LTC Properties (LTC) 10-Q 28 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 22, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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		45,260,754
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000887905
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments:
Land	$ 118,382	$ 121,725
Buildings and improvements	1,217,954	1,235,600
Accumulated depreciation and amortization	(398,080)	(387,751)
Operating real estate property, net	938,256	969,574
Properties held-for-sale, net of accumulated depreciation: 2024-$1,794; 2023-$3,616	4,058	18,391
Real property investments, net	942,314	987,965
Financing receivables, net of credit loss reserve: 2024-$3,615; 2023-$1,980	357,889	196,032
Mortgage loans receivable, net of credit loss reserve: 2024-$3,638; 2023-$4,814	360,776	477,266
Real estate investments, net	1,660,979	1,661,263
Notes receivable, net of credit loss reserve: 2024-$482; 2023-$611	47,691	60,490
Investments in unconsolidated joint ventures	30,602	19,340
Investments, net	1,739,272	1,741,093
Other assets:
Cash and cash equivalents	35,040	20,286
Debt issue costs related to revolving line of credit	1,548	1,557
Interest receivable	58,421	53,960
Straight-line rent receivable	18,677	19,626
Lease incentives	3,584	2,607
Prepaid expenses and other assets	15,095	15,969
Total assets	1,871,637	1,855,098
LIABILITIES
Revolving line of credit	240,150	302,250
Term loans, net of debt issue costs: 2024-$229; 2023-$342	99,771	99,658
Senior unsecured notes, net of debt issue costs: 2024-$1,098; 2023-$1,251	445,402	489,409
Accrued interest	3,757	3,865
Accrued expenses and other liabilities	41,120	43,649
Total liabilities	830,200	938,831
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2024-45,034; 2023-43,022	450	430
Capital in excess of par value	1,062,374	991,656
Cumulative net income	1,707,352	1,634,395
Accumulated other comprehensive income	3,639	6,110
Cumulative distributions	(1,825,996)	(1,751,312)
Total LTC Properties, Inc. stockholders' equity	947,819	881,279
Non-controlling interests	93,618	34,988
Total equity	1,041,437	916,267
Total liabilities and equity	$ 1,871,637	$ 1,855,098

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Properties held-for-sale, accumulated depreciation	$ 1,794	$ 3,616
Financial receivable credit loss reserve	3,615	1,980
Mortgage loans receivable, credit loss reserve	3,638	4,814
Notes receivable, credit loss reserve	$ 482	$ 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)	45,034	43,022
Common stock, shares outstanding (in shares)	45,034	43,022
Term loans
Debt issue costs, net	$ 229	$ 342
Senior Unsecured Notes
Debt issue costs, net	$ 1,098	$ 1,251

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Rental income	$ 32,258	$ 31,589	$ 97,464	$ 94,861
Interest income from financing receivables	7,001	3,832	14,661	11,413
Interest income from mortgage loans	10,733	12,247	35,842	35,417
Interest and other income	5,791	1,635	9,298	5,358
Total revenues	55,783	49,303	157,265	147,049
Expenses:
Interest expense	10,023	12,674	31,971	34,595
Depreciation and amortization	9,054	9,499	27,173	28,085
Impairment loss				12,510
Provision for credit losses	215	189	942	2,107
Transaction costs	33	329	679	537
Property tax expense	3,186	3,271	9,816	9,751
General and administrative expenses	6,765	5,959	20,016	18,344
Total expenses	29,276	31,921	90,597	105,929
Other operating income:
Gain on sale of real estate, net	3,663	4,870	6,882	20,545
Operating income	30,170	22,252	73,550	61,665
Income from unconsolidated joint ventures	692	375	1,739	1,127
Net income	30,862	22,627	75,289	62,792
Income allocated to non-controlling interests	(1,496)	(430)	(2,332)	(1,287)
Net income attributable to LTC Properties, Inc.	29,366	22,197	72,957	61,505
Income allocated to participating securities	(201)	(147)	(511)	(440)
Net income available to common stockholders	$ 29,165	$ 22,050	$ 72,446	$ 61,065
Earnings per common share:
Basic (in dollars per share)	$ 0.66	$ 0.54	$ 1.67	$ 1.48
Diluted (in dollars per share)	$ 0.66	$ 0.54	$ 1.65	$ 1.48
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	43,868	41,153	43,313	41,127
Diluted (in shares)	44,394	41,211	43,839	41,185
Dividends declared and paid per common share (in dollars per share)	$ 0.57	$ 0.57	$ 1.71	$ 1.71

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 30,862	$ 22,627	$ 75,289	$ 62,792
Unrealized gain on cash flow hedges before reclassification	(1,289)	1,034	655	2,629
Gains reclassified from accumulated other comprehensive income to interest expense	(1,037)	(1,006)	(3,126)	(2,752)
Comprehensive income	28,536	22,655	72,818	62,669
Less: Comprehensive income allocated to non-controlling interests	(1,496)	(430)	(2,332)	(1,287)
Comprehensive income attributable to LTC Properties, Inc.	$ 27,040	$ 22,225	$ 70,486	$ 61,382

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
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)
Non-controlling interests contributions							3,831	3,831
Non-controlling interest distributions							(406)	(406)
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, 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
Net income								62,792
Balance at end of period at Sep. 30, 2023	825,409	$ 413	937,550	1,606,165	8,596	(1,727,315)	34,974	860,383
Balance (in shares) at Sep. 30, 2023		41,412
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
Balance at end of period at Dec. 31, 2023	881,279	$ 430	991,656	1,634,395	6,110	(1,751,312)	34,988	916,267
Balance (in shares) at Dec. 31, 2023		43,022
Balance at beginning 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
Equity activity
Issuance of restricted stock (in shares)		15
Common stock cash distributions	(23,599)					(23,599)		(23,599)
Stock-based compensation expense	2,138		2,138					2,138
Net income	6,174			6,174			430	6,604
Cash paid for taxes in lieu of common shares	(81)		(81)					(81)
Cash paid for taxes in lieu of common shares (in shares)		(2)
Non-controlling interests contributions							9,133	9,133
Non-controlling interest distributions							(406)	(406)
Fair market valuation adjustment for interest rate swap	1,211				1,211			1,211
Balance at end of period at Jun. 30, 2023	824,666	$ 413	935,427	1,583,968	8,568	(1,703,710)	34,949	859,615
Balance (in shares) at Jun. 30, 2023		41,409
Equity activity
Issuance of restricted stock (in shares)		3
Common stock cash distributions	(23,605)					(23,605)		(23,605)
Stock-based compensation expense	2,123		2,123					2,123
Net income	22,197			22,197			430	22,627
Non-controlling interest distributions							(405)	(405)
Fair market valuation adjustment for interest rate swap	28				28			28
Balance at end of period at Sep. 30, 2023	825,409	$ 413	937,550	1,606,165	8,596	(1,727,315)	34,974	860,383
Balance (in shares) at Sep. 30, 2023		41,412
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
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)
Non-controlling interests contributions							50	50
Non-controlling interest distributions							(2,904)	(2,904)
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
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
Net income								75,289
Balance at end of period at Sep. 30, 2024	947,819	$ 450	1,062,374	1,707,352	3,639	(1,825,996)	93,618	1,041,437
Balance (in shares) at Sep. 30, 2024		45,034
Balance at beginning 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
Equity activity
Issuance of common stock	6,521	$ 2	6,519					6,521
Issuance of common stock (in shares)		204
Issuance of restricted stock (in shares)		16
Common stock cash distributions	(24,787)					(24,787)		(24,787)
Stock-based compensation expense	2,320		2,320					2,320
Net income	19,361			19,361			377	19,738
Non-controlling interests contributions							61,025	61,025
Non-controlling interest distributions							(377)	(377)
Fair market valuation adjustment for interest rate swap	(523)				(523)			(523)
Other	(2)		(2)					(2)
Balance at end of period at Jun. 30, 2024	889,139	$ 435	1,005,468	1,677,986	5,965	(1,800,715)	93,618	982,757
Balance (in shares) at Jun. 30, 2024		43,491
Equity activity
Issuance of common stock	54,652	$ 15	54,637					54,652
Issuance of common stock (in shares)		1,543
Common stock cash distributions	(25,281)					(25,281)		(25,281)
Stock-based compensation expense	2,269		2,269					2,269
Net income	29,366			29,366			1,496	30,862
Non-controlling interest distributions							(1,496)	(1,496)
Fair market valuation adjustment for interest rate swap	(2,326)				(2,326)			(2,326)
Balance at end of period at Sep. 30, 2024	$ 947,819	$ 450	$ 1,062,374	$ 1,707,352	$ 3,639	$ (1,825,996)	$ 93,618	$ 1,041,437
Balance (in shares) at Sep. 30, 2024		45,034

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF EQUITY
Common Stock cash distributions	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 1.71	$ 1.71

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net income	$ 75,289	$ 62,792
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,173	28,085
Stock-based compensation expense	6,791	6,349
Impairment loss		12,510
Gain on sale of real estate, net	(6,882)	(20,545)
Income from unconsolidated joint ventures	(1,739)	(1,127)
Income distributions from unconsolidated joint ventures	839
Straight-line rental adjustment	561	1,635
Exchange of prepayment fee for participating interest in mortgage loan		(1,380)
Adjustment for collectability of lease incentives and rental income	321	26
Amortization of lease incentives	626	584
Provision for credit losses	942	2,107
Application of interest reserve	(233)	(1,788)
Amortization of debt issue costs	791	900
Other non-cash items, net	71	71
Change in operating assets and liabilities
Lease incentives funded	(1,794)	(1,023)
Increase in interest receivable	(7,124)	(8,605)
Decrease in accrued interest payable	(108)	(1,341)
Net change in other assets and liabilities	(3,645)	(318)
Net cash provided by operating activities	91,879	78,932
INVESTING ACTIVITIES:
Investment in real estate properties	(319)	(43,759)
Investment in real estate capital improvements	(9,908)	(5,053)
Proceeds from sale of real estate, net	33,641	51,410
Investment in financing receivables	(97)	(112,712)
Investment in real estate mortgage loans receivable	(19,078)	(72,260)
Principal payments received on mortgage loans receivable	34,474	301
Investments in unconsolidated joint ventures	(11,262)
Advances and originations under notes receivable	(340)	(19,258)
Principal payments received on notes receivable	13,268	7,077
Net cash provided by (used in) investing activities	40,379	(194,254)
FINANCING ACTIVITIES:
Borrowings from revolving line of credit	19,200	274,450
Repayment of revolving line of credit	(81,300)	(42,200)
Principal payments on senior unsecured notes	(44,160)	(44,160)
Proceeds from common stock issued	65,629	1,777
Distributions paid to stockholders	(74,684)	(70,767)
Distributions paid to non-controlling interests	(109)	(1,217)
Financing costs paid	(516)	(19)
Cash paid for taxes in lieu of shares upon vesting of restricted stock	(1,533)	(1,619)
Other	(31)
Net cash (used in) provided by financing activities	(117,504)	116,245
Increase in cash and cash equivalents	14,754	923
Cash and cash equivalents, beginning of period	20,286	10,379
Cash and cash equivalents, end of period	35,040	11,302
Supplemental disclosure of cash flow information:
Interest paid	31,288	35,036
Non-cash investing and financing transactions:
Contribution from non-controlling interest	61,025	12,965
Investment in financing receivables	(163,460)
Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan		(8,841)
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables	102,435
Reserves withheld at financing and mortgage loan receivable origination		(5,147)
Accretion of interest reserve recorded as mortgage loan receivable	233	1,788
Decrease in fair value of interest rate swap agreements	(2,471)	(123)
Distributions paid to non-controlling interests	2,313
Distributions paid to non-controlling interests related to property sale	$ 2,305
Mortgage loan receivable reserve withheld at origination		$ 1,506

