LTC Properties (LTC) 10-K 15 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 08, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 1,338,786,000
Entity Common Stock, Shares Outstanding		43,112,693
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	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000887905
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments:
Land	$ 121,725	$ 124,665
Buildings and improvements	1,235,600	1,273,025
Accumulated depreciation and amortization	(387,751)	(389,182)
Operating real estate property, net	969,574	1,008,508
Properties held-for-sale, net of accumulated depreciation: 2023-$3,616; 2022-$2,305	18,391	10,710
Real property investments, net	987,965	1,019,218
Financing receivables, net of credit loss reserve: 2023-$1,980; 2022-$768	196,032	75,999
Mortgage loans receivable, net of credit loss reserve: 2023-$4,814; 2022-$3,930	477,266	389,728
Real estate investments, net	1,661,263	1,484,945
Notes receivable, net of credit loss reserve: 2023-$611; 2022-$589	60,490	58,383
Investments in unconsolidated joint ventures	19,340	19,340
Investments, net	1,741,093	1,562,668
Other assets:
Cash and cash equivalents	20,286	10,379
Debt issue costs related to revolving line of credit	1,557	2,321
Interest receivable	53,960	46,000
Straight-line rent receivable	19,626	21,847
Lease incentives	2,607	1,789
Prepaid expenses and other assets	15,969	11,099
Total assets	1,855,098	1,656,103
LIABILITIES
Revolving line of credit	302,250	130,000
Term loans, net of debt issue costs: 2023-$342; 2022-$489	99,658	99,511
Senior unsecured notes, net of debt issue costs: 2023-$1,251; 2022-$1,477	489,409	538,343
Accrued interest	3,865	5,234
Accrued expenses and other liabilities	43,649	32,708
Total liabilities	938,831	805,796
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2023-43,022; 2022-41,262	430	412
Capital in excess of par value	991,656	931,124
Cumulative net income	1,634,395	1,544,660
Accumulated other comprehensive income	6,110	8,719
Cumulative distributions	(1,751,312)	(1,656,548)
Total LTC Properties, Inc. stockholders' equity	881,279	828,367
Non-controlling interests	34,988	21,940
Total equity	916,267	850,307
Total liabilities and equity	$ 1,855,098	$ 1,656,103

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Properties held-for-sale, accumulated depreciation	$ 3,616	$ 2,305
Financial receivable credit loss reserve	1,980	768
Mortgage loans receivable, loan loss reserve	4,814	3,930
Notes receivable, loan loss reserve	$ 611	$ 589
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000	60,000
Common stock, shares issued (in shares)	43,022	41,262
Common stock, shares outstanding (in shares)	43,022	41,262
Term loans
Debt issue costs, net	$ 342	$ 489
Senior Unsecured Notes
Debt issue costs, net	$ 1,251	$ 1,477

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental income	$ 127,350	$ 128,244	$ 121,125
Interest income from financing receivables	15,243	1,762
Interest income from mortgage loans	47,725	40,600	32,811
Interest and other income	6,926	4,547	1,386
Total revenues	197,244	175,153	155,322
Expenses:
Interest expense	47,014	31,437	27,375
Depreciation and amortization	37,416	37,496	38,296
Impairment loss	15,775	3,422	0
Provision for credit losses	5,678	1,528	1,021
Transaction costs	1,144	828	4,433
Property tax expense	13,269	15,486	15,392
General and administrative expenses	24,286	23,706	21,460
Total expenses	144,582	113,903	107,977
Other operating income:
Gain on sale of real estate, net	37,296	37,830	7,462
Operating income	89,958	99,080	54,807
Income from unconsolidated joint ventures	1,504	1,504	1,417
Net income	91,462	100,584	56,224
Income allocated to non-controlling interests	(1,727)	(560)	(363)
Net income attributable to LTC Properties, Inc.	89,735	100,024	55,861
Income allocated to participating securities	(587)	(580)	(458)
Net income available to common stockholders	$ 89,148	$ 99,444	$ 55,403
Earnings per common share:
Basic (in dollars per share)	$ 2.16	$ 2.49	$ 1.41
Diluted (in dollars per share)	$ 2.16	$ 2.48	$ 1.41
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	41,272	39,894	39,156
Diluted (in shares)	41,358	40,067	39,156

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 91,462	$ 100,584	$ 56,224
Unrealized gain (loss) on cash flow hedges before reclassification	1,178	9,181	(172)
Gains reclassified from accumulated other comprehensive income to interest expense	(3,787)	(290)
Comprehensive income	88,853	109,475	56,052
Less: Comprehensive income allocated to non-controlling interests	(1,727)	(560)	(363)
Comprehensive income attributable to LTC Properties, Inc.	$ 87,126	$ 108,915	$ 55,689

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 OCI	Cumulative Distributions	Non-controlling Interests	Total
Balance at beginning 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
Equity activity
Issuance of common stock	53,688	$ 17	53,671					53,688
Issuance of common stock (in shares)		1,658
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		146
Net income	89,735			89,735			1,727	91,462
Stock-based compensation expense	8,481		8,481					8,481
Non-controlling interests contributions							12,965	12,965
Non-controlling interest distributions							(1,644)	(1,644)
Common stock cash distributions	(94,764)					(94,764)		(94,764)
Cash paid for taxes in lieu of common shares	(1,619)		(1,619)					(1,619)
Cash paid for taxes in lieu of common shares (in shares)		(43)
Fair market valuation adjustment for interest rate swap	(2,609)				(2,609)			(2,609)
Other (in shares)		(1)
Balance at end of period at Dec. 31, 2023	$ 881,279	$ 430	$ 991,656	$ 1,634,395	$ 6,110	$ (1,751,312)	$ 34,988	$ 916,267
Balance (in shares) at Dec. 31, 2023		43,022

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES:
Net income	$ 91,462	$ 100,584	$ 56,224
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,416	37,496	38,296
Stock-based compensation expense	8,481	7,964	7,760
Impairment loss	15,775	3,422
Gain on sale of real estate, net	(37,296)	(37,830)	(7,462)
Income from unconsolidated joint ventures	(1,504)	(1,504)	(1,417)
Income distributions from unconsolidated joint ventures	56	351
Straight-line rental adjustment (income)	2,078	1,369	(467)
Exchange of prepayment fee for participating interest in mortgage loan	(1,380)
Adjustment for collectability of lease incentives and rental income	26	256	758
Amortization of lease incentives	773	877	608
Provision for credit losses	5,678	1,528	1,021
Application of interest reserve	(1,939)	(6,192)	(150)
Amortization of debt issue costs	1,205	1,139	1,122
Other non-cash items, net	95	113
Change in operating assets and liabilities
Lease incentives funded	(1,627)	(418)	(824)
Increase in interest receivable	(9,283)	(7,173)	(6,776)
(Decrease) increase in accrued interest payable	(1,369)	1,489	(471)
Net change in other assets and liabilities	(4,244)	2,115	2,962
Net cash provided by operating activities	104,403	105,586	91,184
INVESTING ACTIVITIES:
Investment in real estate properties	(43,759)	(51,817)
Investment in real estate developments		(105)
Investment in real estate capital improvements	(9,686)	(8,994)	(6,298)
Proceeds from sale of real estate, net	66,274	72,620	43,627
Investment in financing receivables	(112,712)	(61,747)
Investment in real estate mortgage loans receivable	(72,230)	(40,732)	(88,955)
Principal payments received on mortgage loans receivable	10,351	1,175	1,175
Investments in unconsolidated joint ventures			(5,676)
Advances and originations under notes receivable	(20,377)	(37,192)	(16,353)
Principal payments received on notes receivable	7,227	6,843	2,694
Net cash used in investing activities	(174,912)	(119,949)	(69,786)
FINANCING ACTIVITIES:
Borrowings from revolving line of credit	277,450	194,000	204,400
Borrowings from term loans			100,000
Repayment of revolving line of credit	(105,200)	(174,900)	(183,400)
Proceeds from issuance of senior unsecured notes		75,000
Principal payments on senior unsecured notes	(49,160)	(48,160)	(47,160)
Proceeds from common stock issued	53,777	68,156
Distributions paid to stockholders	(94,764)	(91,509)	(90,494)
Contribution from non-controlling interests		50	9
Distributions paid to non-controlling interests		(487)	(363)
Financing costs paid	(68)	(1,208)	(3,358)
Cash paid for taxes in lieu of shares upon vesting of restricted stock	(1,619)	(1,355)	(3,573)
Other		(6)	(70)
Net cash provided by (used in) financing activities	80,416	19,581	(24,009)
Increase (decrease) in cash and cash equivalents	9,907	5,218	(2,611)
Cash and cash equivalents, beginning of period	10,379	5,161	7,772
Cash and cash equivalents, end of period	20,286	10,379	5,161
Supplemental disclosure of cash flow information:
Interest paid	$ 47,178	$ 28,809	$ 26,724

The Company

The Company	12 Months Ended
	Dec. 31, 2023
General
The Company	1. The Company LTC Properties, Inc. (“LTC” or the “Company”), 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, 2023
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. 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 does not meet 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, directly or indirectly, have greater than 50% of the voting shares. The Financial Accounting Standards Board (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. 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 Receivables. As part of our acquisitions, we may from time to time, invest in sale and leaseback transactions. In accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases Financing receivable Consolidated Balance Sheets Interest income from financing receivables Consolidated Statements of Income Financing receivables 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. Intangible Assets. As previously discussed, we make estimates as part of our allocation of the purchase price of an acquisition to various components of the acquisition based on the fair market value of each component. Occasionally, we may allocate a portion of the purchase price as in-place leases or other intangibles. In the case of the value of in-place leases, we make the best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during the hypothetical expected lease-up periods, market conditions and costs to execute similar leases. Working Capital Loans. Mezzanine Loans. four Investments in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to ASC Topic 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 Topic 326 Financial Instruments- Credit Losses We determined our Mortgage loans receivable, Financing receivables 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 recognizing credit loss expense. As of December 31, 2023, the total balance of accrued interest receivable of $53,960,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2023, 2022 and 2021, the 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 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, 2023, 2022 and 2021, we recognized impairment losses of 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 the 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 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, 2023, 2022 and 2021, we received $56,000, $57,000 and $0, respectively, of contingent rental income. In accordance with ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income Furthermore, we assess the collectability of substantially all of our lease payments through maturity and if collectability is not probable, all or a portion of our straight-line rent receivable and other lease receivables may be written off and the rental income during the period would be limited to the lesser of the income that would have been recognized if collection were probable, and the lease payments received. Our assessment of collectability of leases includes evaluating the data and assumptions used in determining whether substantially all of the future lease payments were probable based on the lessee’s payment history, the financial strength of the lessees, future contractual rents, and the timing of expected payments. 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 Receivables Interest income from financing receivables Consolidated Statements of Income. Financing receivables 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 for a majority of our assets 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, 2023, the net tax bases of our depreciable assets exceeded net book basis by $160,372,000 (unaudited) due to the differences previously mentioned. 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 receivables and mortgage loans receivable. Our financial instruments, operating leases, financing receivables 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 awarded 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 receivables, 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. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) segments’ significant expenses on an interim and annual basis. ASU 2023-07 clarifies that entities with a single reportable segment are subject to both new and existing segment reporting requirements under ASC Topic 280, Segment Reporting

Major Operators

Major Operators	12 Months Ended
	Dec. 31, 2023
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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 16.6 % ​ 14.3 % ​ (1) Includes total revenues for the twelve months ended December 31, 2023. ​ (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. During 2023, we agreed to defer up to $1,500,000, or up to $300,000 per month for May through September 2023, in interest payments due on one of Prestige Healthcare's mortgage loans secured by 15 skilled nursing centers in Michigan. We deferred $600,000 and $900,000 in interest payments during the second and third quarter of 2023, respectively. During the fourth quarter of 2023, we amended the mortgage loan with Prestige which was subject to the previously agreed upon interest deferral. Effective January 1, 2024, the minimum mortgage interest payment due to us is based on an annual current pay rate of 8.5% on the outstanding loan balance. The current contractual interest rate on the loan of 10.8% remains unchanged. The amendment also provides us the right to draw on Prestige’s security to pay the difference between the contractual rate and current pay rate. We received all 2023 contractual interest of $19,539,000 due from Prestige after applying $3,435,000 of its security. Full contractual interest has been paid on the loan through February 2024 and we expect to receive full contractual cash interest through 2025. Subsequent to December 31, 2023, Prestige increased the security from its receipt of retro-active Medicaid funds. Accordingly, we currently hold security of $3,966,000. Additional retro-active Medicaid payments received by Prestige in 2024 will be remitted to us as security. 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, continuing 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, 2023
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ (in thousands) Non-cash investing and financing transactions: ​ ​ ​ ​ ​ ​ ​ Contribution of financing receivables from non-controlling interests ​ $ 12,965 ​ $ 14,325 ​ $ — ​ Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan ​ ​ (8,841) ​ ​ — ​ ​ — ​ Reserves withheld at financing and mortgage loan receivable origination ​ ​ (5,102) ​ ​ — ​ ​ — ​ Accretion of interest reserve recorded as mortgage loan receivable ​ ​ 1,939 ​ ​ 6,192 ​ ​ — ​ Mortgage loan receivable reserve withheld at origination ​ ​ 1,461 ​ ​ 107 ​ ​ 298 ​ Seller financing related to property sales ​ ​ 13,750 ​ ​ — ​ ​ — ​ Preferred return reserve related to investment in unconsolidated joint ventures ​ ​ — ​ ​ 351 ​ ​ 2,324 ​ Notes receivable reserve withheld at origination ​ ​ — ​ ​ — ​ ​ 353 ​ Write-off of notes receivable ​ ​ (3,561) ​ ​ — ​ ​ — ​ Change in fair value of interest rate swap agreements ​ ​ 2,609 ​ ​ (8,891) ​ ​ 172 ​ Distributions paid to non-controlling interests ​ ​ 1,644 ​ ​ — ​ ​ — ​ ​

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2023
Real Estate Investments
Real Estate Investments	5. Real Estate Investments Owned Properties. As of December 31, 2023, we owned 134 health care real estate properties consisting of 83 ALFs, 50 SNFs and one behavioral health care hospital located in 23 states. These properties are operated by 22 operators. 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 $37,303,000, $37,394,000, and $38,192,000 for the years ended December 31, 2023, 2022 and 2021, 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) 2024 ​ $ 118,411 ​ 2025 ​ 102,414 ​ 2026 ​ 83,765 ​ 2027 ​ 79,080 ​ 2028 ​ 66,556 ​ Thereafter ​ 168,031 ​ (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash. Many of our existing leases contain renewal options that, if exercised, could result in the amount of rent receivable upon renewal being greater or less than that currently being paid. During 2023, Brookdale Senior Living Communities, Inc. (“Brookdale”) elected not to exercise its renewal option under a master lease that matured on December 31, 2023. The 35-property assisted living portfolio was apportioned as follows: ● We re-leased 17 communities with a total of 738 units to Brookdale under a new master lease. This new master lease includes six properties in Colorado, six properties in Texas, four in Kansas and one in Ohio. The new master lease, which commenced in January 2024, is for six years at an initial annual rent of $9,325,000 , escalating by approximately 2% annually. The lease includes a purchase option that can be exercised in 2029. We also agreed to fund $4,500,000 for capital expenditures for the first two years of the lease at an initial rate of 8.0% , escalating by approximately 2.0% annually thereafter; ​ ● Five communities in Oklahoma, with a total of 184 units, were transferred and are now being operated by an existing LTC operator. The new master lease, which commenced in November 2023, is for three years , with one four-year extension, at an initial annual rent of $960,000 , increasing to $984,000 in the second year, and $1,150,000 in the third year. Additionally, the new master lease includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option; ​ ● Five communities in North Carolina, with a total of 210 units, were transferred and are now being operated by an operator new to us. The new master lease, which commenced in January 2024, is for six years at an initial annual rent of $3,300,000 , escalating 3.0% annually thereafter; and ​ ● Eight communities across three states including four in Florida, three in South Carolina and one in Oklahoma with a total of 341 units, were sold for $27,959,000 . We received proceeds of $23,232,000 , net of transaction costs and seller financing. We provided seller financing collateralized by two of the Florida properties, with a total of 92 units. The $4,000,000 seller-financed mortgage loan is two years , with a one-year extension, at an interest rate of 8.75% . Additionally, during 2023, 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 of 216 beds and are located in Florida. Also, during 2023, a master lease covering two skilled nursing centers that was scheduled to mature in 2023 was renewed for another two years extending the maturity to December 2025. The master lease was renewed at the contractual annual cash rent of $1,005,000 increasing 2.5% per year. As amended, this master lease provides the lessee with a purchase option available through December 31, 2024. The centers have a total of 141 beds and are located in Tennessee. Further, during 2023, a master lease covering three skilled nursing centers that was scheduled to mature in 2024 was renewed at the contractual rate for another five years extending the maturity to August 2029. The centers have a total of 613 beds and are located in Arizona. During 2023, we transitioned a portfolio of eight assisted living communities with 500 units in Illinois, Ohio and Michigan to Encore Senior Living (“Encore”). We agreed to provide assistance in the second quarter of 2023 to the former operator of this portfolio and as part of transition, we received repayment of $1,250,000 of deferred rent which represents $934,000 of April and May 2023 deferred rent and $316,000 of unrecorded deferred rent provided in 2022. Cash rent under the new two-year lease with Encore is based on mutually agreed upon fair market rent beginning in September 2023. Subsequent to December 31, 2023, a master lease covering 11 skilled nursing centers that was scheduled to mature in January 2024 was renewed for seven months extending the maturity to August 2024. The master lease was renewed at the current annualized rent of $8,000,000, or $4,667,000 for seven months in 2024. The centers have a total of 1,444 beds and are located in Texas. Also, subsequent to December 31, 2023, we transitioned two assisted living communities, which are located in Georgia and South Carolina with a combined 159-units, to an operator new to LTC. The new two-year master lease commenced on January 1, 2024, and provides two one-year extension periods. Cash rent is zero for the first six months. Thereafter, cash rent is based on mutually agreed upon fair market rent. 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 $26,000, $256,000 and $758,000 for the years ended December 31, 2023, 2022 and 2021, 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, 2023. 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, 2023, 2022 and 2021 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Rental Income ​ ​ 2023 ​ ​ 2022 ​ ​ 2021 ​ Contractual cash rental income ​ $ 116,702 (1) $ 115,230 (2) $ 107,692 ​ Variable cash rental income ​ ​ 13,525 (3) ​ 15,516 (3) ​ 14,332 (3) Straight-line rent ​ ​ (2,078) (4) ​ (1,369) (5) ​ 467 ​ Adjustment of lease incentives and rental income ​ ​ (26) (6) ​ (256) (6) ​ (758) (6) Amortization of lease incentives ​ ​ (773) ​ ​ (877) ​ ​ (608) ​ Total ​ $ 127,350 ​ $ 128,244 ​ $ 121,125 ​ (1) Increased primarily due to rental income from acquisitions and transitioned portfolios, repayment of deferred rent and annual rent escalations, partially offset by sold properties. ​ (2) 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. ​ (3) The variable cash rental income for the years ended December 31, 2023, 2022 and 2021 primarily includes reimbursement of real estate taxes by our lessees. ​ (4) Decreased primarily due to deferred rent repayment and normal amortization. ​ (5) 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. ​ (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 as of December 31, 2023 (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Net Book ​ Option ​ State ​ Property ​ Properties ​ ​ Investments (1) ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 32,778 ​ 2023-2029 ​ Florida ​ MC ​ 1 ​ ​ 7,680 ​ ​ 4,611 ​ 2029 (2) Florida ​ SNF ​ 3 ​ ​ 76,690 ​ ​ 76,690 ​ 2025-2027 (3) North Carolina ​ ALF/MC ​ 11 ​ ​ 121,321 ​ ​ 121,321 ​ 2025-2028 (4) Ohio ​ MC ​ 1 ​ ​ 16,161 ​ ​ 13,488 ​ 2024-2025 ​ Ohio ​ ILF/ALF/MC ​ 1 ​ ​ 54,717 ​ ​ 53,448 ​ 2025-2027 ​ Oklahoma ​ ALF/MC ​ 5 ​ ​ 11,202 ​ ​ 4,394 ​ 2027-2029 (5) South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 8,475 ​ 2029 ​ Tennessee ​ SNF ​ 2 ​ ​ 5,275 ​ ​ 2,263 ​ 2023-2024 ​ Texas ​ SNF ​ 4 ​ ​ 52,726 ​ ​ 50,388 ​ 2027-2029 (6) Total ​ ​ ​ ​ ​ $ 396,347 ​ $ 367,856 ​ ​ ​ (1) Gross investments include previously recorded impairment losses, if any. ​ (2) During 2023, we recorded an impairment loss of $7,522 . See Impairment Loss below for more information. ​ (3) During 2022, we entered into a joint venture to purchase three SNFs with a total of 299 beds. The JV leased the properties under a 10-year master lease. For more information regarding this transaction, see Financing Receivables below. ​ (4) During 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units and leased the communities under a 10-year master lease. The master lease provides the operator with the 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% on any portion of the properties being purchased. For more information regarding this transaction see Financing Receivables below. ​ (5) During 2023, we transferred five ALFs in Oklahoma with a total of 184 units from Brookdale to an existing operator. The new master lease, which commenced in November 2023, includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. ​ (6) During 2022, we purchased four SNFs and leased these properties under a master lease with an existing operator. The master 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. Impairment Loss. We performed recoverability analysis on the carrying value of the communities listed in the table below and concluded that their carrying value may not be recoverable through future undiscounted cash flows. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ Impairment ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ Loss ​ 2023 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 434 (1) ​ ​ Florida ​ ALF ​ 1 ​ 60 ​ ​ 7,522 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 4,554 (2) ​ ​ Texas ​ ALF ​ 7 ​ 248 ​ ​ 3,265 ​ ​ ​ ​ ​ ​ ​ 10 ​ 445 ​ $ 15,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 1,222 (1) ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 1,286 (3) ​ ​ Colorado ​ ALF ​ 1 ​ — ​ ​ 914 (4) ​ ​ ​ ​ ​ ​ 3 ​ 130 ​ $ 3,422 ​ (1) In conjunction with the ongoing negotiations to sell this community, we recorded a $434 impairment loss during the three months ended March 31, 2023, and a $1,222 impairment loss during the fourth quarter of 2022. This community was sold during the second quarter of 2023 for $4,850 and we recorded a net gain on sale of $64 as a result of this transaction. ​ (2) This community was sold during the fourth quarter of 2023 for $1,650 and we recorded a net loss on sale of $219 as a result of this transaction. ​ (3) This community was classified as held-for sale at December 31, 2022 and sold during the first quarter of 2023 for $11,000 . We recorded a net gain on sale of $57 as a result of this transaction. See Properties Held-for-Sale below for more information regarding this community. ​ (4) This community was closed during 2022. Properties Held-for-Sale. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ 2023 ​ WI ​ ALF (1) 1 ​ 110 ​ $ 22,007 ​ $ 3,616 ​ 2022 ​ KY ​ ALF (2) 1 ​ 60 ​ ​ 13,015 ​ ​ 2,305 ​ (1) This community was sold during the first quarter of 2024. ​ (2) This community was sold during the first quarter of 2023. ​ Acquisitions. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ Number ​ Number ​ ​ ​ ​ Paid at ​ Assumed ​ ​ Controlling ​ Transaction ​ ​ Assets ​ of ​ of Year ​ Type of Property ​ Acquisition ​ Liabilities ​ ​ Interest ​ Costs ​ ​ Acquired ​ Properties ​ Beds/Units 2023 ​ ALF (1) ​ $ 43,759 ​ $ 9,767 ​ $ 9,133 ​ $ 363 ​ $ 63,022 (2) 1 ​ 242 2022 ​ SNF (3) ​ ​ 51,817 ​ ​ — ​ ​ — ​ ​ — ​ ​ 51,817 ​ 4 ​ 339 2021 ​ n/a ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ — (1) We entered into a $54,134 Joint Venture (“JV”) and contributed $45,000 into the JV that purchased an ILF/ALF/MC in Ohio. Under the JV agreement, the seller, our JV partner, has the option to purchase the campus between the third and fourth lease years for LTC’s allocation of the JV investment plus an IRR of 9.75% . The campus was leased to Encore Senior Living (“Encore”) under a 10-year term with an initial yield of 8.25% on LTC’s allocation of the JV investment. LTC committed to fund $2,100 of lease incentives under the Encore lease of which $1,458 has been funded. ​ (2) Includes $8,309 tax abatement intangible included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets . ​ (3) 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 provides either an earn-out payment or purchase option but not both. 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 fifth lease year. The purchase option is available beginning in the sixth 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 the 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. During 2023, the working capital loan was fully repaid. Accordingly, the working capital commitment has been terminated. Intangible Assets. The following is a summary of our intangible assets as of December 31, 2023 and 2022 ( in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31,2022 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Assets ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net In-place leases ​ $ 11,348 (1) ​ $ (6,109) (2) ​ $ 5,239 ​ $ 9,474 (1) ​ $ (5,362) (2) ​ $ 4,112 Tax abatement intangible ​ ​ 8,309 (3) ​ ​ (405) (3) ​ ​ 7,904 ​ ​ — (3) ​ ​ — (3) ​ ​ — (1) Included in the Buildings and improvements line item in our Consolidated Balance Sheets . ​ (2) Included in the Accumulated depreciation and amortization line item in our Consolidated Balance Sheets. ​ (3) Included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets. The following table provides future amortization expenses related to the intangible assets at December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 2024 2025 2026 2027 2028 Thereafter In-place leases (1) ​ $ 5,239 ​ $ 877 ​ $ 825 ​ $ 740 ​ $ 675 ​ $ 532 ​ $ 1,590 Tax abatement intangible (2) ​ 7,904 ​ 692 (1) 692 ​ 692 ​ 692 ​ 692 ​ 4,444 ​ ​ $ 13,143 ​ $ 1,569 ​ $ 1,517 ​ $ 1,432 ​ $ 1,367 ​ $ 1,224 ​ $ 6,034 (1) Recorded as depreciation expense included in the Depreciation and amortization line item on our Consolidated Statements of Income. ​ (2) Recorded as Property tax expense on our Consolidated Statements of Income. Developments and Improvements. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Type of Property ​ ​ 2023 ​ ​ ​ 2022 ​ ​ 2021 ​ ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ — ​ $ 3,112 ​ ​ $ 105 ​ $ 5,538 ​ ​ $ — ​ $ 5,846 ​ Skilled Nursing Centers ​ ​ — ​ ​ 6,487 ​ ​ ​ — ​ ​ 2,897 ​ ​ ​ — ​ ​ 452 ​ Other ​ ​ — ​ ​ 87 ​ ​ ​ — ​ ​ 559 ​ ​ ​ — ​ ​ — ​ Total ​ $ — ​ $ 9,686 ​ ​ $ 105 ​ $ 8,994 ​ ​ $ — ​ $ 6,298 ​ ​ 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) ​ 2023 ​ Florida ​ ALF ​ 5 ​ 246 ​ $ 23,600 ​ $ 9,084 ​ $ 13,327 ​ ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 11,000 ​ ​ 10,720 ​ ​ 57 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 1,650 ​ ​ 1,639 ​ ​ (220) ​ ​ ​ New Jersey ​ ALF ​ 1 ​ 39 ​ ​ 2,000 ​ ​ 1,552 ​ ​ 266 ​ ​ ​ New Mexico ​ SNF ​ 2 ​ 235 ​ ​ 21,250 ​ ​ 5,523 ​ ​ 15,287 ​ ​ ​ Nebraska ​ ALF ​ 3 ​ 117 ​ ​ 2,984 ​ ​ 2,934 ​ ​ — ​ ​ ​ Oklahoma ​ ALF ​ 1 ​ 37 ​ ​ 800 ​ ​ 777 ​ ​ 11 ​ ​ ​ Pennsylvania ​ ALF ​ 2 ​ 130 ​ ​ 11,128 ​ ​ 6,054 ​ ​ 4,860 ​ ​ ​ South Carolina ​ ALF ​ 3 ​ 128 ​ ​ 8,409 ​ ​ 4,446 ​ ​ 3,708 ​ Total ​ ​ ​ ​ ​ 19 ​ 1,059 ​ $ 82,821 ​ $ 42,729 ​ $ 37,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ 6 ​ 426 ​ $ 45,600 ​ $ 36,513 ​ $ 7,462 ​ (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 . Financing Receivables. Financing receivables Consolidated Balance Sheets Interest income from financing receivables Consolidated Statements of Income Note 2. Summary of Significant Accounting Policies dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ Investment ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ LTC Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Investments ​ ​ Contributions 2023 ​ NC ​ ALF/MC ​ 11 ​ 523 ​ $ 121,321 ​ $ 117,490 2022 ​ FL ​ SNF ​ 3 ​ 299 ​ ​ 76,691 ​ ​ 61,661 ​ ​ ​ ​ ​ ​ 14 ​ 822 ​ $ 198,012 ​ $ 179,151 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ Initial ​ Interest Income from Financing Receivables of ​ Lease ​ Contractual ​ During Properties ​ Maturity ​ Cash Yield ​ ​ 2023 ​ ​ 2022 ALF/MC ​ 2033 ​ 7.25 % ​ $ 9,625 ​ $ — SNF ​ 2032 ​ 7.25 % ​ ​ 5,618 ​ ​ 1,762 ​ ​ ​ ​ ​ ​ ​ $ 15,243 ​ $ 1,762 (1) The JV leased these 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% . 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 Internal Rate of Return (“IRR”) of 9.0% . Upon origination we recorded $1.2 million Provision for credit losses equal to 1% of the financing receivable balance related to this investment. ​ (2) 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. Mortgage Loans. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ ALF ​ per Interest Rate ​ Maturity ​ State ​ Investment ​ Property ​ Investment ​ Loans (1) ​ Properties (2) ​ Beds ​ Units ​ Bed/Unit 7.5% ​ 2024 ​ MO ​ $ 1,999 ​ OTH ​ 0.4 % 1 ​ — (3) — ​ — ​ $ n/a 7.5% ​ 2024 ​ LA ​ ​ 29,346 ​ SNF ​ 6.1 % 1 ​ 1 ​ 189 ​ — ​ $ 155.27 7.5% ​ 2024 ​ GA ​ ​ 51,111 ​ ALF ​ 10.6 % 1 ​ 1 ​ — ​ 203 ​ $ 251.78 8.8% ​ 2025 ​ FL ​ ​ 4,000 ​ ALF ​ 0.8 % 1 ​ 2 ​ — ​ 92 ​ $ 43.48 7.8% ​ 2025 ​ FL ​ ​ 16,706 ​ ALF ​ 3.4 % 1 ​ 1 ​ — ​ 112 ​ $ 149.16 7.3% ​ 2025 ​ NC ​ ​ 10,750 ​ ALF ​ 2.2 % 1 ​ 1 ​ — ​ 45 ​ $ 238.89 7.3% (4) ​ 2025 ​ NC/SC ​ ​ 58,331 ​ ALF ​ 12.1 % 1 ​ 13 ​ — ​ 523 ​ $ 111.53 7.3% (4) ​ 2026 ​ NC ​ ​ 34,043 ​ ALF ​ 7.1 % 1 ​ 4 ​ — ​ 217 ​ $ 156.88 7.3% (4) ​ 2026 ​ NC ​ ​ 826 ​ OTH ​ 0.2 % 1 ​ — (5) — ​ — ​ $ n/a 8.8% ​ 2028 ​ IL ​ ​ 16,500 ​ SNF ​ 3.4 % 1 ​ 1 ​ 150 ​ — ​ $ 110.00 10.8% (6) ​ 2043 ​ MI ​ ​ 183,968 ​ SNF ​ 38.2 % 1 ​ 15 ​ 1,875 ​ — ​ $ 98.12 9.8% (6) ​ 2045 ​ MI ​ ​ 39,950 ​ SNF ​ 8.3 % 1 ​ 4 ​ 480 — ​ $ 83.23 10.1% (6) ​ 2045 ​ MI ​ 19,700 ​ SNF ​ 4.1 % 1 ​ 2 ​ 201 — ​ $ 98.01 10.3% (6) ​ 2045 ​ MI ​ ​ 14,850 ​ SNF ​ 3.1 % 1 ​ 1 ​ 146 ​ — ​ $ 101.71 Total ​ ​ ​ ​ ​ $ 482,080 ​ ​ ​ 100.0 % 14 ​ 46 ​ 3,041 1,192 ​ $ 113.89 (1) Some loans contain certain guarantees and/or provide for certain facility fees. ​ (2) Our mortgage loans are secured by properties located in eight states with eight borrowers. ​ (3) Represents a mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF. ​ (4) Represents the initial rate. This loan has an IRR of 8% . ​ (5) Represents a mortgage loan secured by a parcel of land in North Carolina held for future development of a seniors housing community. ​ (6) 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, 2023, 2022 and 2021 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ ​ 2022 ​ 2021 Originations and funding under mortgage loans receivable ​ $ 97,058 (1) ​ $ 40,732 (2) $ 88,955 (3) Application of interest reserve ​ ​ 1,722 ​ ​ ​ 6,192 ​ ​ 298 ​ Scheduled principal payments received ​ ​ (10,351) ​ ​ ​ (1,175) ​ ​ (1,175) ​ Mortgage loan premium amortization ​ ​ (7) ​ ​ ​ (6) ​ ​ (6) ​ Provision for loan loss reserve ​ ​ (884) ​ ​ ​ (457) ​ ​ (881) ​ Net increase in mortgage loans receivable ​ $ 87,538 ​ ​ $ 45,286 ​ $ 87,191 ​ ​ (1) We originated the following during 2023: ​ (a) $10,750 mortgage loan secured by a 45 -unit 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% ; ​ (b) $51,111 mortgage loan investment secured by a 203 -unit ILF, ALF and MC located in Georgia. We acquired a participating interest owned by existing lenders for $42,251 in addition to converting our $7,461 mezzanine loan in the property into a participating interest in the mortgage loan. The mortgage loan matures in October 2024 and our investment is at an initial rate of 7.5% with an IRR of 7.75% . We recorded $1,380 of additional interest income in connection with the effective prepayment of the mezzanine loan in the first quarter of 2023; ​ (c) $16,500 senior loan for the purchase of a 150 -bed Medicare focused SNF in Illinois. The mortgage loan matures in June 2028 and our investment is at an interest rate of 8.75% ; ​ (d) $4,947 of contractual additional funding under other mortgage loans receivable; ​ (e) $13,750 of seller financing collateralized by four ALFs. $9,750 was repaid subsequently and two ALFs were released from collateral. The net $4,000 seller-financed mortgage loan is for two-years , with a one-year extension, at the interest rate of 8.75% ; and ​ (f) $19,500 mortgage loan commitment for the construction of an 85 -unit ALF and MC in Michigan. The borrower contributed $12,100 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately three years at a rate of 8.75% , and includes two , one-year extensions, each of which is contingent on certain coverage thresholds. ​ (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 during 2021: (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. ​ At December 31, 2023 and 2022 the carrying values of the mortgage loans, net of loan loss reserves were $477,266,000 and $389,728,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ​ ​ ​ ​ ​ ​ ​ Scheduled ​ ​ Principal 2024 ​ $ 83,137 ​ 2025 ​ 90,466 ​ 2026 ​ 35,549 ​ 2027 ​ 680 ​ 2028 ​ 17,180 ​ Thereafter ​ 255,068 ​ Total ​ $ 482,080 ​ ​ ​

