LTC Properties (LTC) 10-Q 29 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 22, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
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	3011 Townsgate Road, Suite 220
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,475,389
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000887905
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments:
Land	$ 120,137	$ 121,725
Buildings and improvements	1,219,622	1,235,600
Accumulated depreciation and amortization	(383,782)	(387,751)
Operating real estate property, net	955,977	969,574
Properties held-for-sale, net of accumulated depreciation: 2024-$2,773; 2023-$3,616	389	18,391
Real property investments, net	956,366	987,965
Financing receivables, net of credit loss reserve: 2024-$1,980; 2023-$1,980	196,010	196,032
Mortgage loans receivable, net of credit loss reserve: 2024-$4,845; 2023-$4,814	480,250	477,266
Real estate investments, net	1,632,626	1,661,263
Notes receivable, net of credit loss reserve: 2024-$605; 2023-$611	59,946	60,490
Investments in unconsolidated joint ventures	19,340	19,340
Investments, net	1,711,912	1,741,093
Other assets:
Cash and cash equivalents	9,010	20,286
Debt issue costs related to revolving line of credit	1,786	1,557
Interest receivable	55,842	53,960
Straight-line rent receivable	19,075	19,626
Lease incentives	3,578	2,607
Prepaid expenses and other assets	17,192	15,969
Total assets	1,818,395	1,855,098
LIABILITIES
Revolving line of credit	277,050	302,250
Term loans, net of debt issue costs: 2024-$305; 2023-$342	99,695	99,658
Senior unsecured notes, net of debt issue costs: 2024-$1,194; 2023-$1,251	483,466	489,409
Accrued interest	4,861	3,865
Accrued expenses and other liabilities	34,481	43,649
Total liabilities	899,553	938,831
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2024-43,271; 2023-43,022	433	430
Capital in excess of par value	996,631	991,656
Cumulative net income	1,658,625	1,634,395
Accumulated other comprehensive income	6,488	6,110
Cumulative distributions	(1,775,928)	(1,751,312)
Total LTC Properties, Inc. stockholders' equity	886,249	881,279
Non-controlling interests	32,593	34,988
Total equity	918,842	916,267
Total liabilities and equity	$ 1,818,395	$ 1,855,098

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Properties held-for-sale, accumulated depreciation	$ 2,773	$ 3,616
Financial receivable credit loss reserve	1,980	1,980
Mortgage loans receivable, credit loss reserve	4,845	4,814
Notes receivable, credit loss reserve	$ 605	$ 611
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)	43,271	43,022
Common stock, shares outstanding (in shares)	43,271	43,022
Term loans
Debt issue costs, net	$ 305	$ 342
Senior Unsecured Notes
Debt issue costs, net	$ 1,194	$ 1,251

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Rental income	$ 33,549	$ 31,735
Interest income from financing receivables	3,830	3,751
Interest income from mortgage loans	12,448	11,244
Interest and other income	1,539	2,770
Total revenues	51,366	49,500
Expenses:
Interest expense	11,045	10,609
Depreciation and amortization	9,095	9,210
Impairment loss		434
Provision for credit losses	24	1,731
Transaction costs	266	117
Property tax expense	3,383	3,293
General and administrative expenses	6,491	6,294
Total expenses	30,304	31,688
Other operating income:
Gain on sale of real estate, net	3,251	15,373
Operating income	24,313	33,185
Income from unconsolidated joint ventures	376	376
Net income	24,689	33,561
Income allocated to non-controlling interests	(459)	(427)
Net income attributable to LTC Properties, Inc.	24,230	33,134
Income allocated to participating securities	(165)	(205)
Net income available to common stockholders	$ 24,065	$ 32,929
Earnings per common share:
Basic (in dollars per share)	$ 0.56	$ 0.80
Diluted (in dollars per share)	$ 0.56	$ 0.80
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	42,891	41,082
Diluted (in shares)	43,032	41,189
Dividends declared and paid per common share (in dollars per share)	$ 0.57	$ 0.57

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 24,689	$ 33,561
Unrealized gain (loss) on cash flow hedges before reclassification	1,414	(550)
Gains reclassified from accumulated other comprehensive income to interest expense	(1,036)	(812)
Comprehensive income	25,067	32,199
Less: Comprehensive income allocated to non-controlling interests	(459)	(427)
Comprehensive income attributable to LTC Properties, Inc.	$ 24,608	$ 31,772

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, 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	1,697		1,697					1,697
Issuance of common stock (in shares)		48
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		128
Common stock cash distributions	(23,563)					(23,563)		(23,563)
Stock-based compensation expense	2,088		2,088					2,088
Net income	33,134			33,134			427	33,561
Non-controlling interests contributions							3,831	3,831
Non-controlling interest distributions							(406)	(406)
Cash paid for taxes in lieu of common shares	(1,538)		(1,538)					(1,538)
Cash paid for taxes in lieu of common shares (in shares)		(41)
Fair market valuation adjustment for interest rate swap	(1,362)				(1,362)			(1,362)
Other (in shares)		(1)
Balance at end of period at Mar. 31, 2023	838,823	$ 413	933,370	1,577,794	7,357	(1,680,111)	25,792	864,615
Balance (in shares) at Mar. 31, 2023		41,396
Balance at beginning 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
Equity activity
Issuance of common stock	4,337	$ 1	4,336					4,337
Issuance of common stock (in shares)		139
Issuance of restricted stock		$ 2	(2)
Issuance of restricted stock (in shares)		160
Common stock cash distributions	(24,616)					(24,616)		(24,616)
Stock-based compensation expense	2,202		2,202					2,202
Net income	24,230			24,230			459	24,689
Non-controlling interests contributions							50	50
Non-controlling interest distributions							(2,904)	(2,904)
Cash paid for taxes in lieu of common shares	(1,532)		(1,532)					(1,532)
Cash paid for taxes in lieu of common shares (in shares)		(50)
Fair market valuation adjustment for interest rate swap	378				378			378
Other	(29)		(29)					(29)
Balance at end of period at Mar. 31, 2024	$ 886,249	$ 433	$ 996,631	$ 1,658,625	$ 6,488	$ (1,775,928)	$ 32,593	$ 918,842
Balance (in shares) at Mar. 31, 2024		43,271

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF EQUITY
Common Stock cash distributions	$ 0.57	$ 0.57

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES:
Net income	$ 24,689	$ 33,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,095	9,210
Stock-based compensation expense	2,202	2,088
Impairment loss		434
Gain on sale of real estate, net	(3,251)	(15,373)
Income from unconsolidated joint ventures	(376)	(376)
Income distributions from unconsolidated joint ventures	112
Straight-line rental adjustment	550	465
Exchange of prepayment fee for participating interest in mortgage loan		(1,380)
Amortization of lease incentives	233	209
Provision for credit losses	24	1,731
Application of interest reserve	(52)	(1,149)
Amortization of debt issue costs	267	300
Other non-cash items, net	24	23
Change in operating assets and liabilities
Lease incentives funded	(1,395)
Increase in interest receivable	(2,220)	(2,079)
Increase (decrease) in accrued interest payable	996	(1,112)
Net change in other assets and liabilities	(9,948)	(8,513)
Net cash provided by operating activities	20,950	18,039
INVESTING ACTIVITIES:
Investment in real estate properties	(315)
Investment in real estate capital improvements	(1,329)	(2,608)
Proceeds from sale of real estate, net	25,306	31,616
Investment in financing receivables		(112,712)
Investment in real estate mortgage loans receivable	(3,128)	(53,226)
Principal payments received on mortgage loans receivable	125	125
Advances and originations under notes receivable		(605)
Principal payments received on notes receivable	550	5,180
Net cash provided by (used in) investing activities	21,209	(132,230)
FINANCING ACTIVITIES:
Borrowings from revolving line of credit	10,300	162,700
Repayment of revolving line of credit	(35,500)	(22,600)
Principal payments on senior unsecured notes	(6,000)	(7,000)
Proceeds from common stock issued	4,453	1,777
Distributions paid to stockholders	(24,616)	(23,563)
Distributions paid to non-controlling interests	(109)	(406)
Financing costs paid	(402)	(20)
Cash paid for taxes in lieu of shares upon vesting of restricted stock	(1,532)	(1,538)
Other	(29)
Net cash (used in) provided by financing activities	(53,435)	109,350
Decrease in cash and cash equivalents	(11,276)	(4,841)
Cash and cash equivalents, beginning of period	20,286	10,379
Cash and cash equivalents, end of period	9,010	5,538
Supplemental disclosure of cash flow information:
Interest paid	9,782	11,421
Non-cash investing and financing transactions:
Contribution from non-controlling interest		3,831
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		(5,147)
Accretion of interest reserve recorded as mortgage loan receivable	52	1,149
Increase (decrease) in fair value of interest rate swap agreements	378	(1,362)
Distributions paid to non-controlling interests	439
Distributions paid to non-controlling interests related to property sale	$ 2,305
Mortgage loan receivable reserve withheld at origination		$ 750