General

General	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results for a full year. 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	9 Months Ended
	Sep. 30, 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 September 30, 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 ​ Units ​ Bed/Unit Assisted Living ​ $ 732,120 ​ 54.5 % 73 ​ — ​ 4,341 ​ $ 168.65 ​ Skilled Nursing ​ ​ 598,063 ​ 44.6 % 50 ​ 6,113 ​ 236 ​ $ 94.20 ​ Other (2) ​ ​ 12,005 ​ 0.9 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,342,188 ​ 100.0 % 124 ​ 6,231 ​ 4,577 ​ ​ ​ ​ (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 ​ ​ ​ ​ ​ ​ ​ ​ 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 centers have a total of 1,444 beds and are located in Texas. During the three months ended June 30, 2024, this master lease was amended to extend the lease term to December 31, 2028, with two five-year renewal options. The annual rent increased from $8,000,000 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. As a condition of the amended master lease, the operator paid $11,986,000 during 2024, towards its $13,531,000 working capital note. The remaining $1,545,000 balance of the working capital note is interest-free and will be repaid in installments through 2028. Additionally, during 2024, another operator exercised its renewal option under its master lease for five years, from March 2025 through February 2030. Annual cash rent for 2024 is $8,004,000 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. During the three months ended September 30, 2024 and 2023, we had no uncollectible lease incentives or straight-line rent receivables to write-off. During the nine months ended September 30, 2024 and 2023, we wrote-off uncollectible straight-line rent receivable and lease incentive balances of $321,000 and $26,000, respectively. We continue to take into account the current financial condition of our operators, in our estimation of uncollectible accounts at September 30, 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 and nine months ended September 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, Rental Income ​ ​ 2024 ​ ​ 2023 ​ ​ 2024 ​ ​ 2023 ​ Contractual cash rental income ​ $ 29,215 ​ $ 29,065 ​ $ 89,142 (1) $ 87,204 (1) Variable cash rental income ​ ​ 3,194 ​ ​ 3,442 ​ ​ 9,830 ​ ​ 9,902 ​ Straight-line rent ​ ​ 37 (2) ​ (747) (2) ​ (561) (2) ​ (1,635) (2) Adjustment of lease incentives and rental income ​ ​ — ​ ​ — ​ ​ (321) (3) ​ (26) (4) Amortization of lease incentives ​ ​ (188) ​ ​ (171) ​ ​ (626) ​ ​ (584) ​ Total ​ $ 32,258 ​ $ 31,589 ​ $ 97,464 ​ $ 94,861 ​ (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 and contractual rent increases, partially offset by property sales and transitioned portfolios. ​ (2) Straight-line rent income increased due to lease extensions and more leases accounted for on a straight-line basis. ​ (3) Represents a straight-line rent receivable write-off related to a lease converting to periodic fair market rent resets. ​ (4) Represents lease incentive balance write-offs related to lease terminations. 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 ​ $ 32,072 ​ 2020-2029 ​ Colorado/Kansas/Ohio/Texas ​ ALF/MC ​ 17 ​ ​ 63,576 ​ ​ 29,928 ​ 2029 (2) Florida ​ SNF ​ 3 ​ ​ 76,625 ​ ​ 76,625 ​ 2025-2027 ​ Georgia/South Carolina ​ ALF/MC ​ 2 ​ ​ 31,904 ​ ​ 24,721 ​ 2027 ​ North Carolina ​ ALF/MC ​ 11 ​ ​ 121,419 ​ ​ 121,419 ​ 2025-2028 (3) North Carolina ​ ALF ​ 5 ​ ​ 14,654 ​ ​ 6,876 ​ 2029 (4) North Carolina ​ ALF ​ 4 ​ ​ 41,000 ​ ​ 41,000 ​ 2024-2028 (5) North Carolina/ South Carolina ​ ALF/MC ​ 13 ​ ​ 122,460 ​ ​ 122,460 ​ 2024-2028 (6) Ohio ​ MC ​ 1 ​ ​ 16,161 ​ ​ 13,158 ​ 2024-2025 ​ Ohio ​ ILF/ALF/MC ​ 1 ​ ​ 54,782 ​ ​ 51,877 ​ 2025-2027 ​ Oklahoma ​ ALF/MC ​ 5 ​ ​ 11,221 ​ ​ 4,170 ​ 2027-2029 (7) Tennessee ​ SNF ​ 2 ​ ​ 5,275 ​ ​ 2,157 ​ 2023-2024 ​ Texas ​ SNF ​ 4 ​ ​ 52,726 ​ ​ 49,332 ​ 2027-2029 (8) Texas ​ MC ​ 1 ​ ​ 12,743 ​ ​ 9,440 ​ 2026-2028 (9) Total ​ ​ ​ ​ ​ $ 663,441 ​ $ 585,235 ​ ​ ​ (1) Gross investments include previously recorded impairment losses, if any. ​ (2) During 2023, we re-leased 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 Internal Rate of Return (“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 2024, we entered into a joint venture agreement with ALG Senior Living (“ALG”) and obtained a 92.7% controlling interest in the $41,000 newly formed JV that owns four ALFs in North Carolina with a total of 217 units. The JV leased the communities back to an affiliate of the seller under a 10-year master lease agreement. The master lease includes a purchase option that can be exercised through 2028, with an exit IRR of 8.0% . For more information regarding this transaction see Financing Receivables below. ​ (6) During 2024, we entered into a joint venture agreement with ALG and obtained a 52.6% controlling interest in the $122,460 newly formed JV that owns 13 ALFs and MCs in North Carolina ( 12 ) and South Carolina ( 1 ) with a total of 523 units. The JV leased the communities back to an affiliate of the seller under a 10-year master lease agreement. The master lease includes a purchase option that can be exercised through 2028, with an exit IRR of 8.0% . For more information regarding this transaction see Financing Receivables below. ​ (7) 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. ​ (8) 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 9. Commitments and Contingencies . ​ (9) During 2024, we transferred this community to an operator new to us. The new master lease commenced in April 2024 and includes a purchase option that can be exercised in May 2026 through April 2028, if the lessee exercises its one-year extension option. Impairment Loss. (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ Impairment ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ Loss ​ 2024 ​ n/a ​ n/a ​ — ​ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 434 (1) ​ ​ Florida ​ ALF ​ 1 ​ 60 ​ ​ 7,522 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 4,554 (2) ​ ​ ​ ​ ​ ​ 3 ​ 197 ​ $ 12,510 ​ (1) In conjunction with the ongoing negotiations to sell this community, we recorded a $434 impairment loss during the three months ended March 31, 2023, and a $1,222 impairment loss during the fourth quarter of 2022. This community was sold during the second quarter of 2023 for $4,850 and we recorded a net gain on sale of real estate of $64 as a result of this transaction. ​ (2) This community was sold during the fourth quarter of 2023 for $1,650 and we recorded a net loss on sale of real estate of $219 as a result of this transaction. Properties Held -for-Sale. dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ ​ ​ At September 30, 2024 ​ CO ​ ALF (1) 1 ​ — (1) $ 5,852 ​ $ (1,794) ​ ​ ​ At December 31, 2023 ​ WI ​ ALF (2) 1 ​ 110 ​ $ 22,007 ​ $ (3,616) ​ ​ ​ (1) Subsequent to September 30, 2024, this closed property was sold for $5,250 . ​ (2) This community was sold during the three months ended March 31, 2024. Acquisitions. The following table summarizes our acquisitions for the nine months ended September 30, 2024 and 2023 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ Number ​ Number ​ ​ ​ ​ Paid at ​ Assumed ​ ​ Controlling ​ Transaction ​ ​ Assets ​ of ​ of Year ​ Type of Property ​ Acquisition ​ Liabilities ​ ​ Interest ​ Costs ​ ​ Acquired ​ Properties ​ Beds/Units 2024 ​ OTH (1) ​ $ 300 ​ $ — ​ $ — ​ $ 19 ​ $ 319 ​ — ​ — 2023 ​ ALF (2) ​ ​ 43,759 ​ ​ 9,767 ​ ​ 9,133 ​ ​ 363 ​ ​ 63,022 (3) 1 ​ 242 (1) We acquired a parcel of land in Kansas adjacent to an existing community operated by Brookdale. Rent was increased by 8.0% of our total cost of the investment. ​ (2) We entered into a $54,134 JV and contributed $45,000 into the JV that purchased an ILF/ALF/MC in Ohio. Under the JV agreement, the seller, our JV partner, has the option to purchase the campus between the third and fourth lease years for LTC’s allocation of the JV investment plus an IRR of 9.75% . The campus was leased to Encore Senior Living (“Encore”) under a 10-year term with an initial yield of 8.25% on LTC’s allocation of the JV investment. LTC committed to fund $2,100 of lease incentives under the Encore lease. ​ (3) Includes $8,585 tax abatement intangible included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets. 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Assets ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net In-place leases ​ $ 11,155 (1) ​ $ (6,650) (2) ​ $ 4,505 ​ $ 11,348 (1) ​ $ (6,109) (2) ​ $ 5,239 Tax abatement intangible ​ $ 8,309 (3) ​ $ (924) (3) ​ $ 7,385 ​ $ 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) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, Type of Property ​ 2024 ​ 2023 ​ Assisted Living Communities ​ $ 8,663 ​ $ 2,418 ​ Skilled Nursing Centers ​ ​ 1,245 ​ ​ 2,548 ​ Other ​ ​ — ​ ​ 87 ​ Total ​ $ 9,908 ​ $ 5,053 ​ ​ 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 ​ $ (289) ​ ​ ​ Texas ​ ALF ​ 5 ​ 208 ​ ​ 1,600 ​ ​ 1,282 ​ ​ (390) ​ ​ ​ Texas ​ ALF ​ 2 ​ — ​ ​ 500 ​ ​ 389 ​ ​ — ​ ​ ​ Texas ​ ALF ​ 1 ​ 80 ​ ​ 7,959 (2) ​ 4,314 ​ ​ 3,635 ​ ​ ​ Wisconsin ​ ALF ​ 1 ​ 110 ​ ​ 20,193 (3) ​ 16,195 ​ ​ 3,986 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ (60) (4) Total (5) ​ ​ ​ ​ ​ 10 ​ 458 ​ $ 34,752 ​ $ 26,759 ​ $ 6,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 4,850 ​ $ 4,082 ​ $ 65 ​ ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 11,000 ​ ​ 10,720 ​ ​ 57 ​ ​ ​ New Jersey ​ ALF ​ 1 ​ 39 ​ ​ 2,000 ​ ​ 1,552 ​ ​ 266 ​ ​ ​ New Mexico ​ SNF ​ 2 ​ 235 ​ ​ 21,250 ​ ​ 5,523 ​ ​ 15,287 ​ ​ ​ Nebraska ​ ALF ​ 3 ​ 117 ​ ​ 2,984 ​ ​ 2,934 ​ ​ — ​ ​ ​ Pennsylvania ​ ALF ​ 2 ​ 130 ​ ​ 11,128 ​ ​ 6,054 ​ ​ 4,870 ​ Total ​ ​ ​ ​ ​ 10 ​ 651 ​ $ 53,212 ​ $ 30,865 ​ $ 20,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( (1) Calculation of net gain includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable. ​ (2) Additionally, as part of the negotiated sale, we received an additional $441 representing rental income through lease maturity in January 2025. ​ (3) 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. ​ (4) We recognized additional loss due to additional incurred costs related to properties sold during 2023 . ​ (5) Subsequent to September 30, 2024, we sold a closed ALF located in Colorado for $5,250 . At September 30, 2024, the community was classified as held-for-sale and had a gross book value of $5,852 and a net book value of $4,058 . Financing Receivables. During 2022 through 2024, we entered into joint venture agreements and contributed into these JVs for the purchase of properties through sale and leaseback transactions. Concurrently, each of these JVs leased the purchased properties back to an affiliate of the seller and provided the seller-lessee with purchase options. Accordingly, these sale and leaseback transactions meet the accounting criteria to be presented as financing receivables. Furthermore, we determined that we exercise power over and receive benefits from each of these joint ventures. Therefore, we consolidated the joint ventures as 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 Interest ​ Investment ​ ​ ​ ​ ​ ​ Gross ​ ​ LTC ​ of ​ of ​ of ​ ​ per Rate ​ Year ​ Maturity ​ State ​ ​ Investments ​ ​ Investment ​ Properties ​ Properties ​ Beds/Units ​ ​ Bed/Unit 7.25% (1) 2022 ​ 2032 ​ FL ​ $ 76,626 ​ $ 62,301 ​ SNF ​ 3 ​ 299 ​ $ 256.27 7.25% (2) 2023 ​ 2033 ​ NC ​ ​ 121,419 ​ ​ 117,588 ​ ALF/MC ​ 11 ​ 523 ​ $ 232.16 7.25% (3) 2024 ​ 2034 ​ NC/SC ​ ​ 122,460 ​ ​ 64,450 ​ ALF/MC ​ 13 ​ 523 ​ $ 234.15 7.25% (4) 2024 ​ 2034 ​ NC ​ ​ 41,000 ​ ​ 37,985 ​ ALF ​ 4 ​ 217 ​ $ 188.94 ​ ​ ​ ​ ​ ​ ​ ​ $ 361,505 ​ $ 282,324 ​ ​ ​ 31 ​ 1,562 ​ ​ ​ (1) During 2022, we entered into a JV with an operator new to us. The JV purchased three SNFs and 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. ​ (2) During 2023, we entered into a JV with ALG. The JV purchased 11 ALFs and MCs and 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 Consumer Price Index(“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 IRR of 9.0% . During 2024, we deferred a total of $2,240 consolidated JV interest income from financing receivables for May through September 2024 and agreed to defer up to approximately $258 per month for October through December 2024 consolidated JV interest income from financing receivables. ​ (3) During the second quarter of 2024, we funded an additional $5,546 under a mortgage loan receivable due from an ALG affiliate secured by 13 ALFs and MCs located in North Carolina ( 12 ) and South Carolina ( 1 ). We then entered into a newly formed $122,460 JV with ALG, whereby we exchanged our $64,450 mortgage loan receivable for a 53% controlling interest in the JV. Concurrently, ALG contributed these properties to the joint venture for a 47% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0% . ​ (4) During the second quarter of 2024, we funded an additional $2,766 under a mortgage loan receivable due from an ALG affiliate secured by four ALFs located in North Carolina. We then entered into a newly formed $41,000 JV with ALG, whereby we exchanged $37,985 mortgage loan receivables for a 93% controlling interest in the JV. Concurrently, ALG contributed these properties and a parcel of land to the joint venture for a 7% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0% . The following table summarizes our financing receivables activities for the nine months ended September 30, 2024 and 2023 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ 2024 ​ 2023 ​ Investment and funding under financing receivables ​ $ 163,557 (1) $ 121,332 (2) Amortization of capital costs ​ ​ (65) ​ ​ (65) ​ Provision for loan loss reserve ​ ​ (1,635) (1) ​ (1,213) (2) ​ ​ $ 161,857 ​ $ 120,054 ​ (1) During 2024, we entered into two joint venture agreements with affiliates of ALG. We recorded an aggregate Provision for Credit losses of $1,635 equal to 1.0% of the investment balance. See above for more information. ​ (2) During 2023, we entered into a joint venture agreement with an affiliate of ALG. We recorded Provision for credit losses of $1,213 equal to 1.0% of the investment balance. See above for more information. 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 ​ GA ​ $ 51,111 (3) ALF ​ 14.0 % 1 ​ 1 ​ — ​ 203 ​ $ 251.78 8.8% ​ 2025 ​ FL ​ ​ 4,000 ​ ALF ​ 1.1 % 1 ​ 2 ​ — ​ 92 ​ $ 43.48 7.8% ​ 2025 ​ FL ​ ​ 16,706 ​ ALF ​ 4.7 % 1 ​ 1 ​ — ​ 112 ​ $ 149.16 7.3% ​ 2025 ​ NC ​ ​ 10,750 ​ ALF ​ 2.9 % 1 ​ 1 ​ — ​ 45 ​ $ 238.89 8.8% (4) ​ 2026 ​ MI ​ ​ 9,999 ​ UDP ​ 2.7 % 1 ​ — (4) — ​ — ​ $ n/a 8.8% ​ 2028 ​ IL ​ ​ 16,500 ​ SNF ​ 4.5 % 1 ​ 1 ​ 150 ​ — ​ $ 110.00 10.8% (5) ​ 2043 ​ MI ​ ​ 180,973 ​ SNF ​ 49.7 % 1 ​ 14 ​ 1,749 ​ — ​ $ 103.47 9.9% (5) ​ 2045 ​ MI ​ ​ 39,850 ​ SNF ​ 10.9 % 1 ​ 4 ​ 480 — ​ $ 83.02 10.3% (5) ​ 2045 ​ MI ​ 19,700 ​ SNF ​ 5.4 % 1 ​ 2 ​ 201 — ​ $ 98.01 10.5% (5) ​ 2045 ​ MI ​ ​ 14,825 ​ SNF ​ 4.1 % 1 ​ 1 ​ 146 ​ — ​ $ 101.54 Total ​ ​ ​ ​ ​ $ 364,414 ​ ​ ​ 100.0 % 10 ​ 27 ​ 2,726 452 ​ $ 114.67 (1) Some loans contain certain guarantees and provide for certain facility fees. ​ (2) Our mortgage loans are secured by properties located in five states with seven borrowers. ​ (3) Subsequent to September 30, 2024, we received the payoff of this mortgage loan receivable. ​ (4) 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 $9,500 . The 8.75% interest-only loan matures in September 2026 and includes two , one-year extensions, each of which is contingent on certain coverage thresholds. ​ (5) Mortgage loans provide for 2.25% annual increases in the interest rate. ​ ​ The following table summarizes our mortgage loan activity for the nine months ended September 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ Originations and funding under mortgage loans receivable ​ $ 19,078 (1) ​ $ 83,383 (5) Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables ​ ​ (102,435) (3) ​ ​ — ​ Pay-offs received ​ ​ (34,094) (2) ​ ​ — ​ Application of interest reserve ​ ​ 169 ​ ​ ​ 1,609 ​ Scheduled principal payments received ​ ​ (380) ​ ​ ​ (301) ​ Mortgage loan premium amortization ​ ​ (4) ​ ​ ​ (5) ​ Recovery (provision) for loan loss reserve ​ ​ 1,176 ​ ​ ​ (847) ​ Net (decrease) increase in mortgage loans receivable ​ $ (116,490) (4) ​ $ 83,839 ​ (1) The following funding occurred: ​ (a) $9,999 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 $9,500 . 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; ​ (b) $5,546 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by 13 ALFs and MCs in North Carolina ( 12 ) and South Carolina ( 1 ). During the three months ended June 30, 2024, we exchanged this $64,450 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information; ​ (c) $2,766 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by four ALFs in North Carolina. During the three months ended June 30, 2024, we exchanged this $37,985 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information; and ​ (d) $767 of additional funding under various loans. ​ (2) We received the payoff of a $29,347 mortgage loan secured by a 189-bed SNF in Louisiana and a $2,013 mortgage loan secured by a parcel of land in Missouri. Additionally, we received a partial principal paydown of $2,734 related to the sale of a SNF securing the mortgage loan previously secured by 15-SNFs in Michigan. ​ (3) The following occurred: ​ (a) $64,450 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(b) above for more information; and ​ (b) $37,985 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(c) above for more information. ​ (4) Subsequent to September 30 2024, we received the payoff of a $51,111 mortgage loan receivable secured by a 203 -unit ALF in Georgia. ​ (5) The following funding and originations occurred: ​ (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. Subsequent to September 30, 2024, the $51,111 mortgage loan was paid off. See (4) above; ​ (c) $16,500 senior loan for the purchase of a 150 -bed Medicare focused SNF in Illinois. The mortgage loan matures in June 2028 and our investment is at an interest rate of 8.75% ; and ​ (d) $5,022 of additional funding under other mortgage loans receivable. ​

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 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 and an acquisition, development and construction (“ADC”) loan . We determined that each of these JVs meet 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 ​ Texas ​ SNF/ALF ​ Senior Loan (1) 9.2 % ​ 9.2 % ​ 104 ​ $ 11,262 (1) Washington ​ ALF/MC ​ Preferred Equity (2) 12.0 % ​ 7.0 % ​ 95 ​ ​ 6,340 (2) Washington ​ ILF/ALF ​ Preferred Equity (3) 14.0 % ​ 8.0 % ​ 267 ​ ​ 13,000 (3) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 466 ​ $ 30,602 ​ (1) We originated a $12,700 mortgage loan to a current operator secured by a SNF/ALF in Texas. The investment commitment amount includes $11,164 , funded during the three months ended June 30, 2024, an interest reserve of $750 and a capital expenditure reserve of $786 . In accordance with GAAP, this mortgage loan was determined to be an ADC loan and is accounted for as an unconsolidated JV. The campus has 104 beds ( 70 skilled nursing and 34 assisted living). The five-year mortgage loan is interest-only at a current rate of 9.15% . ​ (2) 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 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. ​ (3) 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 prior to the end of the first renewal term of the lease. ​ The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the nine months ended September 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ ​ Income ​ ​ Cash Income ​ ​ Non-cash ​ Year ​ Properties ​ ​ Recognized ​ ​ Earned ​ ​ Income Accrued ​ 2024 ​ SNF/ALF ​ $ 589 ​ $ 589 ​ $ — ​ ​ ​ ALF/MC ​ ​ 359 ​ ​ 359 ​ ​ — ​ ​ ​ ILF/ALF (1) ​ ​ 791 ​ ​ — ​ ​ 791 ​ Total ​ ​ ​ $ 1,739 ​ $ 948 ​ $ 791 ​ ​ ​ ​ ​ ​ ` ​ ​ ​ ​ ​ ​ ​ 2023 ​ ALF/MC ​ $ 337 ​ $ — ​ $ 337 ​ ​ ​ UDP (1) ​ ​ 790 ​ ​ — ​ ​ 790 ​ Total ​ ​ ​ $ 1,127 ​ $ — ​ $ 1,127 ​ (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	9 Months Ended
	Sep. 30, 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 September 30, 2024 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ Type of ​ Gross ​ ​ ​ ​ Type of ​ Rate ​ IRR ​ ​ Maturity ​ Loan ​ Investment ​ ​ # of loans ​ Property ​ 8.3% ​ — ​ ​ 2025 ​ Working capital ​ $ 50 ​ ​ 1 ​ ALF ​ 9.0% ​ — ​ ​ 2026 ​ Working capital ​ ​ 290 ​ ​ 1 ​ ALF 8.0% ​ 11.0 % ​ 2027 ​ Mezzanine ​ ​ 25,000 ​ ​ 1 ​ ALF ​ 0.0% ​ — ​ ​ 2028 ​ Working capital ​ ​ 1,545 ​ ​ 1 ​ SNF ​ 8.8% ​ 12.0 % ​ 2028 ​ Mezzanine ​ ​ 17,000 ​ ​ 1 ​ ALF ​ 6.5% ​ — ​ ​ 2030 ​ Working capital ​ ​ 138 ​ ​ 2 ​ SNF ​ 7.4% ​ — ​ ​ 2030 ​ Working capital ​ ​ 500 ​ ​ 1 ​ ALF ​ 7.4% ​ — ​ ​ 2030 ​ Working capital ​ ​ 957 ​ ​ 1 ​ ALF ​ 0.0% ​ — ​ ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 48,173 (1) ​ 10 ​ ​ ​ (1) Excludes the impact of credit loss reserve. ​ The following table is a summary of our notes receivable components as of September 30, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 2024 ​ At December 31, 2023 Mezzanine loans $ 42,000 ​ $ 42,000 ​ Working capital loans ​ 6,173 ​ ​ 19,101 ​ Notes receivable credit loss reserve ​ (482) ​ ​ (611) ​ Total $ 47,691 ​ $ 60,490 ​ ​ The following table summarizes our notes receivable activity for the nine months ended September 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ Advances under notes receivable $ 340 ​ $ 19,258 ​ Principal payments received under notes receivable ​ (13,268) (1) ​ (14,537) (2) Recovery of credit losses ​ 129 ​ ​ (48) ​ Net (decrease) increase in notes receivable $ (12,799) ​ $ 4,673 ​ (1) During 2024, we received $11,986 towards the paydown of a $13,531 working capital note. The remaining $1,545 balance of the working capital note is interest free and will be repaid in installments through 2028. Additionally, we received an aggregate $1,282 related to the payoff of two working capital notes. ​ (2) 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. Subsequent to September 30, 2024, the $51,111 mortgage loan was paid off. ​ ​

Lease Incentives

Lease Incentives	9 Months Ended
	Sep. 30, 2024
Lease Incentives
Lease Incentives	5. Lease Incentives Our non-contingent lease incentive balances at September 30, 2024 and December 31, 2023 were $3,584,000 and $2,607,000, respectively. The following table summarizes our lease incentives activity for the nine months ended September 30, 2024 and 2023 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ Lease incentives funded ​ $ 1,794 ​ ​ $ 1,023 ​ Amortization of lease incentives ​ ​ (626) ​ ​ ​ (584) ​ Adjustment for collectability of lease incentives ​ ​ — ​ ​ ​ (26) (2) Other adjustments ​ ​ (191) (1) ​ ​ (9) (1) Net increase in non-contingent lease incentives ​ $ 977 ​ ​ $ 404 ​ (1) Represents lease incentive balances written-off due to property sales. ​ (2) Represents uncollectible lease incentive balances written-off. ​ 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.

