ Investment (1) ​ Property ​ Investment ​ Loans (2) ​ Properties (3) ​ Beds ​ Units ​ Bed/Unit 7.5% ​ 2023 ​ MO ​ $ 1,886 ​ OTH ​ 0.5 % 1 ​ — (4) — ​ — ​ $ n/a 7.5% ​ 2024 ​ LA ​ ​ 29,347 ​ SNF ​ 7.5 % 1 ​ 1 ​ 189 ​ — ​ $ 155.28 7.8% ​ 2025 ​ FL ​ ​ 14,308 ​ ALF ​ 3.6 % 1 ​ 1 ​ — ​ 68 ​ $ 210.41 7.3% (5) ​ 2025 ​ NC/SC ​ ​ 56,317 ​ ALF ​ 14.3 % 1 ​ 13 ​ — ​ 523 ​ $ 107.68 7.3% ​ 2026 ​ NC ​ ​ 33,001 ​ ALF ​ 8.4 % 1 ​ 4 ​ — ​ 217 ​ $ 152.08 7.3% ​ 2026 ​ NC ​ ​ 797 ​ OTH ​ 0.2 % 1 ​ — (6) — ​ — ​ $ — 10.6% (7) ​ 2043 ​ MI ​ ​ 184,351 ​ SNF ​ 46.8 % 1 ​ 15 ​ 1,875 ​ — ​ $ 98.32 9.6% (7) ​ 2045 ​ MI ​ ​ 39,026 ​ SNF ​ 9.9 % 1 ​ 4 ​ 480 — ​ $ 81.30 9.8% (7) ​ 2045 ​ MI ​ 19,750 ​ SNF ​ 5.0 % 1 ​ 2 ​ 201 — ​ $ 98.26 10.1% (7) ​ 2045 ​ MI ​ ​ 14,875 ​ SNF ​ 3.8 % 1 ​ 1 ​ 146 ​ — ​ $ 101.88 Total ​ ​ ​ ​ ​ $ 393,658 ​ ​ ​ 100.0 % 10 ​ 41 ​ 2,891 808 ​ $ 106.42 (1) Subsequent to December 31, 2022, we originated a $10,750 mortgage loan secured by a MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% . ​ (2) Some loans contain certain guarantees and/or provide for certain facility fees. ​ (3) Our mortgage loans are secured by properties located in six states with five borrowers. ​ (4) Represents a mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF. ​ (5) Represents the initial rate. This loan has an IRR of 8% . ​ (6) Represents a mortgage loan secured by a parcel of land in North Carolina held for future development of a seniors housing community. ​ (7) Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period.
Schedule of mortgage loan activity	The following table summarizes our mortgage loan activity for the years ended December 31, 2022, 2021 and 2020 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ ​ 2021 ​ 2020 Originations and funding under mortgage loans receivable ​ $ 40,732 (1) (2) ​ $ 88,955 (3) $ 4,253 (4) Application of interest reserve ​ ​ 6,192 ​ ​ ​ 298 ​ ​ — ​ Scheduled principal payments received ​ ​ (1,175) ​ ​ ​ (1,175) ​ ​ (1,065) ​ Mortgage loan premium amortization ​ ​ (6) ​ ​ ​ (6) ​ ​ (4) ​ Provision for loan loss reserve ​ ​ (457) ​ ​ ​ (881) ​ ​ (32) ​ Net increase in mortgage loans receivable ​ $ 45,286 ​ ​ $ 87,191 ​ $ 3,152 ​ (1) Subsequent to December 31, 2022, we originated a $10,750 mortgage loan secured by a MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% . ​ (2) We originated two senior mortgage loans, secured by four ALFs operated by an existing operator, as well as a land parcel in North Carolina. The communities have a combined total of 217 units, with an average age of less than four years . The land parcel is approximately 7.6 acres adjacent to one of the ALFs and is being held for the future development of a seniors housing community. The mortgage loans have a four-year term, an interest rate of 7.25% and an IRR of 8% . We also funded an additional $2,000 under an existing mortgage loan. ​ (3) We funded the following: a. $1,638 mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF in Missouri and withheld an interest reserve of $142 . The mortgage loan term is one year at a yield of 7.5% ; b. $27,047 mortgage loan secured by a 189 -bed SNF in Louisiana with a regional operator new to us. The mortgage loan has a three-year term with one 12-month extension option and a yield of 7.5% ; c. $11,724 mortgage loan secured by a 68 -unit ALF and MC in Florida operated by a regional operator new to us. At origination, we withheld an interest reserve of $806 and applied $156 of the reserve during 2021. The mortgage loan term is approximately 4 years at a 7.75% yield and includes an additional $4,177 loan commitment for the construction of a memory care addition to the property to be funded at a later date subject to satisfaction of various conditions; d. $48,006 mortgage loan for the purchase of a 13 -property seniors housing portfolio located in North (12) and South Carolina (1). The communities are operated by an existing LTC operator. At origination, we withheld an interest reserve of $4,496 . The loan term is 4 years at a 7.25% yield and includes a commitment of $6,097 for capital improvements and $650 for working capital; and ​ e. $540 additional capital funding under our existing mortgage loans. ​ (4) We funded an additional $2,000 under an existing mortgage loan.
Scheduled principal payments on mortgage loan receivables	Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ​ ​ ​ ​ ​ ​ ​ Scheduled ​ ​ Principal 2023 ​ $ 3,061 ​ 2024 ​ 30,522 ​ 2025 ​ 71,801 ​ 2026 ​ 34,972 ​ 2027 ​ 1,175 ​ Thereafter ​ 252,127 ​ Total ​ $ 393,658 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2022
Investment in Unconsolidated Joint Ventures
Summary of the preferred equity investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Type ​ Total ​ ​ Contractual ​ ​ Number ​ ​ ​ ​ ​ ​ of ​ of ​ Preferred ​ ​ Cash ​ ​ of ​ ​ Carrying ​ State ​ Properties ​ Investment ​ Return ​ ​ Portion ​ ​ Beds/ Units ​ ​ Value ​ Washington ​ ALF/MC ​ Preferred Equity (1) 12 % ​ 7 % ​ 95 ​ $ 6,340 (1) Washington ​ UDP ​ Preferred Equity (2) 12 % ​ 8 % ​ — ​ ​ 13,000 (2) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 95 ​ $ 19,340 ​ (1) Represents a preferred equity in an entity that developed and owns a 95 -unit ALF and MC in Washington. Our investment represents 15.5% of the total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (“IRR”) is 8%. After achieving an 8% IRR, the cash rate drops to 8% until achieving an IRR ranging between 12% to 14%, depending upon timing of redemption. During the fourth quarter of 2021, the entity completed the development project and received its certificate of occupancy. We have the option to require the JV partner to purchase our preferred equity interest at any time between August 17, 2031 and December 31, 2036. ​ (2) Represents a preferred equity in an entity that will develop and own a 267 -unit ILF and ALF in Washington. Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% with an IRR of 12% . The JV partner has the option to buy out our investment at any time after August 31, 2023 at the IRR rate. Also, we have the option to require the JV partner to purchase our preferred equity interest at any time between August 31, 2027 and, upon project completion and leasing the property, prior to the end of the first renewal term of the lease. Subsequent to December 31, 2022, we received a notice of intent to redeem our $13,000 preferred equity investment in the joint venture.
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Interest ​ ​ Application of ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Earned ​ ​ Interest Reserve ​ 2022 ​ ALF/MC ​ $ — ​ $ 450 ​ $ — ​ $ 450 ​ ​ ​ UDP ​ ​ — ​ ​ 1,054 ​ ​ 351 ​ ​ 703 ​ Total ​ ​ ​ $ — ​ $ 1,504 ​ $ 351 ​ $ 1,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ALF/MC ​ $ — ​ $ 450 ​ $ — ​ $ 412 ​ ​ ​ UDP ​ ​ 8,000 ​ ​ 967 ​ ​ — ​ ​ 880 ​ Total ​ ​ ​ $ 8,000 ​ $ 1,417 ​ $ — ​ $ 1,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ILF/ALF/MC (1) $ 58 ​ $ 231 ​ $ 231 ​ $ — ​ ​ ​ UDP ​ ​ 6,340 ​ ​ 169 ​ ​ 169 ​ ​ — ​ ​ ​ UDP ​ ​ 5,000 ​ ​ 32 ​ ​ 32 ​ ​ — ​ Total ​ ​ ​ $ 11,398 ​ $ 432 ​ $ 432 ​ $ — ​ ​ (1) We had a preferred equity investment in an unconsolidated joint venture that owned four ALFs located in Arizona, providing independent living, assisted living and memory care services. During the year ended December 31, 2020, upon sale of the four properties comprising the JV, we received liquidation proceeds totaling $17,848 and incurred an additional $758 of loss.

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Receivable.
Summary of investments in notes receivable	Notes receivable consists of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at December 31, 2022 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ Type of ​ Gross ​ ​ ​ ​ Type of ​ Rate ​ IRR ​ Maturity ​ Loan ​ Investment ​ ​ # of loans ​ Property ​ 5.0% ​ — ​ 2023 ​ Working capital ​ $ 380 ​ ​ 1 ​ ALF ​ 7.0% ​ — ​ 2023 ​ Working capital ​ ​ 500 ​ ​ 1 ​ ALF ​ 8.0% ​ 12.0% ​ 2023 ​ Mezzanine ​ ​ 7,460 ​ ​ 1 ​ ALF ​ 5.0% ​ — ​ 2024 ​ Working capital ​ ​ 184 ​ ​ 1 ​ ALF ​ 8.0% ​ 10.5% ​ 2024 ​ Mezzanine ​ ​ 4,355 (1) ​ 1 ​ ILF ​ 4.0% ​ — ​ 2024 ​ Working capital ​ ​ 13,531 ​ ​ 1 ​ SNF 5.0% ​ — ​ 2025 ​ Working capital ​ ​ 932 ​ ​ 1 ​ ALF ​ 7.5% ​ — ​ 2027 ​ Working capital ​ ​ 550 ​ ​ 1 ​ ALF ​ 8.0% ​ 11.0% ​ 2027 ​ Mezzanine ​ ​ 25,000 ​ ​ 1 ​ ALF ​ 6.5% ​ — ​ 2030 ​ Working capital ​ ​ 138 ​ ​ 1 ​ SNF ​ 7.1% ​ — ​ 2030 ​ Working capital ​ ​ 1,607 ​ ​ 2 ​ ALF ​ 7.0% ​ — ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ 8.0% ​ — ​ 2032 ​ Working capital ​ ​ 1,642 ​ ​ 1 ​ SNF ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 58,972 ​ ​ 14 ​ ​ ​ (1) Subsequent to December 31, 2022, we received $4,545 which includes a prepayment fee and the exit IRR totaling $190 , from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit in Oregon.
Summary of mezzanine loans and other loan arrangements	The following table is a summary of our notes receivable components at December 31, 2022 and 2021 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2022 ​ 2021 Mezzanine loans (1) (2) $ 36,815 ​ $ 11,815 ​ Other loans ​ 22,157 ​ ​ 16,808 ​ Notes receivable credit loss reserve ​ (589) ​ ​ (286) ​ Total $ 58,383 ​ $ 28,337 ​ (1) Subsequent to December 31, 2022, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit ILF in Oregon. ​ (2) During 2022, we originated a $25,000 mezzanine loan for the recapitalization of a five -property seniors housing portfolio. The mezzanine loan has a term of approximately five years , with two one-year extension options and bears interest at 8% with an IRR of 11% . The five communities are located in Oregon and Montana, have a total of 621 units, and include ILF, ALF and MC.
Summary of notes receivable activity	The following table summarizes our notes receivable activity for the years ended December 31, 2022 through 2020 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Advances under notes receivable $ 37,192 (1) $ 16,353 (2) $ 2,078 ​ Interest reserve withheld ​ — ​ ​ 353 ​ ​ — ​ Principal payments received under notes receivable (3) ​ (6,843) ​ ​ (2,694) ​ ​ (5,275) ​ Reclassified to lease incentives ​ — ​ ​ — ​ ​ (300) (4) Provision (recovery) for credit losses ​ (303) ​ ​ (140) ​ ​ 35 ​ Net increase (decrease) in notes receivable $ 30,046 ​ $ 13,872 ​ $ (3,462) ​ (1) Includes origination of a $25,000 mezzanine loan for the recapitalization of five ALFs located in Oregon and Montana. Additionally includes origination of a working capital loan for a commitment of up to $2,000 , of which $1,867 has been funded and $9,761 of funding under a working capital loan to HMG Healthcare, LLC. ​ (2) Funding under working capital notes and mezzanine loans with interest ranging between 4.0% and 8.0% . During 2021, we originated a $4,355 mezzanine loan and withheld a $353 interest reserve. The mezzanine loan has a three-year term with two 12-month extensions. The initial rate is 8.0% for the first 18 months increasing to 10.5% thereafter with an 10.5% IRR. Additionally, we provided an operator a $25,000 secured working capital loan to facilitate the transition of the 11 properties from Senior Care and Abri Health and funded $9,900 under this working capital loan. ​ (3) Subsequent to December 31, 2022, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 , from a mezzanine loan early payoff. The mezzanine loan was on a 136 -unit ILF in Oregon. ​ (4) Represents an interim working capital loan related to a development project which matured upon completion of the development project and commencement of the lease.

Lease Incentives (Tables)

Lease Incentives (Tables)	12 Months Ended
	Dec. 31, 2022
Lease Incentives
Summary of lease incentive activity	The following table summarizes lease incentives as of December 31, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2022 ​ ​ 2021 Non-contingent lease incentives ​ $ 1,789 ​ $ 2,678
Summary of non-contingent lease incentive activity	The following table summarizes our non-contingent lease incentive activity for the years ended December 31, 2022, 2021 and 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Lease incentives funded ​ $ 418 ​ $ 824 ​ $ 220 ​ Amortization of lease incentives ​ ​ (877) ​ ​ (608) ​ ​ (426) ​ Adjustment for collectability of lease incentives ​ ​ (256) (1) ​ — ​ ​ — ​ Other adjustments ​ ​ (174) (2) ​ — ​ ​ 115 (3) Net (decrease) increase in non-contingent lease incentives ​ $ (889) ​ $ 216 ​ $ (91) ​ (1) Represents the lease incentive balance write-off related to a closed property and subsequent lease termination and lease incentive balance write-off related to 12 ALFs transitioned to an existing operator. ​ (2) Primarily relates to the sale of two ALFs in California during the second quarter of 2022. ​ (3) We reclassified a $300 interim working capital loan as lease incentive. See Note 7. Notes Receivable for further discussion. Additionally, we wrote-off $185 of lease incentive related to a master lease for which we determined it was not probable we will collect substantially all of the contractual lease obligations through maturity. See Note 5. Real Estate Investments for further discussion.