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2023
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	6. Investments in Unconsolidated Joint Ventures We have preferred equity investments in two joint ventures. We determined that each of these JVs meet 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 ​ ILF/ALF ​ Preferred Equity (2) 14 % ​ 8 % ​ 267 ​ ​ 13,000 (2) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 362 ​ $ 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. 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 developed and owns a 267 -unit ILF and ALF in Washington. The development project was completed during the fourth quarter of 2023. 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 14% . 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. 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, 2023, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Income ​ ​ Non-cash ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Earned ​ ​ Income Accrued ​ 2023 ​ ALF/MC ​ $ — ​ $ 450 ​ $ 56 ​ $ 394 ​ ​ ​ ILF/ALF (1) ​ ​ — ​ ​ 1,054 ​ ​ — ​ ​ 1,054 ​ Total ​ ​ ​ $ — ​ $ 1,504 ​ $ 56 ​ $ 1,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ALF/MC ​ $ — ​ $ 450 ​ $ — ​ $ 450 ​ ​ ​ UDP (1) ​ ​ — ​ ​ 1,054 ​ ​ 351 ​ ​ 703 ​ Total ​ ​ ​ $ — ​ $ 1,504 ​ $ 351 ​ $ 1,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ALF/MC ​ $ — ​ $ 450 ​ $ — ​ $ 412 ​ ​ ​ UDP (1) ​ ​ 8,000 ​ ​ 967 ​ ​ — ​ ​ 880 ​ Total ​ ​ ​ $ 8,000 ​ $ 1,417 ​ $ — ​ $ 1,292 ​ ​ (1) The JV developed and owns a 267 -unit ILF and ALF in Washington. The development project was completed during the fourth quarter of 2023.

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2023
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, 2023 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ Type of ​ Gross ​ ​ ​ ​ Type of ​ Rate ​ IRR ​ ​ Maturity ​ Loan ​ Investment ​ ​ # of loans ​ Property ​ 4.0% ​ — ​ ​ 2024 ​ Working capital ​ $ 13,531 ​ ​ 1 ​ SNF 5.0% ​ — ​ ​ 2025 ​ Working capital ​ ​ 732 ​ ​ 1 ​ ALF ​ 7.5% ​ — ​ ​ 2027 ​ Working capital ​ ​ 550 ​ ​ 1 ​ ALF ​ 8.0% ​ 11.0 % ​ 2027 ​ Mezzanine ​ ​ 25,000 ​ ​ 1 ​ ALF ​ 8.8% ​ 12.0 % ​ 2028 ​ Mezzanine ​ ​ 17,000 ​ ​ 1 ​ ALF ​ 6.5% ​ — ​ ​ 2030 ​ Working capital ​ ​ 138 ​ ​ 1 ​ SNF ​ 7.3% ​ — ​ ​ 2030 ​ Working capital ​ ​ 500 ​ ​ 1 ​ ALF ​ 7.3% ​ — ​ ​ 2030 ​ Working capital ​ ​ 957 ​ ​ 1 ​ ALF ​ 7.0% ​ — ​ ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 61,101 (1) ​ 9 ​ ​ ​ ​ (1) Excludes the impact of credit loss reserve. The following table is a summary of our notes receivable components at December 31, 2023 and 2022 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2023 ​ 2022 Mezzanine loans $ 42,000 ​ $ 36,815 ​ Working capital loans ​ 19,101 ​ ​ 22,157 ​ Notes receivable credit loss reserve ​ (611) ​ ​ (589) ​ Total $ 60,490 ​ $ 58,383 ​ ​ The following table summarizes our notes receivable activity for the years ended December 31, 2023, 2022 and 2021 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ ​ 2022 ​ ​ 2021 ​ Advances under notes receivable $ 20,377 (1) $ 37,192 (2) $ 16,353 (3) Interest reserve withheld ​ — ​ ​ — ​ ​ 353 ​ Principal payments received under notes receivable ​ (14,687) (4) ​ (6,843) ​ ​ (2,694) ​ Write-off of notes receivable ​ (3,561) (5) ​ — ​ ​ — ​ Provision for credit losses ​ (22) ​ ​ (303) ​ ​ (140) ​ Net increase in notes receivable $ 2,107 ​ $ 30,046 ​ $ 13,872 ​ (1) During 2023, we originated a mezzanine loan to recapitalize an existing 130 -unit ILF/ALF/MC in Georgia and construction of 89 additional units. The loan term is five years at an initial yield of 8.75 % and an IRR of 12.0 %. ​ (2) During 2022, we originated a $25,000 mezzanine loan for the recapitalization of five ALFs located in Oregon and Montana. 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 have a total of 621 units and include independent living, assisted living and memory care. ​ (3) 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 HMG Healthcare, LLC with 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. ​ (4) During 2023, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan prepayment. The mezzanine loan was on a 136 -unit ILF in Oregon. Additionally, another $7,461 mezzanine loan was effectively prepaid through converting it as part of our $51,111 investment in a participating interest in an existing mortgage loan that is secured by a 203 -unit ALF, ILF and MC located in Georgia. We recorded $1,380 of interest income in connection with the effective prepayment of the mezzanine loan. ​ (5) During 2023, we wrote-off an uncollectible working capital note. ​ ​

Lease Incentives

Lease Incentives	12 Months Ended
	Dec. 31, 2023
Lease Incentives
Lease Incentives	8. Lease Incentives Our non-contingent lease incentive balances at December 31, 2023 and 2022 were $2,607,000 and $1,789,000, respectively. The following table summarizes our non-contingent lease incentive activity for the years ended December 31, 2023, 2022 and 2021 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ 2021 ​ Lease incentives funded ​ $ 1,627 (1) $ 418 ​ $ 824 ​ Amortization of lease incentives ​ ​ (773) ​ ​ (877) ​ ​ (608) ​ Adjustment for collectability of lease incentives ​ ​ — ​ ​ (256) (2) ​ — ​ Other adjustments (3) ​ ​ (36) ​ ​ (174) ​ ​ — ​ Net increase (decrease) in non-contingent lease incentives ​ $ 818 ​ $ (889) ​ $ 216 ​ (1) As part of our investment in a $54,134 JV, we committed to fund $2,100 of lease incentive, of which $1,458 was funded during 2023. ​ (2) 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. ​ (3) Primarily relates to lease incentive balance write-off related to property sales. 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, 2023
Debt Obligations
Debt Obligations	9. Debt Obligations Unsecured Credit Facility. Based on our leverage at December 31, 2023, 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 First Amendment to Third Amended and Restated Credit Agreement discussed above, we entered into amendments to our Interest Rate Swaps to account for SOFR as the updated reference rate in the First Amendment to Third Amended and Restated Credit Agreement. During the year ended December 31, 2023 and 2022, we recorded The following table sets forth information regarding our Interest Rate Swaps at December 31, 2023 and 2022 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Fair Value at December 31, ​ Date Entered ​ Maturity Date ​ Swap Rate ​ Rate Index ​ ​ Amount ​ ​ 2023 ​ ​ ​ 2022 ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 2,698 ​ ​ $ 4,003 ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 3,412 ​ ​ ​ 4,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 6,110 ​ ​ $ 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, 2023, 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, 2023 and 2022 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ At December 31, 2022 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Revolving line of credit ​ 6.66% ​ $ 302,250 ​ $ 97,750 ​ $ 130,000 ​ $ 270,000 ​ Term loans, net of debt issue costs ​ 2.74% ​ ​ 99,658 ​ ​ — ​ ​ 99,511 ​ ​ — ​ Senior unsecured notes, net of debt issue costs ​ 4.20% ​ ​ 489,409 ​ ​ — ​ ​ 538,343 ​ ​ — ​ Total ​ 4.87% ​ $ 891,317 ​ $ 97,750 ​ $ 767,854 ​ $ 270,000 ​ (1) Represents weighted average of interest rate as of December 31, 2023. ​ (2) Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit. Our borrowings and repayments for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Borrowings ​ Repayments Revolving line of credit ​ $ 277,450 ​ $ (105,200) (1) $ 194,000 ​ $ (174,900) ​ $ 204,400 ​ $ (183,400) Term loans ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 100,000 ​ ​ — Senior unsecured notes ​ ​ — ​ ​ (49,160) ​ ​ 75,000 ​ ​ (48,160) ​ ​ — ​ ​ (47,160) Total ​ $ 277,450 ​ $ (154,360) ​ $ 269,000 ​ $ (223,060) ​ $ 304,400 ​ $ (230,560) (1) Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit. Scheduled Principal Payments. in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ Thereafter Revolving line of credit ​ $ 302,250 (1) $ — ​ $ 302,250 (2) $ — ​ $ — ​ $ — ​ $ — ​ Term loans ​ ​ 100,000 ​ ​ — ​ ​ 50,000 ​ ​ 50,000 ​ ​ — ​ ​ — ​ ​ — ​ Senior unsecured notes ​ 490,660 ​ 49,160 ​ 49,500 ​ 51,500 ​ 54,500 ​ ​ 55,000 ​ 231,000 ​ ​ ​ $ 892,910 ​ $ 49,160 ​ $ 401,750 ​ $ 101,500 ​ $ 54,500 ​ $ 55,000 ​ $ 231,000 ​ (1) Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2023, we exercised our option to extend the maturity date of our Credit Agreement to November 19, 2026.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Equity
Equity	10. Equity Non-controlling Interests. in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets (1) ​ ​ Interests ​ 2023 ​ Owned real estate (2) ILF/ALF/MC ​ OH ​ $ 54,717 ​ $ 9,134 ​ 2023 ​ Owned real estate (3) ALF/MC ​ NC ​ ​ 121,321 ​ ​ 3,831 ​ 2022 ​ Owned real estate (4) SNF ​ FL ​ ​ 76,691 ​ ​ 14,325 ​ 2018 ​ Owned real estate ​ ILF ​ OR ​ ​ 14,650 ​ ​ 2,907 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 18,452 ​ ​ 1,246 ​ 2017 ​ Owned real estate and development (5) ILF/ALF/MC ​ WI ​ ​ 22,007 ​ ​ 2,305 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,240 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 319,518 ​ $ 34,988 ​ (1) Includes the total real estate investments and excludes intangible assets. ​ (2) During the second quarter of 2023, we entered into a JV that purchased an ILF/ALF/MC in Ohio with a total of 242 units. For more information see Note 5. Real Estate Investments — Acquisitions . ​ (3) During the first quarter of 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units. For more information regarding this transaction See Note 5. Real Estate Investments — Financing Receivables. ​ (4) During 2022, we entered into a JV that purchased three SNFs with a total of 299 beds. For more information regarding this transaction see Note 5. Real Estate Investments — Financing Receivables. ​ (5) Subsequent to December 31, 2023, we sold our interest in this JV for $23,120 , which includes repayment of $1,814 of abated and $563 of deferred rent, as well as the payoff of a $550 note receivable. The JV owns a 110 -unit community in Wisconsin. At December 31, 2023, this community was classified as held-for-sale. See Note 5. Real Estate Investments — Properties Held-for- Sale. Common Stock. We have separate equity distribution agreements (collectively, “Equity Distribution Agreements”) to offer and sell, from time to time, up to During the year ended December 31, 2021, no shares were issued under the Equity Distribution Agreements. During the year ended December 31, 2022, we sold 1,792,400 shares of common stock for $68,156,000 in net proceeds under our Equity Distribution Agreements. In conjunction with the sale of common stock, we incurred $513,000 of costs associated with this agreement which have been recorded in additional paid in capital as a reduction of proceeds received. During the year ended December 31, 2023, we sold 1,658,400 shares of common stock for $53,687,000 in net proceeds under our Equity Distribution Agreements. In conjunction with the sale of common stock, we incurred $836,000 of costs associated with this agreement which have been recorded in additional paid in capital as a reduction of proceeds received. At December 31, 2023, we had $76,018,000 available under the Equity Distribution Agreements. Subsequent to December 31, 2023, we sold 91,100 shares of common stock for $2,927,000 in net proceeds under our Equity Distribution Agreements. Accordingly, we have $73,074,000 available under our Equity Distribution Agreements. During the years ended December 31, 2023, 2022 and 2021, we acquired 43,933 shares, 39,463 shares and 87,249 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. 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, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ Declared ​ Paid ​ Common Stock (1) ​ $ 94,764 ​ $ 94,764 ​ $ 91,509 ​ $ 91,509 ​ $ 90,494 (2) $ 90,494 (2) ​ (1) Represents $0.19 per share per month for the years ended December 31, 2023, 2022 and 2021. ​ (2) During the year ended December 31, 2021, we paid $764 as a result of vesting of the performance-based stock units. In January 2024, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February March 2024 January 31 February 29 March 29, 2024 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”) . or cancelled after December 31, 2020 will be added to and again be available for awards under the 2021 Plan. Under the 2021 Plan, the shares were authorized and reserved for awards to officers, employees, non-employee directors and consultants. The terms of the awards granted under the 2021 Plan and the 2015 Plan are set by our compensation committee at its discretion. As of December 31, 2023, we have 1,580,006 shares of common stock reserved for awards under the 2021 Plan. Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2023, 2022 and 2021was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ 2022 ​ 2021 Outstanding, January 1 ​ ​ 229,236 ​ ​ 197,422 ​ ​ 180,440 ​ Granted ​ ​ 146,020 ​ ​ 135,210 ​ ​ 110,348 ​ Vested ​ ​ (115,551) ​ ​ (103,396) ​ ​ (93,366) ​ Cancelled ​ ​ (1,085) ​ ​ — ​ ​ — ​ Outstanding, December 31 ​ ​ 258,620 ​ ​ 229,236 ​ ​ 197,422 ​ ​ During the years ended December 31, 2023, 2022 and 2021, we granted 86,867, 86,332 and 71,892, respectively, of performance-based stock units. During the years ended December 31, 2023 and 2022 no performance-based stock units vested. During the year ended December 31, 2021, 108,720 performance-based stock units were vested. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2023, 2022 and 2021 were $8,481,000, $7,964,000 and $7,760,000. During 2023, 2022 and 2021, we granted 232,887, 221,542 and 182,240 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ ​ ​ Year ​ Shares/Units ​ Share ​ Reward Type ​ Vesting Period ​ 2023 ​ 127,960 ​ $ 37.16 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,867 ​ $ 37.16 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 15,060 ​ $ 31.54 ​ Restricted stock ​ May 24,2024 ​ ​ ​ 3,000 ​ $ 35.45 ​ Restricted stock ​ July 25, 2024 ​ ​ ​ 232,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years . At December 31, 2023, 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 2024 ​ $ 6,026 2025 ​ ​ 3,238 2026 ​ ​ 356 Total ​ $ 9,620 ​ Stock Options. During 2023, 2022 and 2021, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2023, 2022 and 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Price ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ ​ 2022 ​ 2021 Outstanding, January 1 10,000 ​ 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) ​ (5,000) — ​ $ 38.43 ​ ​ n/a ​ ​ n/a ​ Outstanding, December 31 5,000 ​ 10,000 15,000 ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, December 31 (1) 5,000 ​ 10,000 15,000 ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ (1) The aggregate intrinsic value of exercisable options at December 31, 2023, based upon the closing price of our common shares at December 29, 2023, the last trading day of 2023, was approximately $0 . Options exercisable at December 31, 2023, 2022 and 2021 had a weighted average remaining contractual life of approximately 0.2 years, 0.7 years, and 1.2 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. No compensation expense related to the vesting of stock options was recorded for the years ended December 31, 2023, 2022 and 2021.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies At December 31, 2023, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2023 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties ote 5. Real Estate Investments ​ $ 13,993 (1) $ 4,354 ​ $ 5,072 ​ $ 8,921 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ​ ​ 16,100 (2) ​ 1,458 ​ ​ 1,458 ​ ​ 14,642 Mortgage loans (N ote 5. Real Estate Investments ​ ​ 43,598 (3) ​ 1,476 ​ ​ 7,178 ​ ​ 36,420 Notes receivable (N ote 7. Notes Receivable ​ ​ 25,950 (4) ​ — ​ ​ 13,531 ​ ​ 12,419 Total ​ $ 99,641 ​ $ 7,288 ​ $ 27,239 ​ $ 72,402 (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. For more information regarding the purchase option see Note 5. Real Estate Investments . ​ (3) Represents $19,500 related to a construction loan, $6,098 of commitments for the expansion, renovation and working capital related to seniors housing and skilled nursing properties securing the mortgage loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios. ​ (4) Represents working capital loan commitments. 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, 2023
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 2023, 2022 and 2021 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 Ordinary taxable distribution $ 1.110 $ 1.095 $ 1.220 ​ Return of capital ​ — ​ — ​ 0.750 ​ Unrecaptured Section 1250 gain ​ 0.744 ​ 0.502 ​ 0.252 ​ Long-term capital gain ​ 0.426 ​ 0.683 ​ 0.058 ​ Total ​ $ 2.280 ​ $ 2.280 ​ $ 2.280 ​ ​

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2023
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, ​ 2023 ​ 2022 ​ 2021 ​ Net income $ 91,462 $ 100,584 $ 56,224 ​ Less income allocated to non-controlling interests (1,727) ​ (560) ​ (363) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities (587) ​ (531) ​ (458) ​ Income allocated to participating securities — ​ (49) ​ — ​ Total net income allocated to participating securities (587) ​ (580) ​ (458) ​ Net income available to common stockholders 89,148 ​ 99,444 ​ 55,403 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (1) ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share $ 89,148 ​ $ 99,444 ​ $ 55,403 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share 41,272 ​ 39,894 ​ 39,156 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (1) — ​ — ​ — ​ Performance-based stock units ​ 86 ​ ​ 173 ​ ​ — (2) Participating securities (1) ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities 86 ​ 173 ​ — ​ Shares for diluted net income per share 41,358 ​ 40,067 ​ 39,156 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 2.16 ​ $ 2.49 ​ $ 1.41 ​ Diluted net income per share $ 2.16 ​ $ 2.48 ​ $ 1.41 ​ (1) For the years ended December 31, 2023, 2022 and 2021, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ​ (2) 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, 2023
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) 2023 ​ ​ ​ ​ ​ Revenues ​ $ 49,500 ​ $ 48,246 ​ $ 49,303 ​ $ 50,195 ​ Net income available to common stockholders ​ $ 32,929 ​ $ 6,028 ​ $ 22,050 ​ $ 28,057 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.80 ​ $ 0.15 ​ $ 0.54 ​ $ 0.67 ​ Diluted ​ $ 0.80 ​ $ 0.15 ​ $ 0.54 ​ $ 0.67 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ 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 ​ ​ ​ 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, 2023
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, 2023 and 2022 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ At December 31, 2022 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivables, net of credit loss reserve ​ $ 196,032 ​ $ 199,199 (1) $ 75,999 ​ $ 76,033 (1) Mortgage loans receivable, net of credit loss reserve ​ ​ 477,266 ​ ​ 554,993 (2) ​ 389,728 ​ ​ 461,276 (2) Notes receivable, net of credit loss reserve ​ 60,490 ​ 67,877 (3) 58,383 ​ 61,858 (3) Revolving line of credit ​ 302,250 ​ ​ 302,250 (4) ​ 130,000 ​ ​ 130,000 (4) Term loans, net of debt issue costs ​ ​ 99,658 ​ ​ 100,000 (4) ​ 99,511 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 489,409 ​ ​ 439,865 (5) ​ 538,343 ​ ​ 477,653 (5) (1) Our investment in financing receivables 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 receivables at December 31, 2023 and 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, 2023 and 2022 was 9.2% and 9.3% , 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, 2023 and 2022, were 6.9% and 7.1% , 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, 2023 and 2022 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, 2023, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.5% for those maturing before year 2030 and 6.75% for those maturing at or beyond year 2030. At December 31, 2022, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.5% for those maturing before year 2030 and 7.0% for those maturing beyond year 2030.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events
Subsequent Events	16. Subsequent Events The following events occurred subsequent to the balance sheet date: Real Estate Transitions and Lease Renewals. two two Property Sales. We sold our interest in a JV for abated rent and $563,000 of deferred rent, as well as the payoff of a $550,000 note receivable. The JV owns a 110 -unit community that provides independent living, assisted living and memory care services in Wisconsin. We held an approximate 90% economic interest in the JV, exercised power over and received benefits from the JV. Accordingly, we were considered the primary beneficiary of the JV and consolidated the JV on our consolidated financial statements. At December 31, 2023, this community was classified as held-for-sale. See Note 5. Real Estate Investments — Properties Held-for-Sale for more information. Debt. We entered into a Second Amendment to Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”) to accelerate the one Equity. We declared a monthly cash dividend of February March 2024 January 31 February 29 March 29, 2024 available under our Equity Distribution Agreements.

