LTC Properties (LTC) 10-K 24 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 18, 2025	Jun. 28, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2024
Entity File Number	1-11314
Entity Registrant Name	LTC PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	71-0720518
Entity Address, Address Line One	3011 Townsgate Road, Suite 220
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	805
Local Phone Number	981-8655
Title of 12(b) Security	Common stock, $.01 Par Value
Trading Symbol	LTC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 1,471,160,000
Entity Common Stock, Shares Outstanding		45,450,613
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Los Angeles, California
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0000887905
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments:
Land	$ 118,209	$ 121,725
Buildings and improvements	1,212,853	1,235,600
Accumulated depreciation and amortization	(405,884)	(387,751)
Operating real estate property, net	925,178	969,574
Properties held-for-sale, net of accumulated depreciation: 2024-$1,346; 2023-$3,616	670	18,391
Real property investments, net	925,848	987,965
Financing receivables, net of credit loss reserve: 2024-$3,615; 2023-$1,980	357,867	196,032
Mortgage loans receivable, net of credit loss reserve: 2024-$3,151; 2023-$4,814	312,583	477,266
Real estate investments, net	1,596,298	1,661,263
Notes receivable, net of credit loss reserve: 2024-$477; 2023-$611	47,240	60,490
Investments in unconsolidated joint ventures	30,602	19,340
Investments, net	1,674,140	1,741,093
Other assets:
Cash and cash equivalents	9,414	20,286
Debt issue costs related to revolving line of credit	1,410	1,557
Interest receivable	60,258	53,960
Straight-line rent receivable	21,505	19,626
Lease incentives	3,522	2,607
Prepaid expenses and other assets	15,893	15,969
Total assets	1,786,142	1,855,098
LIABILITIES
Revolving line of credit	144,350	302,250
Term loans, net of debt issue costs: 2024-$192; 2023-$342	99,808	99,658
Senior unsecured notes, net of debt issue costs: 2024-$1,058; 2023-$1,251	440,442	489,409
Accrued interest	3,094	3,865
Accrued expenses and other liabilities	45,443	43,649
Total liabilities	733,137	938,831
Stockholders' equity:
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2024-45,511; 2023-43,022	455	430
Capital in excess of par value	1,082,764	991,656
Cumulative net income	1,725,435	1,634,395
Accumulated other comprehensive income	3,815	6,110
Cumulative distributions	(1,851,842)	(1,751,312)
Total LTC Properties, Inc. stockholders' equity	960,627	881,279
Non-controlling interests	92,378	34,988
Total equity	1,053,005	916,267
Total liabilities and equity	$ 1,786,142	$ 1,855,098

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Properties held-for-sale, accumulated depreciation	$ 1,346	$ 3,616
Financial receivable credit loss reserve	3,615	1,980
Mortgage loans receivable, credit loss reserve	3,151	4,814
Notes receivable, credit loss reserve	$ 477	$ 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)	45,511	43,022
Common stock, shares outstanding (in shares)	45,511	43,022
Term loans
Debt issue costs, net	$ 192	$ 342
Senior Unsecured Notes
Debt issue costs, net	$ 1,058	$ 1,251

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental income	$ 132,278	$ 127,350	$ 128,244
Interest income from financing receivables	21,663	15,243	1,762
Interest income from mortgage loans	45,216	47,725	40,600
Interest and other income	10,690	6,926	4,547
Total revenues	209,847	197,244	175,153
Expenses:
Interest expense	40,336	47,014	31,437
Depreciation and amortization	36,367	37,416	37,496
Impairment loss	6,953	15,775	3,422
Provision for credit losses	741	5,678	1,528
Transaction costs	819	1,144	828
Property tax expense	12,930	13,269	15,486
General and administrative expenses	27,243	24,286	23,706
Total expenses	125,389	144,582	113,903
Other operating income:
Gain on sale of real estate, net	7,979	37,296	37,830
Operating income	92,437	89,958	99,080
Income from unconsolidated joint ventures	2,442	1,504	1,504
Net income	94,879	91,462	100,584
Income allocated to non-controlling interests	(3,839)	(1,727)	(560)
Net income attributable to LTC Properties, Inc.	91,040	89,735	100,024
Income allocated to participating securities	(682)	(587)	(580)
Net income available to common stockholders	$ 90,358	$ 89,148	$ 99,444
Earnings per common share:
Basic (in dollars per share)	$ 2.07	$ 2.16	$ 2.49
Diluted (in dollars per share)	$ 2.04	$ 2.16	$ 2.48
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	43,743	41,272	39,894
Diluted (in shares)	44,241	41,358	40,067

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 94,879	$ 91,462	$ 100,584
Unrealized gain on cash flow hedges before reclassification	1,728	1,178	9,181
Gains reclassified from accumulated other comprehensive income to interest expense	(4,023)	(3,787)	(290)
Comprehensive income	92,584	88,853	109,475
Less: Comprehensive income allocated to non-controlling interests	(3,839)	(1,727)	(560)
Comprehensive income attributable to LTC Properties, Inc.	$ 88,745	$ 87,126	$ 108,915

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, 2021	$ 736,714	$ 394	$ 856,895	$ 1,444,636	$ (172)	$ (1,565,039)	$ 8,413	$ 745,127
Balance (in shares) at Dec. 31, 2021		39,374
Equity activity
Issuance of common stock	67,643	$ 18	67,625					67,643
Issuance of common stock (in shares)		1,792
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		135
Net income	100,024			100,024			560	100,584
Stock-based compensation expense	7,964		7,964					7,964
Non-controlling interest distributions							(1,406)	(1,406)
Non-controlling interests contributions							14,375	14,375
Common stock cash distributions	(91,509)					(91,509)		(91,509)
Cash paid for taxes in lieu of common shares	(1,355)	$ (1)	(1,354)					(1,355)
Cash paid for taxes in lieu of common shares (in shares)		(39)
Fair market valuation adjustment for interest rate swap	8,891				8,891			8,891
Other	(5)		(5)				(2)	(7)
Balance at end of period at Dec. 31, 2022	828,367	$ 412	931,124	1,544,660	8,719	(1,656,548)	21,940	850,307
Balance (in shares) at Dec. 31, 2022		41,262
Equity activity
Issuance of common stock	53,688	$ 17	53,671					53,688
Issuance of common stock (in shares)		1,658
Issuance of restricted stock		$ 1	(1)
Issuance of restricted stock (in shares)		146
Net income	89,735			89,735			1,727	91,462
Stock-based compensation expense	8,481		8,481					8,481
Non-controlling interest distributions							(1,644)	(1,644)
Non-controlling interests contributions							12,965	12,965
Common stock cash distributions	(94,764)					(94,764)		(94,764)
Cash paid for taxes in lieu of common shares	(1,619)		(1,619)					(1,619)
Cash paid for taxes in lieu of common shares (in shares)		(43)
Fair market valuation adjustment for interest rate swap	(2,609)				(2,609)			(2,609)
Other (in shares)		(1)
Balance at end of period at Dec. 31, 2023	881,279	$ 430	991,656	1,634,395	6,110	(1,751,312)	34,988	916,267
Balance (in shares) at Dec. 31, 2023		43,022
Equity activity
Issuance of common stock	82,404	$ 23	82,381					82,404
Issuance of common stock (in shares)		2,363
Issuance of restricted stock		$ 2	(2)
Issuance of restricted stock (in shares)		175
Net income	91,040			91,040			3,839	94,879
Stock-based compensation expense	9,052		9,052					9,052
Vesting of performance-based stock units, including the payment of distributions	(30)		(30)					(30)
Non-controlling interest distributions							(6,234)	(6,234)
Non-controlling interests contributions							61,025	61,025
Transfer of joint venture partner's non-controlling interest to LTC	1,240		1,240				(1,240)
Common stock cash distributions	(100,530)					(100,530)		(100,530)
Cash paid for taxes in lieu of common shares	(1,533)		(1,533)					(1,533)
Cash paid for taxes in lieu of common shares (in shares)		(49)
Fair market valuation adjustment for interest rate swap	(2,295)				(2,295)			(2,295)
Balance at end of period at Dec. 31, 2024	$ 960,627	$ 455	$ 1,082,764	$ 1,725,435	$ 3,815	$ (1,851,842)	$ 92,378	$ 1,053,005
Balance (in shares) at Dec. 31, 2024		45,511

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF EQUITY
Common Stock cash distributions	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.28	$ 2.28	$ 2.28

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES:
Net income	$ 94,879	$ 91,462	$ 100,584
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36,367	37,416	37,496
Stock-based compensation expense	9,052	8,481	7,964
Impairment loss	6,953	15,775	3,422
Gain on sale of real estate, net	(7,979)	(37,296)	(37,830)
Income from unconsolidated joint ventures	(2,442)	(1,504)	(1,504)
Income distributions from unconsolidated joint ventures	1,278	56	351
Straight-line rental (income) adjustment	(2,268)	2,078	1,369
Exchange of prepayment fee for participating interest in mortgage loan		(1,380)
Adjustment for collectability of lease incentives and rental income	321	26	256
Amortization of lease incentives	818	773	877
Provision for credit losses	741	5,678	1,528
Application of interest reserve	(233)	(1,939)	(6,192)
Amortization of debt issue costs	1,059	1,205	1,139
Other non-cash items, net	95	95	113
Change in operating assets and liabilities
Lease incentives funded	(1,924)	(1,627)	(418)
Increase in interest receivable	(10,390)	(9,283)	(7,173)
(Decrease) increase in accrued interest payable	(771)	(1,369)	1,489
Net change in other assets and liabilities	(384)	(4,244)	2,115
Net cash provided by operating activities	125,172	104,403	105,586
INVESTING ACTIVITIES:
Investment in real estate properties	(319)	(43,759)	(51,817)
Investment in real estate developments			(105)
Investment in real estate capital improvements	(13,675)	(9,686)	(8,994)
Proceeds from sale of real estate, net	38,867	66,274	72,620
Investment in financing receivables	(97)	(112,712)	(61,747)
Investment in real estate mortgage loans receivable	(21,833)	(72,230)	(40,732)
Principal payments received on mortgage loans receivable	85,905	10,351	1,175
Investments in unconsolidated joint ventures	(11,262)
Advances and originations under notes receivable	(340)	(20,377)	(37,192)
Principal payments received on notes receivable	13,434	7,227	6,843
Net cash provided by (used in) investing activities	90,680	(174,912)	(119,949)
FINANCING ACTIVITIES:
Borrowings from revolving line of credit	27,200	277,450	194,000
Repayment of revolving line of credit	(185,100)	(105,200)	(174,900)
Proceeds from issuance of senior unsecured notes			75,000
Principal payments on senior unsecured notes	(49,160)	(49,160)	(48,160)
Proceeds from common stock issued	82,404	53,688	67,643
Payments of common share issuance costs	703	89	513
Distributions paid to stockholders	(100,530)	(94,764)	(91,509)
Contribution from non-controlling interests			50
Distributions paid to non-controlling interests	(109)		(487)
Financing costs paid	(569)	(68)	(1,208)
Cash paid for taxes in lieu of shares upon vesting of restricted stock	(1,533)	(1,619)	(1,355)
Other	(30)		(6)
Net cash (used in) provided by financing activities	(226,724)	80,416	19,581
(Decrease) increase in cash and cash equivalents	(10,872)	9,907	5,218
Cash and cash equivalents, beginning of period	20,286	10,379	5,161
Cash and cash equivalents, end of period	9,414	20,286	10,379
Supplemental disclosure of cash flow information:
Interest paid	$ 40,048	47,178	$ 28,809
Non-cash investing and financing transactions:
Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan		$ (8,841)

The Company

The Company	12 Months Ended
	Dec. 31, 2024
The Company
The Company	1. The Company LTC Properties, Inc. (“LTC” or the “Company”), a Maryland corporation, commenced operations on August 25, 1992. LTC is a real estate investment trust (“REIT”) that invests primarily in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint ventures and structured finance solutions including preferred equity and mezzanine lending. We conduct and manage our business as one operating segment, rather than multiple operating segments, for internal reporting and internal decision-making purposes. Our primary objectives are to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. Our primary seniors housing and health care property classifications include skilled nursing centers (“SNF”), assisted living communities (“ALF”), independent living communities (“ILF”), memory care communities (“MC”) and combinations thereof. We also invest in other (“OTH”) types of properties, such as land parcels, projects under development (“UDP”) and behavioral health care hospitals. ILF, ALF, MC and combinations thereof are included in the ALF classification.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Consolidation. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity does not meet the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we, directly or indirectly, have greater than 50% of the voting shares. The Financial Accounting Standards Board (the “FASB”) requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Use of Estimates. Preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Our most significant assumptions and estimates are related to the valuation of real estate, purchase price allocation of acquired assets, revenue recognition including the collectability of tenant receivables and asset impairment. Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be business combinations are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be business combinations are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles. Financing Receivables. As part of our acquisitions, we may from time to time, invest in sale and leaseback transactions. In accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases Financing receivable Consolidated Balance Sheets Interest income from financing receivables Consolidated Statements of Income Financing receivables Real property investments Consolidated Balance Sheets Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis. Intangible Assets. As previously discussed, we make estimates as part of our allocation of the purchase price of an acquisition to various components of the acquisition based on the fair market value of each component. Occasionally, we may allocate a portion of the purchase price as in-place leases or other intangibles. In the case of the value of in-place leases, we make the best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during the hypothetical expected lease-up periods, market conditions and costs to execute similar leases. Working Capital Loans. Mezzanine Loans. four Investments in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to ASC Topic 810 Consolidation We periodically perform evaluation of our investment in unconsolidated JVs to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, we write the investment down to its estimated fair value as of the measurement date. Loan Loss Reserve. ASC Topic 326 Financial Instruments- Credit Losses We determined our Mortgage loans receivable, Financing receivables Notes receivable . Credit loss reserve Accrued incentives. calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is provided to the lessee, the payment is recorded as a lease incentive included in the Prepaid expenses and other assets Consolidated Balance Sheets Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes management’s probability-weighting of various scenarios including whether management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. In determining fair value, we use current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Based on our assessment, during the years ended December 31, 2024, 2023 and 2022, we recognized impairment losses of Properties held-for-sale. Properties classified as held-for-sale on the Consolidated Balance Sheets Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about the fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 16. Fair Value Measurements Derivative Instruments. Note 10. Debt Obligations Accumulated other comprehensive income (loss) Consolidated Balance Sheets Revenue Recognition- Rental Income. Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in (i) a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0% ; (ii) a calculation based on the Consumer Price Index or the Medicare Market Basket Rate; (iii) as a percentage of facility revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not permit recognition of contingent revenue until the contingencies have been resolved. Historically, we have not included contingent rents as income until received and we will continue our historical policy. During the years ended December 31, 2024, 2023 and 2022, we received $0, $56,000 and $57,000, respectively, of contingent rental income. In accordance with ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income Furthermore, we assess the collectability of substantially all of our lease payments through maturity. Our assessment of collectability of leases includes evaluating the data and assumptions used in determining whether substantially all of the future lease payments were probable based on the lessee’s payment history, the financial strength of the lessees, future contractual rents, and the timing of expected payments. If collectability is not probable, all or a portion of our straight-line rent receivable and other lease receivables may be written off and the rental income during the period would be limited to the lesser of the income that would have been recognized if collection were probable, and the lease payments received. If our conclusion of collectibility changes, we will record the difference between the lease income that would have been recognized on a straight-line basis and cash basis as a current-period adjustment to rental income. Revenue Recognition- Interest Income. Interest income on mortgage loans receivable and notes receivable is recognized using the effective interest method. Exit fee income and commitment fee income are also amortized over the life of the related loan under the effective interest method. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. When the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan, an effective interest receivable asset is created and included in the Interest receivable Consolidated Balance Sheets As previously discussed under Financing Receivables Interest income from financing receivables Consolidated Statements of Income. Financing receivables Real estate investments Gains on sale of Real Estate, Net. a) meet certain revenue recognition criteria in accordance with ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets; and b) transfer control of the real estate to the buyer. The gain or loss recorded is measured as the difference between the sales price, less costs to sell, and the carrying value of the real estate when we sell it. Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, For Federal tax purposes, depreciation for a majority of our assets is generally calculated using the straight-line method over a period 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight-line method over 30 years. The determination of Federal taxable income differ from net income for financial statement purposes principally due to the treatment of certain investments in joint ventures, timing of interest income, rental income, other expense items, recognition of impairment charges, and depreciable lives and bases of assets. At December 31, 2024, the net tax basis of our depreciable assets exceeded net book basis by $252,593,000 (unaudited) due to the differences previously mentioned. The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more-likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our Consolidated Statements of Income General and administrative expenses Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, operating leases on owned properties, financing receivables and mortgage loans receivable. Our financial instruments, operating leases, financing receivables and mortgage loans receivable are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators Net Income Per Share. Basic earnings per share is calculated using the weighted-average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share-based payments transactions are participating securities, we have applied the two-class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities. Stock-Based Compensation. The FASB requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. Also, we use the Monte Carlo model to estimate the value of performance-based stock units awarded to employees. These models require management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on the Consolidated Statements of Cash Flows Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in seniors housing and health care properties, including property lease transactions, financing receivables, mortgage loans, and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment . In November 2023, The FASB issued ASU No. 2023-07, Segment Reporting-Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 amends ASC Topic 280 , Segment Reporting (“ASC 280”) to improve and enhance the information that a public entity discloses about its reportable segments quarterly and to report annually entity-wide disclosure about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. ASU 2023-07 requires public companies to disclose more detailed information about their reportable segments, particularly regarding significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07 clarifies that the significant expenses are identified as expenses that are easily computable and regularly provided to the CODM. Additionally, public companies are required to disclose the title and position of the individual or group or committee identified as the CODM. Additionally, ASU 2023-07 clarifies that entities with a single reportable segment are subject to both existing and new segment reporting requirements under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively to all periods presented in financial statements. On October 1, 2024, we adopted ASU 2023-07. The Company uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by its CODM for making operating decisions, allocating resources and assessing performance as the source for determining our reportable segments. In making this determination, the Company: i. determines its CODM; ii. identifies and analyzes potential business components; iii. identifies its operating segments; and iv. determines whether there are multiple operating segments requiring presentation as reportable segment. During the years ended December 31, 2024, 2023 and 2022, the CODM has been collectively identified as our Chairman and Co-Presidents, who share the responsibility for allocating resources and assessing segment performance.

Major Operators

Major Operators	12 Months Ended
	Dec. 31, 2024
Major Operators
Major Operators	3. Major Operators We have two operators from whom we derive approximately 10% or more of our total revenues. The following table sets forth information regarding our major operator as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenues (1) ​ ​ Assets (2) ​ ​ Prestige Healthcare (3) ​ 23 ​ — ​ 2,694 ​ 93 ​ 15.6 % ​ 14.6 % ​ ALG Senior Living (4) ​ — ​ 29 ​ — ​ 1,308 ​ 10.1 % ​ 16.4 % ​ Total ​ 23 ​ 29 ​ 2,694 ​ 1,401 ​ 25.7 % ​ 31.0 % ​ (1) Includes total revenues for the twelve months ended December 31, 2024. ​ (2) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets . ​ (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. ​ (4) The majority of the revenue derived from this operator relates to interest income from financing receivables. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, or any of our lessees and borrowers face financial difficulties, including any bankruptcies, inability to emerge from bankruptcy, insolvency, or general downturn in business of any such operator, continuing impact upon services or occupancy levels due to infectious disease outbreaks, or in the event any such operator does not renew and/or extend its relationship with us.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Non-cash investing and financing transactions: ​ ​ ​ ​ ​ ​ ​ Contribution of financing receivables from non-controlling interests ​ $ 61,025 ​ $ 12,965 ​ $ 14,325 ​ Investment in financing receivables ​ ​ (163,460) ​ ​ — ​ ​ — ​ Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables ​ ​ 102,435 ​ ​ — ​ ​ — ​ Seller financing related to property sales ​ ​ — ​ ​ 13,750 ​ ​ — ​ Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan ​ ​ — ​ ​ (8,841) ​ ​ — ​ Reserves withheld at financing and mortgage loan receivable origination ​ ​ — ​ ​ (3,641) ​ ​ 107 ​ Write-off of notes receivable ​ ​ (290) ​ ​ (3,561) ​ ​ — ​ Accretion of interest reserve recorded as mortgage loan receivable ​ ​ 233 ​ ​ 1,939 ​ ​ 6,192 ​ Preferred return reserve related to investment in unconsolidated joint ventures ​ ​ — ​ ​ — ​ ​ 351 ​ Change in fair value of interest rate swap agreements ​ ​ (2,295) ​ ​ (2,609) ​ ​ 8,891 ​ Transfer of joint venture partner's non-controlling interest to LTC ​ ​ 1,240 ​ ​ — ​ ​ — ​ Distributions paid to non-controlling interests ​ ​ 3,820 ​ ​ 1,644 ​ ​ — ​ Distributions paid to non-controlling interests related to property sale ​ ​ 2,305 ​ ​ — ​ — ​ ​

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2024
Real Estate Investments
Real Estate Investments	5. Real Estate Investments Owned Properties. As of December 31, 2024, we owned 123 health care real estate properties consisting of 72 assisted living communities, 50 skilled nursing centers and one behavioral health care hospital located in 23 states. These properties are operated by 23 operators. Independent living communities, assisted living communities, memory care communities and combinations thereof are included in the assisted living property classification (collectively “ALF”). Any reference to the number of properties, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Depreciation expense on buildings and improvements, including properties classified as held-for-sale, was $36,223,000, $37,303,000, and $37,394,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent, amortization of lease incentives and renewal options are as follows ( in thousands ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2025 ​ $ 116,247 ​ 2026 ​ 100,188 ​ 2027 ​ 94,235 ​ 2028 ​ 83,178 ​ 2029 ​ 69,620 ​ Thereafter ​ 108,855 ​ (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash. Includes rent from subsequent extension of a master lease covering two SNFs in Tennessee that was schedule to mature in December 2025 for an additional year. Many of our existing leases contain renewal options that, if exercised, could result in the amount of rent receivable upon renewal being greater or less than that currently being paid. During the fourth quarter of 2024, an operator notified us of its election not to exercise the renewal option on a master lease covering seven skilled nursing centers in California (1), Florida (2), and Virgina (4). The master lease matures in January 2026 and provides two 5-year renewal options. The operator is obligated to pay rent on the portfolio through maturity and is current on rent obligations through February 2025. Subsequent to December 31, 2024, we engaged a broker to sell or re-lease some or all of the properties in the portfolio. During 2024, a master lease covering 11 skilled nursing centers located in Texas with a total of 1,444 beds was amended to extend the lease term to December 31, 2028, with two five-year 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 was $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. For leases where we have concluded it is not probable that we will collect substantially all the lease payments under those leases, recognition of rental income is limited to the lesser of the amount of cash collected or rental income reflected on a straight-line 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. We wrote-off straight-line rent receivable and lease incentives balances of $321,000, $26,000 and $256,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Additionally, if our conclusion of collectibility changes, we will record the difference between the lease income that would have been recognized on a straight-line basis and cash basis as a current-period adjustment to rental income. We recorded $3,158,000 of straight-line rental income related to restoring accrual basis accounting for two master leases during 2024. We did not record any recovery of straight-line rental income during 2023 and 2022. We continue to take into account the current financial condition of our operators, in our estimation of uncollectible accounts and deferred rents receivable at December 31, 2024. We are closely monitoring the collectability of such rents and will adjust future estimations as appropriate as further information becomes known. The following table summarizes components of our rental income for the years ended December 31, 2024, 2023 and 2022 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Rental Income ​ ​ 2024 ​ ​ 2023 ​ ​ 2022 ​ Contractual cash rental income ​ $ 118,198 (1) $ 116,702 (2) $ 115,230 ​ Variable cash rental income ​ ​ 12,951 (3) ​ 13,525 (3) ​ 15,516 (3) Straight-line rent ​ ​ 2,268 (4) ​ (2,078) (5) ​ (1,369) ​ Adjustment of lease incentives and rental income ​ ​ (321) (6) ​ (26) (6) ​ (256) (6) Amortization of lease incentives ​ ​ (818) ​ ​ (773) ​ ​ (877) ​ Total ​ $ 132,278 ​ $ 127,350 ​ $ 128,244 ​ (1) Increased primarily due to $2,377 repayment of rent credit in connection with the sale of our interest in a consolidated JV, rental income from 2023 acquisitions, annual rent escalations, partially offset by portfolio transitions and property sales. ​ (2) Increased primarily due to rental income from acquisitions, annual rent escalations, repayment of deferred rent, and fair market rent resets, partially offset by property sales. ​ (3) The variable cash rental income for the years ended December 31, 2024, 2023 and 2022 primarily includes reimbursement of real estate taxes by our lessees. ​ (4) Increased primarily due to a one-time additional straight-line rental income related to restoring accrual basis accounting for two master leases. ​ (5) Decreased primarily due to deferred rent repayment and normal amortization. ​ (6) Represents straight-line rent receivable and lease incentives write-offs. ​ Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements as of December 31, 2024 (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Net Book ​ Option ​ State ​ Property ​ Properties ​ ​ Investments (1) ​ ​ Value ​ Window ​ Colorado/Kansas/Ohio/Texas ​ ALF/MC ​ 17 ​ $ 65,134 ​ $ 30,842 ​ 2029 (2) Florida ​ SNF ​ 3 ​ ​ 76,603 ​ ​ 76,603 ​ 2025-2027 ​ Georgia/South Carolina ​ ALF/MC ​ 2 ​ ​ 32,266 ​ ​ 24,855 ​ 2027 ​ North Carolina ​ ALF/MC ​ 11 ​ ​ 121,419 ​ ​ 121,419 ​ 2025-2029 (3) North Carolina ​ ALF ​ 5 ​ ​ 14,980 ​ ​ 7,086 ​ 2029 (4) North Carolina ​ ALF ​ 4 ​ ​ 41,000 ​ ​ 41,000 ​ 2024-2028 (5) North Carolina/ South Carolina ​ ILF/ALF/MC ​ 13 ​ ​ 122,460 ​ ​ 122,460 ​ 2024-2028 (6) Ohio ​ MC ​ 1 ​ ​ 16,161 ​ ​ 13,049 ​ 2024-2025 ​ Ohio ​ ILF/ALF/MC ​ 1 ​ ​ 54,782 ​ ​ 51,331 ​ 2025-2027 ​ Oklahoma ​ ALF/MC ​ 5 ​ ​ 11,068 ​ ​ 3,936 ​ 2027-2029 (7) South Carolina ​ ALF ​ 1 ​ ​ 11,680 ​ ​ 7,920 ​ 2026 (8) Texas ​ SNF ​ 4 ​ ​ 52,726 ​ ​ 48,980 ​ 2027-2029 (9) Texas ​ MC ​ 1 ​ ​ 6,724 ​ ​ 3,340 ​ 2026-2028 (10) Total (11) ​ ​ ​ ​ ​ $ 627,003 ​ $ 552,821 ​ ​ ​ (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. ​ (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. ​ (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. ​ (8) During 2024, we transferred this community from ALG to an operator new to us. The new lease commenced in December 2024 and includes a purchase option that can be exercised in September 2026 through November 2026. ​ (9) 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 . ​ (10) 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. Subsequent to December 31, 2024, in conjunction with the closure of the community, this purchase option was terminated. ​ (11) Subsequent to December 31, 2024, a master lease covering two SNFs in Tennessee that was scheduled to mature in December 2025, was amended extending the maturity to December 31, 2026. Additionally, the master lease purchase option window which expired on December 31, 2024, was extended for another year to December 31, 2025. Impairment Loss. We performed recoverability analysis on the carrying value of the communities listed in the table below and concluded that their carrying value may not be recoverable through future undiscounted cash flows. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ Impairment ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ Loss ​ 2024 ​ Ohio ​ ALF ​ 1 ​ 39 ​ $ 780 (1) ​ ​ Oklahoma ​ ALF ​ 1 ​ 29 ​ ​ 153 (2) ​ ​ Texas ​ ALF ​ 1 ​ 56 ​ ​ 6,020 (1) ​ ​ ​ ​ ​ ​ 3 ​ 124 ​ $ 6,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 434 (3) ​ ​ Florida ​ ALF ​ 1 ​ 60 ​ ​ 7,522 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 4,554 (4) ​ ​ Texas ​ ALF ​ 7 ​ 248 ​ ​ 3,265 ​ ​ ​ ​ ​ ​ ​ 10 ​ 445 ​ $ 15,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 1,222 (3) ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 1,286 (5) ​ ​ Colorado ​ ALF ​ 1 ​ — ​ ​ 914 (6) ​ ​ ​ ​ ​ ​ 3 ​ 130 ​ $ 3,422 ​ (1) In conjunction with the anticipated closure, we recorded an impairment loss on the carrying value of these properties. ​ (2) Subsequent to December 31, 2024, this community was sold. See Properties Held-for-Sale below for more information regarding this community. ​ (3) In conjunction with the ongoing negotiations to sell this community, we recorded a $434 impairment loss during the three months ended March 31, 2023, and a $1,222 impairment loss during the fourth quarter of 2022. This community was sold during the second quarter of 2023 for $4,850 and we recorded a net gain on sale of $64 as a result of this transaction. ​ (4) This community was sold during the fourth quarter of 2023 for $1,650 and we recorded a net loss on sale of $219 as a result of this transaction. ​ (5) This community was classified as held-for sale at December 31, 2022 and sold during the first quarter of 2023 for $11,000 . We recorded a net gain on sale of $57 as a result of this transaction. (6) This community was closed during 2022. Properties Held-for-Sale. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ ​ ​ At December 31, 2024 ​ OK ​ ALF (1) 1 ​ 29 ​ $ 2,016 ​ $ (1,346) ​ ​ ​ At December 31, 2023 ​ WI ​ ALF (2) 1 ​ 110 ​ $ 22,007 ​ $ (3,616) ​ ​ ​ (1) This community was sold during the first quarter of 2025. Upon sale, the community was removed from a master lease covering five ALFs in Oklahoma and rent under the master lease was not reduced as a result of the sale. ​ (2) This community was sold during the first quarter of 2024. ​ ​ Acquisitions. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ Number ​ Number ​ ​ ​ ​ Paid at ​ Assumed ​ ​ Controlling ​ Transaction ​ ​ Assets ​ of ​ of Year ​ Type of Property ​ Acquisition ​ Liabilities ​ ​ Interest ​ Costs ​ ​ Acquired ​ Properties ​ Beds/Units 2024 ​ OTH (1) ​ $ 300 ​ $ — ​ $ — ​ $ 19 ​ $ 319 ​ — ​ — 2023 ​ ALF (2) ​ $ 43,759 ​ $ 9,767 ​ $ 9,133 ​ $ 363 ​ $ 63,022 (3) 1 ​ 242 2022 ​ SNF (4) ​ $ 51,817 ​ $ — ​ $ ​ ​ $ — ​ $ 51,817 ​ 4 ​ 339 (1) We acquired a parcel of land in Kansas adjacent to an existing community operated by Brookdale Senior Living Communities (“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 $8,309 tax abatement intangible included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets . ​ (4) The properties are located in Texas and are leased to an affiliate of an existing operator under a 10-year lease with two 5-year renewal options. Additionally, the lease provides either an earn-out payment or purchase option but not both. If neither option is elected within the timeframe defined in the lease, both elections are terminated. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. The purchase option is available beginning in the sixth lease year through the end of the seventh lease year. The initial cash yield is 8% for the first year, increasing to 8.25% for the second year, then increases annually by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate. Intangible Assets. The following is a summary of our intangible assets as of December 31, 2024 and 2023 ( in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Assets ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net In-place leases ​ $ 11,047 (1) ​ $ (6,758) (2) ​ $ 4,289 ​ $ 11,348 (1) ​ $ (6,109) (2) ​ $ 5,239 Tax abatement intangible ​ $ 8,309 (3) ​ $ (1,097) (3) ​ $ 7,212 ​ $ 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. The following table provides future amortization expenses related to the intangible assets at December 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 2025 2026 2027 2028 2029 Thereafter In-place leases (1) ​ $ 4,289 ​ $ 872 ​ $ 696 ​ $ 633 ​ $ 519 ​ $ 493 ​ $ 1,076 Tax abatement intangible (2) ​ 7,212 ​ 692 ​ 692 ​ 692 ​ 692 ​ 692 ​ 3,752 ​ ​ $ 11,501 ​ $ 1,564 ​ $ 1,388 ​ $ 1,325 ​ $ 1,211 ​ $ 1,185 ​ $ 4,828 (1) Recorded as depreciation expense included in the Depreciation and amortization line item on our Consolidated Statements of Income. ​ (2) Recorded as Property tax expense on our Consolidated Statements of Income. ​ Developments and Improvements. (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Type of Property ​ 2024 ​ 2023 ​ ​ 2022 ​ ​ ​ Developments ​ Improvements ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ — ​ $ 12,431 ​ $ — ​ $ 3,112 ​ ​ $ 105 ​ $ 5,538 ​ Skilled Nursing Centers ​ ​ — ​ ​ 1,246 ​ ​ — ​ ​ 6,487 ​ ​ ​ — ​ ​ 2,897 ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ 87 ​ ​ ​ — ​ ​ 559 ​ Total ​ $ — ​ $ 13,677 ​ $ — ​ $ 9,686 ​ ​ $ 105 ​ $ 8,994 ​ ​ Property Sales. dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ (Loss) Gain (2) ​ 2024 (1) ​ Colorado ​ ALF ​ 1 ​ — ​ $ 5,250 ​ $ 4,058 ​ $ 1,097 ​ ​ ​ 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 (3) ​ 4,314 ​ ​ 3,635 ​ ​ ​ Wisconsin ​ ALF ​ 1 ​ 110 ​ ​ 20,193 (4) ​ 16,195 ​ ​ 3,986 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ (60) (5) Total ​ ​ ​ ​ ​ 11 ​ 458 ​ $ 40,002 ​ $ 30,817 ​ $ 7,979 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Florida ​ ALF ​ 5 ​ 246 ​ $ 23,600 ​ $ 9,084 ​ $ 13,327 ​ ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 11,000 ​ ​ 10,720 ​ ​ 57 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 1,650 ​ ​ 1,639 ​ ​ (220) ​ ​ ​ New Jersey ​ ALF ​ 1 ​ 39 ​ ​ 2,000 ​ ​ 1,552 ​ ​ 266 ​ ​ ​ New Mexico ​ SNF ​ 2 ​ 235 ​ ​ 21,250 ​ ​ 5,523 ​ ​ 15,287 ​ ​ ​ Nebraska ​ ALF ​ 3 ​ 117 ​ ​ 2,984 ​ ​ 2,934 ​ ​ — ​ ​ ​ Oklahoma ​ ALF ​ 1 ​ 37 ​ ​ 800 ​ ​ 777 ​ ​ 11 ​ ​ ​ Pennsylvania ​ ALF ​ 2 ​ 130 ​ ​ 11,128 ​ ​ 6,054 ​ ​ 4,860 ​ ​ ​ South Carolina ​ ALF ​ 3 ​ 128 ​ ​ 8,409 ​ ​ 4,446 ​ ​ 3,708 ​ Total ​ ​ ​ ​ ​ 19 ​ 1,059 ​ $ 82,821 ​ $ 42,729 ​ $ 37,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ California ​ ALF ​ 2 ​ 232 ​ $ 43,715 ​ $ 17,832 ​ $ 25,867 ​ ​ ​ California ​ SNF ​ 1 ​ 121 ​ ​ 13,250 ​ ​ 1,846 ​ ​ 10,846 ​ ​ ​ Texas ​ SNF ​ 1 ​ — ​ ​ 485 ​ ​ 697 ​ ​ (441) ​ ​ ​ Virginia ​ ALF ​ 1 ​ 74 ​ ​ 16,895 ​ ​ 15,549 ​ ​ 1,344 (6) ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 214 (7) Total ​ ​ ​ ​ ​ 5 ​ 427 ​ $ 74,345 ​ $ 35,924 ​ $ 37,830 ​ (1) Subsequent to December 31, 2024, we sold a 29 -unit assisted living community in Oklahoma for $670 . Upon sale, the property was removed from a master lease covering five ALFs in Oklahoma and rent under the master lease was not reduced as a result of the sale. At December 31, 2024, the community was classified as held-for-sale. ​ (2) Calculation of net gain (loss) includes cost of sales and write-off of straight-line rent receivable and lease incentives, when applicable. ​ (3) As part of the negotiated sale, we received an additional $441 representing rental income through lease maturity in January 2025. ​ (4) 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. ​ (5) We recognized additional loss due to additional incurred costs related to properties sold during 2023. ​ (6) In connection with this sale, the former operator paid us a lease termination fee of $1,181 which is not included in the gain on sale. ​ (7) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and 2019, under the expected value model per ASC Topic 606, Contracts with Customers . Financing Receivables. Financing receivables Consolidated Balance Sheets Interest income from financing receivables Consolidated Statements of Income Note 2. Summary of Significant Accounting Policies dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ Investment 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 ​ $ 76,603 ​ $ 62,278 ​ SNF ​ 3 ​ 299 ​ $ 256.20 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 ​ ILF/ALF/MC ​ 13 ​ 523 ​ $ 234.15 7.25% (4) 2024 ​ 2034 ​ NC ​ ​ 41,000 ​ ​ 37,985 ​ ALF ​ 4 ​ 217 ​ $ 188.94 ​ ​ ​ ​ ​ ​ ​ ​ $ 361,482 ​ $ 282,301 ​ ​ ​ 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 Senior living (“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 $3,014 consolidated JV interest income from financing receivables for May through December 2024. ​ (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 properties were recorded at fair value, and the fair value of certain properties was determined using the income and sales comparison approaches. The income approach utilized stabilized property net operating income and a direct capitalization rate. The sales comparison approach utilized comparable property sales on a per bed basis. 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 properties were recorded at fair value, and the fair value of the properties was determined using the income approach. 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 the interest income from our investment in financing receivables during the years ended December 31, 2024, 2023 and 2022 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Initial ​ Interest Income from Financing Receivables Lease ​ of ​ Contractual ​ Year Ended December 31, Maturity ​ Properties ​ Cash Yield ​ ​ 2024 ​ ​ 2023 ​ ​ 2022 2032 ​ SNF ​ 7.25 % ​ $ 5,611 ​ $ 5,618 ​ $ 1,762 2033 ​ ALF/MC ​ 7.25 % ​ ​ 9,710 ​ ​ 9,625 ​ ​ — 2034 ​ ILF/ALF/MC ​ 7.25 % ​ ​ 4,751 ​ ​ — ​ ​ — 2034 ​ ALF ​ 7.25 % ​ ​ 1,591 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 21,663 ​ $ 15,243 ​ $ 1,762 ​ 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 (2) ​ Properties (3) ​ Beds ​ Units ​ Bed/Unit 8.8% ​ 2025 ​ FL ​ $ 4,000 ​ ALF ​ 1.3 % 1 ​ 2 ​ — ​ 92 ​ $ 43.48 7.8% ​ 2025 ​ FL ​ ​ 16,706 ​ ALF ​ 5.3 % 1 ​ 1 ​ — ​ 112 ​ $ 149.16 7.3% ​ 2025 ​ NC ​ ​ 10,750 ​ ALF ​ 3.4 % 1 ​ 1 ​ — ​ 45 ​ $ 238.89 8.8% ​ 2026 ​ MI ​ ​ 12,753 ​ ALF ​ 4.1 % 1 ​ 1 ​ — ​ 85 ​ $ 150.04 8.8% ​ 2028 ​ IL ​ ​ 16,500 ​ SNF ​ 5.2 % 1 ​ 1 ​ 150 ​ — ​ $ 110.00 11.1% (4) ​ 2043 ​ MI ​ ​ 180,700 ​ SNF ​ 57.2 % 1 ​ 14 ​ 1,749 ​ — ​ $ 103.32 10.0% (4) ​ 2045 ​ MI ​ ​ 39,800 ​ SNF ​ 12.6 % 1 ​ 4 ​ 480 — ​ $ 82.92 10.3% (4) ​ 2045 ​ MI ​ 19,700 ​ SNF ​ 6.2 % 1 ​ 2 ​ 201 — ​ $ 98.01 10.5% (4) ​ 2045 ​ MI ​ ​ 14,825 ​ SNF ​ 4.7 % 1 ​ 1 ​ 146 ​ — ​ $ 101.54 Total ​ ​ ​ ​ ​ $ 315,734 (1) ​ ​ 100.0 % 9 ​ 27 ​ 2,726 334 ​ $ 103.18 (1) Excludes the impact of credit loss reserve. ​ (2) Some loans contain certain guarantees and/or provide for certain facility fees. ​ (3) Our mortgage loans are secured by properties located in four states with six borrowers. Additionally, during 2024, we committed to fund a $26,120 mortgage loan for the construction of a 116 -unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12,300 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5% . ​ (4) Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period. ​ ​ The following table summarizes our mortgage loan activity for the years ended December 31, 2024, 2023 and 2022 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 Originations and funding under mortgage loans receivable ​ $ 21,833 (1) $ 97,058 (4) $ 40,732 (5) Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables ​ ​ (102,435) (2) ​ — ​ ​ — ​ Pay-offs received ​ ​ (85,204) (3) ​ — ​ ​ — ​ Application of interest reserve ​ ​ 169 ​ ​ 1,722 ​ ​ 6,192 ​ Scheduled principal payments received ​ ​ (701) ​ ​ (10,351) ​ ​ (1,175) ​ Mortgage loan premium amortization ​ ​ (8) ​ ​ (7) ​ ​ (6) ​ Recovery (provision) for loan loss reserve ​ ​ 1,663 ​ ​ (884) ​ ​ (457) ​ Net (decrease) increase in mortgage loans receivable ​ $ (164,683) ​ $ 87,538 ​ $ 45,286 ​ ​ (1) The following funding occurred during 2024: ​ (a) $ 12,753 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 $ 6,747 . 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) $ 768 of additional funding under various loans. ​ (2) 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. ​ (3) The following payoffs/paydowns were received during 2024: (a) The payoff of a $ 51,111 mortgage loan receivable secured by a 203-unit ILF, ALF and MC in Georgia; ​ (b) The payoff of a $2,013 mortgage loan secured by a parcel of land in Missouri; ​ (c) The payoff of a $ 29,347 mortgage loan secured by a 189-bed SNF in Louisiana; and ​ (d) A partial principal paydown of $2,733 related to the sale of a SNF securing the mortgage loan previously secured by 15 SNFs in Michigan. ​ (4) We originated the following during 2023: ​ (a) $10,750 mortgage loan secured by a 45 -unit MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% ; ​ (b) $51,111 mortgage loan investment secured by a 203 -unit ILF, ALF and MC located in Georgia. We acquired a participating interest owned by existing lenders for $42,251 in addition to converting our $7,461 mezzanine loan in the property into a participating interest in the mortgage loan. 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. The mortgage loan was paid off during 2024; ​ (c) $16,500 senior loan for the acquisition of a 150 -bed Medicare focused SNF in Illinois. The mortgage loan matures in June 2028 and our investment is at an interest rate of 8.75% ; ​ (d) $4,947 of contractual additional funding under other mortgage loans receivable; ​ (e) $13,750 of seller financing collateralized by four ALFs. $9,750 was repaid subsequently and two ALFs were released from collateral. The net $4,000 seller-financed mortgage loan is for two-years , with a one-year extension, at the interest rate of 8.75% ; and ​ (f) $19,500 mortgage loan commitment for the construction of an 85 -unit ALF and MC in Michigan. The borrower contributed $12,100 of equity which initially funded the construction. Upon fully drawing of the borrower’s equity in the first quarter of 2024, we began funding the commitment. The loan term is approximately three years at a rate of 8.75% , and includes two , one-year extensions, each of which is contingent on certain coverage thresholds. ​ (5) We originated two senior mortgage loans, secured by four ALFs operated by an existing operator, as well as a land parcel in North Carolina. The communities have a combined total of 217 units, with an average age of less than four years . The land parcel is approximately 7.6 acres adjacent to one of the ALFs and is being held for the future development of a seniors housing communi