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Obligations
Schedule of interest rate swaps	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Fair Value at Date Entered ​ Maturity Date ​ Swap Rate ​ Rate Index ​ ​ Amount ​ ​ December 31, 2022 ​ ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 4,003 ​ ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 4,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 8,719 ​ ​
Schedule of Debt Obligations	The following table sets forth information regarding debt obligations by component as of December 31, 2022 and 2021 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ At December 31, 2021 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Revolving line of credit (2) ​ 5.38% ​ $ 130,000 ​ $ 270,000 ​ $ 110,900 ​ $ 289,100 ​ Term loans, net of debt issue costs ​ 2.69% ​ ​ 99,511 ​ ​ — ​ ​ 99,363 ​ ​ — ​ Senior unsecured notes, net of debt issue costs (3) ​ 4.25% ​ ​ 538,343 ​ ​ — ​ ​ 512,456 ​ ​ — ​ Total ​ 4.24% ​ $ 767,854 ​ $ 270,000 ​ $ 722,719 ​ $ 289,100 ​ (1) Represents weighted average of interest rate as of December 31, 2022. ​ (2) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. ​ (3) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes.
Schedule of borrowings and repayments	Our borrowings and repayments for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Borrowings ​ Repayments Revolving line of credit (1) ​ $ 194,000 ​ $ (174,900) ​ $ 204,400 ​ $ (183,400) ​ $ 24,000 ​ $ (28,000) Term loans ​ ​ — ​ ​ — ​ ​ 100,000 ​ ​ — ​ ​ — ​ ​ — Senior unsecured notes (2) ​ ​ 75,000 ​ ​ (48,160) ​ ​ — ​ ​ (47,160) ​ ​ — ​ ​ (40,160) Total ​ $ 269,000 ​ $ (223,060) ​ $ 304,400 ​ $ (230,560) ​ $ 24,000 ​ $ (68,160) (1) Subsequent to December 31, 2022, we had a net borrowing of $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes.
Schedule of principal payments and amounts due at maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter Revolving line of credit ​ $ 130,000 (1) $ — ​ $ — ​ $ 130,000 (1) $ — ​ $ — ​ $ — ​ Term loans ​ ​ 100,000 ​ ​ — ​ ​ — ​ ​ 50,000 ​ ​ 50,000 ​ ​ — ​ ​ — ​ Senior unsecured notes ​ 539,820 (2) 49,160 (2) 49,160 ​ 49,500 ​ 51,500 ​ ​ 54,500 ​ 286,000 ​ ​ ​ $ 769,820 ​ $ 49,160 ​ $ 49,160 ​ $ 229,500 ​ $ 101,500 ​ $ 54,500 ​ $ 286,000 ​ (1) Subsequent to December 31, 2022, we borrowed $162,700 under our unsecured revolving line of credit. Accordingly, we have $292,700 outstanding and $107,300 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2022, we paid $7,000 under our senior unsecured notes, accordingly we have $531,343 outstanding, net of debt issue costs, under our senior unsecured notes.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity
Schedule of consolidated VIEs	As of December 31, 2022, we have the following consolidated VIEs ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year (1) ​ Purpose ​ Type ​ State ​ ​ Assets ​ ​ Interests ​ 2022 ​ Owned real estate (2) SNF ​ FL ​ $ 76,767 ​ $ 14,325 ​ 2018 ​ Owned real estate ​ ILF ​ OR ​ ​ 14,650 ​ ​ 2,906 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 18,452 ​ ​ 1,164 ​ 2017 ​ Owned real estate and development ​ ILF/ALF/MC ​ WI ​ ​ 22,007 ​ ​ 2,305 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,240 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 143,556 ​ $ 21,940 ​
Schedule of cash dividends declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ Declared ​ Paid ​ Common Stock (1) ​ $ 91,509 ​ $ 91,509 ​ $ 90,494 (2) $ 90,494 (2) $ 90,262 (2) $ 90,262 (2) ​ (1) Represents $0.19 per share per month for the years ended December 31, 2022, 2021 and 2020. ​ (2) During the years ended December 31, 2021 and 2020, we paid $764 and $586 , respectively as a result of vesting of the performance-based stock units.
Schedule of restricted stock activity	Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2022, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 Outstanding, January 1 ​ ​ 197,422 ​ ​ 180,440 ​ ​ 163,569 ​ Granted ​ ​ 135,210 ​ ​ 110,348 ​ ​ 101,348 ​ Vested ​ ​ (103,396) ​ ​ (93,366) ​ ​ (84,477) ​ Outstanding, December 31 ​ ​ 229,236 ​ ​ 197,422 ​ ​ 180,440 ​ ​
Schedule of restricted stock granted	During 2022, 2021 and 2020, we granted 221,542, 182,240 and 167,375 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan and 2015 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ ​ ​ Year ​ Shares/Units ​ Share ​ Reward Type ​ Vesting Period ​ 2022 ​ 122,865 ​ $ 33.94 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,332 ​ $ 33.94 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 12,345 ​ $ 38.48 ​ Restricted stock ​ May 25,2023 ​ ​ ​ 221,542 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 95,293 ​ $ 42.27 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 71,892 ​ $ 42.27 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 12,055 ​ $ 39.40 ​ Restricted stock ​ May 26, 2022 ​ ​ ​ 3,000 ​ $ 43.14 ​ Restricted stock ​ April 1, 2022 ​ ​ ​ 182,240 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 76,464 ​ $ 48.95 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 66,027 ​ $ 49.98 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 9,884 ​ $ 38.45 ​ Restricted stock ​ May 27, 2021 ​ ​ ​ 15,000 ​ $ 38.45 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 167,375 ​ ​ ​ ​ ​ ​ ​ ​ (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years .
Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense	At December 31, 2022, the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows ( dollar amount in thousands ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense 2023 ​ $ 5,603 2024 ​ ​ 2,853 2025 ​ ​ 309 Total ​ $ 8,765 ​
Schedule of nonqualified stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Price ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ ​ 2021 ​ 2020 Outstanding, January 1 15,000 ​ 15,000 15,000 $ 38.43 ​ $ 38.43 $ 38.43 ​ Granted — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Exercised — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Canceled (5,000) ​ — — ​ $ 38.43 ​ ​ n/a ​ ​ n/a ​ Outstanding, December 31 10,000 ​ 15,000 15,000 ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, December 31 (1) 10,000 ​ 15,000 15,000 ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ (1) The aggregate intrinsic value of exercisable options at December 31, 2022, based upon the closing price of our common shares at December 30, 2022, the last trading day of 2022, was approximately $0 . Options exercisable at December 31, 2022, 2021 and 2020 have a weighted average remaining contractual life of approximately 0.7 years, 1.2 years, and 2.2 years, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Schedule of commitments	At December 31, 2022, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2022 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties ote 5. Real Estate Investments ​ $ 22,102 (1) $ 7,263 ​ $ 8,315 ​ $ 13,787 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ​ ​ 19,000 (2) ​ — ​ ​ — ​ ​ 19,000 Mortgage loans (N ote 5. Real Estate Investments ​ ​ 32,507 (3) ​ 5,873 ​ ​ 9,613 ​ ​ 22,894 Notes receivable (N ote 7. Notes Receivable ​ ​ 27,541 ​ ​ 12,192 ​ ​ 15,962 ​ ​ 11,579 Total ​ $ 101,150 ​ $ 25,328 ​ $ 33,890 ​ $ 67,260 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ​ (2) Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. If neither option is elected within the timeframe defined in the lease, both elections are terminated. ​ (3) Represents $14,507 of commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $18,000 represents contingent funding upon the borrower achieving certain coverage ratios.

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2022
Distributions
Schedule of federal income tax classification of the per share common stock distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Ordinary taxable distribution $ 1.095 $ 1.220 $ 0.936 ​ Return of capital ​ — ​ 0.750 ​ — ​ Unrecaptured Section 1250 gain ​ 0.502 ​ 0.252 ​ 0.894 ​ Long-term capital gain ​ 0.683 ​ 0.058 ​ 0.450 ​ Total ​ $ 2.280 ​ $ 2.280 ​ $ 2.280 ​

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
Net Income Per Common Share
Schedule of basic and diluted net income per share	Basic and diluted net income per share was as follows (in thousands except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ Net income ​ $ 100,584 $ 56,224 $ 95,677 ​ Less income allocated to non-controlling interests ​ (560) ​ (363) ​ (384) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (531) ​ (458) ​ (397) ​ Income allocated to participating securities ​ (49) ​ — ​ (25) ​ Total net income allocated to participating securities ​ (580) ​ (458) ​ (422) ​ Net income available to common stockholders ​ 99,444 ​ 55,403 ​ 94,871 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share ​ $ 99,444 ​ $ 55,403 ​ $ 94,871 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 39,894 ​ 39,156 ​ 39,179 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (2) ​ — ​ — ​ — ​ Performance-based stock units ​ ​ 173 ​ ​ — (3) ​ 85 ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities ​ 173 ​ — ​ 85 ​ Shares for diluted net income per share ​ 40,067 ​ 39,156 ​ 39,264 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 2.49 ​ $ 1.41 ​ $ 2.42 ​ Diluted net income per share ​ $ 2.48 ​ $ 1.41 ​ $ 2.42 ​ (1) For the years ended December 31, 2022, 2021 and 2020, the participating securities were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ​ (2) For the years ended December 31, 2022, 2021and 2020, the stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ​ (3) For the year ended December 31, 2021, no performance-based stock units would be earned based on TSR targets.

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information
Schedule of quarterly financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the quarter ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ ​ (unaudited, in thousands except per share amounts) 2022 ​ ​ ​ ​ ​ Revenues ​ $ 40,787 ​ $ 43,024 ​ $ 43,503 ​ $ 47,839 ​ Net income available to common stockholders ​ $ 14,275 ​ $ 54,065 ​ $ 13,159 ​ $ 17,809 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.36 ​ $ 1.37 ​ $ 0.33 ​ $ 0.44 ​ Diluted ​ $ 0.36 ​ $ 1.36 ​ $ 0.32 ​ $ 0.44 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 40,280 ​ $ 38,129 ​ $ 37,472 ​ $ 39,441 ​ Net income available to common stockholders ​ $ 13,642 ​ $ 18,126 ​ $ 10,909 ​ $ 12,726 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.35 ​ $ 0.46 ​ $ 0.28 ​ $ 0.32 ​ Diluted ​ $ 0.35 ​ $ 0.46 ​ $ 0.28 ​ $ 0.32 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ ​ ​ NOTE: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Schedule of carrying value and fair value of the entity's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ At December 31, 2021 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivable, net of credit loss reserve ​ $ 75,999 ​ $ 76,033 (1) $ — ​ $ — ​ Mortgage loans receivable, net of credit loss reserve ​ ​ 389,728 ​ ​ 461,276 (2) ​ 344,442 ​ ​ 405,162 (2) Notes receivable, net of credit loss reserve ​ 58,383 ​ 61,858 (3) 28,337 ​ 28,653 (3) Revolving line of credit ​ 130,000 ​ ​ 130,000 (4) ​ 110,900 ​ ​ 110,900 (4) Term loans, net of debt issue costs ​ ​ 99,511 ​ ​ 100,000 (4) ​ 99,363 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 538,343 ​ ​ 477,653 (5) ​ 512,456 ​ ​ 540,045 (5) (1) Our investment in financing receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate used to value our future cash inflows of the financing receivable at December 31, 2022 was 7.6% . ​ (2) Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at December 31, 2022 and 2021 was 9.3% and 9.5% , respectively. ​ (3) Our investments in notes receivable are classified as Level 3. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash flows of the notes receivable at December 31, 2022 and 2021, were 7.1% and 5.6% , respectively. ​ (4) Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at December 31, 2022 and 2021 based upon prevailing market interest rates for similar debt arrangements. ​ (5) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2022, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.50% for those maturing before year 2030 and 7.00% for those maturing at or beyond year 2030. At December 31, 2021, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.0% for those maturing before year 2030 and 3.25% for those maturing beyond year 2030.

The Company (Details)

The Company (Details)	12 Months Ended
	Dec. 31, 2022 segment
General
Number of operating segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Owned Properties (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020 USD ($) item
Owned Properties
Number of beds damaged | item		114
Gain from property insurance proceeds | $		$ 373,000
Computer Equipment | Minimum
Owned Properties
Useful life	3 years
Computer Equipment | Maximum
Owned Properties
Useful life	5 years
Furniture and Fixtures | Minimum
Owned Properties
Useful life	5 years
Furniture and Fixtures | Maximum
Owned Properties
Useful life	15 years
Building | Minimum
Owned Properties
Useful life	35 years
Building | Maximum
Owned Properties
Useful life	50 years
Site Improvements | Minimum
Owned Properties
Useful life	10 years
Site Improvements | Maximum
Owned Properties
Useful life	20 years
Building Improvements | Minimum
Owned Properties
Useful life	10 years
Building Improvements | Maximum
Owned Properties
Useful life	50 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Working Capital Loan (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Mortgage loans on real estate
Interest rate (as a percent)	7.25%
Minimum
Mortgage loans on real estate
Interest rate (as a percent)		4%
Minimum | Working Capital Loans Receivables
Mortgage loans on real estate
Interest rate (as a percent)	4%
Maximum
Mortgage loans on real estate
Interest rate (as a percent)		8%
Maximum | Working Capital Loans Receivables
Mortgage loans on real estate
Interest rate (as a percent)	8%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Mezzanine Loans and Impairments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage loans on real estate
Interest rate (as a percent)	7.25%
Loan Term	4 years
Allowance for Doubtful Accounts
Accrued interest receivable	$ 46,000,000
Write-off of accrued interest receivable	0	$ 0	$ 0
Impairments
Impairment of Real Estate	$ 3,422,000	$ 0	$ 3,977,000
Minimum
Mortgage loans on real estate
Interest rate (as a percent)		4%
Maximum
Mortgage loans on real estate
Interest rate (as a percent)		8%
Loan Term	4 years
Mezzanine Loans | Minimum
Mortgage loans on real estate
Interest rate (as a percent)	7%
Loan Term	4 years
Mezzanine Loans | Maximum
Mortgage loans on real estate
Interest rate (as a percent)	12%
Loan Term	5 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Derivative Instruments (Details)	1 Months Ended	3 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2022 USD ($) item
Summary of Significant Accounting Policies
Number of interest rate swaps | item	2	2
Notional Amount | $	$ 100,000,000	$ 100,000,000
Credit spread basis points	10%	10%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Revenue Recognition
Maximum period over which loan is to be considered as non-performing	60 days
Contingent rental income | $	$ 57	$ 0	$ 111
Minimum
Revenue Recognition
Methods used for calculation of annual increases over the rents of the prior year	1
Specified annual increase over the prior year's rent (as a percent)	2%
Maximum
Revenue Recognition
Methods used for calculation of annual increases over the rents of the prior year	4
Specified annual increase over the prior year's rent (as a percent)	3%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal Income Taxes
Provision for federal or state income taxes	$ 0	$ 0	$ 0
Minimum distribution of taxable income (as a percent)	90%
Distribution percentage	100
Period considered for calculation of depreciation for federal tax purpose	27 years 6 months
Period considered for determining the taxability of distributions to shareholders	30 years
(Excess) / Deficit of book basis of net depreciable assets over tax basis	$ 41,202,000

Major Operators (Details)

Major Operators (Details)	12 Months Ended
	Dec. 31, 2022 item property
Major Operators
Number of major operators	1
Number of beds/units	217
ALF
Major Operators
Number of beds/units	74
Prestige Healthcare | SNF
Major Operators
Number of beds | property	24
Number of beds/units	2,820
Prestige Healthcare | ALF
Major Operators
Number of beds/units	93
Total Revenues | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	18.60%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	16%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-cash investing and financing transactions:
Contribution of financing receivable from non-controlling interests (See Note 5. Real Estate Investments)	$ 14,325
Mortgage loans receivable reserve withheld at origination (See Note 5. Real Estate Investments)	107	$ 298
Accretion of interest reserve recorded as mortgage loan receivable (See Note 5. Real Estate Investments)	(6,192)	(150)
Preferred return reserve related to investment in unconsolidated joint ventures (See Note 6. Investment in Unconsolidated Joint Ventures)	351	2,324	$ 2,878
Notes receivable reserve withheld at origination (See Note 7. Notes Receivable)		353
Reclassification of notes receivable to lease incentives (Note 8. Lease Incentives)			$ 300
Change in fair value of interest rate swap agreements (Note 9. Debt Obligations)	$ (8,891)	$ 172

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) - Real Estate Investment	Dec. 31, 2022 property
Real estate investments
Number of properties	152
Number of states	26
Number of operators	24
ALF
Real estate investments
Number of properties	99
SNF
Real estate investments
Number of properties	52
Hospital
Real estate investments
Number of properties	1

Real Estate Investments - Base

Real Estate Investments - Base Rents (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Depreciation
Depreciation expense	$ 37,394	$ 38,192	$ 38,945
Future minimum base rents receivable
2023	120,817
2024	113,003
2025	103,690
2026	71,044
2027	67,087
Thereafter	$ 200,663

Real Estate Investments - Lease

Real Estate Investments - Lease (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 item lease Center	Dec. 31, 2022 USD ($) property Center lease item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real estate investments
Lease renewal term	5 years	5 years
Number of operating lease renewals | lease		2
Skilled nursing center purchased | Center		3
Write-off of straight-line rent and lease incentives balances		$ 256,000	$ 758,000	$ 23,214,000
Gross Investment		58,972,000
Carrying value		$ 1,019,218,000	1,033,951,000
Lease term		10 years
Income and Expenses, Lessor [Abstract]
Base cash rental income		$ 115,230,000	107,692,000	132,789,000
Variable cash rental income		15,516,000	14,332,000	15,167,000
Straight-line rent		(1,369,000)	467,000	1,778,000
Adjustment for collectability of lease incentives and rental income		(256,000)	(758,000)	(23,214,000)
Amortization of lease incentives		(877,000)	(608,000)	(426,000)
Total Rental Income		$ 128,244,000	$ 121,125,000	$ 126,094,000
Number of units | item		217
Number of Re leased properties | property		18
Percentage of reduction in rent and interest escalations		50%	50%
Subsequent Event
Real estate investments
Lease renewal term	5 years
Number of operating lease renewals | lease	2
Lease term	10 years
Florida | Brookdale Senior Living | Subsequent Event
Income and Expenses, Lessor [Abstract]
Number of units | item	216
Purchase Option in Lease Arrangements
Real estate investments
Gross Investment		$ 202,013,000
Carrying value		185,066,000
ALF
Income and Expenses, Lessor [Abstract]
Lease termination fee received		$ 1,181,000
Number of units | item		74
ALF | Purchase Option in Lease Arrangements | Nebraska
Real estate investments
Number of properties | property		3
Gross Investment		$ 7,633,000
Carrying value		$ 2,948,000
MC | Purchase Option in Lease Arrangements | Florida
Real estate investments
Number of properties | property		1
Gross Investment		$ 15,201,000
Carrying value		$ 12,500,000
ALF & MC | Purchase Option in Lease Arrangements | California
Real estate investments
Number of properties | property		2
Gross Investment		$ 38,895,000
Carrying value		$ 33,719,000
ALF & MC | Purchase Option in Lease Arrangements | South Carolina
Real estate investments
Number of properties | property		1
Gross Investment		$ 11,680,000
Carrying value		$ 9,052,000
SNF
Real estate investments
Lease renewal term		5 years
Number of operating lease renewals | lease		2
Skilled nursing center purchased | item		3
Number of properties acquired | property		4
Lease term		10 years
SNF | Brookdale Senior Living | Subsequent Event
Real estate investments
Skilled nursing center purchased | Center	2
Additional term of lessor's operating lease renewal	5 years
SNF | Florida | Brookdale Senior Living | Subsequent Event
Income and Expenses, Lessor [Abstract]
Number of units | item	216
SNF | Texas
Real estate investments
Lease term		10 years
SNF | Purchase Option in Lease Arrangements | Florida
Real estate investments
Number of properties | property		3
Gross Investment		$ 76,767,000
Carrying value		$ 75,999,000
Number of properties acquired | item		3
SNF | Purchase Option in Lease Arrangements | Texas
Real estate investments
Number of properties | property		4
Gross Investment		$ 51,837,000
Carrying value		$ 50,848,000
Number of properties acquired | item		4
Lease term		10 years