SCHEDULE II VALUATION AND QUALI

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2023
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, 2021 ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 2,592 ​ $ 881 ​ $ — ​ $ — ​ $ 3,473 ​ Other notes receivable allowance ​ ​ 146 ​ ​ 140 ​ ​ — ​ ​ — ​ ​ 286 ​ ​ ​ $ 2,738 ​ $ 1,021 ​ $ — ​ $ — ​ $ 3,759 ​ Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 3,473 ​ $ 457 ​ $ — ​ $ — ​ $ 3,930 ​ Financing receivables loss reserve ​ ​ — ​ ​ 768 ​ ​ ​ ​ ​ ​ ​ ​ 768 ​ Other notes receivable allowance ​ ​ 286 ​ ​ 303 ​ ​ — ​ ​ — ​ ​ 589 ​ ​ ​ $ 3,759 ​ $ 1,528 ​ $ — ​ $ — ​ $ 5,287 ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 3,930 ​ $ 884 ​ $ — ​ $ — ​ $ 4,814 ​ Financing receivables loss reserve ​ ​ 768 ​ ​ 1,212 ​ ​ — ​ ​ — ​ ​ 1,980 ​ Other notes receivable allowance ​ ​ 589 ​ ​ 3,582 ​ ​ 1 ​ ​ (3,561) ​ ​ 611 ​ ​ ​ $ 5,287 ​ $ 5,678 ​ $ 1 ​ $ (3,561) ​ $ 7,405 ​ (1) Represents miscellaneous adjustments. ​ (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, 2023
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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ ​ Encumbrances ​ Land ​ improvements ​ acquisition ​ Land ​ improvements ​ Total (1) ​ deprec. ​ renovation date ​ date Skilled Nursing Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ 218 Albuquerque, NM ​ $ — ​ $ 1,696 ​ $ 3,891 ​ $ 1,390 ​ $ 1,696 ​ $ 5,281 ​ $ 6,977 ​ $ 2,408 2008 2005 ​ 219 Albuquerque, NM ​ — ​ 1,950 ​ 8,910 ​ 869 ​ 1,950 ​ 9,779 ​ 11,729 ​ 4,735 1982 2005 ​ 220 Albuquerque, NM ​ — ​ 2,463 ​ 7,647 ​ 290 ​ 2,463 ​ 7,937 ​ 10,400 ​ 3,932 1970 2005 ​ 252 Amarillo, TX ​ — ​ 844 ​ — ​ 7,925 ​ 844 ​ 7,925 ​ 8,769 ​ 2,642 2013 2011 ​ 247 Arlington, TX ​ — ​ 1,016 ​ 13,649 ​ 341 ​ 1,016 ​ 13,990 ​ 15,006 ​ 5,347 2007 2011 ​ 325 Austin, TX ​ ​ — ​ ​ 896 ​ ​ 9,562 ​ ​ 174 ​ ​ 896 ​ ​ 9,736 ​ ​ 10,632 ​ ​ 479 ​ 2017 ​ 2022 ​ 319, Blue Springs, MO ​ ​ — ​ ​ 2,644 ​ ​ 13,942 ​ ​ 73 ​ ​ 2,644 ​ ​ 14,015 ​ ​ 16,659 ​ ​ 2,155 ​ 2020 ​ 2019 ​ 007 Bradenton, FL ​ — ​ 330 ​ 2,720 ​ 160 ​ 330 ​ 2,880 ​ 3,210 ​ 2,494 2012 1993 ​ 256 Brownwood, TX ​ — ​ 164 ​ 6,336 ​ 78 ​ 164 ​ 6,414 ​ 6,578 ​ 2,402 2011 2012 ​ 177 Chesapeake, VA ​ — ​ 388 ​ 3,469 ​ 2,777 ​ 388 ​ 6,246 ​ 6,634 ​ 4,280 2017 1995 ​ 257 Cincinnati, OH ​ — ​ 1,890 ​ 25,110 ​ 224 ​ 1,890 ​ 25,334 ​ 27,224 ​ 6,461 2009 2012 ​ 125 Clovis, NM ​ — ​ 561 ​ 5,539 ​ 334 ​ 561 ​ 5,873 ​ 6,434 ​ 3,297 2006 2001 ​ 129 Clovis, NM ​ — ​ 598 ​ 5,902 ​ 541 ​ 598 ​ 6,443 ​ 7,041 ​ 3,380 1995 2001 ​ 267 Cold Spring, KY ​ ​ — ​ ​ 2,050 ​ ​ 21,496 ​ ​ 196 ​ ​ 2,050 ​ ​ 21,692 ​ ​ 23,742 ​ ​ 6,384 ​ 2014 ​ 2012 ​ 253 Colton, CA ​ — ​ 2,474 ​ 15,158 ​ — ​ 2,474 ​ 15,158 ​ 17,632 ​ 5,229 1990 2011 ​ 246 Crowley, TX ​ — ​ 2,247 ​ 14,276 ​ 526 ​ 2,247 ​ 14,802 ​ 17,049 ​ 5,656 2007 2011 ​ 235 Daleville, VA ​ — ​ 279 ​ 8,382 ​ — ​ 279 ​ 8,382 ​ 8,661 ​ 3,370 2005 2010 ​ 258 Dayton, OH ​ — ​ 373 ​ 26,627 ​ — ​ 373 ​ 26,627 ​ 27,000 ​ 6,881 2010 2012 ​ 196 Dresden, TN ​ — ​ 31 ​ 1,529 ​ 1,073 ​ 31 ​ 2,602 ​ 2,633 ​ 1,469 2014 2000 ​ 298 Forth Worth, TX ​ ​ — ​ ​ 2,785 ​ ​ 7,546 ​ ​ 797 ​ ​ 2,785 ​ ​ 8,343 ​ ​ 11,128 ​ ​ 3,484 ​ 1998 ​ 2015 ​ 326 Forth Worth, TX ​ ​ — ​ ​ 922 ​ ​ 12,268 ​ ​ 221 ​ ​ 922 ​ ​ 12,489 ​ ​ 13,411 ​ ​ 631 ​ 2017 ​ 2022 ​ 026 Gardendale, AL ​ ​ — ​ ​ 100 ​ ​ 7,550 ​ ​ 2,260 ​ ​ 100 ​ ​ 9,810 ​ ​ 9,910 ​ ​ 7,391 ​ 2011 ​ 1996 ​ 248 Granbury, TX ​ — ​ 836 ​ 6,693 ​ 600 ​ 836 ​ 7,293 ​ 8,129 ​ 3,346 2008 2011 ​ 250 Hewitt, TX ​ — ​ 1,780 ​ 8,220 ​ 621 ​ 1,780 ​ 8,841 ​ 10,621 ​ 3,063 2008 2011 ​ 318 Kansas City, MO ​ ​ — ​ ​ 1,229 ​ ​ 18,369 ​ ​ 69 ​ ​ 1,229 ​ ​ 18,438 ​ ​ 19,667 ​ ​ 2,270 ​ 2018 ​ 2019 ​ 008 Lecanto, FL ​ — ​ 351 ​ 2,665 ​ 2,737 ​ 351 ​ 5,402 ​ 5,753 ​ 4,424 2012 1993 ​ 322 Longview, TX ​ ​ — ​ ​ 1,405 ​ ​ 12,176 ​ ​ — ​ ​ 1,405 ​ ​ 12,176 ​ ​ 13,581 ​ ​ 1,699 ​ 2014 ​ 2020 ​ 300 Mansfield, TX ​ ​ — ​ ​ 2,890 ​ ​ 13,110 ​ ​ — ​ ​ 2,890 ​ ​ 13,110 ​ ​ 16,000 ​ ​ 3,865 ​ 2015 ​ 2016 ​ 053 Mesa, AZ ​ — ​ 305 ​ 6,909 ​ 1,876 ​ 305 ​ 8,785 ​ 9,090 ​ 6,855 1996 1996 ​ 242 Mission, TX ​ — ​ 1,111 ​ 16,602 ​ 174 ​ 1,111 ​ 16,776 ​ 17,887 ​ 6,164 2004 2010 ​ 233 Nacogdoches, TX ​ — ​ 394 ​ 7,456 ​ 268 ​ 394 ​ 7,724 ​ 8,118 ​ 3,041 1991 2010 ​ 249 Nacogdoches, TX ​ — ​ 1,015 ​ 11,109 ​ 621 ​ 1,015 ​ 11,730 ​ 12,745 ​ 4,914 2007 2011 ​ 245 Newberry, SC ​ ​ — ​ ​ 439 ​ ​ 4,639 ​ ​ 1,047 ​ ​ 439 ​ ​ 5,686 ​ ​ 6,125 ​ ​ 2,549 ​ 1995 ​ 2011 ​ 244 Newberry, SC ​ ​ — ​ ​ 919 ​ ​ 5,454 ​ ​ 556 ​ ​ 919 ​ ​ 6,010 ​ ​ 6,929 ​ ​ 2,453 ​ 2001 ​ 2011 ​ 251 Pasadena, TX ​ — ​ 1,155 ​ 14,345 ​ 522 ​ 1,155 ​ 14,867 ​ 16,022 ​ 5,074 2005 2011 ​ 193 Phoenix, AZ ​ — ​ 300 ​ 9,703 ​ 92 ​ 300 ​ 9,795 ​ 10,095 ​ 6,860 1985 2000 ​ 094 Portland, OR ​ — ​ 100 ​ 1,925 ​ 3,152 ​ 100 ​ 5,077 ​ 5,177 ​ 4,255 2007 1997 ​ 254 Red Oak, TX ​ — ​ 1,427 ​ 17,173 ​ 540 ​ 1,427 ​ 17,713 ​ 19,140 ​ 6,095 2002 2012 ​ 197 Ripley, TN ​ — ​ 20 ​ 985 ​ 1,638 ​ 20 ​ 2,623 ​ 2,643 ​ 1,544 2014 2000 ​ 324 San Antonio, TX ​ ​ — ​ ​ 1,676 ​ ​ 15,470 ​ ​ 307 ​ ​ 1,676 ​ ​ 15,777 ​ ​ 17,453 ​ ​ 753 ​ 2018 ​ 2022 ​ 281 Slinger, WI ​ ​ — ​ ​ 464 ​ ​ 13,482 ​ ​ — ​ ​ 464 ​ ​ 13,482 ​ ​ 13,946 ​ ​ 4,360 ​ 2014 ​ 2015 ​ 234 St. Petersburg, FL ​ ​ — ​ 1,070 ​ ​ 7,930 ​ ​ 500 ​ ​ 1,070 ​ ​ 8,430 ​ ​ 9,500 ​ ​ 3,094 ​ 1988 ​ 2010 ​ 243 Stephenville, TX ​ ​ — ​ ​ 670 ​ ​ 10,117 ​ ​ 774 ​ ​ 670 ​ ​ 10,891 ​ ​ 11,561 ​ ​ 4,119 ​ 2009 ​ 2010 ​ 178 Tappahannock, VA ​ ​ — ​ ​ 375 ​ ​ 1,327 ​ ​ 397 ​ ​ 375 ​ ​ 1,724 ​ ​ 2,099 ​ ​ 1,589 ​ 1978 ​ 1995 ​ ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ ​ ​ Encumbrances Land ​ improvements ​ acquisition ​ Land ​ improvements ​ Total (1) ​ deprec. renovation date date 270 Trinity, FL ​ $ — $ 1,653 ​ $ 12,748 ​ $ — ​ $ 1,653 ​ $ 12,748 ​ $ 14,401 ​ $ 4,177 ​ 2008 ​ 2013 ​ 192 Tucson, AZ ​ ​ — ​ 276 ​ ​ 8,924 ​ ​ 112 ​ ​ 276 ​ ​ 9,036 ​ ​ 9,312 ​ ​ 6,323 ​ 1992 ​ 2000 ​ 305 Union, KY ​ ​ — ​ ​ 858 ​ ​ 24,116 ​ ​ — ​ ​ 858 ​ ​ 24,116 ​ ​ 24,974 ​ ​ 4,274 ​ 2019 ​ 2016 ​ 299 Weatherford, TX ​ ​ — ​ ​ 836 ​ ​ 11,902 ​ ​ 610 ​ ​ 836 ​ ​ 12,512 ​ ​ 13,348 ​ ​ 4,463 ​ 1996 ​ 2015 ​ 323 Webster, TX ​ ​ — ​ ​ 2,310 ​ ​ 8,713 ​ ​ 206 ​ ​ 2,310 ​ ​ 8,919 ​ ​ 11,229 ​ ​ 476 ​ 2018 ​ 2022 ​ 236 Wytheville, VA ​ ​ — ​ ​ 647 ​ ​ 12,167 ​ ​ — ​ ​ 647 ​ ​ 12,167 ​ ​ 12,814 ​ ​ 5,611 ​ 1996 ​ 2010 ​ Skilled Nursing Properties ​ $ — $ 53,212 ​ $ 505,938 ​ $ 37,668 ​ $ 53,212 ​ $ 543,606 ​ $ 596,818 ​ $ 192,217 ​ ​ ​ ​ ​ Assisted Living Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 105 Arvada, CO ​ ​ — ​ 100 ​ ​ 2,810 ​ ​ 7,103 ​ ​ 100 ​ ​ 9,913 ​ ​ 10,013 ​ ​ 4,292 ​ 2014 ​ 1997 ​ 304 Athens, GA ​ ​ — ​ ​ 1,056 ​ ​ 13,326 ​ ​ 175 ​ ​ 1,056 ​ ​ 13,501 ​ ​ 14,557 ​ ​ 2,807 ​ 2016 ​ 2016 ​ 063 Athens, TX ​ ​ — ​ 96 ​ ​ 1,124 ​ ​ 137 ​ ​ 96 ​ ​ 1,261 ​ ​ 1,357 ​ ​ 1,168 ​ 1995 ​ 1996 ​ 320 Auburn Hills, MI ​ ​ — ​ ​ 1,964 ​ ​ 4,577 ​ ​ 1,151 ​ ​ 1,964 ​ ​ 5,728 ​ ​ 7,692 ​ ​ 1,428 ​ 1995 ​ 2019 ​ 269 Aurora, CO ​ ​ — ​ 850 ​ ​ 8,583 ​ ​ 114 ​ ​ 850 ​ ​ 8,697 ​ ​ 9,547 ​ ​ 2,789 ​ 2014 ​ 2013 ​ 260 Aurora, CO ​ ​ — ​ 831 ​ ​ 10,071 ​ ​ 327 ​ ​ 831 ​ ​ 10,398 ​ ​ 11,229 ​ ​ 3,130 ​ 1999 ​ 2012 ​ 277 Burr Ridge, IL ​ ​ — ​ ​ 1,400 ​ ​ 11,102 ​ ​ 175 ​ ​ 1,400 ​ ​ 11,277 ​ ​ 12,677 ​ ​ 3,051 ​ 2016 ​ 2014 ​ 278 Castle Rock, CO ​ ​ — ​ ​ 759 ​ ​ 5,091 ​ ​ 2 ​ ​ 759 ​ ​ 5,093 ​ ​ 5,852 ​ ​ 1,699 ​ 2012 ​ 2014 ​ 311 Cedarburg, WI ​ ​ — ​ ​ 924 ​ ​ 21,083 ​ ​ — ​ ​ 924 ​ ​ 21,083 ​ ​ 22,007 ​ ​ 3,616 ​ 2019 ​ 2017 ​ 330 Centerville, OH ​ ​ — ​ ​ 2,678 ​ ​ 52,036 ​ ​ 3 ​ ​ 2,678 ​ ​ 52,039 ​ ​ 54,717 ​ ​ 1,268 ​ 2019 ​ 2023 ​ 263 Chatham, NJ ​ ​ — ​ 5,365 ​ ​ 36,399 ​ ​ 587 ​ ​ 5,365 ​ ​ 36,986 ​ ​ 42,351 ​ ​ 11,044 ​ 2002 ​ 2012 ​ 307 Clovis, CA ​ ​ — ​ ​ 2,542 ​ ​ 19,126 ​ ​ — ​ ​ 2,542 ​ ​ 19,126 ​ ​ 21,668 ​ ​ 3,572 ​ 2014 ​ 2017 ​ 308 Clovis, CA ​ ​ — ​ ​ 3,054 ​ ​ 14,172 ​ ​ — ​ ​ 3,054 ​ ​ 14,172 ​ ​ 17,226 ​ ​ 2,545 ​ 2016 ​ 2017 ​ 279 Corpus Christi, TX ​ ​ — ​ ​ 880 ​ ​ 11,440 ​ ​ 339 ​ ​ 880 ​ ​ 11,779 ​ ​ 12,659 ​ ​ 3,064 ​ 2016 ​ 2015 ​ 292 De Forest, WI ​ ​ — ​ ​ 485 ​ ​ 5,568 ​ ​ 47 ​ ​ 485 ​ ​ 5,615 ​ ​ 6,100 ​ ​ 1,327 ​ 2006 ​ 2015 ​ 057 Dodge City, KS ​ ​ — ​ 84 ​ ​ 1,666 ​ ​ 36 ​ ​ 84 ​ ​ 1,702 ​ ​ 1,786 ​ ​ 1,199 ​ 1995 ​ 1995 ​ 083 Durant, OK ​ ​ — ​ 100 ​ ​ 1,769 ​ ​ 162 ​ ​ 100 ​ ​ 1,931 ​ ​ 2,031 ​ ​ 1,225 ​ 1997 ​ 1997 ​ 107 Edmond, OK ​ ​ — ​ 100 ​ ​ 1,365 ​ ​ 684 ​ ​ 100 ​ ​ 2,049 ​ ​ 2,149 ​ ​ 1,285 ​ 1996 ​ 1997 ​ 163 Ft. Collins, CO ​ ​ — ​ 100 ​ ​ 2,961 ​ ​ 3,705 ​ ​ 100 ​ ​ 6,666 ​ ​ 6,766 ​ ​ 3,378 ​ 2014 ​ 1999 ​ 170 Ft. Collins, CO ​ ​ — ​ 100 ​ ​ 3,400 ​ ​ 4,954 ​ ​ 100 ​ ​ 8,354 ​ ​ 8,454 ​ ​ 3,980 ​ 2014 ​ 1999 ​ 315 Ft. Worth, TX ​ ​ — ​ ​ 1,534 ​ ​ 11,099 ​ ​ 98 ​ ​ 1,534 ​ ​ 11,197 ​ ​ 12,731 ​ ​ 1,745 ​ 2014 ​ 2018 ​ 100 Fremont ,OH ​ ​ — ​ 100 ​ ​ 2,435 ​ ​ 286 ​ ​ 100 ​ ​ 2,721 ​ ​ 2,821 ​ ​ 1,743 ​ 1997 ​ 1997 ​ 266 Frisco, TX ​ ​ — ​ 1,000 ​ ​ 5,154 ​ ​ — ​ ​ 1,000 ​ ​ 5,154 ​ ​ 6,154 ​ ​ 1,826 ​ 2014 ​ 2012 ​ 314 Frisco, TX ​ ​ — ​ ​ 2,216 ​ ​ 10,417 ​ ​ 185 ​ ​ 2,216 ​ ​ 10,602 ​ ​ 12,818 ​ ​ 1,676 ​ 2015 ​ 2018 ​ 296 Glenview, IL ​ ​ — ​ ​ 2,800 ​ ​ 14,248 ​ ​ 13 ​ ​ 2,800 ​ ​ 14,261 ​ ​ 17,061 ​ ​ 3,173 ​ 2017 ​ 2015 ​ 167 Goldsboro, NC ​ ​ — ​ 100 ​ ​ 2,385 ​ ​ 173 ​ ​ 100 ​ ​ 2,558 ​ ​ 2,658 ​ ​ 1,284 ​ 1998 ​ 1999 ​ 056 Great Bend, KS ​ ​ — ​ 80 ​ ​ 1,570 ​ ​ 73 ​ ​ 80 ​ ​ 1,643 ​ ​ 1,723 ​ ​ 1,285 ​ 1995 ​ 1995 ​ 102 Greeley, CO ​ ​ — ​ 100 ​ ​ 2,310 ​ ​ 646 ​ ​ 100 ​ ​ 2,956 ​ ​ 3,056 ​ ​ 1,785 ​ 1997 ​ 1997 ​ 284 Green Bay, WI ​ ​ — ​ ​ 1,660 ​ ​ 19,079 ​ ​ 475 ​ ​ 1,660 ​ ​ 19,554 ​ ​ 21,214 ​ ​ 5,022 ​ 2004 ​ 2015 ​ 286 Greenfield, WI ​ ​ — ​ ​ 818 ​ ​ 8,014 ​ ​ 232 ​ ​ 818 ​ ​ 8,246 ​ ​ 9,064 ​ ​ 1,980 ​ 2007 ​ 2015 ​ 164 Greenville, NC ​ ​ — ​ 100 ​ ​ 2,478 ​ ​ 203 ​ ​ 100 ​ ​ 2,681 ​ ​ 2,781 ​ ​ 1,503 ​ 1998 ​ 1999 ​ 062 Greenville, TX ​ ​ — ​ 42 ​ ​ 1,196 ​ ​ 126 ​ ​ 42 ​ ​ 1,322 ​ ​ 1,364 ​ ​ 1,183 ​ 1995 ​ 1996 ​ 295 Jacksonville, FL ​ ​ — ​ ​ 1,389 ​ ​ 5,235 ​ ​ 1,056 ​ ​ 1,389 ​ ​ 6,291 ​ ​ 7,680 ​ ​ 3,068 ​ 2015 ​ 2015 ​ 066 Jacksonville, TX ​ ​ — ​ 100 ​ ​ 1,433 ​ ​ 107 ​ ​ 100 ​ ​ 1,540 ​ ​ 1,640 ​ ​ 1,412 ​ 1996 ​ 1996 ​ 310 Kansas City, MO ​ ​ — ​ ​ 1,072 ​ ​ 15,552 ​ ​ — ​ ​ 1,072 ​ ​ 15,552 ​ ​ 16,624 ​ ​ 2,481 ​ 2017 ​ 2017 ​ 285 Kenosha, WI ​ ​ — ​ ​ 936 ​ ​ 12,361 ​ ​ 498 ​ ​ 936 ​ ​ 12,859 ​ ​ 13,795 ​ ​ 2,981 ​ 2008 ​ 2015 ​ 255 Littleton, CO ​ ​ — ​ ​ 1,882 ​ ​ 8,248 ​ ​ 101 ​ ​ 1,882 ​ ​ 8,349 ​ ​ 10,231 ​ ​ 2,406 ​ 2013 ​ 2012 ​ 268 Littleton, CO ​ ​ — ​ ​ 1,200 ​ ​ 8,688 ​ ​ 106 ​ ​ 1,200 ​ ​ 8,794 ​ ​ 9,994 ​ ​ 2,897 ​ 2014 ​ 2013 ​ 148 Longmont, CO ​ ​ — ​ ​ 100 ​ ​ 2,640 ​ ​ 99 ​ ​ 100 ​ ​ 2,739 ​ ​ 2,839 ​ ​ 1,720 ​ 1998 ​ 1998 ​ 060 Longview, TX ​ ​ — ​ ​ 38 ​ ​ 1,208 ​ ​ 156 ​ ​ 38 ​ ​ 1,364 ​ ​ 1,402 ​ ​ 1,227 ​ 1995 ​ 1995 ​ 261 Louisville, CO ​ ​ — ​ ​ 911 ​ ​ 11,703 ​ ​ 390 ​ ​ 911 ​ ​ 12,093 ​ ​ 13,004 ​ ​ 3,596 ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ Encumbrances Land ​ improvements acquisition Land improvements Total (1) deprec. renovation date date 114 Loveland, CO ​ $ — ​ $ 100 ​ $ 2,865 ​ $ 360 ​ $ 100 ​ $ 3,225 ​ $ 3,325 ​ $ 2,081 ​ 1997 ​ 1997 ​ 068 Lufkin, TX ​ ​ — ​ ​ 100 ​ ​ 1,453 ​ ​ 147 ​ ​ 100 ​ ​ 1,600 ​ ​ 1,700 ​ ​ 1,456 ​ 1996 ​ 1996 ​ 061 Marshall, TX ​ ​ — ​ ​ 38 ​ ​ 1,141 ​ ​ 566 ​ ​ 38 ​ ​ 1,707 ​ ​ 1,745 ​ ​ 1,536 ​ 1995 ​ 1995 ​ 293 McHenry, IL ​ ​ — ​ ​ 1,289 ​ ​ 28,976 ​ ​ 1,181 ​ ​ 1,289 ​ ​ 30,157 ​ ​ 31,446 ​ ​ 7,059 ​ 2005 ​ 2015 ​ 058 McPherson, KS ​ ​ — ​ ​ 79 ​ ​ 1,571 ​ ​ 97 ​ ​ 79 ​ ​ 1,668 ​ ​ 1,747 ​ ​ 1,283 ​ 1994 ​ 1995 ​ 313 Medford, OR ​ ​ ​ ​ ​ 636 ​ ​ 17,816 ​ ​ — ​ ​ 636 ​ ​ 17,816 ​ ​ 18,452 ​ ​ 2,441 ​ 2020 ​ 2018 ​ 316 Medford, OR ​ ​ — ​ ​ 750 ​ ​ 13,650 ​ ​ 250 ​ ​ 750 ​ ​ 13,900 ​ ​ 14,650 ​ ​ 2,318 ​ 2005 ​ 2018 ​ 280 Murrells Inlet, SC ​ ​ — ​ ​ 2,490 ​ ​ 14,185 ​ ​ 195 ​ ​ 2,490 ​ ​ 14,380 ​ ​ 16,870 ​ ​ 3,734 ​ 2016 ​ 2015 ​ 294 Murrieta, CA ​ ​ — ​ ​ 2,022 ​ ​ 11,136 ​ ​ 33 ​ ​ 2,022 ​ ​ 11,169 ​ ​ 13,191 ​ ​ 2,905 ​ 2016 ​ 2015 ​ 289 Neenah, WI ​ ​ — ​ ​ 694 ​ ​ 20,839 ​ ​ 251 ​ ​ 694 ​ ​ 21,090 ​ ​ 21,784 ​ ​ 4,857 ​ 1991 ​ 2015 ​ 166 New Bern, NC ​ ​ — ​ ​ 100 ​ ​ 2,427 ​ ​ 181 ​ ​ 100 ​ ​ 2,608 ​ ​ 2,708 ​ 1,318 1998 ​ 1999 ​ 118 Newark, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 458 ​ ​ 100 ​ ​ 2,893 ​ ​ 2,993 ​ 1,804 1997 ​ 1997 ​ 306 Oak Lawn, IL ​ ​ — ​ ​ 1,591 ​ ​ 13,772 ​ ​ 64 ​ ​ 1,591 ​ ​ 13,836 ​ ​ 15,427 ​ ​ 2,759 ​ 2018 ​ 2016 ​ 302 Overland Park, KS ​ ​ — ​ ​ 1,951 ​ ​ 11,882 ​ ​ 390 ​ ​ 1,951 ​ ​ 12,272 ​ ​ 14,223 ​ ​ 2,868 ​ 2013 ​ 2016 ​ 165 Rocky Mount, NC ​ ​ — ​ ​ 100 ​ ​ 2,494 ​ ​ 380 ​ ​ 100 ​ ​ 2,874 ​ ​ 2,974 ​ 1,458 1998 ​ 1999 ​ 059 Salina, KS ​ ​ — ​ ​ 79 ​ ​ 1,571 ​ ​ 332 ​ ​ 79 ​ ​ 1,903 ​ ​ 1,982 ​ 1,333 1994 ​ 1995 ​ 084 San Antonio, TX ​ ​ — ​ ​ 100 ​ ​ 1,900 ​ ​ 66 ​ ​ 100 ​ ​ 1,966 ​ ​ 2,066 ​ 1,293 1997 ​ 1997 ​ 092 San Antonio, TX ​ ​ — ​ ​ 100 ​ ​ 2,055 ​ ​ 585 ​ ​ 100 ​ ​ 2,640 ​ ​ 2,740 ​ 1,540 1997 ​ 1997 ​ 288 Sheboygan, WI ​ ​ — ​ ​ 1,168 ​ ​ 5,382 ​ ​ 379 ​ ​ 1,168 ​ ​ 5,761 ​ ​ 6,929 ​ ​ 1,561 ​ 2006 ​ 2015 ​ 149 Shelby, NC ​ ​ — ​ ​ 100 ​ ​ 2,805 ​ ​ 312 ​ ​ 100 ​ ​ 3,117 ​ ​ 3,217 ​ 1,890 1998 ​ 1998 ​ 312 Spartanburg, SC ​ ​ — ​ ​ 254 ​ ​ 9,906 ​ ​ 1,520 ​ ​ 254 ​ ​ 11,426 ​ ​ 11,680 ​ ​ 3,205 ​ 1999 ​ 2017 ​ 103 Springfield, OH ​ ​ — ​ ​ 100 ​ ​ 2,035 ​ ​ 389 ​ ​ 100 ​ ​ 2,424 ​ ​ 2,524 ​ 1,560 1997 ​ 1997 ​ 321 Sterling Heights, MI ​ ​ — ​ ​ 1,133 ​ ​ 11,487 ​ ​ 1,133 ​ ​ 1,133 ​ ​ 12,620 ​ ​ 13,753 ​ ​ 2,208 ​ 1997 ​ 2019 ​ 098 Tiffin, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 439 ​ ​ 100 ​ ​ 2,874 ​ ​ 2,974 ​ 1,769 1997 ​ 1997 ​ 282 Tinley Park, IL ​ ​ — ​ ​ 702 ​ ​ 11,481 ​ ​ 102 ​ ​ 702 ​ ​ 11,583 ​ ​ 12,285 ​ ​ 2,912 ​ 2016 ​ 2015 ​ 088 Troy, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 877 ​ ​ 100 ​ ​ 3,312 ​ ​ 3,412 ​ 2,076 1997 ​ 1997 ​ 080 Tulsa, OK ​ ​ — ​ ​ 200 ​ ​ 1,650 ​ ​ 156 ​ ​ 200 ​ ​ 1,806 ​ ​ 2,006 ​ 1,159 1997 ​ 1997 ​ 093 Tulsa, OK ​ ​ — ​ ​ 100 ​ ​ 2,395 ​ ​ 47 ​ ​ 100 ​ ​ 2,442 ​ ​ 2,542 ​ 1,617 1997 ​ 1997 ​ 075 Tyler, TX ​ ​ — ​ ​ 100 ​ ​ 1,800 ​ ​ 469 ​ ​ 100 ​ ​ 2,269 ​ ​ 2,369 ​ 1,291 1996 ​ 1996 ​ 091 Waco, TX ​ ​ — ​ ​ 100 ​ ​ 2,235 ​ ​ 777 ​ ​ 100 ​ ​ 3,012 ​ ​ 3,112 ​ 1,713 2021 ​ 1997 ​ 108 Watauga, TX ​ ​ — ​ ​ 100 ​ ​ 1,668 ​ ​ 43 ​ ​ 100 ​ ​ 1,711 ​ ​ 1,811 ​ 1,122 1996 ​ 1997 ​ 109 Weatherford, OK ​ ​ — ​ ​ 100 ​ ​ 1,669 ​ ​ 703 ​ ​ 100 ​ ​ 2,372 ​ ​ 2,472 ​ 1,522 1996 ​ 1997 ​ 309 West Chester, OH ​ ​ — ​ ​ 2,355 ​ ​ 13,553 ​ ​ 253 ​ ​ 2,355 ​ ​ 13,806 ​ ​ 16,161 ​ ​ 2,674 ​ 2017 ​ 2017 ​ 276 Westminster, CO ​ ​ — ​ ​ 1,425 ​ ​ 9,575 ​ ​ 111 ​ ​ 1,425 ​ ​ 9,686 ​ ​ 11,111 ​ ​ 2,928 ​ 2015 ​ 2013 ​ 110 Wheelersburg, OH ​ ​ — ​ ​ 29 ​ ​ 2,435 ​ ​ 381 ​ ​ 29 ​ ​ 2,816 ​ ​ 2,845 ​ 1,819 1997 ​ 1997 ​ 303 Wichita, KS ​ ​ — ​ ​ 1,422 ​ ​ 9,957 ​ ​ 332 ​ ​ 1,422 ​ ​ 10,289 ​ ​ 11,711 ​ ​ 2,484 ​ 2011 ​ 2016 ​ 259 Wichita, KS ​ ​ — ​ ​ 730 ​ ​ — ​ ​ 9,682 ​ ​ 730 ​ ​ 9,682 ​ ​ 10,412 ​ 3,125 2013 ​ 2012 ​ 283 Wichita, KS ​ ​ — ​ ​ 624 ​ ​ 13,946 ​ ​ — ​ ​ 624 ​ ​ 13,946 ​ ​ 14,570 ​ ​ 2,695 ​ 2016 ​ 2015 ​ 076 Wichita Falls, TX ​ ​ — ​ ​ 100 ​ ​ 1,850 ​ ​ 147 ​ ​ 100 ​ ​ 1,997 ​ ​ 2,097 ​ 1,297 1996 ​ 1996 ​ 120 Wichita Falls, TX ​ ​ — ​ ​ 100 ​ ​ 1,990 ​ ​ 203 ​ ​ 100 ​ ​ 2,193 ​ ​ 2,293 ​ 1,921 1997 ​ 1997 ​ 264 Williamstown, NJ ​ ​ — ​ ​ 711 ​ ​ 6,637 ​ ​ — ​ ​ 711 ​ ​ 6,637 ​ ​ 7,348 ​ 2,142 2000 ​ 2012 ​ 265 Williamstown, NJ ​ ​ — ​ ​ 711 ​ ​ 8,649 ​ ​ — ​ ​ 711 ​ ​ 8,649 ​ ​ 9,360 ​ 2,625 2000 ​ 2012 ​ Assisted Living Properties ​ $ — ​ $ 66,529 ​ $ 655,265 ​ $ 48,715 ​ $ 66,529 ​ $ 703,980 ​ $ 770,509 ​ $ 197,218 ​ ​ ​ ​ ​ ​ 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, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 1,789 ​ ​ 1,965 ​ ​ 9,097 ​ ​ 11,062 ​ ​ 1,932 ​ 1990/1994 ​ 2015 ​ Properties ​ ​ — ​ ​ 1,965 ​ 7,308 ​ ​ 1,789 ​ ​ 1,965 ​ 9,097 ​ 11,062 ​ ​ 1,932 ​ ​ ​ ​ ​ 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 ​ ​ 1,789 ​ ​ 2,908 ​ 9,097 ​ 12,005 ​ ​ 1,932 ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 122,649 ​ $ 1,168,511 ​ $ 88,172 ​ $ 122,649 ​ $ 1,256,683 ​ $ 1,379,332 (2) $ 391,367 ​ ​ ​ ​ ​ (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, 2023, our aggregate cost for Federal income tax purposes was $1,392,420 (unaudited). ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 Reconciliation of real estate: ​ ​ ​ ​ Carrying cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 1,410,705 ​ $ 1,408,557 ​ $ 1,452,001 ​ Acquisitions ​ 54,714 ​ 51,817 ​ — ​ Improvements ​ 9,686 ​ 9,099 ​ 6,298 ​ Capitalized interest ​ — ​ — ​ — ​ Cost of real estate sold ​ (79,998) ​ (55,346) ​ (49,742) ​ Impairment loss from real estate investments ​ (15,775) ​ (3,422) ​ — ​ Ending balance ​ $ 1,379,332 ​ $ 1,410,705 ​ $ 1,408,557 ​ Accumulated depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 391,487 ​ $ 374,606 ​ $ 349,643 ​ Depreciation expense ​ 37,303 ​ 37,394 ​ 38,192 ​ Cost of real estate sold ​ (37,423) ​ (20,513) ​ (13,229) ​ Ending balance ​ $ 391,367 ​ $ 391,487 ​ $ 374,606 ​ ​