Credit Loss Reserve

Credit Loss Reserve	9 Months Ended
	Sep. 30, 2024
Credit Loss Reserve
Credit Loss Reserve	6. Credit Loss Reserve 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. We determined our Financing receivables Mortgage loans receivable Notes receivable Consolidated Balance Sheets Financing receivables Financing receivables Consolidated Balance Sheets. Mortgage loans. As part of our strategy of making investments in properties used in the provision of long-term health care services, we provided mortgage loan financing on such properties. At September 30, 2024, we had ten mortgage loans secured by 27 properties in five states with seven borrowers. In addition to a lien on the mortgaged properties, the loans are generally secured by non-real estate assets of the properties and contain certain other security provisions in the form of letters of credit and/or security deposits. Notes receivable. Our notes receivable consist of mezzanine loans and working capital notes. Security for these notes can include all or a portion of the following credit enhancements: secured second mortgage, pledge of equity interests and personal/corporate guarantees. The following table summarizes our financial instruments within the scope of ASC 326 by year of origination ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of origination (1) ​ At September 30, 2024 Investment Type: ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ 2020 ​ Prior ​ Total ​ Credit loss reserve Financing receivables ​ $ 163,460 ​ $ 121,418 ​ $ 76,626 ​ $ — ​ $ — ​ $ — ​ $ 361,504 ​ $ 3,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans receivable ​ $ — ​ $ 92,360 ​ $ — ​ $ 16,706 ​ $ — ​ $ 255,348 ​ $ 364,414 ​ $ 3,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine loans ​ $ — ​ $ 17,000 ​ $ 25,000 ​ $ — ​ $ — ​ $ — ​ $ 42,000 ​ $ 420 Working Capital loans ​ ​ 50 ​ ​ — ​ ​ — ​ ​ 2,045 ​ ​ 1,095 ​ ​ 2,983 ​ ​ 6,173 ​ ​ 62 Total Notes Receivable ​ $ 50 ​ $ 17,000 ​ $ 25,000 ​ $ 2,045 ​ $ 1,095 ​ $ 2,983 ​ $ 48,173 ​ $ 482 (1) Excludes paid-off loans. Additional funding, if any, is included in the year of the origination of the initial loan. We monitor the credit quality of our financial instruments through a variety of methods determined by the underlying collateral or other protective rights, operator’s payment history and other internal metrics. Our monitoring process includes periodic review of financial statements for each facility, scheduled property inspections and review of covenant compliance, industry conditions and current and future economic conditions. The future economic conditions are based on the economic data from the Federal Reserve and reasonable assumptions for the future economic trends. 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 ​ ​ Recovery ​ due to ​ Balance ​ ​ ​ at ​ ​ due to ​ Originations/ ​ at ​ Description ​ 12/31/2023 ​ ​ payoffs ​ additional funding ​ 9/30/2024 ​ Credit Loss Reserve- Financing Receivables ​ $ 1,980 ​ $ — ​ $ 1,635 ​ $ 3,615 ​ Credit Loss Reserve- Mortgage Loans Receivable ​ ​ 4,814 ​ ​ (1,369) ​ ​ 193 ​ ​ 3,638 ​ Credit Loss Reserve-Notes Receivable ​ ​ 611 ​ ​ (132) ​ ​ 3 ​ ​ 482 ​ ​ 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 September 30, 2024, the total balance of accrued interest receivable of $58,421,000 was not included in the measurement of expected credit loss. During the three and nine months ended September 30, 2024, we wrote-off $613,000 related to accrued interest receivable. During the three and nine months ended September 30, 2023, we did not recognize any write-off related to accrued interest receivable.

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2024
Debt Obligations
Debt Obligations	7. Debt Obligations Unsecured Credit Facility. Based on our leverage at September 30, 2024, the facility provides for interest annually at Adjusted SOFR SOFR 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 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 ​ ​ September 30, 2024 ​ ​ ​ December 31, 2023 ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 1,448 ​ ​ $ 2,698 ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 2,191 ​ ​ ​ 3,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 3,639 ​ ​ $ 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 September 30, 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 September 30, 2024 and December 31, 2023 ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 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 (2) ​ 6.17% ​ $ 240,150 ​ $ 184,850 ​ $ 302,250 ​ $ 97,750 ​ Term loans, net of debt issue costs ​ 2.69% ​ ​ 99,771 ​ ​ — ​ ​ 99,658 ​ ​ — ​ Senior unsecured notes, net of debt issue costs ​ 4.15% ​ ​ 445,402 ​ ​ — ​ ​ 489,409 ​ ​ — ​ Total ​ 4.58% ​ $ 785,323 ​ $ 184,850 ​ $ 891,317 ​ $ 97,750 ​ (1) Represents weighted average of interest rate as of September 30, 2024. ​ (2) Subsequent to September 30, 2024, we repaid $93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit. ​ During the nine months ended September 30, 2024 and 2023, our debt borrowings and repayments were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Revolving line of credit ​ $ 19,200 ​ $ (81,300) (1) $ 274,450 ​ $ (42,200) ​ Term loans ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Senior unsecured notes ​ ​ — ​ ​ (44,160) ​ ​ — ​ ​ (44,160) ​ Total ​ $ 19,200 ​ $ (125,460) ​ $ 274,450 ​ $ (86,360) ​ (1) Subsequent to September 30, 2024, we repaid $ 93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity
Equity	8. Equity Non-controlling Interests. As of September 30, 2024, we have the following consolidated VIEs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets (1) ​ ​ Interests ​ 2024 ​ Owned real estate ​ ALF/MC ​ NC/SC ​ $ 122,460 ​ $ 58,010 ​ 2024 ​ Owned real estate ​ ALF ​ NC ​ ​ 41,000 ​ ​ 3,015 ​ 2023 ​ Owned real estate ​ ILF/ALF/MC ​ OH ​ ​ 54,782 ​ ​ 9,134 ​ 2023 ​ Owned real estate ​ ALF/MC ​ NC ​ ​ 121,419 ​ ​ 3,831 ​ 2022 ​ Owned real estate ​ SNF ​ FL ​ ​ 76,625 ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ $ 461,068 ​ $ 93,618 ​ (1) Includes the total real estate investments and excludes intangible assets. Common Stock. During the nine months ended September 30, 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 nine months ended September 30, 2024, we sold 1,886,900 shares of common stock for $65,629,000 in net proceeds under our Equity Distribution Agreements. In conjunction with the sale of common stock, we incurred $119,000 of costs associated with this agreement which have been recorded in additional paid in capital as a reduction of proceeds received. At September 30, 2024, we had $9,558,000 available under the Equity Distribution Agreements. Subsequent to September 30, 2024, we sold 226,370 shares of common stock for $7,936,000 in net proceeds under our Equity Distribution Agreements. Accordingly, subsequent to September 30, 2024, we had $1,522,000 available under the Equity Distribution Agreements. During the nine months ended September 30, 2024 and 2023, we acquired 49,540 shares and 43,933 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Available Shelf Registration. Distributions. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 74,684 ​ $ 74,684 ​ $ 70,767 ​ $ 70,767 ​ ​ (1) Represents $0.19 per share per month for the nine months ended September 30, 2024 and 2023. In October 2024, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of October, N December 2024 Stock-Based Compensation During the nine months ended September 30, 2024 and 2023, no stock options were granted or exercised. exercisable The following table summarizes our restricted stock activity for the nine months ended September 30, 2024 and 2023 : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Outstanding, January 1 ​ ​ 258,620 ​ ​ 229,236 ​ Granted ​ ​ 175,431 ​ ​ 146,020 ​ Vested ​ ​ (132,842) ​ ​ (115,551) ​ Cancelled ​ ​ — ​ ​ (1,085) ​ Outstanding, September 30 ​ ​ 301,209 ​ ​ 258,620 ​ ​ No performance-based stock units vested during the nine months ended September 30, 2024, and 2023. During the nine months ended September 30, 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) ​ ​ ​ 15,895 ​ $ 34.60 ​ Restricted stock ​ (3) ​ ​ ​ 307,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 127,960 ​ $ 37.16 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,867 ​ $ 37.16 ​ Performance-based stock units ​ TSR targets (4) ​ ​ ​ 15,060 ​ $ 31.54 ​ Restricted stock ​ May 24, 2024 ​ ​ ​ 3,000 ​ $ 35.45 ​ Restricted stock ​ July 25, 2024 ​ ​ ​ 232,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 date is the earlier of the one-year anniversary of the award date and the date of the next annual meeting of the stockholders of LTC following the award date. ​ (4) 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 nine months ended September 30, 2024 and 2023 were $6,791,000 and $6,349,000 , respectively. At September 30, 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 October - December 2024 ​ $ 2,260 2025 ​ ​ 6,450 2026 ​ ​ 3,385 2027 ​ ​ 369 Total ​ $ 12,464 ​ ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies At September 30, 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 ​ $ 15,920 (1) $ 7,862 ​ $ 8,814 ​ $ 7,106 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 6,625 (2) ​ 587 ​ ​ 2,045 ​ ​ 4,580 Mortgage loans (N ote 2. Real Estate Investments ​ ​ 63,620 (3) ​ 9,999 ​ ​ 11,999 ​ ​ 51,621 Joint venture investments ( Note 3. Investments in Unconsolidated Joint Ventures ​ ​ 1,536 (4) ​ 98 ​ ​ 98 ​ ​ 1,438 Notes receivable (N ote 4. Notes Receivable ​ ​ 940 (5) ​ 50 ​ ​ 50 ​ ​ 890 Total ​ $ 88,641 ​ $ 18,596 ​ $ 23,006 ​ $ 65,635 (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 in April 2024 through March 2027. 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 $45,620 related to construction loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios. ​ (4) Represents an interest reserve of $750 and capital expenditure reserve of $786 related to a mortgage loan secured by a SNF and ALF in Texas. The loan is accounted for as an unconsolidated JV in accordance with GAAP. For more information regarding this loan see Note 3. Investment in Unconsolidated Joint Ventures . ​ (5) 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	9 Months Ended
	Sep. 30, 2024
Major Operators
Major Operators	10. 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 September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenues ​ ​ Assets (1) ​ ​ Prestige Healthcare (2) ​ 23 ​ — ​ 2,694 ​ 93 ​ 15.4 % ​ 14.0 % ​ (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, or in the event any such operator does not renew and/or extend its relationship with us.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2024
Earnings per Share
Earnings per Share	11. 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 ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Net income ​ $ 30,862 ​ $ 22,627 ​ $ 75,289 ​ $ 62,792 ​ Less income allocated to non-controlling interests ​ (1,496) ​ (430) ​ (2,332) ​ (1,287) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ ​ (173) ​ ​ (147) ​ ​ (511) ​ ​ (440) ​ Income allocated to participating securities ​ ​ (28) (1) ​ — ​ ​ — (1) ​ — ​ Total net income allocated to participating securities ​ ​ (201) ​ ​ (147) ​ ​ (511) ​ ​ (440) ​ Net income available to common stockholders ​ ​ 29,165 ​ ​ 22,050 ​ ​ 72,446 ​ ​ 61,065 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share ​ $ 29,165 ​ $ 22,050 ​ $ 72,446 ​ $ 61,065 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ ​ 43,868 ​ ​ 41,153 ​ ​ 43,313 ​ ​ 41,127 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Performance-based stock units ​ ​ 526 ​ ​ 58 ​ ​ 526 ​ ​ 58 ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities ​ ​ 526 ​ ​ 58 ​ ​ 526 ​ ​ 58 ​ Shares for diluted net income per share ​ ​ 44,394 ​ ​ 41,211 ​ ​ 43,839 ​ ​ 41,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 0.66 ​ $ 0.54 ​ $ 1.67 ​ $ 1.48 ​ Diluted net income per share ​ $ 0.66 ​ $ 0.54 ​ $ 1.65 ​ $ 1.48 ​ (1) The computation of the net income per share for the three and nine months ended September 30, 2024 and 2023 are made independently. Therefore, the sum of the quarters may not agree with the amounts for the year-to-date periods. ​ (2) For the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements
Fair Value Measurements	12. 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 September 30, 2024 and December 31, 2023 were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 2024 ​ At December 31, 2023 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivables, net of credit loss reserve ​ $ 357,889 ​ $ 363,900 (1) $ 196,032 ​ $ 199,199 (1) Mortgage loans receivable, net of credit loss reserve ​ ​ 360,776 ​ ​ 422,180 (2) ​ 477,266 ​ ​ 554,993 (2) Notes receivable, net of credit loss reserve ​ 47,691 ​ 53,923 (3) 60,490 ​ 67,877 (3) Revolving line of credit ​ 240,150 ​ ​ 240,150 (4) ​ 302,250 ​ ​ 302,250 (4) Term loans, net of debt issue costs ​ ​ 99,771 ​ ​ 100,000 (4) ​ 99,658 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 445,402 ​ ​ 417,267 (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 September 30, 2024 and December 31, 2023 was 7.3% and 7.6% , respectively. ​ (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 September 30, 2024 and December 31, 2023 was 9.8% and 9.2% , respectively. ​ (3) Our investments in notes receivable are classified as Level 3. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash flows of the notes receivable at September 30, 2024 and December 31, 2023 was 7.6% and 6.9% , respectively. ​ (4) Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at September 30, 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 September 30, 2024, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.5% for those maturing before year 2030 and 5.75% 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	9 Months Ended
	Sep. 30, 2024
Subsequent Events
Subsequent Events	13. Subsequent Events Subsequent to September 30, 2024, the following events occurred: Real Estate. Mortgage Loan Receivable. Debt. We repaid Equity: We declared a monthly cash dividend of $0.19 per share on our common stock for the months of October, N December 2024 ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 29,366	$ 22,197	$ 72,957	$ 61,505

