Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity Registrant Name | OMEGA HEALTHCARE INVESTORS, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity File Number | 1-11316 | |
Entity Tax Identification Number | 38-3041398 | |
Entity Address, Address Line One | 303 International Circle, Suite 200 | |
Entity Address, City or Town | Hunt Valley | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21030 | |
City Area Code | 410 | |
Local Phone Number | 427-1700 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | OHI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 247,098,960 | |
Amendment Flag | false | |
Entity Central Index Key | 0000888491 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Real estate assets | ||
Buildings and improvements | $ 6,866,358 | $ 6,879,034 |
Land | 865,028 | 867,486 |
Furniture and equipment | 467,178 | 467,393 |
Construction in progress | 162,269 | 138,410 |
Total real estate assets | 8,360,833 | 8,352,323 |
Less accumulated depreciation | (2,526,536) | (2,464,227) |
Real estate assets - net | 5,834,297 | 5,888,096 |
Investments in direct financing leases - net | 8,873 | 8,716 |
Real estate loans receivable - net | 1,246,528 | 1,212,162 |
Investments in unconsolidated joint ventures | 185,937 | 188,409 |
Assets held for sale | 81,546 | 81,546 |
Total real estate investments | 7,357,181 | 7,378,929 |
Non-real estate loans receivable - net | 269,342 | 275,615 |
Total investments | 7,626,523 | 7,654,544 |
Cash and cash equivalents | 361,773 | 442,810 |
Restricted cash | 1,253 | 1,920 |
Contractual receivables - net | 10,973 | 11,888 |
Other receivables and lease inducements | 223,281 | 214,657 |
Goodwill | 643,778 | 643,897 |
Other assets | 144,267 | 147,686 |
Total assets | 9,011,848 | 9,117,402 |
LIABILITIES AND EQUITY | ||
Revolving credit facility | 20,213 | 20,397 |
Secured borrowings | 20,145 | 61,963 |
Senior notes and other unsecured borrowings - net | 4,987,794 | 4,984,956 |
Accrued expenses and other liabilities | 283,103 | 287,795 |
Total liabilities | 5,311,255 | 5,355,111 |
Preferred stock $1.00 par value authorized - 20,000 shares, issued and outstanding - none | ||
Common stock $0.10 par value authorized - 350,000 shares, issued and outstanding - 246,377 shares as of March 31, 2024 and 245,282 shares as of December 31, 2023 | 24,637 | 24,528 |
Additional paid-in capital | 6,705,333 | 6,671,198 |
Cumulative net earnings | 3,747,942 | 3,680,581 |
Cumulative dividends paid | (6,995,876) | (6,831,061) |
Accumulated other comprehensive income | 31,852 | 29,338 |
Total stockholders' equity | 3,513,888 | 3,574,584 |
Noncontrolling interest | 186,705 | 187,707 |
Total equity | 3,700,593 | 3,762,291 |
Total liabilities and equity | $ 9,011,848 | $ 9,117,402 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 246,377,000 | 245,282,000 |
Common stock, shares outstanding | 246,377,000 | 245,282,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Rental income | $ 206,921 | $ 189,331 |
Interest income | 35,836 | 28,420 |
Miscellaneous income | 542 | 451 |
Total revenues | 243,299 | 218,202 |
Expenses | ||
Depreciation and amortization | 74,557 | 81,192 |
General and administrative | 21,532 | 20,526 |
Real estate taxes | 3,798 | 3,997 |
Acquisition, merger and transition related costs | 2,603 | 639 |
Impairment on real estate properties | 5,292 | 38,988 |
Provision (recovery) for credit losses | 8,470 | (4,057) |
Interest expense | 57,820 | 58,546 |
Total expenses | 174,072 | 199,831 |
Other income (expense) | ||
Other income - net | 5,276 | 2,720 |
Loss on debt extinguishment | (1,283) | (6) |
(Loss) gain on assets sold - net | (1,391) | 13,637 |
Total other income | 2,602 | 16,351 |
Income before income tax (expense) benefit and income from unconsolidated joint ventures | 71,829 | 34,722 |
Income tax (expense) benefit | (2,581) | 1,292 |
Income from unconsolidated joint ventures | 98 | 831 |
Net income | 69,346 | 36,845 |
Net income attributable to noncontrolling interest | (1,985) | (903) |
Net income available to common stockholders | $ 67,361 | $ 35,942 |
Basic: | ||
Net income available to common stockholders | $ 0.27 | $ 0.15 |
Diluted: | ||
Net income available to common stockholders | $ 0.27 | $ 0.15 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 69,346 | $ 36,845 |
Other comprehensive income (loss) | ||
Foreign currency translation | (4,288) | 10,793 |
Cash flow hedges | 6,877 | (9,550) |
Total other comprehensive income | 2,589 | 1,243 |
Comprehensive income | 71,935 | 38,088 |
Comprehensive income attributable to noncontrolling interest | (2,060) | (938) |
Comprehensive income attributable to common stockholders | $ 69,875 | $ 37,150 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total Stockholders' Equity [Member] | Common Stock Par Value | Additional Paid-in Capital | Cumulative Net Earnings [Member] | Cumulative Dividends | AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance at Dec. 31, 2022 | $ 3,609,368 | $ 23,425 | $ 6,314,203 | $ 3,438,401 | $ (6,186,986) | $ 20,325 | $ 193,914 | $ 3,803,282 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Stock related compensation | 8,792 | 8,792 | 8,792 | |||||
Issuance of common stock | 1,985 | 9 | 1,976 | 1,985 | ||||
Common dividends declared | (157,427) | (157,427) | (157,427) | |||||
Vesting/exercising of Omega OP Units | (2,811) | (2,811) | 2,811 | |||||
Omega OP Units distributions | (9,131) | (9,131) | ||||||
Capital contribution from noncontrolling interest holder in consolidated JV | 22 | 22 | ||||||
Other comprehensive income | 1,208 | 1,208 | 35 | 1,243 | ||||
Net income | 35,942 | 35,942 | 903 | 36,845 | ||||
Balance ending at Mar. 31, 2023 | 3,497,057 | 23,434 | 6,322,160 | 3,474,343 | (6,344,413) | 21,533 | 188,554 | 3,685,611 |
Beginning balance at Dec. 31, 2023 | 3,574,584 | 24,528 | 6,671,198 | 3,680,581 | (6,831,061) | 29,338 | 187,707 | 3,762,291 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Stock related compensation | 9,284 | 9,284 | 9,284 | |||||
Issuance of common stock | 32,350 | 108 | 32,242 | 32,350 | ||||
Common dividends declared | (164,815) | (164,815) | (164,815) | |||||
Vesting/exercising of Omega OP Units | (7,722) | (7,722) | 7,722 | |||||
Conversion and redemption of Omega OP Units to common stock | 332 | 1 | 331 | (332) | ||||
Omega OP Units distributions | (10,452) | (10,452) | ||||||
Other comprehensive income | 2,514 | 2,514 | 75 | 2,589 | ||||
Net income | 67,361 | 67,361 | 1,985 | 69,346 | ||||