General

General	3 Months Ended
	Mar. 31, 2024
General
General	1. Genera l LTC Properties, Inc., a health care real estate investment trust (“REIT”), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. We invest 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. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment. We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for a full year. We apply Accounting Standards Codification Topic 326, Financial Instruments-Credit Losses (“ASC 326”), which requires a forward-looking “expected loss” model, to estimate our loan losses on our mortgage loans, financing receivables and notes receivable. In determining the “expected” credit loss reserves on these instruments, we utilize the probability of default and discounted cash flow methods. Further, we stress-test the results to reflect the impact of unknown adverse future events including recessions. The expected credit losses related to our financial instruments that are within the scope of ASC 326 are as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ Balance ​ ​ ​ at ​ Increase ​ at ​ Description ​ 12/31/2023 ​ /(Decrease) ​ 3/31/2024 ​ Credit Loss Reserve- Financing Receivables ​ $ 1,980 ​ $ — ​ $ 1,980 ​ Credit Loss Reserve- Mortgage Loans Receivable ​ $ 4,814 ​ $ 31 ​ $ 4,845 ​ Credit Loss Reserve-Notes Receivable ​ $ 611 ​ $ (6) ​ $ 605 ​ ​ 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 March 31, 2024, the total balance of accrued interest receivable of $55,842,000 was not included in the measurement of expected credit loss. For the three months ended March 31, 2024 and 2023, we did not recognize any write-off related to accrued interest receivable. No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2024
Real Estate Investments
Real Estate Investments	2. Real Estate Investments Assisted living communities, independent 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 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 review of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Owned Properties. The following table summarizes our investments in owned properties at March 31, 2024 (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Percentage ​ Number ​ Number of ​ Investment ​ ​ Gross ​ of ​ of ​ SNF ​ ALF ​ per Type of Property ​ Investment ​ Investment ​ Properties (1) ​ Beds (2) ​ Units (2) ​ Bed/Unit Assisted Living ​ $ 733,901 ​ 54.6 % 76 ​ — ​ 4,421 ​ $ 166.00 ​ Skilled Nursing ​ ​ 597,015 ​ 44.5 % 50 ​ 6,113 ​ 236 ​ $ 94.03 ​ Other (3) ​ ​ 12,005 ​ 0.9 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,342,921 ​ 100.0 % 127 ​ 6,231 ​ 4,657 ​ ​ ​ ​ (1) We own properties in 23 states that are leased to 23 different operators. ​ (2) Includes three parcels of land held-for-use, and one behavioral health care hospital. Many of our existing leases contain renewal options that, if exercised, could result in the amount of rent payable 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 (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ Number ​ ​ First ​ ​ ​ ​ ​ Lease ​ ​ ​ of ​ of ​ ​ of ​ ​ Year ​ ​ Lease ​ ​ Commencement ​ State ​ Property ​ Properties ​ ​ Units ​ ​ Rent ​ ​ Term ​ ​ November 2023 ​ OK ​ ALF ​ 5 (1) ​ 184 ​ $ 960 ​ ​ Three years ​ ​ January 2024 ​ CO, KS, OH, TX ​ ALF ​ 17 (2) ​ 738 ​ ​ 9,325 ​ ​ Six years ​ ​ January 2024 ​ NC ​ ALF ​ 5 (3) ​ 210 ​ ​ 3,300 ​ ​ Six years ​ ​ ​ ​ ​ ​ ​ ​ 27 ​ ​ 1,132 ​ $ 13,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ of ​ ​ Sales ​ ​ Net ​ ​ Year sold ​ State ​ Property ​ Properties ​ ​ Units ​ ​ Price ​ ​ Proceeds (4) ​ ​ 2023 ​ FL ​ ALF ​ 4 ​ ​ 176 ​ $ 18,750 ​ $ 14,310 (5) ​ 2023 ​ OK ​ ALF ​ 1 ​ ​ 37 ​ ​ 800 ​ ​ 769 ​ ​ 2023 ​ SC ​ ALF ​ 3 ​ ​ 128 ​ ​ 8,409 ​ ​ 8,153 ​ ​ ​ ​ ​ ​ ALF ​ 8 ​ ​ 341 ​ $ 27,959 ​ $ 23,232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ 35 ​ ​ 1,473 ​ ​ ​ ​ ​ ​ ​ ​ (1) These communities were transitioned to an existing LTC operator. 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. Rent increases to $984 in the second year, and $1,150 in the third year. ​ (2) These communities were re-leased to Brookdale under a new master lease. Rent escalates by approximately 2.0% annually. The new master lease includes a purchase option that can be exercised in 2029. We also agreed to fund $7,200 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. ​ (3) These communities were transitioned to an operator new to us. Rent escalates by approximately 3.0% annually. ​ (4) Net of transaction costs and seller financing, if any. ​ (5) We provided seller financing collateralized by two of the Florida properties, with a total of 92 units. The $4,000 seller-financed mortgage loan has a two-year term, with a one-year extension, at an interest rate of 8.75% . During the three months ended March 31, 2024, 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. Subsequent to March 31, 2024, we executed a term sheet with the operator, to amend the master lease extending the term through December 2028. Annual rent will increase by $1,000,000 to $9,000,000 for 2024. Rent will increase to $9,500,000 for 2025, and $10,000,000 for 2026, escalating 3.3% annually thereafter. The amended master lease provides the operator with two five-year renewal options. As a condition of the amendment, the operator will repay $11,900,000 on its $13,531,000 working capital note during the second quarter of 2024. Upon the repayment, the remaining balance of the working capital note will be interest-free and repaid in installments through 2028. Additionally, subsequent to March 31, 2024, another operator exercised its renewal option under its master lease for five years, from March 2025 through February 2030. Annual cash and GAAP rent for 2024 are $8,004,000 and $7,049,000, respectively escalating 2.5% annually. The master lease covers 666 beds across four skilled nursing centers, three in Texas and one in Wisconsin, and a behavioral health care hospital in Nevada. We monitor the collectability of our receivable balances, including deferred rent receivable balances, on an ongoing basis. We write-off uncollectible 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 uncollectible. We wrote-off straight-line rent receivable and lease incentives balances of $191,000 and $144,000 for the three months ended March 31, 2024 and 2023, respectively, as a result of property sales and lease terminations. 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 uncollectible accounts at March 31, 2024. 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 three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ Rental Income ​ ​ 2024 ​ ​ 2023 ​ Contractual cash rental income ​ $ 30,951 (1) $ 29,125 (1) Variable cash rental income ​ ​ 3,381 (2) ​ 3,284 (2) Straight-line rent ​ ​ (550) ​ ​ (465) ​ Amortization of lease incentives ​ ​ (233) ​ ​ (209) ​ Total ​ $ 33,549 ​ $ 31,735 ​ (1) Increased primarily due to $2,377 repayment of rent credit in connection with the sale of our interest in a consolidated joint venture (“JV), rental income from 2023 acquisitions and annual rent escalations, partially offset by property sales and transitioned portfolios. ​ (2) The variable rental income for the three months ended March 31, 2024, and 2023 includes reimbursement of real estate taxes by our lessees. ​ Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Net Book ​ Option ​ State ​ Property ​ Properties ​ ​ Investments (1) ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 32,542 ​ 2023-2029 ​ Colorado/Kansas/Ohio/Texas ​ ALF/MC ​ 17 ​ ​ 58,723 ​ ​ 26,089 ​ 2029 (2) Florida ​ SNF ​ 3 ​ ​ 76,669 ​ ​ 76,669 ​ 2025-2027 ​ Georgia/South Carolina ​ ALF/MC ​ 2 ​ ​ 31,433 ​ ​ 24,682 ​ 2027 ​ North Carolina ​ ALF/MC ​ 11 ​ ​ 121,321 ​ ​ 121,321 ​ 2025-2028 (3) North Carolina ​ ALF ​ 5 ​ ​ 14,404 ​ ​ 6,844 ​ 2029 (4) Ohio ​ MC ​ 1 ​ ​ 16,161 ​ ​ 13,378 ​ 2024-2025 ​ Ohio ​ ILF/ALF/MC ​ 1 ​ ​ 54,758 ​ ​ 52,946 ​ 2025-2027 ​ Oklahoma ​ ALF/MC ​ 5 ​ ​ 11,221 ​ ​ 4,332 ​ 2027-2029 (5) Tennessee ​ SNF ​ 2 ​ ​ 5,275 ​ ​ 2,227 ​ 2023-2024 ​ Texas ​ SNF ​ 4 ​ ​ 52,726 ​ ​ 50,036 ​ 2027-2029 (6) Total ​ ​ ​ ​ ​ $ 481,586 ​ $ 411,066 ​ ​ ​ (1) Gross investments include previously recorded impairment losses, if any. ​ (2) During 2023, we released 17 ALFs with a total of 738 units to Brookdale under a new six-year master lease. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029. See above for more information. ​ (3) 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. ​ (4) During 2023, we transferred five ALFs with a total of 210 units from Brookdale to an operator new to us. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029. See above for more information. ​ (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 commenced in November 2023 and includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. See above for more information. ​ (6) During 2022, we purchased four skilled nursing centers and leased these properties under a 10-year lease with an existing operator. The lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 8. Commitments and Contingencies . Impairment Loss. Properties Held -for-Sale. dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ At March 31, 2024 ​ TX ​ ALF (1) 2 ​ n/a (1) $ 3,162 ​ $ 2,773 ​ At December 31, 2023 ​ WI ​ ALF (2) 1 ​ 110 ​ $ 22,007 ​ $ 3,616 ​ (1) These closed properties were sold subsequent to March 31, 2024. ​ (2) This community was sold during the three months ended March 31, 2024. ​ Acquisitions. During the three months ended March 31, 2024, we acquired a parcel of land in Kansas adjacent to an existing community operated by Brookdale for a total cost of $315,000 . Rent was increased by 8% of our total cost of the investment. During the three months ended March 31, 2023, we did not have any acquisitions. Intangible Assets. We make estimates as part of our allocation of the purchase price of acquisitions to various components of 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 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. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Assets ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net In-place leases ​ $ 11,155 (1) ​ $ (6,218) (2) ​ $ 4,937 ​ $ 11,348 (1) ​ $ (6,109) (2) ​ $ 5,239 Tax abatement intangible ​ $ 8,309 (3) ​ $ (578) (3) ​ $ 7,731 ​ $ 8,309 (3) ​ $ (405) (3) ​ $ 7,904 (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. Improvements. During he following capital improvement projects (in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, Type of Property ​ 2024 ​ ​ 2023 ​ Assisted Living Communities ​ $ 1,133 ​ ​ $ 1,548 ​ Skilled Nursing Centers ​ ​ 196 ​ ​ ​ 973 ​ Other ​ ​ — ​ ​ ​ 87 ​ Total ​ $ 1,329 ​ ​ $ 2,608 ​ ​ Properties Sold (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ (Loss) Gain (1) ​ 2024 ​ Florida ​ ALF ​ 1 ​ 60 ​ $ 4,500 ​ $ 4,579 ​ $ (319) ​ ​ ​ Texas ​ ALF ​ 5 ​ 208 ​ ​ 1,600 ​ ​ 1,282 ​ ​ (356) ​ ​ ​ Wisconsin ​ ALF ​ 1 ​ 110 ​ ​ 20,193 (2) ​ 16,195 ​ ​ 3,986 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ (60) (3) Total ​ ​ ​ ​ ​ 7 ​ 378 ​ $ 26,293 ​ $ 22,056 ​ $ 3,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Kentucky ​ ALF ​ 1 ​ 60 ​ $ 11,000 ​ $ 10,710 ​ $ 72 ​ ​ ​ New Mexico ​ SNF ​ 2 ​ 235 ​ ​ 21,250 ​ ​ 5,379 ​ ​ 15,301 ​ Total ​ ​ ​ ​ ​ 3 ​ 295 ​ $ 32,250 ​ $ 16,089 ​ $ 15,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( (1) Calculation of net gain includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable. ​ (2) Represents the price to sell our portion of interest in a JV, net of the JV partner’s $2,305 contributions in the joint venture. ​ (3) We recognized additional loss due to additional incurred costs related to properties sold during 2023 . ​ Financing Receivables. Financing receivables Consolidated Balance Sheets Interest income from financing receivables Consolidated Statements of Income The following tables provide information regarding our investments in financing receivables ( 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 ​ ​ 76,669 ​ ​ 62,344 ​ ​ ​ ​ ​ ​ 14 ​ 822 ​ $ 197,990 ​ $ 179,834 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Initial ​ Interest Income from Financing Receivables Lease ​ ​ of ​ Contractual ​ Three Months Ended March 31, Maturity ​ ​ Properties ​ Cash Yield ​ ​ 2024 ​ ​ 2023 2033 (1) ​ ALF/MC ​ 7.25 % ​ $ 2,426 ​ $ 2,345 2032 (2) ​ SNF ​ 7.25 % ​ ​ 1,404 ​ ​ 1,406 ​ ​ ​ ​ ​ ​ ​ ​ $ 3,830 ​ $ 3,751 (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% . ​ (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 ​ $ 2,013 ​ OTH ​ 0.4 % 1 ​ — (3) — ​ — ​ $ n/a 7.5% ​ 2024 ​ LA ​ ​ 29,346 ​ SNF ​ 6.0 % 1 ​ 1 ​ 189 ​ — ​ $ 155.27 7.5% ​ 2024 ​ GA ​ ​ 51,111 ​ ALF ​ 10.5 % 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 ​ 3.5 % 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 ​ ​ 58,519 ​ ALF ​ 12.1 % 1 ​ 13 ​ — ​ 523 ​ $ 111.89 7.3% (4) ​ 2026 ​ NC ​ ​ 34,043 ​ ALF ​ 7.0 % 1 ​ 4 ​ — ​ 217 ​ $ 156.88 7.3% (4) ​ 2026 ​ NC ​ ​ 826 ​ OTH ​ 0.2 % 1 ​ — (5) — ​ — ​ $ n/a 8.8% (6) ​ 2026 ​ MI ​ ​ 2,940 ​ UDP ​ 0.6 % 1 ​ — (6) — ​ — ​ $ n/a 8.8% ​ 2028 ​ IL ​ ​ 16,500 ​ SNF ​ 3.4 % 1 ​ 1 ​ 150 ​ — ​ $ 110.00 10.8% (7) ​ 2043 ​ MI ​ ​ 183,966 ​ SNF ​ 37.9 % 1 ​ 15 ​ 1,875 ​ — ​ $ 98.12 9.8% (7) ​ 2045 ​ MI ​ ​ 39,850 ​ SNF ​ 8.2 % 1 ​ 4 ​ 480 — ​ $ 83.02 10.1% (7) ​ 2045 ​ MI ​ 19,700 ​ SNF ​ 4.1 % 1 ​ 2 ​ 201 — ​ $ 98.01 10.5% (7) ​ 2045 ​ MI ​ ​ 14,825 ​ SNF ​ 3.1 % 1 ​ 1 ​ 146 ​ — ​ $ 101.54 Total ​ ​ ​ ​ ​ $ 485,095 ​ ​ ​ 100.0 % 15 ​ 46 ​ 3,041 1,192 ​ $ 114.60 (1) Some loans contain certain guarantees and provide for certain facility fees. ​ (2) Our mortgage loans are secured by properties located in eight states with nine 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 with 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) During the third quarter of 2023, we committed to fund a $19,500 mortgage loan for the construction of an 85 -unit ALF and MC in Michigan. The borrower contributed $12,100 of equity, which initially funded the construction. In 2024, once all of the borrower’s equity was drawn, we began funding the commitment. Our remaining commitment is $16,600 . The interest-only 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. ​ (7) Mortgage loans provide for 2.25% annual increases in the interest rate. ​ ​ The following table summarizes our mortgage loan activity for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Originations and funding under mortgage loans receivable ​ $ 3,128 (1) ​ $ 62,844 (2) Application of interest reserve ​ ​ 14 ​ ​ ​ 1,149 ​ Scheduled principal payments received ​ ​ (125) ​ ​ ​ (125) ​ Mortgage loan premium amortization ​ ​ (2) ​ ​ ​ (2) ​ Provision for loan loss reserve ​ ​ (31) ​ ​ ​ (639) ​ Net increase in mortgage loans receivable ​ $ 2,984 ​ ​ $ 63,227 ​ (1) We funded the following: ​ (a) $2,940 under a $19,500 mortgage loan commitment for the construction of an 85 -unit ALF and MC in Michigan. The borrower contributed $12,100 of equity upon origination in July 2023, which was used to initially fund the construction. Our remaining commitment is $16,600 . The interest-only 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; and ​ (b) $188 of additional funding under other mortgage loan receivables. ​ (2) We originated and funded the following: ​ (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; and ​ (c) $983 of additional funding under other mortgage loans receivable. ​

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2024
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	3. Investment in Unconsolidated Joint Ventures We have preferred equity investments in two joint ventures. We determined that each of these JVs meets the accounting criteria to be considered a variable interest entity (“VIE”). We are not the primary beneficiary of the JVs as we do not have both: 1) the power to direct the activities that most significantly affect the JVs’ 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 have accounted for the JVs 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 (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 362 ​ $ 19,340 ​ (1) 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% with 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) 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. ​ (3) Subsequent to March 31, 2024, we originated a $12,700 mortgage loan to a current operator in order to acquire a skilled nursing and assisted living campus in Texas. The mortgage loan is secured by this property. In accordance with GAAP, this mortgage loan was determined to be an acquisition, development and construction (“ADC”) loan and will be accounted for as an unconsolidated JV. The campus was built in 2017 and includes 78 units (48 skilled nursing and 30 assisted living) and 104 licensed beds (70 skilled nursing and 34 assisted living). The five-year mortgage loan is interest only at a current rate of 9.15% . The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Income ​ ​ Non-cash ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Earned ​ ​ Income Accrued ​ 2024 ​ ALF/MC ​ $ — ​ $ 112 ​ $ 112 ​ $ — ​ ​ ​ ILF/ALF (1) ​ ​ — ​ ​ 264 ​ ​ — ​ ​ 264 ​ Total ​ ​ ​ $ — ​ $ 376 ​ $ 112 ​ $ 264 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ALF/MC ​ $ — ​ $ 112 ​ $ — ​ $ 112 ​ ​ ​ UDP (1) ​ ​ — ​ ​ 264 ​ ​ — ​ ​ 264 ​ Total ​ ​ ​ $ — ​ $ 376 ​ $ — ​ $ 376 ​ (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	3 Months Ended
	Mar. 31, 2024
Notes Receivable.
Notes Receivable	4. Notes Receivable Notes receivable consist of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at March 31, 2024 ( 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 ​ 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 ​ 7.4% ​ — ​ ​ 2030 ​ Working capital ​ ​ 957 ​ ​ 1 ​ ALF ​ 0.0% ​ — ​ ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 60,551 (1) ​ 8 ​ ​ ​ (1) Excludes the impact of credit loss reserve. ​ The following table is a summary of our notes receivable components as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2024 ​ At December 31, 2023 Mezzanine loans $ 42,000 ​ $ 42,000 ​ Working capital loans ​ 18,551 ​ ​ 19,101 ​ Notes receivable credit loss reserve ​ (605) ​ ​ (611) ​ Total $ 59,946 ​ $ 60,490 ​ ​ The following table summarizes our notes receivable activity for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Advances under notes receivable $ — ​ $ 605 ​ Principal payments received under notes receivable ​ (550) ​ ​ (12,641) (1) Recovery of credit losses ​ 6 ​ ​ 120 ​ Net decrease in notes receivable $ (544) ​ $ (11,916) ​ (1) 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. ​ ​