Real Estate Investments - Impai

Real Estate Investments - Impairment Loss (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate Properties [Line Items]
Number of units | item	217
Impairment loss	$ 3,422,000	$ 0	$ 3,977,000
Kentucky
Real Estate Properties [Line Items]
Impairment loss from investments in unconsolidated joint ventures	$ 1,286,000
ALF
Real Estate Properties [Line Items]
Number of units | item	74
ALF | Kentucky
Real Estate Properties [Line Items]
Impairment loss from investments in unconsolidated joint ventures	$ 1,286,000
ALF | Florida and Colorado
Real Estate Properties [Line Items]
Number of units | item	70
Impairment loss	$ 2,136,000

Real Estate Investments - Held-

Real Estate Investments - Held-For-Sale Properties (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Accumulated depreciation	$ 389,182,000	$ 374,606,000
Kentucky
Real Estate Properties [Line Items]
Impairment loss from investments in unconsolidated joint ventures	$ 1,286,000
ALF | Kentucky
Real Estate Properties [Line Items]
Number of Properties | property	1
Number of Beds/units | item	60
Gross Investment	$ 13,015,000
Accumulated depreciation	2,305,000
Impairment loss from investments in unconsolidated joint ventures	$ 1,286,000

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item property
Real estate investments
Lease term	10 years
SNF
Real estate investments
Purchase Price	$ 51,534
Transaction Costs	283
Acquisition Costs	$ 51,817
Number of properties acquired | property	4
Number of beds/units acquired | item	339
Lease term	10 years
SNF | Texas
Real estate investments
Lease term	10 years
Number of options available for renewal | item	2
Renewal term	5 years
Cash yield percentage, minimum	8%
Cash yield percentage year two	8.25%
Working capital loan outstanding	$ 1,642
SNF | Texas | Minimum
Real estate investments
Annual increase in cash yield percentage	2%
SNF | Texas | Maximum
Real estate investments
Annual increase in cash yield percentage	4%
Working capital loan funded	$ 2,000

Real Estate Investments - Devel

Real Estate Investments - Developments and Improvements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real estate investments
Invested in projects	$ 25,328
Development | Development and Improvement Commitments
Real estate investments
Invested in projects	105		$ 16,699
Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	8,994	$ 6,298	6,913
ALF | Development | Development and Improvement Commitments
Real estate investments
Invested in projects	105		4,491
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	5,538	5,846	6,842
SNF | Development | Development and Improvement Commitments
Real estate investments
Invested in projects			12,208
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	2,897	$ 452	$ 71
Other | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 559

Real Estate Investments - Compl

Real Estate Investments - Completed Projects (Details) - Real Estate Investment Completed Projects $ in Thousands	12 Months Ended
	Dec. 31, 2022 project	Dec. 31, 2021 project	Dec. 31, 2020 USD ($) property item
Completed development projects
Number of completed development projects | project	0	0
Real Estate Development Commitments
Completed development projects
Number of Properties | property			2
Number of Beds/Units | item			168
Total Investment | $			$ 35,034
ALF & MC | Real Estate Development Commitments | Oregon
Completed development projects
Number of Properties | property			1
Number of Beds/Units | item			78
Total Investment | $			$ 18,447
SNF | Real Estate Development Commitments | Missouri
Completed development projects
Number of Properties | property			1
Number of Beds/Units | item			90
Total Investment | $			$ 16,587

Real Estate Investments - Prope

Real Estate Investments - Properties Sales (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) property item	Dec. 31, 2021 USD ($) item property	Dec. 31, 2020 USD ($) item property
Disposals and other
Carrying value	$ 1,019,218,000	$ 1,033,951,000
Net Gain (loss)	37,830,000	$ 7,462,000	$ 44,117,000
Gain from property insurance proceeds			$ 373,000
Number of beds damaged | item			114
Kentucky
Disposals and other
Impairment loss from investments in unconsolidated joint ventures	1,286,000
ALF | Virginia
Disposals and other
Lease termination fee payable	1,181,000
ALF | Kentucky
Disposals and other
Impairment loss from investments in unconsolidated joint ventures	$ 1,286,000
Properties sold
Disposals and other
Number of properties sold | property	5	6	21
Number of beds or units in property sold | item	427	426	2,411
Sales price	$ 74,345,000	$ 45,600,000	$ 74,800,000
Carrying value	35,924,000	36,513,000	29,084,000
Net Gain (loss)	37,830,000	7,462,000	44,117,000
Net Gain (loss)	$ 214,000	$ 363,000	$ 129,000
Properties sold | ALF | California
Disposals and other
Number of properties sold | property	2
Number of beds or units in property sold | item	232
Sales price	$ 43,715,000
Carrying value	17,832,000
Net Gain (loss)	$ 25,867,000
Properties sold | ALF | Florida
Disposals and other
Number of properties sold | property		1
Sales price		$ 2,000,000
Carrying value		2,626,000
Net Gain (loss)		$ (858,000)
Properties sold | ALF | Nebraska
Disposals and other
Number of properties sold | property		1
Number of beds or units in property sold | item		40
Sales price		$ 900,000
Carrying value		1,079,000
Net Gain (loss)		$ (200,000)
Properties sold | ALF | Wisconsin
Disposals and other
Number of properties sold | property		3
Number of beds or units in property sold | item		263
Sales price		$ 35,000,000
Carrying value		28,295,000
Net Gain (loss)		$ 5,595,000
Properties sold | ALF | Virginia
Disposals and other
Number of properties sold | property	1
Number of beds or units in property sold | item	74
Sales price	$ 16,895,000
Carrying value	15,549,000
Net Gain (loss)	$ 1,344,000
Properties sold | SNF | California
Disposals and other
Number of properties sold | property	1
Number of beds or units in property sold | item	121
Sales price	$ 13,250,000
Carrying value	1,846,000
Net Gain (loss)	$ 10,846,000
Properties sold | SNF | Washington
Disposals and other
Number of properties sold | property		1
Number of beds or units in property sold | item		123
Sales price		$ 7,700,000
Carrying value		4,513,000
Net Gain (loss)		$ 2,562,000
Properties sold | SNF | Arizona
Disposals and other
Number of properties sold | property			1
Number of beds or units in property sold | item			194
Sales price			$ 12,550,000
Carrying value			2,229,000
Net Gain (loss)			$ 10,293,000
Properties sold | SNF | Colorado
Disposals and other
Number of properties sold | property			3
Number of beds or units in property sold | item			275
Sales price			$ 15,000,000
Carrying value			4,271,000
Net Gain (loss)			$ 10,364,000
Properties sold | SNF | Iowa
Disposals and other
Number of properties sold | property			7
Number of beds or units in property sold | item			544
Sales price			$ 14,500,000
Carrying value			4,886,000
Net Gain (loss)			$ 9,051,000
Properties sold | SNF | Kansas
Disposals and other
Number of properties sold | property			3
Number of beds or units in property sold | item			250
Sales price			$ 9,750,000
Carrying value			7,438,000
Net Gain (loss)			$ 1,993,000
Properties sold | SNF | Texas
Disposals and other
Number of properties sold | property	1		7
Number of beds or units in property sold | item			1,148
Sales price	$ 485,000		$ 23,000,000
Carrying value	697,000		10,260,000
Net Gain (loss)	$ (441,000)		$ 12,287,000

Real Estate Investments - Finan

Real Estate Investments - Financing Receivable (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item lease	Dec. 31, 2022 USD ($) Center lease
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Contribution to JV		$ 61,661,000
Skilled nursing center purchased | Center		3
Real estate property acquired		$ 75,825,000
Lease term		10 years
Number of operating lease renewals | lease		2
Lease renewal term	5 years	5 years
Interest income from financing receivable		$ 1,762,000
Provision for expected loan losses		768,000
Subsequent Event
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Amount of joint venture investment	$ 121,321,000
Contribution to JV	$ 117,900,000
Number of assisted living and memory care communities | item	11
Lease term	10 years
Number of operating lease renewals | lease	2
Lease renewal term	5 years
Percentage of contractual initial cash yield	7.25%
Percentage of contractual initial cash yield in year three	7.50%
Percentage of floor on initial cash yield	2%
Percentage of ceiling on initial cash yield	4%
Maximum percentage of purchase option to buy properties	50%
Percentage of cash return	9%
JV Partner
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Contribution to JV		$ 14,325,000

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loan (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) property loan item state $ / item	Dec. 31, 2021
Real Estate [Line Items]
Interest rate (as a percent)		7.25%
Gross Investment | $		$ 58,972,000
Number of Loans | property		14
Number of beds/units		217
Loan Term		4 years
Internal Rate of Return		8%
North Carolina | Subsequent Event
Real Estate [Line Items]
Interest rate (as a percent)	7.25%
Payments to Acquire Real Estate | $	$ 10,750,000
Loan Term	2 years
Internal Rate of Return	9%
ALF
Real Estate [Line Items]
Number of beds/units		74
ALF | North Carolina
Real Estate [Line Items]
Number of properties | property		4
Mezzanine loan
Real Estate [Line Items]
Interest rate (as a percent)		8%
Number of beds/units | property		621
Loan Term		5 years
Mezzanine loan | Subsequent Event
Real Estate [Line Items]
Number of beds/units	136
Mortgage loans with 7.3% Interest Maturing 2025 | ALF
Real Estate [Line Items]
Internal Rate of Return		8%
Mortgage loans with 7.3% Interest Maturing 2026 | OTH
Real Estate [Line Items]
Interest rate (as a percent)		7.30%
Mortgage Loans
Real Estate [Line Items]
Gross Investment | $		$ 393,658,000
Percentage of Investment		100%
Number of Loans | loan		10
Number of properties | property		41
Average Investment per Bed/Unit | $ / item		106.42
Number of borrowers		5
Number of states in which properties are located | state		6
Mortgage Loans | North Carolina
Real Estate [Line Items]
Interest rate (as a percent)		7.30%
Mortgage Loans | SNF Beds
Real Estate [Line Items]
Number of beds/units		2,891
Mortgage Loans | ALF Units
Real Estate [Line Items]
Number of beds/units		808
Mortgage Loans | SNF
Real Estate [Line Items]
Interest rate (as a percent)		2.25%
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2023 | OTH
Real Estate [Line Items]
Interest rate (as a percent)		7.50%
Gross Investment | $		$ 1,886,000
Percentage of Investment		0.50%
Number of Loans | loan		1
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | SNF
Real Estate [Line Items]
Interest rate (as a percent)		7.50%
Gross Investment | $		$ 29,347,000
Percentage of Investment		7.50%
Number of Loans | loan		1
Number of properties | property		1
Average Investment per Bed/Unit | $ / item		155.28
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units		189
Mortgage Loans | Mortgage loans with 7.8% Interest Maturing 2025 | ALF
Real Estate [Line Items]
Interest rate (as a percent)		7.80%
Gross Investment | $		$ 14,308,000
Percentage of Investment		3.60%
Number of Loans | loan		1
Number of properties | property		1
Average Investment per Bed/Unit | $ / item		210.41
Mortgage Loans | Mortgage loans with 7.8% Interest Maturing 2025 | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units		68
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025 | ALF
Real Estate [Line Items]
Gross Investment | $		$ 56,317,000
Percentage of Investment		14.30%
Number of Loans | loan		1
Number of properties | property		13
Average Investment per Bed/Unit | $ / item		107.68
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025 | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units		523
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | OTH
Real Estate [Line Items]
Gross Investment | $		$ 797,000
Percentage of Investment		0.20%
Number of Loans | loan		1
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | ALF
Real Estate [Line Items]
Interest rate (as a percent)		7.30%
Gross Investment | $		$ 33,001,000
Percentage of Investment		8.40%
Number of Loans | loan		1
Number of properties | property		4
Average Investment per Bed/Unit | $ / item		152.08
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units		217
Mortgage Loans | Mortgage loans with 10.6% Interest Maturing 2043 | SNF
Real Estate [Line Items]
Interest rate (as a percent)			10.60%
Gross Investment | $		$ 184,351,000
Percentage of Investment		46.80%
Number of Loans | loan		1
Number of properties | property		15
Average Investment per Bed/Unit | $ / item		98.32
Mortgage Loans | Mortgage loans with 10.6% Interest Maturing 2043 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units		1,875
Mortgage Loans | Mortgage loans with 9.6% Interest Maturing 2045 [Member] | SNF
Real Estate [Line Items]
Interest rate (as a percent)		9.60%
Gross Investment | $		$ 39,026,000
Percentage of Investment		9.90%
Number of Loans | loan		1
Number of properties | property		4
Average Investment per Bed/Unit | $ / item		81.30
Mortgage Loans | Mortgage loans with 9.6% Interest Maturing 2045 [Member] | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units		480
Mortgage Loans | Mortgage loans with 9.8% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)		9.80%
Gross Investment | $		$ 19,750,000
Percentage of Investment		5%
Number of Loans | loan		1
Number of properties | property		2
Average Investment per Bed/Unit | $ / item		98.26
Mortgage Loans | Mortgage loans with 9.8% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units		201
Mortgage Loans | Mortgage Loans with 10.1% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)		10.10%
Gross Investment | $		$ 14,875,000
Percentage of Investment		3.80%
Number of Loans | loan		1
Number of properties | property		1
Average Investment per Bed/Unit | $ / item		101.88
Mortgage Loans | Mortgage Loans with 10.1% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units		146

Real Estate Investments - Mor_2

Real Estate Investments - Mortgage Loans Activity (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) a property loan item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Mortgage Loans
Originations and funding under mortgage loans receivable		$ 40,732,000	$ 88,955,000	$ 4,253,000
Application of interest reserve		6,192,000	298,000
Scheduled principal payments received		(1,175,000)	(1,175,000)	(1,065,000)
Mortgage loan premium amortization		(6,000)	(6,000)	(4,000)
Provision (recovery) for loan loss reserve		(457,000)	(881,000)	(32,000)
Net increase (decrease) in mortgage loans receivable		$ 45,286,000	87,191,000	3,152,000
Number of senior mortgage loans | loan		2
Area of land | a		7.6
Loan Term		4 years
Interest rate (as a percent)		7.25%
Internal Rate of Return		8%
Gross Investment		$ 58,972,000
Number of beds/units | item		217
Extension term number of options		2
Extension term		1 year
Carrying Amount of Mortgages		$ 389,728,000	344,442,000	257,251,000	$ 254,099,000
Additions to mortgage loans			$ 9,900,000
Minimum
Mortgage Loans
Interest rate (as a percent)			4%
Maximum
Mortgage Loans
Loan Term		4 years
Interest rate (as a percent)			8%
Mortgage Loans
Mortgage Loans
Gross Investment		$ 393,658,000
Number of properties | property		41
Percentage of Investment		100%
Additions to mortgage loans		$ 2,000,000	$ 540,000
Mezzanine loan
Mortgage Loans
Loan Term		5 years
Interest rate (as a percent)		8%
Number of beds/units | property		621
Mezzanine loan | Subsequent Event
Mortgage Loans
Number of beds/units | item	136
Mortgages With 8.89 Percent Interest With Escalation [Member] | Mortgage Loans
Mortgage Loans
Additions to mortgage loans				$ 2,000,000
SNF | Mortgage Loans
Mortgage Loans
Interest rate (as a percent)		2.25%
SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans
Mortgage Loans
Number of beds/units | item		91
ALF
Mortgage Loans
Number of beds/units | item		74
Missouri | SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans
Mortgage Loans
Loan Term			1 year
Interest rate (as a percent)			7.50%
Gross Investment			$ 1,638,000
Number of beds/units | item			91
Amount With held in Reserve			$ 142,000
Louisiana | SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans
Mortgage Loans
Loan Term			3 years
Interest rate (as a percent)			7.50%
Gross Investment			$ 27,047,000
Number of beds/units | item			189
Extension term number of options | item			1
Extension term			12 months
Florida | ALF | Mortgages With 7.75% Interest | Mortgage Loans
Mortgage Loans
Loan Term			4 years
Interest rate (as a percent)			7.75%
Gross Investment			$ 11,724,000
Number of beds/units | item			68
Amount With held in Reserve			$ 806,000
Origination/Funding			4,177,000
Application of mortgage premium			$ 156,000
California | Mortgage Loans
Mortgage Loans
Loan Term			4 years
Amount With held in Reserve			$ 4,496,000
Number of real estate properties acquired | item			13
Carrying Amount of Mortgages			$ 48,006,000
Funded commitment			6,097,000
Commitment for working capital			$ 650,000
California | ALF | Mortgages With 7.75% Interest | Mortgage Loans
Mortgage Loans
Interest rate (as a percent)			7.25%
North Carolina | Subsequent Event
Mortgage Loans
Payments to Acquire Real Estate	$ 10,750,000
Loan Term	2 years
Interest rate (as a percent)	7.25%
Internal Rate of Return	9%
North Carolina | Mortgage Loans
Mortgage Loans
Interest rate (as a percent)		7.30%
Carrying Amount of Mortgages		$ 788,000
North Carolina | ALF
Mortgage Loans
Number of properties | property		4
SNF Beds | Mortgage Loans
Mortgage Loans
Number of beds/units | item		2,891