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2024
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures	6. Investments in Unconsolidated Joint Ventures We have preferred equity investments in two joint ventures and an ADC loan. We determined that each of these investments meet the accounting criteria to be considered a VIE. We are not the primary beneficiary of the VIEs as we do not have both: 1) the power to direct the activities that most significantly affect the VIE’s economic performance, and 2) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. However, we do have significant influence over the VIEs. Therefore, we account for these investments as joint venture using the equity method of accounting. The following table provides information regarding these 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 % ​ 9.0 % ​ 109 ​ ​ 6,340 (2) Washington ​ ILF/ALF ​ Preferred Equity (3) 14.0 % ​ 8.0 % ​ 267 ​ ​ 13,000 (3) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 480 ​ $ 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 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. ​ (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 11.0% of the 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 years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ ​ Income ​ ​ Cash Income ​ ​ Non-cash ​ Year ​ Properties ​ ​ Recognized ​ ​ Earned ​ ​ Income Accrued ​ 2024 ​ SNF/ALF ​ $ 884 ​ $ 884 ​ $ — ​ ​ ​ ALF/MC ​ ​ 504 ​ ​ 504 ​ ​ — ​ ​ ​ ILF/ALF (1) ​ ​ 1,054 ​ ​ — ​ ​ 1,054 ​ Total ​ ​ ​ $ 2,442 ​ $ 1,388 ​ $ 1,054 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ALF/MC ​ $ 450 ​ $ 56 ​ $ 394 ​ ​ ​ ILF/ALF (1) ​ ​ 1,054 ​ ​ — ​ ​ 1,054 ​ Total ​ ​ ​ $ 1,504 ​ $ 56 ​ $ 1,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ALF/MC ​ $ 450 ​ $ — ​ $ 450 ​ ​ ​ UDP (1) ​ ​ 1,054 ​ ​ 351 ​ ​ 703 ​ Total ​ ​ ​ $ 1,504 ​ $ 351 ​ $ 1,153 ​ ​ (1) The JV developed and owns a 267 -unit ILF and ALF in Washington. The development project was completed during the fourth quarter of 2023.

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2024
Notes Receivable.
Notes Receivable	7. Notes Receivable Notes receivable consists of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at December 31, 2024 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ Type of ​ Gross ​ ​ ​ ​ Type of ​ Rate ​ IRR ​ ​ Maturity ​ Loan ​ Investment ​ ​ # of loans ​ Property ​ 8.0% ​ 11.0 % ​ 2027 ​ Mezzanine ​ $ 25,000 ​ ​ 1 ​ ALF ​ 0.0% ​ — ​ ​ 2028 ​ Working capital ​ ​ 1,429 ​ ​ 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 ​ ​ 1,457 ​ ​ 2 ​ ALF ​ 0.0% ​ — ​ ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 47,717 (1) ​ 8 ​ ​ ​ ​ (1) Excludes the impact of credit loss reserve. The following table is a summary of our notes receivable components at December 31, 2024 and 2023 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2024 ​ At December 31, 2023 Mezzanine loans $ 42,000 ​ $ 42,000 ​ Working capital loans ​ 5,717 ​ ​ 19,101 ​ Notes receivable credit loss reserve ​ (477) ​ ​ (611) ​ Total $ 47,240 ​ $ 60,490 ​ ​ The following table summarizes our notes receivable activity for the years ended December 31, 2024, 2023 and 2022 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ ​ 2023 ​ ​ 2022 ​ Advances under notes receivable $ 340 ​ $ 20,377 (3) $ 37,192 (5) Principal payments received under notes receivable ​ (13,434) (1) ​ (14,687) (4) ​ (6,843) ​ Write-off of notes receivable ​ (290) (2) ​ (3,561) (2) ​ — ​ Recovery (provision) of credit losses ​ 134 ​ ​ (22) ​ ​ (303) ​ Net (decrease) increase in notes receivable $ (13,250) ​ $ 2,107 ​ $ 30,046 ​ (1) During 2024, we received $12,103 towards the paydown of a $13,531 working capital note. The remaining $1,428 balance of the working capital note is interest free and will be repaid in installments through 2028. Additionally, we received an aggregate of $1,331 related to the payoff of three working capital notes. ​ (2) During 2024 and 2023, we wrote-off uncollectible working capital notes. ​ (3) During 2023, we originated a mezzanine loan to recapitalize an existing 130 -unit ILF/ALF/MC in Georgia and construction of 89 additional units. The loan term is five years at an initial yield of 8.75 % and an IRR of 12.0 %. ​ (4) During 2023, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan prepayment. The mezzanine loan was on a 136 -unit ILF in Oregon. Additionally, another $7,461 mezzanine loan was effectively prepaid through converting it as part of our $51,111 investment in a participating interest in an existing mortgage loan that is secured by a 203 -unit ALF, ILF and MC located in Georgia. We recorded $1,380 of interest income in connection with the effective prepayment of the mezzanine loan. ​ (5) During 2022, we originated a $25,000 mezzanine loan for the recapitalization of five ALFs located in Oregon and Montana. The mezzanine loan has a term of approximately five years , with two one-year extension options and bears interest at 8 % with an IRR of 11% . The five communities have a total of 621 units and include independent living, assisted living and memory care. ​ ​ ​

Lease Incentives

Lease Incentives	12 Months Ended
	Dec. 31, 2024
Lease Incentives
Lease Incentives	8. Lease Incentives Our non-contingent lease incentive balances at December 31, 2024 and 2023 were $3,522,000 and $2,607,000, respectively. The following table summarizes our non-contingent lease incentive activity for the years ended December 31, 2024, 2023 and 2022 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ Lease incentives funded ​ $ 1,924 ​ ​ $ 1,627 ​ ​ $ 418 ​ Amortization of lease incentives ​ ​ (818) ​ ​ ​ (773) ​ ​ ​ (877) ​ Adjustment for collectability of lease incentives ​ ​ — ​ ​ ​ (26) (2) ​ ​ (256) (2) Other adjustments ​ ​ (191) (1) ​ ​ (10) (1) ​ ​ (174) (1) Net increase in non-contingent lease incentives ​ $ 915 ​ ​ $ 818 ​ ​ $ (889) ​ (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	12 Months Ended
	Dec. 31, 2024
Credit Loss Reserve
Credit Loss Reserve	9. 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. Summary of Significant Accounting Policies Mortgage loans. Notes receivable. 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 December 31, 2024 Investment Type: ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ 2020 ​ Prior ​ Total ​ Credit loss reserve Financing receivables ​ $ 163,460 ​ $ 121,419 ​ $ 76,603 ​ $ — ​ $ — ​ $ — ​ $ 361,482 ​ $ 3,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans receivable ​ $ — ​ $ 44,003 ​ $ — ​ $ 16,706 ​ $ — ​ $ 255,025 ​ $ 315,734 ​ $ 3,151 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine loans ​ $ — ​ $ 17,000 ​ $ 25,000 ​ $ — ​ $ — ​ $ — ​ $ 42,000 ​ $ 420 Working Capital loans ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,929 ​ ​ 1,095 ​ ​ 2,693 ​ ​ 5,717 ​ ​ 57 Total Notes Receivable ​ $ — ​ $ 17,000 ​ $ 25,000 ​ $ 1,929 ​ $ 1,095 ​ $ 2,693 ​ $ 47,717 ​ $ 477 (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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recovery ​ Provision ​ ​ ​ ​ ​ Balance ​ ​ due to ​ due to ​ Balance ​ ​ ​ at ​ ​ Payoffs/ ​ Originations/ ​ at ​ Description ​ 12/31/2023 ​ ​ Write-offs ​ additional funding ​ 12/31/2024 ​ Credit Loss Reserve- Financing Receivables ​ $ 1,980 ​ $ — ​ $ 1,635 ​ $ 3,615 ​ Credit Loss Reserve- Mortgage Loans Receivable ​ ​ 4,814 ​ ​ (1,883) ​ ​ 220 ​ ​ 3,151 ​ Credit Loss Reserve-Notes Receivable ​ ​ 611 ​ ​ (137) ​ ​ 3 ​ ​ 477 ​ ​ 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 to reserve or write off accrued interest receivable in a timely manner through our quarterly review of the loan and property performance. Therefore, we elected the policy to write off accrued interest receivable by recognizing credit loss expense. As of December 31, 2024, the total balance of accrued interest receivable of $60,258,000 was not included in the measurement of expected credit loss. During the year ended December 31, 2024, we wrote-off $613,000 related to accrued interest receivable. During the years ended December 31, 2023 and 2022, we did not recognize any write-offs related to accrued interest receivable.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2024
Debt Obligations
Debt Obligations	10. Debt Obligations Unsecured Credit Facility. the available $500,000,000 Accordion feature of the Revolving Line of Credit during the third quarter of 2024. Accordingly, the aggregate commitment of the lenders under the Credit Agreement increased to $525,000,000, with $475,000,000 remaining available under the Accordion. The exercise of the Accordion did not materially change any other term or condition of the Credit Agreement, including its maturity date or covenant requirements. Based on our leverage at December 31, 2024, the Revolving Line of Credit provides for interest annually at Adjusted SOFR SOFR Interest Rate Swap Agreements. four Consolidated Balance Sheets Accumulated other comprehensive income (loss) Consolidated Balance Sheets. The following table sets forth information regarding our Interest Rate Swaps at December 31, 2024 and 2023 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Fair Value at ​ Date Entered ​ Maturity Date ​ Swap Rate ​ Rate Index ​ ​ Amount ​ ​ December 31, 2024 ​ ​ ​ December 31, 2023 ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 1,305 ​ ​ $ 2,698 ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 2,510 ​ ​ ​ 3,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 3,815 ​ ​ $ 6,110 ​ ​ Senior Unsecured Notes The senior unsecured notes and Credit Agreement, including the Revolving Line of Credit and the Term Loans, contain financial covenants, which are measured quarterly, require us to maintain, among other things: (i) a ratio of total indebtedness to total asset value not greater than 0.5 to 1.0; (ii) a ratio of secured debt to total asset value not greater than 0.35 to 1.0; (iii) a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and (iv) a ratio of EBITDA, as calculated in the Unsecured Credit Agreement, to fixed charges not less than 1.50 to 1.0. At December 31, 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 December 31, 2024 and 2023 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2024 ​ At December 31, 2023 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Revolving line of credit (2) ​ 6.04% ​ $ 144,350 ​ $ 280,650 ​ $ 302,250 ​ $ 97,750 ​ Term loans, net of debt issue costs ​ 2.59% ​ ​ 99,808 ​ ​ — ​ ​ 99,658 ​ ​ — ​ Senior unsecured notes, net of debt issue costs (3) ​ 4.15% ​ ​ 440,442 ​ ​ — ​ ​ 489,409 ​ ​ — ​ Total ​ 4.32% ​ $ 684,600 ​ $ 280,650 ​ $ 891,317 ​ $ 97,750 ​ (1) Represents weighted average of interest rate as of December 31, 2024. ​ (2) Subsequent to December 31, 2024, we borrowed $15,000 under our unsecured revolving line of credit. Accordingly, we have $159,350 outstanding and $265,650 available for borrowing under our unsecured revolving line of credit. ​ (3) Subsequent to December 31, 2024, we repaid $7,000 in scheduled principal paydowns on our senior unsecured notes. Accordingly, we have $433,442 outstanding under our senior unsecured notes, net of debt issue costs. Our borrowings and repayments for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Borrowings ​ Repayments Revolving line of credit ​ $ 27,200 (1) $ (185,100) ​ $ 277,450 ​ $ (105,200) ​ $ 194,000 ​ $ (174,900) Senior unsecured notes ​ ​ — ​ ​ (49,160) (2) ​ — ​ ​ (49,160) ​ ​ 75,000 ​ ​ (48,160) Total ​ $ 27,200 ​ $ (234,260) ​ $ 277,450 ​ $ (154,360) ​ $ 269,000 ​ $ (223,060) (1) Subsequent to December 31, 2024, we borrowed $15,000 under our unsecured revolving line of credit. Accordingly, we have $159,350 outstanding and $265,650 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2024, we repaid $7,000 in scheduled principal paydowns on our senior unsecured notes. Accordingly, we have $433,442 outstanding under our senior unsecured notes, net of debt issue costs. Scheduled Principal Payments. in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ 2029 ​ Thereafter Revolving line of credit ​ $ 144,350 (1) $ — ​ $ 144,350 ​ $ — ​ $ — ​ $ — ​ $ — ​ Term loans ​ ​ 100,000 ​ ​ 50,000 ​ ​ 50,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Senior unsecured notes ​ 441,500 (2) 49,500 (2) 51,500 ​ 54,500 ​ 55,000 ​ ​ 63,000 ​ 168,000 ​ ​ ​ $ 685,850 ​ $ 99,500 ​ $ 245,850 ​ $ 54,500 ​ $ 55,000 ​ $ 63,000 ​ $ 168,000 ​ (1) Subsequent to December 31, 2024, we borrowed $15,000 under our unsecured revolving line of credit. Accordingly, we have $159,350 outstanding and $265,650 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2024, we repaid $7,000 in scheduled principal paydowns on our senior unsecure notes. Accordingly, we have $433,442 outstanding under our senior unsecured notes, net of debt issue costs.

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity
Equity	11. Equity Non-controlling Interests. in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets ​ ​ Interests ​ 2024 ​ Own real estate ​ ILF/ALF/MC ​ NC/SC ​ $ 122,460 ​ $ 58,010 ​ 2024 ​ Own real estate ​ ALF/MC ​ NC ​ ​ 41,000 ​ ​ 3,015 ​ 2023 ​ Own real estate ​ ILF/ALF/MC ​ OH ​ ​ 54,782 ​ ​ 9,134 ​ 2023 ​ Own real estate ​ ALF/MC ​ NC ​ ​ 121,419 ​ ​ 3,831 ​ 2022 ​ Own real estate ​ SNF ​ FL ​ ​ 76,603 ​ ​ 14,325 ​ 2018 ​ Own real estate ​ ILF ​ OR ​ ​ 14,650 ​ ​ 2,907 ​ 2018 ​ Own and develop real estate ​ ALF/MC ​ OR ​ ​ 18,452 ​ ​ 1,156 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 449,366 ​ $ 92,378 ​ ​ In 2017, we entered into a partnership and acquired an 87-unit assisted living and memory care community in South Carolina. During 2024, our joint venture partner transferred their $1,240,000 non-controlling interest to us resulting in us controlling full ownership of the community. Additionally, in 2017 we entered into a partnership for the acquisition of land and development of a 110-unit independent living, assisted living and memory care community in Wisconsin. During 2024, we sold our interest in this JV. As a result, these joint ventures are not listed in the table above. Common Stock. We had separate equity distribution agreements (collectively, the “Original Equity Distribution Agreements”) to offer and sell, from time to time, up to During the years ended December 31, 2024, 2023 and 2022, we sold 2,113,270, 1,658,400 and 1,792,400 shares of common stock, respectively, under our Original Equity Distribution Agreements. In conjunction with the sale of common stock, during the years ended December 31, 2024, 2023 and 2022, we incurred costs of $374,000, $836,000 and $513,000, respectively, associated with the Original Equity Distribution Agreements which have been recorded in additional paid in capital as a reduction of proceeds received. During the fourth quarter of 2024, we terminated our Original Equity Distribution Agreements and entered into a new equity distribution agreement (the “Equity Distribution Agreement”) to sell, from time to time, up to $400,000,000 in aggregate offering price of shares of our common stock. The Equity Distribution Agreement provide for sales of common shares to be made by means of ordinary brokers’ transactions, which may include block trades, or transactions that are deemed to be “at the market” offerings. During the fourth quarter of 2024, we sold 250,000 shares of our common stock for $9,542,000 in net proceeds under our Equity Distribution Agreement. In conjunction with the sale of common stock, we incurred $329,000 of costs associated with this agreement which have been recorded in additional paid in capital as a reduction of proceeds received. During the years ended December 31, 2024, 2023 and 2022, we acquired 49,540 shares, 43,933 shares and 39,463 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Shelf Registration Statement. We have an automatic shelf registration statement on file with the SEC, and currently have the ability to file additional automatic shelf registration statements, to provide us with capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time publicly raise capital under our automatic shelf registration statement in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. Our shelf registration statement expires in November 2027. Distributions. We declared and paid the following cash dividends (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ Declared ​ Paid ​ Common Stock (1) ​ $ 100,530 ​ $ 100,530 ​ $ 94,764 ​ $ 94,764 ​ $ 91,509 ​ $ 91,509 ​ ​ (1) Represents $0.19 per share per month for the years ended December 31, 2024, 2023 and 2022. ​ In January 2025, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of January, February March 2025 Stock Based Compensation Plans. During 2021, we adopted, and our stockholders approved the 2021 Equity Participation Plan (the “2021 Plan”) which replaces the 2015 Equity Participation Plan (the “2015 Plan”) . Restricted Stock and Performance-Based Stock Units. Restricted stock activity for the years ended December 31, 2024, 2023 and 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ Shares ​ Weighted Average Price ​ ​ 2024 ​ 2023 ​ 2022 2024 ​ 2023 ​ 2022 Outstanding, January 1 ​ ​ 258,620 ​ ​ 229,236 ​ ​ 197,422 ​ $ 36.43 ​ $ 38.26 ​ $ 44.20 Granted ​ ​ 175,431 ​ ​ 146,020 ​ ​ 135,210 ​ $ 31.07 ​ $ 36.55 ​ $ 34.35 Vested ​ ​ (132,842) ​ ​ (115,551) ​ ​ (103,396) ​ $ 31.51 ​ $ 36.29 ​ $ 34.93 Cancelled ​ ​ — ​ ​ (1,085) ​ ​ — ​ ​ n/a ​ $ 34.73 ​ ​ n/a Outstanding, December 31 ​ ​ 301,209 ​ ​ 258,620 ​ ​ 229,236 ​ $ 33.18 ​ $ 36.43 ​ $ 38.26 ​ During the years ended December 31, 2024, 2023 and 2022, we granted 132,524, 86,867 and 86,332, respectively, of performance-based stock units. During the years ended December 31, 2024, 2023 and 2022 no performance-based stock units vested. Total compensation expense related to restricted stock and performance-based stock units for the years ended December 31, 2024, 2023 and 2022 were $9,052,000, $8,481,000 and $7,964,000. During 2024, 2023 and 2022, we granted 307,955, 232,887 and 221,542 shares of restricted common stock and performance-based stock units, respectively, under the 2021 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No. of ​ Price per ​ ​ ​ ​ ​ Year ​ Shares/Units ​ Share ​ Reward Type ​ Vesting Period ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 122,865 ​ $ 33.94 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,332 ​ $ 33.94 ​ Performance-based stock units ​ TSR targets (4) ​ ​ ​ 12,345 ​ $ 38.48 ​ Restricted stock ​ May 25, 2023 ​ ​ ​ 221,542 ​ ​ ​ ​ ​ ​ ​ ​ (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) The vesting date is the earlier of the one-year anniversary of the award date or 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 . At December 31, 2024, the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows ( dollar amount in thousands ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense 2025 ​ $ 6,450 2026 ​ ​ 3,385 2027 ​ ​ 369 Total ​ $ 10,204 ​ Stock Options. During 2024, 2023 and 2022, we did not issue any stock options. Nonqualified stock option activity for the years ended December 31, 2024, 2023 and 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Price ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ ​ 2023 ​ 2022 Outstanding, January 1 5,000 ​ 10,000 15,000 $ 38.43 ​ $ 38.43 $ 38.43 ​ Granted — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Exercised — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Canceled (5,000) ​ (5,000) (5,000) ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ Outstanding, December 31 — ​ 5,000 10,000 ​ ​ n/a ​ $ 38.43 ​ $ 38.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, December 31 (1) — ​ 5,000 10,000 ​ ​ n/a ​ $ 38.43 ​ $ 38.43 ​ (1) Options exercisable at December 31, 2023 and 2022 had a weighted average remaining contractual life of approximately 0.2 years, and 0.7 years, respectively. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. No compensation expense related to the vesting of stock options was recorded for the years ended December 31, 2024, 2023 and 2022.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies At December 31, 2024, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2024 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties ote 5. Real Estate Investments ​ $ 16,848 (1) $ 10,308 ​ $ 11,259 ​ $ 5,589 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ​ ​ 4,525 (2) ​ — ​ ​ — ​ ​ 4,525 Mortgage loans (N ote 5. Real Estate Investments ​ ​ 63,620 (3) ​ 12,754 ​ ​ 14,754 ​ ​ 48,866 Joint venture investments ( Note 6. Investments in Unconsolidated Joint Ventures ​ ​ 1,536 (4) ​ 98 ​ ​ 98 ​ ​ 1,438 Notes receivable (N ote 7. Notes Receivable ​ ​ 760 (5) ​ — ​ ​ — ​ ​ 760 Total ​ $ 87,289 ​ $ 23,160 ​ $ 26,111 ​ $ 61,178 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ​ (2) Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the purchase option see Note 5. Real Estate Investments . ​ (3) Represents $19,500 of commitment related to a construction loan, $26,120 of commitments for the expansion, renovation and working capital related to seniors housing and skilled nursing properties securing the mortgage loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios. ​ (4) Represents an interest reserve of $750 and capital expenditure reserves of $786 related to a mortgage loan secured by a combination SNF and ALF property in Texas. The loan is accounted for as an unconsolidated JV in accordance with GAAP. For more information regarding this loan see Note. 6 Investment in Unconsolidated Joint Ventures . ​ (5) Represents working capital loan commitments. Also, some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. See Note 5. Real Estate Investments We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principles and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims.

Distributions

Distributions	12 Months Ended
	Dec. 31, 2024
Distributions
Distributions	13. Distributions We must distribute at least 90% of our taxable income in order to continue to qualify as a REIT. This distribution requirement can be satisfied by current year distributions or, to a certain extent, by distributions in the following year. For federal tax purposes, distributions to stockholders are treated as ordinary income, capital gains, return of capital or a combination thereof. Distributions for 2024, 2023 and 2022 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Ordinary taxable distribution $ 1.745 $ 1.110 $ 1.095 ​ Return of capital ​ 0.535 ​ — ​ — ​ Unrecaptured Section 1250 gain ​ — ​ 0.744 ​ 0.502 ​ Long-term capital gain ​ — ​ 0.426 ​ 0.683 ​ Total ​ $ 2.280 ​ $ 2.280 ​ $ 2.280 ​ ​

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2024
Net Income Per Common Share
Net Income Per Common Share	14. Net Income Per Common Share Basic and diluted net income per share was as follows (in thousands except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ Net income ​ $ 94,879 $ 91,462 $ 100,584 ​ Less income allocated to non-controlling interests ​ (3,839) ​ (1,727) ​ (560) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (682) ​ (587) ​ (531) ​ Income allocated to participating securities ​ — ​ — ​ (49) ​ Total net income allocated to participating securities ​ (682) ​ (587) ​ (580) ​ Net income available to common stockholders ​ 90,358 ​ 89,148 ​ 99,444 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share ​ $ 90,358 ​ $ 89,148 ​ $ 99,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 43,743 ​ 41,272 ​ 39,894 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (1) ​ — ​ — ​ — ​ Performance-based stock units ​ ​ 498 ​ ​ 86 ​ ​ 173 ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities ​ 498 ​ 86 ​ 173 ​ Shares for diluted net income per share ​ 44,241 ​ 41,358 ​ 40,067 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 2.07 ​ $ 2.16 ​ $ 2.49 ​ Diluted net income per share ​ $ 2.04 ​ $ 2.16 ​ $ 2.48 ​ (1) For the years ended December 31, 2024, 2023 and 2022, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive. ​ ​

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information
Quarterly Financial Information	15. Quarterly Financial Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the quarter ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ ​ (unaudited, in thousands except per share amounts) 2024 ​ ​ ​ ​ ​ Revenues ​ $ 51,366 ​ $ 50,116 ​ $ 55,783 ​ $ 52,582 ​ Net income available to common stockholders ​ $ 24,065 ​ $ 19,188 ​ $ 29,165 ​ $ 17,912 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.56 ​ $ 0.44 ​ $ 0.66 ​ $ 0.40 ​ Diluted ​ $ 0.56 ​ $ 0.44 ​ $ 0.66 ​ $ 0.39 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 49,500 ​ $ 48,246 ​ $ 49,303 ​ $ 50,195 ​ Net income available to common stockholders ​ $ 32,929 ​ $ 6,028 ​ $ 22,050 ​ $ 28,057 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.80 ​ $ 0.15 ​ $ 0.54 ​ $ 0.67 ​ Diluted ​ $ 0.80 ​ $ 0.15 ​ $ 0.54 ​ $ 0.67 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ ​ ​ NOTE: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year. ​

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Fair Value Measurements	16. Fair Value Measurements In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not adopt the elective fair market value option for our financial assets and financial liabilities. The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of December 31, 2024 and 2023 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2024 ​ At December 31, 2023 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivables, net of credit loss reserve ​ $ 357,867 ​ $ 363,228 (1) $ 196,032 ​ $ 199,199 (1) Mortgage loans receivable, net of credit loss reserve ​ ​ 312,583 ​ ​ 386,871 (2) ​ 477,266 ​ ​ 554,993 (2) Notes receivable, net of credit loss reserve ​ 47,240 ​ 53,549 (3) 60,490 ​ 67,877 (3) Revolving line of credit ​ 144,350 ​ ​ 144,350 (4) ​ 302,250 ​ ​ 302,250 (4) Term loans, net of debt issue costs ​ ​ 99,808 ​ ​ 100,000 (4) ​ 99,658 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 440,442 ​ ​ 402,394 (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 December 31, 2024 and 2023 was 7.7% 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 December 31, 2024 and 2023 was 10.0% 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 December 31, 2024 and 2023, were 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 December 31, 2024 and 2023 based upon prevailing market interest rates for similar debt arrangements. ​ (5) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2024, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.25% for those maturing before year 2030 and 6.5% 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 beyond year 2030. ​

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Information
Segment Information	17 Segment Information We use the management approach in determining the reportable operating segments. The management approach considers the internal organization and reporting used by our CODM for making operating decisions, allocating resources and assessing performance as the source for determining our reportable segments. In making this determination, we: i. determines its CODM; ii. identifies and analyzes potential business components; iii. identifies its operating segments; and iv. determines whether there are multiple operating segments requiring presentation as reportable segment. During the years ended December 31, 2024, 2023 and 2022, the CODM has been collectively identified as our Chairman and Co-Presidents, who share the responsibility for allocating resources and assessing segment performance. . Our CODM evaluate the performance of our investments based on Net income attributable to LTC Properties, Inc Segment Information Summary of Significant Accounting Policies (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 132,278 ​ $ 127,350 ​ $ 128,244 ​ Interest income from financing receivables ​ ​ 21,663 ​ ​ 15,243 ​ ​ 1,762 ​ Interest income from mortgage loans ​ ​ 45,216 ​ ​ 47,725 ​ ​ 40,600 ​ Interest and other income ​ ​ 10,690 ​ ​ 6,926 ​ ​ 4,547 ​ Total revenues ​ ​ 209,847 ​ ​ 197,244 ​ ​ 175,153 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ 40,336 ​ ​ 47,014 ​ ​ 31,437 ​ Depreciation and amortization ​ ​ 36,367 ​ ​ 37,416 ​ ​ 37,496 ​ Impairment loss ​ ​ 6,953 ​ ​ 15,775 ​ ​ 3,422 ​ Provision for credit losses ​ ​ 741 ​ ​ 5,678 ​ ​ 1,528 ​ Transaction costs ​ ​ 819 ​ ​ 1,144 ​ ​ 828 ​ Property tax expense ​ ​ 12,930 ​ ​ 13,269 ​ ​ 15,486 ​ General and administrative expenses ​ ​ 27,243 ​ ​ 24,286 ​ ​ 23,706 ​ Total expenses ​ ​ 125,389 ​ ​ 144,582 ​ ​ 113,903 ​ Other operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale of real estate, net ​ ​ 7,979 ​ ​ 37,296 ​ ​ 37,830 ​ Operating income ​ ​ 92,437 ​ ​ 89,958 ​ ​ 99,080 ​ Income from unconsolidated joint ventures ​ ​ 2,442 ​ ​ 1,504 ​ ​ 1,504 ​ Net income ​ ​ 94,879 ​ ​ 91,462 ​ ​ 100,584 ​ Income allocated to non-controlling interests ​ ​ (3,839) ​ ​ (1,727) ​ ​ (560) ​ Net income attributable to LTC Properties, Inc. ​ $ 91,040 ​ $ 89,735 ​ $ 100,024 ​ ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events
Subsequent Events	18. Subsequent Events The following events occurred subsequent to the balance sheet date: Property Sales. We sold a Debt. We borrowed Additionally, we repaid $7,000,000 in scheduled principal paydowns on our senior unsecure notes. Accordingly, we have $433,442,000 outstanding under our senior unsecured notes, net of debt issue costs. Equity. We declared a monthly cash dividend of February March January 31 February March 31 January 23 February March