Lease Incentives

Lease Incentives	3 Months Ended
	Mar. 31, 2024
Lease Incentives
Lease Incentives	5. Lease Incentives Our non-contingent lease incentive balances at March 31, 2024 and December 31, 2023 were $3,578,000 and $2,607,000, respectively. The following table summarizes our lease incentives activity for the three months ended March 31, 2024 and 2023 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ Lease incentives funded ​ $ 1,395 (1) ​ $ — ​ Amortization of lease incentives ​ ​ (233) ​ ​ ​ (209) ​ Other adjustments ​ ​ (191) (2) ​ ​ (9) (2) Net increase (decrease) in non-contingent lease incentives ​ $ 971 ​ ​ $ (218) ​ (1) Included in the balance is $1,107 related to transitioning the Brookdale portfolio. ​ (2) 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	3 Months Ended
	Mar. 31, 2024
Debt Obligations
Debt Obligations	6. Debt Obligations Unsecured Credit Facility. Based on our leverage at March 31, 2024, the facility provides for interest annually at Adjusted SOFR plus 115 basis points and a facility fee of 20 basis points and the Term Loans provide for interest annually at Adjusted SOFR plus 135 basis points. Interest Rate Swap Agreements. In connection with entering into the Term Loans described above, we entered into four Consolidated Balance Sheets Prepaid expenses and other assets in the fair value of these instruments recognized in Accumulated other comprehensive income (loss) Consolidated Balance Sheets Information regarding our interest rate swaps measured at fair value, which are classified as Level 2 of the fair value hierarchy is presented below ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Fair Value at ​ Date Entered ​ Maturity Date ​ Swap Rate ​ Rate Index ​ ​ Amount ​ ​ March 31, 2024 ​ ​ ​ December 31, 2023 ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 2,750 ​ ​ $ 2,698 ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 3,738 ​ ​ ​ 3,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 6,488 ​ ​ $ 6,110 ​ ​ Senior Unsecured Notes. The senior unsecured notes and the Credit Agreement, including the Revolving Line of Credit and the Term Loans, contain financial covenants, which are measured quarterly, that require us to maintain, among other things: ● a ratio of total indebtedness to total asset value not greater than 0.6 to 1.0; ​ ● a ratio of secured debt to total asset value not greater than 0.35 to 1.0; ​ ● a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and ● a ratio of EBITDA, as calculated in the debt obligation, to fixed charges not less than 1.50 to 1.0. At March 31, 2024, 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 March 31, 2024 and December 31, 2023 ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2024 ​ At December 31, 2023 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Revolving line of credit ​ 6.52% ​ $ 277,050 ​ $ 122,950 ​ $ 302,250 ​ $ 97,750 ​ Term loans, net of debt issue costs ​ 2.69% ​ ​ 99,695 ​ ​ — ​ ​ 99,658 ​ ​ — ​ Senior unsecured notes, net of debt issue costs ​ 4.20% ​ ​ 483,466 ​ ​ — ​ ​ 489,409 ​ ​ — ​ Total ​ 4.77% ​ $ 860,211 ​ $ 122,950 ​ $ 891,317 ​ $ 97,750 ​ (1) Represents weighted average of interest rate as of March 31, 2024. ​ ​ During the three months ended March 31, 2024 and 2023, our debt borrowings and repayments were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 ​ Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Revolving line of credit ​ $ 10,300 ​ $ (35,500) ​ $ 162,700 ​ $ (22,600) ​ Senior unsecured notes ​ ​ — ​ ​ (6,000) ​ ​ — ​ ​ (7,000) ​ Total ​ $ 10,300 ​ $ (41,500) ​ $ 162,700 ​ $ (29,600) ​ ​

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity
Equity	7. Equity Non-controlling Interests. As of March 31, 2024, we have the following consolidated VIEs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets (1) ​ ​ Interests ​ 2023 ​ Owned real estate ​ ILF/ALF/MC ​ OH ​ $ 54,758 ​ $ 9,134 ​ 2023 ​ Owned real estate ​ ALF/MC ​ NC ​ ​ 121,321 ​ ​ 3,831 ​ 2022 ​ Owned real estate ​ SNF ​ FL ​ ​ 76,669 ​ ​ 14,325 ​ 2018 ​ Owned real estate ​ ILF ​ OR ​ ​ 14,650 ​ ​ 2,907 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 18,452 ​ ​ 1,156 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,240 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 297,530 ​ $ 32,593 ​ (1) Includes the total real estate investments and excludes intangible assets. Common Stock. During the three months ended March 31, 2023, we sold 48,500 shares of common stock for $1,777,000 in net proceeds under our Equity Distribution Agreements. In conjunction with the sale of common stock, we incurred $80,000 of costs associated with this agreement which have been recorded in additional paid in capital as a reduction of proceeds received. During the three months ended March 31, 2024, we sold 139,100 shares of common stock for $4,453,000 in net proceeds under our Equity Distribution Agreements. In conjunction with the sale of common stock, we incurred $116,000 of costs associated with this agreement which have been recorded in additional paid in capital as a reduction of proceeds received. At March 31, 2024, we had $71,509,000 available under the Equity Distribution Agreements. Subsequent to March 31, 2024, we sold 204,700 shares of common stock for $6,522,000 in net proceeds under our Equity Distribution Agreements. Accordingly, we have $64,905,000 available under our Equity Distribution Agreements after the sale of these additional shares. During the three months ended March 31, 2024 and 2023, we acquired 49,540 shares and 41,350 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Available Shelf Registration. Distributions. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 24,616 ​ $ 24,616 ​ $ 23,563 ​ $ 23,563 ​ ​ (1) Represents $0.19 per share per month for the three months ended March 31, 2024 and 2023. In April 2024, we declared a monthly cash dividend Stock-Based Compensation committee at its discretion. Beginning in the first quarter of 2024, we entered into Performance Stock Unit Award Agreements, based upon absolute and relative total shareholder return, under the 2021 Plan. Forms of such Performance Stock Unit Award Agreements are filed as exhibits to this quarter report. During the three months ended March 31, 2024 and 2023, no stock options were granted or exercised. exercisable The following table summarizes our restricted stock activity for the three months ended March 31, 2024 and 2023 : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 ​ Outstanding, January 1 ​ ​ 258,620 ​ ​ 229,236 ​ Granted ​ ​ 159,536 ​ ​ 127,960 ​ Vested ​ ​ (114,782) ​ ​ (98,206) ​ Cancelled ​ ​ — ​ ​ (1,085) ​ Outstanding, March 31 ​ ​ 303,374 ​ ​ 257,905 ​ ​ No performance-based stock units vested during the three months ended March 31, 2024, and 2023. During the three months ended March 31, 2024 and 2023, we granted restricted stock and performance-based stock units under the 2021 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ ​ ​ Year ​ Shares/Units ​ Share ​ Reward Type ​ Vesting Period ​ 2024 ​ 159,536 ​ $ 30.72 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 69,610 ​ $ 31.84 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 62,914 ​ $ 31.84 ​ Performance-based stock units ​ TSR targets (2) ​ ​ ​ 292,060 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 127,960 ​ $ 37.16 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,867 ​ $ 37.16 ​ Performance-based stock units ​ TSR targets (3) ​ ​ ​ 214,827 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 3 years . ​ (2) Vesting is based on achieving certain TSR targets relative to the TSR of a predefined peer group in 3 years . ​ (3) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 4 years with acceleration opportunity in 3 years . Compensation expense recognized related to the vesting of restricted common stock and performance-based stock units for the three months ended March 31, 2024 and 2023 were $2,202,000 and $2,088,000 , respectively. At March 31, 2024, 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 (in thousands): ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense April - December 2024 ​ $ 6,484 2025 ​ ​ 6,266 2026 ​ ​ 3,385 2027 ​ ​ 369 Total ​ $ 16,504 ​ ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies At March 31, 2024, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2024 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties ote 2. Real Estate Investments ​ $ 22,442 (1) $ 1,026 ​ $ 5,184 ​ $ 17,258 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 16,125 (2) ​ 189 ​ ​ 1,647 ​ ​ 14,478 Mortgage loans (N ote 2. Real Estate Investments ​ ​ 43,598 (3) ​ 3,128 ​ ​ 10,306 ​ ​ 33,292 Notes receivable (N ote 4. Notes Receivable ​ ​ 1,190 (4) ​ — ​ ​ — ​ ​ 1,190 Total ​ $ 83,355 ​ $ 4,343 ​ $ 17,137 ​ $ 66,218 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and skilled nursing 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 2. 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. Additionally, some of our lease agreements provide purchase options allowing the lessee to purchase the properties they currently lease from us. See Note 2. 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.

Major Operators

Major Operators	3 Months Ended
	Mar. 31, 2024
Major Operators
Major Operators	9. Major Operators We have one operator that represents 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operator as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenues ​ ​ Assets (1) ​ ​ Prestige Healthcare (2) ​ 24 ​ — ​ 2,820 ​ 93 ​ 16.0 % ​ 14.6 % ​ ​ (1) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets. ​ (2) The majority of the revenue derived from this operator relates to interest income from mortgage loans. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, continuing impact upon services or occupancy levels due to COVID-19, or in the event any such operator does not renew and/or extend its relationship with us.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings per Share
Earnings per Share	10. Earnings per Share The following table sets forth the computation of basic and diluted net income per share ( in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 ​ 2023 ​ Net income $ 24,689 $ 33,561 ​ Less income allocated to non-controlling interests (459) ​ (427) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities (165) ​ (147) ​ Income allocated to participating securities — ​ (58) ​ Total net income allocated to participating securities (165) ​ (205) ​ Net income available to common stockholders 24,065 ​ 32,929 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Participating securities (1) ​ — ​ ​ — ​ Net income for diluted net income per share $ 24,065 ​ $ 32,929 ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share 42,891 ​ 41,082 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options (1) — ​ — ​ Performance-based stock units ​ 141 ​ ​ 107 ​ Participating securities (1) ​ — ​ ​ — ​ Total effect of dilutive securities 141 ​ 107 ​ Shares for diluted net income per share 43,032 ​ 41,189 ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 0.56 ​ $ 0.80 ​ Diluted net income per share $ 0.56 ​ $ 0.80 ​ (1) For the three months ended March 31, 2024 and 2023, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements
Fair Value Measurements	11. 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 elect the fair value option for any of our financial assets and financial liabilities. The carrying amount of cash and cash equivalents approximates their 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 estimated fair value of our financial instruments as of March 31, 2024 and December 31, 2023 were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2024 ​ At December 31, 2023 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivables, net of credit loss reserve ​ $ 196,010 ​ $ 199,381 (1) $ 196,032 ​ $ 199,199 (1) Mortgage loans receivable, net of credit loss reserve ​ ​ 480,250 ​ ​ 564,493 (2) ​ 477,266 ​ ​ 554,993 (2) Notes receivable, net of credit loss reserve ​ 59,946 ​ 67,278 (3) 60,490 ​ 67,877 (3) Revolving line of credit ​ 277,050 ​ ​ 277,050 (4) ​ 302,250 ​ ​ 302,250 (4) Term loans, net of debt issue costs ​ ​ 99,695 ​ ​ 100,000 (4) ​ 99,658 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 483,466 ​ ​ 435,801 (5) ​ 489,409 ​ ​ 439,865 (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 March 31, 2024 and December 31, 2023 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 March 31, 2024 and December 31, 2023 was 9.2% . ​ (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 March 31, 2024 and December 31, 2023 was 6.9% . ​ (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 March 31, 2024 and December 31, 2023 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 March 31, 2024, 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, 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events
Subsequent Events	12. Subsequent Events Subsequent to March 31, 2024, the following events occurred: Real Estate. We sold two closed properties located in Texas for $500,000 and received proceeds of approximately $400,000 , net of transaction costs. At March 31, 2024, these properties were classified as held-for-sale. See Note 2. Real Estate Investments — Properties Held-for-Sale for more information. Unconsolidated Joint Venture. We originated a property. In accordance with GAAP, this mortgage loan was determined to be an acquisition, development and construction (“ADC”) loan and will be accounted for as an unconsolidated joint venture. The campus was built in 2017 and includes 78 units (48 skilled nursing and 30 assisted living) and 104 licensed beds (70 skilled nursing and 34 assisted living). The five-year loan is interest-only at a current rate of 9.15%. Equity: cash dividend ​

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2024
General
Basis of Presentation	We have prepared consolidated financial statements included herein without audit and in the opinion of management have included all adjustments necessary for a fair presentation of the consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to rules and regulations governing the presentation of interim financial statements. The accompanying consolidated financial statements include the accounts of our company and its wholly-owned subsidiaries.
Reclassifications	All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results for a full year.
Income taxes	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 March 31, 2024, the total balance of accrued interest receivable of $55,842,000 was not included in the measurement of expected credit loss. For the three months ended March 31, 2024 and 2023, we did not recognize any write-off related to accrued interest receivable. No provision has been made for federal or state income taxes. Our company qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As such, we generally are not taxed on income that is distributed to our stockholders.