Balance ending at Mar. 31, 2024 | $ 3,513,888 | $ 24,637 | $ 6,705,333 | $ 3,747,942 | $ (6,995,876) | $ 31,852 | $ 186,705 | $ 3,700,593 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | |||
Dividend per Common Share | $ 0.67 | $ 0.67 | $ 0.67 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ 69,346 | $ 36,845 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 74,557 | 81,192 |
Impairment on real estate properties | 5,292 | 38,988 |
Provision for rental income | 12,500 | |
Provision (recovery) for credit losses | 8,470 | (4,057) |
Amortization of deferred financing costs and loss on debt extinguishment | 4,959 | 3,259 |
Accretion of direct financing leases | 34 | 26 |
Stock-based compensation expense | 9,227 | 8,744 |
Loss (gain) on assets sold - net | 1,391 | (13,637) |
Amortization of acquired in-place leases - net | (531) | (6,131) |
Straight-line rent and effective interest receivables | (9,201) | (12,576) |
Interest paid-in-kind | (3,575) | (2,555) |
Loss from unconsolidated joint ventures | 827 | 137 |
Change in operating assets and liabilities - net: | ||
Contractual receivables | 915 | 180 |
Lease inducements | 233 | (12,323) |
Other operating assets and liabilities | (10,470) | (19,232) |
Net cash provided by operating activities | 151,474 | 111,360 |
Cash flows from investing activities | ||
Acquisition of real estate | (13,262) | (26,383) |
Net proceeds from sale of real estate investments | 10,089 | 17,559 |
Investments in construction in progress | (14,506) | (4,780) |
Placement of loan principal | (48,113) | (31,240) |
Collection of loan principal | 14,342 | 52,011 |
Investments in unconsolidated joint ventures | (61) | |
Distributions from unconsolidated joint ventures in excess of earnings | 942 | 382 |
Capital improvements to real estate investments | (6,941) | (5,340) |
Proceeds from net investment hedges | 8,429 | |
Receipts from insurance proceeds | 1,627 | 448 |
Net cash (used in) provided by investing activities | (47,454) | 2,657 |
Cash flows from financing activities | ||
Payments of long-term borrowings | (41,878) | (1,913) |
Payments of financing related costs | (1,283) | (6) |
Net proceeds from issuance of common stock | 32,350 | 1,985 |
Dividends paid | (164,758) | (157,379) |
Net payments to noncontrolling members of consolidated joint venture | 22 | |
Distributions to Omega OP Unit Holders | (10,452) | (9,131) |
Net cash used in financing activities | (186,021) | (166,422) |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | 297 | 279 |
Decrease in cash, cash equivalents and restricted cash | (81,704) | (52,126) |
Cash, cash equivalents and restricted cash at beginning of period | 444,730 | 300,644 |
Cash, cash equivalents and restricted cash at end of period | $ 363,026 | $ 248,518 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Business Overview and Organization Omega Healthcare Investors, Inc. (“Parent”) is a Maryland corporation that, together with its consolidated subsidiaries (collectively, “Omega,” the “Company,” “we,” “our” or “us”) invests in healthcare-related real estate properties located in the United States (“U.S.”) and the United Kingdom (“U.K.”). Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities (“SNFs”), assisted living facilities (“ALFs”), and to a lesser extent, independent living facilities (“ILFs”), rehabilitation and acute care facilities (“specialty facilities”) and medical office buildings. Our core portfolio consists of long-term “triple net” leases and real estate loans with healthcare operating companies and affiliates (collectively, our “operators”). In addition to our core investments, we make loans to operators and/or their principals. From time to time, we also acquire equity interests in joint ventures or entities that support the long-term healthcare industry and our operators. Omega has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes and is structured as an umbrella partnership REIT (“UPREIT”) under which all of Omega’s assets are owned directly or indirectly by, and all of Omega’s operations are conducted directly or indirectly through, its operating partnership subsidiary, OHI Healthcare Properties Limited Partnership (collectively with its subsidiaries, “Omega OP”). Omega has exclusive control over Omega OP’s day-to-day management pursuant to the partnership agreement governing Omega OP. As of March 31, 2024, Parent owned 97% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and other investors owned 3% of the outstanding Omega OP Units. Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods reported herein are not necessarily indicative of results to be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our Annual Report on Form 10-K Omega’s consolidated financial statements include the accounts of Omega Healthcare Investors, Inc., its wholly-owned subsidiaries and the joint ventures (“JVs”) and variable interest entities (“VIEs”) that it controls, through voting rights or other means. All intercompany transactions and balances have been eliminated in consolidation. Segments We conduct our operations and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which our Chief Operating Decision Maker (CODM), our Chief Executive Officer, evaluates performance and makes resource and operating decisions for the business. Reclassification Certain amounts in the prior year period have been reclassified to conform to the current period presentation. Income from direct financing leases, which was previously reported separately on our Consolidated Statements of Operations, is now included in Rental Income for all periods presented. In addition, we previously reported assets held for sale of $93.7 million on the Consolidated Balance Sheet as of December 31, 2023. $12.2 million of these assets no longer qualify as held for sale and have been reclassified to assets held for use within the applicable line items in real estate assets – net on the Consolidated Balance Sheet as of December 31, 2023. See further discussion on the held for sale reclassification in Note 3 – Assets Held for Sale, Dispositions and Impairments. |
REAL ESTATE ASSETS
REAL ESTATE ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
REAL ESTATE ASSETS [Abstract] | |