SCHEDULE II VALUATION AND QUALI

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2024
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	LTC PROPERTIES, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Recovered) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ charged to ​ Charged to ​ ​ ​ ​ ​ ​ ​ ​ beginning of ​ costs and ​ other ​ ​ ​ ​ Balance at end Account Description ​ period ​ expenses ​ accounts (1) ​ Deductions (2) ​ of period Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 3,473 ​ $ 457 ​ $ — ​ $ — ​ $ 3,930 ​ Financing receivables loss reserve ​ ​ — ​ ​ 768 ​ ​ — ​ ​ — ​ ​ 768 ​ Other notes receivable allowance ​ ​ 286 ​ ​ 303 ​ ​ — ​ ​ — ​ ​ 589 ​ ​ ​ $ 3,759 ​ $ 1,528 ​ $ — ​ $ — ​ $ 5,287 ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 3,930 ​ $ 884 ​ $ — ​ $ — ​ $ 4,814 ​ Financing receivables loss reserve ​ ​ 768 ​ ​ 1,212 ​ ​ — ​ ​ — ​ ​ 1,980 ​ Other notes receivable allowance ​ ​ 589 ​ ​ 3,582 ​ ​ 1 ​ ​ (3,561) ​ ​ 611 ​ ​ ​ $ 5,287 ​ $ 5,678 ​ $ 1 ​ $ (3,561) ​ $ 7,405 ​ Year ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan loss reserves ​ $ 4,814 ​ $ (1,663) ​ $ — ​ $ — ​ $ 3,151 ​ Financing receivables loss reserve ​ ​ 1,980 ​ ​ 1,635 ​ ​ — ​ ​ — ​ ​ 3,615 ​ Other notes receivable allowance ​ ​ 611 ​ ​ (134) ​ ​ — ​ ​ — ​ ​ 477 ​ ​ ​ $ 7,405 ​ $ (162) ​ $ — ​ $ — ​ $ 7,243 ​ (1) Represents miscellaneous adjustments. ​ (2) Deductions represent uncollectible accounts written off.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ ​ Encumbrances ​ Land ​ improvements ​ acquisition ​ Land ​ improvements ​ Total (1) ​ deprec. ​ renovation date ​ date Skilled Nursing Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ 218 Albuquerque, NM ​ $ — ​ $ 1,696 ​ $ 3,891 ​ $ 1,482 ​ $ 1,696 ​ $ 5,373 ​ $ 7,069 ​ $ 2,582 2023 2005 ​ 219 Albuquerque, NM ​ — ​ 1,950 ​ 8,910 ​ 923 ​ 1,950 ​ 9,833 ​ 11,783 ​ 5,008 1982 2005 ​ 220 Albuquerque, NM ​ — ​ 2,463 ​ 7,647 ​ 290 ​ 2,463 ​ 7,937 ​ 10,400 ​ 4,135 1970 2005 ​ 252 Amarillo, TX ​ — ​ 844 ​ — ​ 7,925 ​ 844 ​ 7,925 ​ 8,769 ​ 2,796 2013 2011 ​ 247 Arlington, TX ​ — ​ 1,016 ​ 13,649 ​ 341 ​ 1,016 ​ 13,990 ​ 15,006 ​ 5,744 2007 2011 ​ 325 Austin, TX ​ ​ — ​ ​ 896 ​ ​ 9,562 ​ ​ 174 ​ ​ 896 ​ ​ 9,736 ​ ​ 10,632 ​ ​ 765 ​ 2017 ​ 2022 ​ 319, Blue Springs, MO ​ ​ — ​ ​ 2,644 ​ ​ 13,942 ​ ​ 73 ​ ​ 2,644 ​ ​ 14,015 ​ ​ 16,659 ​ ​ 2,765 ​ 2020 ​ 2019 ​ 007 Bradenton, FL ​ — ​ 330 ​ 2,720 ​ 160 ​ 330 ​ 2,880 ​ 3,210 ​ 2,571 2012 1993 ​ 256 Brownwood, TX ​ — ​ 164 ​ 6,336 ​ 78 ​ 164 ​ 6,414 ​ 6,578 ​ 2,623 2011 2012 ​ 177 Chesapeake, VA ​ — ​ 388 ​ 3,469 ​ 2,777 ​ 388 ​ 6,246 ​ 6,634 ​ 4,450 2017 1995 ​ 257 Cincinnati, OH ​ — ​ 1,890 ​ 25,110 ​ 224 ​ 1,890 ​ 25,334 ​ 27,224 ​ 6,977 2009 2012 ​ 125 Clovis, NM ​ — ​ 561 ​ 5,539 ​ 415 ​ 561 ​ 5,954 ​ 6,515 ​ 3,445 2006 2001 ​ 129 Clovis, NM ​ — ​ 598 ​ 5,902 ​ 652 ​ 598 ​ 6,554 ​ 7,152 ​ 3,559 1995 2001 ​ 267 Cold Spring, KY ​ ​ — ​ ​ 2,050 ​ ​ 21,496 ​ ​ 196 ​ ​ 2,050 ​ ​ 21,692 ​ ​ 23,742 ​ ​ 6,753 ​ 2014 ​ 2012 ​ 253 Colton, CA ​ — ​ 2,474 ​ 15,158 ​ — ​ 2,474 ​ 15,158 ​ 17,632 ​ 5,636 1990 2011 ​ 246 Crowley, TX ​ — ​ 2,247 ​ 14,276 ​ 526 ​ 2,247 ​ 14,802 ​ 17,049 ​ 6,082 2007 2011 ​ 235 Daleville, VA ​ — ​ 279 ​ 8,382 ​ — ​ 279 ​ 8,382 ​ 8,661 ​ 3,560 2005 2010 ​ 258 Dayton, OH ​ — ​ 373 ​ 26,627 ​ — ​ 373 ​ 26,627 ​ 27,000 ​ 7,418 2010 2012 ​ 196 Dresden, TN ​ — ​ 31 ​ 1,529 ​ 1,073 ​ 31 ​ 2,602 ​ 2,633 ​ 1,538 2014 2000 ​ 298 Forth Worth, TX ​ ​ — ​ ​ 2,785 ​ ​ 7,546 ​ ​ 797 ​ ​ 2,785 ​ ​ 8,343 ​ ​ 11,128 ​ ​ 3,928 ​ 1998 ​ 2015 ​ 326 Forth Worth, TX ​ ​ — ​ ​ 922 ​ ​ 12,268 ​ ​ 221 ​ ​ 922 ​ ​ 12,489 ​ ​ 13,411 ​ ​ 1,009 ​ 2017 ​ 2022 ​ 026 Gardendale, AL ​ ​ — ​ ​ 100 ​ ​ 7,550 ​ ​ 2,769 ​ ​ 100 ​ ​ 10,319 ​ ​ 10,419 ​ ​ 7,765 ​ 2011 ​ 1996 ​ 248 Granbury, TX ​ — ​ 836 ​ 6,693 ​ 600 ​ 836 ​ 7,293 ​ 8,129 ​ 3,603 2008 2011 ​ 250 Hewitt, TX ​ — ​ 1,780 ​ 8,220 ​ 772 ​ 1,780 ​ 8,992 ​ 10,772 ​ 3,371 2008 2011 ​ 318 Kansas City, MO ​ ​ — ​ ​ 1,229 ​ ​ 18,369 ​ ​ 69 ​ ​ 1,229 ​ ​ 18,438 ​ ​ 19,667 ​ ​ 2,784 ​ 2018 ​ 2019 ​ 008 Lecanto, FL ​ — ​ 351 ​ 2,665 ​ 2,737 ​ 351 ​ 5,402 ​ 5,753 ​ 4,562 2012 1993 ​ 322 Longview, TX ​ ​ — ​ ​ 1,405 ​ ​ 12,176 ​ ​ — ​ ​ 1,405 ​ ​ 12,176 ​ ​ 13,581 ​ ​ 2,124 ​ 2014 ​ 2020 ​ 300 Mansfield, TX ​ ​ — ​ ​ 2,890 ​ ​ 13,110 ​ ​ — ​ ​ 2,890 ​ ​ 13,110 ​ ​ 16,000 ​ ​ 4,353 ​ 2015 ​ 2016 ​ 053 Mesa, AZ ​ — ​ 305 ​ 6,909 ​ 1,876 ​ 305 ​ 8,785 ​ 9,090 ​ 7,099 1996 1996 ​ 242 Mission, TX ​ — ​ 1,111 ​ 16,602 ​ 421 ​ 1,111 ​ 17,023 ​ 18,134 ​ 6,617 2004 2010 ​ 233 Nacogdoches, TX ​ — ​ 394 ​ 7,456 ​ 268 ​ 394 ​ 7,724 ​ 8,118 ​ 3,234 1991 2010 ​ 249 Nacogdoches, TX ​ — ​ 1,015 ​ 11,109 ​ 621 ​ 1,015 ​ 11,730 ​ 12,745 ​ 5,211 2007 2011 ​ 245 Newberry, SC ​ ​ — ​ ​ 439 ​ ​ 4,639 ​ ​ 1,047 ​ ​ 439 ​ ​ 5,686 ​ ​ 6,125 ​ ​ 2,634 ​ 1995 ​ 2011 ​ 244 Newberry, SC ​ ​ — ​ ​ 919 ​ ​ 5,454 ​ ​ 556 ​ ​ 919 ​ ​ 6,010 ​ ​ 6,929 ​ ​ 2,728 ​ 2001 ​ 2011 ​ 251 Pasadena, TX ​ — ​ 1,155 ​ 14,345 ​ 522 ​ 1,155 ​ 14,867 ​ 16,022 ​ 5,463 2005 2011 ​ 193 Phoenix, AZ ​ — ​ 300 ​ 9,703 ​ 92 ​ 300 ​ 9,795 ​ 10,095 ​ 7,112 1985 2000 ​ 094 Portland, OR ​ — ​ 100 ​ 1,925 ​ 3,152 ​ 100 ​ 5,077 ​ 5,177 ​ 4,362 2007 1997 ​ 254 Red Oak, TX ​ — ​ 1,427 ​ 17,173 ​ 540 ​ 1,427 ​ 17,713 ​ 19,140 ​ 6,599 2002 2012 ​ 197 Ripley, TN ​ — ​ 20 ​ 985 ​ 1,638 ​ 20 ​ 2,623 ​ 2,643 ​ 1,616 2014 2000 ​ 324 San Antonio, TX ​ ​ — ​ ​ 1,676 ​ ​ 15,470 ​ ​ 307 ​ ​ 1,676 ​ ​ 15,777 ​ ​ 17,453 ​ ​ 1,209 ​ 2018 ​ 2022 ​ 281 Slinger, WI ​ ​ — ​ ​ 464 ​ ​ 13,482 ​ ​ — ​ ​ 464 ​ ​ 13,482 ​ ​ 13,946 ​ ​ 4,803 ​ 2014 ​ 2015 ​ 234 St. Petersburg, FL ​ ​ — ​ 1,070 ​ ​ 7,930 ​ ​ 500 ​ ​ 1,070 ​ ​ 8,430 ​ ​ 9,500 ​ ​ 3,295 ​ 1988 ​ 2010 ​ 243 Stephenville, TX ​ ​ — ​ ​ 670 ​ ​ 10,117 ​ ​ 774 ​ ​ 670 ​ ​ 10,891 ​ ​ 11,561 ​ ​ 4,449 ​ 2009 ​ 2010 ​ 178 Tappahannock, VA ​ ​ — ​ ​ 375 ​ ​ 1,327 ​ ​ 397 ​ ​ 375 ​ ​ 1,724 ​ ​ 2,099 ​ ​ 1,610 ​ 1978 ​ 1995 ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ ​ ​ Encumbrances Land ​ improvements ​ acquisition ​ Land ​ improvements ​ Total (1) ​ deprec. renovation date date 270 Trinity, FL ​ $ — $ 1,653 ​ $ 12,748 ​ $ — ​ $ 1,653 ​ $ 12,748 ​ $ 14,401 ​ $ 4,487 ​ 2008 ​ 2013 ​ 192 Tucson, AZ ​ ​ — ​ 276 ​ ​ 8,924 ​ ​ 112 ​ ​ 276 ​ ​ 9,036 ​ ​ 9,312 ​ ​ 6,555 ​ 1992 ​ 2000 ​ 305 Union, KY ​ ​ — ​ ​ 858 ​ ​ 24,116 ​ ​ — ​ ​ 858 ​ ​ 24,116 ​ ​ 24,974 ​ ​ 4,781 ​ 2019 ​ 2016 ​ 299 Weatherford, TX ​ ​ — ​ ​ 836 ​ ​ 11,902 ​ ​ 610 ​ ​ 836 ​ ​ 12,512 ​ ​ 13,348 ​ ​ 5,005 ​ 1996 ​ 2015 ​ 323 Webster, TX ​ ​ — ​ ​ 2,310 ​ ​ 8,713 ​ ​ 206 ​ ​ 2,310 ​ ​ 8,919 ​ ​ 11,229 ​ ​ 762 ​ 2018 ​ 2022 ​ 236 Wytheville, VA ​ ​ — ​ ​ 647 ​ ​ 12,167 ​ ​ — ​ ​ 647 ​ ​ 12,167 ​ ​ 12,814 ​ ​ 5,859 ​ 1996 ​ 2010 ​ Skilled Nursing Properties ​ $ — $ 53,212 ​ $ 505,938 ​ $ 38,913 ​ $ 53,212 ​ $ 544,851 ​ $ 598,063 ​ $ 207,396 ​ ​ ​ ​ ​ Assisted Living Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 105 Arvada, CO ​ ​ — ​ 100 ​ ​ 2,810 ​ ​ 7,767 ​ ​ 100 ​ ​ 10,577 ​ ​ 10,677 ​ ​ 4,585 ​ 2014 ​ 1997 ​ 304 Athens, GA ​ ​ — ​ ​ 983 ​ ​ 13,326 ​ ​ 789 ​ ​ 983 ​ ​ 14,115 ​ ​ 15,098 ​ ​ 3,216 ​ 2016 ​ 2016 ​ 320 Auburn Hills, MI ​ ​ — ​ ​ 1,964 ​ ​ 4,577 ​ ​ 1,377 ​ ​ 1,964 ​ ​ 5,954 ​ ​ 7,918 ​ ​ 1,806 ​ 1995 ​ 2019 ​ 269 Aurora, CO ​ ​ — ​ 850 ​ ​ 8,583 ​ ​ 114 ​ ​ 850 ​ ​ 8,697 ​ ​ 9,547 ​ ​ 3,018 ​ 2014 ​ 2013 ​ 260 Aurora, CO ​ ​ — ​ 831 ​ ​ 10,071 ​ ​ 327 ​ ​ 831 ​ ​ 10,398 ​ ​ 11,229 ​ ​ 3,394 ​ 1999 ​ 2012 ​ 277 Burr Ridge, IL ​ ​ — ​ ​ 1,400 ​ ​ 11,102 ​ ​ 234 ​ ​ 1,400 ​ ​ 11,336 ​ ​ 12,736 ​ ​ 3,384 ​ 2016 ​ 2014 ​ 330 Centerville, OH ​ ​ — ​ ​ 2,678 ​ ​ 52,036 ​ ​ 68 ​ ​ 2,678 ​ ​ 52,104 ​ ​ 54,782 ​ ​ 3,452 ​ 2019 ​ 2023 ​ 263 Chatham, NJ ​ ​ — ​ 5,365 ​ ​ 36,399 ​ ​ 587 ​ ​ 5,365 ​ ​ 36,986 ​ ​ 42,351 ​ ​ 11,983 ​ 2002 ​ 2012 ​ 307 Clovis, CA ​ ​ — ​ ​ 2,542 ​ ​ 19,126 ​ ​ — ​ ​ 2,542 ​ ​ 19,126 ​ ​ 21,668 ​ ​ 4,121 ​ 2014 ​ 2017 ​ 308 Clovis, CA ​ ​ — ​ ​ 3,054 ​ ​ 14,172 ​ ​ — ​ ​ 3,054 ​ ​ 14,172 ​ ​ 17,226 ​ ​ 2,937 ​ 2016 ​ 2017 ​ 279 Corpus Christi, TX ​ ​ — ​ ​ 880 ​ ​ 5,421 ​ ​ 423 ​ ​ 880 ​ ​ 5,844 ​ ​ 6,724 ​ ​ 3,384 ​ 2016 ​ 2015 ​ 292 De Forest, WI ​ ​ — ​ ​ 485 ​ ​ 5,568 ​ ​ 109 ​ ​ 485 ​ ​ 5,677 ​ ​ 6,162 ​ ​ 1,467 ​ 2006 ​ 2015 ​ 057 Dodge City, KS ​ ​ — ​ 84 ​ ​ 1,666 ​ ​ 693 ​ ​ 84 ​ ​ 2,359 ​ ​ 2,443 ​ ​ 1,261 ​ 2024 ​ 1995 ​ 083 Durant, OK ​ ​ — ​ 100 ​ ​ 1,769 ​ ​ 162 ​ ​ 100 ​ ​ 1,931 ​ ​ 2,031 ​ ​ 1,289 ​ 1997 ​ 1997 ​ 107 Edmond, OK ​ ​ — ​ 100 ​ ​ 1,212 ​ ​ 703 ​ ​ 100 ​ ​ 1,915 ​ ​ 2,015 ​ ​ 1,345 ​ 1996 ​ 1997 ​ 163 Ft. Collins, CO ​ ​ — ​ 100 ​ ​ 2,961 ​ ​ 3,834 ​ ​ 100 ​ ​ 6,795 ​ ​ 6,895 ​ ​ 3,613 ​ 2014 ​ 1999 ​ 170 Ft. Collins, CO ​ ​ — ​ 100 ​ ​ 3,400 ​ ​ 5,462 ​ ​ 100 ​ ​ 8,862 ​ ​ 8,962 ​ ​ 4,307 ​ 2014 ​ 1999 ​ 315 Ft. Worth, TX ​ ​ — ​ ​ 1,534 ​ ​ 11,099 ​ ​ 120 ​ ​ 1,534 ​ ​ 11,219 ​ ​ 12,753 ​ ​ 2,073 ​ 2014 ​ 2018 ​ 100 Fremont ,OH ​ ​ — ​ 100 ​ ​ 1,655 ​ ​ 729 ​ ​ 100 ​ ​ 2,384 ​ ​ 2,484 ​ ​ 1,844 ​ 2024 ​ 1997 ​ 314 Frisco, TX ​ ​ — ​ ​ 2,216 ​ ​ 10,417 ​ ​ 256 ​ ​ 2,216 ​ ​ 10,673 ​ ​ 12,889 ​ ​ 1,992 ​ 2015 ​ 2018 ​ 296 Glenview, IL ​ ​ — ​ ​ 2,800 ​ ​ 14,248 ​ ​ 13 ​ ​ 2,800 ​ ​ 14,261 ​ ​ 17,061 ​ ​ 3,582 ​ 2017 ​ 2015 ​ 167 Goldsboro, NC ​ ​ — ​ 100 ​ ​ 2,385 ​ ​ 227 ​ ​ 100 ​ ​ 2,612 ​ ​ 2,712 ​ ​ 1,351 ​ 1998 ​ 1999 ​ 056 Great Bend, KS ​ ​ — ​ 399 ​ ​ 1,570 ​ ​ 309 ​ ​ 399 ​ ​ 1,879 ​ ​ 2,278 ​ ​ 1,345 ​ 1995 ​ 1995 ​ 102 Greeley, CO ​ ​ — ​ 100 ​ ​ 2,310 ​ ​ 987 ​ ​ 100 ​ ​ 3,297 ​ ​ 3,397 ​ ​ 1,894 ​ 2024 ​ 1997 ​ 284 Green Bay, WI ​ ​ — ​ ​ 1,660 ​ ​ 19,079 ​ ​ 571 ​ ​ 1,660 ​ ​ 19,650 ​ ​ 21,310 ​ ​ 5,543 ​ 2004 ​ 2015 ​ 286 Greenfield, WI ​ ​ — ​ ​ 818 ​ ​ 8,014 ​ ​ 474 ​ ​ 818 ​ ​ 8,488 ​ ​ 9,306 ​ ​ 2,214 ​ 2007 ​ 2015 ​ 164 Greenville, NC ​ ​ — ​ 100 ​ ​ 2,478 ​ ​ 329 ​ ​ 100 ​ ​ 2,807 ​ ​ 2,907 ​ ​ 1,590 ​ 1998 ​ 1999 ​ 310 Kansas City, MO ​ ​ — ​ ​ 1,072 ​ ​ 15,552 ​ ​ — ​ ​ 1,072 ​ ​ 15,552 ​ ​ 16,624 ​ ​ 2,892 ​ 2017 ​ 2017 ​ 285 Kenosha, WI ​ ​ — ​ ​ 936 ​ ​ 12,361 ​ ​ 501 ​ ​ 936 ​ ​ 12,862 ​ ​ 13,798 ​ ​ 3,337 ​ 2008 ​ 2015 ​ 255 Littleton, CO ​ ​ — ​ ​ 1,882 ​ ​ 8,248 ​ ​ 101 ​ ​ 1,882 ​ ​ 8,349 ​ ​ 10,231 ​ ​ 2,596 ​ 2013 ​ 2012 ​ 268 Littleton, CO ​ ​ — ​ ​ 1,200 ​ ​ 8,688 ​ ​ 106 ​ ​ 1,200 ​ ​ 8,794 ​ ​ 9,994 ​ ​ 3,133 ​ 2014 ​ 2013 ​ 148 Longmont, CO ​ ​ — ​ ​ 100 ​ ​ 2,640 ​ ​ 1,012 ​ ​ 100 ​ ​ 3,652 ​ ​ 3,752 ​ ​ 1,822 ​ 2024 ​ 1998 ​ 261 Louisville, CO ​ ​ — ​ ​ 911 ​ ​ 11,703 ​ ​ 390 ​ ​ 911 ​ ​ 12,093 ​ ​ 13,004 ​ ​ 3,909 ​ 2000 ​ 2012 ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ Encumbrances Land ​ improvements acquisition Land improvements Total (1) deprec. renovation date date 114 Loveland, CO ​ $ — ​ $ 100 ​ $ 2,865 ​ $ 616 ​ $ 100 ​ $ 3,481 ​ $ 3,581 ​ $ 2,173 ​ 1997 ​ 1997 ​ 293 McHenry, IL ​ ​ — ​ ​ 1,289 ​ ​ 28,976 ​ ​ 1,852 ​ ​ 1,289 ​ ​ 30,828 ​ ​ 32,117 ​ ​ 7,890 ​ 2005 ​ 2015 ​ 058 McPherson, KS ​ ​ — ​ ​ 79 ​ ​ 1,571 ​ ​ 773 ​ ​ 79 ​ ​ 2,344 ​ ​ 2,423 ​ ​ 1,371 ​ 2024 ​ 1995 ​ 313 Medford, OR ​ ​ ​ ​ ​ 636 ​ ​ 17,816 ​ ​ — ​ ​ 636 ​ ​ 17,816 ​ ​ 18,452 ​ ​ 3,094 ​ 2020 ​ 2018 ​ 316 Medford, OR ​ ​ — ​ ​ 750 ​ ​ 13,650 ​ ​ 250 ​ ​ 750 ​ ​ 13,900 ​ ​ 14,650 ​ ​ 2,762 ​ 2005 ​ 2018 ​ 280 Murrells Inlet, SC ​ ​ — ​ ​ 2,490 ​ ​ 14,185 ​ ​ 494 ​ ​ 2,490 ​ ​ 14,679 ​ ​ 17,169 ​ ​ 4,196 ​ 2016 ​ 2015 ​ 294 Murrieta, CA ​ ​ — ​ ​ 2,022 ​ ​ 11,136 ​ ​ 33 ​ ​ 2,022 ​ ​ 11,169 ​ ​ 13,191 ​ ​ 3,228 ​ 2016 ​ 2015 ​ 289 Neenah, WI ​ ​ — ​ ​ 694 ​ ​ 20,839 ​ ​ 852 ​ ​ 694 ​ ​ 21,691 ​ ​ 22,385 ​ ​ 5,426 ​ 1991 ​ 2015 ​ 166 New Bern, NC ​ ​ — ​ ​ 100 ​ ​ 2,427 ​ ​ 260 ​ ​ 100 ​ ​ 2,687 ​ ​ 2,787 ​ 1,384 1998 ​ 1999 ​ 118 Newark, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 865 ​ ​ 100 ​ ​ 3,300 ​ ​ 3,400 ​ 1,924 2024 ​ 1997 ​ 306 Oak Lawn, IL ​ ​ — ​ ​ 1,591 ​ ​ 13,772 ​ ​ 64 ​ ​ 1,591 ​ ​ 13,836 ​ ​ 15,427 ​ ​ 3,137 ​ 2018 ​ 2016 ​ 302 Overland Park, KS ​ ​ — ​ ​ 1,951 ​ ​ 11,882 ​ ​ 390 ​ ​ 1,951 ​ ​ 12,272 ​ ​ 14,223 ​ ​ 3,238 ​ 2013 ​ 2016 ​ 165 Rocky Mount, NC ​ ​ — ​ ​ 100 ​ ​ 2,494 ​ ​ 515 ​ ​ 100 ​ ​ 3,009 ​ ​ 3,109 ​ 1,559 1998 ​ 1999 ​ 059 Salina, KS ​ ​ — ​ ​ 79 ​ ​ 1,571 ​ ​ 570 ​ ​ 79 ​ ​ 2,141 ​ ​ 2,220 ​ 1,430 2024 ​ 1995 ​ 084 San Antonio, TX ​ ​ — ​ ​ 100 ​ ​ 1,900 ​ ​ 370 ​ ​ 100 ​ ​ 2,270 ​ ​ 2,370 ​ 1,357 1997 ​ 1997 ​ 092 San Antonio, TX ​ ​ — ​ ​ 100 ​ ​ 2,055 ​ ​ 614 ​ ​ 100 ​ ​ 2,669 ​ ​ 2,769 ​ 1,670 1997 ​ 1997 ​ 288 Sheboygan, WI ​ ​ — ​ ​ 1,168 ​ ​ 5,382 ​ ​ 388 ​ ​ 1,168 ​ ​ 5,770 ​ ​ 6,938 ​ ​ 1,719 ​ 2006 ​ 2015 ​ 149 Shelby, NC ​ ​ — ​ ​ 100 ​ ​ 2,805 ​ ​ 559 ​ ​ 100 ​ ​ 3,364 ​ ​ 3,464 ​ 2,009 1998 ​ 1998 ​ 312 Spartanburg, SC ​ ​ — ​ ​ 254 ​ ​ 9,906 ​ ​ 1,520 ​ ​ 254 ​ ​ 11,426 ​ ​ 11,680 ​ ​ 3,760 ​ 1999 ​ 2017 ​ 103 Springfield, OH ​ ​ — ​ ​ 100 ​ ​ 2,035 ​ ​ 670 ​ ​ 100 ​ ​ 2,705 ​ ​ 2,805 ​ 1,640 1997 ​ 1997 ​ 321 Sterling Heights, MI ​ ​ — ​ ​ 1,133 ​ ​ 11,487 ​ ​ 1,190 ​ ​ 1,133 ​ ​ 12,677 ​ ​ 13,810 ​ ​ 2,776 ​ 1997 ​ 2019 ​ 098 Tiffin, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 842 ​ ​ 100 ​ ​ 3,277 ​ ​ 3,377 ​ 1,881 2024 ​ 1997 ​ 282 Tinley Park, IL ​ ​ — ​ ​ 702 ​ ​ 11,481 ​ ​ 139 ​ ​ 702 ​ ​ 11,620 ​ ​ 12,322 ​ ​ 3,228 ​ 2016 ​ 2015 ​ 088 Troy, OH ​ ​ — ​ ​ 100 ​ ​ 2,435 ​ ​ 1,436 ​ ​ 100 ​ ​ 3,871 ​ ​ 3,971 ​ 2,229 1997 ​ 1997 ​ 080 Tulsa, OK ​ ​ — ​ ​ 200 ​ ​ 1,650 ​ ​ 156 ​ ​ 200 ​ ​ 1,806 ​ ​ 2,006 ​ 1,227 1997 ​ 1997 ​ 093 Tulsa, OK ​ ​ — ​ ​ 100 ​ ​ 2,395 ​ ​ 47 ​ ​ 100 ​ ​ 2,442 ​ ​ 2,542 ​ 1,681 1997 ​ 1997 ​ 075 Tyler, TX ​ ​ — ​ ​ 100 ​ ​ 1,800 ​ ​ 660 ​ ​ 100 ​ ​ 2,460 ​ ​ 2,560 ​ 1,386 2023 ​ 1996 ​ 091 Waco, TX ​ ​ — ​ ​ 100 ​ ​ 2,235 ​ ​ 1,272 ​ ​ 100 ​ ​ 3,507 ​ ​ 3,607 ​ 1,878 2024 ​ 1997 ​ 108 Watauga, TX ​ ​ — ​ ​ 100 ​ ​ 1,668 ​ ​ 337 ​ ​ 100 ​ ​ 2,005 ​ ​ 2,105 ​ 1,186 1996 ​ 1997 ​ 109 Weatherford, OK ​ ​ — ​ ​ 100 ​ ​ 1,669 ​ ​ 703 ​ ​ 100 ​ ​ 2,372 ​ ​ 2,472 ​ 1,589 1996 ​ 1997 ​ 309 West Chester, OH ​ ​ — ​ ​ 2,355 ​ ​ 13,553 ​ ​ 253 ​ ​ 2,355 ​ ​ 13,806 ​ ​ 16,161 ​ ​ 3,112 ​ 2017 ​ 2017 ​ 276 Westminster, CO ​ ​ — ​ ​ 1,425 ​ ​ 9,575 ​ ​ 111 ​ ​ 1,425 ​ ​ 9,686 ​ ​ 11,111 ​ ​ 3,200 ​ 2015 ​ 2013 ​ 110 Wheelersburg, OH ​ ​ — ​ ​ 29 ​ ​ 2,435 ​ ​ 685 ​ ​ 29 ​ ​ 3,120 ​ ​ 3,149 ​ 1,916 2024 ​ 1997 ​ 303 Wichita, KS ​ ​ — ​ ​ 1,422 ​ ​ 9,957 ​ ​ 332 ​ ​ 1,422 ​ ​ 10,289 ​ ​ 11,711 ​ ​ 2,808 ​ 2011 ​ 2016 ​ 259 Wichita, KS ​ ​ — ​ ​ 730 ​ ​ — ​ ​ 9,682 ​ ​ 730 ​ ​ 9,682 ​ ​ 10,412 ​ 3,339 2013 ​ 2012 ​ 283 Wichita, KS ​ ​ — ​ ​ 624 ​ ​ 13,946 ​ ​ — ​ ​ 624 ​ ​ 13,946 ​ ​ 14,570 ​ ​ 3,017 ​ 2016 ​ 2015 ​ 076 Wichita Falls, TX ​ ​ — ​ ​ 100 ​ ​ 1,850 ​ ​ 342 ​ ​ 100 ​ ​ 2,192 ​ ​ 2,292 ​ 1,375 1996 ​ 1996 ​ 264 Williamstown, NJ ​ ​ — ​ ​ 711 ​ ​ 6,637 ​ ​ — ​ ​ 711 ​ ​ 6,637 ​ ​ 7,348 ​ 2,302 2000 ​ 2012 ​ 265 Williamstown, NJ ​ ​ — ​ ​ 711 ​ ​ 8,649 ​ ​ — ​ ​ 711 ​ ​ 8,649 ​ ​ 9,360 ​ 2,839 2000 ​ 2012 ​ Assisted Living Properties ​ $ — ​ $ 62,189 ​ $ 602,205 ​ $ 58,616 ​ $ 62,189 ​ $ 660,821 ​ $ 723,010 ​ $ 197,615 ​ ​ ​ ​ ​ ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ capitalized ​ Gross amount at which carried at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial cost to company ​ subsequent ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ to ​ ​ ​ ​ Building and ​ ​ ​ ​ Accum ​ Construction/ ​ Acquisition ​ Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Properties: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 297 Las Vegas, NV ​ ​ — ​ ​ 1,965 ​ ​ 7,308 ​ ​ 1,789 ​ ​ 1,965 ​ ​ 9,097 ​ ​ 11,062 ​ ​ 2,219 ​ 1990/1994 ​ 2015 ​ Properties ​ ​ — ​ ​ 1,965 ​ 7,308 ​ ​ 1,789 ​ ​ 1,965 ​ 9,097 ​ 11,062 ​ ​ 2,219 ​ ​ ​ ​ ​ Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 271 Howell, MI ​ ​ — ​ ​ 420 ​ — ​ ​ — ​ ​ 420 ​ — ​ 420 ​ ​ — ​ N/A ​ 2013 ​ 272 Milford, MI ​ ​ — ​ ​ 450 ​ — ​ ​ — ​ ​ 450 ​ — ​ 450 ​ ​ — ​ N/A ​ 2014 ​ 275 Yale, MI ​ ​ — ​ ​ 73 ​ — ​ ​ — ​ ​ 73 ​ — ​ 73 ​ ​ — ​ N/A ​ 2013 ​ Land ​ ​ — ​ ​ 943 ​ — ​ ​ — ​ ​ 943 ​ — ​ 943 ​ ​ — ​ ​ ​ ​ ​ Other Properties ​ ​ — ​ ​ 2,908 ​ 7,308 ​ ​ 1,789 ​ ​ 2,908 ​ 9,097 ​ 12,005 ​ ​ 2,219 ​ ​ ​ ​ ​ ​ ​ $ — ​ $ 118,309 ​ $ 1,115,451 ​ $ 99,318 ​ $ 118,309 ​ $ 1,214,769 ​ $ 1,333,078 (2) $ 407,230 ​ ​ ​ ​ ​ (1) Depreciation is computed principally by the straight-line method for financial reporting purposes which generally range of a life from 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles . ​ (2) As of December 31, 2024, our aggregate cost for Federal income tax purposes was $ 1,339,819 (unaudited). ​ ​ LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2024, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Reconciliation of real estate: ​ ​ ​ ​ Carrying cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 1,379,332 ​ $ 1,410,705 ​ $ 1,408,557 ​ Acquisitions ​ 319 ​ 54,714 ​ 51,817 ​ Improvements ​ 13,675 ​ 9,686 ​ 9,099 ​ Capitalized interest ​ — ​ — ​ — ​ Cost of real estate sold ​ (53,295) ​ (79,998) ​ (55,346) ​ Impairment loss from real estate investments ​ (6,953) ​ (15,775) ​ (3,422) ​ Ending balance ​ $ 1,333,078 ​ $ 1,379,332 ​ $ 1,410,705 ​ Accumulated depreciation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 391,367 ​ $ 391,487 ​ $ 374,606 ​ Depreciation expense ​ 36,223 ​ 37,303 ​ 37,394 ​ Cost of real estate sold ​ (20,360) ​ (37,423) ​ (20,513) ​ Ending balance ​ $ 407,230 ​ $ 391,367 ​ $ 391,487 ​ ​