General (Tables)

General (Tables)	3 Months Ended
	Mar. 31, 2024
General
Summary of expected credit losses related to our financial instruments	The expected credit losses related to our financial instruments that are within the scope of ASC 326 are as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ ​ Balance ​ ​ ​ at ​ Increase ​ at ​ Description ​ 12/31/2023 ​ /(Decrease) ​ 3/31/2024 ​ Credit Loss Reserve- Financing Receivables ​ $ 1,980 ​ $ — ​ $ 1,980 ​ Credit Loss Reserve- Mortgage Loans Receivable ​ $ 4,814 ​ $ 31 ​ $ 4,845 ​ Credit Loss Reserve-Notes Receivable ​ $ 611 ​ $ (6) ​ $ 605 ​

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate Investments
Summary of investments in owned properties	The following table summarizes our investments in owned properties at March 31, 2024 (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Percentage ​ Number ​ Number of ​ Investment ​ ​ Gross ​ of ​ of ​ SNF ​ ALF ​ per Type of Property ​ Investment ​ Investment ​ Properties (1) ​ Beds (2) ​ Units (2) ​ Bed/Unit Assisted Living ​ $ 733,901 ​ 54.6 % 76 ​ — ​ 4,421 ​ $ 166.00 ​ Skilled Nursing ​ ​ 597,015 ​ 44.5 % 50 ​ 6,113 ​ 236 ​ $ 94.03 ​ Other (3) ​ ​ 12,005 ​ 0.9 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,342,921 ​ 100.0 % 127 ​ 6,231 ​ 4,657 ​ ​ ​ ​ (1) We own properties in 23 states that are leased to 23 different operators. ​ (2) Includes three parcels of land held-for-use, and one behavioral health care hospital.
Schedule of assisted living portfolio property	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ Number ​ ​ First ​ ​ ​ ​ ​ Lease ​ ​ ​ of ​ of ​ ​ of ​ ​ Year ​ ​ Lease ​ ​ Commencement ​ State ​ Property ​ Properties ​ ​ Units ​ ​ Rent ​ ​ Term ​ ​ November 2023 ​ OK ​ ALF ​ 5 (1) ​ 184 ​ $ 960 ​ ​ Three years ​ ​ January 2024 ​ CO, KS, OH, TX ​ ALF ​ 17 (2) ​ 738 ​ ​ 9,325 ​ ​ Six years ​ ​ January 2024 ​ NC ​ ALF ​ 5 (3) ​ 210 ​ ​ 3,300 ​ ​ Six years ​ ​ ​ ​ ​ ​ ​ ​ 27 ​ ​ 1,132 ​ $ 13,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ of ​ ​ Sales ​ ​ Net ​ ​ Year sold ​ State ​ Property ​ Properties ​ ​ Units ​ ​ Price ​ ​ Proceeds (4) ​ ​ 2023 ​ FL ​ ALF ​ 4 ​ ​ 176 ​ $ 18,750 ​ $ 14,310 (5) ​ 2023 ​ OK ​ ALF ​ 1 ​ ​ 37 ​ ​ 800 ​ ​ 769 ​ ​ 2023 ​ SC ​ ALF ​ 3 ​ ​ 128 ​ ​ 8,409 ​ ​ 8,153 ​ ​ ​ ​ ​ ​ ALF ​ 8 ​ ​ 341 ​ $ 27,959 ​ $ 23,232 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ 35 ​ ​ 1,473 ​ ​ ​ ​ ​ ​ ​ ​ (1) These communities were transitioned to an existing LTC operator. 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. Rent increases to $984 in the second year, and $1,150 in the third year. ​ (2) These communities were re-leased to Brookdale under a new master lease. Rent escalates by approximately 2.0% annually. The new master lease includes a purchase option that can be exercised in 2029. We also agreed to fund $7,200 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. ​ (3) These communities were transitioned to an operator new to us. Rent escalates by approximately 3.0% annually. ​ (4) Net of transaction costs and seller financing, if any. ​ (5) We provided seller financing collateralized by two of the Florida properties, with a total of 92 units. The $4,000 seller-financed mortgage loan has a two-year term, with a one-year extension, at an interest rate of 8.75% .
Summary of components of our rental income	The following table summarizes components of our rental income for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ Rental Income ​ ​ 2024 ​ ​ 2023 ​ Contractual cash rental income ​ $ 30,951 (1) $ 29,125 (1) Variable cash rental income ​ ​ 3,381 (2) ​ 3,284 (2) Straight-line rent ​ ​ (550) ​ ​ (465) ​ Amortization of lease incentives ​ ​ (233) ​ ​ (209) ​ Total ​ $ 33,549 ​ $ 31,735 ​ (1) Increased primarily due to $2,377 repayment of rent credit in connection with the sale of our interest in a consolidated joint venture (“JV), rental income from 2023 acquisitions and annual rent escalations, partially offset by property sales and transitioned portfolios. ​ (2) The variable rental income for the three months ended March 31, 2024, and 2023 includes reimbursement of real estate taxes by our lessees. ​
Summary of information about purchase options included in our lease agreements	The following table summarizes information about purchase options included in our lease agreements (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Net Book ​ Option ​ State ​ Property ​ Properties ​ ​ Investments (1) ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 32,542 ​ 2023-2029 ​ Colorado/Kansas/Ohio/Texas ​ ALF/MC ​ 17 ​ ​ 58,723 ​ ​ 26,089 ​ 2029 (2) Florida ​ SNF ​ 3 ​ ​ 76,669 ​ ​ 76,669 ​ 2025-2027 ​ Georgia/South Carolina ​ ALF/MC ​ 2 ​ ​ 31,433 ​ ​ 24,682 ​ 2027 ​ North Carolina ​ ALF/MC ​ 11 ​ ​ 121,321 ​ ​ 121,321 ​ 2025-2028 (3) North Carolina ​ ALF ​ 5 ​ ​ 14,404 ​ ​ 6,844 ​ 2029 (4) Ohio ​ MC ​ 1 ​ ​ 16,161 ​ ​ 13,378 ​ 2024-2025 ​ Ohio ​ ILF/ALF/MC ​ 1 ​ ​ 54,758 ​ ​ 52,946 ​ 2025-2027 ​ Oklahoma ​ ALF/MC ​ 5 ​ ​ 11,221 ​ ​ 4,332 ​ 2027-2029 (5) Tennessee ​ SNF ​ 2 ​ ​ 5,275 ​ ​ 2,227 ​ 2023-2024 ​ Texas ​ SNF ​ 4 ​ ​ 52,726 ​ ​ 50,036 ​ 2027-2029 (6) Total ​ ​ ​ ​ ​ $ 481,586 ​ $ 411,066 ​ ​ ​ (1) Gross investments include previously recorded impairment losses, if any. ​ (2) During 2023, we released 17 ALFs with a total of 738 units to Brookdale under a new six-year master lease. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029. See above for more information. ​ (3) 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. ​ (4) During 2023, we transferred five ALFs with a total of 210 units from Brookdale to an operator new to us. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029. See above for more information. ​ (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 commenced in November 2023 and includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. See above for more information. ​ (6) During 2022, we purchased four skilled nursing centers and leased these properties under a 10-year lease with an existing operator. The lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 8. Commitments and Contingencies .
Schedule of properties held-for-sale	The following summarizes our held-for-sale properties as of March 31, 2024 and December 31, 2023 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ At March 31, 2024 ​ TX ​ ALF (1) 2 ​ n/a (1) $ 3,162 ​ $ 2,773 ​ At December 31, 2023 ​ WI ​ ALF (2) 1 ​ 110 ​ $ 22,007 ​ $ 3,616 ​ (1) These closed properties were sold subsequent to March 31, 2024. ​ (2) This community was sold during the three months ended March 31, 2024.
Summary of the carrying amount of intangible assets	The following is a summary of the carrying amount of intangible assets as of March 31, 2024 and December 31, 2023 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Assets ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net In-place leases ​ $ 11,155 (1) ​ $ (6,218) (2) ​ $ 4,937 ​ $ 11,348 (1) ​ $ (6,109) (2) ​ $ 5,239 Tax abatement intangible ​ $ 8,309 (3) ​ $ (578) (3) ​ $ 7,731 ​ $ 8,309 (3) ​ $ (405) (3) ​ $ 7,904 (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 developments and improvement projects	During he following capital improvement projects (in thousands) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, Type of Property ​ 2024 ​ ​ 2023 ​ Assisted Living Communities ​ $ 1,133 ​ ​ $ 1,548 ​ Skilled Nursing Centers ​ ​ 196 ​ ​ ​ 973 ​ Other ​ ​ — ​ ​ ​ 87 ​ Total ​ $ 1,329 ​ ​ $ 2,608 ​
Schedule of property sold	The following table summarizes property sales during the three months ended March 31, 2024 and 2023 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ (Loss) Gain (1) ​ 2024 ​ Florida ​ ALF ​ 1 ​ 60 ​ $ 4,500 ​ $ 4,579 ​ $ (319) ​ ​ ​ Texas ​ ALF ​ 5 ​ 208 ​ ​ 1,600 ​ ​ 1,282 ​ ​ (356) ​ ​ ​ Wisconsin ​ ALF ​ 1 ​ 110 ​ ​ 20,193 (2) ​ 16,195 ​ ​ 3,986 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ (60) (3) Total ​ ​ ​ ​ ​ 7 ​ 378 ​ $ 26,293 ​ $ 22,056 ​ $ 3,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Kentucky ​ ALF ​ 1 ​ 60 ​ $ 11,000 ​ $ 10,710 ​ $ 72 ​ ​ ​ New Mexico ​ SNF ​ 2 ​ 235 ​ ​ 21,250 ​ ​ 5,379 ​ ​ 15,301 ​ Total ​ ​ ​ ​ ​ 3 ​ 295 ​ $ 32,250 ​ $ 16,089 ​ $ 15,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( (1) Calculation of net gain includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable. ​ (2) Represents the price to sell our portion of interest in a JV, net of the JV partner’s $2,305 contributions in the joint venture. ​ (3) We recognized additional loss due to additional incurred costs related to properties sold during 2023 .
Schedule of investments in financing receivables	The following tables provide information regarding our investments in financing receivables ( 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 ​ ​ 76,669 ​ ​ 62,344 ​ ​ ​ ​ ​ ​ 14 ​ 822 ​ $ 197,990 ​ $ 179,834 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Initial ​ Interest Income from Financing Receivables Lease ​ ​ of ​ Contractual ​ Three Months Ended March 31, Maturity ​ ​ Properties ​ Cash Yield ​ ​ 2024 ​ ​ 2023 2033 (1) ​ ALF/MC ​ 7.25 % ​ $ 2,426 ​ $ 2,345 2032 (2) ​ SNF ​ 7.25 % ​ ​ 1,404 ​ ​ 1,406 ​ ​ ​ ​ ​ ​ ​ ​ $ 3,830 ​ $ 3,751 (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% . ​ (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 2,013 ​ OTH ​ 0.4 % 1 ​ — (3) — ​ — ​ $ n/a 7.5% ​ 2024 ​ LA ​ ​ 29,346 ​ SNF ​ 6.0 % 1 ​ 1 ​ 189 ​ — ​ $ 155.27 7.5% ​ 2024 ​ GA ​ ​ 51,111 ​ ALF ​ 10.5 % 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 ​ 3.5 % 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 ​ ​ 58,519 ​ ALF ​ 12.1 % 1 ​ 13 ​ — ​ 523 ​ $ 111.89 7.3% (4) ​ 2026 ​ NC ​ ​ 34,043 ​ ALF ​ 7.0 % 1 ​ 4 ​ — ​ 217 ​ $ 156.88 7.3% (4) ​ 2026 ​ NC ​ ​ 826 ​ OTH ​ 0.2 % 1 ​ — (5) — ​ — ​ $ n/a 8.8% (6) ​ 2026 ​ MI ​ ​ 2,940 ​ UDP ​ 0.6 % 1 ​ — (6) — ​ — ​ $ n/a 8.8% ​ 2028 ​ IL ​ ​ 16,500 ​ SNF ​ 3.4 % 1 ​ 1 ​ 150 ​ — ​ $ 110.00 10.8% (7) ​ 2043 ​ MI ​ ​ 183,966 ​ SNF ​ 37.9 % 1 ​ 15 ​ 1,875 ​ — ​ $ 98.12 9.8% (7) ​ 2045 ​ MI ​ ​ 39,850 ​ SNF ​ 8.2 % 1 ​ 4 ​ 480 — ​ $ 83.02 10.1% (7) ​ 2045 ​ MI ​ 19,700 ​ SNF ​ 4.1 % 1 ​ 2 ​ 201 — ​ $ 98.01 10.5% (7) ​ 2045 ​ MI ​ ​ 14,825 ​ SNF ​ 3.1 % 1 ​ 1 ​ 146 ​ — ​ $ 101.54 Total ​ ​ ​ ​ ​ $ 485,095 ​ ​ ​ 100.0 % 15 ​ 46 ​ 3,041 1,192 ​ $ 114.60 (1) Some loans contain certain guarantees and provide for certain facility fees. ​ (2) Our mortgage loans are secured by properties located in eight states with nine 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 with 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) During the third quarter of 2023, we committed to fund a $19,500 mortgage loan for the construction of an 85 -unit ALF and MC in Michigan. The borrower contributed $12,100 of equity, which initially funded the construction. In 2024, once all of the borrower’s equity was drawn, we began funding the commitment. Our remaining commitment is $16,600 . The interest-only 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. ​ (7) Mortgage loans provide for 2.25% annual increases in the interest rate.
Schedule of mortgage loan activity	​ ​ The following table summarizes our mortgage loan activity for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Originations and funding under mortgage loans receivable ​ $ 3,128 (1) ​ $ 62,844 (2) Application of interest reserve ​ ​ 14 ​ ​ ​ 1,149 ​ Scheduled principal payments received ​ ​ (125) ​ ​ ​ (125) ​ Mortgage loan premium amortization ​ ​ (2) ​ ​ ​ (2) ​ Provision for loan loss reserve ​ ​ (31) ​ ​ ​ (639) ​ Net increase in mortgage loans receivable ​ $ 2,984 ​ ​ $ 63,227 ​ (1) We funded the following: ​ (a) $2,940 under a $19,500 mortgage loan commitment for the construction of an 85 -unit ALF and MC in Michigan. The borrower contributed $12,100 of equity upon origination in July 2023, which was used to initially fund the construction. Our remaining commitment is $16,600 . The interest-only 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; and ​ (b) $188 of additional funding under other mortgage loan receivables. ​ (2) We originated and funded the following: ​ (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; and ​ (c) $983 of additional funding under other mortgage loans receivable.