REAL ESTATE ASSETS | NOTE 2 – REAL ESTATE ASSETS Three Months Ended March 31, 2024 2023 (in thousands) Fixed income from operating leases $ 203,292 $ 185,327 Variable income from operating leases 3,377 3,750 Interest income from direct financing leases 252 254 Total rental income $ 206,921 $ 189,331 Our variable income from operating leases primarily represents the reimbursement by operators for real estate taxes that Omega pays directly. Asset Acquisitions The following table summarizes the asset acquisitions that occurred during the three months ended March 31, 2024: Number of Total Real Estate Initial Facilities Assets Acquired Annual Period SNF ALF Country/State (in millions) Cash Yield (1) Q1 1 — WV $ 8.1 10.0 % Q1 — 1 U.K. 5.2 9.5 % Total 1 1 $ 13.3 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. Construction in Progress and Capital Expenditure Investments We invested $21.4 million and $10.1 million under our construction in progress and capital improvement programs during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, construction in progress included two projects consisting of the development of a SNF in Virginia and an ALF in Washington D.C. |
ASSETS HELD FOR SALE, DISPOSITI
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS | 3 Months Ended |
Mar. 31, 2024 | |
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS [Abstract] | |
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS | NOTE 3 – ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS Periodically we sell facilities to reduce our exposure to certain operators, geographies and non-strategic assets or due to the exercise of a tenant purchase option. The following is a summary of our assets held for sale: March 31, December 31, 2024 2023 Number of facilities held for sale 16 16 Amount of assets held for sale (in thousands) $ 81,546 $ 81,546 In the first quarter of 2024, we reclassified one facility with a net book value of $12.2 million from assets held for sale to assets held for use within the applicable line items in real estate assets – net. Of the $12.2 million reclassified net of $5.4 million of accumulated depreciation, $15.9 million relates to buildings, $0.6 million relates to land and $1.1 relates to furniture and equipment. We originally reclassified this facility as held for sale in the fourth quarter of 2023 as a result of receiving a notification from an operator of their intent to exercise a purchase option over the facility. Due to regulatory issues encountered in the first quarter of 2024 during the due diligence process that limit our ability to sell this facility, this facility no longer qualifies as an asset held for sale. Asset Sales During the three months ended March 31, 2024, we sold four facilities (four SNFs) subject to operating leases for $10.1 million in net cash proceeds. As a result of these sales, we recognized a net loss of $1.4 million. During the three months ended March 31, 2023, we sold two facilities (one SNF and one medical office building) subject to operating leases for $17.6 million in net cash proceeds. As a result of these sales, we recognized a net gain of $13.6 million. During the three months ended March 31, 2024 and 2023, we received interest of $0.3 million and $2.1 million, respectively, related to seller financing provided in connection with sales that did not meet the contract criteria to be recognized under ASC 610-20. The interest received was deferred and recorded as a contract liability within accrued expenses and other liabilities on our Consolidated Balance Sheets. As of March 31, 2024, we have one sale that has not been recognized. Real Estate Impairments During the three months ended March 31, 2024, we recorded impairments of $5.3 million on three facilities. The $5.3 million relates to three held for use facilities (of which $1.3 million relates to a closed facility) for which the carrying value exceeded the fair value. During the three months ended March 31, 2023, we recorded impairments of $39.0 million on four facilities. Of the $39.0 million, $37.0 million related to two facilities that were classified as held for use for which the carrying value exceeded the fair value and $2.0 million related to two facilities that were classified as held for sale for which the carrying values exceeded the estimated fair value costs to sell. Of the $37.0 million, $27.5 million related to one held for use facility which was closed during the quarter. To estimate the fair value of the facilities for the impairments noted above, we utilized a market approach that considered binding sale agreements (a Level 1 input) or non-binding offers from unrelated third parties and/or broker quotes (a Level 3 input). |
CONTRACTUAL RECEIVABLES AND OTH
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS | NOTE 4 – CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS Contractual receivables relate to the amounts currently owed to us under the terms of our lease and loan agreements. Effective yield interest receivables relate to the difference between the interest income recognized on an effective yield basis over the term of the loan agreement and the interest currently due to us according to the contractual agreement. Straight-line rent receivables relate to the difference between the rental revenue recognized on a straight-line basis and the amounts currently due to us according to the contractual agreement. Lease inducements result from value provided by us to the lessee, at the inception, modification or renewal of the lease, and are amortized as a reduction of rental income over the non-cancellable lease term. A summary of our net receivables and lease inducements by type is as follows: March 31, December 31, 2024 2023 (in thousands) Contractual receivables – net $ 10,973 $ 11,888 Effective yield interest receivables $ 2,363 $ 3,127 Straight-line rent receivables 212,399 202,748 Lease inducements 8,519 8,782 Other receivables and lease inducements $ 223,281 $ 214,657 Cash Basis Operators and Straight-Line Receivable Write-Offs We review our collectibility assumptions related to rental income from our operator leases on an ongoing basis. During the three months ended March 31, 2024, we entered into a lease with a new operator as part of the transition of facilities from another operator. As we had no previous relationship with this new operator and collection of substantially all contractual lease payments due from the new operator was not deemed probable, we placed the new operator We also did not have any straight-line receivable write-offs through rental income during either of the three months ended March 31, 2024 and 2023. As of March 31, 2024, we had 20 operators on