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 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. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results for a full year.
Income taxes	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.
Credit loss reserve	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. We determined our Financing receivables Mortgage loans receivable Notes receivable Consolidated Balance Sheets Financing receivables Financing receivables Consolidated Balance Sheets. Mortgage loans. As part of our strategy of making investments in properties used in the provision of long-term health care services, we provided mortgage loan financing on such properties. At September 30, 2024, we had ten mortgage loans secured by 27 properties in five states with seven borrowers. In addition to a lien on the mortgaged properties, the loans are generally secured by non-real estate assets of the properties and contain certain other security provisions in the form of letters of credit and/or security deposits. Notes receivable. Our notes receivable consist of mezzanine loans and working capital notes. Security for these notes can include all or a portion of the following credit enhancements: secured second mortgage, pledge of equity interests and personal/corporate guarantees. The following table summarizes our financial instruments within the scope of ASC 326 by year of origination ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of origination (1) ​ At September 30, 2024 Investment Type: ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ 2020 ​ Prior ​ Total ​ Credit loss reserve Financing receivables ​ $ 163,460 ​ $ 121,418 ​ $ 76,626 ​ $ — ​ $ — ​ $ — ​ $ 361,504 ​ $ 3,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans receivable ​ $ — ​ $ 92,360 ​ $ — ​ $ 16,706 ​ $ — ​ $ 255,348 ​ $ 364,414 ​ $ 3,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine loans ​ $ — ​ $ 17,000 ​ $ 25,000 ​ $ — ​ $ — ​ $ — ​ $ 42,000 ​ $ 420 Working Capital loans ​ ​ 50 ​ ​ — ​ ​ — ​ ​ 2,045 ​ ​ 1,095 ​ ​ 2,983 ​ ​ 6,173 ​ ​ 62 Total Notes Receivable ​ $ 50 ​ $ 17,000 ​ $ 25,000 ​ $ 2,045 ​ $ 1,095 ​ $ 2,983 ​ $ 48,173 ​ $ 482 (1) Excludes paid-off loans. Additional funding, if any, is included in the year of the origination of the initial loan. We monitor the credit quality of our financial instruments through a variety of methods determined by the underlying collateral or other protective rights, operator’s payment history and other internal metrics. Our monitoring process includes periodic review of financial statements for each facility, scheduled property inspections and review of covenant compliance, industry conditions and current and future economic conditions. The future economic conditions are based on the economic data from the Federal Reserve and reasonable assumptions for the future economic trends. 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.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate Investments
Summary of investments in owned properties	The following table summarizes our investments in owned properties at September 30, 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 ​ Units ​ Bed/Unit Assisted Living ​ $ 732,120 ​ 54.5 % 73 ​ — ​ 4,341 ​ $ 168.65 ​ Skilled Nursing ​ ​ 598,063 ​ 44.6 % 50 ​ 6,113 ​ 236 ​ $ 94.20 ​ Other (2) ​ ​ 12,005 ​ 0.9 % 1 ​ 118 ​ — ​ ​ — ​ Total ​ $ 1,342,188 ​ 100.0 % 124 ​ 6,231 ​ 4,577 ​ ​ ​ ​ (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	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 ​ ​ ​ ​ ​ ​ ​ ​ 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 and nine months ended September 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, Rental Income ​ ​ 2024 ​ ​ 2023 ​ ​ 2024 ​ ​ 2023 ​ Contractual cash rental income ​ $ 29,215 ​ $ 29,065 ​ $ 89,142 (1) $ 87,204 (1) Variable cash rental income ​ ​ 3,194 ​ ​ 3,442 ​ ​ 9,830 ​ ​ 9,902 ​ Straight-line rent ​ ​ 37 (2) ​ (747) (2) ​ (561) (2) ​ (1,635) (2) Adjustment of lease incentives and rental income ​ ​ — ​ ​ — ​ ​ (321) (3) ​ (26) (4) Amortization of lease incentives ​ ​ (188) ​ ​ (171) ​ ​ (626) ​ ​ (584) ​ Total ​ $ 32,258 ​ $ 31,589 ​ $ 97,464 ​ $ 94,861 ​ (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 and contractual rent increases, partially offset by property sales and transitioned portfolios. ​ (2) Straight-line rent income increased due to lease extensions and more leases accounted for on a straight-line basis. ​ (3) Represents a straight-line rent receivable write-off related to a lease converting to periodic fair market rent resets. ​ (4) Represents lease incentive balance write-offs related to lease terminations.
Summary of information about purchase options included in our lease agreements	Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Net Book ​ Option ​ State ​ Property ​ Properties ​ ​ Investments (1) ​ ​ Value ​ Window ​ California ​ ALF/MC ​ 2 ​ $ 38,895 ​ $ 32,072 ​ 2020-2029 ​ Colorado/Kansas/Ohio/Texas ​ ALF/MC ​ 17 ​ ​ 63,576 ​ ​ 29,928 ​ 2029 (2) Florida ​ SNF ​ 3 ​ ​ 76,625 ​ ​ 76,625 ​ 2025-2027 ​ Georgia/South Carolina ​ ALF/MC ​ 2 ​ ​ 31,904 ​ ​ 24,721 ​ 2027 ​ North Carolina ​ ALF/MC ​ 11 ​ ​ 121,419 ​ ​ 121,419 ​ 2025-2028 (3) North Carolina ​ ALF ​ 5 ​ ​ 14,654 ​ ​ 6,876 ​ 2029 (4) North Carolina ​ ALF ​ 4 ​ ​ 41,000 ​ ​ 41,000 ​ 2024-2028 (5) North Carolina/ South Carolina ​ ALF/MC ​ 13 ​ ​ 122,460 ​ ​ 122,460 ​ 2024-2028 (6) Ohio ​ MC ​ 1 ​ ​ 16,161 ​ ​ 13,158 ​ 2024-2025 ​ Ohio ​ ILF/ALF/MC ​ 1 ​ ​ 54,782 ​ ​ 51,877 ​ 2025-2027 ​ Oklahoma ​ ALF/MC ​ 5 ​ ​ 11,221 ​ ​ 4,170 ​ 2027-2029 (7) Tennessee ​ SNF ​ 2 ​ ​ 5,275 ​ ​ 2,157 ​ 2023-2024 ​ Texas ​ SNF ​ 4 ​ ​ 52,726 ​ ​ 49,332 ​ 2027-2029 (8) Texas ​ MC ​ 1 ​ ​ 12,743 ​ ​ 9,440 ​ 2026-2028 (9) Total ​ ​ ​ ​ ​ $ 663,441 ​ $ 585,235 ​ ​ ​ (1) Gross investments include previously recorded impairment losses, if any. ​ (2) During 2023, we re-leased 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 Internal Rate of Return (“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 2024, we entered into a joint venture agreement with ALG Senior Living (“ALG”) and obtained a 92.7% controlling interest in the $41,000 newly formed JV that owns four ALFs in North Carolina with a total of 217 units. The JV leased the communities back to an affiliate of the seller under a 10-year master lease agreement. The master lease includes a purchase option that can be exercised through 2028, with an exit IRR of 8.0% . For more information regarding this transaction see Financing Receivables below. ​ (6) During 2024, we entered into a joint venture agreement with ALG and obtained a 52.6% controlling interest in the $122,460 newly formed JV that owns 13 ALFs and MCs in North Carolina ( 12 ) and South Carolina ( 1 ) with a total of 523 units. The JV leased the communities back to an affiliate of the seller under a 10-year master lease agreement. The master lease includes a purchase option that can be exercised through 2028, with an exit IRR of 8.0% . For more information regarding this transaction see Financing Receivables below. ​ (7) 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. ​ (8) 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 9. Commitments and Contingencies . ​ (9) During 2024, we transferred this community to an operator new to us. The new master lease commenced in April 2024 and includes a purchase option that can be exercised in May 2026 through April 2028, if the lessee exercises its one-year extension option.
Schedule of impairment loss	The following table summarizes information regarding impairment losses recorded during the nine months ended September 30, 2024 and 2023 (dollar amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ Impairment ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ Loss ​ 2024 ​ n/a ​ n/a ​ — ​ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 434 (1) ​ ​ Florida ​ ALF ​ 1 ​ 60 ​ ​ 7,522 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 4,554 (2) ​ ​ ​ ​ ​ ​ 3 ​ 197 ​ $ 12,510 ​ (1) In conjunction with the ongoing negotiations to sell this community, we recorded a $434 impairment loss during the three months ended March 31, 2023, and a $1,222 impairment loss during the fourth quarter of 2022. This community was sold during the second quarter of 2023 for $4,850 and we recorded a net gain on sale of real estate of $64 as a result of this transaction. ​ (2) This community was sold during the fourth quarter of 2023 for $1,650 and we recorded a net loss on sale of real estate of $219 as a result of this transaction.
Schedule of properties held-for-sale	The following summarizes our held-for-sale properties as of September 30, 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 September 30, 2024 ​ CO ​ ALF (1) 1 ​ — (1) $ 5,852 ​ $ (1,794) ​ ​ ​ At December 31, 2023 ​ WI ​ ALF (2) 1 ​ 110 ​ $ 22,007 ​ $ (3,616) ​ ​ ​ (1) Subsequent to September 30, 2024, this closed property was sold for $5,250 . ​ (2) This community was sold during the three months ended March 31, 2024.
Summary of acquisitions	The following table summarizes our acquisitions for the nine months ended September 30, 2024 and 2023 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ Number ​ Number ​ ​ ​ ​ Paid at ​ Assumed ​ ​ Controlling ​ Transaction ​ ​ Assets ​ of ​ of Year ​ Type of Property ​ Acquisition ​ Liabilities ​ ​ Interest ​ Costs ​ ​ Acquired ​ Properties ​ Beds/Units 2024 ​ OTH (1) ​ $ 300 ​ $ — ​ $ — ​ $ 19 ​ $ 319 ​ — ​ — 2023 ​ ALF (2) ​ ​ 43,759 ​ ​ 9,767 ​ ​ 9,133 ​ ​ 363 ​ ​ 63,022 (3) 1 ​ 242 (1) We acquired a parcel of land in Kansas adjacent to an existing community operated by Brookdale. Rent was increased by 8.0% of our total cost of the investment. ​ (2) We entered into a $54,134 JV and contributed $45,000 into the JV that purchased an ILF/ALF/MC in Ohio. Under the JV agreement, the seller, our JV partner, has the option to purchase the campus between the third and fourth lease years for LTC’s allocation of the JV investment plus an IRR of 9.75% . The campus was leased to Encore Senior Living (“Encore”) under a 10-year term with an initial yield of 8.25% on LTC’s allocation of the JV investment. LTC committed to fund $2,100 of lease incentives under the Encore lease. ​ (3) Includes $8,585 tax abatement intangible included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.
Summary of the carrying amount of intangible assets	The following is a summary of the carrying amount of intangible assets as of September 30, 2024 and December 31, 2023 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Assets ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net In-place leases ​ $ 11,155 (1) ​ $ (6,650) (2) ​ $ 4,505 ​ $ 11,348 (1) ​ $ (6,109) (2) ​ $ 5,239 Tax abatement intangible ​ $ 8,309 (3) ​ $ (924) (3) ​ $ 7,385 ​ $ 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) : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, Type of Property ​ 2024 ​ 2023 ​ Assisted Living Communities ​ $ 8,663 ​ $ 2,418 ​ Skilled Nursing Centers ​ ​ 1,245 ​ ​ 2,548 ​ Other ​ ​ — ​ ​ 87 ​ Total ​ $ 9,908 ​ $ 5,053 ​
Schedule of property sold	The following table summarizes property sales during the nine months ended September 30, 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 ​ $ (289) ​ ​ ​ Texas ​ ALF ​ 5 ​ 208 ​ ​ 1,600 ​ ​ 1,282 ​ ​ (390) ​ ​ ​ Texas ​ ALF ​ 2 ​ — ​ ​ 500 ​ ​ 389 ​ ​ — ​ ​ ​ Texas ​ ALF ​ 1 ​ 80 ​ ​ 7,959 (2) ​ 4,314 ​ ​ 3,635 ​ ​ ​ Wisconsin ​ ALF ​ 1 ​ 110 ​ ​ 20,193 (3) ​ 16,195 ​ ​ 3,986 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ (60) (4) Total (5) ​ ​ ​ ​ ​ 10 ​ 458 ​ $ 34,752 ​ $ 26,759 ​ $ 6,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 4,850 ​ $ 4,082 ​ $ 65 ​ ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 11,000 ​ ​ 10,720 ​ ​ 57 ​ ​ ​ New Jersey ​ ALF ​ 1 ​ 39 ​ ​ 2,000 ​ ​ 1,552 ​ ​ 266 ​ ​ ​ New Mexico ​ SNF ​ 2 ​ 235 ​ ​ 21,250 ​ ​ 5,523 ​ ​ 15,287 ​ ​ ​ Nebraska ​ ALF ​ 3 ​ 117 ​ ​ 2,984 ​ ​ 2,934 ​ ​ — ​ ​ ​ Pennsylvania ​ ALF ​ 2 ​ 130 ​ ​ 11,128 ​ ​ 6,054 ​ ​ 4,870 ​ Total ​ ​ ​ ​ ​ 10 ​ 651 ​ $ 53,212 ​ $ 30,865 ​ $ 20,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( (1) Calculation of net gain includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable. ​ (2) Additionally, as part of the negotiated sale, we received an additional $441 representing rental income through lease maturity in January 2025. ​ (3) 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. ​ (4) We recognized additional loss due to additional incurred costs related to properties sold during 2023 . ​ (5) Subsequent to September 30, 2024, we sold a closed ALF located in Colorado for $5,250 . At September 30, 2024, the community was classified as held-for-sale and had a gross book value of $5,852 and a net book value of $4,058 .
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 Interest ​ Investment ​ ​ ​ ​ ​ ​ Gross ​ ​ LTC ​ of ​ of ​ of ​ ​ per Rate ​ Year ​ Maturity ​ State ​ ​ Investments ​ ​ Investment ​ Properties ​ Properties ​ Beds/Units ​ ​ Bed/Unit 7.25% (1) 2022 ​ 2032 ​ FL ​ $ 76,626 ​ $ 62,301 ​ SNF ​ 3 ​ 299 ​ $ 256.27 7.25% (2) 2023 ​ 2033 ​ NC ​ ​ 121,419 ​ ​ 117,588 ​ ALF/MC ​ 11 ​ 523 ​ $ 232.16 7.25% (3) 2024 ​ 2034 ​ NC/SC ​ ​ 122,460 ​ ​ 64,450 ​ ALF/MC ​ 13 ​ 523 ​ $ 234.15 7.25% (4) 2024 ​ 2034 ​ NC ​ ​ 41,000 ​ ​ 37,985 ​ ALF ​ 4 ​ 217 ​ $ 188.94 ​ ​ ​ ​ ​ ​ ​ ​ $ 361,505 ​ $ 282,324 ​ ​ ​ 31 ​ 1,562 ​ ​ ​ (1) During 2022, we entered into a JV with an operator new to us. The JV purchased three SNFs and 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. ​ (2) During 2023, we entered into a JV with ALG. The JV purchased 11 ALFs and MCs and 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 Consumer Price Index(“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 IRR of 9.0% . During 2024, we deferred a total of $2,240 consolidated JV interest income from financing receivables for May through September 2024 and agreed to defer up to approximately $258 per month for October through December 2024 consolidated JV interest income from financing receivables. ​ (3) During the second quarter of 2024, we funded an additional $5,546 under a mortgage loan receivable due from an ALG affiliate secured by 13 ALFs and MCs located in North Carolina ( 12 ) and South Carolina ( 1 ). We then entered into a newly formed $122,460 JV with ALG, whereby we exchanged our $64,450 mortgage loan receivable for a 53% controlling interest in the JV. Concurrently, ALG contributed these properties to the joint venture for a 47% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0% . ​ (4) During the second quarter of 2024, we funded an additional $2,766 under a mortgage loan receivable due from an ALG affiliate secured by four ALFs located in North Carolina. We then entered into a newly formed $41,000 JV with ALG, whereby we exchanged $37,985 mortgage loan receivables for a 93% controlling interest in the JV. Concurrently, ALG contributed these properties and a parcel of land to the joint venture for a 7% non-controlling interest. The JV leased the properties to an ALG affiliate under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option exercisable through 2028, with an exit IRR of 8.0% .
Summary of financing receivables activities	The following table summarizes our financing receivables activities for the nine months ended September 30, 2024 and 2023 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ 2024 ​ 2023 ​ Investment and funding under financing receivables ​ $ 163,557 (1) $ 121,332 (2) Amortization of capital costs ​ ​ (65) ​ ​ (65) ​ Provision for loan loss reserve ​ ​ (1,635) (1) ​ (1,213) (2) ​ ​ $ 161,857 ​ $ 120,054 ​ (1) During 2024, we entered into two joint venture agreements with affiliates of ALG. We recorded an aggregate Provision for Credit losses of $1,635 equal to 1.0% of the investment balance. See above for more information. ​ (2) During 2023, we entered into a joint venture agreement with an affiliate of ALG. We recorded Provision for credit losses of $1,213 equal to 1.0% of the investment balance. See above for more information.
Summary of investments in mortgage loans secured by first mortgages	During 2024, we committed to fund a $26,120,000 mortgage loan for the construction of a 116-unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12,300,000 of equity which will initially fund the construction. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5%. The following table sets forth information regarding our investments in mortgage loans secured by first mortgages at September 30, 2024 (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 ​ GA ​ $ 51,111 (3) ALF ​ 14.0 % 1 ​ 1 ​ — ​ 203 ​ $ 251.78 8.8% ​ 2025 ​ FL ​ ​ 4,000 ​ ALF ​ 1.1 % 1 ​ 2 ​ — ​ 92 ​ $ 43.48 7.8% ​ 2025 ​ FL ​ ​ 16,706 ​ ALF ​ 4.7 % 1 ​ 1 ​ — ​ 112 ​ $ 149.16 7.3% ​ 2025 ​ NC ​ ​ 10,750 ​ ALF ​ 2.9 % 1 ​ 1 ​ — ​ 45 ​ $ 238.89 8.8% (4) ​ 2026 ​ MI ​ ​ 9,999 ​ UDP ​ 2.7 % 1 ​ — (4) — ​ — ​ $ n/a 8.8% ​ 2028 ​ IL ​ ​ 16,500 ​ SNF ​ 4.5 % 1 ​ 1 ​ 150 ​ — ​ $ 110.00 10.8% (5) ​ 2043 ​ MI ​ ​ 180,973 ​ SNF ​ 49.7 % 1 ​ 14 ​ 1,749 ​ — ​ $ 103.47 9.9% (5) ​ 2045 ​ MI ​ ​ 39,850 ​ SNF ​ 10.9 % 1 ​ 4 ​ 480 — ​ $ 83.02 10.3% (5) ​ 2045 ​ MI ​ 19,700 ​ SNF ​ 5.4 % 1 ​ 2 ​ 201 — ​ $ 98.01 10.5% (5) ​ 2045 ​ MI ​ ​ 14,825 ​ SNF ​ 4.1 % 1 ​ 1 ​ 146 ​ — ​ $ 101.54 Total ​ ​ ​ ​ ​ $ 364,414 ​ ​ ​ 100.0 % 10 ​ 27 ​ 2,726 452 ​ $ 114.67 (1) Some loans contain certain guarantees and provide for certain facility fees. ​ (2) Our mortgage loans are secured by properties located in five states with seven borrowers. ​ (3) Subsequent to September 30, 2024, we received the payoff of this mortgage loan receivable. ​ (4) 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 $9,500 . The 8.75% interest-only loan matures in September 2026 and includes two , one-year extensions, each of which is contingent on certain coverage thresholds. ​ (5) 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 nine months ended September 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ Originations and funding under mortgage loans receivable ​ $ 19,078 (1) ​ $ 83,383 (5) Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables ​ ​ (102,435) (3) ​ ​ — ​ Pay-offs received ​ ​ (34,094) (2) ​ ​ — ​ Application of interest reserve ​ ​ 169 ​ ​ ​ 1,609 ​ Scheduled principal payments received ​ ​ (380) ​ ​ ​ (301) ​ Mortgage loan premium amortization ​ ​ (4) ​ ​ ​ (5) ​ Recovery (provision) for loan loss reserve ​ ​ 1,176 ​ ​ ​ (847) ​ Net (decrease) increase in mortgage loans receivable ​ $ (116,490) (4) ​ $ 83,839 ​ (1) The following funding occurred: ​ (a) $9,999 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 $9,500 . 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; ​ (b) $5,546 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by 13 ALFs and MCs in North Carolina ( 12 ) and South Carolina ( 1 ). During the three months ended June 30, 2024, we exchanged this $64,450 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information; ​ (c) $2,766 of additional funding under a mortgage loan receivable agreement with an ALG affiliate secured by four ALFs in North Carolina. During the three months ended June 30, 2024, we exchanged this $37,985 mortgage loan receivable for a controlling interest in a JV investment with an ALG affiliate. See Financing Receivables above for more information; and ​ (d) $767 of additional funding under various loans. ​ (2) We received the payoff of a $29,347 mortgage loan secured by a 189-bed SNF in Louisiana and a $2,013 mortgage loan secured by a parcel of land in Missouri. Additionally, we received a partial principal paydown of $2,734 related to the sale of a SNF securing the mortgage loan previously secured by 15-SNFs in Michigan. ​ (3) The following occurred: ​ (a) $64,450 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(b) above for more information; and ​ (b) $37,985 mortgage loan receivable due from an ALG affiliate was exchanged for a controlling interest in a JV. See (1)(c) above for more information. ​ (4) Subsequent to September 30 2024, we received the payoff of a $51,111 mortgage loan receivable secured by a 203 -unit ALF in Georgia. ​ (5) The following funding and originations occurred: ​ (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. Subsequent to September 30, 2024, the $51,111 mortgage loan was paid off. See (4) above; ​ (c) $16,500 senior loan for the purchase of a 150 -bed Medicare focused SNF in Illinois. The mortgage loan matures in June 2028 and our investment is at an interest rate of 8.75% ; and ​ (d) $5,022 of additional funding under other mortgage loans receivable.