SCHEDULE IV MORTGAGE LOANS ON R

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2024
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE	LTC PROPERTIES, INC. SCHEDULE IV MORTGAGE LOANS RECEIVABLE ON REAL ESTATE (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ Amount of ​ Subject to ​ ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ Monthly ​ Face ​ Mortgages ​ Delinquent ​ ​ Number of ​ ​ ​ Final ​ Balloon ​ Debt ​ Amount of ​ December 31, ​ Principal or State ​ Properties ​ Units/Beds (1) ​ Interest Rate (2) ​ Maturity Date ​ Amount (3) ​ Service ​ Mortgages ​ 2024 ​ Interest FL ​ 1 ​ 112 ​ 7.80% ​ 2025 ​ $ 16,706 ​ $ 109 ​ $ 16,706 ​ $ 16,539 ​ $ — ​ FL ​ 2 ​ 92 ​ 8.80% ​ 2025 ​ ​ 4,000 ​ ​ 30 ​ ​ 4,000 ​ ​ 3,960 ​ ​ — ​ IL ​ 1 ​ 150 ​ 8.80% ​ 2028 ​ ​ 16,500 ​ ​ 122 ​ ​ 16,500 ​ ​ 16,335 ​ ​ — ​ MI ​ 1 ​ 85 ​ 8.80% ​ 2026 ​ ​ 12,753 ​ ​ 118 ​ ​ 12,753 ​ ​ 12,625 ​ ​ — ​ MI ​ 14 ​ 1,749 ​ 11.10% ​ 2043 ​ ​ 170,733 ​ ​ 1,664 ​ ​ 190,214 ​ ​ 178,899 ​ ​ — ​ MI 4 480 ​ 10.00% ​ 2045 ​ 36,650 ​ 332 ​ 40,480 ​ 39,402 ​ — ​ MI ​ 2 ​ 201 ​ 10.30% ​ 2045 ​ ​ 19,700 ​ ​ 169 ​ ​ 19,750 ​ ​ 19,503 ​ ​ — ​ MI 1 146 ​ 10.50% ​ 2045 ​ 14,325 ​ 130 ​ 15,000 ​ 14,677 ​ — ​ NC ​ 1 ​ 45 ​ 7.30% ​ 2025 ​ ​ 10,750 ​ ​ 66 ​ ​ 10,750 ​ ​ 10,643 ​ ​ — ​ ​ 27 (4) 3,060 ​ ​ ​ ​ ​ $ 302,117 ​ $ 2,740 ​ $ 326,153 ​ $ 312,583 ​ $ — ​ (1) This number is based upon unit/bed counts shown on operating licenses provided to us by lessee/borrowers or units/beds as stipulated by lease/mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral. ​ (2) Represents current stated interest rate. Generally, the loans have principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan. ​ (3) Balloon payment is due upon maturity. ​ (4) Includes 9 first-lien mortgage loans presented on the table below and excludes a commitment to fund a $26,120 mortgage loan for the construction of a 116 -unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12,300 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5% . ​ ​ ​ ​ ​ ​ Number of Loans Original loan amounts 0 ​ ​ $ 500 - $2,000 ​ 0 ​ ​ $2,001 - $3,000 ​ 1 ​ ​ $3,001 - $4,000 ​ 0 ​ ​ $4,001 - $5,000 ​ 0 ​ ​ $5,001 - $6,000 ​ 0 ​ ​ $6,001 - $7,000 ​ 8 ​ ​ $7,001 + ​ ​ Mortgage loans receivable activity for the years ended December 31, 2024, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Balance— December 31, 2021 $ 344,442 New mortgage loans ​ 31,965 Other additions ​ 8,767 Application of interest reserve ​ ​ 6,192 Amortization of mortgage premium ​ (6) Collections of principal ​ (1,175) Foreclosures ​ — Loan loss reserve ​ (457) Other deductions ​ — Balance— December 31, 2022 ​ 389,728 New mortgage loans ​ 92,111 Other additions ​ 4,947 Application of interest reserve ​ ​ 1,722 Amortization of mortgage premium ​ (7) Collections of principal ​ (10,351) Foreclosures ​ — Loan loss reserve ​ (884) Other deductions ​ — Balance— December 31, 2023 ​ 477,266 New mortgage loans ​ 12,753 Other additions ​ 9,080 Application of interest reserve ​ ​ 169 Amortization of mortgage premium ​ (8) Collections of principal ​ (188,340) Foreclosures ​ — Loan loss reserve ​ 1,663 Other deductions ​ — Balance— December 31, 2024 ​ $ 312,583 ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 91,040	$ 89,735	$ 100,024

Insider Trading Arrangements

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

Insider Trading Policies and Pr

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

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity is an integral part of risk management at our company. We have engaged a third-party cybersecurity firm along with our information technology director to monitor the cybersecurity risk facing our company and provide quarterly update to the Board of Directors (the “Board”). Cybersecurity is overseen by the Board and the Audit Committee of the Board (the “Audit Committee”). Pursuant to its charter, the Audit Committee has the responsibility and duty to review and discuss with management on a regular basis our company’s programs, policies and procedures related to information security and data protection, including data privacy and network security, as they relate to financial reporting. The Board and the Audit Committee receive reports on cybersecurity from management at least quarterly and more often as needed. These reports on cybersecurity typically encompasses the nature and threats, defense and detection capabilities, and training activities at our company. We routinely provide education, such as simulated phishing campaigns, to our employees to mitigate material risks from cybersecurity threats. This education includes cybersecurity training for new employees and training modules sent monthly to all employees. We also use various authentication technologies and third-party monitoring to mitigate material risks from cybersecurity threats. We annually retain a third-party vendor to test our information systems security and we annually review information systems security protocols of our vendors that interact with our financial data. We maintain insurance coverage that may, subject to policy terms and conditions, including deductibles, cover particular aspects of cybersecurity risk, such as data breaches, ransomware, social engineering and computer system fraud. However, it is possible such coverage may not fully insure all future costs or losses associated with all types of cybersecurity incidents such as ransomware. We are not aware of any material losses to our business or results of operations in the past three years due to information technology systems failures, data breaches, or other cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity is an integral part of risk management at our company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity is overseen by the Board and the Audit Committee of the Board (the “Audit Committee”). Pursuant to its charter, the Audit Committee has the responsibility and duty to review and discuss with management on a regular basis our company’s programs, policies and procedures related to information security and data protection, including data privacy and network security, as they relate to financial reporting. The Board and the Audit Committee receive reports on cybersecurity from management at least quarterly and more often as needed. These reports on cybersecurity typically encompasses the nature and threats, defense and detection capabilities, and training activities at our company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	the Audit Committee has the responsibility and duty to review and discuss with management on a regular basis our company’s programs, policies and procedures related to information security and data protection, including data privacy and network security, as they relate to financial reporting.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board and the Audit Committee receive reports on cybersecurity from management at least quarterly and more often as needed. These reports on cybersecurity typically encompasses the nature and threats, defense and detection capabilities, and training activities at our company.
Cybersecurity Risk Role of Management [Text Block]	We routinely provide education, such as simulated phishing campaigns, to our employees to mitigate material risks from cybersecurity threats. This education includes cybersecurity training for new employees and training modules sent monthly to all employees.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	information technology director
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have engaged a third-party cybersecurity firm along with our information technology director to monitor the cybersecurity risk facing our company and provide quarterly update to the Board of Directors (the “Board”).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly-owned subsidiaries, and our consolidated companies. All intercompany investments, accounts and transactions have been eliminated. Any reference to the number of properties or facilities, number of units, number of beds, number of operators, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board.
Consolidation	Consolidation. If an entity is determined to be a VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity does not meet the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we, directly or indirectly, have greater than 50% of the voting shares. The Financial Accounting Standards Board (the “FASB”) requires the classification of non-controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non-controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest.
Use of Estimates	Use of Estimates. Preparation of the consolidated financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Our most significant assumptions and estimates are related to the valuation of real estate, purchase price allocation of acquired assets, revenue recognition including the collectability of tenant receivables and asset impairment.
Cash Equivalents	Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market.
Owned Properties	Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third-party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in-place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of an asset acquisition or a business combination. Transaction costs related to acquisitions that are not deemed to be business combinations are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be business combinations are expensed as incurred. We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed principally by the straight-line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for site improvements, 10 to 50 years for building improvements and the respective lease term for acquired lease intangibles.
Financing Receivables	Financing Receivables. As part of our acquisitions, we may from time to time, invest in sale and leaseback transactions. In accordance with Accounting Standards Codification (“ASC”) Topic 842, Leases Financing receivable Consolidated Balance Sheets Interest income from financing receivables Consolidated Statements of Income Financing receivables Real property investments Consolidated Balance Sheets
Mortgage Loans Receivable, Net of Loan Loss Reserve	Mortgage Loans Receivable, Net of Loan Loss Reserve. Mortgage loans receivable we originate are recorded on an amortized cost basis.
Intangible Assets	Intangible Assets. As previously discussed, we make estimates as part of our allocation of the purchase price of an acquisition to various components of the acquisition based on the fair market value of each component. Occasionally, we may allocate a portion of the purchase price as in-place leases or other intangibles. In the case of the value of in-place leases, we make the best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during the hypothetical expected lease-up periods, market conditions and costs to execute similar leases.
Working capital loans	Working Capital Loans.
Mezzanine Loans	Mezzanine Loans. four
Investments in unconsolidated joint ventures	Investments in unconsolidated joint ventures. We evaluate our ADC arrangements first pursuant to ASC Topic 810 Consolidation We periodically perform evaluation of our investment in unconsolidated JVs to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, we write the investment down to its estimated fair value as of the measurement date.
Loan Loss Reserve	Loan Loss Reserve. ASC Topic 326 Financial Instruments- Credit Losses We determined our Mortgage loans receivable, Financing receivables Notes receivable . Credit loss reserve
Accrued incentives	Accrued incentives. calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is provided to the lessee, the payment is recorded as a lease incentive included in the Prepaid expenses and other assets Consolidated Balance Sheets
Impairments	Impairments. Assets that are classified as held-for-use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Where indicators of impairment exist, the estimation required in the undiscounted future cash flow assumption includes management’s probability-weighting of various scenarios including whether management modifies the lease with the existing operator versus identifying a replacement operator and the assumed market lease rate underlying projected future rental cash flows. In determining fair value, we use current appraisals or other third-party opinions of value and other estimates of fair value such as estimated discounted future cash flows. Based on our assessment, during the years ended December 31, 2024, 2023 and 2022, we recognized impairment losses of
Properties held-for-sale	Properties held-for-sale. Properties classified as held-for-sale on the Consolidated Balance Sheets
Fair Value of Financial Instruments	Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. The FASB requires disclosures about the fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 16. Fair Value Measurements
Derivatives Instruments	Derivative Instruments. Note 10. Debt Obligations Accumulated other comprehensive income (loss) Consolidated Balance Sheets
Revenue Recognition	Revenue Recognition- Rental Income. Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in (i) a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0% ; (ii) a calculation based on the Consumer Price Index or the Medicare Market Basket Rate; (iii) as a percentage of facility revenues in excess of base amounts or (iv) specific dollar increases. The FASB does not permit recognition of contingent revenue until the contingencies have been resolved. Historically, we have not included contingent rents as income until received and we will continue our historical policy. During the years ended December 31, 2024, 2023 and 2022, we received $0, $56,000 and $57,000, respectively, of contingent rental income. In accordance with ASC 842, Leases Rental income Property tax expense Consolidated Statements of Income Furthermore, we assess the collectability of substantially all of our lease payments through maturity. Our assessment of collectability of leases includes evaluating the data and assumptions used in determining whether substantially all of the future lease payments were probable based on the lessee’s payment history, the financial strength of the lessees, future contractual rents, and the timing of expected payments. If collectability is not probable, all or a portion of our straight-line rent receivable and other lease receivables may be written off and the rental income during the period would be limited to the lesser of the income that would have been recognized if collection were probable, and the lease payments received. If our conclusion of collectibility changes, we will record the difference between the lease income that would have been recognized on a straight-line basis and cash basis as a current-period adjustment to rental income. Revenue Recognition- Interest Income. Interest income on mortgage loans receivable and notes receivable is recognized using the effective interest method. Exit fee income and commitment fee income are also amortized over the life of the related loan under the effective interest method. Effective interest method, as required by GAAP, is a technique for calculating the actual interest rate for the term of a mortgage loan based on the initial origination value. When the actual interest rate is higher than the stated interest rate in the early years of the mortgage loan, an effective interest receivable asset is created and included in the Interest receivable Consolidated Balance Sheets As previously discussed under Financing Receivables Interest income from financing receivables Consolidated Statements of Income. Financing receivables Real estate investments
Gains on sale of Real Estate, Net	Gains on sale of Real Estate, Net. a) meet certain revenue recognition criteria in accordance with ASC 610-20 , Gains and Losses from the Derecognition of Nonfinancial Assets; and b) transfer control of the real estate to the buyer. The gain or loss recorded is measured as the difference between the sales price, less costs to sell, and the carrying value of the real estate when we sell it.
Federal Income Taxes	Federal Income Taxes . LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, For Federal tax purposes, depreciation for a majority of our assets is generally calculated using the straight-line method over a period 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight-line method over 30 years. The determination of Federal taxable income differ from net income for financial statement purposes principally due to the treatment of certain investments in joint ventures, timing of interest income, rental income, other expense items, recognition of impairment charges, and depreciable lives and bases of assets. At December 31, 2024, the net tax basis of our depreciable assets exceeded net book basis by $252,593,000 (unaudited) due to the differences previously mentioned. The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two-step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more-likely than not basis. We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our Consolidated Statements of Income General and administrative expenses
Concentrations of Credit Risks	Concentrations of Credit Risk. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, operating leases on owned properties, financing receivables and mortgage loans receivable. Our financial instruments, operating leases, financing receivables and mortgage loans receivable are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators
Net Income Per Share	Net Income Per Share. Basic earnings per share is calculated using the weighted-average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. In accordance with the accounting guidance regarding the determination of whether instruments granted in share-based payments transactions are participating securities, we have applied the two-class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities.
Stock-Based Compensation	Stock-Based Compensation. The FASB requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black-Scholes-Merton formula to estimate the value of stock options granted to employees. Also, we use the Monte Carlo model to estimate the value of performance-based stock units awarded to employees. These models require management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on the Consolidated Statements of Cash Flows
Segment Disclosures	Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in seniors housing and health care properties, including property lease transactions, financing receivables, mortgage loans, and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision-making purposes. Therefore, we have concluded that we operate as a single segment . In November 2023, The FASB issued ASU No. 2023-07, Segment Reporting-Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 amends ASC Topic 280 , Segment Reporting (“ASC 280”) to improve and enhance the information that a public entity discloses about its reportable segments quarterly and to report annually entity-wide disclosure about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. ASU 2023-07 requires public companies to disclose more detailed information about their reportable segments, particularly regarding significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). ASU 2023-07 clarifies that the significant expenses are identified as expenses that are easily computable and regularly provided to the CODM. Additionally, public companies are required to disclose the title and position of the individual or group or committee identified as the CODM. Additionally, ASU 2023-07 clarifies that entities with a single reportable segment are subject to both existing and new segment reporting requirements under ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively to all periods presented in financial statements. On October 1, 2024, we adopted ASU 2023-07. The Company uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by its CODM for making operating decisions, allocating resources and assessing performance as the source for determining our reportable segments. In making this determination, the Company: i. determines its CODM; ii. identifies and analyzes potential business components; iii. identifies its operating segments; and iv. determines whether there are multiple operating segments requiring presentation as reportable segment. During the years ended December 31, 2024, 2023 and 2022, the CODM has been collectively identified as our Chairman and Co-Presidents, who share the responsibility for allocating resources and assessing segment performance.

Major Operators (Tables)

Major Operators (Tables)	12 Months Ended
	Dec. 31, 2024
Major Operators
Schedule of concentration of risk by major operators	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ SNF ​ ALF ​ Total ​ ​ Total ​ ​ Operator ​ SNF ​ ALF ​ Beds ​ Units ​ Revenues (1) ​ ​ Assets (2) ​ ​ Prestige Healthcare (3) ​ 23 ​ — ​ 2,694 ​ 93 ​ 15.6 % ​ 14.6 % ​ ALG Senior Living (4) ​ — ​ 29 ​ — ​ 1,308 ​ 10.1 % ​ 16.4 % ​ Total ​ 23 ​ 29 ​ 2,694 ​ 1,401 ​ 25.7 % ​ 31.0 % ​ (1) Includes total revenues for the twelve months ended December 31, 2024. ​ (2) Represents the net carrying value of the mortgage loans and properties we own divided by the Total assets on the Consolidated Balance Sheets . ​ (3) The majority of the revenue derived from this operator relates to interest income from mortgage loans. ​ (4) The majority of the revenue derived from this operator relates to interest income from financing receivables.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information
Supplemental Cash Flow Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 ​ ​ (in thousands) Non-cash investing and financing transactions: ​ ​ ​ ​ ​ ​ ​ Contribution of financing receivables from non-controlling interests ​ $ 61,025 ​ $ 12,965 ​ $ 14,325 ​ Investment in financing receivables ​ ​ (163,460) ​ ​ — ​ ​ — ​ Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables ​ ​ 102,435 ​ ​ — ​ ​ — ​ Seller financing related to property sales ​ ​ — ​ ​ 13,750 ​ ​ — ​ Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan ​ ​ — ​ ​ (8,841) ​ ​ — ​ Reserves withheld at financing and mortgage loan receivable origination ​ ​ — ​ ​ (3,641) ​ ​ 107 ​ Write-off of notes receivable ​ ​ (290) ​ ​ (3,561) ​ ​ — ​ Accretion of interest reserve recorded as mortgage loan receivable ​ ​ 233 ​ ​ 1,939 ​ ​ 6,192 ​ Preferred return reserve related to investment in unconsolidated joint ventures ​ ​ — ​ ​ — ​ ​ 351 ​ Change in fair value of interest rate swap agreements ​ ​ (2,295) ​ ​ (2,609) ​ ​ 8,891 ​ Transfer of joint venture partner's non-controlling interest to LTC ​ ​ 1,240 ​ ​ — ​ ​ — ​ Distributions paid to non-controlling interests ​ ​ 3,820 ​ ​ 1,644 ​ ​ — ​ Distributions paid to non-controlling interests related to property sale ​ ​ 2,305 ​ ​ — ​ — ​ ​

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate Investments
Schedule of future minimum base rents receivable	Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent, amortization of lease incentives and renewal options are as follows ( in thousands ​ ​ ​ ​ ​ ​ Cash ​ ​ Rent (1) 2025 ​ $ 116,247 ​ 2026 ​ 100,188 ​ 2027 ​ 94,235 ​ 2028 ​ 83,178 ​ 2029 ​ 69,620 ​ Thereafter ​ 108,855 ​ (1) Represents contractual cash rent, except for certain master leases which are based on estimated cash. Includes rent from subsequent extension of a master lease covering two SNFs in Tennessee that was schedule to mature in December 2025 for an additional year.
Summary of components of our rental income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Rental Income ​ ​ 2024 ​ ​ 2023 ​ ​ 2022 ​ Contractual cash rental income ​ $ 118,198 (1) $ 116,702 (2) $ 115,230 ​ Variable cash rental income ​ ​ 12,951 (3) ​ 13,525 (3) ​ 15,516 (3) Straight-line rent ​ ​ 2,268 (4) ​ (2,078) (5) ​ (1,369) ​ Adjustment of lease incentives and rental income ​ ​ (321) (6) ​ (26) (6) ​ (256) (6) Amortization of lease incentives ​ ​ (818) ​ ​ (773) ​ ​ (877) ​ Total ​ $ 132,278 ​ $ 127,350 ​ $ 128,244 ​ (1) Increased primarily due to $2,377 repayment of rent credit in connection with the sale of our interest in a consolidated JV, rental income from 2023 acquisitions, annual rent escalations, partially offset by portfolio transitions and property sales. ​ (2) Increased primarily due to rental income from acquisitions, annual rent escalations, repayment of deferred rent, and fair market rent resets, partially offset by property sales. ​ (3) The variable cash rental income for the years ended December 31, 2024, 2023 and 2022 primarily includes reimbursement of real estate taxes by our lessees. ​ (4) Increased primarily due to a one-time additional straight-line rental income related to restoring accrual basis accounting for two master leases. ​ (5) Decreased primarily due to deferred rent repayment and normal amortization. ​ (6) Represents straight-line rent receivable and lease incentives write-offs.
Summary of information about purchase options included in our lease agreements	Some of our lease agreements provide purchase options allowing the lessees to purchase the properties they currently lease from us. The following table summarizes information about purchase options included in our lease agreements as of December 31, 2024 (dollar amount in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ ​ Gross ​ ​ Net Book ​ Option ​ State ​ Property ​ Properties ​ ​ Investments (1) ​ ​ Value ​ Window ​ Colorado/Kansas/Ohio/Texas ​ ALF/MC ​ 17 ​ $ 65,134 ​ $ 30,842 ​ 2029 (2) Florida ​ SNF ​ 3 ​ ​ 76,603 ​ ​ 76,603 ​ 2025-2027 ​ Georgia/South Carolina ​ ALF/MC ​ 2 ​ ​ 32,266 ​ ​ 24,855 ​ 2027 ​ North Carolina ​ ALF/MC ​ 11 ​ ​ 121,419 ​ ​ 121,419 ​ 2025-2029 (3) North Carolina ​ ALF ​ 5 ​ ​ 14,980 ​ ​ 7,086 ​ 2029 (4) North Carolina ​ ALF ​ 4 ​ ​ 41,000 ​ ​ 41,000 ​ 2024-2028 (5) North Carolina/ South Carolina ​ ILF/ALF/MC ​ 13 ​ ​ 122,460 ​ ​ 122,460 ​ 2024-2028 (6) Ohio ​ MC ​ 1 ​ ​ 16,161 ​ ​ 13,049 ​ 2024-2025 ​ Ohio ​ ILF/ALF/MC ​ 1 ​ ​ 54,782 ​ ​ 51,331 ​ 2025-2027 ​ Oklahoma ​ ALF/MC ​ 5 ​ ​ 11,068 ​ ​ 3,936 ​ 2027-2029 (7) South Carolina ​ ALF ​ 1 ​ ​ 11,680 ​ ​ 7,920 ​ 2026 (8) Texas ​ SNF ​ 4 ​ ​ 52,726 ​ ​ 48,980 ​ 2027-2029 (9) Texas ​ MC ​ 1 ​ ​ 6,724 ​ ​ 3,340 ​ 2026-2028 (10) Total (11) ​ ​ ​ ​ ​ $ 627,003 ​ $ 552,821 ​ ​ ​ (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. ​ (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. ​ (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. ​ (8) During 2024, we transferred this community from ALG to an operator new to us. The new lease commenced in December 2024 and includes a purchase option that can be exercised in September 2026 through November 2026. ​ (9) 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 . ​ (10) 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. Subsequent to December 31, 2024, in conjunction with the closure of the community, this purchase option was terminated. ​ (11) Subsequent to December 31, 2024, a master lease covering two SNFs in Tennessee that was scheduled to mature in December 2025, was amended extending the maturity to December 31, 2026. Additionally, the master lease purchase option window which expired on December 31, 2024, was extended for another year to December 31, 2025.
Schedule of impairment loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ Impairment ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ Loss ​ 2024 ​ Ohio ​ ALF ​ 1 ​ 39 ​ $ 780 (1) ​ ​ Oklahoma ​ ALF ​ 1 ​ 29 ​ ​ 153 (2) ​ ​ Texas ​ ALF ​ 1 ​ 56 ​ ​ 6,020 (1) ​ ​ ​ ​ ​ ​ 3 ​ 124 ​ $ 6,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 434 (3) ​ ​ Florida ​ ALF ​ 1 ​ 60 ​ ​ 7,522 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 4,554 (4) ​ ​ Texas ​ ALF ​ 7 ​ 248 ​ ​ 3,265 ​ ​ ​ ​ ​ ​ ​ 10 ​ 445 ​ $ 15,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ Florida ​ ALF ​ 1 ​ 70 ​ $ 1,222 (3) ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 1,286 (5) ​ ​ Colorado ​ ALF ​ 1 ​ — ​ ​ 914 (6) ​ ​ ​ ​ ​ ​ 3 ​ 130 ​ $ 3,422 ​ (1) In conjunction with the anticipated closure, we recorded an impairment loss on the carrying value of these properties. ​ (2) Subsequent to December 31, 2024, this community was sold. See Properties Held-for-Sale below for more information regarding this community. ​ (3) In conjunction with the ongoing negotiations to sell this community, we recorded a $434 impairment loss during the three months ended March 31, 2023, and a $1,222 impairment loss during the fourth quarter of 2022. This community was sold during the second quarter of 2023 for $4,850 and we recorded a net gain on sale of $64 as a result of this transaction. ​ (4) This community was sold during the fourth quarter of 2023 for $1,650 and we recorded a net loss on sale of $219 as a result of this transaction. ​ (5) This community was classified as held-for sale at December 31, 2022 and sold during the first quarter of 2023 for $11,000 . We recorded a net gain on sale of $57 as a result of this transaction. (6) This community was closed during 2022.
Schedule of properties held-for-sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Gross ​ ​ Accumulated ​ ​ ​ ​ ​ State ​ Property ​ Properties ​ Beds/units ​ ​ Investment ​ ​ Depreciation ​ ​ ​ At December 31, 2024 ​ OK ​ ALF (1) 1 ​ 29 ​ $ 2,016 ​ $ (1,346) ​ ​ ​ At December 31, 2023 ​ WI ​ ALF (2) 1 ​ 110 ​ $ 22,007 ​ $ (3,616) ​ ​ ​ (1) This community was sold during the first quarter of 2025. Upon sale, the community was removed from a master lease covering five ALFs in Oklahoma and rent under the master lease was not reduced as a result of the sale. ​ (2) This community was sold during the first quarter of 2024. ​ ​
Summary of acquisitions	Acquisitions. (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ ​ Number ​ Number ​ ​ ​ ​ Paid at ​ Assumed ​ ​ Controlling ​ Transaction ​ ​ Assets ​ of ​ of Year ​ Type of Property ​ Acquisition ​ Liabilities ​ ​ Interest ​ Costs ​ ​ Acquired ​ Properties ​ Beds/Units 2024 ​ OTH (1) ​ $ 300 ​ $ — ​ $ — ​ $ 19 ​ $ 319 ​ — ​ — 2023 ​ ALF (2) ​ $ 43,759 ​ $ 9,767 ​ $ 9,133 ​ $ 363 ​ $ 63,022 (3) 1 ​ 242 2022 ​ SNF (4) ​ $ 51,817 ​ $ — ​ $ ​ ​ $ — ​ $ 51,817 ​ 4 ​ 339 (1) We acquired a parcel of land in Kansas adjacent to an existing community operated by Brookdale Senior Living Communities (“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 $8,309 tax abatement intangible included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets . ​ (4) The properties are located in Texas and are leased to an affiliate of an existing operator under a 10-year lease with two 5-year renewal options. Additionally, the lease provides either an earn-out payment or purchase option but not both. If neither option is elected within the timeframe defined in the lease, both elections are terminated. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. The purchase option is available beginning in the sixth lease year through the end of the seventh lease year. The initial cash yield is 8% for the first year, increasing to 8.25% for the second year, then increases annually by 2.0% to 4.0% based on the change in the Medicare Market Basket Rate.
Summary of the carrying amount of intangible assets	Intangible Assets. The following is a summary of our intangible assets as of December 31, 2024 and 2023 ( in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Assets ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net ​ ​ Cost ​ ​ ​ Amortization ​ ​ ​ Net In-place leases ​ $ 11,047 (1) ​ $ (6,758) (2) ​ $ 4,289 ​ $ 11,348 (1) ​ $ (6,109) (2) ​ $ 5,239 Tax abatement intangible ​ $ 8,309 (3) ​ $ (1,097) (3) ​ $ 7,212 ​ $ 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 future amortization expenses related to the intangible assets	The following table provides future amortization expenses related to the intangible assets at December 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 2025 2026 2027 2028 2029 Thereafter In-place leases (1) ​ $ 4,289 ​ $ 872 ​ $ 696 ​ $ 633 ​ $ 519 ​ $ 493 ​ $ 1,076 Tax abatement intangible (2) ​ 7,212 ​ 692 ​ 692 ​ 692 ​ 692 ​ 692 ​ 3,752 ​ ​ $ 11,501 ​ $ 1,564 ​ $ 1,388 ​ $ 1,325 ​ $ 1,211 ​ $ 1,185 ​ $ 4,828 (1) Recorded as depreciation expense included in the Depreciation and amortization line item on our Consolidated Statements of Income. ​ (2) Recorded as Property tax expense on our Consolidated Statements of Income. ​
Schedule of developments and improvement projects	During the years ended December 31, 2024, 2023 and 2022, we invested the following in development and improvement (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Type of Property ​ 2024 ​ 2023 ​ ​ 2022 ​ ​ ​ Developments ​ Improvements ​ Developments ​ Improvements ​ ​ Developments ​ Improvements ​ Assisted Living Communities ​ $ — ​ $ 12,431 ​ $ — ​ $ 3,112 ​ ​ $ 105 ​ $ 5,538 ​ Skilled Nursing Centers ​ ​ — ​ ​ 1,246 ​ ​ — ​ ​ 6,487 ​ ​ ​ — ​ ​ 2,897 ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ 87 ​ ​ ​ — ​ ​ 559 ​ Total ​ $ — ​ $ 13,677 ​ $ — ​ $ 9,686 ​ ​ $ 105 ​ $ 8,994 ​
Schedule of property sold	The following table summarizes property sales during the years ended December 31, 2024, 2023 and 2022 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ of ​ of ​ ​ Sales ​ ​ Carrying ​ ​ Net ​ Year ​ State ​ Properties ​ Properties ​ Beds/Units ​ ​ Price ​ ​ Value ​ ​ (Loss) Gain (2) ​ 2024 (1) ​ Colorado ​ ALF ​ 1 ​ — ​ $ 5,250 ​ $ 4,058 ​ $ 1,097 ​ ​ ​ 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 (3) ​ 4,314 ​ ​ 3,635 ​ ​ ​ Wisconsin ​ ALF ​ 1 ​ 110 ​ ​ 20,193 (4) ​ 16,195 ​ ​ 3,986 ​ ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ (60) (5) Total ​ ​ ​ ​ ​ 11 ​ 458 ​ $ 40,002 ​ $ 30,817 ​ $ 7,979 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Florida ​ ALF ​ 5 ​ 246 ​ $ 23,600 ​ $ 9,084 ​ $ 13,327 ​ ​ ​ Kentucky ​ ALF ​ 1 ​ 60 ​ ​ 11,000 ​ ​ 10,720 ​ ​ 57 ​ ​ ​ Mississippi ​ ALF ​ 1 ​ 67 ​ ​ 1,650 ​ ​ 1,639 ​ ​ (220) ​ ​ ​ New Jersey ​ ALF ​ 1 ​ 39 ​ ​ 2,000 ​ ​ 1,552 ​ ​ 266 ​ ​ ​ New Mexico ​ SNF ​ 2 ​ 235 ​ ​ 21,250 ​ ​ 5,523 ​ ​ 15,287 ​ ​ ​ Nebraska ​ ALF ​ 3 ​ 117 ​ ​ 2,984 ​ ​ 2,934 ​ ​ — ​ ​ ​ Oklahoma ​ ALF ​ 1 ​ 37 ​ ​ 800 ​ ​ 777 ​ ​ 11 ​ ​ ​ Pennsylvania ​ ALF ​ 2 ​ 130 ​ ​ 11,128 ​ ​ 6,054 ​ ​ 4,860 ​ ​ ​ South Carolina ​ ALF ​ 3 ​ 128 ​ ​ 8,409 ​ ​ 4,446 ​ ​ 3,708 ​ Total ​ ​ ​ ​ ​ 19 ​ 1,059 ​ $ 82,821 ​ $ 42,729 ​ $ 37,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ California ​ ALF ​ 2 ​ 232 ​ $ 43,715 ​ $ 17,832 ​ $ 25,867 ​ ​ ​ California ​ SNF ​ 1 ​ 121 ​ ​ 13,250 ​ ​ 1,846 ​ ​ 10,846 ​ ​ ​ Texas ​ SNF ​ 1 ​ — ​ ​ 485 ​ ​ 697 ​ ​ (441) ​ ​ ​ Virginia ​ ALF ​ 1 ​ 74 ​ ​ 16,895 ​ ​ 15,549 ​ ​ 1,344 (6) ​ ​ n/a ​ n/a ​ — ​ — ​ ​ — ​ ​ — ​ ​ 214 (7) Total ​ ​ ​ ​ ​ 5 ​ 427 ​ $ 74,345 ​ $ 35,924 ​ $ 37,830 ​ (1) Subsequent to December 31, 2024, we sold a 29 -unit assisted living community in Oklahoma for $670 . Upon sale, the property was removed from a master lease covering five ALFs in Oklahoma and rent under the master lease was not reduced as a result of the sale. At December 31, 2024, the community was classified as held-for-sale. ​ (2) Calculation of net gain (loss) includes cost of sales and write-off of straight-line rent receivable and lease incentives, when applicable. ​ (3) As part of the negotiated sale, we received an additional $441 representing rental income through lease maturity in January 2025. ​ (4) 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. ​ (5) We recognized additional loss due to additional incurred costs related to properties sold during 2023. ​ (6) In connection with this sale, the former operator paid us a lease termination fee of $1,181 which is not included in the gain on sale. ​ (7) We recognized additional gain due to the reassessment adjustment of the holdbacks related to properties sold during 2020 and 2019, under the expected value model per ASC Topic 606, Contracts with Customers .
Schedule of investments in financing receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Number ​ Number ​ ​ Investment 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 ​ $ 76,603 ​ $ 62,278 ​ SNF ​ 3 ​ 299 ​ $ 256.20 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 ​ ILF/ALF/MC ​ 13 ​ 523 ​ $ 234.15 7.25% (4) 2024 ​ 2034 ​ NC ​ ​ 41,000 ​ ​ 37,985 ​ ALF ​ 4 ​ 217 ​ $ 188.94 ​ ​ ​ ​ ​ ​ ​ ​ $ 361,482 ​ $ 282,301 ​ ​ ​ 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 Senior living (“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 $3,014 consolidated JV interest income from financing receivables for May through December 2024. ​ (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 properties were recorded at fair value, and the fair value of certain properties was determined using the income and sales comparison approaches. The income approach utilized stabilized property net operating income and a direct capitalization rate. The sales comparison approach utilized comparable property sales on a per bed basis. 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 properties were recorded at fair value, and the fair value of the properties was determined using the income approach. 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 investments in mortgage loans secured by first mortgages	The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2024 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Percentage ​ Number of ​ Investment ​ ​ ​ ​ ​ ​ Gross ​ of ​ of ​ ​ ​ ​ ​ SNF ​ ALF ​ per Interest Rate ​ Maturity ​ State ​ Investment ​ Property ​ Investment ​ Loans (2) ​ Properties (3) ​ Beds ​ Units ​ Bed/Unit 8.8% ​ 2025 ​ FL ​ $ 4,000 ​ ALF ​ 1.3 % 1 ​ 2 ​ — ​ 92 ​ $ 43.48 7.8% ​ 2025 ​ FL ​ ​ 16,706 ​ ALF ​ 5.3 % 1 ​ 1 ​ — ​ 112 ​ $ 149.16 7.3% ​ 2025 ​ NC ​ ​ 10,750 ​ ALF ​ 3.4 % 1 ​ 1 ​ — ​ 45 ​ $ 238.89 8.8% ​ 2026 ​ MI ​ ​ 12,753 ​ ALF ​ 4.1 % 1 ​ 1 ​ — ​ 85 ​ $ 150.04 8.8% ​ 2028 ​ IL ​ ​ 16,500 ​ SNF ​ 5.2 % 1 ​ 1 ​ 150 ​ — ​ $ 110.00 11.1% (4) ​ 2043 ​ MI ​ ​ 180,700 ​ SNF ​ 57.2 % 1 ​ 14 ​ 1,749 ​ — ​ $ 103.32 10.0% (4) ​ 2045 ​ MI ​ ​ 39,800 ​ SNF ​ 12.6 % 1 ​ 4 ​ 480 — ​ $ 82.92 10.3% (4) ​ 2045 ​ MI ​ 19,700 ​ SNF ​ 6.2 % 1 ​ 2 ​ 201 — ​ $ 98.01 10.5% (4) ​ 2045 ​ MI ​ ​ 14,825 ​ SNF ​ 4.7 % 1 ​ 1 ​ 146 ​ — ​ $ 101.54 Total ​ ​ ​ ​ ​ $ 315,734 (1) ​ ​ 100.0 % 9 ​ 27 ​ 2,726 334 ​ $ 103.18 (1) Excludes the impact of credit loss reserve. ​ (2) Some loans contain certain guarantees and/or provide for certain facility fees. ​ (3) Our mortgage loans are secured by properties located in four states with six borrowers. Additionally, during 2024, we committed to fund a $26,120 mortgage loan for the construction of a 116 -unit independent living, assisted living and memory care community in Illinois. The borrower contributed $12,300 of equity which will initially fund the construction. Once all of the borrower’s equity has been drawn, we will begin funding the commitment. The loan term is approximately six years at a current rate of 9.0% and an IRR of 9.5% . ​ (4) Mortgage loans provide for 2.25% annual increases in the interest rate after a certain time period. ​
Schedule of mortgage loan activity	The following table summarizes our mortgage loan activity for the years ended December 31, 2024, 2023 and 2022 ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 Originations and funding under mortgage loans receivable ​ $ 21,833 (1) $ 97,058 (4) $ 40,732 (5) Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables ​ ​ (102,435) (2) ​ — ​ ​ — ​ Pay-offs received ​ ​ (85,204) (3) ​ — ​ ​ — ​ Application of interest reserve ​ ​ 169 ​ ​ 1,722 ​ ​ 6,192 ​ Scheduled principal payments received ​ ​ (701) ​ ​ (10,351) ​ ​ (1,175) ​ Mortgage loan premium amortization ​ ​ (8) ​ ​ (7) ​ ​ (6) ​ Recovery (provision) for loan loss reserve ​ ​ 1,663 ​ ​ (884) ​ ​ (457) ​ Net (decrease) increase in mortgage loans receivable ​ $ (164,683) ​ $ 87,538 ​ $ 45,286 ​ ​ (1) The following funding occurred during 2024: ​ (a) $ 12,753 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 $ 6,747 . 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) $ 768 of additional funding under various loans. ​ (2) 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. ​ (3) The following payoffs/paydowns were received during 2024: (a) The payoff of a $ 51,111 mortgage loan receivable secured by a 203-unit ILF, ALF and MC in Georgia; ​ (b) The payoff of a $2,013 mortgage loan secured by a parcel of land in Missouri; ​ (c) The payoff of a $ 29,347 mortgage loan secured by a 189-bed SNF in Louisiana; and ​ (d) A partial principal paydown of $2,733 related to the sale of a SNF securing the mortgage loan previously secured by 15 SNFs in Michigan. ​ (4) We originated the following during 2023: ​ (a) $10,750 mortgage loan secured by a 45 -unit MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0% ; ​ (b) $51,111 mortgage loan investment secured by a 203 -unit ILF, ALF and MC located in Georgia. We acquired a participating interest owned by existing lenders for $42,251 in addition to converting our $7,461 mezzanine loan in the property into a participating interest in the mortgage loan. 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. The mortgage loan was paid off during 2024; ​ (c) $16,500 senior loan for the acquisition of a 150 -bed Medicare focused SNF in Illinois. The mortgage loan matures in June 2028 and our investment is at an interest rate of 8.75% ; ​ (d) $4,947 of contractual additional funding under other mortgage loans receivable; ​ (e) $13,750 of seller financing collateralized by four ALFs. $9,750 was repaid subsequently and two ALFs were released from collateral. The net $4,000 seller-financed mortgage loan is for two-years , with a one-year extension, at the interest rate of 8.75% ; and ​ (f) $19,500 mortgage loan commitment for the construction of an 85 -unit ALF and MC in Michigan. The borrower contributed $12,100 of equity which initially funded the construction. Upon fully drawing of the borrower’s equity in the first quarter of 2024, we began funding the commitment. The loan term is approximately three years at a rate of 8.75% , and includes two , one-year extensions, each of which is contingent on certain coverage thresholds. ​ (5) We originated two senior mortgage loans, secured by four ALFs operated by an existing operator, as well as a land parcel in North Carolina. The communities have a combined total of 217 units, with an average age of less than four years . The land parcel is approximately 7.6 acres adjacent to one of the ALFs and is being held for the future development of a seniors housing community. The mortgage loans have a four-year term, an interest rate of 7.25% and an IRR of 8% . We also funded an additional $2,000 under an existing mortgage loan. ​
Scheduled principal payments on mortgage loan receivables	Scheduled principal payments on mortgage loan receivables are as follows (in thousands) ​ ​ ​ ​ ​ ​ ​ Scheduled ​ ​ Principal 2025 ​ $ 32,136 ​ 2026 ​ 13,434 ​ 2027 ​ 680 ​ 2028 ​ 17,180 ​ 2029 ​ 680 ​ Thereafter ​ 251,624 ​ Total ​ $ 315,734 ​
Schedule of interest income from investment in financing receivables	The following table summarizes the interest income from our investment in financing receivables during the years ended December 31, 2024, 2023 and 2022 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Initial ​ Interest Income from Financing Receivables Lease ​ of ​ Contractual ​ Year Ended December 31, Maturity ​ Properties ​ Cash Yield ​ ​ 2024 ​ ​ 2023 ​ ​ 2022 2032 ​ SNF ​ 7.25 % ​ $ 5,611 ​ $ 5,618 ​ $ 1,762 2033 ​ ALF/MC ​ 7.25 % ​ ​ 9,710 ​ ​ 9,625 ​ ​ — 2034 ​ ILF/ALF/MC ​ 7.25 % ​ ​ 4,751 ​ ​ — ​ ​ — 2034 ​ ALF ​ 7.25 % ​ ​ 1,591 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ $ 21,663 ​ $ 15,243 ​ $ 1,762 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2024
Investment in Unconsolidated Joint Ventures
Summary of the preferred equity investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ Type ​ Total ​ ​ Contractual ​ ​ Number ​ ​ ​ ​ ​ ​ of ​ of ​ Preferred ​ ​ Cash ​ ​ of ​ ​ Carrying ​ State ​ Properties ​ Investment ​ Return ​ ​ Portion ​ ​ Beds/ Units ​ ​ Value ​ Texas ​ SNF/ALF ​ Senior Loan (1) 9.2 % ​ 9.2 % ​ 104 ​ $ 11,262 (1) Washington ​ ALF/MC ​ Preferred Equity (2) 12.0 % ​ 9.0 % ​ 109 ​ ​ 6,340 (2) Washington ​ ILF/ALF ​ Preferred Equity (3) 14.0 % ​ 8.0 % ​ 267 ​ ​ 13,000 (3) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 480 ​ $ 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 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. ​ (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 11.0% of the 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 years ended December 31, 2024, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ of ​ ​ Income ​ ​ Cash Income ​ ​ Non-cash ​ Year ​ Properties ​ ​ Recognized ​ ​ Earned ​ ​ Income Accrued ​ 2024 ​ SNF/ALF ​ $ 884 ​ $ 884 ​ $ — ​ ​ ​ ALF/MC ​ ​ 504 ​ ​ 504 ​ ​ — ​ ​ ​ ILF/ALF (1) ​ ​ 1,054 ​ ​ — ​ ​ 1,054 ​ Total ​ ​ ​ $ 2,442 ​ $ 1,388 ​ $ 1,054 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ALF/MC ​ $ 450 ​ $ 56 ​ $ 394 ​ ​ ​ ILF/ALF (1) ​ ​ 1,054 ​ ​ — ​ ​ 1,054 ​ Total ​ ​ ​ $ 1,504 ​ $ 56 ​ $ 1,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ALF/MC ​ $ 450 ​ $ — ​ $ 450 ​ ​ ​ UDP (1) ​ ​ 1,054 ​ ​ 351 ​ ​ 703 ​ Total ​ ​ ​ $ 1,504 ​ $ 351 ​ $ 1,153 ​ ​ (1) The JV developed and owns a 267 -unit ILF and ALF in Washington. The development project was completed during the fourth quarter of 2023.