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2024
Investment in Unconsolidated Joint Ventures
Summary of the preferred equity investments	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 (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 362 ​ $ 19,340 ​ (1) 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% with 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) 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. ​ (3) Subsequent to March 31, 2024, we originated a $12,700 mortgage loan to a current operator in order to acquire a skilled nursing and assisted living campus in Texas. The mortgage loan is secured by this property. In accordance with GAAP, this mortgage loan was determined to be an acquisition, development and construction (“ADC”) loan and will be accounted for as an unconsolidated JV. The campus was built in 2017 and includes 78 units (48 skilled nursing and 30 assisted living) and 104 licensed beds (70 skilled nursing and 34 assisted living). The five-year mortgage loan is interest only at a current rate of 9.15% .
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures	The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ of ​ ​ Capital ​ ​ Income ​ ​ Cash Income ​ ​ Non-cash ​ Year ​ Properties ​ ​ Contribution ​ ​ Recognized ​ ​ Earned ​ ​ Income Accrued ​ 2024 ​ ALF/MC ​ $ — ​ $ 112 ​ $ 112 ​ $ — ​ ​ ​ ILF/ALF (1) ​ ​ — ​ ​ 264 ​ ​ — ​ ​ 264 ​ Total ​ ​ ​ $ — ​ $ 376 ​ $ 112 ​ $ 264 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ALF/MC ​ $ — ​ $ 112 ​ $ — ​ $ 112 ​ ​ ​ UDP (1) ​ ​ — ​ ​ 264 ​ ​ — ​ ​ 264 ​ Total ​ ​ ​ $ — ​ $ 376 ​ $ — ​ $ 376 ​ (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)	3 Months Ended
	Mar. 31, 2024
Notes Receivable.
Summary of investments in notes receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 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 ​ 7.4% ​ — ​ ​ 2030 ​ Working capital ​ ​ 957 ​ ​ 1 ​ ALF ​ 0.0% ​ — ​ ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 60,551 (1) ​ 8 ​ ​ ​ (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 as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2024 ​ At December 31, 2023 Mezzanine loans $ 42,000 ​ $ 42,000 ​ Working capital loans ​ 18,551 ​ ​ 19,101 ​ Notes receivable credit loss reserve ​ (605) ​ ​ (611) ​ Total $ 59,946 ​ $ 60,490 ​
Summary of notes receivable activity	The following table summarizes our notes receivable activity for the three months ended March 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Advances under notes receivable $ — ​ $ 605 ​ Principal payments received under notes receivable ​ (550) ​ ​ (12,641) (1) Recovery of credit losses ​ 6 ​ ​ 120 ​ Net decrease in notes receivable $ (544) ​ $ (11,916) ​ (1) 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.

Lease Incentives (Tables)

Lease Incentives (Tables)	3 Months Ended
	Mar. 31, 2024
Lease Incentives
Summary of non-contingent lease incentive activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ Lease incentives funded ​ $ 1,395 (1) ​ $ — ​ Amortization of lease incentives ​ ​ (233) ​ ​ ​ (209) ​ Other adjustments ​ ​ (191) (2) ​ ​ (9) (2) Net increase (decrease) in non-contingent lease incentives ​ $ 971 ​ ​ $ (218) ​ (1) Included in the balance is $1,107 related to transitioning the Brookdale portfolio. ​ (2) Primarily relates to lease incentive balance write-off related to property sales.

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Obligations
Schedule of interest rate swaps	Information regarding our interest rate swaps measured at fair value, which are classified as Level 2 of the fair value hierarchy is presented below ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Fair Value at ​ Date Entered ​ Maturity Date ​ Swap Rate ​ Rate Index ​ ​ Amount ​ ​ March 31, 2024 ​ ​ ​ December 31, 2023 ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 2,750 ​ ​ $ 2,698 ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 3,738 ​ ​ ​ 3,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 6,488 ​ ​ $ 6,110 ​
Schedule of Debt Obligations	The following table sets forth information regarding debt obligations by component as of March 31, 2024 and December 31, 2023 ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2024 ​ At December 31, 2023 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Revolving line of credit ​ 6.52% ​ $ 277,050 ​ $ 122,950 ​ $ 302,250 ​ $ 97,750 ​ Term loans, net of debt issue costs ​ 2.69% ​ ​ 99,695 ​ ​ — ​ ​ 99,658 ​ ​ — ​ Senior unsecured notes, net of debt issue costs ​ 4.20% ​ ​ 483,466 ​ ​ — ​ ​ 489,409 ​ ​ — ​ Total ​ 4.77% ​ $ 860,211 ​ $ 122,950 ​ $ 891,317 ​ $ 97,750 ​ (1) Represents weighted average of interest rate as of March 31, 2024. ​ ​
Schedule of borrowings and repayments	During the three months ended March 31, 2024 and 2023, our debt borrowings and repayments were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 ​ Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Revolving line of credit ​ $ 10,300 ​ $ (35,500) ​ $ 162,700 ​ $ (22,600) ​ Senior unsecured notes ​ ​ — ​ ​ (6,000) ​ ​ — ​ ​ (7,000) ​ Total ​ $ 10,300 ​ $ (41,500) ​ $ 162,700 ​ $ (29,600) ​ ​

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity
Schedule of consolidated VIEs	As of March 31, 2024, we have the following consolidated VIEs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets (1) ​ ​ Interests ​ 2023 ​ Owned real estate ​ ILF/ALF/MC ​ OH ​ $ 54,758 ​ $ 9,134 ​ 2023 ​ Owned real estate ​ ALF/MC ​ NC ​ ​ 121,321 ​ ​ 3,831 ​ 2022 ​ Owned real estate ​ SNF ​ FL ​ ​ 76,669 ​ ​ 14,325 ​ 2018 ​ Owned real estate ​ ILF ​ OR ​ ​ 14,650 ​ ​ 2,907 ​ 2018 ​ Owned real estate and development ​ ALF/MC ​ OR ​ ​ 18,452 ​ ​ 1,156 ​ 2017 ​ Owned real estate ​ ALF/MC ​ SC ​ ​ 11,680 ​ ​ 1,240 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 297,530 ​ $ 32,593 ​ (1) Includes the total real estate investments and excludes intangible assets.
Schedule of cash dividends declared and paid	Distributions. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 24,616 ​ $ 24,616 ​ $ 23,563 ​ $ 23,563 ​ ​ (1) Represents $0.19 per share per month for the three months ended March 31, 2024 and 2023.
Schedule of restricted stock activity	The following table summarizes our restricted stock activity for the three months ended March 31, 2024 and 2023 : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ 2023 ​ Outstanding, January 1 ​ ​ 258,620 ​ ​ 229,236 ​ Granted ​ ​ 159,536 ​ ​ 127,960 ​ Vested ​ ​ (114,782) ​ ​ (98,206) ​ Cancelled ​ ​ — ​ ​ (1,085) ​ Outstanding, March 31 ​ ​ 303,374 ​ ​ 257,905 ​
Schedule of restricted stock granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ ​ ​ Year ​ Shares/Units ​ Share ​ Reward Type ​ Vesting Period ​ 2024 ​ 159,536 ​ $ 30.72 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 69,610 ​ $ 31.84 ​ Performance-based stock units ​ TSR targets (1) ​ ​ ​ 62,914 ​ $ 31.84 ​ Performance-based stock units ​ TSR targets (2) ​ ​ ​ 292,060 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 127,960 ​ $ 37.16 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,867 ​ $ 37.16 ​ Performance-based stock units ​ TSR targets (3) ​ ​ ​ 214,827 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Vesting is based on achieving certain total shareholder return (“TSR”) targets in 3 years . ​ (2) Vesting is based on achieving certain TSR targets relative to the TSR of a predefined peer group in 3 years . ​ (3) 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 March 31, 2024, 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 (in thousands): ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense April - December 2024 ​ $ 6,484 2025 ​ ​ 6,266 2026 ​ ​ 3,385 2027 ​ ​ 369 Total ​ $ 16,504

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies
Schedule of commitments	At March 31, 2024, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2024 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties ote 2. Real Estate Investments ​ $ 22,442 (1) $ 1,026 ​ $ 5,184 ​ $ 17,258 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 16,125 (2) ​ 189 ​ ​ 1,647 ​ ​ 14,478 Mortgage loans (N ote 2. Real Estate Investments ​ ​ 43,598 (3) ​ 3,128 ​ ​ 10,306 ​ ​ 33,292 Notes receivable (N ote 4. Notes Receivable ​ ​ 1,190 (4) ​ — ​ ​ — ​ ​ 1,190 Total ​ $ 83,355 ​ $ 4,343 ​ $ 17,137 ​ $ 66,218 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and skilled nursing 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 2. 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.

Major Operators (Tables)

Major Operators (Tables)	3 Months Ended
	Mar. 31, 2024
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 ​ ​ Assets (1) ​ ​ Prestige Healthcare (2) ​ 24 ​ — ​ 2,820 ​ 93 ​ 16.0 % ​ 14.6 % ​ ​ (1) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets. ​ (2) The majority of the revenue derived from this operator relates to interest income from mortgage loans.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings per Share
Schedule of basic and diluted net income per share	The following table sets forth the computation of basic and diluted net income per share ( in thousands, except per share amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 ​ 2023 ​ Net income $ 24,689 $ 33,561 ​ Less income allocated to non-controlling interests (459) ​ (427) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities (165) ​ (147) ​ Income allocated to participating securities — ​ (58) ​ Total net income allocated to participating securities (165) ​ (205) ​ Net income available to common stockholders 24,065 ​ 32,929 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Participating securities (1) ​ — ​ ​ — ​ Net income for diluted net income per share $ 24,065 ​ $ 32,929 ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share 42,891 ​ 41,082 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options (1) — ​ — ​ Performance-based stock units ​ 141 ​ ​ 107 ​ Participating securities (1) ​ — ​ ​ — ​ Total effect of dilutive securities 141 ​ 107 ​ Shares for diluted net income per share 43,032 ​ 41,189 ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 0.56 ​ $ 0.80 ​ Diluted net income per share $ 0.56 ​ $ 0.80 ​ (1) For the three months ended March 31, 2024 and 2023, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements
Schedule of carrying value and fair value of the entity's financial instruments	The carrying value and estimated fair value of our financial instruments as of March 31, 2024 and December 31, 2023 were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2024 ​ At December 31, 2023 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivables, net of credit loss reserve ​ $ 196,010 ​ $ 199,381 (1) $ 196,032 ​ $ 199,199 (1) Mortgage loans receivable, net of credit loss reserve ​ ​ 480,250 ​ ​ 564,493 (2) ​ 477,266 ​ ​ 554,993 (2) Notes receivable, net of credit loss reserve ​ 59,946 ​ 67,278 (3) 60,490 ​ 67,877 (3) Revolving line of credit ​ 277,050 ​ ​ 277,050 (4) ​ 302,250 ​ ​ 302,250 (4) Term loans, net of debt issue costs ​ ​ 99,695 ​ ​ 100,000 (4) ​ 99,658 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 483,466 ​ ​ 435,801 (5) ​ 489,409 ​ ​ 439,865 (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 March 31, 2024 and December 31, 2023 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 March 31, 2024 and December 31, 2023 was 9.2% . ​ (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 March 31, 2024 and December 31, 2023 was 6.9% . ​ (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 March 31, 2024 and December 31, 2023 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 March 31, 2024, 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, 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.

General (Details)

General (Details)	3 Months Ended
	Mar. 31, 2024 segment
General
Number of operating segments	1

General - Expected Credit Losse

General - Expected Credit Losses Related to Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
General
Financing Receivables, Beginning balance	$ 1,980
Mortgage Loans Receivable, Beginning balance	4,814
Notes Receivable, Beginning balance	611
Mortgage Loans Receivable, Increase/(Decrease)	31
Notes Receivable, Increase/(Decrease)	(6)
Financing Receivables, Ending balance	1,980
Mortgage Loans Receivable, Ending balance	4,845
Notes Receivable, Ending balance	$ 605

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) item property state $ / item
Real Estate [Line Items]
Gross Investment | $	$ 1,342,921
Percentage of Investment	100%
Number of properties | property	127
Number of states | state	23
Number of operators	23
SNF Beds
Real Estate [Line Items]
Number of beds/units	6,231
ALF Units
Real Estate [Line Items]
Number of beds/units	4,657
ALF
Real Estate [Line Items]
Gross Investment | $	$ 733,901
Percentage of Investment	54.60%
Number of properties | property	76
Average Investment per Bed/Unit | $ / item	166
ALF | ALF Units
Real Estate [Line Items]
Number of beds/units	4,421
SNF
Real Estate [Line Items]
Gross Investment | $	$ 597,015
Percentage of Investment	44.50%
Number of properties | property	50
Average Investment per Bed/Unit | $ / item	94.03
SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units	6,113
SNF | ALF Units
Real Estate [Line Items]
Number of beds/units	236
Other
Real Estate [Line Items]
Gross Investment | $	$ 12,005
Percentage of Investment	0.90%
Number of properties | property	1
Number of parcels of land	3
Other | SNF Beds
Real Estate [Line Items]
Number of beds/units	118
Hospital
Real Estate [Line Items]
Number of properties | property	1