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 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 ​ Texas ​ SNF/ALF ​ Senior Loan (1) 9.2 % ​ 9.2 % ​ 104 ​ $ 11,262 (1) Washington ​ ALF/MC ​ Preferred Equity (2) 12.0 % ​ 7.0 % ​ 95 ​ ​ 6,340 (2) Washington ​ ILF/ALF ​ Preferred Equity (3) 14.0 % ​ 8.0 % ​ 267 ​ ​ 13,000 (3) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 466 ​ $ 30,602 ​ (1) We originated a $12,700 mortgage loan to a current operator secured by a SNF/ALF in Texas. The investment commitment amount includes $11,164 , funded during the three months ended June 30, 2024, an interest reserve of $750 and a capital expenditure reserve of $786 . In accordance with GAAP, this mortgage loan was determined to be an ADC loan and is accounted for as an unconsolidated JV. The campus has 104 beds ( 70 skilled nursing and 34 assisted living). The five-year mortgage loan is interest-only at a current rate of 9.15% . ​ (2) 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 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. ​ (3) 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 prior to the end of the first renewal term of the lease. ​
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures	The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures during the nine months ended September 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ ​ Income ​ ​ Cash Income ​ ​ Non-cash ​ Year ​ Properties ​ ​ Recognized ​ ​ Earned ​ ​ Income Accrued ​ 2024 ​ SNF/ALF ​ $ 589 ​ $ 589 ​ $ — ​ ​ ​ ALF/MC ​ ​ 359 ​ ​ 359 ​ ​ — ​ ​ ​ ILF/ALF (1) ​ ​ 791 ​ ​ — ​ ​ 791 ​ Total ​ ​ ​ $ 1,739 ​ $ 948 ​ $ 791 ​ ​ ​ ​ ​ ​ ` ​ ​ ​ ​ ​ ​ ​ 2023 ​ ALF/MC ​ $ 337 ​ $ — ​ $ 337 ​ ​ ​ UDP (1) ​ ​ 790 ​ ​ — ​ ​ 790 ​ Total ​ ​ ​ $ 1,127 ​ $ — ​ $ 1,127 ​ (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)	9 Months Ended
	Sep. 30, 2024
Notes Receivable.
Summary of investments in notes receivable	Notes receivable consist of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at September 30, 2024 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ Type of ​ Gross ​ ​ ​ ​ Type of ​ Rate ​ IRR ​ ​ Maturity ​ Loan ​ Investment ​ ​ # of loans ​ Property ​ 8.3% ​ — ​ ​ 2025 ​ Working capital ​ $ 50 ​ ​ 1 ​ ALF ​ 9.0% ​ — ​ ​ 2026 ​ Working capital ​ ​ 290 ​ ​ 1 ​ ALF 8.0% ​ 11.0 % ​ 2027 ​ Mezzanine ​ ​ 25,000 ​ ​ 1 ​ ALF ​ 0.0% ​ — ​ ​ 2028 ​ Working capital ​ ​ 1,545 ​ ​ 1 ​ SNF ​ 8.8% ​ 12.0 % ​ 2028 ​ Mezzanine ​ ​ 17,000 ​ ​ 1 ​ ALF ​ 6.5% ​ — ​ ​ 2030 ​ Working capital ​ ​ 138 ​ ​ 2 ​ SNF ​ 7.4% ​ — ​ ​ 2030 ​ Working capital ​ ​ 500 ​ ​ 1 ​ ALF ​ 7.4% ​ — ​ ​ 2030 ​ Working capital ​ ​ 957 ​ ​ 1 ​ ALF ​ 0.0% ​ — ​ ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 48,173 (1) ​ 10 ​ ​ ​ (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 September 30, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 2024 ​ At December 31, 2023 Mezzanine loans $ 42,000 ​ $ 42,000 ​ Working capital loans ​ 6,173 ​ ​ 19,101 ​ Notes receivable credit loss reserve ​ (482) ​ ​ (611) ​ Total $ 47,691 ​ $ 60,490 ​
Summary of notes receivable activity	The following table summarizes our notes receivable activity for the nine months ended September 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ ​ 2023 ​ Advances under notes receivable $ 340 ​ $ 19,258 ​ Principal payments received under notes receivable ​ (13,268) (1) ​ (14,537) (2) Recovery of credit losses ​ 129 ​ ​ (48) ​ Net (decrease) increase in notes receivable $ (12,799) ​ $ 4,673 ​ (1) During 2024, we received $11,986 towards the paydown of a $13,531 working capital note. The remaining $1,545 balance of the working capital note is interest free and will be repaid in installments through 2028. Additionally, we received an aggregate $1,282 related to the payoff of two working capital notes. ​ (2) 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. Subsequent to September 30, 2024, the $51,111 mortgage loan was paid off.

Lease Incentives (Tables)

Lease Incentives (Tables)	9 Months Ended
	Sep. 30, 2024
Lease Incentives
Summary of non-contingent lease incentive activity	Our non-contingent lease incentive balances at September 30, 2024 and December 31, 2023 were $3,584,000 and $2,607,000, respectively. The following table summarizes our lease incentives activity for the nine months ended September 30, 2024 and 2023 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ Lease incentives funded ​ $ 1,794 ​ ​ $ 1,023 ​ Amortization of lease incentives ​ ​ (626) ​ ​ ​ (584) ​ Adjustment for collectability of lease incentives ​ ​ — ​ ​ ​ (26) (2) Other adjustments ​ ​ (191) (1) ​ ​ (9) (1) Net increase in non-contingent lease incentives ​ $ 977 ​ ​ $ 404 ​ (1) Represents lease incentive balances written-off due to property sales. ​ (2) Represents uncollectible lease incentive balances written-off.

Credit Loss Reserve (Tables)

Credit Loss Reserve (Tables)	9 Months Ended
	Sep. 30, 2024
Credit Loss Reserve
Summary of financial instruments within the scope of ASC 326	The following table summarizes our financial instruments within the scope of ASC 326 by year of origination ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year of origination (1) ​ At September 30, 2024 Investment Type: ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ 2020 ​ Prior ​ Total ​ Credit loss reserve Financing receivables ​ $ 163,460 ​ $ 121,418 ​ $ 76,626 ​ $ — ​ $ — ​ $ — ​ $ 361,504 ​ $ 3,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans receivable ​ $ — ​ $ 92,360 ​ $ — ​ $ 16,706 ​ $ — ​ $ 255,348 ​ $ 364,414 ​ $ 3,638 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine loans ​ $ — ​ $ 17,000 ​ $ 25,000 ​ $ — ​ $ — ​ $ — ​ $ 42,000 ​ $ 420 Working Capital loans ​ ​ 50 ​ ​ — ​ ​ — ​ ​ 2,045 ​ ​ 1,095 ​ ​ 2,983 ​ ​ 6,173 ​ ​ 62 Total Notes Receivable ​ $ 50 ​ $ 17,000 ​ $ 25,000 ​ $ 2,045 ​ $ 1,095 ​ $ 2,983 ​ $ 48,173 ​ $ 482 (1) Excludes paid-off loans. Additional funding, if any, is included in the year of the origination of the initial loan.
Summary of expected credit losses	The expected credit losses related to our financial instruments that are within the scope of ASC 326 are as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ Recovery ​ due to ​ Balance ​ ​ ​ at ​ ​ due to ​ Originations/ ​ at ​ Description ​ 12/31/2023 ​ ​ payoffs ​ additional funding ​ 9/30/2024 ​ Credit Loss Reserve- Financing Receivables ​ $ 1,980 ​ $ — ​ $ 1,635 ​ $ 3,615 ​ Credit Loss Reserve- Mortgage Loans Receivable ​ ​ 4,814 ​ ​ (1,369) ​ ​ 193 ​ ​ 3,638 ​ Credit Loss Reserve-Notes Receivable ​ ​ 611 ​ ​ (132) ​ ​ 3 ​ ​ 482 ​

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 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 ​ ​ September 30, 2024 ​ ​ ​ December 31, 2023 ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 1,448 ​ ​ $ 2,698 ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 2,191 ​ ​ ​ 3,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 3,639 ​ ​ $ 6,110 ​
Schedule of Debt Obligations	The following table sets forth information regarding debt obligations by component as of September 30, 2024 and December 31, 2023 ( dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 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 (2) ​ 6.17% ​ $ 240,150 ​ $ 184,850 ​ $ 302,250 ​ $ 97,750 ​ Term loans, net of debt issue costs ​ 2.69% ​ ​ 99,771 ​ ​ — ​ ​ 99,658 ​ ​ — ​ Senior unsecured notes, net of debt issue costs ​ 4.15% ​ ​ 445,402 ​ ​ — ​ ​ 489,409 ​ ​ — ​ Total ​ 4.58% ​ $ 785,323 ​ $ 184,850 ​ $ 891,317 ​ $ 97,750 ​ (1) Represents weighted average of interest rate as of September 30, 2024. ​ (2) Subsequent to September 30, 2024, we repaid $93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit. ​
Schedule of borrowings and repayments	During the nine months ended September 30, 2024 and 2023, our debt borrowings and repayments were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Revolving line of credit ​ $ 19,200 ​ $ (81,300) (1) $ 274,450 ​ $ (42,200) ​ Term loans ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Senior unsecured notes ​ ​ — ​ ​ (44,160) ​ ​ — ​ ​ (44,160) ​ Total ​ $ 19,200 ​ $ (125,460) ​ $ 274,450 ​ $ (86,360) ​ (1) Subsequent to September 30, 2024, we repaid $ 93,800 under our unsecured revolving line of credit. Accordingly, we have $146,350 outstanding and $278,650 available for borrowing under our unsecured revolving line of credit.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity
Schedule of consolidated VIEs	As of September 30, 2024, we have the following consolidated VIEs (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets (1) ​ ​ Interests ​ 2024 ​ Owned real estate ​ ALF/MC ​ NC/SC ​ $ 122,460 ​ $ 58,010 ​ 2024 ​ Owned real estate ​ ALF ​ NC ​ ​ 41,000 ​ ​ 3,015 ​ 2023 ​ Owned real estate ​ ILF/ALF/MC ​ OH ​ ​ 54,782 ​ ​ 9,134 ​ 2023 ​ Owned real estate ​ ALF/MC ​ NC ​ ​ 121,419 ​ ​ 3,831 ​ 2022 ​ Owned real estate ​ SNF ​ FL ​ ​ 76,625 ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ $ 461,068 ​ $ 93,618 ​ (1) Includes the total real estate investments and excludes intangible assets.
Schedule of cash dividends declared and paid	We declared and paid the following cash dividends (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ ​ Common Stock (1) ​ $ 74,684 ​ $ 74,684 ​ $ 70,767 ​ $ 70,767 ​ ​ (1) Represents $0.19 per share per month for the nine months ended September 30, 2024 and 2023.
Schedule of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Outstanding, January 1 ​ ​ 258,620 ​ ​ 229,236 ​ Granted ​ ​ 175,431 ​ ​ 146,020 ​ Vested ​ ​ (132,842) ​ ​ (115,551) ​ Cancelled ​ ​ — ​ ​ (1,085) ​ Outstanding, September 30 ​ ​ 301,209 ​ ​ 258,620 ​
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) ​ ​ ​ 15,895 ​ $ 34.60 ​ Restricted stock ​ (3) ​ ​ ​ 307,955 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 127,960 ​ $ 37.16 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,867 ​ $ 37.16 ​ Performance-based stock units ​ TSR targets (4) ​ ​ ​ 15,060 ​ $ 31.54 ​ Restricted stock ​ May 24, 2024 ​ ​ ​ 3,000 ​ $ 35.45 ​ Restricted stock ​ July 25, 2024 ​ ​ ​ 232,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 date is the earlier of the one-year anniversary of the award date and the date of the next annual meeting of the stockholders of LTC following the award date. ​ (4) 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 September 30, 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 October - December 2024 ​ $ 2,260 2025 ​ ​ 6,450 2026 ​ ​ 3,385 2027 ​ ​ 369 Total ​ $ 12,464

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Schedule of commitments	At September 30, 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 ​ $ 15,920 (1) $ 7,862 ​ $ 8,814 ​ $ 7,106 Accrued incentives and earn-out liabilities (Note 5. Lease Incentives) ​ ​ 6,625 (2) ​ 587 ​ ​ 2,045 ​ ​ 4,580 Mortgage loans (N ote 2. Real Estate Investments ​ ​ 63,620 (3) ​ 9,999 ​ ​ 11,999 ​ ​ 51,621 Joint venture investments ( Note 3. Investments in Unconsolidated Joint Ventures ​ ​ 1,536 (4) ​ 98 ​ ​ 98 ​ ​ 1,438 Notes receivable (N ote 4. Notes Receivable ​ ​ 940 (5) ​ 50 ​ ​ 50 ​ ​ 890 Total ​ $ 88,641 ​ $ 18,596 ​ $ 23,006 ​ $ 65,635 (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 in April 2024 through March 2027. 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 $45,620 related to construction loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios. ​ (4) Represents an interest reserve of $750 and capital expenditure reserve of $786 related to a mortgage loan secured by a SNF and ALF in Texas. The loan is accounted for as an unconsolidated JV in accordance with GAAP. For more information regarding this loan see Note 3. Investment in Unconsolidated Joint Ventures . ​ (5) Represents working capital loan commitments.