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Receivable.
Summary of investments in notes receivable	Notes receivable consists of mezzanine loans and working capital loans. The following table summarizes our investments in notes receivable at December 31, 2024 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ Type of ​ Gross ​ ​ ​ ​ Type of ​ Rate ​ IRR ​ ​ Maturity ​ Loan ​ Investment ​ ​ # of loans ​ Property ​ 8.0% ​ 11.0 % ​ 2027 ​ Mezzanine ​ $ 25,000 ​ ​ 1 ​ ALF ​ 0.0% ​ — ​ ​ 2028 ​ Working capital ​ ​ 1,429 ​ ​ 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 ​ ​ 1,457 ​ ​ 2 ​ ALF ​ 0.0% ​ — ​ ​ 2031 ​ Working capital ​ ​ 2,693 ​ ​ 1 ​ ALF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 47,717 (1) ​ 8 ​ ​ ​ ​ (1) Excludes the impact of credit loss reserve.
Summary of mezzanine loans and other loan arrangements	The following table is a summary of our notes receivable components at December 31, 2024 and 2023 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2024 ​ At December 31, 2023 Mezzanine loans $ 42,000 ​ $ 42,000 ​ Working capital loans ​ 5,717 ​ ​ 19,101 ​ Notes receivable credit loss reserve ​ (477) ​ ​ (611) ​ Total $ 47,240 ​ $ 60,490 ​
Summary of notes receivable activity	The following table summarizes our notes receivable activity for the years ended December 31, 2024, 2023 and 2022 ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ ​ 2023 ​ ​ 2022 ​ Advances under notes receivable $ 340 ​ $ 20,377 (3) $ 37,192 (5) Principal payments received under notes receivable ​ (13,434) (1) ​ (14,687) (4) ​ (6,843) ​ Write-off of notes receivable ​ (290) (2) ​ (3,561) (2) ​ — ​ Recovery (provision) of credit losses ​ 134 ​ ​ (22) ​ ​ (303) ​ Net (decrease) increase in notes receivable $ (13,250) ​ $ 2,107 ​ $ 30,046 ​ (1) During 2024, we received $12,103 towards the paydown of a $13,531 working capital note. The remaining $1,428 balance of the working capital note is interest free and will be repaid in installments through 2028. Additionally, we received an aggregate of $1,331 related to the payoff of three working capital notes. ​ (2) During 2024 and 2023, we wrote-off uncollectible working capital notes. ​ (3) During 2023, we originated a mezzanine loan to recapitalize an existing 130 -unit ILF/ALF/MC in Georgia and construction of 89 additional units. The loan term is five years at an initial yield of 8.75 % and an IRR of 12.0 %. ​ (4) During 2023, we received $4,545 , which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan prepayment. The mezzanine loan was on a 136 -unit ILF in Oregon. Additionally, another $7,461 mezzanine loan was effectively prepaid through converting it as part of our $51,111 investment in a participating interest in an existing mortgage loan that is secured by a 203 -unit ALF, ILF and MC located in Georgia. We recorded $1,380 of interest income in connection with the effective prepayment of the mezzanine loan. ​ (5) During 2022, we originated a $25,000 mezzanine loan for the recapitalization of five ALFs located in Oregon and Montana. The mezzanine loan has a term of approximately five years , with two one-year extension options and bears interest at 8 % with an IRR of 11% . The five communities have a total of 621 units and include independent living, assisted living and memory care.

Lease Incentives (Tables)

Lease Incentives (Tables)	12 Months Ended
	Dec. 31, 2024
Lease Incentives
Summary of non-contingent lease incentive activity	Our non-contingent lease incentive balances at December 31, 2024 and 2023 were $3,522,000 and $2,607,000, respectively. The following table summarizes our non-contingent lease incentive activity for the years ended December 31, 2024, 2023 and 2022 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2022 ​ Lease incentives funded ​ $ 1,924 ​ ​ $ 1,627 ​ ​ $ 418 ​ Amortization of lease incentives ​ ​ (818) ​ ​ ​ (773) ​ ​ ​ (877) ​ Adjustment for collectability of lease incentives ​ ​ — ​ ​ ​ (26) (2) ​ ​ (256) (2) Other adjustments ​ ​ (191) (1) ​ ​ (10) (1) ​ ​ (174) (1) Net increase in non-contingent lease incentives ​ $ 915 ​ ​ $ 818 ​ ​ $ (889) ​ (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)	12 Months Ended
	Dec. 31, 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 December 31, 2024 Investment Type: ​ 2024 ​ 2023 ​ 2022 ​ 2021 ​ 2020 ​ Prior ​ Total ​ Credit loss reserve Financing receivables ​ $ 163,460 ​ $ 121,419 ​ $ 76,603 ​ $ — ​ $ — ​ $ — ​ $ 361,482 ​ $ 3,615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans receivable ​ $ — ​ $ 44,003 ​ $ — ​ $ 16,706 ​ $ — ​ $ 255,025 ​ $ 315,734 ​ $ 3,151 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mezzanine loans ​ $ — ​ $ 17,000 ​ $ 25,000 ​ $ — ​ $ — ​ $ — ​ $ 42,000 ​ $ 420 Working Capital loans ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,929 ​ ​ 1,095 ​ ​ 2,693 ​ ​ 5,717 ​ ​ 57 Total Notes Receivable ​ $ — ​ $ 17,000 ​ $ 25,000 ​ $ 1,929 ​ $ 1,095 ​ $ 2,693 ​ $ 47,717 ​ $ 477 (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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recovery ​ Provision ​ ​ ​ ​ ​ Balance ​ ​ due to ​ due to ​ Balance ​ ​ ​ at ​ ​ Payoffs/ ​ Originations/ ​ at ​ Description ​ 12/31/2023 ​ ​ Write-offs ​ additional funding ​ 12/31/2024 ​ Credit Loss Reserve- Financing Receivables ​ $ 1,980 ​ $ — ​ $ 1,635 ​ $ 3,615 ​ Credit Loss Reserve- Mortgage Loans Receivable ​ ​ 4,814 ​ ​ (1,883) ​ ​ 220 ​ ​ 3,151 ​ Credit Loss Reserve-Notes Receivable ​ ​ 611 ​ ​ (137) ​ ​ 3 ​ ​ 477 ​

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Obligations
Schedule of interest rate swaps	The following table sets forth information regarding our Interest Rate Swaps at December 31, 2024 and 2023 ( dollar amounts in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Fair Value at ​ Date Entered ​ Maturity Date ​ Swap Rate ​ Rate Index ​ ​ Amount ​ ​ December 31, 2024 ​ ​ ​ December 31, 2023 ​ November 2021 ​ November 19, 2025 ​ 2.62 % ​ 1-month SOFR ​ $ 50,000 ​ $ 1,305 ​ ​ $ 2,698 ​ November 2021 ​ November 19, 2026 ​ 2.76 % ​ 1-month SOFR ​ ​ 50,000 ​ ​ 2,510 ​ ​ ​ 3,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 100,000 ​ $ 3,815 ​ ​ $ 6,110 ​
Schedule of Debt Obligations	The following table sets forth information regarding debt obligations by component as of December 31, 2024 and 2023 (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2024 ​ At December 31, 2023 ​ ​ ​ Applicable ​ ​ ​ Available ​ ​ ​ Available ​ ​ ​ Interest ​ Outstanding ​ for ​ Outstanding ​ for ​ Debt Obligations ​ Rate (1) ​ Balance ​ Borrowing ​ Balance ​ Borrowing ​ Revolving line of credit (2) ​ 6.04% ​ $ 144,350 ​ $ 280,650 ​ $ 302,250 ​ $ 97,750 ​ Term loans, net of debt issue costs ​ 2.59% ​ ​ 99,808 ​ ​ — ​ ​ 99,658 ​ ​ — ​ Senior unsecured notes, net of debt issue costs (3) ​ 4.15% ​ ​ 440,442 ​ ​ — ​ ​ 489,409 ​ ​ — ​ Total ​ 4.32% ​ $ 684,600 ​ $ 280,650 ​ $ 891,317 ​ $ 97,750 ​ (1) Represents weighted average of interest rate as of December 31, 2024. ​ (2) Subsequent to December 31, 2024, we borrowed $15,000 under our unsecured revolving line of credit. Accordingly, we have $159,350 outstanding and $265,650 available for borrowing under our unsecured revolving line of credit. ​ (3) Subsequent to December 31, 2024, we repaid $7,000 in scheduled principal paydowns on our senior unsecured notes. Accordingly, we have $433,442 outstanding under our senior unsecured notes, net of debt issue costs.
Schedule of borrowings and repayments	Our borrowings and repayments for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Debt Obligations ​ ​ Borrowings ​ ​ Repayments ​ Borrowings ​ Repayments ​ Borrowings ​ Repayments Revolving line of credit ​ $ 27,200 (1) $ (185,100) ​ $ 277,450 ​ $ (105,200) ​ $ 194,000 ​ $ (174,900) Senior unsecured notes ​ ​ — ​ ​ (49,160) (2) ​ — ​ ​ (49,160) ​ ​ 75,000 ​ ​ (48,160) Total ​ $ 27,200 ​ $ (234,260) ​ $ 277,450 ​ $ (154,360) ​ $ 269,000 ​ $ (223,060) (1) Subsequent to December 31, 2024, we borrowed $15,000 under our unsecured revolving line of credit. Accordingly, we have $159,350 outstanding and $265,650 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2024, we repaid $7,000 in scheduled principal paydowns on our senior unsecured notes. Accordingly, we have $433,442 outstanding under our senior unsecured notes, net of debt issue costs.
Schedule of principal payments and amounts due at maturity	The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2024, and excludes the effects of interest and debt issue costs ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ 2029 ​ Thereafter Revolving line of credit ​ $ 144,350 (1) $ — ​ $ 144,350 ​ $ — ​ $ — ​ $ — ​ $ — ​ Term loans ​ ​ 100,000 ​ ​ 50,000 ​ ​ 50,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Senior unsecured notes ​ 441,500 (2) 49,500 (2) 51,500 ​ 54,500 ​ 55,000 ​ ​ 63,000 ​ 168,000 ​ ​ ​ $ 685,850 ​ $ 99,500 ​ $ 245,850 ​ $ 54,500 ​ $ 55,000 ​ $ 63,000 ​ $ 168,000 ​ (1) Subsequent to December 31, 2024, we borrowed $15,000 under our unsecured revolving line of credit. Accordingly, we have $159,350 outstanding and $265,650 available for borrowing under our unsecured revolving line of credit. ​ (2) Subsequent to December 31, 2024, we repaid $7,000 in scheduled principal paydowns on our senior unsecure notes. Accordingly, we have $433,442 outstanding under our senior unsecured notes, net of debt issue costs.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity
Schedule of consolidated VIEs	As of December 31, 2024, we have the following consolidated VIEs ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Investment ​ ​ ​ Property ​ ​ ​ ​ Consolidated ​ ​ Non-Controlling ​ Year ​ Purpose ​ Type ​ State ​ ​ Assets ​ ​ Interests ​ 2024 ​ Own real estate ​ ILF/ALF/MC ​ NC/SC ​ $ 122,460 ​ $ 58,010 ​ 2024 ​ Own real estate ​ ALF/MC ​ NC ​ ​ 41,000 ​ ​ 3,015 ​ 2023 ​ Own real estate ​ ILF/ALF/MC ​ OH ​ ​ 54,782 ​ ​ 9,134 ​ 2023 ​ Own real estate ​ ALF/MC ​ NC ​ ​ 121,419 ​ ​ 3,831 ​ 2022 ​ Own real estate ​ SNF ​ FL ​ ​ 76,603 ​ ​ 14,325 ​ 2018 ​ Own real estate ​ ILF ​ OR ​ ​ 14,650 ​ ​ 2,907 ​ 2018 ​ Own and develop real estate ​ ALF/MC ​ OR ​ ​ 18,452 ​ ​ 1,156 ​ Total ​ ​ ​ ​ ​ ​ ​ $ 449,366 ​ $ 92,378 ​
Schedule of cash dividends declared and paid	Distributions. We declared and paid the following cash dividends (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ ​ Declared ​ Paid ​ Declared ​ Paid ​ Declared ​ Paid ​ Common Stock (1) ​ $ 100,530 ​ $ 100,530 ​ $ 94,764 ​ $ 94,764 ​ $ 91,509 ​ $ 91,509 ​ ​ (1) Represents $0.19 per share per month for the years ended December 31, 2024, 2023 and 2022.
Schedule of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ Shares ​ Weighted Average Price ​ ​ 2024 ​ 2023 ​ 2022 2024 ​ 2023 ​ 2022 Outstanding, January 1 ​ ​ 258,620 ​ ​ 229,236 ​ ​ 197,422 ​ $ 36.43 ​ $ 38.26 ​ $ 44.20 Granted ​ ​ 175,431 ​ ​ 146,020 ​ ​ 135,210 ​ $ 31.07 ​ $ 36.55 ​ $ 34.35 Vested ​ ​ (132,842) ​ ​ (115,551) ​ ​ (103,396) ​ $ 31.51 ​ $ 36.29 ​ $ 34.93 Cancelled ​ ​ — ​ ​ (1,085) ​ ​ — ​ ​ n/a ​ $ 34.73 ​ ​ n/a Outstanding, December 31 ​ ​ 301,209 ​ ​ 258,620 ​ ​ 229,236 ​ $ 33.18 ​ $ 36.43 ​ $ 38.26
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 122,865 ​ $ 33.94 ​ Restricted stock ​ ratably over 3 years ​ ​ ​ 86,332 ​ $ 33.94 ​ Performance-based stock units ​ TSR targets (4) ​ ​ ​ 12,345 ​ $ 38.48 ​ Restricted stock ​ May 25, 2023 ​ ​ ​ 221,542 ​ ​ ​ ​ ​ ​ ​ ​ (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) The vesting date is the earlier of the one-year anniversary of the award date or 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 December 31, 2024, the remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock and performance-based stock units are as follows ( dollar amount in thousands ​ ​ ​ ​ ​ ​ Remaining ​ ​ Compensation Vesting Date ​ Expense 2025 ​ $ 6,450 2026 ​ ​ 3,385 2027 ​ ​ 369 Total ​ $ 10,204 ​
Schedule of nonqualified stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Price ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ ​ 2023 ​ 2022 Outstanding, January 1 5,000 ​ 10,000 15,000 $ 38.43 ​ $ 38.43 $ 38.43 ​ Granted — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Exercised — ​ — — ​ ​ n/a ​ ​ n/a ​ ​ n/a ​ Canceled (5,000) ​ (5,000) (5,000) ​ $ 38.43 ​ $ 38.43 ​ $ 38.43 ​ Outstanding, December 31 — ​ 5,000 10,000 ​ ​ n/a ​ $ 38.43 ​ $ 38.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, December 31 (1) — ​ 5,000 10,000 ​ ​ n/a ​ $ 38.43 ​ $ 38.43 ​ (1) Options exercisable at December 31, 2023 and 2022 had a weighted average remaining contractual life of approximately 0.2 years, and 0.7 years, respectively.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies
Schedule of commitments	At December 31, 2024, we had commitments as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ Investment ​ 2024 ​ Commitment ​ Remaining ​ ​ Commitment ​ Funding ​ Funded ​ Commitment Real estate properties ote 5. Real Estate Investments ​ $ 16,848 (1) $ 10,308 ​ $ 11,259 ​ $ 5,589 Accrued incentives and earn-out liabilities (Note 8. Lease Incentives) ​ ​ 4,525 (2) ​ — ​ ​ — ​ ​ 4,525 Mortgage loans (N ote 5. Real Estate Investments ​ ​ 63,620 (3) ​ 12,754 ​ ​ 14,754 ​ ​ 48,866 Joint venture investments ( Note 6. Investments in Unconsolidated Joint Ventures ​ ​ 1,536 (4) ​ 98 ​ ​ 98 ​ ​ 1,438 Notes receivable (N ote 7. Notes Receivable ​ ​ 760 (5) ​ — ​ ​ — ​ ​ 760 Total ​ $ 87,289 ​ $ 23,160 ​ $ 26,111 ​ $ 61,178 (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties. ​ (2) Includes an earn-out payment of up to $3,000 to an operator under a master lease on four SNFs in Texas which were acquired during 2022. The master lease allows either an earn-out payment up to $3,000 or a purchase option. The earn-out payment is available, contingent on achieving certain thresholds per the lease, beginning at the end of the second lease year through the end of the fifth lease year. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the purchase option see Note 5. Real Estate Investments . ​ (3) Represents $19,500 of commitment related to a construction loan, $26,120 of commitments for the expansion, renovation and working capital related to seniors housing and skilled nursing properties securing the mortgage loans and $18,000 of commitments which are contingent upon the borrower achieving certain coverage ratios. ​ (4) Represents an interest reserve of $750 and capital expenditure reserves of $786 related to a mortgage loan secured by a combination SNF and ALF property in Texas. The loan is accounted for as an unconsolidated JV in accordance with GAAP. For more information regarding this loan see Note. 6 Investment in Unconsolidated Joint Ventures . ​ (5) Represents working capital loan commitments.

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2024
Distributions
Schedule of federal income tax classification of the per share common stock distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 Ordinary taxable distribution $ 1.745 $ 1.110 $ 1.095 ​ Return of capital ​ 0.535 ​ — ​ — ​ Unrecaptured Section 1250 gain ​ — ​ 0.744 ​ 0.502 ​ Long-term capital gain ​ — ​ 0.426 ​ 0.683 ​ Total ​ $ 2.280 ​ $ 2.280 ​ $ 2.280 ​ ​

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2024
Net Income Per Common Share
Schedule of basic and diluted net income per share	Basic and diluted net income per share was as follows (in thousands except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ Net income ​ $ 94,879 $ 91,462 $ 100,584 ​ Less income allocated to non-controlling interests ​ (3,839) ​ (1,727) ​ (560) ​ Less income allocated to participating securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-forfeitable dividends on participating securities ​ (682) ​ (587) ​ (531) ​ Income allocated to participating securities ​ — ​ — ​ (49) ​ Total net income allocated to participating securities ​ (682) ​ (587) ​ (580) ​ Net income available to common stockholders ​ 90,358 ​ 89,148 ​ 99,444 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ — ​ Net income for diluted net income per share ​ $ 90,358 ​ $ 89,148 ​ $ 99,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares for basic net income per share ​ 43,743 ​ 41,272 ​ 39,894 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (1) ​ — ​ — ​ — ​ Performance-based stock units ​ ​ 498 ​ ​ 86 ​ ​ 173 ​ Participating securities (1) ​ ​ — ​ ​ — ​ ​ — ​ Total effect of dilutive securities ​ 498 ​ 86 ​ 173 ​ Shares for diluted net income per share ​ 44,241 ​ 41,358 ​ 40,067 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 2.07 ​ $ 2.16 ​ $ 2.49 ​ Diluted net income per share ​ $ 2.04 ​ $ 2.16 ​ $ 2.48 ​ (1) For the years ended December 31, 2024, 2023 and 2022, the participating securities and stock options were excluded from the computation of diluted net income per share as such inclusion would be anti-dilutive.

Quarterly Financial Informati_2

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information
Schedule of quarterly financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the quarter ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, ​ ​ (unaudited, in thousands except per share amounts) 2024 ​ ​ ​ ​ ​ Revenues ​ $ 51,366 ​ $ 50,116 ​ $ 55,783 ​ $ 52,582 ​ Net income available to common stockholders ​ $ 24,065 ​ $ 19,188 ​ $ 29,165 ​ $ 17,912 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.56 ​ $ 0.44 ​ $ 0.66 ​ $ 0.40 ​ Diluted ​ $ 0.56 ​ $ 0.44 ​ $ 0.66 ​ $ 0.39 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 49,500 ​ $ 48,246 ​ $ 49,303 ​ $ 50,195 ​ Net income available to common stockholders ​ $ 32,929 ​ $ 6,028 ​ $ 22,050 ​ $ 28,057 ​ Net income per common share available to common stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.80 ​ $ 0.15 ​ $ 0.54 ​ $ 0.67 ​ Diluted ​ $ 0.80 ​ $ 0.15 ​ $ 0.54 ​ $ 0.67 ​ Dividends per share declared ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ Dividends per share paid ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ $ 0.57 ​ ​ ​ NOTE: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year. ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Schedule of carrying value and fair value of the entity's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2024 ​ At December 31, 2023 ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ ​ Value ​ Value ​ Value ​ Value ​ Financing receivables, net of credit loss reserve ​ $ 357,867 ​ $ 363,228 (1) $ 196,032 ​ $ 199,199 (1) Mortgage loans receivable, net of credit loss reserve ​ ​ 312,583 ​ ​ 386,871 (2) ​ 477,266 ​ ​ 554,993 (2) Notes receivable, net of credit loss reserve ​ 47,240 ​ 53,549 (3) 60,490 ​ 67,877 (3) Revolving line of credit ​ 144,350 ​ ​ 144,350 (4) ​ 302,250 ​ ​ 302,250 (4) Term loans, net of debt issue costs ​ ​ 99,808 ​ ​ 100,000 (4) ​ 99,658 ​ ​ 100,000 (4) Senior unsecured notes, net of debt issue costs ​ 440,442 ​ ​ 402,394 (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 December 31, 2024 and 2023 was 7.7% 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 December 31, 2024 and 2023 was 10.0% 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 December 31, 2024 and 2023, were 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 December 31, 2024 and 2023 based upon prevailing market interest rates for similar debt arrangements. ​ (5) Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2024, the discount rate used to value our future cash outflow of our senior unsecured notes was 6.25% for those maturing before year 2030 and 6.5% 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 beyond year 2030.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Information
Schedule of segment information	The table below provides certain information on our segment information (dollar amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ 2023 ​ 2022 ​ Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 132,278 ​ $ 127,350 ​ $ 128,244 ​ Interest income from financing receivables ​ ​ 21,663 ​ ​ 15,243 ​ ​ 1,762 ​ Interest income from mortgage loans ​ ​ 45,216 ​ ​ 47,725 ​ ​ 40,600 ​ Interest and other income ​ ​ 10,690 ​ ​ 6,926 ​ ​ 4,547 ​ Total revenues ​ ​ 209,847 ​ ​ 197,244 ​ ​ 175,153 ​ Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ 40,336 ​ ​ 47,014 ​ ​ 31,437 ​ Depreciation and amortization ​ ​ 36,367 ​ ​ 37,416 ​ ​ 37,496 ​ Impairment loss ​ ​ 6,953 ​ ​ 15,775 ​ ​ 3,422 ​ Provision for credit losses ​ ​ 741 ​ ​ 5,678 ​ ​ 1,528 ​ Transaction costs ​ ​ 819 ​ ​ 1,144 ​ ​ 828 ​ Property tax expense ​ ​ 12,930 ​ ​ 13,269 ​ ​ 15,486 ​ General and administrative expenses ​ ​ 27,243 ​ ​ 24,286 ​ ​ 23,706 ​ Total expenses ​ ​ 125,389 ​ ​ 144,582 ​ ​ 113,903 ​ Other operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale of real estate, net ​ ​ 7,979 ​ ​ 37,296 ​ ​ 37,830 ​ Operating income ​ ​ 92,437 ​ ​ 89,958 ​ ​ 99,080 ​ Income from unconsolidated joint ventures ​ ​ 2,442 ​ ​ 1,504 ​ ​ 1,504 ​ Net income ​ ​ 94,879 ​ ​ 91,462 ​ ​ 100,584 ​ Income allocated to non-controlling interests ​ ​ (3,839) ​ ​ (1,727) ​ ​ (560) ​ Net income attributable to LTC Properties, Inc. ​ $ 91,040 ​ $ 89,735 ​ $ 100,024 ​ ​

The Company (Details)

The Company (Details)	12 Months Ended
	Dec. 31, 2024 segment
The Company
Number of operating segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Owned Properties (Details)	Dec. 31, 2024
Computer Equipment | Minimum
Owned Properties
Useful life	3 years
Computer Equipment | Maximum
Owned Properties
Useful life	5 years
Furniture and Fixtures | Minimum
Owned Properties
Useful life	5 years
Furniture and Fixtures | Maximum
Owned Properties
Useful life	15 years
Building | Minimum
Owned Properties
Useful life	35 years
Building | Maximum
Owned Properties
Useful life	50 years
Site Improvements | Minimum
Owned Properties
Useful life	10 years
Site Improvements | Maximum
Owned Properties
Useful life	20 years
Building Improvements | Minimum
Owned Properties
Useful life	10 years
Building Improvements | Maximum
Owned Properties
Useful life	50 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Working Capital Loan (Details) - Working Capital Loans Receivables	12 Months Ended
	Dec. 31, 2024
Minimum
Mortgage loans on real estate
Interest rate (as a percent)	0%
Maximum
Mortgage loans on real estate
Interest rate (as a percent)	7.40%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Mezzanine Loans and Impairments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Impairments
Impairment loss	$ 6,953	$ 15,775	$ 3,422
Mezzanine Loans | Minimum
Mortgage loans on real estate
Interest rate (as a percent)	8%
Loan Term	4 years
Mezzanine Loans | Maximum
Mortgage loans on real estate
Interest rate (as a percent)	12%
Loan Term	5 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Derivative Instruments (Details)	Dec. 31, 2024 USD ($) item
Summary of Significant Accounting Policies
Number of interest rate swaps | item	2
Notional Amount | $	$ 100,000,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Revenue Recognition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Revenue Recognition
Maximum period over which loan is to be considered as non-performing	60 days
Contingent rental income | $	$ 0	$ 56,000	$ 57,000
Minimum
Revenue Recognition
Methods used for calculation of annual increases over the rents of the prior year	1
Specified annual increase over the prior year's rent (as a percent)	2%
Maximum
Revenue Recognition
Methods used for calculation of annual increases over the rents of the prior year	4
Specified annual increase over the prior year's rent (as a percent)	3%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Taxes (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Federal Income Taxes
Provision for federal or state income taxes	$ 0
Minimum distribution of taxable income (as a percent)	90%
Distribution percentage	100
Period considered for calculation of depreciation for federal tax purpose	27 years 6 months
Period considered for determining the taxability of distributions to shareholders	30 years
(Excess) / Deficit of book basis of net depreciable assets over tax basis	$ 252,593,000

Major Operators (Details)