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2023
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 ​ 2023 ​ Interest FL ​ 1 ​ 112 ​ 7.80% ​ 2025 ​ $ 16,706 ​ $ 109 ​ $ 16,706 ​ $ 16,539 ​ $ — ​ FL ​ 2 ​ 92 ​ 8.80% ​ 2025 ​ ​ 4,000 ​ ​ 30 ​ ​ 4,000 ​ ​ 3,960 ​ ​ — ​ GA ​ 1 ​ 203 ​ 7.50% ​ 2024 ​ ​ 51,111 ​ ​ 324 ​ ​ 51,111 ​ ​ 50,600 ​ ​ — ​ IL ​ 1 ​ 150 ​ 8.80% ​ 2028 ​ ​ 16,500 ​ ​ 122 ​ ​ 16,500 ​ ​ 16,335 ​ ​ — ​ LA ​ 1 ​ 189 ​ 7.50% ​ 2024 ​ ​ 29,346 ​ ​ 186 ​ ​ 29,346 ​ ​ 29,053 ​ ​ — ​ MI ​ 15 ​ 1,875 ​ 10.80% ​ 2043 ​ ​ 173,487 ​ ​ 1,656 ​ ​ 190,214 ​ ​ 182,134 ​ ​ — ​ MI 4 480 ​ 9.80% ​ 2045 ​ 36,650 ​ 326 ​ 40,480 ​ 39,550 ​ — ​ MI ​ 2 ​ 201 ​ 10.10% ​ 2045 ​ ​ 19,700 ​ ​ 165 ​ ​ 19,750 ​ ​ 19,503 ​ ​ — ​ MI 1 146 ​ 10.30% ​ 2045 ​ 14,325 ​ 127 ​ 15,000 ​ 14,702 ​ — ​ MO ​ — ​ — ​ 7.50% ​ 2024 ​ ​ 1,999 ​ ​ 13 ​ ​ 1,999 ​ ​ 1,979 ​ ​ — ​ NC ​ 12 (4) 478 ​ 7.30% ​ 2025 ​ ​ 53,385 ​ ​ 327 ​ ​ 53,385 ​ ​ 52,851 ​ ​ — ​ NC ​ 4 ​ 217 ​ 7.30% ​ 2026 ​ ​ 34,043 ​ ​ 209 ​ ​ 34,043 ​ ​ 33,703 ​ ​ — ​ NC ​ 1 ​ 45 ​ 7.30% ​ 2025 ​ ​ 10,750 ​ ​ 66 ​ ​ 10,750 ​ ​ 10,643 ​ ​ — ​ NC ​ — ​ — ​ 7.30% ​ 2026 ​ ​ 826 ​ ​ 5 ​ ​ 826 ​ ​ 818 ​ ​ — ​ SC ​ 1 (4) 45 ​ 7.30% ​ 2025 ​ ​ 4,946 ​ ​ 31 ​ ​ 4,946 ​ ​ 4,896 ​ ​ — ​ ​ 46 (5) 4,233 ​ ​ ​ ​ ​ $ 467,774 ​ $ 3,696 ​ $ 489,056 ​ $ 477,266 ​ $ — ​ (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 14 first-lien mortgage loans as follows: ​ ​ ​ ​ ​ ​ Number of Loans Original loan amounts 2 ​ ​ $ 500 - $2,000 ​ 0 ​ ​ $2,001 - $3,000 ​ 1 ​ ​ $3,001 - $4,000 ​ 0 ​ ​ $4,001 - $5,000 ​ 0 ​ ​ $5,001 - $6,000 ​ 0 ​ ​ $6,001 - $7,000 ​ 11 ​ ​ $7,001 + ​ ​ Mortgage loans receivable activity for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ 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 New mortgage loans ​ 92,111 Other additions ​ 4,947 Application of interest reserve ​ ​ 1,722 Amortization of mortgage premium ​ (7) Collections of principal ​ (10,351) Foreclosures ​ — Loan loss reserve ​ (884) Other deductions ​ — Balance— December 31, 2023 ​ $ 477,266 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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. 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 does not meet 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, directly or indirectly, have greater than 50% of the voting shares. The Financial Accounting Standards Board (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. 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 Receivables	Financing Receivables. As part of our acquisitions, we may from time to time, invest in sale and leaseback transactions. In accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases Financing receivable Consolidated Balance Sheets Interest income from financing receivables Consolidated Statements of Income Financing receivables 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.
Intangible Assets	Intangible Assets. As previously discussed, we make estimates as part of our allocation of the purchase price of an acquisition to various components of the acquisition based on the fair market value of each component. Occasionally, we may allocate a portion of the purchase price as in-place leases or other intangibles. In the case of the value of in-place leases, we make the best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during the hypothetical expected lease-up periods, market conditions and costs to execute similar leases.
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 ASC Topic 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 Topic 326 Financial Instruments- Credit Losses We determined our Mortgage loans receivable, Financing receivables 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 recognizing credit loss expense. As of December 31, 2023, the total balance of accrued interest receivable of $53,960,000 was not included in the measurement of expected credit loss. For the years ended December 31, 2023, 2022 and 2021, the 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 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, 2023, 2022 and 2021, we recognized impairment losses of
Properties held-for-sale	Properties held-for-sale. Properties classified as held-for-sale on the Consolidated Balance Sheets
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 the 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 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, 2023, 2022 and 2021, we received $56,000, $57,000 and $0, respectively, of contingent rental income. In accordance with ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income Furthermore, we assess the collectability of substantially all of our lease payments through maturity and if collectability is not probable, all or a portion of our straight-line rent receivable and other lease receivables may be written off and the rental income during the period would be limited to the lesser of the income that would have been recognized if collection were probable, and the lease payments received. Our assessment of collectability of leases includes evaluating the data and assumptions used in determining whether substantially all of the future lease payments were probable based on the lessee’s payment history, the financial strength of the lessees, future contractual rents, and the timing of expected payments. 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 Receivables Interest income from financing receivables Consolidated Statements of Income. Financing receivables 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 for a majority of our assets 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, 2023, the net tax bases of our depreciable assets exceeded net book basis by $160,372,000 (unaudited) due to the differences previously mentioned. 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 receivables and mortgage loans receivable. Our financial instruments, operating leases, financing receivables 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	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 awarded 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 receivables, 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. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) segments’ significant expenses on an interim and annual basis. ASU 2023-07 clarifies that entities with a single reportable segment are subject to both new and existing segment reporting requirements under ASC Topic 280, Segment Reporting

Major Operators (Tables)

Major Operators (Tables)	12 Months Ended
	Dec. 31, 2023
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 ​ 16.6 % ​ 14.3 % ​ (1) Includes total revenues for the twelve months ended December 31, 2023. ​ (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, 2023
Supplemental Cash Flow Information
Supplemental Cash Flow Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ (in thousands) Non-cash investing and financing transactions: ​ ​ ​ ​ ​ ​ ​ Contribution of financing receivables from non-controlling interests ​ $ 12,965 ​ $ 14,325 ​ $ — ​ Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan ​ ​ (8,841) ​ ​ — ​ ​ — ​ Reserves withheld at financing and mortgage loan receivable origination ​ ​ (5,102) ​ ​ — ​ ​ — ​ Accretion of interest reserve recorded as mortgage loan receivable ​ ​ 1,939 ​ ​ 6,192 ​ ​ — ​ Mortgage loan receivable reserve withheld at origination ​ ​ 1,461 ​ ​ 107 ​ ​ 298 ​ Seller financing related to property sales ​ ​ 13,750 ​ ​ — ​ ​ — ​ Preferred return reserve related to investment in unconsolidated joint ventures ​ ​ — ​ ​ 351 ​ ​ 2,324 ​ Notes receivable reserve withheld at origination ​ ​ — ​ ​ — ​ ​ 353 ​ Write-off of notes receivable ​ ​ (3,561) ​ ​ — ​ ​ — ​ Change in fair value of interest rate swap agreements ​ ​ 2,609 ​ ​ (8,891) ​ ​ 172 ​ Distributions paid to non-controlling interests ​ ​ 1,644 ​ ​ — ​ ​ — ​ ​

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2023
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) 2024 ​ $ 118,411 ​ 2025 ​ 102,414 ​ 2026 ​ 83,765 ​ 2027 ​ 79,080 ​ 2028 ​ 66,556 ​ Thereafter ​ 168,031 ​ (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash.
Summary of components of our rental income	The following table summarizes components of our rental income for the years ended December 31, 2023, 2022 and 2021 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Rental Income ​ ​ 2023 ​ ​ 2022 ​ ​ 2021 ​ Contractual cash rental income ​ $ 116,702 (1) $ 115,230 (2) $ 107,692 ​ Variable cash rental income ​ ​ 13,525 (3) ​ 15,516 (3) ​ 14,332 (3) Straight-line rent ​ ​ (2,078) (4) ​ (1,369) (5) ​ 467 ​ Adjustment of lease incentives and rental income ​ ​ (26) (6) ​ (256) (6) ​ (758) (6) Amortization of lease incentives ​ ​ (773) ​ ​ (877) ​ ​ (608) ​ Total ​ $ 127,350 ​ $ 128,244 ​ $ 121,125 ​ (1) Increased primarily due to rental income from acquisitions and transitioned portfolios, repayment of deferred rent and annual rent escalations, partially offset by sold properties. ​ (2) 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. ​ (3) The variable cash rental income for the years ended December 31, 2023, 2022 and 2021 primarily includes reimbursement of real estate taxes by our lessees. ​ (4) Decreased primarily due to deferred rent repayment and normal amortization. ​ (5) 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. ​ (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 as of December 31, 2023 (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Net Book ​ Option ​ State ​ Property ​ Properties ​ ​ Investments (1) ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 32,778 ​ 2023-2029 ​ Florida ​ MC ​ 1 ​ ​ 7,680 ​ ​ 4,611 ​ 2029 (2) Florida ​ SNF ​ 3 ​ ​ 76,690 ​ ​ 76,690 ​ 2025-2027 (3) North Carolina ​ ALF/MC ​ 11 ​ ​ 121,321 ​ ​ 121,321 ​ 2025-2028 (4) Ohio ​ MC ​ 1 ​ ​ 16,161 ​ ​ 13,488 ​ 2024-2025 ​ Ohio ​ ILF/ALF/MC ​ 1 ​ ​ 54,717 ​ ​ 53,448 ​ 2025-2027 ​ Oklahoma ​ ALF/MC ​ 5 ​ ​ 11,202 ​ ​ 4,394 ​ 2027-2029 (5) South Carolina ​ ALF/MC ​ 1 ​ ​ 11,680 ​ ​ 8,475 ​ 2029 ​ Tennessee ​ SNF ​ 2 ​ ​ 5,275 ​ ​ 2,263 ​ 2023-2024 ​ Texas ​ SNF ​ 4 ​ ​ 52,726 ​ ​ 50,388 ​ 2027-2029 (6) Total ​ ​ ​ ​ ​ $ 396,347 ​ $ 367,856 ​ ​ ​ (1) Gross investments include previously recorded impairment losses, if any. ​ (2) During 2023, we recorded an impairment loss of $7,522 . See Impairment Loss below for more information. ​ (3) During 2022, we entered into a joint venture to purchase three SNFs with a total of 299 beds. The JV leased the properties under a 10-year master lease. For more information regarding this transaction, see Financing Receivables below. ​ (4) During 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units and leased the communities under a 10-year master lease. The master lease provides the operator with the 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% on any portion of the properties being purchased. For more information regarding this transaction see Financing Receivables below. ​ (5) During 2023, we transferred five ALFs in Oklahoma with a total of 184 units from Brookdale to an existing operator. The new master lease, which commenced in November 2023, includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. ​ (6) During 2022, we purchased four SNFs and leased these properties under a master lease with an existing operator. The master 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 impairment loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ Impairment ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ Loss ​ 2023 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 434 (1) ​ ​ Florida ​ ALF ​ 1 ​ 60 ​ ​ 7,522 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 4,554 (2) ​ ​ Texas ​ ALF ​ 7 ​ 248 ​ ​ 3,265 ​ ​ ​ ​ ​ ​ ​ 10 ​ 445 ​ $ 15,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 1,222 (1) ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 1,286 (3) ​ ​ Colorado ​ ALF ​ 1 ​ — ​ ​ 914 (4) ​ ​ ​ ​ ​ ​ 3 ​ 130 ​ $ 3,422 ​ (1) In conjunction with the ongoing negotiations to sell this community, we recorded a $434 impairment loss during the three months ended March 31, 2023, and a $1,222 impairment loss during the fourth quarter of 2022. This community was sold during the second quarter of 2023 for $4,850 and we recorded a net gain on sale of $64 as a result of this transaction. ​ (2) This community was sold during the fourth quarter of 2023 for $1,650 and we recorded a net loss on sale of $219 as a result of this transaction. ​ (3) This community was classified as held-for sale at December 31, 2022 and sold during the first quarter of 2023 for $11,000 . We recorded a net gain on sale of $57 as a result of this transaction. See Properties Held-for-Sale below for more information regarding this community. ​ (4) This community was closed during 2022.
Schedule of properties held-for-sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ 2023 ​ WI ​ ALF (1) 1 ​ 110 ​ $ 22,007 ​ $ 3,616 ​ 2022 ​ KY ​ ALF (2) 1 ​ 60 ​ ​ 13,015 ​ ​ 2,305 ​ (1) This community was sold during the first quarter of 2024. ​ (2) This community was sold during the first quarter of 2023. ​
Summary of acquisitions	Acquisitions. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ Number ​ Number ​ ​ ​ ​ Paid at ​ Assumed ​ ​ Controlling ​ Transaction ​ ​ Assets ​ of ​ of Year ​ Type of Property ​ Acquisition ​ Liabilities ​ ​ Interest ​ Costs ​ ​ Acquired ​ Properties ​ Beds/Units 2023 ​ ALF (1) ​ $ 43,759 ​ $ 9,767 ​ $ 9,133 ​ $ 363 ​ $ 63,022 (2) 1 ​ 242 2022 ​ SNF (3) ​ ​ 51,817 ​ ​ — ​ ​ — ​ ​ — ​ ​ 51,817 ​ 4 ​ 339 2021 ​ n/a ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ — (1) We entered into a $54,134 Joint Venture (“JV”) and contributed $45,000 into the JV that purchased an ILF/ALF/MC in Ohio. Under the JV agreement, the seller, our JV partner, has the option to purchase the campus between the third and fourth lease years for LTC’s allocation of the JV investment plus an IRR of 9.75% . The campus was leased to Encore Senior Living (“Encore”) under a 10-year term with an initial yield of 8.25% on LTC’s allocation of the JV investment. LTC committed to fund $2,100 of lease incentives under the Encore lease of which $1,458 has been funded. ​ (2) Includes $8,309 tax abatement intangible included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets . ​ (3) 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 provides either an earn-out payment or purchase option but not both. 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 fifth lease year. The purchase option is available beginning in the sixth 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 the 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. During 2023, the working capital loan was fully repaid. Accordingly, the working capital commitment has been terminated.
Summary of the carrying amount of intangible assets	Intangible Assets. The following is a summary of our intangible assets as of December 31, 2023 and 2022 ( in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31,2022 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Assets ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net In-place leases ​ $ 11,348 (1) ​ $ (6,109) (2) ​ $ 5,239 ​ $ 9,474 (1) ​ $ (5,362) (2) ​ $ 4,112 Tax abatement intangible ​ ​ 8,309 (3) ​ ​ (405) (3) ​ ​ 7,904 ​ ​ — (3) ​ ​ — (3) ​ ​ — (1) Included in the Buildings and improvements line item in our Consolidated Balance Sheets . ​ (2) Included in the Accumulated depreciation and amortization line item in our Consolidated Balance Sheets. ​ (3) Included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.
Schedule of future amortization expenses related to the intangible assets	The following table provides future amortization expenses related to the intangible assets at December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 2024 2025 2026 2027 2028 Thereafter In-place leases (1) ​ $ 5,239 ​ $ 877 ​ $ 825 ​ $ 740 ​ $ 675 ​ $ 532 ​ $ 1,590 Tax abatement intangible (2) ​ 7,904 ​ 692 (1) 692 ​ 692 ​ 692 ​ 692 ​ 4,444 ​ ​ $ 13,143 ​ $ 1,569 ​ $ 1,517 ​ $ 1,432 ​ $ 1,367 ​ $ 1,224 ​ $ 6,034 (1) Recorded as depreciation expense included in the Depreciation and amortization line item on our Consolidated Statements of Income. ​ (2) Recorded as Property tax expense on our Consolidated Statements of Income.
Schedule of developments and improvement projects	During the years ended December 31, 2023, 2022 and 2021, we invested the following in development and improvement (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Type of Property ​ ​ 2023 ​ ​ ​ 2022 ​ ​ 2021 ​ ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ — ​ $ 3,112 ​ ​ $ 105 ​ $ 5,538 ​ ​ $ — ​ $ 5,846 ​ Skilled Nursing Centers ​ ​ — ​ ​ 6,487 ​ ​ ​ — ​ ​ 2,897 ​ ​ ​ — ​ ​ 452 ​ Other ​ ​ — ​ ​ 87 ​ ​ ​ — ​ ​ 559 ​ ​ ​ — ​ ​ — ​ Total ​ $ — ​ $ 9,686 ​ ​ $ 105 ​ $ 8,994 ​ ​ $ — ​ $ 6,298 ​
Schedule of property sold	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ Gain (Loss) (1) ​ 2023 ​ Florida ​ ALF ​ 5 ​ 246 ​ $ 23,600 ​ $ 9,084 ​ $ 13,327 ​ ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 11,000 ​ ​ 10,720 ​ ​ 57 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 1,650 ​ ​ 1,639 ​ ​ (220) ​ ​ ​ New Jersey ​ ALF ​ 1 ​ 39 ​ ​ 2,000 ​ ​ 1,552 ​ ​ 266 ​ ​ ​ New Mexico ​ SNF ​ 2 ​ 235 ​ ​ 21,250 ​ ​ 5,523 ​ ​ 15,287 ​ ​ ​ Nebraska ​ ALF ​ 3 ​ 117 ​ ​ 2,984 ​ ​ 2,934 ​ ​ — ​ ​ ​ Oklahoma ​ ALF ​ 1 ​ 37 ​ ​ 800 ​ ​ 777 ​ ​ 11 ​ ​ ​ Pennsylvania ​ ALF ​ 2 ​ 130 ​ ​ 11,128 ​ ​ 6,054 ​ ​ 4,860 ​ ​ ​ South Carolina ​ ALF ​ 3 ​ 128 ​ ​ 8,409 ​ ​ 4,446 ​ ​ 3,708 ​ Total ​ ​ ​ ​ ​ 19 ​ 1,059 ​ $ 82,821 ​ $ 42,729 ​ $ 37,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ 6 ​ 426 ​ $ 45,600 ​ $ 36,513 ​ $ 7,462 ​ (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 .
Schedule of investments in financing receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ Investment ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ LTC Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Investments ​ ​ Contributions 2023 ​ NC ​ ALF/MC ​ 11 ​ 523 ​ $ 121,321 ​ $ 117,490 2022 ​ FL ​ SNF ​ 3 ​ 299 ​ ​ 76,691 ​ ​ 61,661 ​ ​ ​ ​ ​ ​ 14 ​ 822 ​ $ 198,012 ​ $ 179,151 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ Initial ​ Interest Income from Financing Receivables of ​ Lease ​ Contractual ​ During Properties ​ Maturity ​ Cash Yield ​ ​ 2023 ​ ​ 2022 ALF/MC ​ 2033 ​ 7.25 % ​ $ 9,625 ​ $ — SNF ​ 2032 ​ 7.25 % ​ ​ 5,618 ​ ​ 1,762 ​ ​ ​ ​ ​ ​ ​ $ 15,243 ​ $ 1,762 (1) The JV leased these 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% . 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 Internal Rate of Return (“IRR”) of 9.0% . Upon origination we recorded $1.2 million Provision for credit losses equal to 1% of the financing receivable balance related to this investment. ​ (2) 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.
Summary of investments in mortgage loans secured by first mortgages	The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2023 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ ALF ​ per Interest Rate ​ Maturity ​ State ​ Investment ​ Property ​ Investment ​ Loans (1) ​ Properties (2) ​ Beds ​ Units ​ Bed/Unit 7.5% ​ 2024 ​ MO ​ $ 1,999 ​ OTH ​ 0.4 % 1 ​ — (3) — ​ — ​ $ n/a 7.5% ​ 2024 ​ LA ​ ​ 29,346 ​ SNF ​ 6.1 % 1 ​ 1 ​ 189 ​ — ​ $ 155.27 7.5% ​ 2024 ​ GA ​ ​ 51,111 ​ ALF ​ 10.6 % 1 ​ 1 ​ — ​ 203 ​ $ 251.78 8.8% ​ 2025 ​ FL ​ ​ 4,000 ​ ALF ​ 0.8 % 1 ​ 2 ​ — ​ 92 ​ $ 43.48 7.8% ​ 2025 ​ FL ​ ​ 16,706 ​ ALF ​ 3.4 % 1 ​ 1 ​ — ​ 112 ​ $ 149.16 7.3% ​ 2025 ​ NC ​ ​ 10,750 ​ ALF ​ 2.2 % 1 ​ 1 ​ — ​ 45 ​ $ 238.89 7.3% (4) ​ 2025 ​ NC/SC ​ ​ 58,331 ​ ALF ​ 12.1 % 1 ​ 13 ​ — ​ 523 ​ $ 111.53 7.3% (4) ​ 2026 ​ NC ​ ​ 34,043 ​ ALF ​ 7.1 % 1 ​ 4 ​ — ​ 217 ​ $ 156.88 7.3% (4) ​ 2026 ​ NC ​ ​ 826 ​ OTH ​ 0.2 % 1 ​ — (5) — ​ — ​ $ n/a 8.8% ​ 2028 ​ IL ​ ​ 16,500 ​ SNF ​ 3.4 % 1 ​ 1 ​ 150 ​ — ​ $ 110.00 10.8% (6) ​ 2043 ​ MI ​ ​ 183,968 ​ SNF ​ 38.2 % 1 ​ 15 ​ 1,875 ​ — ​ $ 98.12 9.8% (6) ​ 2045 ​ MI ​ ​ 39,950 ​ SNF ​ 8.3 % 1 ​ 4 ​ 480 — ​ $ 83.23 10.1% (6) ​ 2045 ​ MI ​ 19,700 ​ SNF ​ 4.1 % 1 ​ 2 ​ 201 — ​ $ 98.01 10.3% (6) ​ 2045 ​ MI ​ ​ 14,850 ​ SNF ​ 3.1 % 1 ​ 1 ​ 146 ​ — ​ $ 101.71 Total ​ ​ ​ ​ ​ $ 482,080 ​ ​ ​ 100.0 % 14 ​ 46 ​ 3,041 1,192 ​ $ 113.89 (1) Some loans contain certain guarantees and/or provide for certain facility fees. ​ (2) Our mortgage loans are secured by properties located in eight states with eight borrowers. ​ (3) Represents a mortgage loan secured by a parcel of land for the future development of a 91 -bed post-acute SNF. ​ (4) Represents the initial rate. This loan has an IRR of 8% . ​ (5) Represents a mortgage loan secured by a parcel of land in North Carolina held for future development of a seniors housing community. ​ (6) 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, 2023, 2022 and 2021 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ ​ 2022 ​ 2021 Originations and funding under mortgage loans receivable ​ $ 97,058 (1) ​ $ 40,732 (2) $ 88,955 (3) Application of interest reserve ​ ​ 1,722 ​ ​ ​ 6,192 ​ ​ 298 ​ Scheduled principal payments received ​ ​ (10,351) ​ ​ ​ (1,175) ​ ​ (1,175) ​ Mortgage loan premium amortization ​ ​ (7) ​ ​ ​ (6) ​ ​ (6) ​ Provision for loan loss reserve ​ ​ (884) ​ ​ ​ (457) ​ ​ (881) ​ Net increase in mortgage loans receivable ​ $ 87,538 ​ ​ $ 45,286 ​ $ 87,191 ​ ​ (1) We originated the following during 2023: ​ (a) $10,750 mortgage loan secured by a 45 -unit 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% ; ​ (b) $51,111 mortgage loan investment secured by a 203 -unit ILF, ALF and MC located in Georgia. We acquired a participating interest owned by existing lenders for $42,251 in addition to converting our $7,461 mezzanine loan in the property into a participating interest in the mortgage loan. The mortgage loan matures in October 2024 and our investment is at an initial rate of 7.5% with an IRR of 7.75% . We recorded $1,380 of additional interest income in connection with the effective prepayment of the mezzanine loan in the first quarter of 2023; ​ (c) $16,500 senior loan for the purchase of a 150 -bed Medicare focused SNF in Illinois. The mortgage loan matures in June 2028 and our investment is at an interest rate of 8.75% ; ​ (d) $4,947 of contractual additional funding under other mortgage loans receivable; ​ (e) $13,750 of seller financing collateralized by four ALFs. $9,750 was repaid subsequently and two ALFs were released from collateral. The net $4,000 seller-financed mortgage loan is for two-years , with a one-year extension, at the interest rate of 8.75% ; and ​ (f) $19,500 mortgage loan commitment for the construction of an 85 -unit ALF and MC in Michigan. The borrower contributed $12,100 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately three years at a rate of 8.75% , and includes two , one-year extensions, each of which is contingent on certain coverage thresholds. ​ (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 during 2021: (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. ​
Scheduled principal payments on mortgage loan receivables	Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ​ ​ ​ ​ ​ ​ ​ Scheduled ​ ​ Principal 2024 ​ $ 83,137 ​ 2025 ​ 90,466 ​ 2026 ​ 35,549 ​ 2027 ​ 680 ​ 2028 ​ 17,180 ​ Thereafter ​ 255,068 ​ Total ​ $ 482,080 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2023
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 ​ ILF/ALF ​ Preferred Equity (2) 14 % ​ 8 % ​ 267 ​ ​ 13,000 (2) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 362 ​ $ 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. 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 developed and owns a 267 -unit ILF and ALF in Washington. The development project was completed during the fourth quarter of 2023. 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 14% . 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.
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Income ​ ​ Non-cash ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Earned ​ ​ Income Accrued ​ 2023 ​ ALF/MC ​ $ — ​ $ 450 ​ $ 56 ​ $ 394 ​ ​ ​ ILF/ALF (1) ​ ​ — ​ ​ 1,054 ​ ​ — ​ ​ 1,054 ​ Total ​ ​ ​ $ — ​ $ 1,504 ​ $ 56 ​ $ 1,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ALF/MC ​ $ — ​ $ 450 ​ $ — ​ $ 450 ​ ​ ​ UDP (1) ​ ​ — ​ ​ 1,054 ​ ​ 351 ​ ​ 703 ​ Total ​ ​ ​ $ — ​ $ 1,504 ​ $ 351 ​ $ 1,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ALF/MC ​ $ — ​ $ 450 ​ $ — ​ $ 412 ​ ​ ​ UDP (1) ​ ​ 8,000 ​ ​ 967 ​ ​ — ​ ​ 880 ​ Total ​ ​ ​ $ 8,000 ​ $ 1,417 ​ $ — ​ $ 1,292 ​ ​ (1) The JV developed and owns a 267 -unit ILF and ALF in Washington. The development project was completed during the fourth quarter of 2023.