Major Operators (Tables)

Major Operators (Tables)	9 Months Ended
	Sep. 30, 2024
Major Operators
Schedule of concentration of risk by 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 September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenues ​ ​ Assets (1) ​ ​ Prestige Healthcare (2) ​ 23 ​ — ​ 2,694 ​ 93 ​ 15.4 % ​ 14.0 % ​ (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)	9 Months Ended
	Sep. 30, 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 ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ Net income ​ $ 30,862 ​ $ 22,627 ​ $ 75,289 ​ $ 62,792 ​ Less income allocated to non-controlling interests ​ (1,496) ​ (430) ​ (2,332) ​ (1,287) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ ​ (173) ​ ​ (147) ​ ​ (511) ​ ​ (440) ​ Income allocated to participating securities ​ ​ (28) (1) ​ — ​ ​ — (1) ​ — ​ Total net income allocated to participating securities ​ ​ (201) ​ ​ (147) ​ ​ (511) ​ ​ (440) ​ Net income available to common stockholders ​ ​ 29,165 ​ ​ 22,050 ​ ​ 72,446 ​ ​ 61,065 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share ​ $ 29,165 ​ $ 22,050 ​ $ 72,446 ​ $ 61,065 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ ​ 43,868 ​ ​ 41,153 ​ ​ 43,313 ​ ​ 41,127 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Performance-based stock units ​ ​ 526 ​ ​ 58 ​ ​ 526 ​ ​ 58 ​ Participating securities (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities ​ ​ 526 ​ ​ 58 ​ ​ 526 ​ ​ 58 ​ Shares for diluted net income per share ​ ​ 44,394 ​ ​ 41,211 ​ ​ 43,839 ​ ​ 41,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 0.66 ​ $ 0.54 ​ $ 1.67 ​ $ 1.48 ​ Diluted net income per share ​ $ 0.66 ​ $ 0.54 ​ $ 1.65 ​ $ 1.48 ​ (1) The computation of the net income per share for the three and nine months ended September 30, 2024 and 2023 are made independently. Therefore, the sum of the quarters may not agree with the amounts for the year-to-date periods. ​ (2) For the three and nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 2024 ​ At December 31, 2023 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivables, net of credit loss reserve ​ $ 357,889 ​ $ 363,900 (1) $ 196,032 ​ $ 199,199 (1) Mortgage loans receivable, net of credit loss reserve ​ ​ 360,776 ​ ​ 422,180 (2) ​ 477,266 ​ ​ 554,993 (2) Notes receivable, net of credit loss reserve ​ 47,691 ​ 53,923 (3) 60,490 ​ 67,877 (3) Revolving line of credit ​ 240,150 ​ ​ 240,150 (4) ​ 302,250 ​ ​ 302,250 (4) Term loans, net of debt issue costs ​ ​ 99,771 ​ ​ 100,000 (4) ​ 99,658 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 445,402 ​ ​ 417,267 (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 September 30, 2024 and December 31, 2023 was 7.3% and 7.6% , respectively. ​ (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 September 30, 2024 and December 31, 2023 was 9.8% and 9.2% , respectively. ​ (3) Our investments in notes receivable are classified as Level 3. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash flows of the notes receivable at September 30, 2024 and December 31, 2023 was 7.6% and 6.9% , respectively. ​ (4) Our revolving line of credit and term loans bear interest at a variable interest rate. The estimated fair value of our revolving line of credit and term loans approximated their carrying values at September 30, 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 September 30, 2024, the discount rate used to value our future cash outflow of our senior unsecured notes was 5.5% for those maturing before year 2030 and 5.75% 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)	9 Months Ended
	Sep. 30, 2024 segment
General
Number of operating segments	1

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) property item state $ / item
Real Estate [Line Items]
Gross Investment | $	$ 1,342,188
Percentage of Investment	100%
Number of properties | property	124
Number of beds/units	466
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	4,577
ALF
Real Estate [Line Items]
Gross Investment | $	$ 732,120
Percentage of Investment	54.50%
Number of properties | property	73
Average Investment per Bed/Unit | $ / item	168.65
ALF | ALF Units
Real Estate [Line Items]
Number of beds/units	4,341
SNF
Real Estate [Line Items]
Gross Investment | $	$ 598,063
Percentage of Investment	44.60%
Number of properties | property	50
Average Investment per Bed/Unit | $ / item	94.20
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				9 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($)	Nov. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property item	Jun. 30, 2024 USD ($)	Mar. 31, 2024 item Center	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) lease Center property item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) item property
Real Estate [Line Items]
Number of properties | property			124				124
Number of beds/units | item			466				466
Gross Investment			$ 1,342,188,000				$ 1,342,188,000
Lease renewal term		4 years
Write-off of straight-line rent and lease incentives balances			$ 0			$ 0	321,000	$ 26,000
Income and Expenses, Lessor [Abstract]
Adjustment of lease incentives and rental income							$ (321,000)	$ (26,000)
SNF
Real Estate [Line Items]
Number of properties | property			50				50
Gross Investment			$ 598,063,000				$ 598,063,000
ALF
Real Estate [Line Items]
Number of properties | property			73				73
Gross Investment			$ 732,120,000				$ 732,120,000
Mortgage Loans
Real Estate [Line Items]
Number of properties | property			27				27
Gross Investment			$ 364,414,000				$ 364,414,000
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]
Loan Term						1 year
Interest rate (as a percent)						8.75%
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
Master lease agreement | Working capital loans
Real Estate [Line Items]
Gross Investment			$ 13,531,000				$ 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				$ 8,000,000
New master lease agreement
Real Estate [Line Items]
Number of properties | property									35
Number of beds/units | item			666				666		1,473
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									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
Gross Investment			$ 13,531,000				$ 13,531,000
Skilled nursing center purchased | Center							4
Contractual annual cash rent							$ 8,004,000
Repayment on working capital							$ 11,986,000
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]
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]
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									2,000
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	Sep. 30, 2024 item property
Real Estate Properties [Line Items]
Number of Properties | property		124
Number of beds/units | item		466
New master lease agreement
Real Estate Properties [Line Items]
Number of Properties | property	27
Number of Units | item	1,132
First Year Rent | $	$ 13,585
Number of properties sold | property	8
Number of beds or units in property sold | item	341
Sales Price | $	$ 27,959
Net Proceeds | $	$ 23,232
Number of Properties | property	35
Number of beds/units | item	1,473	666
ALF
Real Estate Properties [Line Items]
Number of Properties | property		73
ALF | New master lease agreement | Oklahoma
Real Estate Properties [Line Items]
Number of Properties | property	5
Number of 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 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 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) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Income and Expenses, Lessor [Abstract]
Contractual cash rental income	$ 29,215	$ 29,065	$ 89,142	$ 87,204
Variable cash rental income	3,194	3,442	9,830	9,902
Straight-line rent	37	(747)	(561)	(1,635)
Adjustment of lease incentives and rental income			(321)	(26)
Amortization of lease incentives	(188)	(171)	(626)	(584)
Total Rental Income	$ 32,258	$ 31,589	$ 97,464	$ 94,861
Repayment of rent credit					$ 2,377
Number of units | item	466		466

Real Estate Investments - Purch

Real Estate Investments - Purchase Options (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) item property	Dec. 31, 2023 USD ($) property item	Dec. 31, 2022 item
Real estate investments
Number of Properties | property	124
Gross Investment	$ 1,342,188
Net Book Value	$ 942,314	$ 987,965
Number of units | item	466
Purchase Option in Lease Arrangements
Real estate investments
Gross Investment	$ 663,441
Net Book Value	$ 585,235
Financing receivables
Real estate investments
Number of Properties | property	31
Gross Investment	$ 361,505
ALF
Real estate investments
Number of Properties | property	73
Gross Investment	$ 732,120
Number of properties acquired | property		1
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	$ 14,654
Net Book Value	$ 6,876
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
ALF (Option window 2024- 2028) | Purchase Option in Lease Arrangements | North Carolina
Real estate investments
Number of Properties | property	4
Gross Investment	$ 41,000
Net Book Value	$ 41,000
Controlling interest obtained from JV (%)	92.70%
Number of units | item	217
Lease term	10 years
Percentage of cash return	8%
MC | Purchase Option in Lease Arrangements | Ohio
Real estate investments
Number of Properties | property	1
Gross Investment	$ 16,161
Net Book Value	$ 13,158
MC | Purchase Option in Lease Arrangements | Texas
Real estate investments
Number of Properties | property	1
Gross Investment	$ 12,743
Net Book Value	$ 9,440
Lease term, extension period	1 year
ALF & MC | Purchase Option in Lease Arrangements | California
Real estate investments
Number of Properties | property	2
Gross Investment	$ 38,895
Net Book Value	$ 32,072
ALF & MC | Purchase Option in Lease Arrangements | Colorado/Kansas/Ohio/Texas
Real estate investments
Number of Properties | property	17
Gross Investment	$ 63,576
Net Book Value	$ 29,928
ALF & MC | Purchase Option in Lease Arrangements | Georgia/South Carolina
Real estate investments
Number of Properties | property	2
Gross Investment	$ 31,904
Net Book Value	$ 24,721
ALF & MC | Purchase Option in Lease Arrangements | North Carolina
Real estate investments
Number of Properties | property	12
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 | North Carolina/ South Carolina
Real estate investments
Number of Properties | property	13
Gross Investment	$ 122,460
Net Book Value	$ 122,460
Controlling interest obtained from JV (%)	52.60%
Number of units | item	523
Lease term	10 years
Percentage of cash return	8%
ALF & MC | Purchase Option in Lease Arrangements | Oklahoma
Real estate investments
Number of Properties | property	5
Gross Investment	$ 11,221
Net Book Value	$ 4,170
ALF & MC | Purchase Option in Lease Arrangements | South Carolina
Real estate investments
Number of Properties | property	1
ALF & MC | 7.25% (2033 Maturity Year) | North Carolina
Real estate investments
Number of Properties | property		11
Gross Investment		$ 121,419
Lease term		10 years
Maximum percentage of purchase option to buy properties		50%
Percentage of cash return		9%
ALF & MC | 7.25% (2033 Maturity Year) | Purchase Option in Lease Arrangements | North Carolina
Real estate investments
Number of Properties | property	11
Gross Investment	$ 121,419
Net Book Value	$ 121,419
SNF
Real estate investments
Number of Properties | property	50
Gross Investment	$ 598,063
SNF | Purchase Option in Lease Arrangements | Florida
Real estate investments
Number of Properties | property	3
Gross Investment	$ 76,625
Net Book Value	$ 76,625
SNF | Purchase Option in Lease Arrangements | Tennessee
Real estate investments
Number of Properties | property	2
Gross Investment	$ 5,275
Net Book Value	$ 2,157
SNF | Purchase Option in Lease Arrangements | Texas
Real estate investments
Number of Properties | property	4
Gross Investment	$ 52,726
Net Book Value	$ 49,332
Number of properties acquired | item			4
Lease term			10 years
ALF/ILF/MC | Ohio | Encore Senior Living
Real estate investments
Lease term		10 years
ALF/ILF/MC | Purchase Option in Lease Arrangements | Ohio
Real estate investments
Number of Properties | property	1
Gross Investment	$ 54,782
Net Book Value	$ 51,877

Real Estate Investments - Impai

Real Estate Investments - Impairment Loss (Details)	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) item property	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) item property
Real Estate Properties [Line Items]
Impairment loss								$ 12,510,000
Net gain (loss)	$ 3,663,000		$ 4,870,000				$ 6,882,000	20,545,000
Properties sold
Real Estate Properties [Line Items]
Sales price							34,752,000		$ 53,212,000
Net gain (loss)	3,663,000		4,870,000				6,882,000	20,545,000
ALF
Real Estate Properties [Line Items]
Number of properties | property		3							3
Number of Beds/Units | item		197							197
Impairment loss	$ 0		$ 0				0	$ 12,510,000	$ 12,510,000
ALF | Florida
Real Estate Properties [Line Items]
Impairment loss					$ 434,000	$ 1,222,000
Sales price				$ 4,850,000
Net gain (loss)				$ 64,000
ALF | Florida 1
Real Estate Properties [Line Items]
Number of properties | property		1							1
Number of Beds/Units | item		70							70
Impairment loss									$ 434,000
ALF | Florida 2
Real Estate Properties [Line Items]
Number of properties | property		1							1
Number of Beds/Units | item		60							60
Impairment loss									$ 7,522,000
ALF | Mississippi
Real Estate Properties [Line Items]
Number of properties | property		1							1
Number of Beds/Units | item		67							67
Impairment loss									$ 4,554,000
Sales price		$ 1,650,000
Net gain (loss)		$ 219,000
ALF | Properties sold | Florida
Real Estate Properties [Line Items]
Sales price							$ 4,500,000		$ 4,850,000

Real Estate Investments - Prope

Real Estate Investments - Properties Held-For-Sale (Details) $ in Thousands	Oct. 01, 2024 USD ($)	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($) property item	Jun. 30, 2023 property	Mar. 31, 2023 property
Real Estate Properties [Line Items]
Accumulated depreciation and amortization		$ (398,080)	$ (387,751)
ALF | Properties held-for-sale | Texas
Real Estate Properties [Line Items]
Number of Properties | property		1
Gross Investment		$ 5,852
Accumulated depreciation and amortization		$ (1,794)
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 and amortization			$ (3,616)
ALF | Properties held-for-sale | Subsequent Event | Texas
Real Estate Properties [Line Items]
Proceeds from sale of real estate	$ 5,250
ALF | Properties sold | Florida
Real Estate Properties [Line Items]
Number of Properties | property				2	2
ALF | Properties sold | Mississippi
Real Estate Properties [Line Items]
Number of Properties | property				1	1

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details)	3 Months Ended				9 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) item property	Nov. 30, 2023
Real estate investments
Non-Controlling Interest	$ 61,025,000	$ 50,000	$ 9,133,000	$ 3,831,000
Lease renewal term							4 years
OTH
Real estate investments
Cash Paid at Acquisition					$ 300,000
Transaction Costs					19,000
Assets Acquired					$ 319,000
OTH | Kansas
Real estate investments
Increase in rent (as percent)					8%
ALF
Real estate investments
Cash Paid at Acquisition						$ 43,759,000
Assumed Liabilities						9,767,000
Non-Controlling Interest						9,133,000
Transaction Costs						363,000
Assets Acquired						$ 63,022,000
Number of properties acquired | property						1
Number of beds/units acquired | item						242
Tax abatement intangible						$ 8,585
ALF/ILF/MC | Ohio | Encore Senior Living
Real estate investments
Amount of joint venture investment						54,134
LTC Investment						$ 45,000
Percentage of IRR						9.75%
Lease term						10 years
Percentage of contractual initial cash yield						8.25%
Amount committed to fund						$ 2,100

Real Estate Investments - Carry

Real Estate Investments - Carrying Amount of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
In-place leases
Real estate investments
Cost	$ 11,155	$ 11,348
Accumulated Amortization	(6,650)	(6,109)
Net	4,505	5,239
Tax abatement intangible
Real estate investments
Cost	8,309	8,309
Accumulated Amortization	(924)	(405)
Net	$ 7,385	$ 7,904

Real Estate Investments - Impro

Real Estate Investments - Improvements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Real estate investments
Invested in projects	$ 18,596
Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	9,908	$ 5,053
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	8,663	2,418
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 1,245	2,548
Other | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects		$ 87

Real Estate Investments - Pro_2

Real Estate Investments - Properties Sold (Details)		1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 01, 2024 USD ($)	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property item
Disposals and other
Carrying value			$ 942,314,000	$ 987,965,000			$ 942,314,000		$ 987,965,000
Net gain (loss)			3,663,000		$ 4,870,000		6,882,000	$ 20,545,000
Distributions paid to non-controlling interests related to property sale							2,305,000
Rental income			32,258,000		31,589,000		$ 97,464,000	94,861,000
ALF | Florida
Disposals and other
Sales price						$ 4,850,000
Net gain (loss)						$ 64,000
ALF | Mississippi
Disposals and other
Sales price				1,650,000
Net gain (loss)				219,000
Properties sold
Disposals and other
Number of properties sold | property							10		10
Number of beds or units in property sold | item							458		651
Sales price							$ 34,752,000		$ 53,212,000
Carrying value			26,759,000	30,865,000			26,759,000		30,865,000
Net gain (loss)			3,663,000		$ 4,870,000		6,882,000	$ 20,545,000
Net (Loss) Gain							(60,000)		$ 20,545,000
Properties sold | Subsequent Event
Disposals and other
Sales price	$ 5,250,000
Carrying value	$ 5,852,000
Net gain (loss)		$ 4,058,000
Properties sold | ALF
Disposals and other
Carrying value			4,058,000				$ 4,058,000
Properties sold | ALF | Florida
Disposals and other
Number of properties sold | property							1		1
Number of beds or units in property sold | item							60		70
Sales price							$ 4,500,000		$ 4,850,000
Carrying value			4,579,000	4,082,000			4,579,000		4,082,000
Net (Loss) Gain							$ (289,000)		$ 65,000
Properties sold | ALF | Kentucky
Disposals and other
Number of properties sold | property									1
Number of beds or units in property sold | item									60
Sales price									$ 11,000,000
Carrying value				10,720,000					10,720,000
Net (Loss) Gain									$ 57,000
Properties sold | ALF | New Jersey
Disposals and other
Number of properties sold | property									1
Number of beds or units in property sold | item									39
Sales price									$ 2,000,000
Carrying value				1,552,000					1,552,000
Net (Loss) Gain									$ 266,000
Properties sold | ALF | Nebraska
Disposals and other
Number of properties sold | property									3
Number of beds or units in property sold | item									117
Sales price									$ 2,984,000
Carrying value				2,934,000					$ 2,934,000
Properties sold | ALF | Pennsylvania
Disposals and other
Number of properties sold | property									2
Number of beds or units in property sold | item									130
Sales price									$ 11,128,000
Carrying value				6,054,000					6,054,000
Net (Loss) Gain									$ 4,870,000
Properties sold | ALF | Texas
Disposals and other
Number of properties sold | property							5
Number of beds or units in property sold | item							208
Sales price							$ 1,600,000
Carrying value			1,282,000				1,282,000
Net (Loss) Gain							$ (390,000)
Properties sold | ALF | Texas | 1 Property obtained from JV
Disposals and other
Number of properties sold | property							1
Number of beds or units in property sold | item							80
Sales price							$ 7,959,000
Carrying value			4,314,000				4,314,000
Net (Loss) Gain							3,635,000
Rental income							$ 441,000
Properties sold | ALF | Texas | 2 Properties obtained from JV
Disposals and other
Number of properties sold | property							2
Sales price							$ 500,000
Carrying value			389,000				$ 389,000
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				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				$ 5,523,000					5,523,000
Net (Loss) Gain									$ 15,287,000