Real Estate Investments - Mor_3

Real Estate Investments - Mortgage Loans - Scheduled Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate investments
Carrying value of mortgage loans	$ 389,728	$ 344,442
Mortgage Loans
Real estate investments
Carrying value of mortgage loans	389,728	$ 344,442
Scheduled principal payments on mortgage loan receivables
2023	3,061
2024	30,522
2025	71,801
2026	34,972
2027	1,175
Thereafter	252,127
Total	$ 393,658

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) property
Investment in Unconsolidated Joint Ventures
Liquidation proceeds				$ 17,848,000
Number of beds/units | item		217
Carrying Value		$ 19,340,000	$ 19,340,000
Application of Interest Reserve		6,192,000	150,000
Subsequent Event
Investment in Unconsolidated Joint Ventures
Percentage of cash return	9%
Amount of joint venture investment	$ 121,321,000
Joint Venture
Investment in Unconsolidated Joint Ventures
Number of properties owned by joint venture for sale | property				4
Liquidation proceeds				$ 17,848,000
Additional proceeds				758,000
Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Capital Contributions			8,000,000	11,398,000
Income Recognized		1,504,000	1,417,000	432,000
Cash Interest Earned		351,000		432,000
Application of Interest Reserve		$ 1,153,000	1,292,000
Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Number of beds/units | item		95
Carrying Value		$ 19,340,000
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Capital Contributions				58,000
Income Recognized				231,000
Cash Interest Earned				231,000
Combination ALF, MC, ILF | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Arizona
Investment in Unconsolidated Joint Ventures
Number of beds/units | property		4
UDP | Joint Venture | Not primary beneficiary | Preferred Equity Investment
Investment in Unconsolidated Joint Ventures
Income Recognized		$ 1,054,000
Cash Interest Earned		351,000
Application of Interest Reserve		$ 703,000
UDP | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Capital Contributions			8,000,000	6,340,000
Income Recognized			967,000	169,000
Cash Interest Earned				169,000
Application of Interest Reserve			880,000
UDP | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Subsequent Event
Investment in Unconsolidated Joint Ventures
Number of beds/units | item	267
Preferred equity investment in a joint venture	$ 13,000,000
Percentage of internal rate of return	14%
UDP | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage		12%
Contractual cash portion		8%
Number of beds/units | item		267
Carrying Value		$ 13,000,000
Percentage of Investment		11.60%
Percentage of cash return		8%
Percentage of internal rate of return		12%
UDP | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Capital Contributions				5,000,000
Income Recognized				32,000
Cash Interest Earned				$ 32,000
Combination ALF/MC | Joint Venture | Not primary beneficiary | Preferred Equity Investment
Investment in Unconsolidated Joint Ventures
Income Recognized		$ 450,000
Application of Interest Reserve		$ 450,000
Combination ALF/MC | Preferred Equity Investment | Not primary beneficiary | Internal Rate of Return is Until Eight Percent | Maximum
Investment in Unconsolidated Joint Ventures
Percentage of cash return		9%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized			450,000
Application of Interest Reserve			$ 412,000
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Internal Rate of Return is Until Eight Percent
Investment in Unconsolidated Joint Ventures
Percentage of internal rate of return		8%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | The Internal Rate of Return is Between Twelve and Fourteen Percent | Minimum
Investment in Unconsolidated Joint Ventures
Percentage of internal rate of return		12%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | The Internal Rate of Return is Between Twelve and Fourteen Percent | Maximum
Investment in Unconsolidated Joint Ventures
Percentage of internal rate of return		14%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage		12%
Contractual cash portion		7%
Number of beds/units | item		95
Carrying Value		$ 6,340,000
Percentage of Investment		15.50%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Minimum
Investment in Unconsolidated Joint Ventures
Preferred return percentage		12%
Combination ALF/MC | Preferred Equity Investment | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Minimum
Investment in Unconsolidated Joint Ventures
Percentage of cash return		7%

Notes Receivable (Details)

Notes Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan property
Notes Receivable
Interest rate (as a percent)	7.25%
Internal Rate of Return	8%
Gross Investment	$ 58,972
Number of Loans | property	14
Mezzanine loan
Notes Receivable
Interest rate (as a percent)	8%
Mezzanine loan | Mezzanine loan with 8% interest rate, 2023 maturity | ALF
Notes Receivable
Interest rate (as a percent)	8%
Internal Rate of Return	12%
Gross Investment	$ 7,460
Number of Loans | loan	1
Mezzanine loan | Mezzanine loan with 8% interest rate, 2024 maturity | ILF
Notes Receivable
Interest rate (as a percent)	8%
Internal Rate of Return	10.50%
Gross Investment	$ 4,355
Number of Loans | loan	1
Mezzanine loan | Mezzanine loan loan 8% interest rate, 2027 maturity | ALF
Notes Receivable
Interest rate (as a percent)	8%
Internal Rate of Return	11%
Gross Investment	$ 25,000
Number of Loans | loan	1
Working capital loans | Working capital loan 5% interest rate, 2023 maturity | ALF
Notes Receivable
Interest rate (as a percent)	5%
Gross Investment	$ 380
Number of Loans | loan	1
Working capital loans | Working capital loan 7% interest rate, 2023 maturity | ALF
Notes Receivable
Interest rate (as a percent)	7%
Gross Investment	$ 500
Number of Loans | loan	1
Working capital loans | Working capital loan 5% interest rate, 2024 maturity | ALF
Notes Receivable
Interest rate (as a percent)	5%
Gross Investment	$ 184
Number of Loans | loan	1
Working capital loans | Working capital loan 4% interest rate, 2024 maturity | SNF
Notes Receivable
Interest rate (as a percent)	4%
Gross Investment	$ 13,531
Number of Loans | loan	1
Working capital loans | Working capital loan 5% interest rate, 2025 maturity | ALF
Notes Receivable
Interest rate (as a percent)	5%
Gross Investment	$ 932
Number of Loans | loan	1
Working capital loans | Working capital loan 7.5% interest rate, 2027 maturity | ALF
Notes Receivable
Interest rate (as a percent)	7.50%
Gross Investment	$ 550
Number of Loans | loan	1
Working capital loans | Working capital loan 6.5% interest rate, 2030 maturity | SNF
Notes Receivable
Interest rate (as a percent)	6.50%
Gross Investment	$ 138
Number of Loans | loan	1
Working capital loans | Working capital loan 7.1% interest rate, 2030 maturity | ALF
Notes Receivable
Interest rate (as a percent)	7.10%
Gross Investment	$ 1,607
Number of Loans | loan	2
Working capital loans | Working capital loan 7% interest rate, 2031 maturity | ALF
Notes Receivable
Interest rate (as a percent)	7%
Gross Investment	$ 2,693
Number of Loans | loan	1
Working capital loans | Working capital loan 8% interest rate, 2032 maturity | SNF
Notes Receivable
Interest rate (as a percent)	8%
Gross Investment	$ 1,642
Number of Loans | loan	1

Notes Receivable - Components (

Notes Receivable - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Notes receivable activities
Notes receivable loan loss reserve	$ (589)	$ (286)
Total	58,383	28,337
Mezzanine loan
Notes receivable activities
Mezzanine loan	36,815	11,815
Other loans
Notes receivable activities
Mezzanine loan	$ 22,157	$ 16,808

Notes Receivable - Other Inform

Notes Receivable - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, after Allowance for Credit Loss [Abstract]
Advances under notes receivable	$ 37,192	$ 16,353	$ 2,078
Interest reserve withheld		353
Principal payments received under notes receivable	(6,843)	(2,694)	(5,275)
Reclassified to lease incentives			300
Provision (recovery) for credit losses	(303)	(140)	35
Net increase (decrease) in notes receivable	$ 30,046	$ 13,872	$ (3,462)

Notes Receivable - New Loan Com

Notes Receivable - New Loan Commitment (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) property item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Notes receivable activities
Gross Investment		$ 58,972,000
Principal payments received on notes receivable		6,843,000	$ 2,694,000	$ 5,275,000
Amounts funded		$ 37,192,000	16,353,000	2,078,000
Number of property		5
Loan Term		4 years
Extension term number of options		2
Extension term		1 year
Interest rate (as a percent)		7.25%
Number of real estate property communities | property		5
Number of units | item		217
Interest reserve withheld			353,000
Funded under working capital		$ 8,767,000	$ 540,000	$ 4,253,000
Mortgage Loans
Notes receivable activities
Gross Investment		$ 393,658,000
Minimum
Notes receivable activities
Interest rate (as a percent)			4%
Maximum
Notes receivable activities
Loan Term		4 years
Interest rate (as a percent)			8%
Mezzanine loan
Notes receivable activities
Mezzanine loan		$ 36,815,000	$ 11,815,000
Amounts funded		$ 25,000,000
Number of property | property		5
Loan Term		5 years
Interest rate (as a percent)		8%
IRR on mortgage loan on real estate property		11%
Number of units | property		621
Notes receivable, gross		$ 36,815,000	$ 11,815,000
Mezzanine loan | Adjustment
Notes receivable activities
Working capital loan funded		1,867,000
Mezzanine loan | Maximum
Notes receivable activities
Working capital loan funded		2,000,000
Mezzanine loan | loan with 8% for the first 18 months increasing to 10.5% thereafter
Notes receivable activities
Interest rate (as a percent)			10.50%
Mezzanine loan | Loan with 8.0% for the first 18 months increasing to 10.5% thereafter with an internal rate of return ("IRR") of 10.5%.
Notes receivable activities
Mezzanine loan			$ 4,355,000
Loan Term			3 years
Extension term number of options | item			2
Extension term			12 months
Interest rate (as a percent)			8%
Notes receivable, gross			$ 4,355,000
Interest reserve withheld			$ 353,000
Subsequent Event | Mezzanine loan
Notes receivable activities
Principal payments received on notes receivable	$ 4,545,000
Exit IRR	$ 190,000
Number of units | item	136
Subsequent Event | Notes Receivable
Notes receivable activities
Number of units | item	136
HMG Healthcare, LLC | Secured loan maturing in September 2022
Notes receivable activities
Mezzanine loan		$ 25,000,000
Number of properties in transition | item		11
Notes receivable, gross		$ 25,000,000
HMG Healthcare, LLC | Mezzanine loan
Notes receivable activities
Funded under working capital		$ 9,761,000

Lease Incentives (Details)

Lease Incentives (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lease Incentives
Non-contingent lease incentives	$ 1,789	$ 2,678

Lease Incentives - Non-Continge

Lease Incentives - Non-Contingent Lease Incentive Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lease Incentives
Non-contingent lease incentives funded	$ 418	$ 824	$ 220
Non-contingent amortization of lease incentives	(877)	(608)	(426)
Non-contingent lease, adjustment for collectability of lease incentives	(256)
Non-contingent lease, other adjustments	(174)		115
Net (decrease) increase in non-contingent lease incentives	$ (889)	$ 216	(91)
Reclassified to lease incentives			300
Non-contingent lease incentives, Write off			$ (185)
Number of properties with lease incentives write-offs | item	12
Number of properties with lease incentive adjustment | property	2

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2022 USD ($) item
Debt Obligations
Basis spread over base rate (as a percent)	10%	10%
Number of term loans | item	2	2	2
Revolving line of credit
Debt Obligations
Unused commitment fee (as a percent)			0.20%
Revolving line of credit | LIBOR
Debt Obligations
Basis spread over base rate (as a percent)			1.15%
Credit Agreement
Debt Obligations
Maximum available under facility	$ 500,000,000	$ 500,000,000	$ 500,000,000
Contingent increase in maximum borrowing capacity	1,000,000,000	1,000,000,000	$ 1,000,000,000
Additional extension period option			1 year
Revolving Credit Facility
Debt Obligations
Maximum available under facility	400,000,000	400,000,000	$ 400,000,000
Term loans
Debt Obligations
Maximum available under facility	$ 50,000,000	$ 50,000,000	$ 50,000,000
Term loans | LIBOR
Debt Obligations
Basis spread over base rate (as a percent)			1.35%

Debt Obligations - Interest Rat

Debt Obligations - Interest Rate Swap Agreement (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Debt Obligations
Number of interest rate swaps | item	2
Notional Amount	$ 100,000,000
Fair Value	$ 8,719,000
Interest Rate Swap
Debt Obligations
Number of interest rate swaps | item	2
Interest Rate Swap | Minimum
Debt Obligations
Debt instrument term	4 years
Interest Rate Swap | Maximum
Debt Obligations
Debt instrument term	5 years
Interest Rate Swap | Cash Flow Hedging
Debt Obligations
Increase (decrease) in fair value	$ 8,891,000,000	$ (172,000)
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2025
Debt Obligations
Notional Amount	50,000,000
Fair Value	4,003,000
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2026
Debt Obligations
Notional Amount	50,000,000
Fair Value	$ 4,716,000
Interest Rate Swap | Cash Flow Hedging | LIBOR | Maturing on November 19, 2025
Debt Obligations
Swap rate (in percentage)	2.62%
Interest Rate Swap | Cash Flow Hedging | LIBOR | Maturing on November 19, 2026
Debt Obligations
Swap rate (in percentage)	2.76%

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Obligations
Interest rate (as a percent)	7.25%
Minimum
Debt Obligations
Interest rate (as a percent)		4%
Maximum
Debt Obligations
Interest rate (as a percent)		8%
Senior Unsecured Notes
Debt Obligations
Face amount of debt	$ 75,000,000
Fixed interest rate (as a percent)	3.66%
Debt instrument term	10 years
Senior Unsecured Notes | Minimum
Debt Obligations
Interest rate (as a percent)	3.66%
Senior Unsecured Notes | Maximum
Debt Obligations
Interest rate (as a percent)	5.03%
Revolving line of credit
Financial covenants
Maximum ratio of total indebtedness to total asset value	0.5
Maximum ratio of secured debt to total asset value	0.35
Maximum ratio of unsecured debt to the value of the unencumbered asset pool	0.6
Minimum ratio of EBITDA to fixed charges	1.50

Debt Obligations - Component (D

Debt Obligations - Component (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Obligations
Applicable Interest Rate (as a percent)		4.24%
Outstanding Balance		$ 767,854,000	$ 722,719,000
Available for borrowing		270,000,000	289,100,000
Borrowings		269,000,000	304,400,000	$ 24,000,000
Payments on debt		$ 223,060,000	230,560,000	68,160,000
Revolving line of credit
Debt Obligations
Applicable Interest Rate (as a percent)		5.38%
Outstanding Balance		$ 130,000,000	110,900,000
Available for borrowing		270,000,000	289,100,000
Borrowings		194,000,000	204,400,000	24,000,000
Payments on debt		$ 174,900,000	183,400,000	28,000,000
Term loans
Debt Obligations
Applicable Interest Rate (as a percent)		2.69%
Outstanding Balance		$ 99,511,000	99,363,000
Borrowings			100,000,000
Senior Unsecured Notes
Debt Obligations
Applicable Interest Rate (as a percent)		4.25%
Outstanding Balance		$ 538,343,000	512,456,000
Borrowings		75,000,000
Payments on debt		$ 48,160,000	$ 47,160,000	$ 40,160,000
Subsequent Event | Revolving line of credit
Debt Obligations
Outstanding Balance	$ 292,700,000
Available for borrowing	107,300,000
Borrowings	162,700,000
Subsequent Event | Senior Unsecured Notes
Debt Obligations
Outstanding Balance	531,343,000
Payments on debt	$ 7,000,000

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Repayments (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Borrowings
Borrowings from revolving line of credit		$ 194,000,000	$ 204,400,000	$ 24,000,000
Total		269,000,000	304,400,000	24,000,000
Repayments
Revolving line of credit		(174,900,000)	(183,400,000)	(28,000,000)
Senior unsecured notes		(48,160,000)	(47,160,000)	(40,160,000)
Total		(223,060,000)	(230,560,000)	(68,160,000)
Borrowings from term loans		269,000,000	304,400,000	24,000,000
Outstanding Balance		767,854,000	722,719,000
Available for borrowing		270,000,000	289,100,000
Revolving line of credit
Borrowings
Total		194,000,000	204,400,000	24,000,000
Repayments
Total		(174,900,000)	(183,400,000)	(28,000,000)
Borrowings from term loans		194,000,000	204,400,000	24,000,000
Outstanding Balance		130,000,000	110,900,000
Available for borrowing		270,000,000	289,100,000
Term loans
Borrowings
Total			100,000,000
Repayments
Borrowings from term loans			100,000,000
Outstanding Balance		99,511,000	99,363,000
Senior Unsecured Notes
Borrowings
Total		75,000,000
Repayments
Total		(48,160,000)	(47,160,000)	$ (40,160,000)
Borrowings from term loans		75,000,000
Outstanding Balance		$ 538,343,000	$ 512,456,000
Subsequent Event | Revolving line of credit
Borrowings
Total	$ 162,700,000
Repayments
Borrowings from term loans	162,700,000
Outstanding Balance	292,700,000
Available for borrowing	107,300,000
Subsequent Event | Senior Unsecured Notes
Borrowings
Borrowings from revolving line of credit	162,700,000
Repayments
Senior unsecured notes	(7,000,000)
Total	(7,000,000)
Outstanding Balance	$ 531,343,000