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ Type of ​ Gross ​ ​ ​ ​ Type of ​ Rate ​ IRR ​ ​ Maturity ​ Loan ​ Investment ​ ​ # of loans ​ Property ​ 4.0% ​ — ​ ​ 2024 ​ Working capital ​ $ 13,531 ​ ​ 1 ​ SNF 5.0% ​ — ​ ​ 2025 ​ Working capital ​ ​ 732 ​ ​ 1 ​ ALF ​ 7.5% ​ — ​ ​ 2027 ​ Working capital ​ ​ 550 ​ ​ 1 ​ ALF ​ 8.0% ​ 11.0 % ​ 2027 ​ Mezzanine ​ ​ 25,000 ​ ​ 1 ​ ALF ​ 8.8% ​ 12.0 % ​ 2028 ​ Mezzanine ​ ​ 17,000 ​ ​ 1 ​ ALF ​ 6.5% ​ — ​ ​ 2030 ​ Working capital ​ ​ 138 ​ ​ 1 ​ SNF ​ 7.3% ​ — ​ ​ 2030 ​ Working capital ​ ​ 500 ​ ​ 1 ​ ALF ​ 7.3% ​ — ​ ​ 2030 ​ Working capital ​ ​ 957 ​ ​ 1 ​ ALF ​ 7.0% ​ — ​ ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 61,101 (1) ​ 9 ​ ​ ​ ​ (1) Excludes the impact of credit loss reserve.
Summary of mezzanine loans and other loan arrangements	The following table is a summary of our notes receivable components at December 31, 2023 and 2022 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ At December 31, ​ 2023 ​ 2022 Mezzanine loans $ 42,000 ​ $ 36,815 ​ Working capital loans ​ 19,101 ​ ​ 22,157 ​ Notes receivable credit loss reserve ​ (611) ​ ​ (589) ​ Total $ 60,490 ​ $ 58,383 ​
Summary of notes receivable activity	The following table summarizes our notes receivable activity for the years ended December 31, 2023, 2022 and 2021 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ ​ 2022 ​ ​ 2021 ​ Advances under notes receivable $ 20,377 (1) $ 37,192 (2) $ 16,353 (3) Interest reserve withheld ​ — ​ ​ — ​ ​ 353 ​ Principal payments received under notes receivable ​ (14,687) (4) ​ (6,843) ​ ​ (2,694) ​ Write-off of notes receivable ​ (3,561) (5) ​ — ​ ​ — ​ Provision for credit losses ​ (22) ​ ​ (303) ​ ​ (140) ​ Net increase in notes receivable $ 2,107 ​ $ 30,046 ​ $ 13,872 ​ (1) During 2023, we originated a mezzanine loan to recapitalize an existing 130 -unit ILF/ALF/MC in Georgia and construction of 89 additional units. The loan term is five years at an initial yield of 8.75 % and an IRR of 12.0 %. ​ (2) During 2022, we originated a $25,000 mezzanine loan for the recapitalization of five ALFs located in Oregon and Montana. 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 have a total of 621 units and include independent living, assisted living and memory care. ​ (3) 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 HMG Healthcare, LLC with 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. ​ (4) During 2023, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan prepayment. The mezzanine loan was on a 136 -unit ILF in Oregon. Additionally, another $7,461 mezzanine loan was effectively prepaid through converting it as part of our $51,111 investment in a participating interest in an existing mortgage loan that is secured by a 203 -unit ALF, ILF and MC located in Georgia. We recorded $1,380 of interest income in connection with the effective prepayment of the mezzanine loan. ​ (5) During 2023, we wrote-off an uncollectible working capital note.

Lease Incentives (Tables)

Lease Incentives (Tables)	12 Months Ended
	Dec. 31, 2023
Lease Incentives
Summary of non-contingent lease incentive activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2023 ​ ​ 2022 ​ ​ 2021 ​ Lease incentives funded ​ $ 1,627 (1) $ 418 ​ $ 824 ​ Amortization of lease incentives ​ ​ (773) ​ ​ (877) ​ ​ (608) ​ Adjustment for collectability of lease incentives ​ ​ — ​ ​ (256) (2) ​ — ​ Other adjustments (3) ​ ​ (36) ​ ​ (174) ​ ​ — ​ Net increase (decrease) in non-contingent lease incentives ​ $ 818 ​ $ (889) ​ $ 216 ​ (1) As part of our investment in a $54,134 JV, we committed to fund $2,100 of lease incentive, of which $1,458 was funded during 2023. ​ (2) 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. ​ (3) Primarily relates to lease incentive balance write-off related to property sales.

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Obligations
Schedule of interest rate swaps	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Fair Value at December 31, ​ Date Entered ​ Maturity Date ​ Swap Rate ​ Rate Index ​ ​ Amount ​ ​ 2023 ​ ​ ​ 2022 ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 2,698 ​ ​ $ 4,003 ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 3,412 ​ ​ ​ 4,716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 6,110 ​ ​ $ 8,719 ​
Schedule of Debt Obligations	The following table sets forth information regarding debt obligations by component as of December 31, 2023 and 2022 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ At December 31, 2022 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Revolving line of credit ​ 6.66% ​ $ 302,250 ​ $ 97,750 ​ $ 130,000 ​ $ 270,000 ​ Term loans, net of debt issue costs ​ 2.74% ​ ​ 99,658 ​ ​ — ​ ​ 99,511 ​ ​ — ​ Senior unsecured notes, net of debt issue costs ​ 4.20% ​ ​ 489,409 ​ ​ — ​ ​ 538,343 ​ ​ — ​ Total ​ 4.87% ​ $ 891,317 ​ $ 97,750 ​ $ 767,854 ​ $ 270,000 ​ (1) Represents weighted average of interest rate as of December 31, 2023. ​ (2) Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit.
Schedule of borrowings and repayments	Our borrowings and repayments for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Borrowings ​ Repayments Revolving line of credit ​ $ 277,450 ​ $ (105,200) (1) $ 194,000 ​ $ (174,900) ​ $ 204,400 ​ $ (183,400) Term loans ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 100,000 ​ ​ — Senior unsecured notes ​ ​ — ​ ​ (49,160) ​ ​ 75,000 ​ ​ (48,160) ​ ​ — ​ ​ (47,160) Total ​ $ 277,450 ​ $ (154,360) ​ $ 269,000 ​ $ (223,060) ​ $ 304,400 ​ $ (230,560) (1) Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit.
Schedule of principal payments and amounts due at maturity	The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2023, and excludes the effects of interest and debt issue costs ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ Thereafter Revolving line of credit ​ $ 302,250 (1) $ — ​ $ 302,250 (2) $ — ​ $ — ​ $ — ​ $ — ​ Term loans ​ ​ 100,000 ​ ​ — ​ ​ 50,000 ​ ​ 50,000 ​ ​ — ​ ​ — ​ ​ — ​ Senior unsecured notes ​ 490,660 ​ 49,160 ​ 49,500 ​ 51,500 ​ 54,500 ​ ​ 55,000 ​ 231,000 ​ ​ ​ $ 892,910 ​ $ 49,160 ​ $ 401,750 ​ $ 101,500 ​ $ 54,500 ​ $ 55,000 ​ $ 231,000 ​ (1) Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2023, we exercised our option to extend the maturity date of our Credit Agreement to November 19, 2026.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity
Schedule of consolidated VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets (1) ​ ​ Interests ​ 2023 ​ Owned real estate (2) ILF/ALF/MC ​ OH ​ $ 54,717 ​ $ 9,134 ​ 2023 ​ Owned real estate (3) ALF/MC ​ NC ​ ​ 121,321 ​ ​ 3,831 ​ 2022 ​ Owned real estate (4) SNF ​ FL ​ ​ 76,691 ​ ​ 14,325 ​ 2018 ​ Owned real estate ​ ILF ​ OR ​ ​ 14,650 ​ ​ 2,907 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 18,452 ​ ​ 1,246 ​ 2017 ​ Owned real estate and development (5) ILF/ALF/MC ​ WI ​ ​ 22,007 ​ ​ 2,305 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,240 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 319,518 ​ $ 34,988 ​ (1) Includes the total real estate investments and excludes intangible assets. ​ (2) During the second quarter of 2023, we entered into a JV that purchased an ILF/ALF/MC in Ohio with a total of 242 units. For more information see Note 5. Real Estate Investments — Acquisitions . ​ (3) During the first quarter of 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units. For more information regarding this transaction See Note 5. Real Estate Investments — Financing Receivables. ​ (4) During 2022, we entered into a JV that purchased three SNFs with a total of 299 beds. For more information regarding this transaction see Note 5. Real Estate Investments — Financing Receivables. ​ (5) Subsequent to December 31, 2023, we sold our interest in this JV for $23,120 , which includes repayment of $1,814 of abated and $563 of deferred rent, as well as the payoff of a $550 note receivable. The JV owns a 110 -unit community in Wisconsin. At December 31, 2023, this community was classified as held-for-sale. See Note 5. Real Estate Investments — Properties Held-for- Sale.
Schedule of cash dividends declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ Declared ​ Paid ​ Common Stock (1) ​ $ 94,764 ​ $ 94,764 ​ $ 91,509 ​ $ 91,509 ​ $ 90,494 (2) $ 90,494 (2) ​ (1) Represents $0.19 per share per month for the years ended December 31, 2023, 2022 and 2021. ​ (2) During the year ended December 31, 2021, we paid $764 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, 2023, 2022 and 2021was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ 2022 ​ 2021 Outstanding, January 1 ​ ​ 229,236 ​ ​ 197,422 ​ ​ 180,440 ​ Granted ​ ​ 146,020 ​ ​ 135,210 ​ ​ 110,348 ​ Vested ​ ​ (115,551) ​ ​ (103,396) ​ ​ (93,366) ​ Cancelled ​ ​ (1,085) ​ ​ — ​ ​ — ​ Outstanding, December 31 ​ ​ 258,620 ​ ​ 229,236 ​ ​ 197,422 ​
Schedule of restricted stock granted	During 2023, 2022 and 2021, we granted 232,887, 221,542 and 182,240 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ ​ ​ Year ​ Shares/Units ​ Share ​ Reward Type ​ Vesting Period ​ 2023 ​ 127,960 ​ $ 37.16 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,867 ​ $ 37.16 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 15,060 ​ $ 31.54 ​ Restricted stock ​ May 24,2024 ​ ​ ​ 3,000 ​ $ 35.45 ​ Restricted stock ​ July 25, 2024 ​ ​ ​ 232,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ (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, 2023, 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 2024 ​ $ 6,026 2025 ​ ​ 3,238 2026 ​ ​ 356 Total ​ $ 9,620 ​
Schedule of nonqualified stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Price ​ ​ 2023 ​ 2022 ​ 2021 ​ 2023 ​ ​ 2022 ​ 2021 Outstanding, January 1 10,000 ​ 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) ​ (5,000) — ​ $ 38.43 ​ ​ n/a ​ ​ n/a ​ Outstanding, December 31 5,000 ​ 10,000 15,000 ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, December 31 (1) 5,000 ​ 10,000 15,000 ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ (1) The aggregate intrinsic value of exercisable options at December 31, 2023, based upon the closing price of our common shares at December 29, 2023, the last trading day of 2023, was approximately $0 . Options exercisable at December 31, 2023, 2022 and 2021 had a weighted average remaining contractual life of approximately 0.2 years, 0.7 years, and 1.2 years, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies
Schedule of commitments	At December 31, 2023, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2023 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties ote 5. Real Estate Investments ​ $ 13,993 (1) $ 4,354 ​ $ 5,072 ​ $ 8,921 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ​ ​ 16,100 (2) ​ 1,458 ​ ​ 1,458 ​ ​ 14,642 Mortgage loans (N ote 5. Real Estate Investments ​ ​ 43,598 (3) ​ 1,476 ​ ​ 7,178 ​ ​ 36,420 Notes receivable (N ote 7. Notes Receivable ​ ​ 25,950 (4) ​ — ​ ​ 13,531 ​ ​ 12,419 Total ​ $ 99,641 ​ $ 7,288 ​ $ 27,239 ​ $ 72,402 (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. For more information regarding the purchase option see Note 5. Real Estate Investments . ​ (3) Represents $19,500 related to a construction loan, $6,098 of commitments for the expansion, renovation and working capital related to seniors housing and skilled nursing properties securing the mortgage loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios. ​ (4) Represents working capital loan commitments.

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2023
Distributions
Schedule of federal income tax classification of the per share common stock distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 Ordinary taxable distribution $ 1.110 $ 1.095 $ 1.220 ​ Return of capital ​ — ​ — ​ 0.750 ​ Unrecaptured Section 1250 gain ​ 0.744 ​ 0.502 ​ 0.252 ​ Long-term capital gain ​ 0.426 ​ 0.683 ​ 0.058 ​ Total ​ $ 2.280 ​ $ 2.280 ​ $ 2.280 ​ ​

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2023
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, ​ 2023 ​ 2022 ​ 2021 ​ Net income $ 91,462 $ 100,584 $ 56,224 ​ Less income allocated to non-controlling interests (1,727) ​ (560) ​ (363) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities (587) ​ (531) ​ (458) ​ Income allocated to participating securities — ​ (49) ​ — ​ Total net income allocated to participating securities (587) ​ (580) ​ (458) ​ Net income available to common stockholders 89,148 ​ 99,444 ​ 55,403 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (1) ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share $ 89,148 ​ $ 99,444 ​ $ 55,403 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share 41,272 ​ 39,894 ​ 39,156 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (1) — ​ — ​ — ​ Performance-based stock units ​ 86 ​ ​ 173 ​ ​ — (2) Participating securities (1) ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities 86 ​ 173 ​ — ​ Shares for diluted net income per share 41,358 ​ 40,067 ​ 39,156 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 2.16 ​ $ 2.49 ​ $ 1.41 ​ Diluted net income per share $ 2.16 ​ $ 2.48 ​ $ 1.41 ​ (1) For the years ended December 31, 2023, 2022 and 2021, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ​ (2) 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, 2023
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) 2023 ​ ​ ​ ​ ​ Revenues ​ $ 49,500 ​ $ 48,246 ​ $ 49,303 ​ $ 50,195 ​ Net income available to common stockholders ​ $ 32,929 ​ $ 6,028 ​ $ 22,050 ​ $ 28,057 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.80 ​ $ 0.15 ​ $ 0.54 ​ $ 0.67 ​ Diluted ​ $ 0.80 ​ $ 0.15 ​ $ 0.54 ​ $ 0.67 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ 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 ​ ​ ​ 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, 2023
Fair Value Measurements
Schedule of carrying value and fair value of the entity's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ At December 31, 2022 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivables, net of credit loss reserve ​ $ 196,032 ​ $ 199,199 (1) $ 75,999 ​ $ 76,033 (1) Mortgage loans receivable, net of credit loss reserve ​ ​ 477,266 ​ ​ 554,993 (2) ​ 389,728 ​ ​ 461,276 (2) Notes receivable, net of credit loss reserve ​ 60,490 ​ 67,877 (3) 58,383 ​ 61,858 (3) Revolving line of credit ​ 302,250 ​ ​ 302,250 (4) ​ 130,000 ​ ​ 130,000 (4) Term loans, net of debt issue costs ​ ​ 99,658 ​ ​ 100,000 (4) ​ 99,511 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 489,409 ​ ​ 439,865 (5) ​ 538,343 ​ ​ 477,653 (5) (1) Our investment in financing receivables 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 receivables at December 31, 2023 and 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, 2023 and 2022 was 9.2% and 9.3% , 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, 2023 and 2022, were 6.9% and 7.1% , 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, 2023 and 2022 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, 2023, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.5% for those maturing before year 2030 and 6.75% for those maturing at or beyond year 2030. At December 31, 2022, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.5% for those maturing before year 2030 and 7.0% for those maturing beyond year 2030.

The Company (Details)

The Company (Details)	12 Months Ended
	Dec. 31, 2023 segment
General
Number of operating segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Owned Properties (Details)	Dec. 31, 2023
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)	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Mortgage loans on real estate
Interest rate (as a percent)	8.50%
Minimum | Working Capital Loans Receivables
Mortgage loans on real estate
Interest rate (as a percent)		4%
Maximum | Working Capital Loans Receivables
Mortgage loans on real estate
Interest rate (as a percent)		7.50%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Mezzanine Loans and Impairments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Mortgage loans on real estate
Interest rate (as a percent)	8.50%
Allowance for Doubtful Accounts
Accrued interest receivable	$ 53,960,000	$ 53,960,000
Write-off of accrued interest receivable		0	$ 0	$ 0
Impairments
Impairment of Real Estate		$ 15,775,000	$ 3,422,000	$ 0
Mezzanine Loans | Minimum
Mortgage loans on real estate
Interest rate (as a percent)		8%
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	Dec. 31, 2022	Dec. 31, 2023 USD ($) item
Summary of Significant Accounting Policies
Number of interest rate swaps | item			2
Notional Amount | $			$ 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, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenue Recognition
Maximum period over which loan is to be considered as non-performing	60 days
Contingent rental income | $	$ 56	$ 57	$ 0
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)	12 Months Ended
	Dec. 31, 2023 USD ($)
Federal Income Taxes
Provision for federal or state income taxes	$ 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	$ 160,372,000

Major Operators (Details)

Major Operators (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) item Center	Dec. 31, 2023 USD ($) item Center property	Dec. 31, 2022 item
Major Operators
Number of major operators | item		1
Annual current pay rate	8.50%
Current contractual interest rate	10.80%
Contractual interest	$ 19,539,000
Securities for mortgage	3,435,000	$ 3,435,000
Securities held	3,966,000	3,966,000
Maximum | Prestige Healthcare Mortgage Loan
Major Operators
Interest payment receivable on mortgage loan deferred	1,500,000	1,500,000
Interest receivable on mortgage loan deferral monthly cap amount	$ 300,000	$ 300,000
SNF | Prestige Healthcare Mortgage Loan
Major Operators
Number of beds/units | Center	15	15
ALF
Major Operators
Number of beds/units | item			74
Prestige Healthcare | SNF
Major Operators
Number of beds | property		24
Number of beds/units | item	2,820	2,820
Prestige Healthcare | ALF
Major Operators
Number of beds/units | item	93	93
Total Revenues | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)		16.60%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)		14.30%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-cash investing and financing transactions:
Contribution of financing receivables from non-controlling interests	$ 12,965	$ 14,325
Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan	(8,841)
Reserves withheld at financing and mortgage loan receivable origination	(5,102)
Accretion of interest reserve recorded as mortgage loan receivable	1,939	6,192	$ 150
Mortgage loan receivable reserve withheld at origination	1,461	107	298
Preferred return reserve related to investment in unconsolidated joint ventures		351	2,324
Notes receivable reserve withheld at origination			353
Write-off of notes receivable	(3,561)
Change in fair value of interest rate swap agreements	2,609	$ (8,891)	$ 172
Distributions paid to non-controlling interests	$ 1,644

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item property state	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Investment, Type [Extensible Enumeration]	us-gaap:RealEstateInvestmentMember
Number of properties	134
Number of states | state	23
Number of operators | item	22
Depreciation expense | $	$ 37,303	$ 37,394	$ 38,192
ALF
Real Estate [Line Items]
Number of properties	83
SNF
Real Estate [Line Items]
Number of properties	50
Hospital
Real Estate [Line Items]
Number of properties	1

Real Estate Investments - Base

Real Estate Investments - Base Rents (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Future minimum base rents receivable
2024	$ 118,411
2025	102,414
2026	83,765
2027	79,080
2028	66,556
Thereafter	$ 168,031

Real Estate Investment - Detail

Real Estate Investment - Details (Details)		1 Months Ended			2 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Jan. 01, 2024 USD ($) item community Center	Jan. 31, 2024 USD ($)	Nov. 30, 2023 USD ($) item	Sep. 30, 2023	May 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property item community	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) property item Center community	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Number of properties | property						134			134
Gross Investment | $						$ 61,101,000			$ 61,101,000
Interest rate (as a percent)						8.50%
Write-off of straight-line rent and lease incentives balances | $									26,000	$ 256,000	$ 758,000
Income and Expenses, Lessor [Abstract]
Contractual cash rental income | $									116,702,000	115,230,000	107,692,000
Variable cash rental income | $									13,525,000	15,516,000	14,332,000
Straight-line rent | $									(2,078,000)	(1,369,000)	467,000
Adjustment of lease incentives and rental income | $									(26,000)	(256,000)	(758,000)
Amortization of lease incentives | $									(773,000)	(877,000)	(608,000)
Total Rental Income | $									127,350,000	128,244,000	121,125,000
Contingent rental income | $									$ 56,000	$ 57,000	$ 0
Percentage of reduction in rent and interest escalations										50%
SNF
Real Estate [Line Items]
Number of properties | property						50			50
Lease term						10 years			10 years
Lease renewal term						5 years			5 years
ALF
Real Estate [Line Items]
Number of properties | property						83			83
Number of beds/units										74
Income and Expenses, Lessor [Abstract]
Lease termination fee received | $										$ 1,181,000
Number of units										74
Mortgage Loans
Real Estate [Line Items]
Number of properties | property						46			46
Gross Investment | $						$ 482,080,000			$ 482,080,000
Mortgage Loans | SNF
Real Estate [Line Items]
Interest rate (as a percent)									2.25%
Texas | SNF
Real Estate [Line Items]
Lease term						10 years			10 years
Lease renewal term						5 years			5 years
Texas | SNF | Subsequent Event
Real Estate [Line Items]
Number of beds/units	1,444
Income and Expenses, Lessor [Abstract]
Number of units	1,444
Texas | ALF | Subsequent Event
Real Estate [Line Items]
Rent receivable in first six months | $	$ 0
North Carolina | ALF
Real Estate [Line Items]
Number of properties | property										4
Number of beds/units										217
Income and Expenses, Lessor [Abstract]
Number of units										217
Florida | SNF
Real Estate [Line Items]
Number of beds/units										299
Skilled nursing center purchased										3
Income and Expenses, Lessor [Abstract]
Number of units										299
Florida | Mortgage Loans With 8.75 Interest | ALF
Real Estate [Line Items]
Number of properties provided for collateral to seller financing						4			4
Loan Term									2 years
Loan extension term									1 year
Interest rate (as a percent)									8.75%
Georgia and South Carolina | SNF | Subsequent Event
Real Estate [Line Items]
Skilled nursing center purchased | Center	11
Additional term of lessor's operating lease renewal	7 months
Contractual annual cash rent | $	$ 8,000,000
Lease rent seven months amount | $	$ 4,667,000
Georgia and South Carolina | ALF | Subsequent Event
Real Estate [Line Items]
Number of beds/units	159
Lease term	2 years
Lease renewal term	2 years
Number of extension periods	2
Lease term, extension period	1 year
Number of assisted living communities transitioned to another operator | Center	2
Rent receivable in first six months | $								$ 0
Income and Expenses, Lessor [Abstract]
Number of units	159
Master lease agreement | Texas | SNF | Subsequent Event
Real Estate [Line Items]
Number of beds/units	1,444
Skilled nursing center purchased | Center	11
Additional term of lessor's operating lease renewal	7 months
Contractual annual cash rent | $	$ 8,000,000
Lease rent seven months amount | $	$ 4,667,000
Income and Expenses, Lessor [Abstract]
Number of units	1,444
Master lease agreement | Florida | SNF
Real Estate [Line Items]
Number of beds/units						216			216
Skilled nursing center purchased | Center									2
Additional term of lessor's operating lease renewal									5 years
Income and Expenses, Lessor [Abstract]
Number of units						216			216
Master lease agreement | Tennessee | SNF
Real Estate [Line Items]
Number of properties						141			141
Skilled nursing center purchased | Center									2
Additional term of lessor's operating lease renewal									2 years
Contractual annual cash rent | $									$ 1,005,000
Percentage of increase in contractual annual cash rent									2.50%
Master lease agreement | Arizona | SNF
Real Estate [Line Items]
Number of properties						613			613
Skilled nursing center purchased | Center									3
Additional term of lessor's operating lease renewal									5 years
Master lease agreement | Georgia and South Carolina | ALF | Subsequent Event
Real Estate [Line Items]
Number of beds/units	159
Number of assisted living communities transitioned to another operator | community	2
Income and Expenses, Lessor [Abstract]
Number of units	159
New master lease agreement | Mortgage Loans | Mortgage Loans With 8.75 Interest | ALF
Real Estate [Line Items]
Gross Investment | $						$ 4,000,000			$ 4,000,000
Loan Term									2 years
Loan extension term									1 year
Interest rate (as a percent)									8.75%
New master lease agreement | Oklahoma | ALF
Real Estate [Line Items]
Number of properties | community						5			5
Number of beds/units						184			184
Lease term			3 years
Rental income to be received in first year | $			$ 960,000
Lease renewal term			4 years
Number of extension periods			1
Rental income to be received in second year | $			$ 984,000
Rental income to be received in third year | $			$ 1,150,000
Number of properties sold | property									1
Income and Expenses, Lessor [Abstract]
Number of units						184			184
New master lease agreement | North Carolina | ALF
Real Estate [Line Items]
Number of beds/units										210
Number of assisted living communities transitioned to another operator | community						5			5
Income and Expenses, Lessor [Abstract]
Number of units										210
New master lease agreement | North Carolina | ALF | Subsequent Event
Real Estate [Line Items]
Lease term		6 years
Rental income to be received in first year | $		$ 3,300,000
Specified annual increase over the prior year's rent (as a percent)		3%
New master lease agreement | Florida, South Carolina and Oklahoma
Real Estate [Line Items]
Number of properties sold | community									8
New master lease agreement | Florida, South Carolina and Oklahoma | ALF
Real Estate [Line Items]
Number of beds or units in property sold									341
Amount of real estate property sold | $									$ 27,959,000
Proceeds from Sale of Real Estate | $									$ 23,232,000
New master lease agreement | Florida | ALF
Real Estate [Line Items]
Number of properties sold | property									4
New master lease agreement | Florida | Mortgage Loans | ALF
Real Estate [Line Items]
Number of properties provided for collateral to seller financing | property						2			2
Number of units included in properties provided for collateral to seller financing						92			92
New master lease agreement | South Carolina | ALF
Real Estate [Line Items]
Number of properties sold | property									3
Brookdale Senior Living | Master lease agreement
Real Estate [Line Items]
Number of properties | property						35			35
Brookdale Senior Living | New master lease agreement | ALF
Real Estate [Line Items]
Number of Re leased properties | community						17			17
Number of beds/units						738			738
Income and Expenses, Lessor [Abstract]
Number of units						738			738
Brookdale Senior Living | New master lease agreement | ALF | Subsequent Event
Real Estate [Line Items]
Lease term		6 years
Rental income to be received in first year | $		$ 9,325,000
Specified annual increase over the prior year's rent (as a percent)		2%
Fund for capital expenditures | $		$ 4,500,000
Tenure for funding capital expenditure		2 years
Initial rate for capital expenditure by lessor (as a percent)		8%
Annual increase in rate for capital expenditure by lessor (as a percent)		2%
Brookdale Senior Living | New master lease agreement | Colorado | ALF
Real Estate [Line Items]
Number of properties | property						6			6
Brookdale Senior Living | New master lease agreement | Texas | ALF
Real Estate [Line Items]
Number of properties | property						6			6
Brookdale Senior Living | New master lease agreement | Kansas | ALF
Real Estate [Line Items]
Number of properties | property						4			4
Brookdale Senior Living | New master lease agreement | Ohio | ALF
Real Estate [Line Items]
Number of properties | property						1			1
Encore Senior Living | Illinois, Ohio and Michigan | ALF
Real Estate [Line Items]
Number of properties						500			500
Additional term of lessor's operating lease renewal				2 years
Number of assisted living communities transitioned to another operator | community						8			8
Repayments received from deferred rent | $					$ 934,000		$ 1,250,000
Unrecorded deferred rent | $							$ 316,000

Real Estate Investments - Compo

Real Estate Investments - Components of rental income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Income and Expenses, Lessor [Abstract]
Contractual cash rental income	$ 116,702	$ 115,230	$ 107,692
Variable cash rental income	13,525	15,516	14,332
Straight-line rent	(2,078)	(1,369)	467
Adjustment of lease incentives and rental income	(26)	(256)	(758)
Amortization of lease incentives	(773)	(877)	(608)
Total Rental Income	127,350	128,244	121,125
Contingent rental income	$ 56	$ 57	$ 0
Percentage of reduction in rent and interest escalations		50%
ALF
Income and Expenses, Lessor [Abstract]
Lease termination fee received		$ 1,181
Number of units | item		74