Real Estate Investment - Detail

Real Estate Investment - Details (Details)		1 Months Ended		3 Months Ended				12 Months Ended
	Apr. 01, 2024 USD ($) item Center	Jan. 31, 2024 USD ($)	Nov. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) property lease Center item	Sep. 30, 2023 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property item
Real Estate [Line Items]
Number of properties | property					127
Gross Investment					$ 1,342,921,000
Lease renewal term			4 years
Write-off of straight-line rent and lease incentives balances					$ 191,000		$ 144,000
SNF
Real Estate [Line Items]
Number of properties | property					50
Lease term					10 years
Gross Investment					$ 597,015,000
Number of operating lease renewals | lease					2
Lease renewal term					5 years
ALF
Real Estate [Line Items]
Number of properties | property					76
Gross Investment					$ 733,901,000
Mortgage Loans
Real Estate [Line Items]
Number of properties | property					46
Gross Investment					$ 485,095,000
Mortgage Loans | SNF
Real Estate [Line Items]
Interest rate (as a percent)					2.25%
Mortgage Loans | Mortgage Loans With 8.75 Interest | ALF
Real Estate [Line Items]
Number of beds/units | item						85
Gross Investment						$ 19,500,000
Loan Term						3 years
Interest rate (as a percent)						8.75%
Kansas
Real Estate [Line Items]
Total cost					$ 315,000
Increase in rent (as percent)					8%
Master lease agreement
Real Estate [Line Items]
Specified annual increase over the prior year's rent (as a percent)					3.30%
2024					$ 9,000,000
2025					9,500,000
2026					$ 10,000,000
Number of operating lease renewals | lease					2
Lease renewal term					5 years
Repayment on working capital				$ 11,900,000
Master lease agreement | Working capital loans
Real Estate [Line Items]
Gross Investment				$ 13,531,000
Master lease agreement | Texas | SNF
Real Estate [Line Items]
Number of beds/units | item					1,444
Skilled nursing center purchased | Center					11
Additional term of lessor's operating lease renewal					7 months
Annual Rent					$ 1,000,000
Contractual annual cash rent					8,000,000
Lease rent seven months amount					$ 4,667,000
New master lease agreement
Real Estate [Line Items]
Number of properties | property								27
Number of beds/units | item	666							1,132
Rental income to be received in first year								$ 13,585,000
Specified annual increase over the prior year's rent (as a percent)	2.50%
Number of properties sold | property								35
Number of beds or units in property sold | item								1,473
Skilled nursing center purchased | Center	4
Contractual annual cash rent	$ 8,004,000
GAAP rent	$ 7,049,000
New master lease agreement | ALF
Real Estate [Line Items]
Number of properties sold | property								8
Number of beds or units in property sold | item								341
Amount of real estate property sold								$ 27,959,000
Proceeds from Sale of Real Estate								23,232,000
New master lease agreement | Mortgage Loans | Mortgage Loans With 8.75 Interest | ALF
Real Estate [Line Items]
Gross Investment								$ 4,000,000
Loan Term								2 years
Loan extension term								1 year
Interest rate (as a percent)								8.75%
New master lease agreement | Texas
Real Estate [Line Items]
Skilled nursing center purchased | Center	3
New master lease agreement | Oklahoma | ALF
Real Estate [Line Items]
Number of properties | property								5
Number of beds/units | item								184
Lease term								3 years
Rental income to be received in first year								$ 960,000
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
Number of beds or units in property sold | item								37
Amount of real estate property sold								$ 800,000
Proceeds from Sale of Real Estate								$ 769,000
New master lease agreement | North Carolina | ALF
Real Estate [Line Items]
Number of properties | property								5
Number of beds/units | item								210
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 | ALF
Real Estate [Line Items]
Number of properties sold | property								4
Number of beds or units in property sold | item								176
Amount of real estate property sold								$ 18,750,000
Proceeds from Sale of Real Estate								$ 14,310,000
New master lease agreement | Florida | Mortgage Loans | ALF
Real Estate [Line Items]
Number of properties provided for collateral to seller financing | property								2
Number of units included in properties provided for collateral to seller financing | item								92
New master lease agreement | South Carolina | ALF
Real Estate [Line Items]
Number of properties sold | property								3
Number of beds or units in property sold | item								128
Amount of real estate property sold								$ 8,409,000
Proceeds from Sale of Real Estate								$ 8,153,000
New master lease agreement | Wisconsin
Real Estate [Line Items]
Skilled nursing center purchased | Center	1
Brookdale Senior Living | New master lease agreement | ALF
Real Estate [Line Items]
Number of properties | property								35
Fund for capital expenditures		$ 7,200,000
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%

Real Estate Investments - Assis

Real Estate Investments - Assisted Living Portfolio Property (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property item	Apr. 01, 2024 item	Mar. 31, 2024 property
Real Estate Properties [Line Items]
Number of Properties | property			127
New master lease agreement
Real Estate Properties [Line Items]
Number of Properties | property	27
Number of beds/units | item	1,132	666
First Year Rent | $	$ 13,585
Number of properties sold | property	35
Number of beds or units in property sold | item	1,473
ALF
Real Estate Properties [Line Items]
Number of Properties | property			76
ALF | New master lease agreement
Real Estate Properties [Line Items]
Number of properties sold | property	8
Number of beds or units in property sold | item	341
Sales Price | $	$ 27,959
Net Proceeds | $	$ 23,232
ALF | New master lease agreement | Oklahoma
Real Estate Properties [Line Items]
Number of Properties | property	5
Number of beds/units | item	184
First Year Rent | $	$ 960
Lease term	3 years
Number of properties sold | property	1
Number of beds or units in property sold | item	37
Sales Price | $	$ 800
Net Proceeds | $	$ 769
ALF | New master lease agreement | Colorado, Kansas, Ohio and Texas
Real Estate Properties [Line Items]
Number of Properties | property	17
Number of beds/units | item	738
First Year Rent | $	$ 9,325
Lease term	6 years
ALF | New master lease agreement | North Carolina
Real Estate Properties [Line Items]
Number of Properties | property	5
Number of beds/units | item	210
First Year Rent | $	$ 3,300
Lease term	6 years
ALF | New master lease agreement | Florida
Real Estate Properties [Line Items]
Number of properties sold | property	4
Number of beds or units in property sold | item	176
Sales Price | $	$ 18,750
Net Proceeds | $	$ 14,310
ALF | New master lease agreement | South Carolina
Real Estate Properties [Line Items]
Number of properties sold | property	3
Number of beds or units in property sold | item	128
Sales Price | $	$ 8,409
Net Proceeds | $	$ 8,153
ALF | New master lease agreement | Brookdale Senior Living
Real Estate Properties [Line Items]
Number of Properties | property	35

Real Estate Investments - Compo

Real Estate Investments - Components of rental income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income and Expenses, Lessor [Abstract]
Contractual cash rental income	$ 30,951	$ 29,125
Variable cash rental income	3,381	3,284
Straight-line rent	(550)	(465)
Amortization of lease incentives	(233)	(209)
Total Rental Income	$ 33,549	$ 31,735
Repayment of rent credit			$ 2,377

Real Estate Investments - Purch

Real Estate Investments - Purchase options (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) property item	Dec. 31, 2022 item	Dec. 31, 2023 USD ($) item property
Real estate investments
Number of Properties | property	127
Gross Investment	$ 1,342,921
Net Book Value	956,366		$ 987,965
Purchase Option in Lease Arrangements
Real estate investments
Gross Investment	481,586
Net Book Value	$ 411,066
ALF
Real estate investments
Number of Properties | property	76
Gross Investment	$ 733,901
ALF | Purchase Option in Lease Arrangements | Colorado/Kansas/Ohio/Texas | Brookdale Senior Living
Real estate investments
Number of Properties | property			17
Number of units | item			738
Lease term			6 years
ALF | Purchase Option in Lease Arrangements | North Carolina
Real estate investments
Number of Properties | property	5		5
Gross Investment	$ 14,404
Net Book Value	$ 6,844
Number of units | item			210
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
MC | Purchase Option in Lease Arrangements | Ohio
Real estate investments
Number of Properties | property	1
Gross Investment	$ 16,161
Net Book Value	$ 13,378
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 | Purchase Option in Lease Arrangements | California
Real estate investments
Number of Properties | property	2
Gross Investment	$ 38,895
Net Book Value	$ 32,542
ALF & MC | Purchase Option in Lease Arrangements | Colorado/Kansas/Ohio/Texas
Real estate investments
Number of Properties | property	17
Gross Investment	$ 58,723
Net Book Value	$ 26,089
ALF & MC | Purchase Option in Lease Arrangements | Georgia/South Carolina
Real estate investments
Number of Properties | property	2
Gross Investment	$ 31,433
Net Book Value	$ 24,682
ALF & MC | Purchase Option in Lease Arrangements | North Carolina
Real estate investments
Number of Properties | property	11
Gross Investment	$ 121,321
Net Book Value	$ 121,321
Number of units | item	523
Lease term	10 years
Number of assisted living and memory care communities | item	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
Number of Properties | property	5
Gross Investment	$ 11,221
Net Book Value	$ 4,332
SNF
Real estate investments
Number of Properties | property	50
Gross Investment	$ 597,015
Lease term	10 years
SNF | Purchase Option in Lease Arrangements | Florida
Real estate investments
Number of Properties | property	3
Gross Investment	$ 76,669
Net Book Value	$ 76,669
SNF | Purchase Option in Lease Arrangements | Tennessee
Real estate investments
Number of Properties | property	2
Gross Investment	$ 5,275
Net Book Value	$ 2,227
SNF | Purchase Option in Lease Arrangements | Texas
Real estate investments
Number of Properties | property	4
Gross Investment	$ 52,726
Net Book Value	$ 50,036
Number of properties acquired | item		4
Lease term		10 years
ILF/ALF/MC | Purchase Option in Lease Arrangements | Ohio
Real estate investments
Number of Properties | property	1
Gross Investment	$ 54,758
Net Book Value	$ 52,946

Real Estate Investments - Prope

Real Estate Investments - Properties Held-For-Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) item property	Dec. 31, 2023 USD ($) property item
Real Estate Properties [Line Items]
Impairment loss	$ 434
Accumulated depreciation		$ 383,782	$ 387,751
ALF | Florida
Real Estate Properties [Line Items]
Impairment loss	$ 434
Number of Beds/units | item		70
ALF | Properties held-for-sale | Texas
Real Estate Properties [Line Items]
Number of Properties | property		2
Gross Investment		$ 3,162
Accumulated depreciation		$ 2,773
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

Real Estate Investments - Carry

Real Estate Investments - Carrying amount of intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
In-place leases
Real estate investments
Cost	$ 11,155	$ 11,348
Accumulated Amortization	(6,218)	(6,109)
Net	4,937	5,239
Tax abatement intangible
Real estate investments
Cost	8,309	8,309
Accumulated Amortization	(578)	(405)
Net	$ 7,731	$ 7,904

Real Estate Investments - Impro

Real Estate Investments - Improvements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real estate investments
Invested in projects	$ 4,343
Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	1,329	$ 2,608
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	1,133	1,548
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 196	973
Other | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects		$ 87

Real Estate Investments - Pro_2

Real Estate Investments - Properties Sales (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) property item	Mar. 31, 2023 USD ($) item property	Dec. 31, 2023 USD ($)
Disposals and other
Carrying value	$ 956,366,000		$ 987,965,000
Net gain (loss)	3,251,000	$ 15,373,000
Distributions paid to non-controlling interests related to property sale	$ 2,305,000
Properties sold
Disposals and other
Number of properties sold | property	7	3
Number of beds or units in property sold | item	378	295
Sales price	$ 26,293,000	$ 32,250,000
Carrying value	22,056,000	16,089,000
Net gain (loss)	3,251,000	$ 15,373,000
Net (Loss) Gain	$ (60,000)
Properties sold | ALF | Florida
Disposals and other
Number of properties sold | property	1
Number of beds or units in property sold | item	60
Sales price	$ 4,500,000
Carrying value	4,579,000
Net (Loss) Gain	$ (319,000)
Properties sold | ALF | Kentucky
Disposals and other
Number of properties sold | property	5	1
Number of beds or units in property sold | item	208	60
Sales price	$ 1,600,000	$ 11,000,000
Carrying value	1,282,000	10,710,000
Net (Loss) Gain	$ (356,000)	$ 72,000
Properties sold | ALF | Wisconsin
Disposals and other
Number of properties sold | property	1
Number of beds or units in property sold | item	110
Sales price	$ 20,193,000
Carrying value	16,195,000
Net (Loss) Gain	3,986,000
Distributions paid to non-controlling interests related to property sale	$ 2,305,000
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		5,379,000
Net (Loss) Gain		$ 15,301,000

Real Estate Investments - Finan

Real Estate Investments - Financing Receivable (Details) $ in Thousands	3 Months Ended		12 Months Ended		24 Months Ended
	Mar. 31, 2024 USD ($) lease property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property item	Dec. 31, 2022 USD ($) item property	Dec. 31, 2023 USD ($) property item	Nov. 30, 2023
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property	127
Gross Investment	$ 1,342,921
Interest income from financing receivables	3,830	$ 3,751
Lease renewal term						4 years
Provision for credit losses	24	1,731
Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property			14		14
Number of Beds/Units | item					822
Gross Investment			$ 197,990		$ 197,990
LTC Contributions					$ 179,834
Interest income from financing receivables	$ 3,830	$ 3,751
ALF & MC
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of contractual initial cash yield	7.25%
Lease term	10 years
Number of operating lease renewals | lease	2
Lease renewal term	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%	7.25%
Interest income from financing receivables	$ 2,426	$ 2,345
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
LTC Contributions			$ 117,490
SNF
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property	50
Gross Investment	$ 597,015
Lease term	10 years
Number of operating lease renewals | lease	2
Lease renewal term	5 years
SNF | Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of contractual initial cash yield	7.25%	7.25%
Interest income from financing receivables	$ 1,404	$ 1,406
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				$ 76,669
LTC Contributions				$ 62,344

Real Estate Investments - Accru

Real Estate Investments - Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate Investments
Interest Receivable	$ 55,842	$ 53,960