Real Estate Investments - Finan

Real Estate Investments - Financing Receivable (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended		33 Months Ended
	Sep. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($) property Option	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item property $ / item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) item Option property $ / item	Dec. 31, 2022 USD ($) item Option property $ / item	Sep. 30, 2024 USD ($) property item	Nov. 30, 2023
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gross Investment	$ 1,342,188			$ 1,342,188				$ 1,342,188
Number of properties | property	124			124				124
Interest income from financing receivables	$ 7,001		$ 3,832	$ 14,661	$ 11,413
Non-controlling interest owned by JV partner		7%
Lease renewal term									4 years
Provision for credit losses	215		$ 189	942	$ 2,107
Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gross Investment	$ 361,505			$ 361,505				$ 361,505
LTC Investment								$ 282,324
Number of properties | property	31			31				31
Number of Beds/Units | item								1,562
Florida | 7.25% (2032 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property							3
Lease term							10 years
Number of operating lease renewals | Option							2
Lease renewal term							5 years
SNF
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gross Investment	$ 598,063			$ 598,063				$ 598,063
Number of properties | property	50			50				50
Investment per Bed/Unit | $ / item				94.20
SNF | Florida | 7.25% (2032 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Interest rate (as a percent)							7.25%
Gross Investment							$ 76,626
LTC Investment							$ 62,301
Number of properties | property							3
Number of Beds/Units | item							299
Investment per Bed/Unit | $ / item							256.27
ALF & MC | North Carolina/ South Carolina | 7.25% (2034 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Interest rate (as a percent)				7.25%
Gross Investment	$ 122,460			$ 122,460				$ 122,460
LTC Investment				$ 64,450
Number of properties | property	13	13		13				13
Number of Beds/Units | item				523
Investment per Bed/Unit | $ / item				234.15
Additional amount funded under mortgage loan		$ 5,546
ALF & MC | North Carolina | 7.25% (2033 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Interest rate (as a percent)						7.25%
Gross Investment						$ 121,419
LTC Investment						$ 117,588
Number of properties | property						11
Number of Beds/Units | item						523
Investment per Bed/Unit | $ / item						232,160
Percentage of contractual initial cash yield						7.25%
Lease term						10 years
Number of operating lease renewals | Option						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%
Interest income deferred				$ 2,240
Interest income deferred per month				258
ALF & MC | North Carolina | 7.25% (2034 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gross Investment		122,460
LTC Investment		$ 64,450
Number of properties | property		12
Controlling interest obtained from JV (%)		53%
Non-controlling interest owned by JV partner		47%
Lease term		10 years
Number of operating lease renewals | Option		2
Lease renewal term		5 years
Percentage of cash return		8%
ALF & MC | South Carolina | 7.25% (2034 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property		1
ALF
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gross Investment	$ 732,120			$ 732,120				$ 732,120
Number of properties | property	73			73				73
Investment per Bed/Unit | $ / item				168.65
ALF | North Carolina/ South Carolina | 7.25% (2034 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Interest rate (as a percent)				7.25%
Gross Investment	$ 41,000			$ 41,000				$ 41,000
LTC Investment		$ 37,985		$ 37,985
Number of properties | property	4	4		4				4
Number of Beds/Units | item				217
Investment per Bed/Unit | $ / item				188.94
Additional amount funded under mortgage loan		$ 2,766
Controlling interest obtained from JV (%)		93%
Lease term		10 years
Number of operating lease renewals | Option		2
Lease renewal term		5 years
Percentage of cash return		8%
Affiliates of ALG
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Additional amount funded under mortgage loan				$ 5,546
Affiliates of ALG | ALF | 7.25% (2034 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gross Investment		$ 41,000
Affiliates of ALG | ALF | North Carolina
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Additional amount funded under mortgage loan				$ 2,766

Real Estate Investments - Fin_2

Real Estate Investments - Financing Receivable Activities (Details) - Financing receivables $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Investment and funding under financing receivables	$ 163,557	$ 121,332
Amortization of capital costs	(65)	(65)
Provision for loan loss reserve	(1,635)	(1,213)
Financial Receivable, Net	161,857	120,054
Affiliates of ALG
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Provision for loan loss reserve	$ (1,635)	$ 1,213
Number of joint venture agreements | item	2
Percentage of the investment balance	1%	1%

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loan (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property item period	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) loan item property state $ / item	Sep. 30, 2023 USD ($) property item period	Dec. 31, 2023 USD ($)
Real Estate [Line Items]
Gross Investment			$ 1,342,188,000
Percentage of Investment			100%
Number of properties | property			124
Number of beds/units | item			466
Notes receivable, net of credit loss reserve			$ 47,691,000		$ 60,490,000
Remaining commitment			$ 65,635,000
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			4,577
SNF
Real Estate [Line Items]
Gross Investment			$ 598,063,000
Percentage of Investment			44.60%
Number of properties | property			50
Average Investment per Bed/Unit | $ / item			94.20
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			$ 732,120,000
Percentage of Investment			54.50%
Number of properties | property			73
Average Investment per Bed/Unit | $ / item			168.65
ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item			4,341
ALF/ILF/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			136
Additional interest income related to the exit IRR		$ 1,380,000
Mezzanine loan | ALF/ILF/MC | Georgia
Real Estate [Line Items]
Gross Investment	$ 42,251,000			$ 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			$ 7,461,000
Mortgage loans with 10.3% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)			10.30%
Mortgage Loans With 8.75 Interest | SNF | Illinois
Real Estate [Line Items]
Interest rate (as a percent)				8.75%
Gross Investment	$ 16,500,000			$ 16,500,000
Number of beds/units | property	150			150
Mortgage Loans
Real Estate [Line Items]
Gross Investment			$ 364,414,000
Percentage of Investment			100%
Number of Loans | loan			10
Number of properties | property			27
Average Investment per Bed/Unit | $ / item			114.67
Number of states in which properties are located | state			5
Number of borrowers | item			7
Mortgage Loans | SNF Beds
Real Estate [Line Items]
Number of beds/units | item			2,726
Mortgage Loans | ALF Units
Real Estate [Line Items]
Number of beds/units | item			452
Mortgage Loans | SNF
Real Estate [Line Items]
Interest rate (as a percent)			2.25%
Mortgage Loans | ALF/ILF/MC | Georgia
Real Estate [Line Items]
Interest rate (as a percent)				7.50%
Gross Investment	$ 51,111,000			$ 51,111,000
Number of beds/units | item	203			203
Internal Rate of Return				7.75%
Mortgage Loans | ALF/ILF/MC | Illinois
Real Estate [Line Items]
Interest rate (as a percent)			9%
Gross Investment			$ 26,120,000
Number of beds/units | item			116
Internal Rate of Return			9.50%
Borrower contribution			$ 12,300,000
Loan Term			6 years
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			14%
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			1.10%
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			4.70%
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	$ 10,750,000
Percentage of Investment			2.90%
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			45
Internal Rate of Return				9%
Loan Term				2 years
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2026 | ALF
Real Estate [Line Items]
Gross Investment	$ 19,500			$ 19,500
Number of beds/units | item	85			85
Borrower contribution	$ 12,100
Remaining commitment	$ 9,500			$ 9,500
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2026 | UDP
Real Estate [Line Items]
Interest rate (as a percent)			8.80%
Gross Investment			$ 9,999,000
Percentage of Investment			2.70%
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			4.50%
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 10.8% Interest Maturing 2043 | SNF
Real Estate [Line Items]
Interest rate (as a percent)			10.80%
Gross Investment			$ 180,973,000
Percentage of Investment			49.70%
Number of Loans | loan			1
Number of properties | property			14
Average Investment per Bed/Unit | $ / item			103.47
Mortgage Loans | Mortgage Loans With 10.8% Interest Maturing 2043 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item			1,749
Mortgage Loans | Mortgage loans with 9.9% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)			9.90%
Gross Investment			$ 39,850,000
Percentage of Investment			10.90%
Number of Loans | loan			1
Number of properties | property			4
Average Investment per Bed/Unit | $ / item			83.02
Mortgage Loans | Mortgage loans with 9.9% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item			480
Mortgage Loans | Mortgage loans with 10.3% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Gross Investment			$ 19,700,000
Percentage of Investment			5.40%
Number of Loans | loan			1
Number of properties | property			2
Average Investment per Bed/Unit | $ / item			98.01
Mortgage Loans | Mortgage loans with 10.3% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item			201
Mortgage Loans | Mortgage loans with 10.5% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)			10.50%
Gross Investment			$ 14,825,000
Percentage of Investment			4.10%
Number of Loans | loan			1
Number of properties | property			1
Average Investment per Bed/Unit | $ / item			101.54
Mortgage Loans | Mortgage loans with 10.5% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item			146
Mortgage Loans | Mortgage Loans With 8.75 Interest | ALF
Real Estate [Line Items]
Interest rate (as a percent)	8.75%
Remaining commitment			$ 9,500
Loan Term	1 year
Extension term number of options | period	2			2

Real Estate Investments - Mor_2

Real Estate Investments - Mortgage Loans Activity (Details)		3 Months Ended		9 Months Ended
	Oct. 01, 2024 USD ($) item	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) property item period	Sep. 30, 2024 USD ($) item property period	Sep. 30, 2023 USD ($) property item period
Mortgage Loans
Originations and funding under mortgage loans receivable				$ 19,078,000	$ 83,383,000
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables				(102,435,000)
Pay-offs received				(34,094,000)
Application of interest reserve				169,000	1,609,000
Scheduled principal payments received				(380,000)	(301,000)
Mortgage loan premium amortization				(4,000)	(5,000)
Recovery (provision) for loan loss reserve				1,176,000	(847,000)
Net (decrease) increase in mortgage loans receivable				(116,490,000)	83,839,000
Gross Investment				$ 1,342,188,000
Number of properties | property				124
Number of beds/units | item				466
Remaining commitment				$ 65,635,000
Percentage of Investment				100%
Additions to mortgage loans				$ 5,022,000
Accrued interest receivable				58,421,000,000
Mortgage Loans
Mortgage Loans
Gross Investment				$ 364,414,000
Number of properties | property				27
Percentage of Investment				100%
Other Mortgage Loans
Mortgage Loans
Additions to mortgage loans				$ 767,000
Mezzanine loan
Mortgage Loans
Exit IRR					$ 190,000
Number of beds/units | item			136		136
SNF
Mortgage Loans
Gross Investment				$ 598,063,000
Number of properties | property				50
Percentage of Investment				44.60%
SNF | Mortgage Loans
Mortgage Loans
Interest rate (as a percent)				2.25%
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				4.50%
ALF
Mortgage Loans
Gross Investment				$ 732,120,000
Number of properties | property				73
Percentage of Investment				54.50%
ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Gross Investment			$ 10,750,000	$ 10,750,000	$ 10,750,000
Interest rate (as a percent)				7.30%
Number of properties | property				1
Percentage of Investment				2.90%
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				14%
ALF | Mortgage Loans With 8.75 Interest | Mortgage Loans
Mortgage Loans
Loan Term			1 year
Interest rate (as a percent)			8.75%
Remaining commitment				$ 9,500
Extension term number of options | period			2		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				$ 9,999,000
Extension term number of options | period				2
Loan extension term				1 year
Georgia | ALF/ILF/MC
Mortgage Loans
Payments to Acquire Real Estate					$ 51,111,000
Georgia | ALF/ILF/MC | Mortgage Loans
Mortgage Loans
Gross Investment			$ 51,111,000		$ 51,111,000
Interest rate (as a percent)					7.50%
Internal Rate of Return					7.75%
Number of beds/units | item			203		203
Georgia | ALF/ILF/MC | Mezzanine loan
Mortgage Loans
Gross Investment			$ 42,251,000		$ 42,251,000
Illinois | SNF | Mortgage Loans With 8.75 Interest
Mortgage Loans
Gross Investment			$ 16,500,000		$ 16,500,000
Interest rate (as a percent)					8.75%
Number of beds/units | property			150		150
Illinois | ALF/ILF/MC | Mortgage Loans
Mortgage Loans
Loan Term				6 years
Gross Investment				$ 26,120,000
Interest rate (as a percent)				9%
Internal Rate of Return				9.50%
Number of beds/units | item				116
Borrower contribution				$ 12,300,000
Affiliates of ALG
Mortgage Loans
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables		$ (64,450,000)
Additional amount funded under mortgage loan				5,546,000
Affiliates of ALG | North Carolina/ South Carolina | ALF & MC
Mortgage Loans
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables				$ (64,450,000)
Number of properties collateralized | property				13
Affiliates of ALG | North Carolina | ALF
Mortgage Loans
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables				$ (37,985,000)
Additional amount funded under mortgage loan				$ 2,766,000
Number of properties collateralized | property				4
Affiliates of ALG | North Carolina | ALF & MC
Mortgage Loans
Number of properties collateralized | property				12
Affiliates of ALG | South Carolina | ALF & MC
Mortgage Loans
Number of properties collateralized | property				1
SNF Beds
Mortgage Loans
Number of beds/units | item				6,231
SNF Beds | Mortgage Loans
Mortgage Loans
Number of beds/units | item				2,726
SNF Beds | SNF
Mortgage Loans
Number of beds/units | item				6,113
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				4,577
ALF Units | Mortgage Loans
Mortgage Loans
Number of beds/units | item				452
ALF Units | SNF
Mortgage Loans
Number of beds/units | item				236
ALF Units | ALF
Mortgage Loans
Number of beds/units | item				4,341
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		45
ALF 203 | Georgia | Subsequent Event
Mortgage Loans
Pay-offs received	$ 51,111,000
Number of beds/units | item	203
SNF 189 | Louisiana
Mortgage Loans
Pay-offs received				$ (29,347,000)
Parcel of land | Missouri
Mortgage Loans
Pay-offs received				(2,013,000)
SNF 15 | Michigan
Mortgage Loans
Pay-offs received				$ (2,734,000)

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) item	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) item
Investment in Unconsolidated Joint Ventures
Number of beds/units | item	466			466
Carrying Value	$ 30,602			$ 30,602		$ 19,340
Percentage of Investment	100%			100%
Non-cash Income Accrued				$ 233	$ 1,788
Gross Investment	$ 1,342,188			1,342,188
Income from unconsolidated joint ventures	$ 692		$ 375	$ 1,739	1,127
Mortgage Loans
Investment in Unconsolidated Joint Ventures
Percentage of Investment	100%			100%
Gross Investment	$ 364,414			$ 364,414
Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized				1,739	1,127
Cash Income Earned				948
Non-cash Income Accrued				$ 791	1,127
SNF/ALF | Senior Loan | Texas
Investment in Unconsolidated Joint Ventures
Preferred return percentage				9.20%
Contractual cash portion				9.20%
Number of beds/units | item	104			104
Carrying Value	$ 11,262			$ 11,262
Investment commitment		$ 11,164
Amount With held in Reserve		750
Capital expenditure reserve		$ 786
SNF/ALF | Senior Loan | Texas | Mortgage Loans With Interest 9.15
Investment in Unconsolidated Joint Ventures
Interest rate (as a percent)				9.15%
Loan Term				5 years
SNF/ALF | Senior Loan | Texas | Mortgage Loans
Investment in Unconsolidated Joint Ventures
Gross Investment	$ 12,700			$ 12,700
SNF/ALF | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized				589
Cash Income Earned				$ 589
SNF | Senior Loan | Texas
Investment in Unconsolidated Joint Ventures
Number of beds/units | item	70			70
ALF
Investment in Unconsolidated Joint Ventures
Percentage of Investment	54.50%			54.50%
Gross Investment	$ 732,120			$ 732,120
ALF | Senior Loan | Texas
Investment in Unconsolidated Joint Ventures
Number of beds/units | item	34			34
UDP | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized					790
Non-cash Income Accrued					790
UDP | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Percentage of Investment	11.60%			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				$ 359	337
Cash Income Earned				$ 359
Non-cash Income Accrued					$ 337
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
Percentage of Investment	15.50%			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				$ 791
Non-cash Income Accrued				$ 791
Combination ILF/ALF | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage				14%
Contractual cash portion				8%
Number of beds/units | item	267			267		267
Carrying Value	$ 13,000			$ 13,000
Combination ALF/IL/MC | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage				12%
Contractual cash portion				7%
Number of beds/units | item	95			95
Carrying Value	$ 6,340			$ 6,340

Notes Receivable - Investment i

Notes Receivable - Investment in Notes Receivable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) loan item	Sep. 30, 2023 item
Notes Receivable
Gross Investment	$ 1,342,188
Number of units | item	466
ALF
Notes Receivable
Gross Investment	$ 732,120
SNF
Notes Receivable
Gross Investment	598,063
Notes Receivable
Notes Receivable
Gross Investment	$ 48,173
Number of Loans | loan	10
Working capital loans | Working capital loan 8.3% interest rate, 2025 maturity | ALF
Notes Receivable
Gross Investment	$ 50
Number of Loans | loan	1
Interest rate (as a percent)	8.30%
Working capital loans | Working capital loan 9% interest rate, 2025 maturity | ALF
Notes Receivable
Gross Investment	$ 290
Number of Loans | loan	1
Interest rate (as a percent)	9%
Working capital loans | Working capital loan 0.0% interest rate, 2028 maturity | SNF
Notes Receivable
Gross Investment	$ 1,545
Number of Loans | loan	1
Interest rate (as a percent)	0%
Working capital loans | Working capital loan 6.5% interest rate, 2030 maturity | SNF
Notes Receivable
Gross Investment	$ 138
Number of Loans | loan	2
Interest rate (as a percent)	6.50%
Working capital loans | Working capital loan with 7.4 percent interest rate 2030 maturity | ALF
Notes Receivable
Gross Investment	$ 500
Number of Loans | loan	1
Interest rate (as a percent)	7.40%
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
Working capital loans | Working capital loan with 0.0 percent 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	Sep. 30, 2024	Dec. 31, 2023
Notes receivable activities
Mezzanine loan	$ 48,173
Notes receivable credit loss reserve	(482)	$ (611)
Total	47,691	60,490
Mezzanine loan
Notes receivable activities
Mezzanine loan	42,000	42,000
Working capital loans
Notes receivable activities
Mezzanine loan	$ 6,173	$ 19,101

Notes Receivable - Notes Receiv

Notes Receivable - Notes Receivable Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Notes receivable activities
Advances under notes receivable	$ 340	$ 19,258
Principal payments received under notes receivable	(13,268)	(14,537)
Recovery of credit losses	129	(48)
Net (decrease) increase in notes receivable	$ (12,799)	$ 4,673

Notes Receivable - New Loan Com

Notes Receivable - New Loan Commitment (Details)		3 Months Ended	9 Months Ended
	Oct. 01, 2024 USD ($) item	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($) item	Dec. 31, 2023 USD ($) item
Notes Receivable
Gross Investment			$ 1,342,188,000
Principal payments received under notes receivable			(13,268,000)	$ (14,537,000)
Notes receivable, net of credit loss reserve			47,691,000		$ 60,490,000
Principal payments received on notes receivable			$ 13,268,000	7,077,000
Number of units | item			466
Additional interest income related to the exit IRR				1,380,000
Pay-offs received			$ (34,094,000)
Mortgage Loans
Notes Receivable
Gross Investment			364,414,000
ALF/ILF/MC | Georgia | Mortgage Loans
Notes Receivable
Gross Investment				$ 51,111,000
Number of units | item				203
Loan principal amount				$ 7,461,000
New master lease agreement
Notes Receivable
Repayment on working capital			11,986,000
Gross Investment			$ 13,531,000
Number of units | item			666		1,473
Working capital loans
Notes Receivable
Principal payments received under notes receivable			$ 1,282,000
Notes receivable, net of credit loss reserve			1,545,000
Working capital loans | Master lease agreement
Notes Receivable
Gross Investment			13,531,000
Principal payments received under notes receivable			11,986,000
Notes receivable, net of credit loss reserve			$ 1,545,000
Mezzanine loan
Notes Receivable
Principal payments received on notes receivable				4,545,000
Exit IRR				$ 190,000
Number of units | item				136
Additional interest income related to the exit IRR		$ 1,380,000
Mezzanine loan | ALF/ILF/MC | Georgia
Notes Receivable
Gross Investment				$ 42,251,000
ALF 203 | Georgia | Subsequent Event
Notes Receivable
Number of units | item	203
Pay-offs received	$ 51,111,000