Real Estate Investments - Purch

Real Estate Investments - Purchase options (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item property	Dec. 31, 2023 USD ($) property item community	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)	Jan. 31, 2024	Jan. 01, 2024 item	Nov. 30, 2023	Jun. 30, 2023 item
Real estate investments
Gross Investment			$ 61,101
Net book value		$ 1,019,218	987,965	$ 1,019,218
Impairment loss			$ 15,775	3,422	$ 0
Number of properties | property			134
Purchase Option in Lease Arrangements
Real estate investments
Gross Investment			$ 396,347
Net book value			$ 367,856
Master lease agreement | Brookdale Senior Living
Real estate investments
Number of properties | property			35
ALF
Real estate investments
Impairment loss			$ 15,775	$ 3,422
Number of properties | property			83
Number of properties acquired | property			1
Number of units | item		74		74
ALF | Florida
Real estate investments
Impairment loss	$ 434	$ 1,222		$ 1,222
ALF | North Carolina
Real estate investments
Number of properties | property		4		4
Number of units | item		217		217
ALF | Texas
Real estate investments
Impairment loss			$ 3,265
ALF | Purchase Option in Lease Arrangements | Oklahoma
Real estate investments
Number of ALF transferred to existing operator | property			5
Number of units | item			184
Lease term, extension period			4 years
ALF | New master lease agreement | Brookdale Senior Living
Real estate investments
Number of units | item			738
ALF | New master lease agreement | Brookdale Senior Living | Subsequent Event
Real estate investments
Lease term						6 years
ALF | New master lease agreement | North Carolina
Real estate investments
Number of units | item		210		210
ALF | New master lease agreement | North Carolina | Subsequent Event
Real estate investments
Lease term						6 years
ALF | New master lease agreement | Ohio | Brookdale Senior Living
Real estate investments
Number of properties | property			1
ALF | New master lease agreement | Oklahoma
Real estate investments
Number of properties | community			5
Number of units | item			184
Lease term								3 years
ALF | New master lease agreement | Texas | Brookdale Senior Living
Real estate investments
Number of properties | property			6
MC | Purchase Option in Lease Arrangements | Florida
Real estate investments
Gross Investment			$ 7,680
Net book value			4,611
Impairment loss			$ 7,522
Number of properties | property			1
MC | Purchase Option in Lease Arrangements | Ohio
Real estate investments
Gross Investment			$ 16,161
Net book value			$ 13,488
Number of properties | property			1
ALF & MC
Real estate investments
Lease term			10 years
Maximum percentage of purchase option to buy properties			50%
Percentage of cash return			9%
ALF & MC | North Carolina
Real estate investments
Number of units | item	523
Number of assisted living and memory care communities | item	11
ALF & MC | Purchase Option in Lease Arrangements | California
Real estate investments
Gross Investment			$ 38,895
Net book value			$ 32,778
Number of properties | property			2
ALF & MC | Purchase Option in Lease Arrangements | North Carolina
Real estate investments
Gross Investment			$ 121,321
Net book value			$ 121,321
Number of properties | property			11
Number of units | item			523
Lease term			10 years
Number of assisted living and memory care communities | property			11
Maximum percentage of purchase option to buy properties			50%
Percentage of cash return			9%
ALF & MC | Purchase Option in Lease Arrangements | Oklahoma
Real estate investments
Gross Investment			$ 11,202
Net book value			$ 4,394
Number of properties | property			5
ALF & MC | Purchase Option in Lease Arrangements | South Carolina
Real estate investments
Gross Investment			$ 11,680
Net book value			$ 8,475
Number of properties | property			1
SNF
Real estate investments
Number of properties | property			50
Number of properties acquired | property				4
Lease term			10 years
SNF | Florida
Real estate investments
Number of units | item		299		299
SNF | Texas
Real estate investments
Lease term			10 years
SNF | Texas | Subsequent Event
Real estate investments
Number of units | item							1,444
SNF | Purchase Option in Lease Arrangements | Florida
Real estate investments
Gross Investment			$ 76,690
Net book value			$ 76,690
Number of properties | property			3
Number of properties acquired | item				3
Number of units | item		299		299
Lease term		10 years		10 years
SNF | Purchase Option in Lease Arrangements | Tennessee
Real estate investments
Gross Investment			$ 5,275
Net book value			$ 2,263
Number of properties | property			2
SNF | Purchase Option in Lease Arrangements | Texas
Real estate investments
Gross Investment			$ 52,726
Net book value			$ 50,388
Number of properties | property			4
Number of properties acquired | item				4
SNF | Master lease agreement | Florida
Real estate investments
Number of units | item			216
SNF | Master lease agreement | Tennessee
Real estate investments
Number of properties | item			141
SNF | Master lease agreement | Texas | Subsequent Event
Real estate investments
Number of units | item							1,444
ILF/ALF/MC | Ohio
Real estate investments
Number of units | item									242
ILF/ALF/MC | Ohio | Encore Senior Living
Real estate investments
Lease term			10 years
ILF/ALF/MC | Purchase Option in Lease Arrangements | Ohio
Real estate investments
Gross Investment			$ 54,717
Net book value			$ 53,448
Number of properties | property			1

Real Estate Investments - Impai

Real Estate Investments - Impairment Loss (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2023 USD ($) item property	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) item property	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Impairment loss					$ 15,775	$ 3,422	$ 0
Net gain (loss)					$ 37,296	$ 37,830	$ 7,462
ALF
Real Estate Properties [Line Items]
Number of properties | property	10			3	10	3
Number of Beds/Units | item	445			130	445	130
Impairment loss					$ 15,775	$ 3,422
ALF | Florida
Real Estate Properties [Line Items]
Number of properties | property				1		1
Number of Beds/Units | item				70		70
Impairment loss			$ 434	$ 1,222		$ 1,222
Sales price		$ 4,850
Net gain (loss)		$ 64
ALF | Florida 1
Real Estate Properties [Line Items]
Number of properties | property	1				1
Number of Beds/Units | item	70				70
Impairment loss					$ 434
ALF | Florida 2
Real Estate Properties [Line Items]
Number of properties | property	1				1
Number of Beds/Units | item	60				60
Impairment loss					$ 7,522
ALF | Mississippi
Real Estate Properties [Line Items]
Number of properties | property	1				1
Number of Beds/Units | item	67				67
Impairment loss					$ 4,554
Sales price	$ 1,650
Net gain (loss)	$ (219)
ALF | Texas
Real Estate Properties [Line Items]
Number of properties | property	7				7
Number of Beds/Units | item	248				248
Impairment loss					$ 3,265
ALF | Colorado
Real Estate Properties [Line Items]
Number of properties | property				1		1
Impairment loss						$ 914
ALF | Kentucky
Real Estate Properties [Line Items]
Number of properties | property				1		1
Number of Beds/Units | item				60		60
Impairment loss						$ 1,286
Sales price			11,000
Net gain (loss)			$ 57

Real Estate Investments - Held-

Real Estate Investments - Held-For-Sale Properties (Details) $ in Thousands	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 USD ($) item property
Real Estate Properties [Line Items]
Accumulated depreciation	$ 387,751	$ 389,182
ALF | Properties held-for-sale | Wisconsin
Real Estate Properties [Line Items]
Number of Properties | property	1
Number of Beds/units | item	110
Gross Investment	$ 22,007
Accumulated depreciation	$ 3,616
ALF | Properties held-for-sale | Kentucky
Real Estate Properties [Line Items]
Number of Properties | property		1
Number of Beds/units | item		60
Gross Investment		$ 13,015
Accumulated depreciation		$ 2,305

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)
Real estate investments
Non-Controlling Interest	$ 12,965,000	$ 14,375,000	$ 9,000
Number of options available for renewal | item	2
SNF
Real estate investments
Cash Paid at Acquisition		51,817,000
Assets Acquired		$ 51,817,000
Number of properties acquired | property		4
Number of beds/units acquired | item		339
Lease term	10 years
Lease renewal term	5 years
SNF | Texas
Real estate investments
Lease term	10 years
Lease renewal term	5 years
Cash yield percentage	8.25%
Working capital loan term	10 years
Interest rate of first year	8%
Interest rate of second year	8.25%
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
ALF
Real estate investments
Cash Paid at Acquisition	43,759,000
Assumed Liabilities	9,767,000
Non-Controlling Interest	9,133,000
Transaction Costs	363,000
Assets Acquired	$ 63,022,000
Number of properties acquired | property	1
Number of beds/units acquired | item	242
Amount of joint venture investment	$ 54,134,000
Amount committed to fund	2,100,000
Amount funded under lease incentives	1,458,000
Tax abatement intangible	8,309
ILF/ALF/MC | Ohio | Encore Senior Living
Real estate investments
Amount of joint venture investment	54,134
Contribution to JV	$ 45,000
Percentage of IRR	9.75%
Lease term	10 years
Percentage of contractual initial cash yield	8.25%
Amount committed to fund	$ 2,100
Amount funded under lease incentives	$ 1,458

Real Estate Investments - Carry

Real Estate Investments - Carrying amount of intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate investments
Net/Total	$ 13,143
Future amortization expenses related to the intangible assets
Net/Total	13,143
2024	1,569
2025	1,517
2026	1,432
2027	1,367
2028	1,224
Thereafter	6,034
In-place leases
Real estate investments
Cost	11,348	$ 9,474
Accumulated Amortization	(6,109)	(5,362)
Net/Total	5,239	4,112
Future amortization expenses related to the intangible assets
Net/Total	5,239	$ 4,112
2024	877
2025	825
2026	740
2027	675
2028	532
Thereafter	1,590
Tax abatement intangible
Real estate investments
Cost	8,309
Accumulated Amortization	(405)
Net/Total	7,904
Future amortization expenses related to the intangible assets
Net/Total	7,904
2024	692
2025	692
2026	692
2027	692
2028	692
Thereafter	$ 4,444

Real Estate Investments - Devel

Real Estate Investments - Developments and Improvements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate investments
Invested in projects	$ 7,288
Development | Development and Improvement Commitments
Real estate investments
Invested in projects		$ 105
Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	9,686	8,994	$ 6,298
ALF | Development | Development and Improvement Commitments
Real estate investments
Invested in projects		105
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	3,112	5,538	5,846
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	6,487	2,897	$ 452
Other | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 87	$ 559

Real Estate Investments - Prope

Real Estate Investments - Properties Sales (Details)	3 Months Ended			12 Months Ended
	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property item	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($) property item
Disposals and other
Carrying value	$ 987,965,000			$ 987,965,000	$ 1,019,218,000
Net gain (loss)				$ 37,296,000	37,830,000	$ 7,462,000
ALF | Florida
Disposals and other
Sales price		$ 4,850,000
Net gain (loss)		$ 64,000
ALF | Kentucky
Disposals and other
Sales price			$ 11,000,000
Net gain (loss)			$ 57,000
ALF | Mississippi
Disposals and other
Sales price	1,650,000
Net gain (loss)	(219,000)
ALF | Virginia
Disposals and other
Lease termination fee payable					$ 1,181,000
Properties sold
Disposals and other
Number of properties sold | property				19	5	6
Number of beds or units in property sold | item				1,059	427	426
Sales price				$ 82,821,000	$ 74,345,000	$ 45,600,000
Carrying value	42,729,000			42,729,000	35,924,000	36,513,000
Net gain (loss)				$ 37,296,000	37,830,000	7,462,000
Net Gain (Loss)					$ 214,000	$ 363,000
Properties sold | ALF | Florida
Disposals and other
Number of properties sold | property				5		1
Number of beds or units in property sold | item				246
Sales price				$ 23,600,000		$ 2,000,000
Carrying value	9,084,000			9,084,000		2,626,000
Net Gain (Loss)				$ 13,327,000		$ (858,000)
Properties sold | ALF | Mississippi
Disposals and other
Number of properties sold | property				1
Number of beds or units in property sold | item				67
Sales price				$ 1,650,000
Carrying value	1,639,000			1,639,000
Net Gain (Loss)				$ (220,000)
Properties sold | ALF | New Jersey
Disposals and other
Number of properties sold | property				1
Number of beds or units in property sold | item				39
Sales price				$ 2,000,000
Carrying value	1,552,000			1,552,000
Net Gain (Loss)				$ 266,000
Properties sold | ALF | Nebraska
Disposals and other
Number of properties sold | property				3		1
Number of beds or units in property sold | item				117		40
Sales price				$ 2,984,000		$ 900,000
Carrying value	2,934,000			$ 2,934,000		1,079,000
Net Gain (Loss)						$ (200,000)
Properties sold | ALF | Oklahoma
Disposals and other
Number of properties sold | property				1
Number of beds or units in property sold | item				37
Sales price				$ 800,000
Carrying value	777,000			777,000
Net Gain (Loss)				$ 11,000
Properties sold | ALF | Pennsylvania
Disposals and other
Number of properties sold | property				2
Number of beds or units in property sold | item				130
Sales price				$ 11,128,000
Carrying value	6,054,000			6,054,000
Net Gain (Loss)				$ 4,860,000
Properties sold | ALF | California
Disposals and other
Number of properties sold | property				1	2
Number of beds or units in property sold | item				60	232
Sales price				$ 11,000,000	$ 43,715,000
Carrying value	10,720,000			10,720,000	17,832,000
Net Gain (Loss)				$ 57,000	$ 25,867,000
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 | SNF | New Mexico
Disposals and other
Number of properties sold | property				2
Number of beds or units in property sold | item				235
Sales price				$ 21,250,000
Carrying value	5,523,000			5,523,000
Net Gain (Loss)				$ 15,287,000
Properties sold | SNF | South Carolina
Disposals and other
Number of properties sold | property				3
Number of beds or units in property sold | item				128
Sales price				$ 8,409,000
Carrying value	$ 4,446,000			4,446,000
Net Gain (Loss)				$ 3,708,000
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 | Texas
Disposals and other
Number of properties sold | property					1
Sales price					$ 485,000
Carrying value					697,000
Net Gain (Loss)					$ (441,000)
Properties sold | SNF | 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 | 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

Real Estate Investments - Finan

Real Estate Investments - Financing Receivable (Details) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2023 USD ($) item property lease	Dec. 31, 2022 USD ($) item property	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) property	Mar. 31, 2023 item
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property	134			134
Gross Investment	$ 61,101			$ 61,101
Interest income from financing receivables	15,243	$ 1,762
Provision for credit losses	5,678	$ 1,528	$ 1,021
Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property		14
Number of Beds/Units | item		822
Gross Investment		$ 198,012
Contribution to JV		179,151
Interest income from financing receivables	$ 15,243	1,762
ALF & MC
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of contractual initial cash yield	7.25%
Interest income from financing receivables	$ 1,200
Lease term	10 years			10 years
Number of operating lease renewals | lease	2
Lease renewal term	5 years			5 years
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%
ALF & MC | Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of contractual initial cash yield				7.25%
Interest income from financing receivables	$ 9,625
ALF & MC | North Carolina
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of assisted living and memory care communities | item					11
ALF & MC | North Carolina | Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property	11			11
Number of Beds/Units | item	523
Gross Investment	$ 121,321			$ 121,321
Contribution to JV	$ 117,490
SNF
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property	50			50
Lease term	10 years			10 years
Number of operating lease renewals | lease	2
Lease renewal term	5 years			5 years
SNF | Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of contractual initial cash yield				7.25%
Interest income from financing receivables	$ 5,618	$ 1,762
SNF | Florida
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Skilled nursing center purchased | item		3
SNF | Florida | Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property		3
Number of Beds/Units | item		299
Gross Investment		$ 76,691
Contribution to JV		$ 61,661

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loan (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) property item state	Dec. 31, 2023 USD ($) property loan item state $ / item	Dec. 31, 2022 USD ($) item property	Mar. 31, 2023 item
Real Estate [Line Items]
Interest rate (as a percent)	8.50%
Gross Investment | $	$ 61,101	$ 61,101
Number of Loans | property		9
Number of properties | property	134	134
Notes receivable, net of credit loss reserve | $	$ 60,490	$ 60,490	$ 58,383
Additional interest income related to the exit IRR | $		$ 1,380
SNF
Real Estate [Line Items]
Number of properties | property	50	50
ALF
Real Estate [Line Items]
Number of properties | property	83	83
Number of beds/units | item			74
ALF | North Carolina
Real Estate [Line Items]
Number of properties | property			4
Number of beds/units | item			217
ALF & MC | North Carolina
Real Estate [Line Items]
Number of beds/units | item				523
Mezzanine loan
Real Estate [Line Items]
Interest rate (as a percent)			8%
Number of beds/units | item	136	136	621
Loan Term			5 years
Extension term number of options | item			2
Additional interest income related to the exit IRR | $		$ 1,380
Mezzanine loan | Georgia
Real Estate [Line Items]
Interest rate (as a percent)		8.75%
Number of beds/units | item	130	130
Loan Term		5 years
Mezzanine loan | ILF/ALF/MC | Georgia
Real Estate [Line Items]
Interest rate (as a percent)		7.50%
Gross Investment | $	$ 42,251	$ 42,251
Internal Rate of Return		7.75%
Mortgage loans with 7.5% Interest Maturing 2024 | Mezzanine loan
Real Estate [Line Items]
Notes receivable, net of credit loss reserve | $	7,461	$ 7,461
Mortgage loans with 8.8% Interest Maturing 2028 | SNF | Illinois
Real Estate [Line Items]
Interest rate (as a percent)		8.75%
Gross Investment | $	$ 16,500	$ 16,500
Number of beds/units | item	150	150
Mortgage Loans
Real Estate [Line Items]
Gross Investment | $	$ 482,080	$ 482,080
Percentage of Investment	100%	100%
Number of Loans | loan		14
Number of properties | property	46	46
Average Investment per Bed/Unit | $ / item		113.89
Number of states in which properties are located | state	8	8
Number of borrowers | item	8	8
Mortgage Loans | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	3,041	3,041
Mortgage Loans | ALF Units
Real Estate [Line Items]
Number of beds/units | item	1,192	1,192
Mortgage Loans | SNF
Real Estate [Line Items]
Interest rate (as a percent)		2.25%
Mortgage Loans | ILF/ALF/MC | Georgia
Real Estate [Line Items]
Gross Investment | $	$ 51,111	$ 51,111
Number of beds/units	203	203
Payments to Acquire Real Estate | $		$ 51,111
Mortgage Loans | ALF/OTH
Real Estate [Line Items]
Internal Rate of Return		8%
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | SNF
Real Estate [Line Items]
Interest rate (as a percent)		7.50%
Gross Investment | $	$ 29,346	$ 29,346
Percentage of Investment	6.10%	6.10%
Number of Loans | loan		1
Number of properties | property	1	1
Number of beds/units | item	91	91
Average Investment per Bed/Unit | $ / item		155.27
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	189	189
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | OTH
Real Estate [Line Items]
Interest rate (as a percent)		7.50%
Gross Investment | $	$ 1,999	$ 1,999
Percentage of Investment	0.40%	0.40%
Number of Loans | loan		1
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | ALF
Real Estate [Line Items]
Interest rate (as a percent)		7.50%
Gross Investment | $	$ 51,111	$ 51,111
Percentage of Investment	10.60%	10.60%
Number of Loans | loan		1
Number of properties | property	1	1
Average Investment per Bed/Unit | $ / item		251.78
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	203	203
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2025 | ALF
Real Estate [Line Items]
Interest rate (as a percent)		8.80%
Gross Investment | $	$ 4,000	$ 4,000
Percentage of Investment	0.80%	0.80%
Number of Loans | loan		1
Number of properties | property	2	2
Average Investment per Bed/Unit | $ / item		43.48
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2025 | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	92	92
Mortgage Loans | Mortgage loans with 7.8% Interest Maturing 2025 | ALF
Real Estate [Line Items]
Interest rate (as a percent)		7.80%
Gross Investment | $	$ 16,706	$ 16,706
Percentage of Investment	3.40%	3.40%
Number of Loans | loan		1
Number of properties | property	1	1
Average Investment per Bed/Unit | $ / item		149.16
Mortgage Loans | Mortgage loans with 7.8% Interest Maturing 2025 | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	112	112
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025, NC | ALF
Real Estate [Line Items]
Interest rate (as a percent)		7.30%
Gross Investment | $	$ 10,750	$ 10,750
Percentage of Investment	2.20%	2.20%
Number of Loans | loan		1
Number of properties | property	1	1
Average Investment per Bed/Unit | $ / item		238.89
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025, NC | ALF | North Carolina
Real Estate [Line Items]
Number of beds/units | item	45	45
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025, NC | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	45	45
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025, NC | ALF | ALF Units | North Carolina
Real Estate [Line Items]
Interest rate (as a percent)		7.25%
Internal Rate of Return		9%
Loan Term		2 years
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025, NC/SC | ALF
Real Estate [Line Items]
Interest rate (as a percent)		7.30%
Gross Investment | $	$ 58,331	$ 58,331
Percentage of Investment	12.10%	12.10%
Number of Loans | loan		1
Number of properties | property	13	13
Average Investment per Bed/Unit | $ / item		111.53
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025, NC/SC | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	523	523
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | OTH
Real Estate [Line Items]
Interest rate (as a percent)		7.30%
Gross Investment | $	$ 826	$ 826
Percentage of Investment	0.20%	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 | $	$ 34,043	$ 34,043
Percentage of Investment	7.10%	7.10%
Number of Loans | loan		1
Number of properties | property	4	4
Average Investment per Bed/Unit | $ / item		156.88
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	217	217
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2028 | SNF
Real Estate [Line Items]
Interest rate (as a percent)		8.80%
Gross Investment | $	$ 16,500	$ 16,500
Percentage of Investment	3.40%	3.40%
Number of Loans | loan		1
Number of properties | property	1	1
Average Investment per Bed/Unit | $ / item		110
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2028 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	150	150
Mortgage Loans | Mortgage loans with 10.84% Interest Maturing 2043 | SNF
Real Estate [Line Items]
Interest rate (as a percent)		10.80%
Gross Investment | $	$ 183,968	$ 183,968
Percentage of Investment	38.20%	38.20%
Number of Loans | loan		1
Number of properties | property	15	15
Average Investment per Bed/Unit | $ / item		98.12
Mortgage Loans | Mortgage loans with 10.84% Interest Maturing 2043 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	1,875	1,875
Mortgage Loans | Mortgage loans with 9.78% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)		9.80%
Gross Investment | $	$ 39,950	$ 39,950
Percentage of Investment	8.30%	8.30%
Number of Loans | loan		1
Number of properties | property	4	4
Average Investment per Bed/Unit | $ / item		83.23
Mortgage Loans | Mortgage loans with 9.78% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	480	480
Mortgage Loans | Mortgage loans with 10.1% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)		10.10%
Gross Investment | $	$ 19,700	$ 19,700
Percentage of Investment	4.10%	4.10%
Number of Loans | loan		1
Number of properties | property	2	2
Average Investment per Bed/Unit | $ / item		98.01
Mortgage Loans | Mortgage loans with 10.1% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	201	201
Mortgage Loans | Mortgage loans with 10.3% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)		10.30%
Gross Investment | $	$ 14,850	$ 14,850
Percentage of Investment	3.10%	3.10%
Number of Loans | loan		1
Number of properties | property	1	1
Average Investment per Bed/Unit | $ / item		101.71
Mortgage Loans | Mortgage loans with 10.3% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	146	146

Real Estate Investments - Mor_2

Real Estate Investments - Mortgage Loans Activity (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) property period item	Dec. 31, 2023 USD ($) property period item	Dec. 31, 2022 USD ($) a loan item property	Dec. 31, 2021 USD ($) item	Mar. 31, 2023 item	Dec. 31, 2020 USD ($)
Mortgage Loans
Originations and funding under mortgage loans receivable		$ 97,058	$ 40,732	$ 88,955
Application of interest reserve		1,722	6,192	298
Scheduled principal payments received		(10,351)	(1,175)	(1,175)
Mortgage loan premium amortization		(7)	(6)	(6)
Provision for loan loss reserve		(884)	(457)	(881)
Net increase in mortgage loans receivable		87,538	$ 45,286	87,191
Number of senior mortgage loans | loan			2
Gross Investment	$ 61,101	$ 61,101
Interest rate (as a percent)	8.50%
Number of properties | property	134	134
Notes receivable, net of credit loss reserve	$ 60,490	$ 60,490	$ 58,383
Additional interest income related to the exit IRR		1,380
Carrying Amount of Mortgages	477,266	477,266	389,728	344,442		$ 257,251
Additions to mortgage loans				9,900
Mortgage Loans
Mortgage Loans
Gross Investment	$ 482,080	$ 482,080
Number of properties | property	46	46
Percentage of Investment	100%	100%
Additions to mortgage loans			$ 2,000	$ 540
Other Mortgage Loans
Mortgage Loans
Additions to mortgage loans		$ 4,947
Mezzanine loan
Mortgage Loans
Loan Term			5 years
Interest rate (as a percent)			8%
Number of beds/units | item	136	136	621
Additional interest income related to the exit IRR		$ 1,380
Extension term number of options | item			2
Loan extension term			1 year
Mortgage loans with 7.5% Interest Maturing 2024 | Mezzanine loan
Mortgage Loans
Notes receivable, net of credit loss reserve	$ 7,461	$ 7,461
Mortgage loans with 7.25%
Mortgage Loans
Loan Term			4 years
Interest rate (as a percent)			7.25%
Internal Rate of Return			8%
SNF
Mortgage Loans
Number of properties | property	50	50
SNF | Mortgage Loans
Mortgage Loans
Interest rate (as a percent)		2.25%
SNF | Mortgage loans with 7.5% Interest Maturing 2024 | Mortgage Loans
Mortgage Loans
Gross Investment	$ 29,346	$ 29,346
Interest rate (as a percent)		7.50%
Number of properties | property	1	1
Number of beds/units | item	91	91
Percentage of Investment	6.10%	6.10%
SNF | Mortgage loans with 8.8% Interest Maturing 2028 | Mortgage Loans
Mortgage Loans
Gross Investment	$ 16,500	$ 16,500
Interest rate (as a percent)		8.80%
Number of properties | property	1	1
Percentage of Investment	3.40%	3.40%
ALF
Mortgage Loans
Number of properties | property	83	83
Number of beds/units | item			74
ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Gross Investment	$ 10,750	$ 10,750
Interest rate (as a percent)		7.30%
Number of properties | property	1	1
Percentage of Investment	2.20%	2.20%
ALF | Mortgage loans with 7.5% Interest Maturing 2024 | Mortgage Loans
Mortgage Loans
Gross Investment	$ 51,111	$ 51,111
Interest rate (as a percent)		7.50%
Number of properties | property	1	1
Percentage of Investment	10.60%	10.60%
Michigan | ALF & MC | Mortgage Loans With 8.75 Interest
Mortgage Loans
Loan Term		3 years
Gross Investment	$ 19,500	$ 19,500
Interest rate (as a percent)		8.75%
Number of beds/units | item	85	85
Borrower contribution		$ 12,100
Extension term number of options | period	2	2
Loan extension term		1 year
Missouri | SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans
Mortgage Loans
Loan Term				1 year
Gross Investment				$ 1,638
Interest rate (as a percent)				7.50%
Number of beds/units | item				91
Amount With held in Reserve				$ 142
Louisiana | SNF | Mortgage loans with 7.5% Interest Maturing 2022 | Mortgage Loans
Mortgage Loans
Loan Term				3 years
Gross Investment				$ 27,047
Interest rate (as a percent)				7.50%
Number of beds/units | item				189
Extension term number of options | item				1
Loan extension term				12 months
Florida | SNF
Mortgage Loans
Number of beds/units | item			299
Florida | ALF | Mortgages With 7.75% Interest | Mortgage Loans
Mortgage Loans
Loan Term				4 years
Gross Investment				$ 11,724
Interest rate (as a percent)				7.75%
Number of beds/units | item				68
Amount With held in Reserve				$ 806
Origination/Funding				4,177
Application of mortgage premium				$ 156
Florida | ALF | Mortgage Loans With 8.75 Interest
Mortgage Loans
Loan Term		2 years
Interest rate (as a percent)		8.75%
Loan extension term		1 year
Real Estate Investment, Seller Financing	$ 13,750	$ 13,750
Real estate investment, Seller financed	$ 4,000	$ 4,000
Number of properties collateralized | item	4	4
Payments to seller financing		$ 9,750
Number of properties released from collateral | item	2	2
California | Mortgage Loans
Mortgage Loans
Loan Term				4 years
Amount With held in Reserve				$ 4,496
Number of real estate properties acquired | item				13
Carrying Amount of Mortgages				$ 48,006
Funded commitment				6,097
Commitment for working capital				$ 650
California | ALF | Mortgages With 7.75% Interest | Mortgage Loans
Mortgage Loans
Interest rate (as a percent)				7.25%
North Carolina
Mortgage Loans
Area of land | a			7.6
North Carolina | ALF
Mortgage Loans
Number of properties | property			4
Number of beds/units | item			217
North Carolina | ALF | Maximum
Mortgage Loans
Loan Term			4 years
North Carolina | ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Number of beds/units | item	45	45
North Carolina | ALF & MC
Mortgage Loans
Number of beds/units | item					523
Georgia | Mezzanine loan
Mortgage Loans
Loan Term		5 years
Interest rate (as a percent)		8.75%
Number of beds/units | item	130	130
Georgia | ILF/ALF/MC | Mortgage Loans
Mortgage Loans
Payments to Acquire Real Estate		$ 51,111
Gross Investment	$ 51,111	$ 51,111
Number of beds/units	203	203
Georgia | ILF/ALF/MC | Mezzanine loan
Mortgage Loans
Gross Investment	$ 42,251	$ 42,251
Interest rate (as a percent)		7.50%
Internal Rate of Return		7.75%
Illinois | SNF | Mortgage loans with 8.8% Interest Maturing 2028
Mortgage Loans
Gross Investment	$ 16,500	$ 16,500
Interest rate (as a percent)		8.75%
Number of beds/units | item	150	150
SNF Beds | Mortgage Loans
Mortgage Loans
Number of beds/units | item	3,041	3,041
SNF Beds | SNF | Mortgage loans with 7.5% Interest Maturing 2024 | Mortgage Loans
Mortgage Loans
Number of beds/units | item	189	189
SNF Beds | SNF | Mortgage loans with 8.8% Interest Maturing 2028 | Mortgage Loans
Mortgage Loans
Number of beds/units | item	150	150
ALF Units | Mortgage Loans
Mortgage Loans
Number of beds/units | item	1,192	1,192
ALF Units | ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Number of beds/units | item	45	45
ALF Units | ALF | Mortgage loans with 7.5% Interest Maturing 2024 | Mortgage Loans
Mortgage Loans
Number of beds/units | item	203	203
ALF Units | North Carolina | ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Loan Term		2 years
Interest rate (as a percent)		7.25%
Internal Rate of Return		9%

Real Estate Investments - Mor_3

Real Estate Investments - Mortgage Loans - Scheduled Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate investments
Carrying value of mortgage loans	$ 477,266	$ 389,728
Mortgage Loans
Real estate investments
Carrying value of mortgage loans	477,266	$ 389,728
Scheduled principal payments on mortgage loan receivables
2024	83,137
2025	90,466
2026	35,549
2027	680
2028	17,180
Thereafter	255,068
Total	$ 482,080