Debt Obligations - Future Matur

Debt Obligations - Future Maturities (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Scheduled Principal Payments
2023		$ 49,160,000
2024		49,160,000
2025		229,500,000
2026		101,500,000
2027		54,500,000
Thereafter		286,000,000
Total		769,820,000
Other information
Borrowings		269,000,000	$ 304,400,000	$ 24,000,000
Outstanding Balance		767,854,000	722,719,000
Available for borrowing		270,000,000	289,100,000
Payments on debt		223,060,000	230,560,000	68,160,000
Revolving line of credit
Scheduled Principal Payments
2025		130,000,000
Total		130,000,000
Other information
Borrowings		194,000,000	204,400,000	24,000,000
Outstanding Balance		130,000,000	110,900,000
Available for borrowing		270,000,000	289,100,000
Payments on debt		174,900,000	183,400,000	28,000,000
Revolving line of credit | Subsequent Event
Other information
Borrowings	$ 162,700,000
Outstanding Balance	292,700,000
Available for borrowing	107,300,000
Term loans
Scheduled Principal Payments
2025		50,000,000
2026		50,000,000
Total		100,000,000
Other information
Borrowings			100,000,000
Outstanding Balance		99,511,000	99,363,000
Senior Unsecured Notes
Scheduled Principal Payments
2023		49,160,000
2024		49,160,000
2025		49,500,000
2026		51,500,000
2027		54,500,000
Thereafter		286,000,000
Total		539,820,000
Other information
Borrowings		75,000,000
Outstanding Balance		538,343,000	512,456,000
Payments on debt		$ 48,160,000	$ 47,160,000	$ 40,160,000
Senior Unsecured Notes | Subsequent Event
Other information
Outstanding Balance	531,343,000
Payments on debt	$ 7,000,000

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item lease	Dec. 31, 2022 USD ($) Center property lease item	Dec. 31, 2021 USD ($)
Noncontrolling interest
Gross Consolidated Assets		$ 1,656,103,000	$ 1,504,825,000
Non-controlling interests		21,940,000	$ 8,413,000
Contribution to JV		$ 61,661,000
Skilled nursing center purchased | Center		3
Real estate property acquired		$ 75,825,000
Lease term		10 years
Lease renewal term	5 years	5 years
Number of operating lease renewals | lease		2
JV Partner
Noncontrolling interest
Contribution to JV		$ 14,325,000
SNF
Noncontrolling interest
Contribution to JV		$ 61,661,000
Skilled nursing center purchased | item		3
Real estate property acquired		$ 75,825,000
Lease term		10 years
Lease renewal term		5 years
Number of operating lease renewals | lease		2
Purchase Price		$ 51,534,000
Number of properties acquired | property		4
SNF | JV Partner
Noncontrolling interest
Contribution to JV		$ 14,325,000
Partnership
Noncontrolling interest
Gross Consolidated Assets		143,556,000
Non-controlling interests		21,940,000
Virginia | 2019 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets		76,767,000
Non-controlling interests		14,325,000
Oregon | 2018 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets		18,452,000
Non-controlling interests		1,164,000
Oregon | 2018 Acquisitions | Partnership | ILF
Noncontrolling interest
Gross Consolidated Assets		14,650,000
Non-controlling interests		2,906,000
Wisconsin | 2017 Acquisitions | Partnership | ILF/ALF/MC
Noncontrolling interest
Gross Consolidated Assets		22,007,000
Non-controlling interests		2,305,000
South Carolina | 2017 Acquisitions | Partnership | ALF
Noncontrolling interest
Gross Consolidated Assets		11,680,000
Non-controlling interests		$ 1,240,000
Subsequent Event
Noncontrolling interest
Contribution to JV	$ 117,900,000
Lease term	10 years
Lease renewal term	5 years
Number of operating lease renewals | lease	2
Amount of joint venture investment	$ 121,321,000
Number of Assisted Living and Memory Care Communities | item	11
Percentage of contractual initial cash yield	7.25%
Percentage of contractual initial cash yield in year three	7.50%
Percentage of floor on initial cash yield	2%
Percentage of ceiling on initial cash yield	4%
Maximum percentage of purchase option to buy properties	50%
Joint Venture Cash Return	9%

Equity - Class of Stock Disclos

Equity - Class of Stock Disclosures - Common Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity
Proceeds from common stock issued, net of issuance costs	$ 68,156,000
Equity Distribution Agreements
Equity
Shares common stock sold	1,792,400
Amount available under effective shelf registration statement	$ 130,631,000
Common Stock
Equity
Number of shares repurchased	39,463	87,249	76,574
Common Stock | Equity Distribution Agreements
Equity
Maximum offering capacity under shelf registration statement	$ 200,000,000
Shares common stock sold		0	0
Proceeds from common stock issued, net of issuance costs	68,156,000
Reclassification of accumulated costs to additional paid in capital	$ 513,000

Equity - Stock Repurchase Plan

Equity - Stock Repurchase Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Equity
Shares authorized for repurchase		5,000,000
Number of shares purchased	615,827
Average price per share	$ 29.25
Total purchase price of shares	$ 18,012,000

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended									12 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividend Distributions
Paid													$ 91,509	$ 90,494	$ 90,262
Dividends declared and paid per common share					$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57
Common Stock cash distributions					$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.280
Subsequent Event | Dividend Payable, January 31, 2023
Dividend Distributions
Dividends declared and paid per common share				$ 0.19
Subsequent Event | Dividend Payable, February 28, 2023
Dividend Distributions
Dividends declared and paid per common share		$ 0.19
Subsequent Event | Dividend Payable, March 31, 2023
Dividend Distributions
Dividends declared and paid per common share	$ 0.19
Common Stock
Dividend Distributions
Declared					$ 91,509				$ 90,494				$ 91,509	$ 90,494	$ 90,262
Paid													$ 91,509	$ 90,494	$ 90,262
Dividends declared and paid per common share													$ 0.19	$ 0.19	$ 0.19
Common Stock | Subsequent Event | Dividend Payable, January 31, 2023
Dividend Distributions
Dividends declared and paid per common share	0.19	0.19	$ 0.19
Common Stock | Subsequent Event | Dividend Payable, February 28, 2023
Dividend Distributions
Dividends declared and paid per common share		$ 0.19
Common Stock | Subsequent Event | Dividend Payable, March 31, 2023
Dividend Distributions
Dividends declared and paid per common share	$ 0.19
Performance-based stock units | Common Stock
Dividend Distributions
Paid														$ 764	$ 586

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation plans (Details)	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
2015 Plan
Stock Based Compensation Plans
Total shares reserved for issuance of common stock related to the conversion of preferred stock	1,545,722	1,900,000
Ratio of shares subject to award granted			1
Stock options
Stock Based Compensation Plans
Options outstanding (in shares)	10,000	15,000	15,000	15,000
Options exercisable (in shares)	10,000	15,000	15,000

Equity - Restricted Stock and p

Equity - Restricted Stock and performance-based stock units (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted stock and performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	221,542	182,240	167,375
Compensation expense
Remaining compensation expense	$ 8,765,000
Restricted stock and performance-based stock units | 2023
Compensation expense
Remaining compensation expense	5,603,000
Restricted stock and performance-based stock units | 2024
Compensation expense
Remaining compensation expense	2,853,000
Restricted stock and performance-based stock units | 2025
Compensation expense
Remaining compensation expense	$ 309,000
Restricted stock and performance-based stock units | Grant Date Price $42.27 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)	122,865
Granted (in dollars per share)	$ 33.94
Restricted stock and performance-based stock units | Grant Date Price $42.27 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)	86,332
Granted (in dollars per share)	$ 33.94
Restricted stock and performance-based stock units | Grant Date Price $39.40 | Vesting Date, May 27, 2021
Restricted stock and performance based stock units activity
Granted (in shares)	12,345
Restricted stock and performance-based stock units | Grant Date Price $48.95 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)		95,293
Granted (in dollars per share)		$ 42.27
Vesting period	3 years
Restricted stock and performance-based stock units | Grant Date Price $49.98 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)		71,892
Granted (in dollars per share)		$ 42.27
Restricted stock and performance-based stock units | Grant Date Price $38.45 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)		3,000
Granted (in dollars per share)		$ 43.14
Restricted stock and performance-based stock units | Grant Date Price $38.45 | Vesting Date, May 29, 2020
Restricted stock and performance based stock units activity
Granted (in shares)		12,055
Granted (in dollars per share)		$ 39.40
Restricted stock and performance-based stock units | Grant Date Price $46.54 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)			76,464
Granted (in dollars per share)			$ 48.95
Vesting period		3 years
Restricted stock and performance-based stock units | Grant Date Price $46.54 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)			66,027
Granted (in dollars per share)			$ 49.98
Restricted stock and performance-based stock units | Grant Date Price $38.18 | Three year vesting
Restricted stock and performance based stock units activity
Vesting period			3 years
Restricted stock and performance-based stock units | Grant Date Price $38.18 | TSR Targets
Restricted stock and performance based stock units activity
Vesting period	4 years
Restricted stock and performance-based stock units | Grant Date Price $38.18 | Accelerated TSR Targets
Restricted stock and performance based stock units activity
Vesting period	3 years
Restricted stock and performance-based stock units | Grant Date Price $44.73 | Vesting Date, May 27, 2021
Restricted stock and performance based stock units activity
Granted (in dollars per share)	$ 38.48
Restricted stock and performance-based stock units | Grant Date Price $44.73 | Vesting Date, May 30, 2019
Restricted stock and performance based stock units activity
Granted (in shares)			9,884
Granted (in dollars per share)			$ 38.45
Restricted stock
Restricted stock and performance based stock units activity
Outstanding at the beginning of the period (in shares)	197,422	180,440	163,569
Granted (in shares)	135,210	110,348	101,348
Vested (in shares)	(103,396)	(93,366)	(84,477)
Outstanding at the end of the period (in shares)	229,236	197,422	180,440
Restricted stock | Grant Date Price $38.45 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)			15,000
Granted (in dollars per share)			$ 38.45
Vesting period			3 years
Performance-based stock units
Restricted stock and performance based stock units activity
Outstanding at the beginning of the period (in shares)	0
Granted (in shares)	86,332	71,892	66,027
Vested (in shares)	0	(108,720)	(81,574)
Outstanding at the end of the period (in shares)		0
Compensation expense
Compensation expense related to share-based award	$ 7,964,000	$ 7,760,000	$ 7,012,000

Equity - Options (Details)

Equity - Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Nonqualified stock option activity
Outstanding, beginning of period	15,000	15,000	15,000
Granted (in shares)			0
Canceled	(5,000)
Outstanding, end of period	10,000	15,000	15,000
Options exercisable (in shares)	10,000	15,000	15,000
Weighted Average Price
Outstanding at the beginning of the year (in dollars per share)	$ 38.43	$ 38.43	$ 38.43
Canceled	38.43
Outstanding at the end of the year (in dollars per share)	38.43	38.43	38.43
Exercisable at the end of the period (in dollars per share)	$ 38.43	$ 38.43	$ 38.43
Other information
Aggregate intrinsic value of exercisable options at the end of the year	$ 0
Weighted average remaining contractual life of options exercisable	8 months 12 days	1 year 2 months 12 days	2 years 2 months 12 days
Compensation expense related to share-based award	$ 0	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property
Commitments and Contingencies
Investment Commitment	$ 101,150
2022 Funding	25,328
Total Commitment funded	33,890
Remaining commitment	67,260
Skilled Nursing Centers
Commitments and Contingencies
Fair value of earn-out liability	3,000
Earn-out liability, Write off	$ 3,000
Number of properties acquired | property	4
Real estate properties
Commitments and Contingencies
Investment Commitment	$ 22,102
2022 Funding	7,263
Total Commitment funded	8,315
Remaining commitment	13,787
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	19,000
Remaining commitment	19,000
Mortgage loans
Commitments and Contingencies
Investment Commitment	32,507
2022 Funding	5,873
Total Commitment funded	9,613
Remaining commitment	22,894
Commitments To Expand and Renovate Properties
Commitments and Contingencies
Investment Commitment	14,507
Contingent Funding Commitments
Commitments and Contingencies
Investment Commitment	18,000
Notes receivable
Commitments and Contingencies
Investment Commitment	27,541
2022 Funding	12,192
Total Commitment funded	15,962
Remaining commitment	$ 11,579

Distributions (Details)

Distributions (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Distributions
Minimum distribution of taxable income (as a percent)									90%
Ordinary taxable distribution									$ 1.095	$ 1.220	$ 0.936
Return of capital										0.750
Unrecaptured Section 1250 gain									0.502	0.252	0.894
Long-term capital gain									0.683	0.058	0.450
Total	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.280

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income									$ 100,584	$ 56,224	$ 95,677
Less income allocated to non-controlling interests									(560)	(363)	(384)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities									(531)	(458)	(397)
Income allocated to participating securities									(49)		(25)
Total net income allocated to participating securities									(580)	(458)	(422)
Net income available to common stockholders									99,444	55,403	94,871
Net income for diluted net income per share									$ 99,444	$ 55,403	$ 94,871
Shares for basic net income per share									39,894,000	39,156,000	39,179,000
Effect of dilutive securities:
Total effect of dilutive securities (in shares)									173,000		85,000
Shares for diluted net income per share									40,067,000	39,156,000	39,264,000
Basic net income per share (in dollars per share)	$ 0.44	$ 0.33	$ 1.37	$ 0.36	$ 0.32	$ 0.28	$ 0.46	$ 0.35	$ 2.49	$ 1.41	$ 2.42
Diluted net income per share (in dollars per share)	$ 0.44	$ 0.32	$ 1.36	$ 0.36	$ 0.32	$ 0.28	$ 0.46	$ 0.35	$ 2.48	$ 1.41	$ 2.42
Performance-based stock units
Effect of dilutive securities:
Stock options and performance-based stock units (in shares)									173,000		85,000
Performance-based stock units would be earned based on TSR targets					0					0

Quarterly Financial Informati_3

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information
Revenues	$ 47,839	$ 43,503	$ 43,024	$ 40,787	$ 39,441	$ 37,472	$ 38,129	$ 40,280	$ 175,153	$ 155,322	$ 159,337
Net income available to common stockholders	$ 17,809	$ 13,159	$ 54,065	$ 14,275	$ 12,726	$ 10,909	$ 18,126	$ 13,642
Net income per common share available to common stockholders:
Basic (in dollars per share)	$ 0.44	$ 0.33	$ 1.37	$ 0.36	$ 0.32	$ 0.28	$ 0.46	$ 0.35	$ 2.49	$ 1.41	$ 2.42
Diluted (in dollars per share)	0.44	0.32	1.36	0.36	0.32	0.28	0.46	0.35	2.48	1.41	2.42
Dividends per share declared (in dollars per share)	0.57	0.57	0.57	0.57	0.57	0.57	0.57	0.57
Dividends per share paid (in dollars per share)	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.280	$ 2.280	$ 2.280

Fair Value Measurements (Detail

Fair Value Measurements (Details)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Fair value measurements
Number of interest rate swaps | item	2
Notional Amount	$ 100,000,000
Mortgage loans receivable, net of credit loss reserve	389,728,000	$ 344,442,000
Notes receivable, net of credit loss reserve	58,383,000	28,337,000
Outstanding Balance	767,854,000	722,719,000
Senior unsecured notes, net of debt issue costs	$ 538,343,000	$ 512,456,000
Level 3 | Senior Unsecured Notes maturing before 2030 | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	6.50	3
Level 3 | Senior Unsecured Notes maturing 2030 and after | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	7	3.25
Level 3 | Financing Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	7.6
Level 3 | Mortgage Loans Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	9.3	9.5
Level 3 | Notes Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	7.1	5.6
Carrying Value
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	$ 389,728,000	$ 344,442,000
Revolving line of credit	130,000,000	110,900,000
Outstanding Balance	99,511,000	99,363,000
Senior unsecured notes, net of debt issue costs	538,343,000	512,456,000
Carrying Value | Financing Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	75,999,000
Carrying Value | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	58,383,000	28,337,000
Fair Value
Fair value measurements
Revolving line of credit	130,000,000	110,900,000
Outstanding Balance	100,000,000	100,000,000
Fair Value | Financing Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	76,033,000
Fair Value | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	61,858,000	28,653,000
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	461,276,000	405,162,000
Senior unsecured notes, net of debt issue costs	$ 477,653,000	$ 540,045,000