Lease Incentives - Activity (De

Lease Incentives - Activity (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lease Incentives
Non-contingent lease incentives	$ 3,584,000		$ 2,607,000
Lease incentives funded	(1,794,000)	$ (1,023,000)
Amortization of lease incentives	(626,000)	(584,000)
Adjustment for collectability of lease incentives		(26,000)
Other adjustments	(191,000)	(9,000)
Net increase in non-contingent lease incentives	$ 977,000	$ 404,000

Credit Loss Reserve - Financial

Credit Loss Reserve - Financial Instruments by Year of Origination (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) property borrower item state	Dec. 31, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Properties | property	124
Financial instruments by year of origination
2024	$ 50
2023	17,000
2022	25,000
2021	2,045
2020	1,095
Prior	2,983
Total	48,173
Credit loss reserve	$ 482	$ 611
Financing Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
Number of joint ventures accounted for financing receivables | item	4
Number of Properties | property	31
Number of states in which properties are located | state	3
Financial instruments by year of origination
2024	$ 163,460
2023	121,418
2022	76,626
Total	361,504
Credit loss reserve	$ 3,615	1,980
Mortgage Loans Receivable
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Properties | property	27
Number of states in which properties are located | state	5
Number of senior mortgage loans | item	10
Number of borrowers | borrower	7
Financial instruments by year of origination
2023	$ 92,360
2021	16,706
Prior	255,348
Total	364,414
Credit loss reserve	3,638	4,814
Notes Receivable
Financial instruments by year of origination
Credit loss reserve	482	$ 611
Mezzanine Loans
Financial instruments by year of origination
2023	17,000
2022	25,000
Total	42,000
Credit loss reserve	420
Working Capital Loans Receivables
Financial instruments by year of origination
2024	50
2021	2,045
2020	1,095
Prior	2,983
Total	6,173
Credit loss reserve	$ 62

Credit Loss Reserve - Expected

Credit Loss Reserve - Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Expected credit losses related to our financial instruments
Balance at beginning of period			$ 611
due to Originations/ additional funding			321	$ 26
Balance at end of period	$ 482		482
Accrued interest receivable	58,421,000		58,421,000
Write-off of accrued interest receivable	613,000	$ 0	613,000	$ 0
Financing Receivables
Expected credit losses related to our financial instruments
Balance at beginning of period			1,980
due to Originations/ additional funding			1,635
Balance at end of period	3,615		3,615
Mortgage Loans Receivable
Expected credit losses related to our financial instruments
Balance at beginning of period			4,814
Recovery due to payoffs			(1,369)
due to Originations/ additional funding			193
Balance at end of period	3,638		3,638
Notes Receivable
Expected credit losses related to our financial instruments
Balance at beginning of period			611
Recovery due to payoffs			(132)
due to Originations/ additional funding			3
Balance at end of period	$ 482		$ 482

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings (Details)		9 Months Ended
	Jan. 04, 2024	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Oct. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Obligations
Number of term loans | loan		2
Borrowings from revolving line of credit		$ 19,200,000	$ 274,450,000
Available for borrowing		$ 184,850,000			$ 97,750,000
Revolving line of credit
Debt Obligations
Basis spread over base rate (as a percent)		1.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Unused commitment fee (as a percent)		0.15%
Borrowings from revolving line of credit		$ 19,200,000	$ 274,450,000
Available for borrowing		184,850,000			$ 97,750,000
Revolving line of credit | Subsequent Event
Debt Obligations
Available for borrowing				$ 278,650,000
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
Basis spread over base rate (as a percent)		1.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Revolving credit facility credit agreement
Debt Obligations
Maximum available under facility		$ 500,000,000
Contingent increase in maximum borrowing capacity		525,000,000
Borrowings from revolving line of credit		25,000,000
Available for borrowing		$ 475,000,000

Debt Obligations - Interest Rat

Debt Obligations - Interest Rate Swap Agreement (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Level 2
Debt Obligations
Notional Amount	$ 100,000		$ 100,000
Fair Value	$ 3,639		$ 3,639		$ 6,110
Interest Rate Swap
Debt Obligations
Number of interest rate swaps | item	2		2
Interest Rate Swap | Minimum
Debt Obligations
Debt instrument term			4 years
Interest Rate Swap | Maximum
Debt Obligations
Debt instrument term			5 years
Interest Rate Swap | Cash Flow Hedging
Debt Obligations
Increase (decrease) in fair value	$ (2,326,000)	$ 28,000	$ (2,471,000)	$ (123,000)
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2025 | Level 2
Debt Obligations
Swap rate (in percentage)	2.62%		2.62%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Notional Amount	$ 50,000		$ 50,000
Fair Value	$ 1,448		$ 1,448		2,698
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2026 | Level 2
Debt Obligations
Swap rate (in percentage)	2.76%		2.76%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Notional Amount	$ 50,000		$ 50,000
Fair Value	$ 2,191		$ 2,191		$ 3,412

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details)	9 Months Ended
	Sep. 30, 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)	4.50%
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	Oct. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt Obligations
Applicable Interest Rate (as a percent)		4.58%
Outstanding Balance		$ 785,323	$ 891,317
Available for borrowing		$ 184,850	97,750
Revolving line of credit
Debt Obligations
Applicable Interest Rate (as a percent)		6.17%
Outstanding Balance		$ 240,150	302,250
Available for borrowing		$ 184,850	97,750
Term loans
Debt Obligations
Applicable Interest Rate (as a percent)		2.69%
Outstanding Balance		$ 99,771	99,658
Senior Unsecured Notes
Debt Obligations
Applicable Interest Rate (as a percent)		4.15%
Outstanding Balance		$ 445,402	$ 489,409
Subsequent Event | Revolving line of credit
Debt Obligations
Outstanding Balance	$ 146,350
Available for borrowing	$ 278,650

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Repayments (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Borrowings
Borrowings from revolving line of credit		$ 19,200	$ 274,450
Total		19,200	274,450
Repayments
Revolving line of credit		(81,300)	(42,200)
Senior unsecured notes		(44,160)	(44,160)
Total		(125,460)	(86,360)
Amount outstanding		240,150		$ 302,250
Revolving line of credit
Borrowings
Borrowings from revolving line of credit		19,200	274,450
Repayments
Revolving line of credit		(81,300)	(42,200)
Senior Unsecured Notes
Repayments
Senior unsecured notes		$ (44,160)	$ (44,160)
Subsequent Event | Revolving line of credit
Repayments
Repayment of debt	$ 93,800
Amount outstanding	$ 146,350

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Noncontrolling interest
Gross Consolidated Assets	$ 1,871,637		$ 1,855,098
Non-controlling interests	$ 93,618		$ 34,988
Number of units | item	466
Principal payments received on notes receivable	$ 13,268	$ 7,077
Partnership
Noncontrolling interest
Gross Consolidated Assets	461,068
Non-controlling interests	93,618
North Carolina/ South Carolina | 2024 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets	122,460
Non-controlling interests	58,010
Ohio | 2023 Acquisitions | Partnership | ALF/ILF/MC
Noncontrolling interest
Gross Consolidated Assets	54,782
Non-controlling interests	9,134
North Carolina | 2023 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets	121,419
Non-controlling interests	3,831
North Carolina | 2024 Acquisitions | Partnership | ALF
Noncontrolling interest
Gross Consolidated Assets	41,000
Non-controlling interests	3,015
Florida | 2022 Acquisitions | Partnership | SNF
Noncontrolling interest
Gross Consolidated Assets	76,625
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 ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Equity
Proceeds from common stock issued, net of issuance costs		$ 65,629,000	$ 1,777,000
Equity Distribution Agreements
Equity
Amount available under effective shelf registration statement		$ 9,558,000
Equity Distribution Agreements | Subsequent Event
Equity
Amount available under effective shelf registration statement	$ 1,522,000
Common Stock
Equity
Number of shares repurchased		49,540	43,933
Common Stock | Equity Distribution Agreements
Equity
Maximum offering capacity under shelf registration statement		$ 200,000,000
Shares common stock sold		1,886,900	48,500
Proceeds from common stock issued, net of issuance costs		$ 65,629,000	$ 1,777,000
Reclassification of accumulated costs to additional paid in capital		$ 119,000	$ 80,000
Common Stock | Equity Distribution Agreements | Subsequent Event
Equity
Shares common stock sold	226,370
Proceeds from common stock issued, net of issuance costs	$ 7,936,000

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended																					3 Months Ended						9 Months Ended
	Dec. 31, 2024	Nov. 30, 2024	Oct. 31, 2024	Sep. 30, 2024	Aug. 31, 2024	Jul. 31, 2024	Jun. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividend Distributions
Paid																												$ 74,684	$ 70,767
Common Stock cash distributions																						$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 1.71	$ 1.71
Subsequent Event | Cash Dividend, October 2024
Dividend Distributions
Dividends declared and paid per common share			$ 0.19
Subsequent Event | Cash Dividend, November 2024
Dividend Distributions
Dividends declared and paid per common share		$ 0.19
Subsequent Event | Cash Dividend, December 2024
Dividend Distributions
Dividends declared and paid per common share	$ 0.19
Common Stock
Dividend Distributions
Declared				$ 74,684									$ 70,767									$ 74,684			$ 70,767			$ 74,684	$ 70,767
Paid																												$ 74,684	$ 70,767
Common Stock cash distributions				$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19	$ 0.19

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation plans (Details)	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 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 ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 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)	307,955	232,887
Compensation expense
Compensation expense related to share-based award	$ 6,791,000	$ 6,349,000
Remaining compensation expense	12,464,000
Restricted stock and performance-based stock units | October - December 2024
Compensation expense
Remaining compensation expense	2,260,000
Restricted stock and performance-based stock units | 2025
Compensation expense
Remaining compensation expense	6,450,000
Restricted stock and performance-based stock units | 2026
Compensation expense
Remaining compensation expense	3,385,000
Restricted stock and performance-based stock units | 2027
Compensation expense
Remaining compensation expense	$ 369,000
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)	175,431	146,020
Vested (in shares)	(132,842)	(115,551)
Canceled (in shares)		(1,085)
Outstanding at the end of the period (in shares)	301,209	258,620
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 $34.60 | One year anniversary vesting
Restricted stock and performance based stock units activity
Granted (in shares)	15,895
Granted (in dollars per share)	$ 34.60
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
Restricted stock | Grant Date Price $31.54 | Vesting Date May 24,2024
Restricted stock and performance based stock units activity
Granted (in shares)		15,060
Granted (in dollars per share)		$ 31.54
Restricted stock | Grant Date Price 35.45 | Vesting Date July 25, 2024
Restricted stock and performance based stock units activity
Granted (in shares)		3,000
Granted (in dollars per share)		$ 35.45
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 $31.84 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)	62,914
Granted (in dollars per share)	$ 31.84
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	9 Months Ended
	Sep. 30, 2024 USD ($) property
Commitments and Contingencies
Investment Commitment	$ 88,641
2024 Funding	18,596
Total Commitment funded	23,006
Remaining commitment	65,635
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	$ 15,920
2024 Funding	7,862
Total Commitment funded	8,814
Remaining commitment	7,106
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	6,625
2024 Funding	587
Total Commitment funded	2,045
Remaining commitment	4,580
Mortgage loans
Commitments and Contingencies
Investment Commitment	63,620
2024 Funding	9,999
Total Commitment funded	11,999
Remaining commitment	51,621
Contingent Funding Commitments
Commitments and Contingencies
Investment Commitment	18,000
Joint venture investments
Commitments and Contingencies
Investment Commitment	1,536
2024 Funding	98
Total Commitment funded	98
Remaining commitment	1,438
Interest reserve	750
Capital expenditure reserve	786
Notes receivable
Commitments and Contingencies
Investment Commitment	940
2024 Funding	50
Total Commitment funded	50
Remaining commitment	890
Construction loans
Commitments and Contingencies
Investment Commitment	$ 45,620

Major Operators (Details)

Major Operators (Details)	9 Months Ended
	Sep. 30, 2024 item property
Major Operators
Number of major operators	1
Number of beds/units	466
Prestige Healthcare | SNF
Major Operators
Number of beds | property	23
Number of beds/units	2,694
Prestige Healthcare | ALF
Major Operators
Number of beds/units	93
Total Revenue | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	15.40%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	14%

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 30,862	$ 19,738	$ 24,689	$ 22,627	$ 6,604	$ 33,561	$ 75,289	$ 62,792
Less income allocated to non-controlling interests	(1,496)			(430)			(2,332)	(1,287)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities	(173)			(147)			(511)	(440)
Income allocated to participating securities	(28)
Total net income allocated to participating securities	(201)			(147)			(511)	(440)
Net income available to common stockholders	29,165			22,050			72,446	61,065
Net income for diluted net income per share	$ 29,165			$ 22,050			$ 72,446	$ 61,065
Reconciliation of shares
Shares for basic net income per share	43,868			41,153			43,313	41,127
Effect of dilutive securities:
Total effect of dilutive securities (in shares)	526			58			526	58
Shares for diluted net income per share	44,394			41,211			43,839	41,185
Basic net income per share (in dollars per share)	$ 0.66			$ 0.54			$ 1.67	$ 1.48
Diluted net income per share (in dollars per share)	$ 0.66			$ 0.54			$ 1.65	$ 1.48
Performance-based stock units
Effect of dilutive securities:
Stock options and performance-based stock units (in shares)	526			58			526	58

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	$ 360,776	$ 477,266
Notes receivable, net of credit loss reserve	47,691	60,490
Term loans, net of debt issue costs	785,323	891,317
Senior unsecured notes, net of debt issue costs	$ 445,402	$ 489,409
Level 3 | Senior Unsecured Notes maturing before 2030 | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent) | item	0.055	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	0.0575	0.0675
Level 3 | Mortgage Loans Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	0.098	0.092
Level 3 | Notes Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	0.076	0.069
Carrying Value
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	$ 360,776	$ 477,266
Revolving line of credit	240,150	302,250
Term loans, net of debt issue costs	99,771	99,658
Senior unsecured notes, net of debt issue costs	445,402	489,409
Carrying Value | Financing receivables
Fair value measurements
Notes receivable, net of credit loss reserve	357,889	196,032
Carrying Value | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	47,691	60,490
Fair Value
Fair value measurements
Revolving line of credit	240,150	302,250
Term loans, net of debt issue costs	100,000	100,000
Fair Value | Financing receivables
Fair value measurements
Notes receivable, net of credit loss reserve	363,900	199,199
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	422,180	554,993
Senior unsecured notes, net of debt issue costs	417,267	439,865
Fair Value | Level 3 | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	$ 53,923	$ 67,877

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)		1 Months Ended			9 Months Ended
	Oct. 01, 2024	Dec. 31, 2024	Nov. 30, 2024	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Subsequent Events
Gross Investment					$ 1,342,188,000
Net Book Value					942,314,000		$ 987,965,000
Pay-offs received					(34,094,000)
Revolving line of credit					240,150,000		302,250,000
Amount available for borrowing					184,850,000		97,750,000
Proceeds from common stock issued, net of issuance costs					65,629,000	$ 1,777,000
Equity Distribution Agreements
Subsequent Events
Amount available under effective shelf registration statement					$ 9,558,000
Common Stock | Equity Distribution Agreements
Subsequent Events
Shares common stock sold					1,886,900	48,500
Proceeds from common stock issued, net of issuance costs					$ 65,629,000	$ 1,777,000
Revolving line of credit
Subsequent Events
Amount available for borrowing					184,850,000		97,750,000
Properties sold
Subsequent Events
Net Book Value					26,759,000		$ 30,865,000
ALF
Subsequent Events
Gross Investment					732,120,000
ALF | Properties sold
Subsequent Events
Gross Investment					5,852,000
Net Book Value					$ 4,058,000
Subsequent Event | Cash Dividend, October 2024
Subsequent Events
Dividends declared and paid per common share				$ 0.19
Subsequent Event | Cash Dividend, November 2024
Subsequent Events
Dividends declared and paid per common share			$ 0.19
Subsequent Event | Cash Dividend, December 2024
Subsequent Events
Dividends declared and paid per common share		$ 0.19
Subsequent Event | Equity Distribution Agreements
Subsequent Events
Amount available under effective shelf registration statement				$ 1,522,000
Subsequent Event | Common Stock | Equity Distribution Agreements
Subsequent Events
Shares common stock sold				226,370
Proceeds from common stock issued, net of issuance costs				$ 7,936,000
Subsequent Event | Revolving line of credit
Subsequent Events
Repayment of debt				93,800,000
Revolving line of credit				146,350,000
Amount available for borrowing				$ 278,650,000
Subsequent Event | ALF 203 | Georgia
Subsequent Events
Pay-offs received	$ 51,111,000
Subsequent Event | Properties sold
Subsequent Events
Net Book Value	5,852,000
Subsequent Event | ALF | Properties sold
Subsequent Events
Amount of real estate property sold	$ 5,250,000

Uncategorized Items - ltc-20240

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 20,286,000