a cash basis for revenue recognition, which represent 18.4% and 20.5% of our total revenues for the three months ended March 31, 2024 and 2023, respectively. Rent Deferrals and Application of Collateral During each of the three months ended March 31, 2024 and 2023, we allowed three and eight operators to defer $0.9 million and $24.4 million, respectively, of contractual rent and interest. The deferrals during the three months ended March 31, 2024 primarily related to Maplewood Senior Living (along with affiliates, “Maplewood”) ($0.7 million). During each of the three months ended March 31, 2024 and 2023, we received repayments of deferred rent from three operators of $0.5 million and $0.2 million, respectively. Additionally, we allowed four and three operators to apply collateral, such as security deposits or letters of credit, to contractual rent and interest during the three months ended March 31, 2024 and 2023, respectively. The total collateral applied to contractual rent and interest was $0.5 million and $5.2 million for the three months ended March 31, 2024 and 2023, respectively. Operator Collectibility Updates Maplewood In the first quarter of 2024, Maplewood paid $11.3 million of contractual rent, a short pay of $6.5 million of the $17.8 million (consisting of $17.3 million of contractual rent and $0.5 million of contractual interest) due under its lease and loan agreements. Maplewood initially short-paid the contractual rent amount due under its lease agreement during the second quarter of 2023 and has not made full contractual rent and interest payments since that time. Omega applied Maplewood’s $4.8 million security deposit to cover a portion of the rent that was short paid in 2023. As the security deposit was fully exhausted in the fourth quarter of 2023, we were unable to apply collateral to unpaid rent and interest in the first quarter of 2024. To address liquidity concerns, Omega entered into a comprehensive restructuring of Maplewood’s lease and loan agreements in the first quarter of 2023 that, among other things, fixed rent at $69.3 million per annum through December 2025 and provided Maplewood a one-time option termination fee of $12.5 million. Maplewood is on a cash basis of revenue recognition for lease purposes, and we recorded rental income of $11.3 million and $17.3 million for the three months ended March 31, 2024 and 2023, respectively, for the contractual rent payments that were received from Maplewood. The $12.5 million option termination fee payment made in the first quarter of 2023 in connection with the restructuring agreement was recorded as a reduction to the $17.3 million rental income recognized for the three months ended March 31, 2023. As discussed further in Note 5 – Real Estate Loans Receivable, we recorded interest income of $1.5 million on the secured revolving credit facility during the three months ended March 31, 2023, for the contractual interest payment we received from Maplewood related to December 2022, as the loan was placed on non-accrual status for interest recognition during the fourth quarter of 2022. No interest income was recorded during the three months ended March 31, 2024. In April 2024, Maplewood short-paid the contractual rent and interest amounts due under its lease and loan agreements by $2.2 million. LaVie In connection with the ongoing restructuring of our facilities operated by LaVie Care Centers, LLC (“LaVie”), in the first quarter of 2024, we sold two facilities and transitioned two facilities to another operator, all of which were previously subject to the master lease with LaVie. Concurrent with the sales and transitions, we amended the master lease agreement with LaVie to reduce monthly rent to $3.2 million. In the first quarter of 2024, LaVie paid $4.4 million of contractual rent, a short pay of $5.5 million of the $9.9 million due under its lease agreement. As LaVie is on a cash basis of revenue recognition for lease purposes, only the $4.4 million and $7.4 million of contractual rent payments that we received from LaVie were recorded as rental income during the three months ended March 31, 2024 and 2023, respectively. We did not recognize any interest income related to LaVie during the three months ended March 31, 2024 and 2023 as the two loans outstanding have payment-in-kind (“PIK”) interest and are on non-accrual status. In April 2024, LaVie paid $1.5 million of contractual rent, a short pay of $1.7 million of the $3.2 million due under its lease agreement. Guardian Consistent with the third and fourth quarter of 2023, Guardian Healthcare (“Guardian”) did not pay the contractual amounts due under its lease agreement in the first quarter of 2024. We recorded rental income of $0.1 million and $3.8 million related to our lease with Guardian for the three months ended March 31, 2024 and 2023, respectively. As Guardian is on a cash basis of revenue recognition, rental income for these periods was limited to the contractual rent payments that were received and/or collateral held by Omega that was applied to outstanding rent. Rental income for the three months ended March 31, 2024 included the application of $0.1 million of Guardian’s security deposit to fund a portion of the unpaid rent. In April 2024, we transitioned the remaining six facilities previously included in Guardian’s master lease to a new operator for minimum initial contractual rent of $5.5 million per annum with the potential to increase contractual rent up to $12.4 million dependent on revenue received by the operator. Agemo Agemo Holdings, LLC (“ Omega and Agemo in the first quarter of 2023, We did not recognize interest income on our loans with Agemo during the three months ended March 31, 2024 and 2023. See Note 6 – Non-Real Estate Loans Receivable for discussion regarding our loans and interest with Agemo. Other During the three months ended March 31, 2023, we re-leased 43 facilities that were previously subject to leases with three cash basis operators to other operators. Following the transition, we have no remaining relationships with these three cash basis operators. All of the operators that the 43 facilities were transitioned to have leases for which Omega is recognizing revenue on a straight-line basis. The aggregate initial contractual rent for the 43 facilities under these leases is $43.3 million per annum. In connection with the transition of certain of these facilities, in the first quarter of 2023, Omega made termination payments of $15.5 million that were recorded as initial direct costs related to the lease with the new operator. These termination payments are deferred and will be recognized within depreciation and amortization expense on a straight-line basis over the term of the master lease with the new operator. |