Subsequent Events - Lease Renew

Subsequent Events - Lease Renewals (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 Center item	Dec. 31, 2022 Center item
Subsequent Event [Line Items]
Lease renewal term	5 years	5 years
Skilled nursing center purchased | Center		3
Number of units		217
SNF
Subsequent Event [Line Items]
Lease renewal term		5 years
Skilled nursing center purchased		3
Subsequent Event
Subsequent Event [Line Items]
Lease renewal term	5 years
Subsequent Event | Brookdale Senior Living | Florida
Subsequent Event [Line Items]
Number of units	216
Subsequent Event | Brookdale Senior Living | SNF
Subsequent Event [Line Items]
Skilled nursing center purchased | Center	2
Additional term of lessor's operating lease renewal	5 years
Subsequent Event | Brookdale Senior Living | SNF | Florida
Subsequent Event [Line Items]
Number of units	216

Subsequent Events - Financing R

Subsequent Events - Financing Receivable (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item lease	Dec. 31, 2022 USD ($) lease
Subsequent Event [Line Items]
Contribution to JV		$ 61,661,000
Lease term		10 years
Number of operating lease renewals | lease		2
Lease renewal term	5 years	5 years
Subsequent Event
Subsequent Event [Line Items]
Amount of joint venture investment	$ 121,321,000
Contribution to JV	$ 117,900,000
Number of assisted living and memory care communities | item	11
Lease term	10 years
Number of operating lease renewals | lease	2
Lease renewal term	5 years
Percentage of contractual initial cash yield	7.25%
Percentage of contractual initial cash yield in year three	7.50%
Percentage of floor on initial cash yield	2%
Percentage of ceiling on initial cash yield	4%
Maximum percentage of purchase option to buy properties	50%
Percentage of cash return	9%

Subsequent Events - Mortgage Lo

Subsequent Events - Mortgage Loans (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)
Subsequent Event [Line Items]
Loan Term		4 years
Interest rate (as a percent)		7.25%
Internal Rate of Return		8%
Gross Investment		$ 58,972,000
Number of beds/units | item		217
Mezzanine loan
Subsequent Event [Line Items]
Loan Term		5 years
Interest rate (as a percent)		8%
Number of beds/units | property		621
Mezzanine loan		$ 36,815,000	$ 11,815,000
Mortgage Loans
Subsequent Event [Line Items]
Gross Investment		$ 393,658,000
Percentage of Investment		100%
Mortgage Loans | North Carolina
Subsequent Event [Line Items]
Interest rate (as a percent)		7.30%
Subsequent Event | North Carolina
Subsequent Event [Line Items]
Payments to Acquire Real Estate	$ 10,750,000
Loan Term	2 years
Interest rate (as a percent)	7.25%
Internal Rate of Return	9%
Subsequent Event | Mezzanine loan
Subsequent Event [Line Items]
Number of beds/units | item	136

Subsequent Events - Notes Recei

Subsequent Events - Notes Receivable (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Subsequent Events
Gross Investment		$ 58,972,000
Principal payments received on notes receivable		$ 6,843,000	$ 2,694,000	$ 5,275,000
Number of beds/units | item		217
Mortgage Loans
Subsequent Events
Gross Investment		$ 393,658,000
Mezzanine loan
Subsequent Events
Financing Receivable, Gross		$ 36,815,000	$ 11,815,000
IRR on mortgage loan on real estate property		11%
Number of beds/units | property		621
Subsequent Event | Notes Receivable
Subsequent Events
Number of beds/units | item	136
Subsequent Event | Mezzanine loan
Subsequent Events
Principal payments received on notes receivable	$ 4,545,000
Exit IRR	$ 190,000
Number of beds/units | item	136

Subsequent Events - Unconsolida

Subsequent Events - Unconsolidated Joint Ventures (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Subsequent Event [Line Items]
Number of beds/units		217
Income from unconsolidated joint ventures | $		$ 1,504,000	$ 1,417,000	$ 432,000
Not primary beneficiary | Joint Venture | Preferred Equity Investment
Subsequent Event [Line Items]
Number of beds/units		95
Not primary beneficiary | Joint Venture | Preferred Equity Investment | UDP | Washington
Subsequent Event [Line Items]
Number of beds/units		267
Percentage of internal rate of return		12%
Subsequent Event | Not primary beneficiary | Joint Venture | Preferred Equity Investment | UDP
Subsequent Event [Line Items]
Preferred equity investment in a joint venture | $	$ 13,000,000
Number of beds/units	267
Income from unconsolidated joint ventures | $	$ 1,675,000
Percentage of internal rate of return	14%

Subsequent Events - Debt Obliga

Subsequent Events - Debt Obligations (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Obligations
Income from unconsolidated joint ventures		$ 1,504,000	$ 1,417,000	$ 432,000
Borrowings from revolving line of credit		194,000,000	204,400,000	24,000,000
Revolving line of credit		130,000,000	110,900,000
Payments on debt		48,160,000	47,160,000	$ 40,160,000
Outstanding Balance		767,854,000	722,719,000
Senior Unsecured Notes
Debt Obligations
Outstanding Balance		538,343,000	512,456,000
Revolving line of credit
Debt Obligations
Outstanding Balance		$ 130,000,000	$ 110,900,000
Subsequent Event | Senior Unsecured Notes
Debt Obligations
Borrowings from revolving line of credit	$ 162,700,000
Revolving line of credit	292,700,000
Maximum available under facility	107,300,000
Payments on debt	7,000,000
Outstanding Balance	531,343,000
Subsequent Event | Revolving line of credit
Debt Obligations
Outstanding Balance	$ 292,700,000

Subsequent Events - Equity (Det

Subsequent Events - Equity (Details) - $ / shares

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2023

Feb. 28, 2023

Jan. 31, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Equity

Dividends declared and paid per common share

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

Common Stock

Equity

Dividends declared and paid per common share

$ 0.19

$ 0.19

$ 0.19

Dividend Payable, January 31, 2023 | Subsequent Event

Equity

Dividends declared and paid per common share

$ 0.19

Dividend Payable, January 31, 2023 | Subsequent Event | Common Stock

Equity

Dividends declared and paid per common share

$ 0.19

$ 0.19

$ 0.19

Dividend Payable, February 28, 2023 | Subsequent Event

Equity

Dividends declared and paid per common share

0.19

Dividend Payable, February 28, 2023 | Subsequent Event | Common Stock

Equity

Dividends declared and paid per common share

$ 0.19

Dividend Payable, March 31, 2023 | Subsequent Event

Equity

Dividends declared and paid per common share

0.19

Dividend Payable, March 31, 2023 | Subsequent Event | Common Stock

Equity

Dividends declared and paid per common share

$ 0.19

SCHEDULE II VALUATION AND QUA_2

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation and qualifying accounts
Balance at beginning of period	$ 3,759	$ 2,738	$ 2,741
(Recovered) charged to costs and expenses	1,528	1,021	(3)
Balance at end of period	5,287	3,759	2,738
Loan loss reserves
Valuation and qualifying accounts
Balance at beginning of period	3,473	2,592	2,560
(Recovered) charged to costs and expenses	457	881	32
Balance at end of period	3,930	3,473	2,592
Financing receivable loss reserve
Valuation and qualifying accounts
(Recovered) charged to costs and expenses	768
Balance at end of period	768
Other notes receivable allowance
Valuation and qualifying accounts
Balance at beginning of period	286	146	181
(Recovered) charged to costs and expenses	303	140	(35)
Balance at end of period	$ 589	$ 286	$ 146