Major Operators (Details)	12 Months Ended
	Dec. 31, 2024 property item
Major Operators
Number of major operators	2
Number of beds/units	480
Major Operators | SNF
Major Operators
Number of beds | property	23
Number of beds/units	2,694
Major Operators | ALF
Major Operators
Number of beds | property	29,000
Number of beds/units	1,401
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
ALG Senior Living | ALF
Major Operators
Number of beds | property	29,000
Number of beds/units	1,308
Total Revenue | Operator Concentration Risk | Major Operators
Major Operators
Concentration risk (as a percent)	25.70%
Total Revenue | Operator Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	15.60%
Total Revenue | Operator Concentration Risk | ALG Senior Living
Major Operators
Concentration risk (as a percent)	10.10%
Total Assets | Credit Concentration Risk | Major Operators
Major Operators
Concentration risk (as a percent)	31%
Total Assets | Credit Concentration Risk | Prestige Healthcare
Major Operators
Concentration risk (as a percent)	14.60%
Total Assets | Credit Concentration Risk | ALG Senior Living
Major Operators
Concentration risk (as a percent)	16.40%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-cash investing and financing transactions:
Contribution of financing receivables from non-controlling interests	$ 61,025	$ 12,965	$ 14,325
Investment in financing receivables	(163,460)
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables	102,435
Seller financing related to property sales		13,750
Exchange of mezzanine loan and related prepayment fee for participating interest in mortgage loan		(8,841)
Reserves withheld at financing and mortgage loan receivable origination		(3,641)	107
Write-off of notes receivable	(290)	(3,561)
Accretion of interest reserve recorded as mortgage loan receivable	233	1,939	6,192
Preferred return reserve related to investment in unconsolidated joint ventures			351
Change in fair value of interest rate swap agreements	(2,295)	(2,609)	$ 8,891
Transfer of joint venture partner's non-controlling interest to LTC	1,240
Distributions paid to non-controlling interests	3,820	$ 1,644
Distributions paid to non-controlling interests related to property sale	$ 2,305

Real Estate Investments - Owned

Real Estate Investments - Owned Properties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property item state	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Gross Investment | $	$ 47,717
Number of properties	123
Number of beds/units | item	480
Investment, Type [Extensible Enumeration]	us-gaap:RealEstateInvestmentMember
Number of states | state	23
Number of operators | item	23
Depreciation expense | $	$ 36,223	$ 37,303	$ 37,394
ALF
Real Estate [Line Items]
Number of properties	72
SNF
Real Estate [Line Items]
Number of properties	50
Hospital
Real Estate [Line Items]
Number of properties	1

Real Estate Investments - Base

Real Estate Investments - Base Rents (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) lease
Depreciation
Number of master leases with agreed upon cash rent | lease	2
Future minimum base rents receivable
2025	$ 116,247
2026	100,188
2027	94,235
2028	83,178
2029	69,620
Thereafter	$ 108,855

Real Estate Investment - Detail

Real Estate Investment - Details (Details)		3 Months Ended		12 Months Ended
	Jan. 01, 2025 lease	Mar. 31, 2025 lease	Dec. 31, 2024 USD ($) lease Y property item	Dec. 31, 2024 USD ($) lease Y property Center item	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Number of properties | property			123	123
Number of beds/units | item			480	480
Notes receivable, net of credit loss reserve			$ 47,240,000	$ 47,240,000	$ 60,490,000
Gross Investment			47,717,000	47,717,000
2025			116,247,000	116,247,000
2026			$ 100,188,000	100,188,000
Write-off of straight-line rent and lease incentives balances				$ 321,000	26,000	$ 256,000
Number of master leases with agreed upon cash rent | lease				2
Income and Expenses, Lessor [Abstract]
Adjustment of lease incentives and rental income				$ (321,000)	(26,000)	(256,000)
Contingent rental income				$ 0	$ 56,000,000	$ 57,000,000
SNF
Real Estate [Line Items]
Number of properties | property			50	50
ALF
Real Estate [Line Items]
Number of properties | property			72	72
Mortgage Loans
Real Estate [Line Items]
Number of properties | property			27	27
Gross Investment			$ 315,734,000	$ 315,734,000
Mortgage Loans | SNF
Real Estate [Line Items]
Interest rate (as a percent)				2.25%
Working capital loans
Real Estate [Line Items]
Notes receivable, net of credit loss reserve			$ 1,428,000	$ 1,428,000
Texas | SNF
Real Estate [Line Items]
Lease term			10 years	10 years
Lease renewal term			5 years	5 years
Oklahoma | ALF | Subsequent Event
Real Estate [Line Items]
Number of removed from master lease | lease	5	5
North Carolina | ALF
Real Estate [Line Items]
Number of properties | property					4
Number of beds/units | item					217
Florida | Mortgage Loans With 8.75 Interest | ALF
Real Estate [Line Items]
Number of properties provided for collateral to seller financing | item					4
Loan Term					2 years
Loan extension term					1 year
Interest rate (as a percent)					8.75%
Tennessee | SNF
Real Estate [Line Items]
Number of master lease | lease				2
Tennessee | SNF | Subsequent Event
Real Estate [Line Items]
Number of master lease | lease	2
Master lease agreement
Real Estate [Line Items]
Specified annual increase over the prior year's rent (as a percent)				0.031%
2024			$ 9,000,000	$ 9,000,000
2025			9,500,000	9,500,000
2026			$ 10,000,000	$ 10,000,000
Number of operating lease renewals | lease				2
Lease renewal term			5 years	5 years
Write-off of straight-line rent and lease incentives balances				$ 3,158,000
Master lease agreement | SNF
Real Estate [Line Items]
Number of beds/units | item			1,444	1,444
Skilled nursing center purchased | Center				11
Annual Rent			$ 8,000,000,000	$ 8,000,000,000
Income and Expenses, Lessor [Abstract]
Number of master lease contracts renewal option | lease			7
Master lease agreement | Working capital loans
Real Estate [Line Items]
Gross Investment			$ 13,531,000	$ 13,531,000
Master lease agreement | California | SNF
Income and Expenses, Lessor [Abstract]
Number of master lease contracts renewal option | lease			1
Master lease agreement | Virginia | SNF
Income and Expenses, Lessor [Abstract]
Number of master lease contracts renewal option | lease			4
Master lease agreement | Florida | SNF
Income and Expenses, Lessor [Abstract]
Number of master lease contracts renewal option | lease			2
New master lease agreement
Real Estate [Line Items]
Number of beds/units | item			666	666
Specified annual increase over the prior year's rent (as a percent)				0.025%
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				$ 12,103,000
New master lease agreement | SNF
Real Estate [Line Items]
Number of extension periods | Y			2	2
Lease term, extension period			5 years
New master lease agreement | Working capital loans
Real Estate [Line Items]
Notes receivable, net of credit loss reserve			$ 1,428,000	$ 1,428,000
New master lease agreement | Texas
Real Estate [Line Items]
Skilled nursing center purchased | Center				3
New master lease agreement | Wisconsin
Real Estate [Line Items]
Skilled nursing center purchased | Center				1

Real Estate Investments - Compo

Real Estate Investments - Components of Rental Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Income and Expenses, Lessor [Abstract]
Contractual cash rental income	$ 118,198	$ 116,702	$ 115,230
Variable cash rental income	12,951	13,525	15,516
Straight-line rent	2,268	(2,078)	(1,369)
Adjustment of lease incentives and rental income	(321)	(26)	(256)
Amortization of lease incentives	(818)	(773)	(877)
Total Rental Income	132,278	127,350	128,244
Repayment of rent credit	2,377
Contingent rental income	$ 0	$ 56,000	$ 57,000
Number of units | item	480

Real Estate Investments - Purch

Real Estate Investments - Purchase Options (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property item	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 property item	Dec. 31, 2017 item
Real estate investments
Number of Properties | property	123
Gross Investment	$ 47,717
Net Book Value	$ 925,848	$ 987,965
Number of units | item	480
Purchase Option in Lease Arrangements
Real estate investments
Gross Investment	$ 627,003
Net Book Value	$ 552,821
Financing receivables
Real estate investments
Number of Properties | property		31
Gross Investment		$ 361,482
ALF
Real estate investments
Number of Properties | property	72
Number of properties acquired | property		1
ALF | North Carolina
Real estate investments
Number of Properties | property		4
Number of units | item		217
ALF | Purchase Option in Lease Arrangements
Real estate investments
Lease term, extension period		4 years
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	$ 14,980
Net Book Value	$ 7,086
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
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	$ 13,049
MC | Purchase Option in Lease Arrangements | Texas
Real estate investments
Number of Properties | property	1
Gross Investment	$ 6,724
Net Book Value	$ 3,340
Lease term, extension period	1 year
ALF & MC | South Carolina
Real estate investments
Number of units | item				87
ALF & MC | Purchase Option in Lease Arrangements | Colorado/Kansas/Ohio/Texas
Real estate investments
Number of Properties | property	17
Gross Investment	$ 65,134
Net Book Value	$ 30,842
ALF & MC | Purchase Option in Lease Arrangements | Georgia/South Carolina
Real estate investments
Number of Properties | property	2
Gross Investment	$ 32,266
Net Book Value	$ 24,855
ALF & MC | Purchase Option in Lease Arrangements | North Carolina
Real estate investments
Number of Properties | property	11
Gross Investment	$ 121,419
Net Book Value	$ 121,419
Number of properties acquired | 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	$ 11,068
Net Book Value	$ 3,936
ALF & MC | Purchase Option in Lease Arrangements | South Carolina
Real estate investments
Number of Properties | property	1
Gross Investment	$ 11,680
Net Book Value	$ 7,920
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%
SNF
Real estate investments
Number of Properties | property	50
Number of properties acquired | property			4
SNF | Texas
Real estate investments
Lease term	10 years
SNF | Purchase Option in Lease Arrangements | Florida
Real estate investments
Number of Properties | property	3
Gross Investment	$ 76,603
Net Book Value	$ 76,603
SNF | Purchase Option in Lease Arrangements | Texas
Real estate investments
Number of Properties | property	4
Gross Investment	$ 52,726
Net Book Value	$ 48,980
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	$ 51,331

Real Estate Investments - Impai

Real Estate Investments - Impairment Loss (Details)	3 Months Ended					12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) property item	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) item property	Dec. 31, 2024 USD ($) property item	Dec. 31, 2023 USD ($) property item	Dec. 31, 2022 USD ($) item property
Real Estate Properties [Line Items]
Impairment loss						$ 6,953,000	$ 15,775,000	$ 3,422,000
Net gain (loss)						7,979,000	37,296,000	37,830,000
Properties sold
Real Estate Properties [Line Items]
Sales price						40,002,000	82,821,000	74,345,000
Net gain (loss)						$ 7,979,000	$ 37,296,000	$ 37,830,000
ALF
Real Estate Properties [Line Items]
Number of properties | property		10			3	3	10	3
Number of Beds/Units | item		445			130	124	445	130
Impairment loss						$ 6,953,000	$ 15,775,000	$ 3,422,000
ALF | Ohio
Real Estate Properties [Line Items]
Number of properties | property						1
Number of Beds/Units | item						39
Impairment loss						$ 780,000
ALF | Oklahoma
Real Estate Properties [Line Items]
Number of properties | property						1
Number of Beds/Units | item						29
Impairment loss						$ 153,000
ALF | Texas
Real Estate Properties [Line Items]
Number of properties | property		7				1	7
Number of Beds/Units | item		248				56	248
Impairment loss						$ 6,020,000	$ 3,265,000
ALF | Florida
Real Estate Properties [Line Items]
Number of properties | property					1			1
Number of Beds/Units | item					70			70
Impairment loss	$ 434,000				$ 1,222,000			$ 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 | Kentucky
Real Estate Properties [Line Items]
Number of properties | property					1			1
Number of Beds/Units | item					60			60
Impairment loss								$ 1,286,000
Sales price				$ 11,000,000
Net gain (loss)				$ 57,000
ALF | Colorado
Real Estate Properties [Line Items]
Number of properties | property					1			1
Impairment loss								$ 914,000
ALF | Properties sold | Oklahoma
Real Estate Properties [Line Items]
Sales price							800,000
ALF | Properties sold | Texas
Real Estate Properties [Line Items]
Sales price						1,600,000
ALF | Properties sold | Florida
Real Estate Properties [Line Items]
Sales price						4,500,000	23,600,000
ALF | Properties sold | Mississippi
Real Estate Properties [Line Items]
Sales price							1,650,000
ALF | Properties sold | Kentucky
Real Estate Properties [Line Items]
Sales price							$ 11,000,000
ALF | Properties sold | Colorado
Real Estate Properties [Line Items]
Sales price						$ 5,250,000

Real Estate Investments - Prope

Real Estate Investments - Properties Held-For-Sale (Details) $ in Thousands	Dec. 31, 2024 USD ($) item property	Dec. 31, 2023 USD ($) item property
Real Estate Properties [Line Items]
Accumulated depreciation and amortization	$ (405,884)	$ (387,751)
ALF | Properties held-for-sale | Wisconsin
Real Estate Properties [Line Items]
Number of Properties | property	1
Number of Beds/units | item	29
Gross Investment	$ 2,016
Accumulated depreciation and amortization	$ (1,346)
ALF | Properties held-for-sale | Kentucky
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)

Real Estate Investments - Acqui

Real Estate Investments - Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 USD ($) property item
Real estate investments
Non-Controlling Interest	$ 61,025	$ 12,965	$ 14,375
Number of options available for renewal | item	2
OTH
Real estate investments
Cash Paid at Acquisition	$ 300
Transaction Costs	19
Assets Acquired	$ 319
OTH | Kansas
Real estate investments
Increase in rent (as percent)	8%
ALF
Real estate investments
Cash Paid at Acquisition		43,759
Assumed Liabilities		9,767
Non-Controlling Interest		9,133
Transaction Costs		363
Assets Acquired		$ 63,022
Number of properties acquired | property		1
Number of beds/units acquired | item		242
Tax abatement intangible	$ 8,309
SNF
Real estate investments
Cash Paid at Acquisition			51,817
Assets Acquired			$ 51,817
Number of properties acquired | property			4
Number of beds/units acquired | item			339
SNF | Texas
Real estate investments
Lease term	10 years
Lease renewal term	5 years
Cash yield percentage	8%
Cash yield percentage year two	8.25%
SNF | Texas | Minimum
Real estate investments
Annual increase in cash yield percentage	2%
SNF | Texas | Maximum
Real estate investments
Annual increase in cash yield percentage	4%
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	Dec. 31, 2024	Dec. 31, 2023
Real estate investments
Net	$ 11,501
Future amortization expenses related to the intangible assets
2024	1,564
2025	1,388
2026	1,325
2027	1,211
2028	1,185
Thereafter	4,828
In-place leases
Real estate investments
Cost	11,047	$ 11,348
Accumulated Amortization	(6,758)	(6,109)
Net	4,289	5,239
Future amortization expenses related to the intangible assets
2024	872
2025	696
2026	633
2027	519
2028	493
Thereafter	1,076
Tax abatement intangible
Real estate investments
Cost	8,309	8,309
Accumulated Amortization	(1,097)	(405)
Net	7,212	$ 7,904
Future amortization expenses related to the intangible assets
2024	692
2025	692
2026	692
2027	692
2028	692
Thereafter	$ 3,752

Real Estate Investments - Devel

Real Estate Investments - Developments and Improvements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate investments
Invested in projects	$ 23,160
Development
Real estate investments
Invested in projects			$ 105
Improvements
Real estate investments
Invested in projects	13,677	$ 9,686	8,994
ALF | Development | Development and Improvement Commitments
Real estate investments
Invested in projects			105
ALF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	12,431	3,112	5,538
SNF | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects	$ 1,246	6,487	2,897
Other | Improvements | Development and Improvement Commitments
Real estate investments
Invested in projects		$ 87	$ 559

Real Estate Investments - Pro_2

Real Estate Investments - Properties Sales (Details)		3 Months Ended			12 Months Ended
	Jan. 01, 2025 USD ($) item	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) property item	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 USD ($) property item
Disposals and other
Carrying value		$ 987,965,000			$ 925,848,000	$ 987,965,000
Net gain (loss)					7,979,000	37,296,000	$ 37,830,000
Distributions paid to non-controlling interests related to property sale					2,305,000
Rental income					$ 132,278,000	127,350,000	$ 128,244,000
Number of units | item					480
ALF | Florida
Disposals and other
Sales price			$ 4,850,000
Net gain (loss)			$ 64,000
ALF | Kentucky
Disposals and other
Sales price				$ 11,000,000
Net gain (loss)				$ 57,000
ALF | Mississippi
Disposals and other
Sales price		1,650,000
Net gain (loss)		(219,000)
ALF | Virginia
Disposals and other
Lease termination fee payable		1,181,000				$ 1,181,000
Properties sold
Disposals and other
Number of properties sold | property					11	19	5
Number of beds or units in property sold | item					458	1,059	427
Sales price					$ 40,002,000	$ 82,821,000	$ 74,345,000
Carrying value		42,729,000			30,817,000	42,729,000	35,924,000
Net gain (loss)					7,979,000	$ 37,296,000	37,830,000
Net (Loss) Gain					(60,000)		$ 214,000
Properties sold | ALF | 1 Property obtained from JV
Disposals and other
Rental income					$ 441,000
Properties sold | ALF | Florida
Disposals and other
Number of properties sold | property					1	5
Number of beds or units in property sold | item					60	246
Sales price					$ 4,500,000	$ 23,600,000
Carrying value		9,084,000			4,579,000	9,084,000
Net (Loss) Gain					$ (289,000)	$ 13,327,000
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 | Mississippi
Disposals and other
Number of properties sold | property						1
Number of beds or units in property sold | item						67
Sales price						$ 1,650,000
Carrying value		1,639,000				1,639,000
Net (Loss) Gain						$ (220,000)
Properties sold | ALF | New Jersey
Disposals and other
Number of properties sold | property						1
Number of beds or units in property sold | item						39
Sales price						$ 2,000,000
Carrying value		1,552,000				1,552,000
Net (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 | Oklahoma
Disposals and other
Number of properties sold | property						1
Number of beds or units in property sold | item						37
Sales price						$ 800,000
Carrying value		777,000				777,000
Net (Loss) Gain						$ 11,000
Properties sold | ALF | Oklahoma | Subsequent Event
Disposals and other
Proceeds from Sale of Real Estate	$ 670,000
Number of units | item	29
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						$ 4,860,000
Properties sold | ALF | South Carolina
Disposals and other
Number of properties sold | property						3
Number of beds or units in property sold | item						128
Sales price						$ 8,409,000
Carrying value		4,446,000				4,446,000
Net (Loss) Gain						$ 3,708,000
Properties sold | ALF | California
Disposals and other
Number of properties sold | property							2
Number of beds or units in property sold | item							232
Sales price							$ 43,715,000
Carrying value							17,832,000
Net (Loss) Gain							$ 25,867,000
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
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
Net (Loss) Gain					$ 3,635,000
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
Properties sold | ALF | Virginia
Disposals and other
Number of properties sold | property							1
Number of beds or units in property sold | item							74
Sales price							$ 16,895,000
Carrying value							15,549,000
Net (Loss) Gain							$ 1,344,000
Properties sold | ALF | Wisconsin
Disposals and other
Number of properties sold | property					1
Number of beds or units in property sold | item					110
Sales price					$ 20,193,000
Carrying value					16,195,000
Net (Loss) Gain					3,986,000
Distributions paid to non-controlling interests related to property sale					$ 2,305,000
Properties sold | ALF | Colorado
Disposals and other
Number of properties sold | property					1
Sales price					$ 5,250,000
Carrying value					4,058,000
Net (Loss) Gain					$ 1,097,000
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
Properties sold | SNF | California
Disposals and other
Number of properties sold | property							1
Number of beds or units in property sold | item							121
Sales price							$ 13,250,000
Carrying value							1,846,000
Net (Loss) Gain							$ 10,846,000
Properties sold | SNF | Texas
Disposals and other
Number of properties sold | property							1
Sales price							$ 485,000
Carrying value							697,000
Net (Loss) Gain							$ (441,000)

Real Estate Investments - Finan

Real Estate Investments - Financing Receivable (Details) $ in Thousands	3 Months Ended	12 Months Ended			36 Months Ended
	Jun. 30, 2024 USD ($) Option property	Dec. 31, 2024 USD ($) item property $ / item	Dec. 31, 2023 USD ($) Option item property $ / item	Dec. 31, 2022 USD ($) property item Option $ / item	Dec. 31, 2024 USD ($) property
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gross Investment		$ 47,717			$ 47,717
Number of properties | property		123			123
Interest income from financing receivables		$ 21,663	$ 15,243	$ 1,762
Provision for credit losses		741	5,678	$ 1,528
Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gross Investment			361,482
LTC Investment			$ 282,301
Number of properties | property			31
Number of Beds/Units | item			1,562
Interest income from financing receivables		$ 21,663	$ 15,243
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]
Number of properties | property		50			50
Interest income from financing receivables				$ 1,762
SNF | Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of contractual initial cash yield					7.25%
Interest income from financing receivables		$ 5,611	5,618
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				$ 76,603
LTC Investment				$ 62,278
Number of properties | property				3
Number of Beds/Units | item				299
Investment per Bed/Unit | $ / item				256.2
ALF & MC | Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of contractual initial cash yield					7.25%
Interest income from financing receivables		9,710	$ 9,625
ALF & MC | North Carolina/ South Carolina | 7.25% (2034 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property	13
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			232.16
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			$ 3,014
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
ILF/ALF/MC | Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of contractual initial cash yield					7.25%
Interest income from financing receivables		$ 4,751
ILF/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
LTC Investment		$ 64,450
Number of properties | property		13			13
Number of Beds/Units | item		523
Investment per Bed/Unit | $ / item		234.15
ALF
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property		72			72
ALF | Financing receivables
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of contractual initial cash yield					7.25%
Interest income from financing receivables		$ 1,591
ALF | North Carolina/ South Carolina | 7.25% (2034 Maturity Year)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gross Investment	$ 41,000
LTC Investment	$ 37,985
Number of properties | property	4
Additional amount funded under mortgage loan	$ 2,766
Controlling interest obtained from JV (%)	93%
Non-controlling interest owned by JV partner	7%
Lease term	10 years
Number of operating lease renewals | Option	2
Lease renewal term	5 years
Percentage of cash return	8%
ALF | North Carolina
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property			4
ALF | North 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
LTC Investment		$ 37,985
Number of properties | property		4			4
Number of Beds/Units | item		217
Investment per Bed/Unit | $ / item		188.94
Affiliates of ALG
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Additional amount funded under mortgage loan		$ 5,546
Affiliates of ALG | ALF | North Carolina
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of properties | property		4			4
Additional amount funded under mortgage loan		$ 2,766

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Loan (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan item property state $ / item	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 item
Real Estate [Line Items]
Gross Investment	$ 47,717
Number of Loans | property	8
Number of properties | property	123
Number of beds/units | item	480
Notes receivable, net of credit loss reserve	$ 47,240	$ 60,490
Remaining commitment	61,178
Additional interest income related to the exit IRR		$ 1,380
Pay-offs received	$ 85,204
SNF
Real Estate [Line Items]
Number of properties | property	50
ALF
Real Estate [Line Items]
Number of properties | property	72
ALF | North Carolina
Real Estate [Line Items]
Number of properties | property		4
Number of beds/units | item		217
Mezzanine loan
Real Estate [Line Items]
Interest rate (as a percent)			8%
Number of beds/units | item		136	621
Loan Term			5 years
Extension term number of options | item			2
Additional interest income related to the exit IRR		$ 1,380
Mezzanine loan | Georgia
Real Estate [Line Items]
Interest rate (as a percent)		8.75%
Number of beds/units | item		130
Loan Term		5 years
Mezzanine loan | ALF/ILF/MC | Georgia
Real Estate [Line Items]
Interest rate (as a percent)		7.50%
Gross Investment		$ 42,251
Internal Rate of Return		7.75%
Mortgage loans with 7.5% Interest Maturing 2024 | Mezzanine loan
Real Estate [Line Items]
Notes receivable, net of credit loss reserve		$ 7,461
Mortgage loans with 8.8% Interest Maturing 2026 | ALF
Real Estate [Line Items]
Interest rate (as a percent)	8.80%
Mortgage loans with 8.8% Interest Maturing 2028 | SNF | Illinois
Real Estate [Line Items]
Interest rate (as a percent)		8.75%
Gross Investment		$ 16,500
Number of beds/units | item		150
Mortgage Loans
Real Estate [Line Items]
Gross Investment	$ 315,734
Percentage of Investment	100%
Number of Loans | loan	9
Number of properties | property	27
Average Investment per Bed/Unit | $ / item	103.18
Number of states in which properties are located | state	4
Number of borrowers | item	6
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	334
Mortgage Loans | SNF
Real Estate [Line Items]
Interest rate (as a percent)	2.25%
Mortgage Loans | ALF/ILF/MC
Real Estate [Line Items]
Gross Investment	$ 26,120
Mortgage Loans | ALF/ILF/MC | Georgia
Real Estate [Line Items]
Gross Investment		$ 51,111
Number of beds/units | item		203
Payments to Acquire Real Estate		$ 51,111
Mortgage Loans | ALF/ILF/MC | Illinois
Real Estate [Line Items]
Interest rate (as a percent)	9%
Gross Investment	$ 26,120
Number of beds/units | item	116
Internal Rate of Return	9.50%
Borrower contribution	$ 12,300
Loan Term	6 years
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
Percentage of Investment	1.30%
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
Percentage of Investment	5.30%
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	$ 10,750
Percentage of Investment	3.40%
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 | North Carolina
Real Estate [Line Items]
Number of beds/units | item		45
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025, NC | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	45
Mortgage Loans | Mortgage loans with 7.3% Interest Maturing 2025, NC | ALF | ALF Units | North Carolina
Real Estate [Line Items]
Interest rate (as a percent)		7.25%
Internal Rate of Return		9%
Loan Term		2 years
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2026 | ALF
Real Estate [Line Items]
Gross Investment	$ 12,753
Percentage of Investment	4.10%
Number of Loans | loan	1
Number of properties | property	1
Average Investment per Bed/Unit | $ / item	150.04
Mortgage Loans | Mortgage loans with 8.8% Interest Maturing 2026 | ALF | ALF Units
Real Estate [Line Items]
Number of beds/units | item	85
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
Percentage of Investment	5.20%
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 10.84% Interest Maturing 2043 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	11.10%
Mortgage Loans | Mortgage loans with 9.78% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	10%
Mortgage Loans | Mortgage loans with 10.1% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	10.30%
Mortgage Loans | Mortgage loans with 10.3% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Interest rate (as a percent)	10.50%
Gross Investment	$ 19,700
Percentage of Investment	6.20%
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]
Gross Investment	$ 14,825
Percentage of Investment	4.70%
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 11.1% Interest Maturing 2043 | SNF
Real Estate [Line Items]
Gross Investment	$ 180,700
Percentage of Investment	57.20%
Number of Loans | loan	1
Number of properties | property	14
Average Investment per Bed/Unit | $ / item	103.32
Mortgage Loans | Mortgage loans with 11.1% Interest Maturing 2043 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	1,749
Mortgage Loans | Mortgage loans with 10.0% Interest Maturing 2045 | SNF
Real Estate [Line Items]
Gross Investment	$ 39,800
Percentage of Investment	12.60%
Number of Loans | loan	1
Number of properties | property	4
Average Investment per Bed/Unit | $ / item	82.92
Mortgage Loans | Mortgage loans with 10.0% Interest Maturing 2045 | SNF | SNF Beds
Real Estate [Line Items]
Number of beds/units | item	480
Mortgage Loans | Mortgage Loans With 8.75 Interest | ALF
Real Estate [Line Items]
Remaining commitment	$ 6,747

Real Estate Investments - Mor_2

Real Estate Investments - Mortgage Loans Activity (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) property item D	Dec. 31, 2023 USD ($) a item loan property period	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2017 item
Mortgage Loans
Originations and funding under mortgage loans receivable		$ 21,833	$ 97,058	$ 40,732
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables		(102,435)
Pay-offs received		(85,204)
Application of interest reserve		169	1,722	6,192
Scheduled principal payments received		(701)	(10,351)	(1,175)
Mortgage loan premium amortization		(8)	(7)	(6)
Recovery (provision) for loan loss reserve		1,663	(884)	(457)
Net (decrease) increase in mortgage loans receivable		(164,683)	$ 87,538	45,286
Number of senior mortgage loans | loan			2
Gross Investment		$ 47,717
Number of properties | property		123
Number of beds/units | item		480
Remaining commitment		$ 61,178
Carrying Amount of Mortgages		312,583	$ 477,266	$ 389,728	$ 344,442
Accrued interest receivable		60,258,000
Mortgage Loans
Mortgage Loans
Gross Investment		$ 315,734
Number of properties | property		27
Percentage of Investment		100%
Additions to mortgage loans			2,000
Other Mortgage Loans
Mortgage Loans
Additions to mortgage loans		$ 768	4,947
Mezzanine loan
Mortgage Loans
Loan Term				5 years
Interest rate (as a percent)				8%
Exit IRR			$ 190
Number of beds/units | item			136	621
Extension term number of options | item				2
Loan extension term				1 year
Mortgage loans with 7.25%
Mortgage Loans
Loan Term			4 years
Interest rate (as a percent)			7.25%
Internal Rate of Return			8%
SNF
Mortgage Loans
Number of properties | property		50
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
Interest rate (as a percent)		8.80%
Number of properties | property		1
Percentage of Investment		5.20%
ALF
Mortgage Loans
Number of properties | property		72
ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Gross Investment		$ 10,750	$ 10,750
Interest rate (as a percent)		7.30%
Number of properties | property		1
Percentage of Investment		3.40%
ALF | Mortgage Loans With 8.75 Interest | Mortgage Loans
Mortgage Loans
Remaining commitment		$ 6,747
ALF/ILF/MC | Mortgage Loans
Mortgage Loans
Gross Investment		$ 26,120
Michigan | ALF & MC | Mortgage Loans With 8.75 Interest
Mortgage Loans
Loan Term		3 years	3 years
Gross Investment		$ 19,500	$ 19,500
Interest rate (as a percent)		8.75%	8.75%
Number of beds/units | item		85	85
Borrower contribution		$ 12,100	$ 12,100
Funding under mortgage loan commitment		$ 12,753
Extension term number of options		2	2
Loan extension term		1 year	1 year
Florida | ALF | Mortgage Loans With 8.75 Interest
Mortgage Loans
Loan Term			2 years
Interest rate (as a percent)			8.75%
Loan extension term			1 year
Real Estate Investment, Seller Financing			$ 13,750
Real estate investment, Seller financed			$ 4,000
Number of properties collateralized | item			4
Payments to seller financing			$ 9,750
Number of properties released from collateral | item			2
North Carolina
Mortgage Loans
Area of land | a			7.6
North Carolina | ALF
Mortgage Loans
Number of properties | property			4
Number of beds/units | item			217
North Carolina | ALF | Maximum
Mortgage Loans
Loan Term			4 years
North Carolina | ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Number of beds/units | item			45
South Carolina | ALF & MC
Mortgage Loans
Number of beds/units | item						87
Georgia | Mezzanine loan
Mortgage Loans
Loan Term			5 years
Interest rate (as a percent)			8.75%
Number of beds/units | item			130
Georgia | ALF/ILF/MC | Mortgage Loans
Mortgage Loans
Payments to Acquire Real Estate			$ 51,111
Gross Investment			$ 51,111
Number of beds/units | item			203
Georgia | ALF/ILF/MC | Mezzanine loan
Mortgage Loans
Gross Investment			$ 42,251
Interest rate (as a percent)			7.50%
Internal Rate of Return			7.75%
Illinois | SNF | Mortgage loans with 8.8% Interest Maturing 2028
Mortgage Loans
Gross Investment			$ 16,500
Interest rate (as a percent)			8.75%
Number of beds/units | item			150
Illinois | ALF/ILF/MC | Mortgage Loans
Mortgage Loans
Loan Term		6 years
Gross Investment		$ 26,120
Interest rate (as a percent)		9%
Internal Rate of Return		9.50%
Number of beds/units | item		116
Borrower contribution		$ 12,300
Affiliates of ALG
Mortgage Loans
Exchange of mortgage loans for controlling interests in joint ventures accounted for as financing receivables	$ 64,450
Additional amount funded under mortgage loan		5,546
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
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	$ 37,985
Number of properties | property		4
Additional amount funded under mortgage loan		$ 2,766
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
Mortgage Loans
Number of beds/units | item		2,726
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
Mortgage Loans
Number of beds/units | item		334
ALF Units | ALF | Mortgage loans with 7.3% Interest Maturing 2025, NC | Mortgage Loans
Mortgage Loans
Number of beds/units | item		45
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%
ALF 203 | Georgia
Mortgage Loans
Pay-offs received		$ 51,111
SNF 189 | Louisiana
Mortgage Loans
Pay-offs received		29,347
Parcel of land | Missouri
Mortgage Loans
Pay-offs received		2,013
SNF 15 | Michigan
Mortgage Loans
Pay-offs received		$ 2,733

Real Estate Investments - Mor_3

Real Estate Investments - Mortgage Loans - Scheduled Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real estate investments
Carrying value of mortgage loans	$ 312,583	$ 477,266
Mortgage Loans
Real estate investments
Carrying value of mortgage loans	312,583	$ 477,266,000
Scheduled principal payments on mortgage loan receivables
2024	32,136
2025	13,434
2026	680
2027	17,180
2028	680
Thereafter	251,624
Total	$ 315,734

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Investment in Unconsolidated Joint Ventures
Number of beds/units | item	480
Carrying Value	$ 30,602	$ 19,340
Non-cash Income Accrued	233	1,939	$ 6,192
Gross Investment	47,717
Income from unconsolidated joint ventures	$ 2,442	1,504	1,504
Mortgage Loans
Investment in Unconsolidated Joint Ventures
Percentage of Investment	100%
Gross Investment	$ 315,734
Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized	2,442	1,504	1,504
Cash Income Earned	1,388	56	351
Non-cash Income Accrued	$ 1,054	1,448	1,153
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%
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
Carrying Value	$ 11,262
Investment commitment	11,164
Amount With held in Reserve	750
Capital expenditure reserve	$ 786
SNF/ALF | Senior Loan | Texas | Mortgage Loans With Interes
Investment in Unconsolidated Joint Ventures
Loan Term	5 years
SNF/ALF | Senior Loan | Texas | Mortgage Loans
Investment in Unconsolidated Joint Ventures
Gross Investment	$ 12,700
SNF/ALF | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized	884
Cash Income Earned	$ 884
SNF | Senior Loan | Texas
Investment in Unconsolidated Joint Ventures
Number of beds/units | item	70
ALF | Senior Loan | Texas
Investment in Unconsolidated Joint Ventures
Number of beds/units | item	34
UDP | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized		1,054	450
Non-cash Income Accrued		1,054	450
UDP | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Percentage of Investment	11%
Percentage of cash return	8%
Percentage of internal rate of return	14%
UDP | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized			1,054
Cash Income Earned			351
Non-cash Income Accrued			$ 703
Combination ALF/MC | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized	$ 504	450
Cash Income Earned	$ 504	56
Non-cash Income Accrued		$ 394
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
Contractual cash portion	9%
Number of beds/units | item	109
Carrying Value	$ 6,340
Percentage of Investment	15.50%
Combination ALF/MC | Joint Venture | Not primary beneficiary | Washington | Minimum
Investment in Unconsolidated Joint Ventures
Preferred return percentage	12%
Combination ALF/MC | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Minimum
Investment in Unconsolidated Joint Ventures
Percentage of cash return	7%
Combination ALF/MC | Joint Venture | Not primary beneficiary | Washington | Internal Rate of Return is Until Eight Percent | Maximum
Investment in Unconsolidated Joint Ventures
Percentage of cash return	9%
Combination ILF/ALF | Joint Venture | Not primary beneficiary
Investment in Unconsolidated Joint Ventures
Income Recognized	$ 1,054
Non-cash Income Accrued	$ 1,054
Combination ILF/ALF | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage	14%
Contractual cash portion	8%
Number of beds/units | item	267
Carrying Value	$ 13,000
Combination ALF/IL/MC | Joint Venture | Not primary beneficiary | Washington
Investment in Unconsolidated Joint Ventures
Preferred return percentage	12%