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investment in Unconsolidated Joint Ventures
Carrying Value	$ 19,340	$ 19,340
Non-cash Income Accrued	1,939	6,192	$ 150
Income from unconsolidated joint ventures	$ 1,504	1,504	1,417
Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Number of beds/units | item	362
Carrying Value	$ 19,340
Capital Contributions			8,000
Income Recognized	1,504	1,504	1,417
Cash Income Earned	56	351
Non-cash Income Accrued	1,448	1,153	1,292
UDP | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized		1,054	450
Cash Income Earned		351
Non-cash Income Accrued		703	412
UDP | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Capital Contributions			8,000
Income Recognized			967
Non-cash Income Accrued			$ 880
Combination ALF/MC | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized	450	450
Cash Income Earned	56
Non-cash Income Accrued	$ 394	$ 450
Combination ALF/MC | 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 | 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 | 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 | 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
Percentage of Investment	15.50%
Combination ALF/MC | Joint Venture | Not primary beneficiary | Washington | Minimum
Investment in Unconsolidated Joint Ventures
Preferred return percentage	12%
Combination ALF/MC | 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%
Combination ALF/MC | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Maximum
Investment in Unconsolidated Joint Ventures
Percentage of cash return	9%
Combination ILF/ALF | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized	$ 1,054
Non-cash Income Accrued	$ 1,054
Combination ILF/ALF | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage	14%
Contractual cash portion	8%
Number of beds/units | item	267
Carrying Value	$ 13,000
Percentage of Investment	11.60%
Percentage of cash return	8%
Percentage of internal rate of return	14%

Notes Receivable - Investment i

Notes Receivable - Investment in Notes Receivable (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($) item loan property	Dec. 31, 2022 item
Notes Receivable
Gross Investment	$ 61,101	$ 61,101
Number of Loans | property		9
Interest rate (as a percent)	8.50%
ALF
Notes Receivable
Number of units | item			74
Working capital loans | Working capital loan 4% interest rate, 2024 maturity | SNF
Notes Receivable
Gross Investment	$ 13,531	$ 13,531
Number of Loans | loan		1
Interest rate (as a percent)		4%
Working capital loans | Working capital loan 5% interest rate, 2025 maturity | ALF
Notes Receivable
Gross Investment	732	$ 732
Number of Loans | loan		1
Interest rate (as a percent)		5%
Working capital loans | Working capital loan 7.5% interest rate, 2027 maturity | ALF
Notes Receivable
Gross Investment	550	$ 550
Number of Loans | loan		1
Interest rate (as a percent)		7.50%
Working capital loans | Working capital loan 6.5% interest rate, 2030 maturity | SNF
Notes Receivable
Gross Investment	138	$ 138
Number of Loans | loan		1
Interest rate (as a percent)		6.50%
Working capital loans | Working capital loan 7.1% interest rate, 2030 maturity | ALF
Notes Receivable
Gross Investment	500	$ 500
Number of Loans | loan		1
Interest rate (as a percent)		7.30%
Working capital loans | Working capital loan 7.3% interest rate, 2030 maturity | ALF
Notes Receivable
Gross Investment	957	$ 957
Number of Loans | loan		1
Interest rate (as a percent)		7.30%
Working capital loans | Working capital loan 7% interest rate, 2031 maturity | ALF
Notes Receivable
Gross Investment	$ 2,693	$ 2,693
Number of Loans | loan		1
Interest rate (as a percent)		7%
Mezzanine loan
Notes Receivable
Number of units | item	136	136	621
Loan Term			5 years
IRR on mortgage loan on real estate property			11%
Interest rate (as a percent)			8%
Mezzanine loan | Georgia
Notes Receivable
Number of units | item	130	130
Loan Term		5 years
IRR on mortgage loan on real estate property		12%
Number of additional units under construction | item	89	89
Interest rate (as a percent)		8.75%
Mezzanine loan | Mezzanine loan loan 8% interest rate, 2027 maturity | ALF
Notes Receivable
Internal Rate of Return		11%
Gross Investment	$ 25,000	$ 25,000
Number of Loans | loan		1
Interest rate (as a percent)		8%
Mezzanine loan | Mezzanine loan loan 8.8% interest rate, 2028 maturity | ALF
Notes Receivable
Internal Rate of Return		12%
Gross Investment	$ 17,000	$ 17,000
Number of Loans | loan		1
Interest rate (as a percent)		8.80%

Notes Receivable - Components (

Notes Receivable - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Notes receivable activities
Notes receivable loan loss reserve	$ (611)	$ (589)
Total	60,490	58,383
Mezzanine loan
Notes receivable activities
Mezzanine loan	42,000	36,815
Working capital loans
Notes receivable activities
Mezzanine loan	$ 19,101	$ 22,157

Notes Receivable - Other Inform

Notes Receivable - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes Receivable
Advances under notes receivable	$ 20,377	$ 37,192	$ 16,353
Interest reserve withheld			353
Principal payments received under notes receivable	(14,687)	(6,843)	(2,694)
Write-off of notes receivable	(3,561)
Provision for credit losses	(22)	(303)	(140)
Net increase in notes receivable	$ 2,107	$ 30,046	$ 13,872

Notes Receivable - New Loan Com

Notes Receivable - New Loan Commitment (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) property item	Dec. 31, 2021 USD ($) item
Notes receivable activities
Gross Investment	$ 61,101	$ 61,101
Principal payments received on notes receivable		7,227	$ 6,843	$ 2,694
Additional interest income related to the exit IRR		1,380
Amounts funded		20,377	37,192	16,353
Interest rate (as a percent)	8.50%
Interest reserve withheld				353
Funded under working capital		4,947	8,767	$ 540
Mortgage Loans
Notes receivable activities
Gross Investment	$ 482,080	482,080
Mortgage Loans | ILF/ALF/MC | Georgia
Notes receivable activities
Gross Investment	$ 51,111	$ 51,111
Number of units	203	203
Loan principal amount	$ 7,461	$ 7,461
Mezzanine loan
Notes receivable activities
Principal payments received on notes receivable		4,545
Additional interest income related to the exit IRR		1,380
Exit IRR		$ 190
Amounts funded			$ 25,000
Number of property | property			5
Loan Term			5 years
Extension term number of options | item			2
Loan extension term			1 year
Interest rate (as a percent)			8%
IRR on mortgage loan on real estate property			11%
Number of real estate property communities | property			5
Number of units | item	136	136	621
Mezzanine loan	$ 42,000	$ 42,000	$ 36,815
Mezzanine loan | Georgia
Notes receivable activities
Number of additional units under construction | item	89	89
Loan Term		5 years
Interest rate (as a percent)		8.75%
IRR on mortgage loan on real estate property		12%
Number of units | item	130	130
Mezzanine loan | ILF/ALF/MC | Georgia
Notes receivable activities
Gross Investment	$ 42,251	$ 42,251
Interest rate (as a percent)		7.50%
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
Loan Term				3 years
Extension term number of options | item				2
Loan extension term				12 months
Interest rate (as a percent)				8%
Interest reserve withheld				$ 353
Mezzanine loan				$ 4,355
HMG Healthcare, LLC | Secured loan maturing in September 2022
Notes receivable activities
Number of properties in transition | item				11
Mezzanine loan				$ 25,000

Lease Incentives (Details)

Lease Incentives (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Lease Incentives
Non-contingent lease incentives	$ 2,607,000	$ 1,789,000

Lease Incentives - Activity (De

Lease Incentives - Activity (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non-contingent lease incentives	$ 2,607,000	$ 1,789,000
Lease incentives funded	1,627,000	418,000	$ 824,000
Amortization of lease incentives	(773,000)	(877,000)	(608,000)
Adjustment for collectability of lease incentives		(256,000)
Other adjustments	(36,000)	(174,000)
Net decrease in non-contingent lease incentives	818,000	$ (889,000)	$ 216,000
Number of properties with lease incentives write-offs | item		12
ALF
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Amount of joint venture investment	54,134,000
Amount committed to fund	2,100,000
Amount funded under lease incentives	$ 1,458,000

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings (Details)		1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 01, 2024	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2023 USD ($) item
Debt Obligations
Basis spread over base rate (as a percent)		10%	10%
Number of term loans | item				2
Revolving line of credit
Debt Obligations
Unused commitment fee (as a percent)				0.20%
Revolving line of credit | SOFR
Debt Obligations
Basis spread over base rate (as a percent)				1.15%
Credit Agreement
Debt Obligations
Maximum available under facility				$ 500,000,000
Contingent increase in maximum borrowing capacity				$ 1,000,000,000
Additional extension period option				1 year
Credit Agreement | Subsequent Event
Debt Obligations
Additional extension period option	1 year
Revolving Credit Facility
Debt Obligations
Maximum available under facility				$ 400,000,000
Term loans
Debt Obligations
Maximum available under facility				$ 50,000,000
Term loans | SOFR
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, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Debt Obligations
Number of interest rate swaps | item	2
Notional Amount	$ 100,000,000
Fair Value	$ 6,110,000	$ 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	$ 2,609,000,000	8,891,000,000
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2025
Debt Obligations
Notional Amount	50,000,000
Fair Value	2,698,000	4,003,000
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2026
Debt Obligations
Notional Amount	50,000,000
Fair Value	$ 3,412,000	$ 4,716,000
Interest Rate Swap | Cash Flow Hedging | SOFR | Maturing on November 19, 2025
Debt Obligations
Swap rate (in percentage)	2.62%
Interest Rate Swap | Cash Flow Hedging | SOFR | Maturing on November 19, 2026
Debt Obligations
Swap rate (in percentage)	2.76%

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022 USD ($)
Debt Obligations
Interest rate (as a percent)	8.50%
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	0.5
Maximum ratio of secured debt to total asset value	0.35	0.35
Maximum ratio of unsecured debt to the value of the unencumbered asset pool	0.6	0.6
Minimum ratio of EBITDA to fixed charges	1.50	1.50

Debt Obligations - Component (D

Debt Obligations - Component (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Obligations
Applicable Interest Rate (as a percent)		4.87%
Outstanding Balance		$ 891,317	$ 767,854
Available for borrowing		$ 97,750	270,000
Revolving line of credit
Debt Obligations
Applicable Interest Rate (as a percent)		6.66%
Outstanding Balance		$ 302,250	130,000
Available for borrowing		$ 97,750	270,000
Term loans
Debt Obligations
Applicable Interest Rate (as a percent)		2.74%
Outstanding Balance		$ 99,658	99,511
Senior Unsecured Notes
Debt Obligations
Applicable Interest Rate (as a percent)		4.20%
Outstanding Balance		$ 489,409	$ 538,343
Subsequent Event | Revolving line of credit
Debt Obligations
Outstanding Balance	$ 271,750
Available for borrowing	$ 128,250

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Repayments (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Borrowings
Borrowings from revolving line of credit		$ 277,450	$ 194,000	$ 204,400
Total		277,450	269,000	304,400
Repayments
Revolving line of credit		(105,200)	(174,900)	(183,400)
Senior unsecured notes		(49,160)	(48,160)	(47,160)
Total		(154,360)	(223,060)	(230,560)
Revolving line of credit
Borrowings
Total		277,450	194,000	204,400
Repayments
Total		(105,200)	(174,900)	(183,400)
Term loans
Borrowings
Total				100,000
Senior Unsecured Notes
Borrowings
Total			75,000
Repayments
Total		$ (49,160)	$ (48,160)	$ (47,160)
Subsequent Event | Revolving line of credit
Borrowings
Total	$ 30,500

Debt Obligations - Future Matur

Debt Obligations - Future Maturities (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Scheduled Principal Payments
2024		$ 49,160
2025		401,750
2026		101,500
2027		54,500
2028		55,000
Thereafter		231,000
Total		892,910
Other information
Borrowings		277,450	$ 269,000	$ 304,400
Outstanding Balance		891,317	767,854
Amount available for borrowing		97,750	270,000
Payments on debt		154,360	223,060	230,560
Revolving line of credit
Scheduled Principal Payments
2025		302,250
Total		302,250
Other information
Borrowings		277,450	194,000	204,400
Outstanding Balance		302,250	130,000
Amount available for borrowing		97,750	270,000
Payments on debt		105,200	174,900	183,400
Revolving line of credit | Subsequent Event
Other information
Borrowings	$ 30,500
Outstanding Balance	271,750
Amount available for borrowing	$ 128,250
Term loans
Scheduled Principal Payments
2025		50,000
2026		50,000
Total		100,000
Other information
Borrowings				100,000
Outstanding Balance		99,658	99,511
Senior Unsecured Notes
Scheduled Principal Payments
2024		49,160
2025		49,500
2026		51,500
2027		54,500
2028		55,000
Thereafter		231,000
Total		490,660
Other information
Borrowings			75,000
Outstanding Balance		489,409	538,343
Payments on debt		$ 49,160	$ 48,160	$ 47,160

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details)		12 Months Ended
	Jan. 01, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Jun. 30, 2023 item	Mar. 31, 2023 item
Noncontrolling interest
Gross Consolidated Assets		$ 1,855,098,000	$ 1,656,103,000
Non-controlling interests		34,988,000	21,940,000
Principal payments received on notes receivable		7,227,000	$ 6,843,000	$ 2,694,000
ALF
Noncontrolling interest
Number of units | item			74
Partnership
Noncontrolling interest
Gross Consolidated Assets		319,518,000
Non-controlling interests		34,988,000
Ohio | ILF/ALF/MC
Noncontrolling interest
Number of units | item					242
Ohio | 2023 Acquisitions | Partnership | ILF/ALF/MC
Noncontrolling interest
Gross Consolidated Assets		54,717,000
Non-controlling interests		9,134,000
North Carolina | ALF & MC
Noncontrolling interest
Number of Assisted Living and Memory Care Communities | item						11
Number of units | item						523
North Carolina | ALF
Noncontrolling interest
Number of units | item			217
North Carolina | 2023 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets		121,321,000
Non-controlling interests		3,831,000
Florida | SNF
Noncontrolling interest
Skilled nursing center purchased | item			3
Number of units | item			299
Florida | 2022 Acquisitions | Partnership | SNF
Noncontrolling interest
Gross Consolidated Assets		76,691,000
Non-controlling interests		14,325,000
Oregon | 2018 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets		18,452,000
Non-controlling interests		1,246,000
Oregon | 2018 Acquisitions | Partnership | ILF
Noncontrolling interest
Gross Consolidated Assets		14,650,000
Non-controlling interests		2,907,000
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 & MC
Noncontrolling interest
Gross Consolidated Assets		11,680,000
Non-controlling interests		$ 1,240,000
Subsequent Event | Joint venture
Noncontrolling interest
Proceeds from divestment in joint venture	$ 23,120,000
Proceeds from abated rent	1,814,000
Repayments received from deferred rent	563,000
Principal payments received on notes receivable	$ 550,000
Subsequent Event | Wisconsin
Noncontrolling interest
Number of units | item	110

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($)		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity
Proceeds from common stock issued		$ 53,777,000	$ 68,156,000
Equity Distribution Agreements
Equity
Amount available under effective shelf registration statement		$ 76,018,000
Common Stock
Equity
Number of shares repurchased		43,933	39,463	87,249
Common Stock | Subsequent Event
Equity
Shares common stock sold	91,100
Proceeds from common stock issued	$ 2,907,000
Amount available under effective shelf registration statement	$ 73,074,000
Common Stock | Equity Distribution Agreements
Equity
Maximum offering capacity under shelf registration statement		$ 200,000,000
Shares common stock sold		1,658,400	1,792,400	0
Proceeds from common stock issued		$ 53,687,000	$ 68,156,000
Reclassification of accumulated costs to additional paid in capital		$ 836,000	$ 513,000
Common Stock | Equity Distribution Agreements | Subsequent Event
Equity
Shares common stock sold	91,100
Proceeds from common stock issued	$ 2,927,000

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended								12 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividend Distributions
Paid												$ 94,764	$ 91,509	$ 90,494
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
Dividends declared and paid per common share				$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57
Subsequent Event | Dividend Payable, January 31, 2024
Dividend Distributions
Dividends declared and paid per common share			$ 0.19
Subsequent Event | Dividend Payable, February 29, 2024
Dividend Distributions
Dividends declared and paid per common share		$ 0.19
Subsequent Event | Dividend Payable, March 29, 2024
Dividend Distributions
Dividends declared and paid per common share	$ 0.19
Common Stock
Dividend Distributions
Declared				$ 94,764				$ 91,509				$ 94,764	$ 91,509	$ 90,494
Paid												$ 94,764	$ 91,509	$ 90,494
Dividends declared and paid per common share												$ 0.19	$ 0.19	$ 0.19
Common Stock | Subsequent Event | Dividend Payable, January 31, 2024
Dividend Distributions
Dividends declared and paid per common share			$ 0.19
Common Stock | Subsequent Event | Dividend Payable, February 29, 2024
Dividend Distributions
Dividends declared and paid per common share		$ 0.19
Common Stock | Subsequent Event | Dividend Payable, March 29, 2024
Dividend Distributions
Dividends declared and paid per common share	$ 0.19
Common Stock | Performance-based stock units
Dividend Distributions
Paid														$ 764

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation plans (Details)	Dec. 31, 2023 shares	Dec. 31, 2021 shares
2015 Plan
Stock Based Compensation Plans
Ratio of shares subject to award granted	1
2021 Plan
Stock Based Compensation Plans
Total shares reserved for issuance of common stock related to the conversion of preferred stock	1,580,006	1,900,000
Ratio of shares subject to award granted		1

Equity - Restricted Stock and P

Equity - Restricted Stock and Performance-based Stock Units (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted stock and performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	232,887	221,542	182,240
Compensation expense
Remaining compensation expense	$ 9,620,000
Restricted stock and performance-based stock units | 2024
Compensation expense
Remaining compensation expense	6,026,000
Restricted stock and performance-based stock units | 2025
Compensation expense
Remaining compensation expense	3,238,000
Restricted stock and performance-based stock units | 2026
Compensation expense
Remaining compensation expense	$ 356,000
Restricted stock
Restricted stock and performance based stock units activity
Outstanding at the beginning of the period (in shares)	229,236	197,422	180,440
Granted (in shares)	146,020	135,210	110,348
Vested (in shares)	(115,551)	(103,396)	(93,366)
Canceled (in shares)	(1,085)
Outstanding at the end of the period (in shares)	258,620	229,236	197,422
Restricted stock | Grant Date Price $37.16 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)	127,960
Granted (in dollars per share)	$ 37.16
Vesting period	3 years
Restricted stock | Grant Date Price $31.54 | Vesting Date May 24,2024
Restricted stock and performance based stock units activity
Granted (in shares)	15,060
Granted (in dollars per share)	$ 31.54
Restricted stock | Grant Date Price 35.45 | Vesting Date July 25, 2024
Restricted stock and performance based stock units activity
Granted (in shares)	3,000
Granted (in dollars per share)	$ 35.45
Restricted stock | Grant Date Price $33.94 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)		122,865
Granted (in dollars per share)		$ 33.94
Vesting period		3 years
Restricted stock | Grant Date Price $38.48 | Vesting Date, May 25, 2023
Restricted stock and performance based stock units activity
Granted (in shares)		12,345
Granted (in dollars per share)		$ 38.48
Restricted stock | Grant Date Price $42.27 | 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 | Grant Date Price $39.40 | Vesting Date, May 26, 2022
Restricted stock and performance based stock units activity
Granted (in shares)			12,055
Granted (in dollars per share)			$ 39.40
Restricted stock | Grant Date Price $43.14 | Vesting Date, April 1, 2022
Restricted stock and performance based stock units activity
Granted (in shares)			3,000
Granted (in dollars per share)			$ 43.14
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)	86,867	86,332	71,892
Vested (in shares)	0	0	(108,720)
Outstanding at the end of the period (in shares)			0
Compensation expense
Compensation expense related to share-based award	$ 8,481,000	$ 7,964,000	$ 7,760,000
Performance-based stock units | Grant Date Price $37.16 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)	86,867
Granted (in dollars per share)	$ 37.16
Vesting period	4 years
Performance-based stock units | Grant Date Price $37.16 | Accelerated TSR Targets
Restricted stock and performance based stock units activity
Vesting period	3 years
Performance-based stock units | Grant Date Price $33.94 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)		86,332
Granted (in dollars per share)		$ 33.94
Performance-based stock units | Grant Date Price $42.27 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)			71,892
Granted (in dollars per share)			$ 42.27

Equity - Options (Details)

Equity - Options (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Nonqualified stock option activity
Outstanding, beginning of period	10,000	15,000	15,000
Granted (in shares)			0
Canceled (in shares)	(5,000)	(5,000)
Outstanding, end of period	5,000	10,000	15,000
Options exercisable (in shares)	5,000	10,000	15,000
Weighted Average Price
Outstanding at the beginning of the year (in dollars per share)	$ 38.43	$ 38.43	$ 38.43
Canceled (in dollars per share)	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	2 months 12 days	8 months 12 days	1 year 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, 2023 USD ($) property
Commitments and Contingencies
Investment Commitment	$ 99,641
2023 Funding	7,288
Total Commitment funded	27,239
Remaining commitment	72,402
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	$ 13,993
2023 Funding	4,354
Total Commitment funded	5,072
Remaining commitment	8,921
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	16,100
2023 Funding	1,458
Total Commitment funded	1,458
Remaining commitment	14,642
Mortgage loans
Commitments and Contingencies
Investment Commitment	43,598
2023 Funding	1,476
Total Commitment funded	7,178
Remaining commitment	36,420
Commitments To Expand and Renovate Properties
Commitments and Contingencies
Investment Commitment	6,098
Contingent Funding Commitments
Commitments and Contingencies
Investment Commitment	18,000
Notes receivable
Commitments and Contingencies
Investment Commitment	25,950
Total Commitment funded	13,531
Remaining commitment	12,419
Construction loans
Commitments and Contingencies
Investment Commitment	$ 19,500

Distributions (Details)

Distributions (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Distributions
Minimum distribution of taxable income (as a percent)									90%
Ordinary taxable distribution									$ 1.110	$ 1.095	$ 1.220
Return of capital											0.750
Unrecaptured Section 1250 gain									0.744	0.502	0.252
Long-term capital gain									0.426	0.683	0.058
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, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income									$ 91,462	$ 100,584	$ 56,224
Less income allocated to non-controlling interests									(1,727)	(560)	(363)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities									(587)	(531)	(458)
Income allocated to participating securities										(49)
Total net income allocated to participating securities									(587)	(580)	(458)
Net income available to common stockholders									89,148	99,444	55,403
Net income for diluted net income per share									$ 89,148	$ 99,444	$ 55,403
Shares for basic net income per share									41,272,000	39,894,000	39,156,000
Effect of dilutive securities:
Total effect of dilutive securities (in shares)									86,000	173,000
Shares for diluted net income per share									41,358,000	40,067,000	39,156,000
Basic net income per share (in dollars per share)	$ 0.67	$ 0.54	$ 0.15	$ 0.80	$ 0.44	$ 0.33	$ 1.37	$ 0.36	$ 2.16	$ 2.49	$ 1.41
Diluted net income per share (in dollars per share)	$ 0.67	$ 0.54	$ 0.15	$ 0.80	$ 0.44	$ 0.32	$ 1.36	$ 0.36	$ 2.16	$ 2.48	$ 1.41
Performance-based stock units
Effect of dilutive securities:
Stock options and performance-based stock units (in shares)									86,000	173,000
Performance-based stock units would be earned based on TSR targets											0

Quarterly Financial Informati_3

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information
Revenues	$ 50,195	$ 49,303	$ 48,246	$ 49,500	$ 47,839	$ 43,503	$ 43,024	$ 40,787	$ 197,244	$ 175,153	$ 155,322
Net income available to common stockholders	$ 28,057	$ 22,050	$ 6,028	$ 32,929	$ 17,809	$ 13,159	$ 54,065	$ 14,275
Net income per common share available to common stockholders:
Basic (in dollars per share)	$ 0.67	$ 0.54	$ 0.15	$ 0.80	$ 0.44	$ 0.33	$ 1.37	$ 0.36	$ 2.16	$ 2.49	$ 1.41
Diluted (in dollars per share)	0.67	0.54	0.15	0.80	0.44	0.32	1.36	0.36	2.16	2.48	1.41
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 declared and paid per common share (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) $ in Thousands	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Fair value measurements
Number of interest rate swaps | item	2
Mortgage loans receivable, net of credit loss reserve	$ 477,266	$ 389,728
Notes receivable, net of credit loss reserve	60,490	58,383
Outstanding Balance	891,317	767,854
Senior unsecured notes, net of debt issue costs	$ 489,409	$ 538,343
Level 3 | Senior Unsecured Notes maturing before 2030 | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent)	6.5	6.5
Level 3 | Senior Unsecured Notes maturing 2030 and after | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent)	6.75	7
Level 3 | Financing receivables | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	7.6	7.6
Level 3 | Mortgage Loans Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	9.2	9.3
Level 3 | Notes Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	6.9	7.1
Carrying Value
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	$ 477,266	$ 389,728
Revolving line of credit	302,250	130,000
Outstanding Balance	99,658	99,511
Senior unsecured notes, net of debt issue costs	489,409	538,343
Carrying Value | Financing receivables
Fair value measurements
Notes receivable, net of credit loss reserve	196,032	75,999
Carrying Value | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	60,490	58,383
Fair Value
Fair value measurements
Revolving line of credit	302,250	130,000
Outstanding Balance	100,000	100,000
Fair Value | Financing receivables
Fair value measurements
Notes receivable, net of credit loss reserve	199,199	76,033
Fair Value | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	67,877	61,858
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	554,993	461,276
Senior unsecured notes, net of debt issue costs	$ 439,865	$ 477,653

Subsequent Events (Details)

Subsequent Events (Details)

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Jan. 01, 2024 USD ($) Center item shares

Mar. 31, 2024 $ / shares

Feb. 29, 2024 $ / shares

Jan. 31, 2024 $ / shares

Dec. 31, 2023 USD ($) $ / shares

Sep. 30, 2023 $ / shares

Jun. 30, 2023 $ / shares

Mar. 31, 2023 $ / shares

Dec. 31, 2022 USD ($) item $ / shares

Sep. 30, 2022 $ / shares

Jun. 30, 2022 $ / shares

Mar. 31, 2022 $ / shares

Jun. 30, 2024 USD ($)

Dec. 31, 2023 USD ($) $ / shares

Dec. 31, 2022 USD ($) item $ / shares

Dec. 31, 2021 USD ($) $ / shares

Subsequent Events

Principal payments received on notes receivable

$ 7,227,000

$ 6,843,000

$ 2,694,000

Revolving line of credit

$ 302,250,000

$ 130,000,000

302,250,000

130,000,000

Dividends declared and paid per common share | $ / shares

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

$ 0.57

Proceeds from common stock issued, net of issuance costs

$ 53,777,000

$ 68,156,000

Common Stock

Subsequent Events

Dividends declared and paid per common share | $ / shares

$ 0.19

$ 0.19

$ 0.19

ALF

Subsequent Events

Number of units | item

74

74

SNF

Subsequent Events

Initial lease term

10 years

10 years

Lease renewal term

5 years

5 years

SNF | Texas

Subsequent Events

Initial lease term

10 years

10 years

Lease renewal term

5 years

5 years

Subsequent Event | Dividend Payable, January 31, 2024

Subsequent Events

Dividends declared and paid per common share | $ / shares

$ 0.19

Subsequent Event | Dividend Payable, February 29, 2024

Subsequent Events

Dividends declared and paid per common share | $ / shares

$ 0.19

Subsequent Event | Dividend Payable, March 29, 2024

Subsequent Events

Dividends declared and paid per common share | $ / shares

$ 0.19

Subsequent Event | Common Stock

Subsequent Events

Issuance of common stock (in shares) | shares

91,100

Proceeds from common stock issued, net of issuance costs

$ 2,907,000

Amount available under effective shelf registration statement

$ 73,074,000

Subsequent Event | Common Stock | Dividend Payable, January 31, 2024

Subsequent Events

Dividends declared and paid per common share | $ / shares

$ 0.19

Subsequent Event | Common Stock | Dividend Payable, February 29, 2024

Subsequent Events

Dividends declared and paid per common share | $ / shares

$ 0.19

Subsequent Event | Common Stock | Dividend Payable, March 29, 2024

Subsequent Events

Dividends declared and paid per common share | $ / shares

$ 0.19

Subsequent Event | Bank Borrowings | Amended Credit Agreement

Subsequent Events

Debt extension term

1 year

Repayment of debt

$ 30,500,000

Revolving line of credit

271,750,000

Maximum available under facility

128,250,000

Subsequent Event | Joint venture

Subsequent Events

Proceeds from liquidation of investments in unconsolidated joint ventures

23,120,000

Proceeds from abated rent

1,814,000

Repayments received from deferred rent

563,000

Principal payments received on notes receivable

$ 550,000

Economic interest acquired in a joint venture

90%

Subsequent Event | Wisconsin

Subsequent Events

Number of units | item

110

Subsequent Event | ALF | Georgia and South Carolina

Subsequent Events

Number of assisted living communities transitioned to another operator | Center

2

Number of units | item

159

Initial lease term

2 years

Lease renewal term

2 years

Rent receivable in first six months

$ 0

Subsequent Event | ALF | Texas

Subsequent Events

Rent receivable in first six months

$ 0

Subsequent Event | SNF | Georgia and South Carolina

Subsequent Events

Skilled nursing center purchased | Center

11

Additional term of lessor's operating lease renewal

7 months

Contractual annual cash rent

$ 8,000,000

Lease rent seven months amount

$ 4,667,000

Subsequent Event | SNF | Texas

Subsequent Events

Number of units | item

1,444

SCHEDULE II VALUATION AND QUA_2

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation and qualifying accounts
Balance at beginning of period	$ 5,287	$ 3,759	$ 2,738
(Recovered) charged to costs and expenses	5,678	1,528	1,021
Charged to other accounts	1
Deductions	(3,561)
Balance at end of period	7,405	5,287	3,759
Loan loss reserves
Valuation and qualifying accounts
Balance at beginning of period	3,930	3,473	2,592
(Recovered) charged to costs and expenses	884	457	881
Balance at end of period	4,814	3,930	3,473
Financing receivables loss reserve
Valuation and qualifying accounts
Balance at beginning of period	768
(Recovered) charged to costs and expenses	1,212	768
Balance at end of period	1,980	768
Other notes receivable allowance
Valuation and qualifying accounts
Balance at beginning of period	589	286	146
(Recovered) charged to costs and expenses	3,582	303	140
Charged to other accounts	1
Deductions	(3,561)
Balance at end of period	$ 611	$ 589	$ 286