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Initial Cost to Company
Land	$ 125,686
Buildings and Improvements	1,199,600
Costs Capitalized Subsequent to acquisition	85,419
Gross Amount at Which Carried As of Year End
Land	125,686
Buildings and Improvements	1,285,019
Total	1,410,705	$ 1,408,557	$ 1,452,001	$ 1,484,571
Accum Deprec	391,487	$ 374,606	$ 349,643	$ 347,755
SNF
Initial Cost to Company
Land	53,990
Buildings and Improvements	513,766
Costs Capitalized Subsequent to acquisition	33,218
Gross Amount at Which Carried As of Year End
Land	53,990
Buildings and Improvements	546,984
Total	600,974
Accum Deprec	182,308
ALF
Initial Cost to Company
Land	68,788
Buildings and Improvements	678,526
Costs Capitalized Subsequent to acquisition	50,499
Gross Amount at Which Carried As of Year End
Land	68,788
Buildings and Improvements	729,025
Total	797,813
Accum Deprec	207,529
Other School and Land
Initial Cost to Company
Land	2,908
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,702
Gross Amount at Which Carried As of Year End
Land	2,908
Buildings and Improvements	9,010
Total	11,918
Accum Deprec	1,650
School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,702
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	9,010
Total	10,975
Accum Deprec	1,650
Land
Initial Cost to Company
Land	943
Gross Amount at Which Carried As of Year End
Land	943
Total	943
134 Alamogordo, NM | SNF
Initial Cost to Company
Land	210
Buildings and Improvements	2,593
Costs Capitalized Subsequent to acquisition	641
Gross Amount at Which Carried As of Year End
Land	210
Buildings and Improvements	3,234
Total	3,444
Accum Deprec	1,742
218 Albuquerque, NM | SNF
Initial Cost to Company
Land	1,696
Buildings and Improvements	3,891
Costs Capitalized Subsequent to acquisition	530
Gross Amount at Which Carried As of Year End
Land	1,696
Buildings and Improvements	4,421
Total	6,117
Accum Deprec	2,293
219 Albuquerque, NM | SNF
Initial Cost to Company
Land	1,950
Buildings and Improvements	8,910
Costs Capitalized Subsequent to acquisition	207
Gross Amount at Which Carried As of Year End
Land	1,950
Buildings and Improvements	9,117
Total	11,067
Accum Deprec	4,513
220 Albuquerque, NM | SNF
Initial Cost to Company
Land	2,463
Buildings and Improvements	7,647
Costs Capitalized Subsequent to acquisition	9
Gross Amount at Which Carried As of Year End
Land	2,463
Buildings and Improvements	7,656
Total	10,119
Accum Deprec	3,751
252 Amarillo, TX | SNF
Initial Cost to Company
Land	844
Costs Capitalized Subsequent to acquisition	7,925
Gross Amount at Which Carried As of Year End
Land	844
Buildings and Improvements	7,925
Total	8,769
Accum Deprec	2,488
247 Arlington, TX | SNF
Initial Cost to Company
Land	1,016
Buildings and Improvements	13,649
Costs Capitalized Subsequent to acquisition	132
Gross Amount at Which Carried As of Year End
Land	1,016
Buildings and Improvements	13,781
Total	14,797
Accum Deprec	4,988
325 Austin, TX | SNF
Initial Cost to Company
Land	896
Buildings and Improvements	9,562
Gross Amount at Which Carried As of Year End
Land	896
Buildings and Improvements	9,562
Total	10,458
Accum Deprec	202
319 Blue Springs, MO | SNF
Initial Cost to Company
Land	2,644
Buildings and Improvements	13,942
Costs Capitalized Subsequent to acquisition	73
Gross Amount at Which Carried As of Year End
Land	2,644
Buildings and Improvements	14,015
Total	16,659
Accum Deprec	1,508
007 Bradenton, FL | SNF
Initial Cost to Company
Land	330
Buildings and Improvements	2,720
Costs Capitalized Subsequent to acquisition	160
Gross Amount at Which Carried As of Year End
Land	330
Buildings and Improvements	2,880
Total	3,210
Accum Deprec	2,418
256 Brownwood, TX | SNF
Initial Cost to Company
Land	164
Buildings and Improvements	6,336
Costs Capitalized Subsequent to acquisition	29
Gross Amount at Which Carried As of Year End
Land	164
Buildings and Improvements	6,365
Total	6,529
Accum Deprec	2,188
177 Chesapeake, VA | SNF
Initial Cost to Company
Land	388
Buildings and Improvements	3,469
Costs Capitalized Subsequent to acquisition	2,777
Gross Amount at Which Carried As of Year End
Land	388
Buildings and Improvements	6,246
Total	6,634
Accum Deprec	4,110
257 Cincinnati, OH | SNF
Initial Cost to Company
Land	1,890
Buildings and Improvements	25,110
Costs Capitalized Subsequent to acquisition	224
Gross Amount at Which Carried As of Year End
Land	1,890
Buildings and Improvements	25,334
Total	27,224
Accum Deprec	5,945
125 Clovis, NM | SNF
Initial Cost to Company
Land	561
Buildings and Improvements	5,539
Costs Capitalized Subsequent to acquisition	307
Gross Amount at Which Carried As of Year End
Land	561
Buildings and Improvements	5,846
Total	6,407
Accum Deprec	3,155
129 Clovis, NM | SNF
Initial Cost to Company
Land	598
Buildings and Improvements	5,902
Costs Capitalized Subsequent to acquisition	59
Gross Amount at Which Carried As of Year End
Land	598
Buildings and Improvements	5,961
Total	6,559
Accum Deprec	3,236
267 Cold Spring, KY | SNF
Initial Cost to Company
Land	2,050
Buildings and Improvements	21,496
Costs Capitalized Subsequent to acquisition	196
Gross Amount at Which Carried As of Year End
Land	2,050
Buildings and Improvements	21,692
Total	23,742
Accum Deprec	6,014
253 Colton, CA | SNF
Initial Cost to Company
Land	2,474
Buildings and Improvements	15,158
Gross Amount at Which Carried As of Year End
Land	2,474
Buildings and Improvements	15,158
Total	17,632
Accum Deprec	4,803
246 Crowley, TX | SNF
Initial Cost to Company
Land	2,247
Buildings and Improvements	14,276
Costs Capitalized Subsequent to acquisition	187
Gross Amount at Which Carried As of Year End
Land	2,247
Buildings and Improvements	14,463
Total	16,710
Accum Deprec	5,266
235 Daleville, VA | SNF
Initial Cost to Company
Land	279
Buildings and Improvements	8,382
Gross Amount at Which Carried As of Year End
Land	279
Buildings and Improvements	8,382
Total	8,661
Accum Deprec	3,180
258 Dayton, OH | SNF
Initial Cost to Company
Land	373
Buildings and Improvements	26,627
Gross Amount at Which Carried As of Year End
Land	373
Buildings and Improvements	26,627
Total	27,000
Accum Deprec	6,344
196 Dresden, TN | SNF
Initial Cost to Company
Land	31
Buildings and Improvements	1,529
Costs Capitalized Subsequent to acquisition	1,073
Gross Amount at Which Carried As of Year End
Land	31
Buildings and Improvements	2,602
Total	2,633
Accum Deprec	1,400
298 Forth Worth, TX | SNF
Initial Cost to Company
Land	2,785
Buildings and Improvements	7,546
Costs Capitalized Subsequent to acquisition	413
Gross Amount at Which Carried As of Year End
Land	2,785
Buildings and Improvements	7,959
Total	10,744
Accum Deprec	3,086
326 Forth Worth, TX | SNF
Initial Cost to Company
Land	922
Buildings and Improvements	12,268
Gross Amount at Which Carried As of Year End
Land	922
Buildings and Improvements	12,268
Total	13,190
Accum Deprec	267
026 Gardendale, AL | SNF
Initial Cost to Company
Land	100
Buildings and Improvements	7,550
Costs Capitalized Subsequent to acquisition	2,084
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	9,634
Total	9,734
Accum Deprec	7,078
248 Granbury, TX | SNF
Initial Cost to Company
Land	836
Buildings and Improvements	6,693
Costs Capitalized Subsequent to acquisition	363
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	7,056
Total	7,892
Accum Deprec	3,132
250 Hewitt, TX | SNF
Initial Cost to Company
Land	1,780
Buildings and Improvements	8,220
Costs Capitalized Subsequent to acquisition	391
Gross Amount at Which Carried As of Year End
Land	1,780
Buildings and Improvements	8,611
Total	10,391
Accum Deprec	2,787
318 Kansas City, MO | SNF
Initial Cost to Company
Land	1,229
Buildings and Improvements	18,369
Costs Capitalized Subsequent to acquisition	69
Gross Amount at Which Carried As of Year End
Land	1,229
Buildings and Improvements	18,438
Total	19,667
Accum Deprec	1,755
008 Lecanto, FL | SNF
Initial Cost to Company
Land	351
Buildings and Improvements	2,665
Costs Capitalized Subsequent to acquisition	2,737
Gross Amount at Which Carried As of Year End
Land	351
Buildings and Improvements	5,402
Total	5,753
Accum Deprec	4,287
322 Longview, Tx | SNF
Initial Cost to Company
Land	1,405
Buildings and Improvements	12,176
Gross Amount at Which Carried As of Year End
Land	1,405
Buildings and Improvements	12,176
Total	13,581
Accum Deprec	1,274
300 Mansfield, TX | SNF
Initial Cost to Company
Land	2,890
Buildings and Improvements	13,110
Gross Amount at Which Carried As of Year End
Land	2,890
Buildings and Improvements	13,110
Total	16,000
Accum Deprec	3,377
053 Mesa, AZ | SNF
Initial Cost to Company
Land	305
Buildings and Improvements	6,909
Costs Capitalized Subsequent to acquisition	1,876
Gross Amount at Which Carried As of Year End
Land	305
Buildings and Improvements	8,785
Total	9,090
Accum Deprec	6,610
242 Mission, TX | SNF
Initial Cost to Company
Land	1,111
Buildings and Improvements	16,602
Costs Capitalized Subsequent to acquisition	82
Gross Amount at Which Carried As of Year End
Land	1,111
Buildings and Improvements	16,684
Total	17,795
Accum Deprec	5,727
233 Nacogdoches, TX | SNF
Initial Cost to Company
Land	394
Buildings and Improvements	7,456
Costs Capitalized Subsequent to acquisition	268
Gross Amount at Which Carried As of Year End
Land	394
Buildings and Improvements	7,724
Total	8,118
Accum Deprec	2,848
249 Nacogdoches, TX | SNF
Initial Cost to Company
Land	1,015
Buildings and Improvements	11,109
Costs Capitalized Subsequent to acquisition	358
Gross Amount at Which Carried As of Year End
Land	1,015
Buildings and Improvements	11,467
Total	12,482
Accum Deprec	4,575
245 Newberry, SC | SNF
Initial Cost to Company
Land	439
Buildings and Improvements	4,639
Costs Capitalized Subsequent to acquisition	879
Gross Amount at Which Carried As of Year End
Land	439
Buildings and Improvements	5,518
Total	5,957
Accum Deprec	2,374
244 Newberry, SC | SNF
Initial Cost to Company
Land	919
Buildings and Improvements	5,454
Costs Capitalized Subsequent to acquisition	200
Gross Amount at Which Carried As of Year End
Land	919
Buildings and Improvements	5,654
Total	6,573
Accum Deprec	2,277
251 Pasadena, TX | SNF
Initial Cost to Company
Land	1,155
Buildings and Improvements	14,345
Costs Capitalized Subsequent to acquisition	522
Gross Amount at Which Carried As of Year End
Land	1,155
Buildings and Improvements	14,867
Total	16,022
Accum Deprec	4,685
193 Phoenix, AZ | SNF
Initial Cost to Company
Land	300
Buildings and Improvements	9,703
Costs Capitalized Subsequent to acquisition	92
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	9,795
Total	10,095
Accum Deprec	6,608
094 Portland, OR | SNF
Initial Cost to Company
Land	100
Buildings and Improvements	1,925
Costs Capitalized Subsequent to acquisition	3,152
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	5,077
Total	5,177
Accum Deprec	4,147
254 Red Oak, TX | SNF
Initial Cost to Company
Land	1,427
Buildings and Improvements	17,173
Costs Capitalized Subsequent to acquisition	244
Gross Amount at Which Carried As of Year End
Land	1,427
Buildings and Improvements	17,417
Total	18,844
Accum Deprec	5,550
197 Ripley, TN | SNF
Initial Cost to Company
Land	20
Buildings and Improvements	985
Costs Capitalized Subsequent to acquisition	1,638
Gross Amount at Which Carried As of Year End
Land	20
Buildings and Improvements	2,623
Total	2,643
Accum Deprec	1,468
133 Roswell, NM | SNF
Initial Cost to Company
Land	568
Buildings and Improvements	5,235
Costs Capitalized Subsequent to acquisition	1,396
Gross Amount at Which Carried As of Year End
Land	568
Buildings and Improvements	6,631
Total	7,199
Accum Deprec	3,521
325 San Antonio, TX | SNF
Initial Cost to Company
Land	1,676
Buildings and Improvements	15,470
Costs Capitalized Subsequent to acquisition	20
Gross Amount at Which Carried As of Year End
Land	1,676
Buildings and Improvements	15,490
Total	17,166
Accum Deprec	320
281 Slinger, WI | SNF
Initial Cost to Company
Land	464
Buildings and Improvements	13,482
Gross Amount at Which Carried As of Year End
Land	464
Buildings and Improvements	13,482
Total	13,946
Accum Deprec	3,916
234 St. Petersburg, FL | SNF
Initial Cost to Company
Land	1,070
Buildings and Improvements	7,930
Costs Capitalized Subsequent to acquisition	500
Gross Amount at Which Carried As of Year End
Land	1,070
Buildings and Improvements	8,430
Total	9,500
Accum Deprec	2,892
243 Stephenville TX | SNF
Initial Cost to Company
Land	670
Buildings and Improvements	10,117
Costs Capitalized Subsequent to acquisition	616
Gross Amount at Which Carried As of Year End
Land	670
Buildings and Improvements	10,733
Total	11,403
Accum Deprec	3,811
178 Tappahannock, VA | SNF
Initial Cost to Company
Land	375
Buildings and Improvements	1,327
Costs Capitalized Subsequent to acquisition	397
Gross Amount at Which Carried As of Year End
Land	375
Buildings and Improvements	1,724
Total	2,099
Accum Deprec	1,569
270 Trinity, FL | SNF
Initial Cost to Company
Land	1,653
Buildings and Improvements	12,748
Gross Amount at Which Carried As of Year End
Land	1,653
Buildings and Improvements	12,748
Total	14,401
Accum Deprec	3,781
192 Tucson, AZ | SNF
Initial Cost to Company
Land	276
Buildings and Improvements	8,924
Costs Capitalized Subsequent to acquisition	112
Gross Amount at Which Carried As of Year End
Land	276
Buildings and Improvements	9,036
Total	9,312
Accum Deprec	6,091
305 Union, KY | SNF
Initial Cost to Company
Land	858
Buildings and Improvements	24,116
Gross Amount at Which Carried As of Year End
Land	858
Buildings and Improvements	24,116
Total	24,974
Accum Deprec	3,426
299 Weatherford, TX | SNF
Initial Cost to Company
Land	836
Buildings and Improvements	11,902
Costs Capitalized Subsequent to acquisition	280
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	12,182
Total	13,018
Accum Deprec	3,962
323 Webster, TX | SNF
Initial Cost to Company
Land	2,310
Buildings and Improvements	8,713
Gross Amount at Which Carried As of Year End
Land	2,310
Buildings and Improvements	8,713
Total	11,023
Accum Deprec	200
236 Wytheville, VA | SNF
Initial Cost to Company
Land	647
Buildings and Improvements	12,167
Gross Amount at Which Carried As of Year End
Land	647
Buildings and Improvements	12,167
Total	12,814
Accum Deprec	5,363
077 Ada, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,650
Costs Capitalized Subsequent to acquisition	180
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,830
Total	1,930
Accum Deprec	1,106
105 Arvada, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,810
Costs Capitalized Subsequent to acquisition	7,072
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	9,882
Total	9,982
Accum Deprec	4,027
304 Athens, GA | ALF
Initial Cost to Company
Land	1,056
Buildings and Improvements	13,326
Costs Capitalized Subsequent to acquisition	111
Gross Amount at Which Carried As of Year End
Land	1,056
Buildings and Improvements	13,437
Total	14,493
Accum Deprec	2,422
063 Athens, TX | ALF
Initial Cost to Company
Land	96
Buildings and Improvements	1,510
Costs Capitalized Subsequent to acquisition	113
Gross Amount at Which Carried As of Year End
Land	96
Buildings and Improvements	1,623
Total	1,719
Accum Deprec	1,125
320 Auburn Hills, MI | ALF
Initial Cost to Company
Land	1,964
Buildings and Improvements	4,577
Costs Capitalized Subsequent to acquisition	1,149
Gross Amount at Which Carried As of Year End
Land	1,964
Buildings and Improvements	5,726
Total	7,690
Accum Deprec	1,056
269 Aurora, CO | ALF
Initial Cost to Company
Land	850
Buildings and Improvements	8,583
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	8,583
Total	9,433
Accum Deprec	2,566
260 Aurora, CO | ALF
Initial Cost to Company
Land	831
Buildings and Improvements	10,071
Costs Capitalized Subsequent to acquisition	327
Gross Amount at Which Carried As of Year End
Land	831
Buildings and Improvements	10,398
Total	11,229
Accum Deprec	2,866
117 Beatrice, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,173
Costs Capitalized Subsequent to acquisition	243
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,416
Total	2,516
Accum Deprec	1,517
277 Burr Ridge, IL | ALF
Initial Cost to Company
Land	1,400
Buildings and Improvements	11,102
Gross Amount at Which Carried As of Year End
Land	1,400
Buildings and Improvements	11,102
Total	12,502
Accum Deprec	2,735
278 Castle Rock, CO | ALF
Initial Cost to Company
Land	759
Buildings and Improvements	5,091
Gross Amount at Which Carried As of Year End
Land	759
Buildings and Improvements	5,091
Total	5,850
Accum Deprec	1,573
311 Cedarburg, WI | ALF
Initial Cost to Company
Land	924
Buildings and Improvements	21,083
Gross Amount at Which Carried As of Year End
Land	924
Buildings and Improvements	21,083
Total	22,007
Accum Deprec	2,946
160 Central, SC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,321
Costs Capitalized Subsequent to acquisition	119
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,440
Total	2,540
Accum Deprec	1,272
263 Chatham, NJ | ALF
Initial Cost to Company
Land	5,365
Buildings and Improvements	36,399
Costs Capitalized Subsequent to acquisition	587
Gross Amount at Which Carried As of Year End
Land	5,365
Buildings and Improvements	36,986
Total	42,351
Accum Deprec	10,105
307 Clovis, CA | ALF
Initial Cost to Company
Land	2,542
Buildings and Improvements	19,126
Gross Amount at Which Carried As of Year End
Land	2,542
Buildings and Improvements	19,126
Total	21,668
Accum Deprec	3,022
308 Clovis, CA | ALF
Initial Cost to Company
Land	3,054
Buildings and Improvements	14,172
Gross Amount at Which Carried As of Year End
Land	3,054
Buildings and Improvements	14,172
Total	17,226
Accum Deprec	2,154
279 Corpus Christi, TX | ALF
Initial Cost to Company
Land	880
Buildings and Improvements	11,440
Costs Capitalized Subsequent to acquisition	298
Gross Amount at Which Carried As of Year End
Land	880
Buildings and Improvements	11,738
Total	12,618
Accum Deprec	2,753
292 De Forest, WI | ALF
Initial Cost to Company
Land	485
Buildings and Improvements	5,568
Costs Capitalized Subsequent to acquisition	47
Gross Amount at Which Carried As of Year End
Land	485
Buildings and Improvements	5,615
Total	6,100
Accum Deprec	1,191
057 Dodge City, KS | ALF
Initial Cost to Company
Land	84
Buildings and Improvements	1,666
Costs Capitalized Subsequent to acquisition	30
Gross Amount at Which Carried As of Year End
Land	84
Buildings and Improvements	1,696
Total	1,780
Accum Deprec	1,156
083 Durant, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,769
Costs Capitalized Subsequent to acquisition	157
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,926
Total	2,026
Accum Deprec	1,162
107 Edmond, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,365
Costs Capitalized Subsequent to acquisition	659
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,024
Total	2,124
Accum Deprec	1,226
163 Ft. Collins, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,961
Costs Capitalized Subsequent to acquisition	3,674
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	6,635
Total	6,735
Accum Deprec	3,147
170 Ft. Collins, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	3,400
Costs Capitalized Subsequent to acquisition	4,928
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	8,328
Total	8,428
Accum Deprec	3,669
132 Ft. Meyers, FL | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,728
Costs Capitalized Subsequent to acquisition	272
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,000
Total	3,100
Accum Deprec	1,717
315 Ft. Worth, TX | ALF
Initial Cost to Company
Land	1,534
Buildings and Improvements	11,099
Costs Capitalized Subsequent to acquisition	34
Gross Amount at Which Carried As of Year End
Land	1,534
Buildings and Improvements	11,133
Total	12,667
Accum Deprec	1,424
100 Fremont ,OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	203
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,638
Total	2,738
Accum Deprec	1,663
267 Frisco, TX | ALF
Initial Cost to Company
Land	1,000
Buildings and Improvements	5,154
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	5,154
Total	6,154
Accum Deprec	1,667
314 Frisco, TX | ALF
Initial Cost to Company
Land	2,216
Buildings and Improvements	10,417
Costs Capitalized Subsequent to acquisition	119
Gross Amount at Which Carried As of Year End
Land	2,216
Buildings and Improvements	10,536
Total	12,752
Accum Deprec	1,367
296 Glenview, IL | ALF
Initial Cost to Company
Land	2,800
Buildings and Improvements	14,248
Gross Amount at Which Carried As of Year End
Land	2,800
Buildings and Improvements	14,248
Total	17,048
Accum Deprec	2,764
167 Goldsboro, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,385
Costs Capitalized Subsequent to acquisition	170
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,555
Total	2,655
Accum Deprec	1,217
056 Great Bend, KS | ALF
Initial Cost to Company
Land	80
Buildings and Improvements	1,570
Costs Capitalized Subsequent to acquisition	68
Gross Amount at Which Carried As of Year End
Land	80
Buildings and Improvements	1,638
Total	1,718
Accum Deprec	1,234
102 Greeley, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,310
Costs Capitalized Subsequent to acquisition	612
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,922
Total	3,022
Accum Deprec	1,686
284 Green Bay, WI | ALF
Initial Cost to Company
Land	1,660
Buildings and Improvements	19,079
Costs Capitalized Subsequent to acquisition	475
Gross Amount at Which Carried As of Year End
Land	1,660
Buildings and Improvements	19,554
Total	21,214
Accum Deprec	4,448
286 Greenfield, WI | SNF
Initial Cost to Company
Land	818
Buildings and Improvements	8,014
Costs Capitalized Subsequent to acquisition	232
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	8,246
Total	9,064
Accum Deprec	1,755
164 Greenville, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,478
Costs Capitalized Subsequent to acquisition	198
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,676
Total	2,776
Accum Deprec	1,418
062 Greenville, TX | ALF
Initial Cost to Company
Land	42
Buildings and Improvements	1,565
Costs Capitalized Subsequent to acquisition	105
Gross Amount at Which Carried As of Year End
Land	42
Buildings and Improvements	1,670
Total	1,712
Accum Deprec	1,134
161 Greenwood, SC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,638
Costs Capitalized Subsequent to acquisition	337
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,975
Total	3,075
Accum Deprec	1,544
295 Jacksonville, FL | ALF
Initial Cost to Company
Land	1,389
Buildings and Improvements	12,756
Costs Capitalized Subsequent to acquisition	1,056
Gross Amount at Which Carried As of Year End
Land	1,389
Buildings and Improvements	13,812
Total	15,201
Accum Deprec	2,702
066 Jacksonville, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,900
Costs Capitalized Subsequent to acquisition	90
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,990
Total	2,090
Accum Deprec	1,361
310 Kansas City, MO | ALF
Initial Cost to Company
Land	1,072
Buildings and Improvements	15,552
Gross Amount at Which Carried As of Year End
Land	1,072
Buildings and Improvements	15,552
Total	16,624
Accum Deprec	2,071
285 Kenosha, WI | ALF
Initial Cost to Company
Land	936
Buildings and Improvements	12,361
Costs Capitalized Subsequent to acquisition	498
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	12,859
Total	13,795
Accum Deprec	2,625
255 Littleton, CO | ALF
Initial Cost to Company
Land	1,882
Buildings and Improvements	8,248
Gross Amount at Which Carried As of Year End
Land	1,882
Buildings and Improvements	8,248
Total	10,130
Accum Deprec	2,226
268 Littleton, CO | ALF
Initial Cost to Company
Land	1,200
Buildings and Improvements	8,688
Gross Amount at Which Carried As of Year End
Land	1,200
Buildings and Improvements	8,688
Total	9,888
Accum Deprec	2,670
148 Longmont, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,640
Costs Capitalized Subsequent to acquisition	64
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,704
Total	2,804
Accum Deprec	1,645
060 Longview, TX | ALF
Initial Cost to Company
Land	38
Buildings and Improvements	1,568
Costs Capitalized Subsequent to acquisition	134
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	1,702
Total	1,740
Accum Deprec	1,180
261 Louisville, CO | ALF
Initial Cost to Company
Land	911
Buildings and Improvements	11,703
Costs Capitalized Subsequent to acquisition	390
Gross Amount at Which Carried As of Year End
Land	911
Buildings and Improvements	12,093
Total	13,004
Accum Deprec	3,283
301 Louisville, KY | ALF
Initial Cost to Company
Land	1,021
Buildings and Improvements	11,871
Costs Capitalized Subsequent to acquisition	123
Gross Amount at Which Carried As of Year End
Land	1,021
Buildings and Improvements	11,994
Total	13,015
Accum Deprec	2,305
114 Loveland, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,865
Costs Capitalized Subsequent to acquisition	324
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,189
Total	3,289
Accum Deprec	1,995
068 Lufkin, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,950
Costs Capitalized Subsequent to acquisition	106
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,056
Total	2,156
Accum Deprec	1,400
061 Marshall, TX | ALF
Initial Cost to Company
Land	38
Buildings and Improvements	1,568
Costs Capitalized Subsequent to acquisition	544
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	2,112
Total	2,150
Accum Deprec	1,477
293 McHenry, IL | ALF
Initial Cost to Company
Land	1,289
Buildings and Improvements	28,976
Costs Capitalized Subsequent to acquisition	987
Gross Amount at Which Carried As of Year End
Land	1,289
Buildings and Improvements	29,963
Total	31,252
Accum Deprec	6,257
058 McPherson, KS | ALF
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	67
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	1,638
Total	1,717
Accum Deprec	1,223
313 Medford, OR | ALF
Initial Cost to Company
Land	636
Buildings and Improvements	17,816
Gross Amount at Which Carried As of Year End
Land	636
Buildings and Improvements	17,816
Total	18,452
Accum Deprec	1,788
316 Medford, OR | ALF
Initial Cost to Company
Land	750
Buildings and Improvements	13,650
Costs Capitalized Subsequent to acquisition	250
Gross Amount at Which Carried As of Year End
Land	750
Buildings and Improvements	13,900
Total	14,650
Accum Deprec	1,874
239 Merritt Island, FL | ALF
Initial Cost to Company
Land	550
Buildings and Improvements	6,928
Costs Capitalized Subsequent to acquisition	115
Gross Amount at Which Carried As of Year End
Land	550
Buildings and Improvements	7,043
Total	7,593
Accum Deprec	3,056
104 Millville, NJ | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,825
Costs Capitalized Subsequent to acquisition	848
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,673
Total	3,773
Accum Deprec	2,174
231 Monroeville, PA | ALF
Initial Cost to Company
Land	526
Buildings and Improvements	5,334
Costs Capitalized Subsequent to acquisition	439
Gross Amount at Which Carried As of Year End
Land	526
Buildings and Improvements	5,773
Total	6,299
Accum Deprec	2,317
280 Merrells Inlet, SC | ALF
Initial Cost to Company
Land	2,490
Buildings and Improvements	14,185
Costs Capitalized Subsequent to acquisition	129
Gross Amount at Which Carried As of Year End
Land	2,490
Buildings and Improvements	14,314
Total	16,804
Accum Deprec	3,278
294 Murrieta, CA | ALF
Initial Cost to Company
Land	2,022
Buildings and Improvements	11,136
Gross Amount at Which Carried As of Year End
Land	2,022
Buildings and Improvements	11,136
Total	13,158
Accum Deprec	2,586
289 Neenah, WI | ALF
Initial Cost to Company
Land	694
Buildings and Improvements	20,839
Costs Capitalized Subsequent to acquisition	251
Gross Amount at Which Carried As of Year End
Land	694
Buildings and Improvements	21,090
Total	21,784
Accum Deprec	4,316
166 New Bern, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,427
Costs Capitalized Subsequent to acquisition	170
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,597
Total	2,697
Accum Deprec	1,254
118 Newark, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	383
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,818
Total	2,918
Accum Deprec	1,703
143 Niceville, FL | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,680
Costs Capitalized Subsequent to acquisition	108
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,788
Total	2,888
Accum Deprec	1,676
095 Norfolk, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,123
Costs Capitalized Subsequent to acquisition	311
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,434
Total	2,534
Accum Deprec	1,541
306 Oaklawn, IL | ALF
Initial Cost to Company
Land	1,591
Buildings and Improvements	13,772
Gross Amount at Which Carried As of Year End
Land	1,591
Buildings and Improvements	13,772
Total	15,363
Accum Deprec	2,325
302 Overland Park, KS | ALF
Initial Cost to Company
Land	1,951
Buildings and Improvements	11,882
Costs Capitalized Subsequent to acquisition	281
Gross Amount at Which Carried As of Year End
Land	1,951
Buildings and Improvements	12,163
Total	14,114
Accum Deprec	2,496
232 Pittsburgh, PA | ALF
Initial Cost to Company
Land	470
Buildings and Improvements	2,615
Costs Capitalized Subsequent to acquisition	360
Gross Amount at Which Carried As of Year End
Land	470
Buildings and Improvements	2,975
Total	3,445
Accum Deprec	1,264
165 Rocky Mount, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,494
Costs Capitalized Subsequent to acquisition	378
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,872
Total	2,972
Accum Deprec	1,359
059 Salina, KS | ALF
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	303
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	1,874
Total	1,953
Accum Deprec	1,250
084 San Antonio, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,900
Costs Capitalized Subsequent to acquisition	45
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,945
Total	2,045
Accum Deprec	1,240
092 San Antonio, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,055
Costs Capitalized Subsequent to acquisition	577
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,632
Total	2,732
Accum Deprec	1,411
288 Sheboygan, WI | ALF
Initial Cost to Company
Land	1,168
Buildings and Improvements	5,382
Costs Capitalized Subsequent to acquisition	379
Gross Amount at Which Carried As of Year End
Land	1,168
Buildings and Improvements	5,761
Total	6,929
Accum Deprec	1,384
149 Shelby, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,805
Costs Capitalized Subsequent to acquisition	312
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,117
Total	3,217
Accum Deprec	1,782
312 Spartanburg, SC | ALF
Initial Cost to Company
Land	254
Buildings and Improvements	9,906
Costs Capitalized Subsequent to acquisition	1,520
Gross Amount at Which Carried As of Year End
Land	254
Buildings and Improvements	11,426
Total	11,680
Accum Deprec	2,627
150 Spring Hill, FL | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,650
Costs Capitalized Subsequent to acquisition	104
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,754
Total	2,854
Accum Deprec	1,662
103 Springfield, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,035
Costs Capitalized Subsequent to acquisition	363
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,398
Total	2,498
Accum Deprec	1,490
321 Sterling Heights, MI | ALF
Initial Cost to Company
Land	1,133
Buildings and Improvements	11,487
Costs Capitalized Subsequent to acquisition	1,133
Gross Amount at Which Carried As of Year End
Land	1,133
Buildings and Improvements	12,620
Total	13,753
Accum Deprec	1,643
162 Sumter, SC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,351
Costs Capitalized Subsequent to acquisition	656
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,007
Total	3,107
Accum Deprec	1,393
140 Tallahassee, FL | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	3,075
Costs Capitalized Subsequent to acquisition	140
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,215
Total	3,315
Accum Deprec	1,925
098 Tiffin, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	366
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,801
Total	2,901
Accum Deprec	1,678
282 Tinley Park, IL | ALF
Initial Cost to Company
Land	702
Buildings and Improvements	11,481
Gross Amount at Which Carried As of Year End
Land	702
Buildings and Improvements	11,481
Total	12,183
Accum Deprec	2,608
088 Troy, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	821
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,256
Total	3,356
Accum Deprec	1,950
080 Tulsa, OK | ALF
Initial Cost to Company
Land	200
Buildings and Improvements	1,650
Costs Capitalized Subsequent to acquisition	148
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	1,798
Total	1,998
Accum Deprec	1,091
093 Tulsa, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,395
Costs Capitalized Subsequent to acquisition	42
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,437
Total	2,537
Accum Deprec	1,553
238 Tupelo, MS | ALF
Initial Cost to Company
Land	1,170
Buildings and Improvements	8,230
Costs Capitalized Subsequent to acquisition	52
Gross Amount at Which Carried As of Year End
Land	1,170
Buildings and Improvements	8,282
Total	9,452
Accum Deprec	3,133
075 Tyler, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,800
Costs Capitalized Subsequent to acquisition	144
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,944
Total	2,044
Accum Deprec	1,207
091 Waco, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,235
Costs Capitalized Subsequent to acquisition	770
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,005
Total	3,105
Accum Deprec	1,563
096 Wahoo, NE | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,318
Costs Capitalized Subsequent to acquisition	166
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,484
Total	2,584
Accum Deprec	1,628
108 Watauga, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,668
Costs Capitalized Subsequent to acquisition	38
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,706
Total	1,806
Accum Deprec	1,076
109 Weatherford, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,669
Costs Capitalized Subsequent to acquisition	698
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,367
Total	2,467
Accum Deprec	1,454
309 West Chester, OH | ALF
Initial Cost to Company
Land	2,355
Buildings and Improvements	13,553
Costs Capitalized Subsequent to acquisition	212
Gross Amount at Which Carried As of Year End
Land	2,355
Buildings and Improvements	13,765
Total	16,120
Accum Deprec	2,235
276 Westminster, CO | ALF
Initial Cost to Company
Land	1,425
Buildings and Improvements	9,575
Gross Amount at Which Carried As of Year End
Land	1,425
Buildings and Improvements	9,575
Total	11,000
Accum Deprec	2,660
110 Wheelersburg, OH | ALF
Initial Cost to Company
Land	29
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	349
Gross Amount at Which Carried As of Year End
Land	29
Buildings and Improvements	2,784
Total	2,813
Accum Deprec	1,720
303 Wichita, KS | ALF
Initial Cost to Company
Land	1,422
Buildings and Improvements	9,957
Costs Capitalized Subsequent to acquisition	285
Gross Amount at Which Carried As of Year End
Land	1,422
Buildings and Improvements	10,242
Total	11,664
Accum Deprec	2,162
259 Wichita, KS | ALF
Initial Cost to Company
Land	730
Costs Capitalized Subsequent to acquisition	9,682
Gross Amount at Which Carried As of Year End
Land	730
Buildings and Improvements	9,682
Total	10,412
Accum Deprec	2,911
283 Wichita, KS | ALF
Initial Cost to Company
Land	624
Buildings and Improvements	13,946
Gross Amount at Which Carried As of Year End
Land	624
Buildings and Improvements	13,946
Total	14,570
Accum Deprec	2,373
076 Wichita Falls, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,850
Costs Capitalized Subsequent to acquisition	126
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,976
Total	2,076
Accum Deprec	1,225
120 Wichita Falls, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,750
Costs Capitalized Subsequent to acquisition	143
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,893
Total	2,993
Accum Deprec	1,841
264 Williamstown, NJ | ALF
Initial Cost to Company
Land	711
Buildings and Improvements	8,649
Gross Amount at Which Carried As of Year End
Land	711
Buildings and Improvements	8,649
Total	9,360
Accum Deprec	2,411
265 Williamstown, NJ | ALF
Initial Cost to Company
Land	711
Buildings and Improvements	6,637
Gross Amount at Which Carried As of Year End
Land	711
Buildings and Improvements	6,637
Total	7,348
Accum Deprec	1,982
297 Las Vegas, NV | School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,702
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	9,010
Total	10,975
Accum Deprec	1,650
271 Howell, MI | Land
Initial Cost to Company
Land	420
Gross Amount at Which Carried As of Year End
Land	420
Total	420
272 Milford, MI | Land
Initial Cost to Company
Land	450
Gross Amount at Which Carried As of Year End
Land	450
Total	450
275 Yale, MI | Land
Initial Cost to Company
Land	73
Gross Amount at Which Carried As of Year End
Land	73
Total	$ 73