REAL ESTATE LOANS RECEIVABLE
REAL ESTATE LOANS RECEIVABLE | 3 Months Ended |
Mar. 31, 2024 | |
REAL ESTATE LOANS RECEIVABLE [Abstract] | |
REAL ESTATE LOANS RECEIVABLE | NOTE 5 – REAL ESTATE LOANS RECEIVABLE Real estate loans consist of mortgage notes and other real estate loans which are primarily collateralized by a first, second or third mortgage lien or a leasehold mortgage on, or an assignment of the partnership interest in the related properties. As of March 31, 2024, our real estate loans receivable consists of 13 fixed rate mortgage notes on 62 long-term care facilities and 15 other real estate loans. The mortgage notes relate to facilities located in 11 states that are operated by 12 independent healthcare operating companies. We monitor compliance with our real estate loans and, when necessary, have initiated collection, foreclosure and other proceedings with respect to certain outstanding real estate loans. A summary of our real estate loans receivable by loan type and by borrower and/or guarantor is as follows: March 31, December 31, 2024 2023 (in thousands) Mortgage notes due 2030; interest at 11.22% (1)(2) $ 517,437 $ 514,866 Mortgage notes due 2037; interest at 10.50% 72,420 72,420 Mortgage note due 2025; interest at 7.85% 61,533 62,010 Mortgage note due 2028; interest at 10.00% 50,000 50,000 Other mortgage notes outstanding (3) 90,655 55,141 Mortgage notes receivable – gross 792,045 754,437 Allowance for credit losses on mortgage notes receivable (48,164) (55,661) Mortgage notes receivable – net 743,881 698,776 Other real estate loan due 2035; interest at 7.00% 263,580 263,520 Other real estate loans due 2024-2030; interest at 11.76% (1) 118,474 120,576 Other real estate loans due 2024; interest at 13.21% (1)(4) 109,011 106,807 Other real estate loans outstanding (5) 63,860 57,812 Other real estate loans – gross 554,925 548,715 Allowance for credit losses on other real estate loans (52,278) (35,329) Other real estate loans – net 502,647 513,386 Total real estate loans receivable – net $ 1,246,528 $ 1,212,162 (1) Approximates the weighted average interest rate on facilities as of March 31, 2024. (2) All mortgage notes mature in 2030 with the exception of two mortgage notes with an aggregate outstanding principal balance of $52.0 million that mature in 2024. (3) Other mortgage notes outstanding consists of nine loans to multiple borrowers that have a weighted average interest rate of 9.67% as of March 31, 2024, with maturity dates ranging from 2024 through 2027 (with $8.3 million maturing in 2024). Two of the mortgage notes with an aggregate principal balance of $12.9 million are past due and have been written down, through our allowance for credit losses, to the estimated fair value of the underlying collateral of $1.5 million. (4) During the first quarter of 2024, the maturity dates of these loans were extended from March 29, 2024 to June 28, 2024. (5) Other real estate loans outstanding consists of seven loans to multiple borrowers that have a weighted average interest rate of 10.88% as of March 31, 2024, with maturity dates ranging from 2027 through 2033 . Interest income on real estate loans is included within interest income on the Consolidated Statements of Operations and is summarized as follows: Three Months Ended March 31, 2024 2023 (in thousands) Mortgage notes – interest income $ 19,843 $ 16,548 Other real estate loans – interest income 8,896 6,849 Total real estate loans interest income $ 28,739 $ 23,397 During the three months ended March 31, 2024, we funded $41.2 million under seven new real estate loans with a weighted average interest rate of 9.6%. These new loans have a weighted average term of 3.1 years. We also advanced $2.8 million under existing real estate loans during the three months ended March 31, 2024. Included below is additional discussion on any significant new loans issued and significant updates to any existing loans. Other real estate loan due 2035 In the first quarter of 2023, Omega entered into a restructuring agreement and a loan amendment with Maplewood that modified Maplewood’s secured revolving credit facility. As part of the restructuring agreement and loan amendment, Omega agreed to extend the maturity date of the facility to June 2035, increase the capacity of the secured revolving credit facility from $250.5 million to $320.0 million, including PIK interest applied to the principal, and convert the 7% cash interest due on the secured revolving credit facility to all PIK interest in 2023, with 1% cash interest and 6% PIK interest beginning in 2024, which increases to 4% cash interest and 3% PIK interest in 2025 and through the maturity date. The maximum PIK interest allowable under the credit facility, as amended, is $52.2 million. This amendment was treated as a loan modification provided to a borrower experiencing financial difficulty. During the first quarter of 2024, Maplewood failed to make cash interest payments of $0.5 million that were required under the loan agreement. Following the missed interest payments in the first quarter of 2024, we reviewed the characteristics associated with the loan and borrower and adjusted the internal risk rating on the loan, utilized as a component of our allowance for credit loss calculation, from a 4 to a 5 to reflect the increased risk associated with the loan. The Maplewood risk rating adjustment was the primary reason for the increase in the allowance for credit losses presented in Note 7 – Allowance for Credit Losses. Omega previously adjusted the internal risk rating on the Maplewood loan from a 3 to a 4 in the second quarter of 2023 when Maplewood began to short-pay contractual rent under its lease agreement. We are in discussions with Maplewood to amend the loan agreement. The revolving credit facility is secured by a leasehold mortgage on certain Maplewood facilities. Additionally, the principal on the revolving credit facility is required to be repaid prior to Maplewood receiving any share of residual profit as a result of a sale of the facilities subject to the Maplewood master lease. During the three months ended March 31, 2023, we recorded interest income of $1.5 million on the secured revolving credit facility for the contractual interest payment received related to December 2022, as the loan was placed on non-accrual status for interest recognition during the fourth quarter of 2022. We did not record any interest income related to the PIK interest during the three months ended March 31, 2024 and 2023. As of March 31, 2024, the amortized cost basis of this loan was $263.6 million, which represents 19.6% of the total amortized cost basis of all real estate loan receivables. As of March 31, 2024, the remaining commitment under the secured revolving credit facility, including the unrecognized PIK interest, was $33.9 million. |