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loan (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) loan item property state $ / item	Sep. 30, 2023 USD ($) item period	Mar. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Gross Investment	$ 1,342,921,000
Percentage of Investment	100%
Number of properties | property	127
Notes receivable, net of credit loss reserve	$ 59,946,000			$ 60,490,000
Remaining commitment	$ 66,218,000
Additional interest income related to the exit IRR			$ 1,380,000
SNF Beds
Real Estate [Line Items]
Number of beds/units | item	6,231
ALF Units
Real Estate [Line Items]
Number of beds/units | item	4,657
SNF
Real Estate [Line Items]
Gross Investment	$ 597,015,000
Percentage of Investment	44.50%
Number of properties | property	50
Average Investment per Bed/Unit | $ / item	94.03
SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	6,113
SNF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	236
ALF
Real Estate [Line Items]
Gross Investment	$ 733,901,000
Percentage of Investment	54.60%
Number of properties | property	76
Average Investment per Bed/Unit | $ / item	166
ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	4,421
ILF/ALF/MC | Georgia
Real Estate [Line Items]
Payments to Acquire Real Estate			$ 51,111,000
Mezzanine loan
Real Estate [Line Items]
Number of beds/units | item			136
Additional interest income related to the exit IRR			$ 1,380,000
Mezzanine loan | ILF/ALF/MC | Georgia
Real Estate [Line Items]
Gross Investment			42,251,000
Mortgage loans with 7.5% Interest Maturing 2024 | Mezzanine loan
Real Estate [Line Items]
Notes receivable, net of credit loss reserve			$ 7,461,000
Mortgage loans with 9.8% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	10.10%
Mortgage Loans
Real Estate [Line Items]
Gross Investment	$ 485,095,000
Percentage of Investment	100%
Number of Loans | loan	15
Number of properties | property	46
Average Investment per Bed/Unit | $ / item	114.60
Number of states in which properties are located | state	8
Number of borrowers | item	9
Mortgage Loans | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	3,041
Mortgage Loans | ALF Units
Real Estate [Line Items]
Number of beds/units | item	1,192
Mortgage Loans | SNF
Real Estate [Line Items]
Interest rate (as a percent)	2.25%
Mortgage Loans | ALF
Real Estate [Line Items]
Internal Rate of Return	8%
Mortgage Loans | ILF/ALF/MC | Georgia
Real Estate [Line Items]
Interest rate (as a percent)			7.50%
Gross Investment			$ 51,111,000
Number of beds/units | item			203
Internal Rate of Return			7.75%
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2023 | SNF
Real Estate [Line Items]
Number of beds/units | item	91
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	7.50%
Gross Investment	$ 29,346,000
Percentage of Investment	6%
Number of Loans | loan	1
Number of properties | property	1
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
Mortgage Loans | Mortgage loans with 7.5% Interest Maturing 2024 | OTH
Real Estate [Line Items]
Interest rate (as a percent)	7.50%
Gross Investment	$ 2,013,000
Percentage of Investment	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	$ 51,111,000
Percentage of Investment	10.50%
Number of Loans | loan	1
Number of properties | property	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
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2025 | ALF
Real Estate [Line Items]
Interest rate (as a percent)	8.80%
Gross Investment	$ 4,000,000
Percentage of Investment	0.80%
Number of Loans | loan	1
Number of properties | property	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
Mortgage Loans | Mortgage loans with 7.8% Interest Maturing 2025 | ALF
Real Estate [Line Items]
Interest rate (as a percent)	7.80%
Gross Investment	$ 16,706,000
Percentage of Investment	3.50%
Number of Loans | loan	1
Number of properties | property	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
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	$ 10,750,000		$ 10,750,000
Percentage of Investment	2.20%
Number of Loans | loan	1
Number of properties | property	1
Average Investment per Bed/Unit | $ / item	238.89
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025, NC | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	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%
Number of beds/units | item			45
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	$ 58,519,000
Percentage of Investment	12.10%
Number of Loans | loan	1
Number of properties | property	13
Average Investment per Bed/Unit | $ / item	111.89
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
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | OTH
Real Estate [Line Items]
Interest rate (as a percent)	7.30%
Gross Investment	$ 826,000
Percentage of Investment	0.20%
Number of Loans | loan	1
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2026 | ALF
Real Estate [Line Items]
Interest rate (as a percent)	7.30%
Gross Investment	$ 34,043,000
Percentage of Investment	7%
Number of Loans | loan	1
Number of properties | property	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
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2026 | UDP
Real Estate [Line Items]
Interest rate (as a percent)	8.80%
Gross Investment	$ 2,940,000
Percentage of Investment	0.60%
Number of Loans | loan	1
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2028 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	8.80%
Gross Investment	$ 16,500,000
Percentage of Investment	3.40%
Number of Loans | loan	1
Number of properties | property	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
Mortgage Loans | Mortgage loans with 10.3% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	10.50%
Gross Investment	$ 14,825,000
Percentage of Investment	3.10%
Number of Loans | loan	1
Number of properties | property	1
Average Investment per Bed/Unit | $ / item	101.54
Mortgage Loans | Mortgage loans with 10.3% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	146
Mortgage Loans | Mortgage loans with 10.6% Interest Maturing 2043 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	10.80%
Gross Investment	$ 183,966,000
Percentage of Investment	37.90%
Number of Loans | loan	1
Number of properties | property	15
Average Investment per Bed/Unit | $ / item	98.12
Mortgage Loans | Mortgage loans with 10.6% Interest Maturing 2043 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	1,875
Mortgage Loans | Mortgage loans with 9.6% Interest Maturing 2045 [Member] | SNF
Real Estate [Line Items]
Interest rate (as a percent)	9.80%
Gross Investment	$ 39,850,000
Percentage of Investment	8.20%
Number of Loans | loan	1
Number of properties | property	4
Average Investment per Bed/Unit | $ / item	83.02
Mortgage Loans | Mortgage loans with 9.6% Interest Maturing 2045 [Member] | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	480
Mortgage Loans | Mortgage Loans with 10.1% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Gross Investment	$ 19,700,000
Percentage of Investment	4.10%
Number of Loans | loan	1
Number of properties | property	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
Mortgage Loans | Mortgage Loans With 8.75 Interest | ALF
Real Estate [Line Items]
Interest rate (as a percent)		8.75%
Gross Investment		$ 19,500,000
Number of beds/units | item		85
Borrower contribution		$ 12,100,000
Remaining commitment	$ 16,600	$ 16,600
Loan Term		3 years
Extension term number of options | period		2
Extension period of mortgage loan on real estate properties		1 year

Real Estate Investments - Mor_2

Real Estate Investments - Mortgage Loans Activity (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) property item period	Sep. 30, 2023 USD ($) item period	Mar. 31, 2023 USD ($) item
Mortgage Loans
Originations and funding under mortgage loans receivable	$ 3,128,000		$ 62,844,000
Application of interest reserve	14,000		1,149,000
Scheduled principal payments received	(125,000)		(125,000)
Mortgage loan premium amortization	(2,000)		(2,000)
Provision for loan loss reserve	(31,000)		(639,000)
Net increase in mortgage loans receivable	2,984,000		63,227,000
Gross Investment	$ 1,342,921,000
Number of properties | property	127
Remaining commitment	$ 66,218,000
Percentage of Investment	100%
Additions to mortgage loans			$ 983,000
Accrued interest receivable	$ 55,842,000
Mortgage Loans
Mortgage Loans
Gross Investment	$ 485,095,000
Number of properties | property	46
Percentage of Investment	100%
Other Mortgage Loans
Mortgage Loans
Additions to mortgage loans	$ 188,000
Mezzanine loan
Mortgage Loans
Number of beds/units | item			136
SNF
Mortgage Loans
Gross Investment	$ 597,015,000
Number of properties | property	50
Percentage of Investment	44.50%
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	$ 29,346,000
Interest rate (as a percent)	7.50%
Number of properties | property	1
Percentage of Investment	6%
SNF | Mortgage loans with 8.8% Interest Maturing 2028 | Mortgage Loans
Mortgage Loans
Gross Investment	$ 16,500,000
Interest rate (as a percent)	8.80%
Number of properties | property	1
Percentage of Investment	3.40%
ALF
Mortgage Loans
Gross Investment	$ 733,901,000
Number of properties | property	76
Percentage of Investment	54.60%
ALF | Mortgage Loans
Mortgage Loans
Internal Rate of Return	8%
ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Gross Investment	$ 10,750,000		$ 10,750,000
Interest rate (as a percent)	7.30%
Number of properties | property	1
Percentage of Investment	2.20%
ALF | Mortgage loans with 7.5% Interest Maturing 2024 | Mortgage Loans
Mortgage Loans
Gross Investment	$ 51,111,000
Interest rate (as a percent)	7.50%
Number of properties | property	1
Percentage of Investment	10.50%
ALF | Mortgage Loans With 8.75 Interest | Mortgage Loans
Mortgage Loans
Loan Term		3 years
Gross Investment		$ 19,500,000
Interest rate (as a percent)		8.75%
Number of beds/units | item		85
Borrower contribution		$ 12,100,000
Remaining commitment	$ 16,600	$ 16,600
Extension term number of options | period		2
Michigan | ALF & MC | Mortgage Loans With 8.75 Interest
Mortgage Loans
Loan Term	3 years
Gross Investment	$ 19,500,000
Interest rate (as a percent)	8.75%
Number of beds/units | item	85
Borrower contribution	$ 12,100,000
Funding under mortgage loan commitment	$ 2,940,000
Extension term number of options | period	2
Loan extension term	1 year
Georgia | ILF/ALF/MC
Mortgage Loans
Payments to Acquire Real Estate			51,111,000
Georgia | ILF/ALF/MC | Mortgage Loans
Mortgage Loans
Gross Investment			$ 51,111,000
Interest rate (as a percent)			7.50%
Internal Rate of Return			7.75%
Number of beds/units | item			203
Georgia | ILF/ALF/MC | Mezzanine loan
Mortgage Loans
Gross Investment			$ 42,251,000
SNF Beds
Mortgage Loans
Number of beds/units | item	6,231
SNF Beds | Mortgage Loans
Mortgage Loans
Number of beds/units | item	3,041
SNF Beds | SNF
Mortgage Loans
Number of beds/units | item	6,113
SNF Beds | SNF | Mortgage loans with 7.5% Interest Maturing 2024 | Mortgage Loans
Mortgage Loans
Number of beds/units | item	189
SNF Beds | SNF | Mortgage loans with 8.8% Interest Maturing 2028 | Mortgage Loans
Mortgage Loans
Number of beds/units | item	150
ALF Units
Mortgage Loans
Number of beds/units | item	4,657
ALF Units | Mortgage Loans
Mortgage Loans
Number of beds/units | item	1,192
ALF Units | SNF
Mortgage Loans
Number of beds/units | item	236
ALF Units | ALF
Mortgage Loans
Number of beds/units | item	4,421
ALF Units | ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Number of beds/units | item	45
ALF Units | ALF | Mortgage loans with 7.5% Interest Maturing 2024 | Mortgage Loans
Mortgage Loans
Number of beds/units | item	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%
Number of beds/units | item			45

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details)		3 Months Ended
	Apr. 01, 2024 USD ($) item	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investment in Unconsolidated Joint Ventures
Carrying Value		$ 19,340,000		$ 19,340,000
Percentage of Investment		100%
Non-cash Income Accrued		$ 52,000	$ 1,149,000
Gross Investment		1,342,921,000
Income from unconsolidated joint ventures		$ 376,000	376,000
Mortgage Loans
Investment in Unconsolidated Joint Ventures
Percentage of Investment		100%
Gross Investment		$ 485,095,000
Subsequent Event | Mortgage Loans With Interest 9.15
Investment in Unconsolidated Joint Ventures
Interest rate (as a percent)	9.15%
Loan Term	5 years
Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Number of units | item		362
Carrying Value		$ 19,340,000
Income Recognized		376,000	376,000
Cash Income Earned		112,000
Non-cash Income Accrued		$ 264,000	376,000
UDP | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized			264,000
Non-cash Income Accrued			264,000
UDP | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Percentage of Investment		11.60%
Percentage of cash return		8%
Percentage of internal rate of return		14%
Combination ALF/MC | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized		$ 112,000	112,000
Cash Income Earned		$ 112,000
Non-cash Income Accrued			$ 112,000
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 units | item		95
Carrying Value		$ 6,340,000
Percentage of Investment		15.50%
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		$ 264,000
Non-cash Income Accrued		$ 264,000
Combination ILF/ALF | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage		14%
Contractual cash portion		8%
Number of units | item		267
Carrying Value		$ 13,000,000
Skilled Nursing and Assisted Living Facility Properties | Subsequent Event
Investment in Unconsolidated Joint Ventures
Number of units	78
Skilled Nursing and Assisted Living Facility Properties | Subsequent Event | Mortgage Loans
Investment in Unconsolidated Joint Ventures
Gross Investment	$ 12,700,000

Notes Receivable - Investment i

Notes Receivable - Investment in Notes Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 item
Notes Receivable
Gross Investment	$ 1,342,921
ALF
Notes Receivable
Gross Investment	733,901
SNF
Notes Receivable
Gross Investment	597,015
Notes Receivable
Notes Receivable
Gross Investment	$ 60,551
Number of Loans | loan	8
Working capital loans | Working capital loan 4% interest rate, 2024 maturity | SNF
Notes Receivable
Gross Investment	$ 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
Number of Loans | loan	1
Interest rate (as a percent)	5%
Working capital loans | Working capital loan 6.5% interest rate, 2030 maturity | SNF
Notes Receivable
Gross Investment	$ 138
Number of Loans | loan	1
Interest rate (as a percent)	6.50%
Working capital loans | Working capital loan 7.3% interest rate, 2030 maturity | ALF
Notes Receivable
Gross Investment	$ 500
Number of Loans | loan	1
Interest rate (as a percent)	7.30%
Working capital loans | Working capital loan with 7.4 percent interest rate 2030 maturity | ALF
Notes Receivable
Gross Investment	$ 957
Number of Loans | loan	1
Interest rate (as a percent)	7.40%
Working capital loans | Working capital loan 7% interest rate, 2031 maturity | ALF
Notes Receivable
Gross Investment	$ 2,693
Number of Loans | loan	1
Interest rate (as a percent)	0%
Mezzanine loan
Notes Receivable
Number of units | item		136
Mezzanine loan | Mezzanine loan loan 8% interest rate, 2027 maturity | ALF
Notes Receivable
Internal Rate of Return	11%
Gross Investment	$ 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
Number of Loans | loan	1
Interest rate (as a percent)	8.80%

Notes Receivable - Components (

Notes Receivable - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Notes receivable activities
Notes receivable loan loss reserve	$ (605)	$ (611)
Total	59,946	60,490
Mezzanine loan
Notes receivable activities
Mezzanine loan	42,000	42,000
Working capital loans
Notes receivable activities
Mezzanine loan	$ 18,551	$ 19,101

Notes Receivable - Notes Receiv

Notes Receivable - Notes Receivable Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Notes receivable activities
Advances under notes receivable		$ 605
Principal payments received under notes receivable	$ (550)	(12,641)
Principal payments received under notes receivable	(550)	(5,180)
Recovery of credit losses	6	120
Net increase in notes receivable	$ (544)	$ (11,916)