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost basis for Federal income tax purposes	$ 1,420,258
Computer Equipment | Minimum
Real Estate and Accumulated Depreciation
Useful life	3 years
Computer Equipment | Maximum
Real Estate and Accumulated Depreciation
Useful life	5 years
Furniture and Fixtures | Minimum
Real Estate and Accumulated Depreciation
Useful life	5 years
Furniture and Fixtures | Maximum
Real Estate and Accumulated Depreciation
Useful life	15 years
Building | Minimum
Real Estate and Accumulated Depreciation
Useful life	35 years
Building | Maximum
Real Estate and Accumulated Depreciation
Useful life	50 years
Site Improvements | Minimum
Real Estate and Accumulated Depreciation
Useful life	10 years
Site Improvements | Maximum
Real Estate and Accumulated Depreciation
Useful life	20 years
Building Improvements | Minimum
Real Estate and Accumulated Depreciation
Useful life	10 years
Building Improvements | Maximum
Real Estate and Accumulated Depreciation
Useful life	50 years

SCHEDULE III REAL ESTATE AND _4

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Carrying cost
Balance at beginning of period	$ 1,408,557	$ 1,452,001	$ 1,484,571
Acquisitions	51,817		13,581
Improvements	9,099	6,298	23,612
Capitalized interest			354
Cost of real estate sold	(55,346)	(49,742)	(66,140)
Impairment loss from real estate investments	(3,422)		(3,977)
Ending balance	1,410,705	1,408,557	1,452,001
Accumulated depreciation
Balance at beginning of period	374,606	349,643	347,755
Depreciation expense	37,394	38,192	38,945
Cost of real estate sold	(20,513)	(13,229)	(37,057)
Ending balance	$ 391,487	$ 374,606	$ 349,643

SCHEDULE IV MORTGAGE LOANS ON_2

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Mortgage loans on real estate
Number of properties | property	41
Number of beds/units | item	3,699
Interest rate (as a percent)	7.25%
Balloon Amount	$ 368,520
Current Monthly Debt Service	3,073
Face amount of originated mortgages	400,025
Carrying Amount of Mortgages	389,728	$ 344,442	$ 257,251	$ 254,099
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Loan Term	4 years
Number of Assisted Communities | item	13
Michigan | Mortgage Loans on Real Estate Maturing in 2043 | Property with 1875 Beds/Units
Mortgage loans on real estate
Number of properties | property	15
Number of beds/units | item	1,875
Interest rate (as a percent)	10.60%
Balloon Amount	$ 163,214
Current Monthly Debt Service	1,623
Face amount of originated mortgages	190,214
Carrying Amount of Mortgages	$ 182,514
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 501 Beds/Units
Mortgage loans on real estate
Number of properties | property	4
Number of beds/units | item	480
Interest rate (as a percent)	9.60%
Balloon Amount	$ 35,576
Current Monthly Debt Service	311
Face amount of originated mortgages	39,406
Carrying Amount of Mortgages	$ 38,636
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 146 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	146
Interest rate (as a percent)	10.10%
Balloon Amount	$ 14,325
Current Monthly Debt Service	125
Face amount of originated mortgages	15,000
Carrying Amount of Mortgages	$ 14,726
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 205 Beds/Units
Mortgage loans on real estate
Number of properties | property	2
Number of beds/units | item	201
Interest rate (as a percent)	9.80%
Balloon Amount	$ 19,750
Current Monthly Debt Service	162
Face amount of originated mortgages	19,750
Carrying Amount of Mortgages	19,553
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Florida | Mortgage Loans on Real Estate Maturing in 2025 | Property with 68 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	68
Interest rate (as a percent)	7.80%
Balloon Amount	$ 14,308
Current Monthly Debt Service	92
Face amount of originated mortgages	14,308
Carrying Amount of Mortgages	14,165
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Louisiana | Mortgage Loans on Real Estate Maturing in 2024 | Property with 189 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	189
Interest rate (as a percent)	7.50%
Balloon Amount	$ 29,346
Current Monthly Debt Service	186
Face amount of originated mortgages	29,346
Carrying Amount of Mortgages	29,054
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Missouri | Mortgage Loans on Real Estate Maturing in 2022
Mortgage loans on real estate
Interest rate (as a percent)	7.50%
Balloon Amount	$ 1,887
Current Monthly Debt Service	12
Face amount of originated mortgages	1,887
Carrying Amount of Mortgages	1,867
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
North Carolina | Mortgage Loans on Real Estate Maturing in 2025 | Property with 478 Beds/Units
Mortgage loans on real estate
Number of properties | property	12
Number of beds/units | item	478
Interest rate (as a percent)	7.30%
Balloon Amount	$ 51,531
Current Monthly Debt Service	318
Face amount of originated mortgages	51,531
Carrying Amount of Mortgages	51,016
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
South Carolina | Mortgage Loans on Real Estate Maturing in 2025 | Property with 45 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	45
Interest rate (as a percent)	7.30%
Balloon Amount	$ 4,787
Current Monthly Debt Service	30
Face amount of originated mortgages	4,787
Carrying Amount of Mortgages	4,739
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Minimum
Mortgage loans on real estate
Interest rate (as a percent)		4%
Maximum
Mortgage loans on real estate
Interest rate (as a percent)		8%
Loan Term	4 years
Mortgage Loans | North Carolina
Mortgage loans on real estate
Interest rate (as a percent)	7.30%
Balloon Amount	$ 796
Current Monthly Debt Service	5
Face amount of originated mortgages	796
Carrying Amount of Mortgages	788
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Mortgage Loans | North Carolina | Property with 217 Beds/Units
Mortgage loans on real estate
Number of properties | property	4
Number of beds/units | item	217
Interest rate (as a percent)	7.30%
Balloon Amount	$ 33,000
Current Monthly Debt Service	209
Face amount of originated mortgages	33,000
Carrying Amount of Mortgages	32,670
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0

SCHEDULE IV MORTGAGE LOANS ON_3

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan property
Mortgage loans on real estate
Number of Loans | property	14
Original loan amounts	$ 400,025
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000
Mortgage loans on real estate
Number of Loans | loan	2
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 500
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 2,000
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 2,001
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 3,000
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 3,001
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 4,000
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 4,001
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 5,000
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 5,001
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 6,000
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 6,001
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 7,000
First-lien mortgage loans | Mortgage Loans over 7,000,000
Mortgage loans on real estate
Number of Loans | loan	8
First-lien mortgage loans | Mortgage Loans over 7,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 7,001

SCHEDULE IV MORTGAGE LOANS ON_4

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage loans on real estate
Balance at the beginning of the period	$ 344,442	$ 257,251	$ 254,099
New mortgage loans	31,965	88,415
Other additions	8,767	540	4,253
Application of interest reserve	6,192	298
Amortization of mortgage premium	(6)	(6)	(4)
Collections of principal	(1,175)	(1,175)	(1,065)
Loan loss reserve	(457)	(881)	(32)
Balance at the end of the period	$ 389,728	$ 344,442	$ 257,251