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Initial Cost to Company
Land	$ 122,649
Buildings and Improvements	1,168,511
Costs Capitalized Subsequent to acquisition	88,172
Gross Amount at Which Carried As of Year End
Land	122,649
Buildings and Improvements	1,256,683
Total	1,379,332	$ 1,410,705	$ 1,408,557	$ 1,452,001
Accum Deprec	391,367	$ 391,487	$ 374,606	$ 349,643
SNF
Initial Cost to Company
Land	53,212
Buildings and Improvements	505,938
Costs Capitalized Subsequent to acquisition	37,668
Gross Amount at Which Carried As of Year End
Land	53,212
Buildings and Improvements	543,606
Total	596,818
Accum Deprec	192,217
ALF
Initial Cost to Company
Land	66,529
Buildings and Improvements	655,265
Costs Capitalized Subsequent to acquisition	48,715
Gross Amount at Which Carried As of Year End
Land	66,529
Buildings and Improvements	703,980
Total	770,509
Accum Deprec	197,218
Other School and Land
Initial Cost to Company
Land	2,908
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,789
Gross Amount at Which Carried As of Year End
Land	2,908
Buildings and Improvements	9,097
Total	12,005
Accum Deprec	1,932
School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,789
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	9,097
Total	11,062
Accum Deprec	1,932
Land
Initial Cost to Company
Land	943
Gross Amount at Which Carried As of Year End
Land	943
Total	943
218 Albuquerque, NM | SNF
Initial Cost to Company
Land	1,696
Buildings and Improvements	3,891
Costs Capitalized Subsequent to acquisition	1,390
Gross Amount at Which Carried As of Year End
Land	1,696
Buildings and Improvements	5,281
Total	6,977
Accum Deprec	2,408
219 Albuquerque, NM | SNF
Initial Cost to Company
Land	1,950
Buildings and Improvements	8,910
Costs Capitalized Subsequent to acquisition	869
Gross Amount at Which Carried As of Year End
Land	1,950
Buildings and Improvements	9,779
Total	11,729
Accum Deprec	4,735
220 Albuquerque, NM | SNF
Initial Cost to Company
Land	2,463
Buildings and Improvements	7,647
Costs Capitalized Subsequent to acquisition	290
Gross Amount at Which Carried As of Year End
Land	2,463
Buildings and Improvements	7,937
Total	10,400
Accum Deprec	3,932
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	2,642
247 Arlington, TX | SNF
Initial Cost to Company
Land	1,016
Buildings and Improvements	13,649
Costs Capitalized Subsequent to acquisition	341
Gross Amount at Which Carried As of Year End
Land	1,016
Buildings and Improvements	13,990
Total	15,006
Accum Deprec	5,347
325 Austin, TX | SNF
Initial Cost to Company
Land	896
Buildings and Improvements	9,562
Costs Capitalized Subsequent to acquisition	174
Gross Amount at Which Carried As of Year End
Land	896
Buildings and Improvements	9,736
Total	10,632
Accum Deprec	479
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	2,155
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	2,494
256 Brownwood, TX | SNF
Initial Cost to Company
Land	164
Buildings and Improvements	6,336
Costs Capitalized Subsequent to acquisition	78
Gross Amount at Which Carried As of Year End
Land	164
Buildings and Improvements	6,414
Total	6,578
Accum Deprec	2,402
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	4,280
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	6,461
125 Clovis, NM | SNF
Initial Cost to Company
Land	561
Buildings and Improvements	5,539
Costs Capitalized Subsequent to acquisition	334
Gross Amount at Which Carried As of Year End
Land	561
Buildings and Improvements	5,873
Total	6,434
Accum Deprec	3,297
129 Clovis, NM | SNF
Initial Cost to Company
Land	598
Buildings and Improvements	5,902
Costs Capitalized Subsequent to acquisition	541
Gross Amount at Which Carried As of Year End
Land	598
Buildings and Improvements	6,443
Total	7,041
Accum Deprec	3,380
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	6,384
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	5,229
246 Crowley, TX | SNF
Initial Cost to Company
Land	2,247
Buildings and Improvements	14,276
Costs Capitalized Subsequent to acquisition	526
Gross Amount at Which Carried As of Year End
Land	2,247
Buildings and Improvements	14,802
Total	17,049
Accum Deprec	5,656
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	3,370
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	6,881
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	1,469
298 Forth Worth, TX | SNF
Initial Cost to Company
Land	2,785
Buildings and Improvements	7,546
Costs Capitalized Subsequent to acquisition	797
Gross Amount at Which Carried As of Year End
Land	2,785
Buildings and Improvements	8,343
Total	11,128
Accum Deprec	3,484
326 Forth Worth, TX | SNF
Initial Cost to Company
Land	922
Buildings and Improvements	12,268
Costs Capitalized Subsequent to acquisition	221
Gross Amount at Which Carried As of Year End
Land	922
Buildings and Improvements	12,489
Total	13,411
Accum Deprec	631
026 Gardendale, AL | SNF
Initial Cost to Company
Land	100
Buildings and Improvements	7,550
Costs Capitalized Subsequent to acquisition	2,260
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	9,810
Total	9,910
Accum Deprec	7,391
248 Granbury, TX | SNF
Initial Cost to Company
Land	836
Buildings and Improvements	6,693
Costs Capitalized Subsequent to acquisition	600
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	7,293
Total	8,129
Accum Deprec	3,346
250 Hewitt, TX | SNF
Initial Cost to Company
Land	1,780
Buildings and Improvements	8,220
Costs Capitalized Subsequent to acquisition	621
Gross Amount at Which Carried As of Year End
Land	1,780
Buildings and Improvements	8,841
Total	10,621
Accum Deprec	3,063
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	2,270
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	4,424
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	1,699
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	3,865
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	6,855
242 Mission, TX | SNF
Initial Cost to Company
Land	1,111
Buildings and Improvements	16,602
Costs Capitalized Subsequent to acquisition	174
Gross Amount at Which Carried As of Year End
Land	1,111
Buildings and Improvements	16,776
Total	17,887
Accum Deprec	6,164
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	3,041
249 Nacogdoches, TX | SNF
Initial Cost to Company
Land	1,015
Buildings and Improvements	11,109
Costs Capitalized Subsequent to acquisition	621
Gross Amount at Which Carried As of Year End
Land	1,015
Buildings and Improvements	11,730
Total	12,745
Accum Deprec	4,914
245 Newberry, SC | SNF
Initial Cost to Company
Land	439
Buildings and Improvements	4,639
Costs Capitalized Subsequent to acquisition	1,047
Gross Amount at Which Carried As of Year End
Land	439
Buildings and Improvements	5,686
Total	6,125
Accum Deprec	2,549
244 Newberry, SC | SNF
Initial Cost to Company
Land	919
Buildings and Improvements	5,454
Costs Capitalized Subsequent to acquisition	556
Gross Amount at Which Carried As of Year End
Land	919
Buildings and Improvements	6,010
Total	6,929
Accum Deprec	2,453
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	5,074
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	6,860
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	4,255
254 Red Oak, TX | SNF
Initial Cost to Company
Land	1,427
Buildings and Improvements	17,173
Costs Capitalized Subsequent to acquisition	540
Gross Amount at Which Carried As of Year End
Land	1,427
Buildings and Improvements	17,713
Total	19,140
Accum Deprec	6,095
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	1,544
325 San Antonio, TX | SNF
Initial Cost to Company
Land	1,676
Buildings and Improvements	15,470
Costs Capitalized Subsequent to acquisition	307
Gross Amount at Which Carried As of Year End
Land	1,676
Buildings and Improvements	15,777
Total	17,453
Accum Deprec	753
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	4,360
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	3,094
243 Stephenville TX | SNF
Initial Cost to Company
Land	670
Buildings and Improvements	10,117
Costs Capitalized Subsequent to acquisition	774
Gross Amount at Which Carried As of Year End
Land	670
Buildings and Improvements	10,891
Total	11,561
Accum Deprec	4,119
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	1,589
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	4,177
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	6,323
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	4,274
299 Weatherford, TX | SNF
Initial Cost to Company
Land	836
Buildings and Improvements	11,902
Costs Capitalized Subsequent to acquisition	610
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	12,512
Total	13,348
Accum Deprec	4,463
323 Webster, TX | SNF
Initial Cost to Company
Land	2,310
Buildings and Improvements	8,713
Costs Capitalized Subsequent to acquisition	206
Gross Amount at Which Carried As of Year End
Land	2,310
Buildings and Improvements	8,919
Total	11,229
Accum Deprec	476
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	5,611
105 Arvada, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,810
Costs Capitalized Subsequent to acquisition	7,103
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	9,913
Total	10,013
Accum Deprec	4,292
304 Athens, GA | ALF
Initial Cost to Company
Land	1,056
Buildings and Improvements	13,326
Costs Capitalized Subsequent to acquisition	175
Gross Amount at Which Carried As of Year End
Land	1,056
Buildings and Improvements	13,501
Total	14,557
Accum Deprec	2,807
063 Athens, TX | ALF
Initial Cost to Company
Land	96
Buildings and Improvements	1,124
Costs Capitalized Subsequent to acquisition	137
Gross Amount at Which Carried As of Year End
Land	96
Buildings and Improvements	1,261
Total	1,357
Accum Deprec	1,168
320 Auburn Hills, MI | ALF
Initial Cost to Company
Land	1,964
Buildings and Improvements	4,577
Costs Capitalized Subsequent to acquisition	1,151
Gross Amount at Which Carried As of Year End
Land	1,964
Buildings and Improvements	5,728
Total	7,692
Accum Deprec	1,428
269 Aurora, CO | ALF
Initial Cost to Company
Land	850
Buildings and Improvements	8,583
Costs Capitalized Subsequent to acquisition	114
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	8,697
Total	9,547
Accum Deprec	2,789
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	3,130
277 Burr Ridge, IL | ALF
Initial Cost to Company
Land	1,400
Buildings and Improvements	11,102
Costs Capitalized Subsequent to acquisition	175
Gross Amount at Which Carried As of Year End
Land	1,400
Buildings and Improvements	11,277
Total	12,677
Accum Deprec	3,051
278 Castle Rock, CO | ALF
Initial Cost to Company
Land	759
Buildings and Improvements	5,091
Costs Capitalized Subsequent to acquisition	2
Gross Amount at Which Carried As of Year End
Land	759
Buildings and Improvements	5,093
Total	5,852
Accum Deprec	1,699
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	3,616
330 Centerville, OH | ALF
Initial Cost to Company
Land	2,678
Buildings and Improvements	52,036
Costs Capitalized Subsequent to acquisition	3
Gross Amount at Which Carried As of Year End
Land	2,678
Buildings and Improvements	52,039
Total	54,717
Accum Deprec	1,268
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	11,044
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	3,572
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	2,545
279 Corpus Christi, TX | ALF
Initial Cost to Company
Land	880
Buildings and Improvements	11,440
Costs Capitalized Subsequent to acquisition	339
Gross Amount at Which Carried As of Year End
Land	880
Buildings and Improvements	11,779
Total	12,659
Accum Deprec	3,064
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	1,327
057 Dodge City, KS | ALF
Initial Cost to Company
Land	84
Buildings and Improvements	1,666
Costs Capitalized Subsequent to acquisition	36
Gross Amount at Which Carried As of Year End
Land	84
Buildings and Improvements	1,702
Total	1,786
Accum Deprec	1,199
083 Durant, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,769
Costs Capitalized Subsequent to acquisition	162
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,931
Total	2,031
Accum Deprec	1,225
107 Edmond, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,365
Costs Capitalized Subsequent to acquisition	684
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,049
Total	2,149
Accum Deprec	1,285
163 Ft. Collins, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,961
Costs Capitalized Subsequent to acquisition	3,705
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	6,666
Total	6,766
Accum Deprec	3,378
170 Ft. Collins, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	3,400
Costs Capitalized Subsequent to acquisition	4,954
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	8,354
Total	8,454
Accum Deprec	3,980
315 Ft. Worth, TX | ALF
Initial Cost to Company
Land	1,534
Buildings and Improvements	11,099
Costs Capitalized Subsequent to acquisition	98
Gross Amount at Which Carried As of Year End
Land	1,534
Buildings and Improvements	11,197
Total	12,731
Accum Deprec	1,745
100 Fremont ,OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	286
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,721
Total	2,821
Accum Deprec	1,743
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	1,826
314 Frisco, TX | ALF
Initial Cost to Company
Land	2,216
Buildings and Improvements	10,417
Costs Capitalized Subsequent to acquisition	185
Gross Amount at Which Carried As of Year End
Land	2,216
Buildings and Improvements	10,602
Total	12,818
Accum Deprec	1,676
296 Glenview, IL | ALF
Initial Cost to Company
Land	2,800
Buildings and Improvements	14,248
Costs Capitalized Subsequent to acquisition	13
Gross Amount at Which Carried As of Year End
Land	2,800
Buildings and Improvements	14,261
Total	17,061
Accum Deprec	3,173
167 Goldsboro, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,385
Costs Capitalized Subsequent to acquisition	173
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,558
Total	2,658
Accum Deprec	1,284
056 Great Bend, KS | ALF
Initial Cost to Company
Land	80
Buildings and Improvements	1,570
Costs Capitalized Subsequent to acquisition	73
Gross Amount at Which Carried As of Year End
Land	80
Buildings and Improvements	1,643
Total	1,723
Accum Deprec	1,285
102 Greeley, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,310
Costs Capitalized Subsequent to acquisition	646
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,956
Total	3,056
Accum Deprec	1,785
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	5,022
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	1,980
164 Greenville, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,478
Costs Capitalized Subsequent to acquisition	203
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,681
Total	2,781
Accum Deprec	1,503
062 Greenville, TX | ALF
Initial Cost to Company
Land	42
Buildings and Improvements	1,196
Costs Capitalized Subsequent to acquisition	126
Gross Amount at Which Carried As of Year End
Land	42
Buildings and Improvements	1,322
Total	1,364
Accum Deprec	1,183
295 Jacksonville, FL | ALF
Initial Cost to Company
Land	1,389
Buildings and Improvements	5,235
Costs Capitalized Subsequent to acquisition	1,056
Gross Amount at Which Carried As of Year End
Land	1,389
Buildings and Improvements	6,291
Total	7,680
Accum Deprec	3,068
066 Jacksonville, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,433
Costs Capitalized Subsequent to acquisition	107
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,540
Total	1,640
Accum Deprec	1,412
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	2,481
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	2,981
255 Littleton, CO | ALF
Initial Cost to Company
Land	1,882
Buildings and Improvements	8,248
Costs Capitalized Subsequent to acquisition	101
Gross Amount at Which Carried As of Year End
Land	1,882
Buildings and Improvements	8,349
Total	10,231
Accum Deprec	2,406
268 Littleton, CO | ALF
Initial Cost to Company
Land	1,200
Buildings and Improvements	8,688
Costs Capitalized Subsequent to acquisition	106
Gross Amount at Which Carried As of Year End
Land	1,200
Buildings and Improvements	8,794
Total	9,994
Accum Deprec	2,897
148 Longmont, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,640
Costs Capitalized Subsequent to acquisition	99
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,739
Total	2,839
Accum Deprec	1,720
060 Longview, TX | ALF
Initial Cost to Company
Land	38
Buildings and Improvements	1,208
Costs Capitalized Subsequent to acquisition	156
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	1,364
Total	1,402
Accum Deprec	1,227
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	3,596
114 Loveland, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,865
Costs Capitalized Subsequent to acquisition	360
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,225
Total	3,325
Accum Deprec	2,081
068 Lufkin, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,453
Costs Capitalized Subsequent to acquisition	147
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,600
Total	1,700
Accum Deprec	1,456
061 Marshall, TX | ALF
Initial Cost to Company
Land	38
Buildings and Improvements	1,141
Costs Capitalized Subsequent to acquisition	566
Gross Amount at Which Carried As of Year End
Land	38
Buildings and Improvements	1,707
Total	1,745
Accum Deprec	1,536
293 McHenry, IL | ALF
Initial Cost to Company
Land	1,289
Buildings and Improvements	28,976
Costs Capitalized Subsequent to acquisition	1,181
Gross Amount at Which Carried As of Year End
Land	1,289
Buildings and Improvements	30,157
Total	31,446
Accum Deprec	7,059
058 McPherson, KS | ALF
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	97
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	1,668
Total	1,747
Accum Deprec	1,283
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	2,441
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	2,318
280 Merrells Inlet, SC | ALF
Initial Cost to Company
Land	2,490
Buildings and Improvements	14,185
Costs Capitalized Subsequent to acquisition	195
Gross Amount at Which Carried As of Year End
Land	2,490
Buildings and Improvements	14,380
Total	16,870
Accum Deprec	3,734
294 Murrieta, CA | ALF
Initial Cost to Company
Land	2,022
Buildings and Improvements	11,136
Costs Capitalized Subsequent to acquisition	33
Gross Amount at Which Carried As of Year End
Land	2,022
Buildings and Improvements	11,169
Total	13,191
Accum Deprec	2,905
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	4,857
166 New Bern, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,427
Costs Capitalized Subsequent to acquisition	181
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,608
Total	2,708
Accum Deprec	1,318
118 Newark, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	458
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,893
Total	2,993
Accum Deprec	1,804
306 Oaklawn, IL | ALF
Initial Cost to Company
Land	1,591
Buildings and Improvements	13,772
Costs Capitalized Subsequent to acquisition	64
Gross Amount at Which Carried As of Year End
Land	1,591
Buildings and Improvements	13,836
Total	15,427
Accum Deprec	2,759
302 Overland Park, KS | ALF
Initial Cost to Company
Land	1,951
Buildings and Improvements	11,882
Costs Capitalized Subsequent to acquisition	390
Gross Amount at Which Carried As of Year End
Land	1,951
Buildings and Improvements	12,272
Total	14,223
Accum Deprec	2,868
165 Rocky Mount, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,494
Costs Capitalized Subsequent to acquisition	380
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,874
Total	2,974
Accum Deprec	1,458
059 Salina, KS | ALF
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	332
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	1,903
Total	1,982
Accum Deprec	1,333
084 San Antonio, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,900
Costs Capitalized Subsequent to acquisition	66
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,966
Total	2,066
Accum Deprec	1,293
092 San Antonio, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,055
Costs Capitalized Subsequent to acquisition	585
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,640
Total	2,740
Accum Deprec	1,540
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	1,561
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	1,890
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	3,205
103 Springfield, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,035
Costs Capitalized Subsequent to acquisition	389
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,424
Total	2,524
Accum Deprec	1,560
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	2,208
098 Tiffin, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	439
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,874
Total	2,974
Accum Deprec	1,769
282 Tinley Park, IL | ALF
Initial Cost to Company
Land	702
Buildings and Improvements	11,481
Costs Capitalized Subsequent to acquisition	102
Gross Amount at Which Carried As of Year End
Land	702
Buildings and Improvements	11,583
Total	12,285
Accum Deprec	2,912
088 Troy, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	877
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,312
Total	3,412
Accum Deprec	2,076
080 Tulsa, OK | ALF
Initial Cost to Company
Land	200
Buildings and Improvements	1,650
Costs Capitalized Subsequent to acquisition	156
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	1,806
Total	2,006
Accum Deprec	1,159
093 Tulsa, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,395
Costs Capitalized Subsequent to acquisition	47
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,442
Total	2,542
Accum Deprec	1,617
075 Tyler, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,800
Costs Capitalized Subsequent to acquisition	469
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,269
Total	2,369
Accum Deprec	1,291
091 Waco, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,235
Costs Capitalized Subsequent to acquisition	777
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,012
Total	3,112
Accum Deprec	1,713
108 Watauga, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,668
Costs Capitalized Subsequent to acquisition	43
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,711
Total	1,811
Accum Deprec	1,122
109 Weatherford, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,669
Costs Capitalized Subsequent to acquisition	703
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,372
Total	2,472
Accum Deprec	1,522
309 West Chester, OH | ALF
Initial Cost to Company
Land	2,355
Buildings and Improvements	13,553
Costs Capitalized Subsequent to acquisition	253
Gross Amount at Which Carried As of Year End
Land	2,355
Buildings and Improvements	13,806
Total	16,161
Accum Deprec	2,674
276 Westminster, CO | ALF
Initial Cost to Company
Land	1,425
Buildings and Improvements	9,575
Costs Capitalized Subsequent to acquisition	111
Gross Amount at Which Carried As of Year End
Land	1,425
Buildings and Improvements	9,686
Total	11,111
Accum Deprec	2,928
110 Wheelersburg, OH | ALF
Initial Cost to Company
Land	29
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	381
Gross Amount at Which Carried As of Year End
Land	29
Buildings and Improvements	2,816
Total	2,845
Accum Deprec	1,819
303 Wichita, KS | ALF
Initial Cost to Company
Land	1,422
Buildings and Improvements	9,957
Costs Capitalized Subsequent to acquisition	332
Gross Amount at Which Carried As of Year End
Land	1,422
Buildings and Improvements	10,289
Total	11,711
Accum Deprec	2,484
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	3,125
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	2,695
076 Wichita Falls, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,850
Costs Capitalized Subsequent to acquisition	147
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,997
Total	2,097
Accum Deprec	1,297
120 Wichita Falls, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,990
Costs Capitalized Subsequent to acquisition	203
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,193
Total	2,293
Accum Deprec	1,921
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	2,625
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	2,142
297 Las Vegas, NV | School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,789
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	9,097
Total	11,062
Accum Deprec	1,932
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	Dec. 31, 2023 USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost basis for Federal income tax purposes	$ 1,392,420
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Carrying cost
Balance at beginning of period	$ 1,410,705	$ 1,408,557	$ 1,452,001
Acquisitions	54,714	51,817
Improvements	9,686	9,099	6,298
Cost of real estate sold	(79,998)	(55,346)	(49,742)
Impairment loss from real estate investments	(15,775)	(3,422)
Ending balance	1,379,332	1,410,705	1,408,557
Accumulated depreciation
Balance at beginning of period	391,487	374,606	349,643
Depreciation expense	37,303	37,394	38,192
Cost of real estate sold	(37,423)	(20,513)	(13,229)
Ending balance	$ 391,367	$ 391,487	$ 374,606

SCHEDULE IV MORTGAGE LOANS ON_2

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) property item	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Mortgage loans on real estate
Number of properties | property	46	46
Number of beds/units | item		4,233
Interest rate (as a percent)	8.50%
Balloon Amount	$ 467,774	$ 467,774
Current Monthly Debt Service	3,696	3,696
Face amount of originated mortgages	489,056	489,056
Carrying Amount of Mortgages	477,266	477,266	$ 389,728	$ 344,442	$ 257,251
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 0
Number of Assisted Communities | item	13	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	15
Number of beds/units | item		1,875
Interest rate (as a percent)		10.80%
Balloon Amount	$ 173,487	$ 173,487
Current Monthly Debt Service	1,656	1,656
Face amount of originated mortgages	190,214	190,214
Carrying Amount of Mortgages	$ 182,134	$ 182,134
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 480 Beds/Units
Mortgage loans on real estate
Number of properties | property	4	4
Number of beds/units | item		480
Interest rate (as a percent)		9.80%
Balloon Amount	$ 36,650	$ 36,650
Current Monthly Debt Service	326	326
Face amount of originated mortgages	40,480	40,480
Carrying Amount of Mortgages	$ 39,550	$ 39,550
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 201 Beds/Units
Mortgage loans on real estate
Number of properties | property	2	2
Number of beds/units | item		201
Interest rate (as a percent)		10.10%
Balloon Amount	$ 19,700	$ 19,700
Current Monthly Debt Service	165	165
Face amount of originated mortgages	19,750	19,750
Carrying Amount of Mortgages	19,503	19,503
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 0
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 146 Beds/Units
Mortgage loans on real estate
Number of properties | property	1	1
Number of beds/units | item		146
Interest rate (as a percent)		10.30%
Balloon Amount	$ 14,325	$ 14,325
Current Monthly Debt Service	127	127
Face amount of originated mortgages	15,000	15,000
Carrying Amount of Mortgages	$ 14,702	$ 14,702
Florida | Mortgage Loans on Real Estate Maturing in 2025 | Property with 112 Beds/Units
Mortgage loans on real estate
Number of properties | property	1	1
Number of beds/units | item		112
Interest rate (as a percent)		7.80%
Balloon Amount	$ 16,706	$ 16,706
Current Monthly Debt Service	109	109
Face amount of originated mortgages	16,706	16,706
Carrying Amount of Mortgages	16,539	16,539
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 0
Florida | Mortgage Loans on Real Estate Maturing in 2025 | Property with 92 Beds/Units
Mortgage loans on real estate
Number of properties | property	2	2
Number of beds/units | item		92
Interest rate (as a percent)		8.80%
Balloon Amount	$ 4,000	$ 4,000
Current Monthly Debt Service	30	30
Face amount of originated mortgages	4,000	4,000
Carrying Amount of Mortgages	3,960	3,960
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 0
Georgia | Mortgage Loans on Real Estate Maturing in 2024 | Property with 203 Beds/Units
Mortgage loans on real estate
Number of properties | property	1	1
Number of beds/units | item		203
Interest rate (as a percent)		7.50%
Balloon Amount	$ 51,111	$ 51,111
Current Monthly Debt Service	324	324
Face amount of originated mortgages	51,111	51,111
Carrying Amount of Mortgages	50,600	50,600
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 0
Illinois | Mortgage Loans on Real Estate Maturing in 2028 | Property with 150 Beds/Units
Mortgage loans on real estate
Number of properties | property	1	1
Number of beds/units | item		150
Interest rate (as a percent)		8.80%
Balloon Amount	$ 16,500	$ 16,500
Current Monthly Debt Service	122	122
Face amount of originated mortgages	16,500	16,500
Carrying Amount of Mortgages	16,335	16,335
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 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	1
Number of beds/units | item		189
Interest rate (as a percent)		7.50%
Balloon Amount	$ 29,346	$ 29,346
Current Monthly Debt Service	186	186
Face amount of originated mortgages	29,346	29,346
Carrying Amount of Mortgages	29,053	29,053
Principal Amount of Loans Subject to Delinquent Principal or Interest	0	$ 0
Missouri | Mortgage Loans on Real Estate Maturing in 2024
Mortgage loans on real estate
Interest rate (as a percent)		7.50%
Balloon Amount	1,999	$ 1,999
Current Monthly Debt Service	13	13
Face amount of originated mortgages	1,999	1,999
Carrying Amount of Mortgages	1,979	1,979
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 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	12
Number of beds/units | item		478
Interest rate (as a percent)		7.30%
Balloon Amount	$ 53,385	$ 53,385
Current Monthly Debt Service	327	327
Face amount of originated mortgages	53,385	53,385
Carrying Amount of Mortgages	52,851	52,851
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 0
North Carolina | Mortgage Loans on Real Estate Maturing in 2025 | Property with 45 Beds/Units
Mortgage loans on real estate
Number of properties | property	1	1
Number of beds/units | item		45
Interest rate (as a percent)		7.30%
Balloon Amount	$ 10,750	$ 10,750
Current Monthly Debt Service	66	66
Face amount of originated mortgages	10,750	10,750
Carrying Amount of Mortgages	10,643	10,643
Principal Amount of Loans Subject to Delinquent Principal or Interest	0	$ 0
North Carolina | Mortgage Loans on Real Estate Maturing in 2026
Mortgage loans on real estate
Interest rate (as a percent)		7.30%
Balloon Amount	826	$ 826
Current Monthly Debt Service	5	5
Face amount of originated mortgages	826	826
Carrying Amount of Mortgages	818	818
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 0
North Carolina | Mortgage Loans on Real Estate Maturing in 2026 | Property with 217 Beds/Units
Mortgage loans on real estate
Number of properties | property	4	4
Number of beds/units | item		217
Interest rate (as a percent)		7.30%
Balloon Amount	$ 34,043	$ 34,043
Current Monthly Debt Service	209	209
Face amount of originated mortgages	34,043	34,043
Carrying Amount of Mortgages	33,703	33,703
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 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	1
Number of beds/units | item		45
Interest rate (as a percent)		7.30%
Balloon Amount	$ 4,946	$ 4,946
Current Monthly Debt Service	31	31
Face amount of originated mortgages	4,946	4,946
Carrying Amount of Mortgages	4,896	4,896
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	$ 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, 2023 USD ($) loan property
Mortgage loans on real estate
Number of Loans | property	9
Original loan amounts	$ 489,056
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	1
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	11
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Mortgage loans on real estate
Balance at the beginning of the period	$ 389,728	$ 344,442	$ 257,251
New mortgage loans	92,111	31,965	88,415
Other additions	4,947	8,767	540
Application of interest reserve	1,722	6,192	298
Amortization of mortgage premium	(7)	(6)	(6)
Collections of principal	(10,351)	(1,175)	(1,175)
Loan loss reserve	(884)	(457)	(881)
Balance at the end of the period	$ 477,266	$ 389,728	$ 344,442

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 89,735	$ 100,024	$ 55,861

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false