Notes Receivable - Investment i

Notes Receivable - Investment in Notes Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan item property	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Notes Receivable
Gross Investment	$ 47,717
Number of Loans | property	8
Number of units | item	480
Repayment from operator	$ 13,434	$ 14,687	$ 6,843
Working capital loans | Working capital loan 0.0% interest rate, 2028 maturity | SNF
Notes Receivable
Gross Investment	$ 1,429
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 7.1% interest rate, 2030 maturity | ALF
Notes Receivable
Gross Investment	$ 1,457
Number of Loans | loan	2
Interest rate (as a percent)	7.40%
Working capital loans | Working capital loan 7% interest rate, 2031 maturity | ALF
Notes Receivable
Gross Investment	$ 2,693
Number of Loans | loan	1
Interest rate (as a percent)	0%
Mezzanine loan
Notes Receivable
Number of units | item		136	621
Loan Term			5 years
IRR on mortgage loan on real estate property			11%
Interest rate (as a percent)			8%
Mezzanine loan | Georgia
Notes Receivable
Number of units | item		130
Loan Term		5 years
IRR on mortgage loan on real estate property		12%
Number of additional units under construction | item		89
Interest rate (as a percent)		8.75%
Mezzanine loan | Mezzanine loan loan 8% interest rate, 2027 maturity | ALF
Notes Receivable
Internal Rate of Return	11%
Gross Investment	$ 25,000
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	Dec. 31, 2024	Dec. 31, 2023
Notes receivable activities
Mezzanine loan	$ 47,717
Notes receivable credit loss reserve	(477)	$ (611)
Total	47,240	60,490
Mezzanine loan
Notes receivable activities
Mezzanine loan	42,000	42,000
Working capital loans
Notes receivable activities
Mezzanine loan	$ 5,717	$ 19,101

Notes Receivable - Other Inform

Notes Receivable - Other Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) property
Notes Receivable
Advances under notes receivable	$ 340	$ 20,377	$ 37,192
Principal payments received under notes receivable	(13,434)	(14,687)	(6,843)
Write-off of notes receivable	(290)	(3,561)
Provision for credit losses	134	(22)	(303)
Net (decrease) increase in notes receivable	$ (13,250)	$ 2,107	30,046
Mezzanine loan
Notes Receivable
Advances under notes receivable			$ 25,000
Number of property | property			5
Number of real estate property communities | property			5

Notes Receivable - New Loan Com

Notes Receivable - New Loan Commitment (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Notes Receivable
Gross Investment	$ 47,717,000
Notes receivable, net of credit loss reserve	47,240,000	$ 60,490,000
Principal payments received on notes receivable	$ 13,434,000	7,227,000	$ 6,843,000
Number of units | item	480
Additional interest income related to the exit IRR		1,380,000
Pay-offs received	$ (85,204,000)
Mortgage Loans
Notes Receivable
Gross Investment	315,734,000
ALF/ILF/MC | Mortgage Loans
Notes Receivable
Gross Investment	26,120,000
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	12,103,000
Gross Investment	$ 13,531,000
Number of units | item	666
Working capital loans
Notes Receivable
Principal payments received under notes receivable	$ 1,331,000
Notes receivable, net of credit loss reserve	1,428,000
Working capital loans | New master lease agreement
Notes Receivable
Notes receivable, net of credit loss reserve	1,428,000
Working capital loans | Master lease agreement
Notes Receivable
Gross Investment	13,531,000
Principal payments received under notes receivable	12,103,000
Mezzanine loan
Notes Receivable
Principal payments received on notes receivable		4,545,000
Exit IRR		$ 190,000
Number of units | item		136	621
Additional interest income related to the exit IRR		$ 1,380,000
Mezzanine loan | Georgia
Notes Receivable
Number of units | item		130
Mezzanine loan | ALF/ILF/MC | Georgia
Notes Receivable
Gross Investment		$ 42,251,000
ALF 203 | Georgia
Notes Receivable
Pay-offs received	$ 51,111,000

Lease Incentives (Details)

Lease Incentives (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Lease Incentives
Non-contingent lease incentives	$ 3,522,000	$ 2,607,000

Lease Incentives - Activity (De

Lease Incentives - Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease Incentives
Non-contingent lease incentives	$ 3,522,000	$ 2,607,000
Lease incentives funded	(1,924,000)	(1,627,000)	$ (418,000)
Amortization of lease incentives	(818,000)	(773,000)	(877,000)
Adjustment for collectability of lease incentives		(26,000)	(256,000)
Other adjustments	(191,000)	(10,000)	(174,000)
Net increase in non-contingent lease incentives	$ 915,000	$ 818,000	$ (889,000)

Credit Loss Reserve - Financial

Credit Loss Reserve - Financial Instruments by Year of Origination (Details) $ in Thousands	Dec. 31, 2024 USD ($) state borrower property item	Dec. 31, 2023 USD ($) loan
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Properties | property	123
Number of senior mortgage loans | loan		2
Financial instruments by year of origination
2023	$ 17,000
2022	25,000
2021	1,929
2020	1,095
Prior	2,693
Total	47,717
Credit loss reserve	$ 477	$ 611
Financing Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
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	121,419
2022	76,603
Total	361,482
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	4
Number of senior mortgage loans | item	9
Number of borrowers | borrower	6
Financial instruments by year of origination
2023	$ 44,003
2021	16,706
Prior	255,025
Total	315,734
Credit loss reserve	3,151	4,814
Notes Receivable
Financial instruments by year of origination
Credit loss reserve	477	$ 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
2021	1,929
2020	1,095
Prior	2,693
Total	5,717
Credit loss reserve	$ 57

Credit Loss Reserve - Expected

Credit Loss Reserve - Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expected credit losses related to our financial instruments
Balance at beginning of period	$ 611
due to Originations/ additional funding	321	$ 26	$ 256
Balance at end of period	477	611
Accrued interest receivable	60,258,000
Write-off of accrued interest receivable	613,000	0	$ 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	1,980
Mortgage Loans Receivable
Expected credit losses related to our financial instruments
Balance at beginning of period	4,814
Recovery due to payoffs	(1,883)
due to Originations/ additional funding	220
Balance at end of period	3,151	4,814
Notes Receivable
Expected credit losses related to our financial instruments
Balance at beginning of period	611
Recovery due to payoffs	(137)
due to Originations/ additional funding	3
Balance at end of period	$ 477	$ 611

Debt Obligations - Bank Borrowi

Debt Obligations - Bank Borrowings (Details)		12 Months Ended
	Jan. 04, 2024	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2025 USD ($)	Jan. 01, 2025 USD ($)
Debt Obligations
Number of term loans | item		2
Borrowings from revolving line of credit		$ 27,200,000	$ 277,450,000	$ 194,000,000
Available for borrowing		$ 280,650,000	97,750,000
Revolving line of credit
Debt Obligations
Basis spread over base rate (as a percent)		110%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Unused commitment fee (as a percent)		15%
Available for borrowing		$ 280,650,000	$ 97,750,000
Revolving line of credit | Subsequent Event
Debt Obligations
Available for borrowing					$ 265,650,000	$ 265,650,000
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)		125%
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)	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Debt Obligations
Number of interest rate swaps | item	2
Notional Amount	$ 100,000,000
Fair Value	$ 3,815,000	$ 6,110,000
Interest Rate Swap
Debt Obligations
Number of interest rate swaps | item	2
Interest Rate Swap | Minimum
Debt Obligations
Debt instrument term	4 years
Interest Rate Swap | Maximum
Debt Obligations
Debt instrument term	5 years
Interest Rate Swap | Cash Flow Hedging
Debt Obligations
Increase (decrease) in fair value	$ 2,295,000,000	2,609,000,000
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2025
Debt Obligations
Swap rate (in percentage)	2.62%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Notional Amount	$ 50,000,000
Fair Value	$ 1,305,000	2,698,000
Interest Rate Swap | Cash Flow Hedging | Maturing on November 19, 2026
Debt Obligations
Swap rate (in percentage)	2.76%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Notional Amount	$ 50,000,000
Fair Value	$ 2,510,000	$ 3,412,000

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details)	12 Months Ended
	Dec. 31, 2024
Senior Unsecured Notes | Minimum
Debt Obligations
Interest rate (as a percent)	3.66%
Senior Unsecured Notes | Maximum
Debt Obligations
Interest rate (as a percent)	4.50%
Revolving line of credit
Financial covenants
Maximum ratio of total indebtedness to total asset value	0.5
Maximum ratio of secured debt to total asset value	0.35
Maximum ratio of unsecured debt to the value of the unencumbered asset pool	0.6
Minimum ratio of EBITDA to fixed charges	1.5

Debt Obligations - Component (D

Debt Obligations - Component (Details) - USD ($)	Jan. 31, 2025	Jan. 01, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Obligations
Applicable Interest Rate (as a percent)			4.32%
Outstanding Balance			$ 684,600,000	$ 891,317,000
Available for borrowing			$ 280,650,000	97,750,000
Revolving line of credit
Debt Obligations
Applicable Interest Rate (as a percent)			6.04%
Outstanding Balance			$ 144,350,000	302,250,000
Available for borrowing			$ 280,650,000	97,750,000
Term loans
Debt Obligations
Applicable Interest Rate (as a percent)			2.59%
Outstanding Balance			$ 99,808,000	99,658,000
Senior Unsecured Notes
Debt Obligations
Applicable Interest Rate (as a percent)			4.15%
Outstanding Balance	$ 433,442,000		$ 440,442,000	$ 489,409,000
Subsequent Event | Revolving line of credit
Debt Obligations
Available for borrowing	265,650,000	$ 265,650,000
Subsequent Event | Senior Unsecured Notes
Debt Obligations
Outstanding Balance	$ 433,442,000

Debt Obligations - Borrowings a

Debt Obligations - Borrowings and Repayments (Details) - USD ($)		1 Months Ended	12 Months Ended
	Jan. 01, 2025	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Total			$ 27,200,000	$ 277,450,000	$ 269,000,000
Repayments
Total			(234,260,000)	(154,360,000)	(223,060,000)
Amount outstanding			144,350,000	302,250,000
Available for borrowing			280,650,000	97,750,000
Principal payments on senior unsecured notes			49,160,000	49,160,000	48,160,000
Term loans, net of debt issue costs			684,600,000	891,317,000
Revolving line of credit
Borrowings
Total			27,200,000	277,450,000	194,000,000
Repayments
Total			(185,100,000)	(105,200,000)	(174,900,000)
Available for borrowing			280,650,000	97,750,000
Term loans, net of debt issue costs			144,350,000	302,250,000
Senior Unsecured Notes
Borrowings
Total					75,000,000
Repayments
Total			(49,160,000)	(49,160,000)	$ (48,160,000)
Principal payments on senior unsecured notes		$ 7,000,000
Term loans, net of debt issue costs		433,442,000	$ 440,442,000	$ 489,409,000
Subsequent Event | Revolving line of credit
Borrowings
Total	$ 15,000,000	15,000,000
Repayments
Amount outstanding	159,350,000	159,350,000
Available for borrowing	265,650,000	265,650,000
Subsequent Event | Senior Unsecured Notes
Repayments
Amount outstanding	$ 433,442,000
Principal payments on senior unsecured notes		7,000,000
Term loans, net of debt issue costs		$ 433,442,000

Debt Obligations - Future Matur

Debt Obligations - Future Maturities (Details) - USD ($)		1 Months Ended	12 Months Ended
	Jan. 01, 2025	Jan. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Scheduled Principal Payments
2025			$ 99,500,000
2026			245,850,000
2027			54,500,000
2028			55,000,000
2029			63,000,000
Thereafter			168,000,000
Total			685,850,000
Other information
Borrowings			27,200,000	$ 277,450,000	$ 269,000,000
Outstanding Balance			684,600,000	891,317,000
Amount available for borrowing			280,650,000	97,750,000
Payments on debt			234,260,000	154,360,000	223,060,000
Revolving line of credit
Scheduled Principal Payments
2026			144,350,000
Total			144,350,000
Other information
Borrowings			27,200,000	277,450,000	194,000,000
Outstanding Balance			144,350,000	302,250,000
Amount available for borrowing			280,650,000	97,750,000
Payments on debt			185,100,000	105,200,000	174,900,000
Revolving line of credit | Subsequent Event
Other information
Borrowings	$ 15,000,000	$ 15,000,000
Amount available for borrowing	$ 265,650,000	265,650,000
Term loans
Scheduled Principal Payments
2025			50,000,000
2026			50,000,000
Total			100,000,000
Other information
Outstanding Balance			99,808,000	99,658,000
Senior Unsecured Notes
Scheduled Principal Payments
2025			49,500,000
2026			51,500,000
2027			54,500,000
2028			55,000,000
2029			63,000,000
Thereafter			168,000,000
Total			441,500,000
Other information
Borrowings					75,000,000
Outstanding Balance		433,442,000	440,442,000	489,409,000
Payments on debt			$ 49,160,000	$ 49,160,000	$ 48,160,000
Senior Unsecured Notes | Subsequent Event
Other information
Outstanding Balance		$ 433,442,000

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2017 item
Noncontrolling interest
Gross Consolidated Assets	$ 1,786,142,000	$ 1,855,098,000
Non-controlling interests	$ 92,378,000	$ 34,988,000
Number of units | item	480
Partnership
Noncontrolling interest
Gross Consolidated Assets	$ 449,366,000
Non-controlling interests	92,378,000
North Carolina/ South Carolina | 2024 Acquisitions | Partnership | ALF/ILF/MC
Noncontrolling interest
Gross Consolidated Assets	122,460,000
Non-controlling interests	58,010,000
Ohio | 2023 Acquisitions | Partnership | ALF/ILF/MC
Noncontrolling interest
Gross Consolidated Assets	54,782,000
Non-controlling interests	9,134,000
North Carolina | ALF
Noncontrolling interest
Number of units | item		217
North Carolina | 2023 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets	121,419,000
Non-controlling interests	3,831,000
North Carolina | 2024 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets	41,000,000
Non-controlling interests	3,015,000
Florida | 2022 Acquisitions | Partnership | SNF
Noncontrolling interest
Gross Consolidated Assets	76,603,000
Non-controlling interests	14,325,000
Oregon | 2018 Acquisitions | Partnership | ALF & MC
Noncontrolling interest
Gross Consolidated Assets	18,452,000
Non-controlling interests	1,156,000
Oregon | 2018 Acquisitions | Partnership | ILF
Noncontrolling interest
Gross Consolidated Assets	14,650,000
Non-controlling interests	2,907,000
Wisconsin | ILC & MC
Noncontrolling interest
Number of units | item			110
South Carolina | ALF & MC
Noncontrolling interest
Number of units | item			87
Transfer of non-controlling interest by joint venture partner amount	$ 1,240,000

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity
Proceeds from common stock issued		$ 82,404,000	$ 53,688,000	$ 67,643,000
Common Stock
Equity
Number of shares repurchased		49,540	43,933	39,463
Common Stock | Original Equity Distribution Agreements
Equity
Maximum offering capacity under shelf registration statement	$ 400,000,000	$ 400,000,000	$ 200,000,000
Shares common stock sold	250,000	2,113,270	1,658,400	1,792,400
Proceeds from common stock issued	$ 9,542,000
Reclassification of accumulated costs to additional paid in capital	$ 329,000	$ 374,000	$ 836,000	$ 513,000

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended								12 Months Ended
	Mar. 31, 2025	Feb. 28, 2025	Jan. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividend Distributions
Paid												$ 100,530	$ 94,764	$ 91,509
Dividends declared per common share				$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.19	$ 0.19	$ 0.19
Cash Dividend, January 2025 | Subsequent Event
Dividend Distributions
Dividends declared per common share			$ 0.19
Cash Dividend, February 2025 | Subsequent Event
Dividend Distributions
Dividends declared per common share		$ 0.19
Cash Dividend, March 2025 | Subsequent Event
Dividend Distributions
Dividends declared per common share	$ 0.19
Common Stock
Dividend Distributions
Declared				$ 100,530				$ 94,764				$ 100,530	$ 94,764	$ 91,509
Paid												$ 100,530	$ 94,764	$ 91,509

Equity - Stock-Based Compensati

Equity - Stock-Based Compensation plans (Details)	Dec. 31, 2024 shares	Dec. 31, 2022 shares
2015 Plan
Stock Based Compensation Plans
Ratio of shares subject to award granted	1
2021 Plan
Stock Based Compensation Plans
Total shares reserved for issuance of common stock related to the conversion of preferred stock	1,645,349	1,900,000
Ratio of shares subject to award granted		1

Equity - Restricted Stock and P

Equity - Restricted Stock and Performance-based Stock Units (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted stock and performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	307,955	232,887	221,542
Compensation expense
Remaining compensation expense	$ 10,204,000
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 35.45
Restricted stock and performance based stock units activity
Granted (in shares)		3,000
Granted (in dollars per share)		$ 35.45
Restricted stock
Restricted stock and performance based stock units activity
Outstanding at the beginning of the period (in shares)	258,620	229,236	197,422
Granted (in shares)	175,431	146,020	135,210
Vested (in shares)	(132,842)	(115,551)	(103,396)
Canceled (in shares)		(1,085)
Outstanding at the end of the period (in shares)	301,209	258,620	229,236
Outstanding at the beginning of the period (in per shares)	$ 36.43	$ 38.26	$ 44.2
Granted (in dollars per share)	31.07	36.55	34.35
Vested (in dollars per share)	31.51	36.29	34.93
Cancelled (in dollars per share)		34.73
Outstanding at the end of the period (in per shares)	$ 33.18	$ 36.43	$ 38.26
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 $31.84 | Vesting Date May 24,2024
Restricted stock and performance based stock units activity
Granted (in shares)	62,914
Granted (in dollars per share)	$ 31.84
Restricted stock | Grant Date Price $34.60 | Vesting Date July 25, 2024
Restricted stock and performance based stock units activity
Granted (in shares)	15,895
Granted (in dollars per share)	$ 34.6
Restricted stock | Grant Date Price $37.16 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)		127,960
Granted (in dollars per share)		$ 37.16
Vesting period	3 years
Restricted stock | Grant Date Price $31.54 | Vesting Date, May 25, 2023
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 $33.94 | Three year vesting
Restricted stock and performance based stock units activity
Granted (in shares)			122,865
Granted (in dollars per share)			$ 33.94
Vesting period		3 years
Restricted stock | Grant Date Price $38.48 | Vesting Date, May 26, 2022
Restricted stock and performance based stock units activity
Granted (in shares)			12,345
Granted (in dollars per share)			$ 38.48
Restricted stock | Grant Date Price $42.27 | Three year vesting
Restricted stock and performance based stock units activity
Vesting period			3 years
Performance-based stock units
Restricted stock and performance based stock units activity
Granted (in shares)	132,524	86,867	86,332
Vested (in shares)	0	0	0
Compensation expense
Compensation expense related to share-based award	$ 9,052,000	$ 8,481,000	$ 7,964,000
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
Vesting period	3 years
Performance-based stock units | Grant Date Price $31.84 | TSR of a predefined peer group
Restricted stock and performance based stock units activity
Vesting period	3 years
Performance-based stock units | Grant Date Price $37.16 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)		86,867
Granted (in dollars per share)		$ 37.16
Vesting period	4 years
Performance-based stock units | Grant Date Price $37.16 | Accelerated TSR Targets
Restricted stock and performance based stock units activity
Vesting period	3 years
Performance-based stock units | Grant Date Price $33.94 | TSR Targets
Restricted stock and performance based stock units activity
Granted (in shares)			86,332
Granted (in dollars per share)			$ 33.94

Equity - Options (Details)

Equity - Options (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Nonqualified stock option activity
Outstanding, beginning of period	5,000	10,000	15,000
Granted (in shares)			0
Canceled (in shares)	(5,000)	(5,000)	(5,000)
Outstanding, end of period		5,000	10,000
Options exercisable (in shares)		5,000	10,000
Weighted Average Price
Outstanding at the beginning of the year (in dollars per share)	$ 38.43	$ 38.43	$ 38.43
Canceled (in dollars per share)	$ 38.43	38.43	38.43
Outstanding at the end of the year (in dollars per share)		38.43	38.43
Exercisable at the end of the period (in dollars per share)		$ 38.43	$ 38.43
Other information
Weighted average remaining contractual life of options exercisable		2 months 12 days	8 months 12 days
Compensation expense related to share-based award	$ 0	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property
Commitments and Contingencies
Investment Commitment	$ 87,289
2024 Funding	23,160
Total Commitment funded	26,111
Remaining commitment	61,178
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	$ 16,848
2024 Funding	10,308
Total Commitment funded	11,259
Remaining commitment	5,589
Accrued incentives and earn-out liabilities
Commitments and Contingencies
Investment Commitment	4,525
Remaining commitment	4,525
Mortgage loans
Commitments and Contingencies
Investment Commitment	63,620
2024 Funding	12,754
Total Commitment funded	14,754
Remaining commitment	48,866
Commitments To Expand and Renovate Properties
Commitments and Contingencies
Investment Commitment	26,120
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	760
Remaining commitment	760
Construction loans
Commitments and Contingencies
Investment Commitment	$ 19,500

Distributions (Details)

Distributions (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Distributions
Minimum distribution of taxable income (as a percent)									90%
Ordinary taxable distribution									$ 1.745	$ 1.11	$ 1.095
Return of capital									0.535
Unrecaptured Section 1250 gain										0.744	0.502
Long-term capital gain										0.426	0.683
Total	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.28	$ 2.28	$ 2.28

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income									$ 94,879	$ 91,462	$ 100,584
Less income allocated to non-controlling interests									(3,839)	(1,727)	(560)
Less income allocated to participating securities:
Non-forfeitable dividends on participating securities									(682)	(587)	(531)
Income allocated to participating securities											(49)
Total net income allocated to participating securities									(682)	(587)	(580)
Net income available to common stockholders									90,358	89,148	99,444
Net income for diluted net income per share									$ 90,358	$ 89,148	$ 99,444
Reconciliation of shares
Shares for basic net income per share									43,743	41,272	39,894
Effect of dilutive securities:
Total effect of dilutive securities (in shares)									498	86	173
Shares for diluted net income per share									44,241	41,358	40,067
Basic net income per share (in dollars per share)	$ 0.4	$ 0.66	$ 0.44	$ 0.56	$ 0.67	$ 0.54	$ 0.15	$ 0.8	$ 2.07	$ 2.16	$ 2.49
Diluted net income per share (in dollars per share)	$ 0.39	$ 0.66	$ 0.44	$ 0.56	$ 0.67	$ 0.54	$ 0.15	$ 0.8	$ 2.04	$ 2.16	$ 2.48
Performance-based stock units
Effect of dilutive securities:
Stock options and performance-based stock units (in shares)									498	86	173

Quarterly Financial Informati_3

Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Quarterly Financial Information
Revenues	$ 52,582	$ 55,783	$ 50,116	$ 51,366	$ 50,195	$ 49,303	$ 48,246	$ 49,500	$ 209,847	$ 197,244	$ 175,153
Net income available to common stockholders	$ 17,912	$ 29,165	$ 19,188	$ 24,065	$ 28,057	$ 22,050	$ 6,028	$ 32,929
Net income per common share available to common stockholders:
Basic (in dollars per share)	$ 0.4	$ 0.66	$ 0.44	$ 0.56	$ 0.67	$ 0.54	$ 0.15	$ 0.8	$ 2.07	$ 2.16	$ 2.49
Diluted (in dollars per share)	0.39	0.66	0.44	0.56	0.67	0.54	0.15	0.8	2.04	2.16	2.48
Dividends per share declared (in dollars per share)	0.57	0.57	0.57	0.57	0.57	0.57	0.57	0.57	0.19	0.19	0.19
Dividends per share paid (in dollars per share)	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 2.28	$ 2.28	$ 2.28

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	$ 312,583	$ 477,266
Notes receivable, net of credit loss reserve	47,240	60,490
Term loans, net of debt issue costs	684,600	891,317
Senior unsecured notes, net of debt issue costs	$ 440,442	$ 489,409
Level 3 | Senior Unsecured Notes maturing before 2030 | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent)	6.25	6.5
Level 3 | Senior Unsecured Notes maturing 2030 and after | Discount Rate
Fair value measurements
Future cash outflows discount rate (as a percent)	6.5	6.75
Level 3 | Financing receivables | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	7.7	7.6
Level 3 | Mortgage Loans Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	10	9.2
Level 3 | Notes Receivable | Discount Rate
Fair value measurements
Future cash inflows discount rate (as a percent)	7.6	6.9
Carrying Value
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	$ 312,583	$ 477,266
Revolving line of credit	144,350	302,250
Term loans, net of debt issue costs	99,808	99,658
Senior unsecured notes, net of debt issue costs	440,442	489,409
Carrying Value | Financing receivables
Fair value measurements
Notes receivable, net of credit loss reserve	357,867	196,032
Carrying Value | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	47,240	60,490
Fair Value
Fair value measurements
Revolving line of credit	144,350	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	363,228	199,199
Fair Value | Notes Receivable
Fair value measurements
Notes receivable, net of credit loss reserve	53,549	67,877
Fair Value | Level 3
Fair value measurements
Mortgage loans receivable, net of credit loss reserve	386,871	554,993
Senior unsecured notes, net of debt issue costs	$ 402,394	$ 439,865

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment
Revenues:
Number of reportable segments | segment									1	1	1
Rental income									$ 132,278	$ 127,350	$ 128,244
Interest income from financing receivables									21,663	15,243	1,762
Interest income from mortgage loans									45,216	47,725	40,600
Interest and other income									10,690	6,926	4,547
Total revenues	$ 52,582	$ 55,783	$ 50,116	$ 51,366	$ 50,195	$ 49,303	$ 48,246	$ 49,500	209,847	197,244	175,153
Expenses:
Interest expense									(40,336)	(47,014)	(31,437)
Depreciation and amortization									36,367	37,416	37,496
Impairment loss									6,953	15,775	3,422
Provision for credit losses									(741)	(5,678)	(1,528)
Transaction costs									(819)	(1,144)	(828)
Property tax expense									(12,930)	(13,269)	(15,486)
General and administrative expenses									(27,243)	(24,286)	(23,706)
Total expenses									125,389	144,582	113,903
Other operating income:
Gain on sale of real estate, net									(7,979)	(37,296)	(37,830)
Operating income									92,437	89,958	99,080
Income from unconsolidated joint ventures									(2,442)	(1,504)	(1,504)
Net income									94,879	91,462	100,584
Income allocated to non-controlling interests									3,839	1,727	560
Net income attributable to LTC Properties, Inc.									91,040	89,735	100,024
Single reportable segment
Revenues:
Rental income									132,278	127,350	128,244
Interest income from financing receivables									21,663	15,243	1,762
Interest income from mortgage loans									45,216	47,725	40,600
Interest and other income									10,690	6,926	4,547
Total revenues									209,847	197,244	175,153
Expenses:
Interest expense									40,336	47,014	31,437
Depreciation and amortization									36,367	37,416	37,496
Impairment loss									6,953	15,775	3,422
Provision for credit losses									741	5,678	1,528
Transaction costs									819	1,144	828
Property tax expense									12,930	13,269	15,486
General and administrative expenses									27,243	24,286	23,706
Total expenses									125,389	144,582	113,903
Other operating income:
Gain on sale of real estate, net									7,979	37,296	37,830
Operating income									(92,437)	(89,958)	(99,080)
Income from unconsolidated joint ventures									2,442	1,504	1,504
Net income									94,879	91,462	100,584
Income allocated to non-controlling interests									(3,839)	(1,727)	(560)
Net income attributable to LTC Properties, Inc.									$ 91,040	$ 89,735	$ 100,024

Subsequent Events (Details)

Subsequent Events (Details)		1 Months Ended			3 Months Ended									12 Months Ended
	Jan. 01, 2025 USD ($) item lease	Mar. 31, 2025 $ / shares	Feb. 28, 2025 $ / shares	Jan. 31, 2025 USD ($) $ / shares	Mar. 31, 2025 lease	Dec. 31, 2024 USD ($) item $ / shares	Sep. 30, 2024 $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Dec. 31, 2023 USD ($) $ / shares	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2024 USD ($) item $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Subsequent Events
Number of units | item						480								480
Borrowings														$ 27,200,000	$ 277,450,000	$ 269,000,000
Revolving line of credit						$ 144,350,000				$ 302,250,000				144,350,000	302,250,000
Amount available for borrowing						$ 280,650,000				$ 97,750,000				$ 280,650,000	$ 97,750,000
Dividends declared per common share | $ / shares						$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.57	$ 0.19	$ 0.19	$ 0.19
Bank Borrowings
Subsequent Events
Borrowings														$ 27,200,000	$ 277,450,000	$ 194,000,000
Amount available for borrowing						$ 280,650,000				$ 97,750,000				$ 280,650,000	$ 97,750,000
Senior Unsecured Notes
Subsequent Events
Borrowings																$ 75,000,000
Subsequent Event | Bank Borrowings
Subsequent Events
Borrowings	$ 15,000,000			$ 15,000,000
Revolving line of credit	159,350,000			159,350,000
Amount available for borrowing	265,650,000			$ 265,650,000
Subsequent Event | Senior Unsecured Notes
Subsequent Events
Repayment of debt	7,000,000
Revolving line of credit	$ 433,442,000
Subsequent Event | ALF | Oklahoma
Subsequent Events
Number of removed from master lease | lease	5				5
Subsequent Event | ALF | Oklahoma | Unit sold
Subsequent Events
Number of units | item	29
Proceeds from sale of real estate	$ 670,000
Subsequent Event | Cash Dividend, January 2025
Subsequent Events
Dividends declared per common share | $ / shares				$ 0.19
Dividends payable, date to be paid				Jan. 31, 2025
Dividends payable, date of record				Jan. 23, 2025
Subsequent Event | Cash Dividend, February 2025
Subsequent Events
Dividends declared per common share | $ / shares			$ 0.19
Dividends payable, date to be paid			Feb. 28, 2025
Dividends payable, date of record			Feb. 20, 2025
Subsequent Event | Cash Dividend, March 2025
Subsequent Events
Dividends declared per common share | $ / shares		$ 0.19
Dividends payable, date to be paid		Mar. 31, 2025
Dividends payable, date of record		Mar. 21, 2025

SCHEDULE II VALUATION AND QUA_2

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation and qualifying accounts
Balance at beginning of period	$ 7,405	$ 5,287	$ 3,759
(Recovered) charged to costs and expenses	(162)	5,678	1,528
Charged to other accounts		1
Deductions		(3,561)
Balance at end of period	7,243	7,405	5,287
Loan loss reserves
Valuation and qualifying accounts
Balance at beginning of period	4,814	3,930	3,473
(Recovered) charged to costs and expenses	(1,663)	884	457
Balance at end of period	3,151	4,814	3,930
Financing receivables loss reserve
Valuation and qualifying accounts
Balance at beginning of period	1,980	768
(Recovered) charged to costs and expenses	1,635	1,212	768
Balance at end of period	3,615	1,980	768
Other notes receivable allowance
Valuation and qualifying accounts
Balance at beginning of period	611	589	286
(Recovered) charged to costs and expenses	(134)	3,582	303
Charged to other accounts		1
Deductions		(3,561)
Balance at end of period	$ 477	$ 611	$ 589