Notes Receivable - New Loan Com

Notes Receivable - New Loan Commitment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($)
Notes receivable activities
Gross Investment	$ 1,342,921
Principal payments received on notes receivable	550	$ 5,180
Additional interest income related to the exit IRR		1,380
Amounts funded		605
Mortgage Loans
Notes receivable activities
Gross Investment	485,095
Mortgage Loans | ILF/ALF/MC | Georgia
Notes receivable activities
Gross Investment		$ 51,111
Interest rate (as a percent)		7.50%
Number of units | item		203
Loan principal amount		$ 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
Number of units | item		136
Mezzanine loan	42,000		$ 42,000
Mezzanine loan | ILF/ALF/MC | Georgia
Notes receivable activities
Gross Investment		$ 42,251
Notes Receivable
Notes receivable activities
Gross Investment	$ 60,551

Lease Incentives - Activity (De

Lease Incentives - Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non-contingent lease incentives	$ 3,578		$ 2,607
Lease incentives funded	(1,395)
Amortization of lease incentives	(233)	$ (209)
Other adjustments	(191)	(9)
Net decrease in non-contingent lease incentives	971	$ (218)
Brookdale
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Lease incentives funded	$ 1,107

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings (Details)		3 Months Ended
	Jan. 04, 2024	Mar. 31, 2024 USD ($) loan
Debt Obligations
Number of term loans | loan		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		$ 1,000,000,000,000
Additional extension period option	1 year	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) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Level 2
Debt Obligations
Notional Amount	$ 100,000
Fair Value	$ 6,488		$ 6,110
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	$ 378,000	$ (1,362,000)
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2025 | Level 2
Debt Obligations
Notional Amount	50,000
Fair Value	2,750		2,698
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2026 | Level 2
Debt Obligations
Notional Amount	50,000
Fair Value	$ 3,738		$ 3,412
Interest Rate Swap | Cash Flow Hedging | SOFR | Maturing on November 19, 2025 | Level 2
Debt Obligations
Swap rate (in percentage)	2.62%
Interest Rate Swap | Cash Flow Hedging | SOFR | Maturing on November 19, 2026 | Level 2
Debt Obligations
Swap rate (in percentage)	2.76%

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details)	3 Months Ended
	Mar. 31, 2024
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	0.6
Maximum ratio of secured debt to total asset value	0.35
Maximum ratio of unsecured debt to the value of the unencumbered asset pool	0.6
Minimum ratio of EBITDA to fixed charges	1.50

Debt Obligations - Component (D

Debt Obligations - Component (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Obligations
Applicable Interest Rate (as a percent)	4.77%
Outstanding Balance	$ 860,211	$ 891,317
Available for borrowing	$ 122,950	97,750
Revolving line of credit
Debt Obligations
Applicable Interest Rate (as a percent)	6.52%
Outstanding Balance	$ 277,050	302,250
Available for borrowing	$ 122,950	97,750
Term loans
Debt Obligations
Applicable Interest Rate (as a percent)	2.69%
Outstanding Balance	$ 99,695	99,658
Senior Unsecured Notes
Debt Obligations
Applicable Interest Rate (as a percent)	4.20%
Outstanding Balance	$ 483,466	$ 489,409

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Repayments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Borrowings
Borrowings from revolving line of credit	$ 10,300	$ 162,700
Total	10,300	162,700
Repayments
Revolving line of credit	(35,500)	(22,600)
Senior unsecured notes	(6,000)	(7,000)
Total	(41,500)	(29,600)
Revolving line of credit
Borrowings
Borrowings from revolving line of credit	10,300	162,700
Repayments
Revolving line of credit	(35,500)	(22,600)
Senior Unsecured Notes
Repayments
Senior unsecured notes	$ (6,000)	$ (7,000)

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Noncontrolling interest
Gross Consolidated Assets	$ 1,818,395		$ 1,855,098
Non-controlling interests	32,593		$ 34,988
Principal payments received on notes receivable	550	$ 5,180
Partnership
Noncontrolling interest
Gross Consolidated Assets	297,530
Non-controlling interests	32,593
Ohio | 2023 Acquisitions | Partnership | ILF/ALF/MC
Noncontrolling interest
Gross Consolidated Assets	54,758
Non-controlling interests	9,134
North Carolina | 2023 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets	121,321
Non-controlling interests	3,831
Florida | 2022 Acquisitions | Partnership | SNF
Noncontrolling interest
Gross Consolidated Assets	76,669
Non-controlling interests	14,325
Oregon | 2018 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets	18,452
Non-controlling interests	1,156
Oregon | 2018 Acquisitions | Partnership | ILF
Noncontrolling interest
Gross Consolidated Assets	14,650
Non-controlling interests	2,907
South Carolina | 2017 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets	11,680
Non-controlling interests	$ 1,240

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($)		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Equity
Proceeds from common stock issued, net of issuance costs		$ 4,453,000	$ 1,777,000
Equity Distribution Agreements
Equity
Amount available under effective shelf registration statement		$ 71,509,000
Equity Distribution Agreements | Subsequent Event
Equity
Shares common stock sold	204,700
Proceeds from common stock issued, net of issuance costs	$ 6,522,000
Amount available under effective shelf registration statement	$ 64,905,000
Common Stock
Equity
Number of shares repurchased		49,540	41,350
Common Stock | Equity Distribution Agreements
Equity
Maximum offering capacity under shelf registration statement		$ 200,000,000
Shares common stock sold		139,100	48,500
Proceeds from common stock issued, net of issuance costs		$ 4,453,000	$ 1,777,000
Reclassification of accumulated costs to additional paid in capital		$ 116,000	$ 80,000
Common Stock | Equity Distribution Agreements | Subsequent Event
Equity
Shares common stock sold	204,700
Proceeds from common stock issued, net of issuance costs	$ 6,522,000
Reclassification of accumulated costs to additional paid in capital	$ 64,905,000

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Dividend Distributions
Paid				$ 24,616	$ 23,563
Common Stock cash distributions				$ 0.57	$ 0.57
Subsequent Event
Dividend Distributions
Dividends declared and paid per common share	$ 0.19	$ 0.19	$ 0.19
Common Stock
Dividend Distributions
Declared				$ 24,616	$ 23,563
Paid				$ 24,616	$ 23,563
Common Stock cash distributions				$ 0.19	$ 0.19

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation plans (Details)	3 Months Ended
	Mar. 31, 2024 shares	Mar. 31, 2023 shares
Stock Based Compensation Plans
Stock options granted (in shares)	0	0
Options exercisable (in shares)	0
Options expired	5,000	5,000
Options outstanding (in shares)	0
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	1,900,000

Equity - Restricted Stock and P

Equity - Restricted Stock and Performance-based Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Based Compensation Plans
Stock options granted (in shares)	0	0
Restricted stock and performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	292,060	214,827
Compensation expense
Compensation expense related to share-based award	$ 2,202	$ 2,088
Remaining compensation expense	16,504
Restricted stock and performance-based stock units | April - December 2024
Compensation expense
Remaining compensation expense	6,484
Restricted stock and performance-based stock units | 2025
Compensation expense
Remaining compensation expense	6,266
Restricted stock and performance-based stock units | 2026
Compensation expense
Remaining compensation expense	3,385
Restricted stock and performance-based stock units | 2027
Compensation expense
Remaining compensation expense	$ 369
Restricted stock and performance-based stock units | Grant Date Price $31.84 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)	62,914
Granted (in dollars per share)	$ 31.84
Restricted stock and performance-based stock units | Grant Date Price $37.16 | Three year vesting
Restricted stock and performance based stock units activity
Vesting period	3 years
Restricted stock and performance-based stock units | Grant Date Price $33.94 | Three year vesting
Restricted stock and performance based stock units activity
Vesting period		3 years
Restricted stock
Restricted stock and performance based stock units activity
Outstanding at the beginning of the period (in shares)	258,620	229,236
Granted (in shares)	159,536	127,960
Vested (in shares)	(114,782)	(98,206)
Canceled (in shares)		(1,085)
Outstanding at the end of the period (in shares)	303,374	257,905
Restricted stock | Grant Date Price $30.72 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)	159,536
Granted (in dollars per share)	$ 30.72
Restricted stock | Grant Date Price $30.72 | TSR Targets
Restricted stock and performance based stock units activity
Vesting period	3 years
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
Performance-based stock units
Restricted stock and performance based stock units activity
Vested (in shares)	0	0
Performance-based stock units | Grant Date Price $31.84 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)	69,610
Granted (in dollars per share)	$ 31.84
Performance-based stock units | Grant Date Price $31.84 | TSR Targets Relating to Predefined Peer Group
Restricted stock and performance based stock units activity
Vesting period	3 years
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

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property
Commitments and Contingencies
Investment Commitment	$ 83,355
2024 Funding	4,343
Total Commitment funded	17,137
Remaining commitment	66,218
Skilled Nursing Centers
Commitments and Contingencies
Fair value of earn-out liability	3,000
Earn-out liability, Write off	$ 3,000
Number of properties acquired | property	4
Real estate properties
Commitments and Contingencies
Investment Commitment	$ 22,442
2024 Funding	1,026
Total Commitment funded	5,184
Remaining commitment	17,258
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	16,125
2024 Funding	189
Total Commitment funded	1,647
Remaining commitment	14,478
Mortgage loans
Commitments and Contingencies
Investment Commitment	43,598
2024 Funding	3,128
Total Commitment funded	10,306
Remaining commitment	33,292
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	1,190
Remaining commitment	1,190
Construction loans
Commitments and Contingencies
Investment Commitment	$ 19,500

Major Operators (Details)

Major Operators (Details)	3 Months Ended
	Mar. 31, 2024 item property
Major Operators
Number of major operators	1
Prestige Healthcare | SNF
Major Operators
Number of beds | property	24
Number of beds/units	2,820
Prestige Healthcare | ALF
Major Operators
Number of beds/units	93
Total Revenues | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	16%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	14.60%

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 24,689	$ 33,561
Less income allocated to non-controlling interests	(459)	(427)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities	(165)	(147)
Income allocated to participating securities		(58)
Total net income allocated to participating securities	(165)	(205)
Net income available to common stockholders	24,065	32,929
Net income for diluted net income per share	$ 24,065	$ 32,929
Reconciliation of shares
Shares for basic net income per share	42,891	41,082
Effect of dilutive securities:
Total effect of dilutive securities (in shares)	141	107
Shares for diluted net income per share	43,032	41,189
Basic net income per share (in dollars per share)	$ 0.56	$ 0.80
Diluted net income per share (in dollars per share)	$ 0.56	$ 0.80
Performance-based stock units
Effect of dilutive securities:
Stock options and performance-based stock units (in shares)	141	107

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	$ 480,250	$ 477,266
Notes receivable, net of credit loss reserve	59,946	60,490
Outstanding Balance	860,211	891,317
Senior unsecured notes, net of debt issue costs	$ 483,466	$ 489,409
Level 3 | Senior Unsecured Notes maturing before 2030 | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	0.065	0.065
Level 3 | Senior Unsecured Notes maturing 2030 and after | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	0.0675	0.0675
Level 3 | Financing receivables | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	0.076	0.076
Level 3 | Mortgage Loans Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	0.092	0.092
Level 3 | Notes Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent) | item	0.069	0.069
Carrying Value
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	$ 480,250	$ 477,266
Revolving line of credit	277,050	302,250
Outstanding Balance	99,695	99,658
Senior unsecured notes, net of debt issue costs	483,466	489,409
Carrying Value | Financing receivables
Fair value measurements
Notes receivable, net of credit loss reserve	196,010	196,032
Carrying Value | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	59,946	60,490
Fair Value
Fair value measurements
Revolving line of credit	277,050	302,250
Outstanding Balance	100,000	100,000
Fair Value | Financing receivables
Fair value measurements
Notes receivable, net of credit loss reserve	199,381	199,199
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	564,493	554,993
Senior unsecured notes, net of debt issue costs	435,801	439,865
Fair Value | Level 3 | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	$ 67,278	$ 67,877

Subsequent Events (Details)

Subsequent Events (Details)		1 Months Ended			3 Months Ended
	Apr. 01, 2024 USD ($) item property shares	Jun. 30, 2024 $ / shares	May 31, 2024 $ / shares	Apr. 30, 2024 $ / shares	Mar. 31, 2024 USD ($) item property	Mar. 31, 2023 USD ($) property
Equity
Gross Investment					$ 1,342,921,000
Proceeds from common stock issued					$ 4,453,000	$ 1,777,000
Properties sold
Equity
Number of properties sold | property					7	3
Equity Distribution Agreements
Equity
Amount available under effective shelf registration statement					$ 71,509,000
ALF
Equity
Gross Investment					733,901,000
SNF
Equity
Gross Investment					$ 597,015,000
Lease term					10 years
SNF | Texas | Master lease agreement
Equity
Number of beds/units | item					1,444
Subsequent Event
Equity
Dividends declared and paid per common share | $ / shares		$ 0.19	$ 0.19	$ 0.19
Subsequent Event | Equity Distribution Agreements
Equity
Shares common stock sold | shares	204,700
Proceeds from common stock issued	$ 6,522,000
Amount available under effective shelf registration statement	64,905,000
Subsequent Event | Texas | Mortgage loans with 9.15 Interest
Equity
Gross Investment	$ 12,700,000
Number of beds/units | item	78
Number of licensed beds | item	104
Loan Term	5 years
Interest rate (as a percent)	9.15%
Subsequent Event | ALF | Texas | Properties sold
Equity
Number of properties sold | property	2
Amount of real estate property sold	$ 500,000
Proceeds from Sale of Real Estate	$ 400,000
Subsequent Event | ALF | Texas | Mortgage loans with 9.15 Interest
Equity
Number of beds/units | item	30
Number of licensed beds | item	34
Subsequent Event | SNF | Texas | Mortgage loans with 9.15 Interest
Equity
Number of beds/units | item	48
Number of licensed beds | item	70

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 24,230	$ 33,134

Insider Trading Arrangements

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