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Initial Cost to Company
Land	$ 118,309
Buildings and Improvements	1,115,451
Costs Capitalized Subsequent to acquisition	99,318
Gross Amount at Which Carried As of Year End
Land	118,309
Buildings and Improvements	1,214,769
Total	1,333,078	$ 1,379,332	$ 1,410,705	$ 1,408,557
Accum Deprec	407,230	$ 391,367	$ 391,487	$ 374,606
SNF
Initial Cost to Company
Land	53,212
Buildings and Improvements	505,938
Costs Capitalized Subsequent to acquisition	38,913
Gross Amount at Which Carried As of Year End
Land	53,212
Buildings and Improvements	544,851
Total	598,063
Accum Deprec	207,396
ALF
Initial Cost to Company
Land	62,189
Buildings and Improvements	602,205
Costs Capitalized Subsequent to acquisition	58,616
Gross Amount at Which Carried As of Year End
Land	62,189
Buildings and Improvements	660,821
Total	723,010
Accum Deprec	197,615
Other School and Land
Initial Cost to Company
Land	2,908
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,789
Gross Amount at Which Carried As of Year End
Land	2,908
Buildings and Improvements	9,097
Total	12,005
Accum Deprec	2,219
School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,789
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	9,097
Total	11,062
Accum Deprec	2,219
Land
Initial Cost to Company
Land	943
Gross Amount at Which Carried As of Year End
Land	943
Total	943
218 Albuquerque, NM | SNF
Initial Cost to Company
Land	1,696
Buildings and Improvements	3,891
Costs Capitalized Subsequent to acquisition	1,482
Gross Amount at Which Carried As of Year End
Land	1,696
Buildings and Improvements	5,373
Total	7,069
Accum Deprec	2,582
219 Albuquerque, NM | SNF
Initial Cost to Company
Land	1,950
Buildings and Improvements	8,910
Costs Capitalized Subsequent to acquisition	923
Gross Amount at Which Carried As of Year End
Land	1,950
Buildings and Improvements	9,833
Total	11,783
Accum Deprec	5,008
220 Albuquerque, NM | SNF
Initial Cost to Company
Land	2,463
Buildings and Improvements	7,647
Costs Capitalized Subsequent to acquisition	290
Gross Amount at Which Carried As of Year End
Land	2,463
Buildings and Improvements	7,937
Total	10,400
Accum Deprec	4,135
252 Amarillo, TX | SNF
Initial Cost to Company
Land	844
Costs Capitalized Subsequent to acquisition	7,925
Gross Amount at Which Carried As of Year End
Land	844
Buildings and Improvements	7,925
Total	8,769
Accum Deprec	2,796
247 Arlington, TX | SNF
Initial Cost to Company
Land	1,016
Buildings and Improvements	13,649
Costs Capitalized Subsequent to acquisition	341
Gross Amount at Which Carried As of Year End
Land	1,016
Buildings and Improvements	13,990
Total	15,006
Accum Deprec	5,744
325 Austin, TX | SNF
Initial Cost to Company
Land	896
Buildings and Improvements	9,562
Costs Capitalized Subsequent to acquisition	174
Gross Amount at Which Carried As of Year End
Land	896
Buildings and Improvements	9,736
Total	10,632
Accum Deprec	765
319 Blue Springs, MO | SNF
Initial Cost to Company
Land	2,644
Buildings and Improvements	13,942
Costs Capitalized Subsequent to acquisition	73
Gross Amount at Which Carried As of Year End
Land	2,644
Buildings and Improvements	14,015
Total	16,659
Accum Deprec	2,765
007 Bradenton, FL | SNF
Initial Cost to Company
Land	330
Buildings and Improvements	2,720
Costs Capitalized Subsequent to acquisition	160
Gross Amount at Which Carried As of Year End
Land	330
Buildings and Improvements	2,880
Total	3,210
Accum Deprec	2,571
256 Brownwood, TX | SNF
Initial Cost to Company
Land	164
Buildings and Improvements	6,336
Costs Capitalized Subsequent to acquisition	78
Gross Amount at Which Carried As of Year End
Land	164
Buildings and Improvements	6,414
Total	6,578
Accum Deprec	2,623
177 Chesapeake, VA | SNF
Initial Cost to Company
Land	388
Buildings and Improvements	3,469
Costs Capitalized Subsequent to acquisition	2,777
Gross Amount at Which Carried As of Year End
Land	388
Buildings and Improvements	6,246
Total	6,634
Accum Deprec	4,450
257 Cincinnati, OH | SNF
Initial Cost to Company
Land	1,890
Buildings and Improvements	25,110
Costs Capitalized Subsequent to acquisition	224
Gross Amount at Which Carried As of Year End
Land	1,890
Buildings and Improvements	25,334
Total	27,224
Accum Deprec	6,977
125 Clovis, NM | SNF
Initial Cost to Company
Land	561
Buildings and Improvements	5,539
Costs Capitalized Subsequent to acquisition	415
Gross Amount at Which Carried As of Year End
Land	561
Buildings and Improvements	5,954
Total	6,515
Accum Deprec	3,445
129 Clovis, NM | SNF
Initial Cost to Company
Land	598
Buildings and Improvements	5,902
Costs Capitalized Subsequent to acquisition	652
Gross Amount at Which Carried As of Year End
Land	598
Buildings and Improvements	6,554
Total	7,152
Accum Deprec	3,559
267 Cold Spring, KY | SNF
Initial Cost to Company
Land	2,050
Buildings and Improvements	21,496
Costs Capitalized Subsequent to acquisition	196
Gross Amount at Which Carried As of Year End
Land	2,050
Buildings and Improvements	21,692
Total	23,742
Accum Deprec	6,753
253 Colton, CA | SNF
Initial Cost to Company
Land	2,474
Buildings and Improvements	15,158
Gross Amount at Which Carried As of Year End
Land	2,474
Buildings and Improvements	15,158
Total	17,632
Accum Deprec	5,636
246 Crowley, TX | SNF
Initial Cost to Company
Land	2,247
Buildings and Improvements	14,276
Costs Capitalized Subsequent to acquisition	526
Gross Amount at Which Carried As of Year End
Land	2,247
Buildings and Improvements	14,802
Total	17,049
Accum Deprec	6,082
235 Daleville, VA | SNF
Initial Cost to Company
Land	279
Buildings and Improvements	8,382
Gross Amount at Which Carried As of Year End
Land	279
Buildings and Improvements	8,382
Total	8,661
Accum Deprec	3,560
258 Dayton, OH | SNF
Initial Cost to Company
Land	373
Buildings and Improvements	26,627
Gross Amount at Which Carried As of Year End
Land	373
Buildings and Improvements	26,627
Total	27,000
Accum Deprec	7,418
196 Dresden, TN | SNF
Initial Cost to Company
Land	31
Buildings and Improvements	1,529
Costs Capitalized Subsequent to acquisition	1,073
Gross Amount at Which Carried As of Year End
Land	31
Buildings and Improvements	2,602
Total	2,633
Accum Deprec	1,538
298 Forth Worth, TX | SNF
Initial Cost to Company
Land	2,785
Buildings and Improvements	7,546
Costs Capitalized Subsequent to acquisition	797
Gross Amount at Which Carried As of Year End
Land	2,785
Buildings and Improvements	8,343
Total	11,128
Accum Deprec	3,928
326 Forth Worth, TX | SNF
Initial Cost to Company
Land	922
Buildings and Improvements	12,268
Costs Capitalized Subsequent to acquisition	221
Gross Amount at Which Carried As of Year End
Land	922
Buildings and Improvements	12,489
Total	13,411
Accum Deprec	1,009
026 Gardendale, AL | SNF
Initial Cost to Company
Land	100
Buildings and Improvements	7,550
Costs Capitalized Subsequent to acquisition	2,769
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	10,319
Total	10,419
Accum Deprec	7,765
248 Granbury, TX | SNF
Initial Cost to Company
Land	836
Buildings and Improvements	6,693
Costs Capitalized Subsequent to acquisition	600
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	7,293
Total	8,129
Accum Deprec	3,603
250 Hewitt, TX | SNF
Initial Cost to Company
Land	1,780
Buildings and Improvements	8,220
Costs Capitalized Subsequent to acquisition	772
Gross Amount at Which Carried As of Year End
Land	1,780
Buildings and Improvements	8,992
Total	10,772
Accum Deprec	3,371
318 Kansas City, MO | SNF
Initial Cost to Company
Land	1,229
Buildings and Improvements	18,369
Costs Capitalized Subsequent to acquisition	69
Gross Amount at Which Carried As of Year End
Land	1,229
Buildings and Improvements	18,438
Total	19,667
Accum Deprec	2,784
008 Lecanto, FL | SNF
Initial Cost to Company
Land	351
Buildings and Improvements	2,665
Costs Capitalized Subsequent to acquisition	2,737
Gross Amount at Which Carried As of Year End
Land	351
Buildings and Improvements	5,402
Total	5,753
Accum Deprec	4,562
322 Longview, Tx | SNF
Initial Cost to Company
Land	1,405
Buildings and Improvements	12,176
Gross Amount at Which Carried As of Year End
Land	1,405
Buildings and Improvements	12,176
Total	13,581
Accum Deprec	2,124
300 Mansfield, TX | SNF
Initial Cost to Company
Land	2,890
Buildings and Improvements	13,110
Gross Amount at Which Carried As of Year End
Land	2,890
Buildings and Improvements	13,110
Total	16,000
Accum Deprec	4,353
053 Mesa, AZ | SNF
Initial Cost to Company
Land	305
Buildings and Improvements	6,909
Costs Capitalized Subsequent to acquisition	1,876
Gross Amount at Which Carried As of Year End
Land	305
Buildings and Improvements	8,785
Total	9,090
Accum Deprec	7,099
242 Mission, TX | SNF
Initial Cost to Company
Land	1,111
Buildings and Improvements	16,602
Costs Capitalized Subsequent to acquisition	421
Gross Amount at Which Carried As of Year End
Land	1,111
Buildings and Improvements	17,023
Total	18,134
Accum Deprec	6,617
233 Nacogdoches, TX | SNF
Initial Cost to Company
Land	394
Buildings and Improvements	7,456
Costs Capitalized Subsequent to acquisition	268
Gross Amount at Which Carried As of Year End
Land	394
Buildings and Improvements	7,724
Total	8,118
Accum Deprec	3,234
249 Nacogdoches, TX | SNF
Initial Cost to Company
Land	1,015
Buildings and Improvements	11,109
Costs Capitalized Subsequent to acquisition	621
Gross Amount at Which Carried As of Year End
Land	1,015
Buildings and Improvements	11,730
Total	12,745
Accum Deprec	5,211
245 Newberry, SC | SNF
Initial Cost to Company
Land	439
Buildings and Improvements	4,639
Costs Capitalized Subsequent to acquisition	1,047
Gross Amount at Which Carried As of Year End
Land	439
Buildings and Improvements	5,686
Total	6,125
Accum Deprec	2,634
244 Newberry, SC | SNF
Initial Cost to Company
Land	919
Buildings and Improvements	5,454
Costs Capitalized Subsequent to acquisition	556
Gross Amount at Which Carried As of Year End
Land	919
Buildings and Improvements	6,010
Total	6,929
Accum Deprec	2,728
251 Pasadena, TX | SNF
Initial Cost to Company
Land	1,155
Buildings and Improvements	14,345
Costs Capitalized Subsequent to acquisition	522
Gross Amount at Which Carried As of Year End
Land	1,155
Buildings and Improvements	14,867
Total	16,022
Accum Deprec	5,463
193 Phoenix, AZ | SNF
Initial Cost to Company
Land	300
Buildings and Improvements	9,703
Costs Capitalized Subsequent to acquisition	92
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	9,795
Total	10,095
Accum Deprec	7,112
094 Portland, OR | SNF
Initial Cost to Company
Land	100
Buildings and Improvements	1,925
Costs Capitalized Subsequent to acquisition	3,152
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	5,077
Total	5,177
Accum Deprec	4,362
254 Red Oak, TX | SNF
Initial Cost to Company
Land	1,427
Buildings and Improvements	17,173
Costs Capitalized Subsequent to acquisition	540
Gross Amount at Which Carried As of Year End
Land	1,427
Buildings and Improvements	17,713
Total	19,140
Accum Deprec	6,599
197 Ripley, TN | SNF
Initial Cost to Company
Land	20
Buildings and Improvements	985
Costs Capitalized Subsequent to acquisition	1,638
Gross Amount at Which Carried As of Year End
Land	20
Buildings and Improvements	2,623
Total	2,643
Accum Deprec	1,616
324 San Antonio, TX | SNF
Initial Cost to Company
Land	1,676
Buildings and Improvements	15,470
Costs Capitalized Subsequent to acquisition	307
Gross Amount at Which Carried As of Year End
Land	1,676
Buildings and Improvements	15,777
Total	17,453
Accum Deprec	1,209
281 Slinger, WI | SNF
Initial Cost to Company
Land	464
Buildings and Improvements	13,482
Gross Amount at Which Carried As of Year End
Land	464
Buildings and Improvements	13,482
Total	13,946
Accum Deprec	4,803
234 St. Petersburg, FL | SNF
Initial Cost to Company
Land	1,070
Buildings and Improvements	7,930
Costs Capitalized Subsequent to acquisition	500
Gross Amount at Which Carried As of Year End
Land	1,070
Buildings and Improvements	8,430
Total	9,500
Accum Deprec	3,295
243 Stephenville TX | SNF
Initial Cost to Company
Land	670
Buildings and Improvements	10,117
Costs Capitalized Subsequent to acquisition	774
Gross Amount at Which Carried As of Year End
Land	670
Buildings and Improvements	10,891
Total	11,561
Accum Deprec	4,449
178 Tappahannock, VA | SNF
Initial Cost to Company
Land	375
Buildings and Improvements	1,327
Costs Capitalized Subsequent to acquisition	397
Gross Amount at Which Carried As of Year End
Land	375
Buildings and Improvements	1,724
Total	2,099
Accum Deprec	1,610
270 Trinity, FL | SNF
Initial Cost to Company
Land	1,653
Buildings and Improvements	12,748
Gross Amount at Which Carried As of Year End
Land	1,653
Buildings and Improvements	12,748
Total	14,401
Accum Deprec	4,487
192 Tucson, AZ | SNF
Initial Cost to Company
Land	276
Buildings and Improvements	8,924
Costs Capitalized Subsequent to acquisition	112
Gross Amount at Which Carried As of Year End
Land	276
Buildings and Improvements	9,036
Total	9,312
Accum Deprec	6,555
305 Union, KY | SNF
Initial Cost to Company
Land	858
Buildings and Improvements	24,116
Gross Amount at Which Carried As of Year End
Land	858
Buildings and Improvements	24,116
Total	24,974
Accum Deprec	4,781
299 Weatherford, TX | SNF
Initial Cost to Company
Land	836
Buildings and Improvements	11,902
Costs Capitalized Subsequent to acquisition	610
Gross Amount at Which Carried As of Year End
Land	836
Buildings and Improvements	12,512
Total	13,348
Accum Deprec	5,005
323 Webster, TX | SNF
Initial Cost to Company
Land	2,310
Buildings and Improvements	8,713
Costs Capitalized Subsequent to acquisition	206
Gross Amount at Which Carried As of Year End
Land	2,310
Buildings and Improvements	8,919
Total	11,229
Accum Deprec	762
236 Wytheville, VA | SNF
Initial Cost to Company
Land	647
Buildings and Improvements	12,167
Gross Amount at Which Carried As of Year End
Land	647
Buildings and Improvements	12,167
Total	12,814
Accum Deprec	5,859
105 Arvada, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,810
Costs Capitalized Subsequent to acquisition	7,767
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	10,577
Total	10,677
Accum Deprec	4,585
304 Athens, GA | ALF
Initial Cost to Company
Land	983
Buildings and Improvements	13,326
Costs Capitalized Subsequent to acquisition	789
Gross Amount at Which Carried As of Year End
Land	983
Buildings and Improvements	14,115
Total	15,098
Accum Deprec	3,216
320 Auburn Hills, MI | ALF
Initial Cost to Company
Land	1,964
Buildings and Improvements	4,577
Costs Capitalized Subsequent to acquisition	1,377
Gross Amount at Which Carried As of Year End
Land	1,964
Buildings and Improvements	5,954
Total	7,918
Accum Deprec	1,806
269 Aurora, CO | ALF
Initial Cost to Company
Land	850
Buildings and Improvements	8,583
Costs Capitalized Subsequent to acquisition	114
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	8,697
Total	9,547
Accum Deprec	3,018
260 Aurora, CO | ALF
Initial Cost to Company
Land	831
Buildings and Improvements	10,071
Costs Capitalized Subsequent to acquisition	327
Gross Amount at Which Carried As of Year End
Land	831
Buildings and Improvements	10,398
Total	11,229
Accum Deprec	3,394
277 Burr Ridge, IL | ALF
Initial Cost to Company
Land	1,400
Buildings and Improvements	11,102
Costs Capitalized Subsequent to acquisition	234
Gross Amount at Which Carried As of Year End
Land	1,400
Buildings and Improvements	11,336
Total	12,736
Accum Deprec	3,384
330 Centerville, OH | ALF
Initial Cost to Company
Land	2,678
Buildings and Improvements	52,036
Costs Capitalized Subsequent to acquisition	68
Gross Amount at Which Carried As of Year End
Land	2,678
Buildings and Improvements	52,104
Total	54,782
Accum Deprec	3,452
263 Chatham, NJ | ALF
Initial Cost to Company
Land	5,365
Buildings and Improvements	36,399
Costs Capitalized Subsequent to acquisition	587
Gross Amount at Which Carried As of Year End
Land	5,365
Buildings and Improvements	36,986
Total	42,351
Accum Deprec	11,983
307 Clovis, CA | ALF
Initial Cost to Company
Land	2,542
Buildings and Improvements	19,126
Gross Amount at Which Carried As of Year End
Land	2,542
Buildings and Improvements	19,126
Total	21,668
Accum Deprec	4,121
308 Clovis, CA | ALF
Initial Cost to Company
Land	3,054
Buildings and Improvements	14,172
Gross Amount at Which Carried As of Year End
Land	3,054
Buildings and Improvements	14,172
Total	17,226
Accum Deprec	2,937
279 Corpus Christi, TX | ALF
Initial Cost to Company
Land	880
Buildings and Improvements	5,421
Costs Capitalized Subsequent to acquisition	423
Gross Amount at Which Carried As of Year End
Land	880
Buildings and Improvements	5,844
Total	6,724
Accum Deprec	3,384
292 De Forest, WI | ALF
Initial Cost to Company
Land	485
Buildings and Improvements	5,568
Costs Capitalized Subsequent to acquisition	109
Gross Amount at Which Carried As of Year End
Land	485
Buildings and Improvements	5,677
Total	6,162
Accum Deprec	1,467
057 Dodge City, KS | ALF
Initial Cost to Company
Land	84
Buildings and Improvements	1,666
Costs Capitalized Subsequent to acquisition	693
Gross Amount at Which Carried As of Year End
Land	84
Buildings and Improvements	2,359
Total	2,443
Accum Deprec	1,261
083 Durant, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,769
Costs Capitalized Subsequent to acquisition	162
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,931
Total	2,031
Accum Deprec	1,289
107 Edmond, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,212
Costs Capitalized Subsequent to acquisition	703
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	1,915
Total	2,015
Accum Deprec	1,345
163 Ft. Collins, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,961
Costs Capitalized Subsequent to acquisition	3,834
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	6,795
Total	6,895
Accum Deprec	3,613
170 Ft. Collins, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	3,400
Costs Capitalized Subsequent to acquisition	5,462
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	8,862
Total	8,962
Accum Deprec	4,307
315 Ft. Worth, TX | ALF
Initial Cost to Company
Land	1,534
Buildings and Improvements	11,099
Costs Capitalized Subsequent to acquisition	120
Gross Amount at Which Carried As of Year End
Land	1,534
Buildings and Improvements	11,219
Total	12,753
Accum Deprec	2,073
100 Fremont ,OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,655
Costs Capitalized Subsequent to acquisition	729
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,384
Total	2,484
Accum Deprec	1,844
314 Frisco, TX | ALF
Initial Cost to Company
Land	2,216
Buildings and Improvements	10,417
Costs Capitalized Subsequent to acquisition	256
Gross Amount at Which Carried As of Year End
Land	2,216
Buildings and Improvements	10,673
Total	12,889
Accum Deprec	1,992
296 Glenview, IL | ALF
Initial Cost to Company
Land	2,800
Buildings and Improvements	14,248
Costs Capitalized Subsequent to acquisition	13
Gross Amount at Which Carried As of Year End
Land	2,800
Buildings and Improvements	14,261
Total	17,061
Accum Deprec	3,582
167 Goldsboro, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,385
Costs Capitalized Subsequent to acquisition	227
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,612
Total	2,712
Accum Deprec	1,351
056 Great Bend, KS | ALF
Initial Cost to Company
Land	399
Buildings and Improvements	1,570
Costs Capitalized Subsequent to acquisition	309
Gross Amount at Which Carried As of Year End
Land	399
Buildings and Improvements	1,879
Total	2,278
Accum Deprec	1,345
102 Greeley, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,310
Costs Capitalized Subsequent to acquisition	987
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,297
Total	3,397
Accum Deprec	1,894
284 Green Bay, WI | ALF
Initial Cost to Company
Land	1,660
Buildings and Improvements	19,079
Costs Capitalized Subsequent to acquisition	571
Gross Amount at Which Carried As of Year End
Land	1,660
Buildings and Improvements	19,650
Total	21,310
Accum Deprec	5,543
286 Greenfield, WI | ALF
Initial Cost to Company
Land	818
Buildings and Improvements	8,014
Costs Capitalized Subsequent to acquisition	474
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	8,488
Total	9,306
Accum Deprec	2,214
164 Greenville, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,478
Costs Capitalized Subsequent to acquisition	329
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,807
Total	2,907
Accum Deprec	1,590
310 Kansas City, MO | ALF
Initial Cost to Company
Land	1,072
Buildings and Improvements	15,552
Gross Amount at Which Carried As of Year End
Land	1,072
Buildings and Improvements	15,552
Total	16,624
Accum Deprec	2,892
285 Kenosha, WI | ALF
Initial Cost to Company
Land	936
Buildings and Improvements	12,361
Costs Capitalized Subsequent to acquisition	501
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	12,862
Total	13,798
Accum Deprec	3,337
255 Littleton, CO | ALF
Initial Cost to Company
Land	1,882
Buildings and Improvements	8,248
Costs Capitalized Subsequent to acquisition	101
Gross Amount at Which Carried As of Year End
Land	1,882
Buildings and Improvements	8,349
Total	10,231
Accum Deprec	2,596
268 Littleton, CO | ALF
Initial Cost to Company
Land	1,200
Buildings and Improvements	8,688
Costs Capitalized Subsequent to acquisition	106
Gross Amount at Which Carried As of Year End
Land	1,200
Buildings and Improvements	8,794
Total	9,994
Accum Deprec	3,133
148 Longmont, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,640
Costs Capitalized Subsequent to acquisition	1,012
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,652
Total	3,752
Accum Deprec	1,822
261 Louisville, CO | ALF
Initial Cost to Company
Land	911
Buildings and Improvements	11,703
Costs Capitalized Subsequent to acquisition	390
Gross Amount at Which Carried As of Year End
Land	911
Buildings and Improvements	12,093
Total	13,004
Accum Deprec	3,909
114 Loveland, CO | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,865
Costs Capitalized Subsequent to acquisition	616
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,481
Total	3,581
Accum Deprec	2,173
293 McHenry, IL | ALF
Initial Cost to Company
Land	1,289
Buildings and Improvements	28,976
Costs Capitalized Subsequent to acquisition	1,852
Gross Amount at Which Carried As of Year End
Land	1,289
Buildings and Improvements	30,828
Total	32,117
Accum Deprec	7,890
058 McPherson, KS | ALF
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	773
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	2,344
Total	2,423
Accum Deprec	1,371
313 Medford, OR | ALF
Initial Cost to Company
Land	636
Buildings and Improvements	17,816
Gross Amount at Which Carried As of Year End
Land	636
Buildings and Improvements	17,816
Total	18,452
Accum Deprec	3,094
316 Medford, OR | ALF
Initial Cost to Company
Land	750
Buildings and Improvements	13,650
Costs Capitalized Subsequent to acquisition	250
Gross Amount at Which Carried As of Year End
Land	750
Buildings and Improvements	13,900
Total	14,650
Accum Deprec	2,762
280 Merrells Inlet, SC | ALF
Initial Cost to Company
Land	2,490
Buildings and Improvements	14,185
Costs Capitalized Subsequent to acquisition	494
Gross Amount at Which Carried As of Year End
Land	2,490
Buildings and Improvements	14,679
Total	17,169
Accum Deprec	4,196
294 Murrieta, CA | ALF
Initial Cost to Company
Land	2,022
Buildings and Improvements	11,136
Costs Capitalized Subsequent to acquisition	33
Gross Amount at Which Carried As of Year End
Land	2,022
Buildings and Improvements	11,169
Total	13,191
Accum Deprec	3,228
289 Neenah, WI | ALF
Initial Cost to Company
Land	694
Buildings and Improvements	20,839
Costs Capitalized Subsequent to acquisition	852
Gross Amount at Which Carried As of Year End
Land	694
Buildings and Improvements	21,691
Total	22,385
Accum Deprec	5,426
166 New Bern, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,427
Costs Capitalized Subsequent to acquisition	260
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,687
Total	2,787
Accum Deprec	1,384
118 Newark, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	865
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,300
Total	3,400
Accum Deprec	1,924
306 Oaklawn, IL | ALF
Initial Cost to Company
Land	1,591
Buildings and Improvements	13,772
Costs Capitalized Subsequent to acquisition	64
Gross Amount at Which Carried As of Year End
Land	1,591
Buildings and Improvements	13,836
Total	15,427
Accum Deprec	3,137
302 Overland Park, KS | ALF
Initial Cost to Company
Land	1,951
Buildings and Improvements	11,882
Costs Capitalized Subsequent to acquisition	390
Gross Amount at Which Carried As of Year End
Land	1,951
Buildings and Improvements	12,272
Total	14,223
Accum Deprec	3,238
165 Rocky Mount, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,494
Costs Capitalized Subsequent to acquisition	515
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,009
Total	3,109
Accum Deprec	1,559
059 Salina, KS | ALF
Initial Cost to Company
Land	79
Buildings and Improvements	1,571
Costs Capitalized Subsequent to acquisition	570
Gross Amount at Which Carried As of Year End
Land	79
Buildings and Improvements	2,141
Total	2,220
Accum Deprec	1,430
084 San Antonio, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,900
Costs Capitalized Subsequent to acquisition	370
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,270
Total	2,370
Accum Deprec	1,357
092 San Antonio, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,055
Costs Capitalized Subsequent to acquisition	614
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,669
Total	2,769
Accum Deprec	1,670
288 Sheboygan, WI | ALF
Initial Cost to Company
Land	1,168
Buildings and Improvements	5,382
Costs Capitalized Subsequent to acquisition	388
Gross Amount at Which Carried As of Year End
Land	1,168
Buildings and Improvements	5,770
Total	6,938
Accum Deprec	1,719
149 Shelby, NC | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,805
Costs Capitalized Subsequent to acquisition	559
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,364
Total	3,464
Accum Deprec	2,009
312 Spartanburg, SC | ALF
Initial Cost to Company
Land	254
Buildings and Improvements	9,906
Costs Capitalized Subsequent to acquisition	1,520
Gross Amount at Which Carried As of Year End
Land	254
Buildings and Improvements	11,426
Total	11,680
Accum Deprec	3,760
103 Springfield, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,035
Costs Capitalized Subsequent to acquisition	670
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,705
Total	2,805
Accum Deprec	1,640
321 Sterling Heights, MI | ALF
Initial Cost to Company
Land	1,133
Buildings and Improvements	11,487
Costs Capitalized Subsequent to acquisition	1,190
Gross Amount at Which Carried As of Year End
Land	1,133
Buildings and Improvements	12,677
Total	13,810
Accum Deprec	2,776
098 Tiffin, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	842
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,277
Total	3,377
Accum Deprec	1,881
282 Tinley Park, IL | ALF
Initial Cost to Company
Land	702
Buildings and Improvements	11,481
Costs Capitalized Subsequent to acquisition	139
Gross Amount at Which Carried As of Year End
Land	702
Buildings and Improvements	11,620
Total	12,322
Accum Deprec	3,228
088 Troy, OH | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	1,436
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,871
Total	3,971
Accum Deprec	2,229
080 Tulsa, OK | ALF
Initial Cost to Company
Land	200
Buildings and Improvements	1,650
Costs Capitalized Subsequent to acquisition	156
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	1,806
Total	2,006
Accum Deprec	1,227
093 Tulsa, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,395
Costs Capitalized Subsequent to acquisition	47
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,442
Total	2,542
Accum Deprec	1,681
075 Tyler, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,800
Costs Capitalized Subsequent to acquisition	660
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,460
Total	2,560
Accum Deprec	1,386
091 Waco, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	2,235
Costs Capitalized Subsequent to acquisition	1,272
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	3,507
Total	3,607
Accum Deprec	1,878
108 Watauga, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,668
Costs Capitalized Subsequent to acquisition	337
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,005
Total	2,105
Accum Deprec	1,186
109 Weatherford, OK | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,669
Costs Capitalized Subsequent to acquisition	703
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,372
Total	2,472
Accum Deprec	1,589
309 West Chester, OH | ALF
Initial Cost to Company
Land	2,355
Buildings and Improvements	13,553
Costs Capitalized Subsequent to acquisition	253
Gross Amount at Which Carried As of Year End
Land	2,355
Buildings and Improvements	13,806
Total	16,161
Accum Deprec	3,112
276 Westminster, CO | ALF
Initial Cost to Company
Land	1,425
Buildings and Improvements	9,575
Costs Capitalized Subsequent to acquisition	111
Gross Amount at Which Carried As of Year End
Land	1,425
Buildings and Improvements	9,686
Total	11,111
Accum Deprec	3,200
110 Wheelersburg, OH | ALF
Initial Cost to Company
Land	29
Buildings and Improvements	2,435
Costs Capitalized Subsequent to acquisition	685
Gross Amount at Which Carried As of Year End
Land	29
Buildings and Improvements	3,120
Total	3,149
Accum Deprec	1,916
303 Wichita, KS | ALF
Initial Cost to Company
Land	1,422
Buildings and Improvements	9,957
Costs Capitalized Subsequent to acquisition	332
Gross Amount at Which Carried As of Year End
Land	1,422
Buildings and Improvements	10,289
Total	11,711
Accum Deprec	2,808
259 Wichita, KS | ALF
Initial Cost to Company
Land	730
Costs Capitalized Subsequent to acquisition	9,682
Gross Amount at Which Carried As of Year End
Land	730
Buildings and Improvements	9,682
Total	10,412
Accum Deprec	3,339
283 Wichita, KS | ALF
Initial Cost to Company
Land	624
Buildings and Improvements	13,946
Gross Amount at Which Carried As of Year End
Land	624
Buildings and Improvements	13,946
Total	14,570
Accum Deprec	3,017
076 Wichita Falls, TX | ALF
Initial Cost to Company
Land	100
Buildings and Improvements	1,850
Costs Capitalized Subsequent to acquisition	342
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	2,192
Total	2,292
Accum Deprec	1,375
264 Williamstown, NJ | ALF
Initial Cost to Company
Land	711
Buildings and Improvements	8,649
Gross Amount at Which Carried As of Year End
Land	711
Buildings and Improvements	8,649
Total	9,360
Accum Deprec	2,839
265 Williamstown, NJ | ALF
Initial Cost to Company
Land	711
Buildings and Improvements	6,637
Gross Amount at Which Carried As of Year End
Land	711
Buildings and Improvements	6,637
Total	7,348
Accum Deprec	2,302
297 Las Vegas, NV | School
Initial Cost to Company
Land	1,965
Buildings and Improvements	7,308
Costs Capitalized Subsequent to acquisition	1,789
Gross Amount at Which Carried As of Year End
Land	1,965
Buildings and Improvements	9,097
Total	11,062
Accum Deprec	2,219
271 Howell, MI | Land
Initial Cost to Company
Land	420
Gross Amount at Which Carried As of Year End
Land	420
Total	420
272 Milford, MI | Land
Initial Cost to Company
Land	450
Gross Amount at Which Carried As of Year End
Land	450
Total	450
275 Yale, MI | Land
Initial Cost to Company
Land	73
Gross Amount at Which Carried As of Year End
Land	73
Total	$ 73

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Real Estate and Accumulated Depreciation
Aggregate cost basis for Federal income tax purposes	$ 1,339,819
Computer Equipment | Minimum
Real Estate and Accumulated Depreciation
Useful life	3 years
Computer Equipment | Maximum
Real Estate and Accumulated Depreciation
Useful life	5 years
Furniture and Fixtures | Minimum
Real Estate and Accumulated Depreciation
Useful life	5 years
Furniture and Fixtures | Maximum
Real Estate and Accumulated Depreciation
Useful life	15 years
Building | Minimum
Real Estate and Accumulated Depreciation
Useful life	35 years
Building | Maximum
Real Estate and Accumulated Depreciation
Useful life	50 years
Site Improvements | Minimum
Real Estate and Accumulated Depreciation
Useful life	10 years
Site Improvements | Maximum
Real Estate and Accumulated Depreciation
Useful life	20 years
Building Improvements | Minimum
Real Estate and Accumulated Depreciation
Useful life	10 years
Building Improvements | Maximum
Real Estate and Accumulated Depreciation
Useful life	50 years

SCHEDULE III REAL ESTATE AND _4

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Carrying cost
Balance at beginning of period	$ 1,379,332	$ 1,410,705	$ 1,408,557
Acquisitions	319	54,714	51,817
Improvements	13,675	9,686	9,099
Cost of real estate sold	(53,295)	(79,998)	(55,346)
Impairment loss from real estate investments	(6,953)	(15,775)	(3,422)
Ending balance	1,333,078	1,379,332	1,410,705
Accumulated depreciation
Balance at beginning of period	391,367	391,487	374,606
Depreciation expense	36,223	37,303	37,394
Cost of real estate sold	(20,360)	(37,423)	(20,513)
Ending balance	$ 407,230	$ 391,367	$ 391,487

SCHEDULE IV MORTGAGE LOANS ON_2

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Mortgage loans on real estate
Number of properties | property	27
Number of beds/units | item	3,060
Balloon Amount	$ 302,117
Current Monthly Debt Service	2,740
Face amount of originated mortgages	326,153
Carrying Amount of Mortgages	312,583	$ 477,266	$ 389,728	$ 344,442
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Michigan | Mortgage Loans on Real Estate Maturing in 2043 | Property with 1749 Beds/Units
Mortgage loans on real estate
Number of properties | property	14
Number of beds/units | item	1,749
Interest rate (as a percent)	11.10%
Balloon Amount	$ 170,733
Current Monthly Debt Service	1,664
Face amount of originated mortgages	190,214
Carrying Amount of Mortgages	$ 178,899
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 480 Beds/Units
Mortgage loans on real estate
Number of properties | property	4
Number of beds/units | item	480
Interest rate (as a percent)	10%
Balloon Amount	$ 36,650
Current Monthly Debt Service	332
Face amount of originated mortgages	40,480
Carrying Amount of Mortgages	$ 39,402
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 201 Beds/Units
Mortgage loans on real estate
Number of properties | property	2
Number of beds/units | item	201
Interest rate (as a percent)	10.30%
Balloon Amount	$ 19,700
Current Monthly Debt Service	169
Face amount of originated mortgages	19,750
Carrying Amount of Mortgages	19,503
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Michigan | Mortgage Loans on Real Estate Maturing in 2045 | Property with 146 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	146
Interest rate (as a percent)	10.50%
Balloon Amount	$ 14,325
Current Monthly Debt Service	130
Face amount of originated mortgages	15,000
Carrying Amount of Mortgages	$ 14,677
Michigan | Mortgage Loans on Real Estate Maturing in 2026 | Property with 85 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	85
Interest rate (as a percent)	8.80%
Balloon Amount	$ 12,753
Current Monthly Debt Service	118
Face amount of originated mortgages	12,753
Carrying Amount of Mortgages	12,625
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Florida | Mortgage Loans on Real Estate Maturing in 2025 | Property with 112 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	112
Interest rate (as a percent)	7.80%
Balloon Amount	$ 16,706
Current Monthly Debt Service	109
Face amount of originated mortgages	16,706
Carrying Amount of Mortgages	16,539
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Florida | Mortgage Loans on Real Estate Maturing in 2025 | Property with 92 Beds/Units
Mortgage loans on real estate
Number of properties | property	2
Number of beds/units | item	92
Interest rate (as a percent)	8.80%
Balloon Amount	$ 4,000
Current Monthly Debt Service	30
Face amount of originated mortgages	4,000
Carrying Amount of Mortgages	3,960
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Illinois | Mortgage Loans on Real Estate Maturing in 2028 | Property with 150 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	150
Interest rate (as a percent)	8.80%
Balloon Amount	$ 16,500
Current Monthly Debt Service	122
Face amount of originated mortgages	16,500
Carrying Amount of Mortgages	16,335
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
North Carolina | Mortgage Loans on Real Estate Maturing in 2025 | Property with 45 Beds/Units
Mortgage loans on real estate
Number of properties | property	1
Number of beds/units | item	45
Interest rate (as a percent)	7.30%
Balloon Amount	$ 10,750
Current Monthly Debt Service	66
Face amount of originated mortgages	10,750
Carrying Amount of Mortgages	10,643
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0

SCHEDULE IV MORTGAGE LOANS ON_3

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan item property
Mortgage loans on real estate
Number of Loans | property	8
Original loan amounts	$ 326,153
Investment and funding under financing receivables	$ 47,717
Number of units | item	480
Mortgage Loans
Mortgage loans on real estate
Number of Loans | loan	9
Investment and funding under financing receivables	$ 315,734
Mortgage Loans | ILF/ALF/MC
Mortgage loans on real estate
Investment and funding under financing receivables	26,120
Mortgage Loans | ILF/ALF/MC | Illinois
Mortgage loans on real estate
Investment and funding under financing receivables	$ 26,120
Number of units | item	116
Borrower contribution	$ 12,300
Loan Term	6 years
Interest rate (as a percent)	9%
Percentage of IRR	9.50%
First-lien mortgage loans
Mortgage loans on real estate
Number of Loans | loan	9
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 500
First-lien mortgage loans | Mortgage Loans between 500,000 and 2,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 2,000
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 2,001
First-lien mortgage loans | Mortgage Loans between 2,001,000 and 3,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 3,000
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000
Mortgage loans on real estate
Number of Loans | loan	1
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 3,001
First-lien mortgage loans | Mortgage Loans between 3,001,000 and 4,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 4,000
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 4,001
First-lien mortgage loans | Mortgage Loans between 4,001,000 and 5,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 5,000
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 5,001
First-lien mortgage loans | Mortgage Loans between 5,001,000 and 6,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 6,000
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000
Mortgage loans on real estate
Number of Loans | loan	0
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 6,001
First-lien mortgage loans | Mortgage Loans between 6,001,000 and 7,000,000 | Maximum
Mortgage loans on real estate
Original loan amounts	$ 7,000
First-lien mortgage loans | Mortgage Loans over 7,000,000
Mortgage loans on real estate
Number of Loans | loan	8
First-lien mortgage loans | Mortgage Loans over 7,000,000 | Minimum
Mortgage loans on real estate
Original loan amounts	$ 7,001

SCHEDULE IV MORTGAGE LOANS ON_4

SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Roll forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Mortgage loans on real estate
Balance at the beginning of the period	$ 477,266	$ 389,728	$ 344,442
New mortgage loans	12,753	92,111	31,965
Other additions	9,080	4,947	8,767
Application of interest reserve	169	1,722	6,192
Amortization of mortgage premium	(8)	(7)	(6)
Collections of principal	(188,340)	(10,351)	(1,175)
Loan loss reserve	1,663	(884)	(457)
Balance at the end of the period	$ 312,583	$ 477,266	$ 389,728