NON-REAL ESTATE LOANS RECEIVABL
NON-REAL ESTATE LOANS RECEIVABLE | 3 Months Ended |
Mar. 31, 2024 | |
NON-REAL ESTATE LOANS RECEIVABLE [Abstract] | |
NON-REAL ESTATE LOANS RECEIVABLE | NOTE 6 – NON-REAL ESTATE LOANS RECEIVABLE Our non-real estate loans consist of fixed and variable rate loans to operators or principals. These loans may be either unsecured or secured by the collateral of the borrower, which may include the working capital of the borrower. As of March 31, 2024, we had 45 loans with 22 different borrowers. A summary of our non-real estate loans by borrower and/or guarantor is as follows: March 31, December 31, 2024 2023 (in thousands) Notes due 2024-2029; interest at 11.20% (1) $ 92,851 $ 92,681 Notes due 2036; interest at 5.63% 76,684 77,854 Notes due 2024-2026; interest at 10.99% (1) 49,970 53,300 Note due 2025; interest at 7.83% (2) 44,249 44,999 Notes due 2036; interest at 2.00% 32,308 32,308 Other notes outstanding (3) 94,224 96,104 Non-real estate loans receivable – gross 390,286 397,246 Allowance for credit losses on non-real estate loans receivable (120,944) (121,631) Total non-real estate loans receivable – net $ 269,342 $ 275,615 (1) Approximates the weighted average interest rate as of March 31, 2024. (2) During the first quarter of 2024, this loan was amended to, among other items, extend the maturity date to December 31, 2025 , modify the mandatory principal payments required under the loan, reduce the maximum principal under the loan from $55.0 million to $45.0 million and increase the interest rate on borrowings in excess of $15.0 million to 8% in January 2024, with further interest rate increases to 9% and 10% in April 2024 and June 2024, respectively. The interest rate remains at 7.5% for borrowings that do not exceed $15.0 million. The interest rate above represents the weighted average interest rate as of March 31, 2024. (3) Other notes outstanding have a weighted average interest rate of 8.09% as of March 31, 2024, with maturity dates ranging from 2024 through 2030 (with $7.6 million maturing in 2024 ). Three of the other notes outstanding with an aggregate principal balance of $10.1 million are past due and have been written down to the estimated fair value of the underlying collateral of zero , through our allowance for credit losses. For the three months ended March 31, 2024 and 2023, non-real estate loans generated interest income of $7.1 million and $5.0 million, respectively. Interest income on non-real estate loans is included within interest income on the Consolidated Statements of Operations. During the three months ended March 31, 2024, we did not fund any new non-real estate loans. We advanced $4.1 million under existing working capital loans during the three months ended March 31, 2024. We received principal repayments of $6.9 million on existing non-real estate loans during the three months ended March 31, 2024. Included below is additional discussion on any significant new loans issued and/or significant updates to any existing loans. Notes due 2036 ; interest at 5.63% As discussed in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements, in the first quarter of 2023, Omega entered into a restructuring agreement and a replacement loan agreement that modified the existing Agemo loans. The outstanding principal of the Agemo Term Loan was refinanced into a new $32.0 million loan (“Agemo Replacement Loan A”). The outstanding principal of the Agemo WC Loan and the aggregate rent deferred and outstanding under the Agemo lease agreement was combined and refinanced into a new $50.2 million loan (“Agemo Replacement Loan B” and with Agemo Replacement Loan A, the “Agemo Replacement Loans”). The Agemo Replacement Loans bear interest at 5.63% per annum through October 2024, which increases to 5.71% per annum until maturity. The Agemo Replacement Loans mature on December 31, 2036. These amendments were treated as loan modifications provided to a borrower experiencing financial difficulty. Agemo resumed making interest payments for the Agemo Replacement Loans in May 2023 in accordance with the terms of the restructuring agreement. The Agemo Replacement Loans are on non-accrual status, and we are utilizing the cost recovery method, under which any payments we receive are applied against the principal amount. During the three months ended March 31, 2024, we received $1.2 million of interest payments from Agemo that we applied against the outstanding principal of the loans, and we recognized a recovery for credit loss equal to the amount of payments applied against principal. As of March 31, 2024, the amortized cost basis of these loans was $76.7 million, which represents 19.6% of the total amortized cost basis of all non-real estate loan receivables. The total reserve as of March 31, 2024 related to the Agemo Replacement Loans was $71.5 million, which reserves the loan down to the fair value of the underlying collateral, consisting of a second lien on the accounts receivable of Agemo. Notes due 2036 ; interest at 2.00% We have two term loans with LaVie, an $8.3 million term loan and a $25.0 million term loan, that bear interest at 2% (which is all PIK interest) and mature on November 30, 2036. As of March 31, 2024, the amortized cost basis of these loans was $32.3 million, which represents 8.3% of the total amortized cost basis of all non-real estate loan receivables. The total reserve as of March 31, 2024 related to these loans was $28.7 million, which reserves the loan down to the fair value of the underlying collateral consisting of a second lien on the accounts receivable of the operator. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | NOTE 7 – ALLOWANCE FOR CREDIT LOSSES A rollforward of our allowance for credit losses for the three months ended March 31, 2024 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss as of December 31, 2023 Provision (Recovery) for Credit Loss for the three months ended March 31, 2024 (1) Write-offs charged against allowance for the three months ended March 31, 2024 Allowance for Credit Loss as of March 31, 2024 (in thousands) 1 Real estate loan receivable $ 1,501 $ (193) $ — $ 1,308 2 Real estate loans receivable 291 269 — 560 3 Real estate loans receivable 12,635 1,056 — 13,691 4 Real estate loans receivable 65,113 (29,915) (2) — 35,198 5 Real estate loans receivable — 38,235 (2) — 38,235 6 Real estate loans receivable 11,450 — — 11,450 Sub-total 90,990 9,452 — 100,442 5 Investment in direct financing leases 2,489 (191) — 2,298 Sub-total 2,489 (191) — 2,298 2 Non-real estate loans receivable 1,151 191 — 1,342 3 Non-real estate loans receivable 3,903 206 — 4,109 4 Non-real estate loans receivable 720 (110) — 610 5 Non-real estate loans receivable 43,404 2,723 — 46,127 6 Non-real estate loans receivable 72,453 (605) (3,092) 68,756 Sub-total 121,631 2,405 (3) (3,092) 120,944 2 Unfunded real estate loan commitments 10 (5) — 5 3 Unfunded real estate loan commitments 335 121 — 456 4 Unfunded real estate loan commitments 4,314 (4,239) — 75 5 Unfunded real estate loan commitments — 4,924 — 4,924 2 Unfunded non-real estate loan commitments 692 (112) — 580 3 Unfunded non-real estate loan commitments 46 (2) — 44 4 Unfunded non-real estate loan commitments 63 (21) — 42 5 Unfunded non-real estate loan commitments 1,594 (1,594) — — Sub-total 7,054 (928) — 6,126 Total $ 222,164 $ 10,738 $ (3,092) $ 229,810 (1) During the three months ended March 31, 2024, we received proceeds of $2.3 million from the liquidating trust related to the $25.0 million senior unsecured debtor in possession facility to Gulf Coast Health Care LLC, which resulted in a recovery for credit losses of $2.3 million that is not included in the rollforward above since we had previously written-off the loan balance and related reserves. (2) Amount reflects the movement of reserves associated with Maplewood’s secured revolving credit facility due to an adjustment to the internal risk rating on the loan from a 4 to a 5 during the first quarter of 2024. See Note 5 – Real Estate Loans Receivable for additional information. (3) This amount includes cash recoveries of $1.2 million related to interest payments received on loans that are written down to fair value and are being accounted for under the cost recovery method in which any payments received are applied directly against the principal balance outstanding. This amount also includes $0.2 million related to principal payments received on loans that were fully reserved. A rollforward of our allowance for credit losses for the three months ended March 31, 2023 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss at December 31, 2022 Provision (Recovery) for Credit Loss for the three months ended March 31, 2023 Write-offs charged against allowance for the three months ended March 31, 2023 Other additions to the allowance for the three months ended March 31, 2023 Allowance for Credit Loss as of March 31, 2023 (in thousands) 1 Real estate loans receivable $ 162 $ 351 $ — $ — $ 513 2 Real estate loans receivable 157 (111) — 46 3 Real estate loans receivable 15,110 (421) — — 14,689 4 Real estate loans receivable 33,666 (9,445) — — 24,221 6 Real estate loans receivable 52,265 (2,294) — — 49,971 Sub-total 101,360 (11,920) — — 89,440 5 Investment in direct financing leases 2,816 (193) — — 2,623 Sub-total 2,816 (193) — — 2,623 2 Non-real estate loans receivable 859 (567) — — 292 3 Non-real estate loans receivable 2,079 (1,727) — — 352 4 Non-real estate loans receivable 634 (361) — — 273 5 Non-real estate loans receivable 18,619 66 — 25,200 (1) 43,885 6 Non-real estate loans receivable 61,677 8,086 — — 69,763 Sub-total 83,868 5,497 — 25,200 114,565 3 Unfunded real estate loan commitments — 2,660 — — 2,660 4 Unfunded real estate loan commitments 84 (62) — — 22 2 Unfunded non-real estate loan commitments 207 (96) — — 111 3 Unfunded non-real estate loan commitments 29 (23) — — 6 6 Unfunded non-real estate loan commitments — 80 — — 80 320 2,559 — — 2,879 Total $ 188,364 $ (4,057) (2) $ — $ 25,200 $ 209,507 (1) This amount relates to the additional $25.2 million allowance recorded during the first quarter of 2023 to reserve the aggregate deferred rent amount that is included within Agemo Replacement Loan B. (2) The amount includes cash recoveries of $2.5 million related to interest payments received on loans that are written down to fair value and are being accounted for under the cost recovery method in which any payments received are applied directly against the principal balance outstanding. This amount also includes $0.4 million related to principal payments received on loans that were fully reserved. A summary of our amortized cost basis by year of origination and credit quality indicator is as follows: Rating Financial Statement Line Item 2024 2023 2022 2021 2020 2019 2018 & older Revolving Loans Balance as of March 31, 2024 (in thousands) 1 Real estate loans receivable $ — $ — $ 20,000 $ — $ — $ — $ 61,533 $ — $ 81,533 2 Real estate loans receivable 11,700 8,257 — — 21,325 — — — 41,282 3 Real estate loans receivable 23,257 172,393 30,600 72,420 — — — — 298,670 4 Real estate loans receivable 6,016 89,594 — 30,627 82,781 — 439,965 — 648,983 5 Real estate loans receivable — — — — — — — 263,580 263,580 6 Real estate loans receivable — — — — — — 12,922 — 12,922 Sub-total 40,973 270,244 50,600 103,047 104,106 — 514,420 263,580 1,346,970 5 Investment in direct financing leases — — — — — — 11,171 — 11,171 Sub-total — — — — — — 11,171 — 11,171 2 Non-real estate loans receivable — — — — — — — 114,398 114,398 3 Non-real estate loans receivable — 88,276 20,000 — — 3,653 667 8,550 121,146 4 Non-real estate loans receivable — 1,105 — — — 667 1,000 26,033 28,805 5 Non-real estate loans receivable — 4,190 — — — 2,274 47,117 — 53,581 6 Non-real estate loans receivable — 5,924 24,457 7,851 — — 29,567 4,557 72,356 Sub-total — 99,495 44,457 7,851 — 6,594 78,351 153,538 390,286 Total $ 40,973 $ 369,739 $ 95,057 $ 110,898 $ 104,106 $ 6,594 $ 603,942 $ 417,118 $ 1,748,427 Year to date gross write-offs $ — $ — $ — $ — $ — $ — $ (3,092) $ — $ (3,092) Interest Receivable on Real Estate Loans and Non-Real Estate Loans We have elected the practical expedient to exclude interest receivable from our allowance for credit losses. As of March 31, 2024 and December 31, 2023, we have excluded $10.8 million and $10.2 million, respectively, of contractual interest receivables and $2.4 million and $3.1 million, respectively, of effective yield interest receivables from our allowance for credit losses. We write-off contractual interest receivables to provision for credit losses in the period we determine the interest is no longer considered collectible. During the three months ended March 31, 2024 and 2023, we recognized $1.0 million and $1.5 million, respectively, of interest income related to loans on non-accrual status as of March 31, 2024. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2024 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 8 – VARIABLE INTEREST ENTITIES Unconsolidated Variable Interest Entities We hold variable interests in several VIEs through our investing and financing activities, which are not consolidated, as we have concluded that we are not the primary beneficiary of these entities as we do not have the power to direct activities that most significantly impact the VIE’s economic performance and/or the variable interest we hold does not obligate us to absorb losses or provide us with the right to receive benefits from the VIE which could potentially be significant. Below is a summary of our assets, liabilities, collateral and maximum exposure to loss associated with these unconsolidated VIEs as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (in thousands) Assets Real estate assets – net $ 1,012,089 $ 996,540 Assets held for sale — 66,130 Real estate loans receivable – net 400,068 370,147 Investments in unconsolidated joint ventures 9,016 9,009 Non-real estate loans receivable – net 9,965 10,679 Contractual receivables – net 544 746 Other assets 711 1,423 Total assets 1,432,393 1,454,674 Liabilities Accrued expenses and other liabilities (47,048) (46,677) Total liabilities (47,048) (46,677) Collateral Personal guarantee (48,000) (48,000) Other collateral (1) (1,078,671) (1,105,383) Total collateral (1,126,671) (1,153,383) Maximum exposure to loss $ 258,674 $ 254,614 (1) Amount excludes accounts receivable that Omega has a security interest in as collateral under the two loans with operators that are unconsolidated VIEs. The fair value of the accounts receivable available to Omega was $8.1 million and $8.9 million as of March 31, 2024 and December 31, 2023, respectively. In determining our maximum exposure to loss from the unconsolidated VIEs, we considered the underlying carrying value of the real estate subject to leases with the operator and other collateral, if any, supporting our other investments, which may include accounts receivable, security deposits, letters of credit or personal guarantees, if any, as well as other liabilities recognized with respect to these operators. The table below reflects our total revenues from the operators that are considered unconsolidated VIEs for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Revenue Rental income $ 19,128 $ 9,838 Interest income 2,964 2,106 Total $ 22,092 $ 11,944 Consolidated VIEs We own a partial equity interest in a joint venture that we have determined is a VIE. We have consolidated this VIE because we have concluded that we are the primary beneficiary of this VIE based on a combination of our ability to direct the activities that most significantly impact the joint venture’s economic performance and our rights to receive residual returns and obligation to absorb losses arising from the joint venture. As of March 31, 2024 and December 31, 2023, this joint venture has $28.0 million and $27.9 million, respectively, of total assets, and $21.0 million and $20.7 million, respectively, of total liabilities, which are included in our Consolidated Balance Sheets. |
INVESTMENT IN JOINT VENTURES
INVESTMENT IN JOINT VENTURES | 3 Months Ended |
Mar. 31, 2024 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | |
INVESTMENTS IN JOINT VENTURES | NOTE 9 – INVESTMENTS IN JOINT VENTURES Unconsolidated Joint Ventures The following is a summary of our investments in unconsolidated joint ventures (dollars in thousands): Carrying Amount Ownership Facility Facility March 31, December 31, Entity % (1) Type Count (1) 2024 2023 Second Spring Healthcare Investment 15% SNF — $ 8,336 $ 8,945 Lakeway Realty, L.L.C. (2) 51% Specialty facility 1 68,569 68,902 Cindat Joint Venture 49% ALF 63 95,979 97,559 OMG Senior Housing, LLC 50% Specialty facility 1 — — OH CHS SNP, Inc. 9% N/A N/A 794 752 RCA NH Holdings RE Co., LLC (2)(3) 20% SNF 5 3,400 3,400 WV Pharm Holdings, LLC (2)(3) 20% N/A N/A 3,000 3,000 OMG-Form Senior Holdings, LLC (2)(3) 49% ALF 1 2,617 2,609 CHS OHI Insight Holdings, LLC 25% N/A N/A 3,242 3,242 $ 185,937 $ 188,409 (1) Ownership percentages and facility counts are as of March 31, 2024. (2) As of March 31, 2024 and December 31, 2023, we have an aggregate of $79.6 million of loans outstanding with these joint ventures. (3) These joint ventures are unconsolidated VIEs and therefore are included in the tables in Note 8 – Variable Interest Entities. The following table reflects our income (loss) from unconsolidated joint ventures for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, Entity 2024 2023 (in thousands) Second Spring Healthcare Investments $ 235 $ 289 Lakeway Realty, L.L.C. 691 679 Cindat Joint Venture (705) 1 OMG Senior Housing, LLC (112) (220) OH CHS SNP, Inc. 42 82 OMG-Form Senior Holdings, LLC (53) — Total $ 98 $ 831 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Other Intangibles [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | NOTE 10 – GOODWILL AND OTHER INTANGIBLES The following is a summary of our goodwill as of March 31, 2024 and December 31, 2023: (in thousands) Balance as of December 31, 2023 $ 643,897 Foreign currency translation (119) Balance as of March 31, 2024 $ 643,778 The following is a summary of our intangible assets and liabilities as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (in thousands) Assets: Above market leases $ 4,214 $ 4,214 Accumulated amortization (3,547) (3,532) Net above market leases $ 667 $ 682 Liabilities: Below market leases $ 48,791 $ 48,791 Accumulated amortization (37,723) (37,177) Net below market leases $ 11,068 $ 11,614 Above market leases, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market leases, net of accumulated amortization, are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. The net amortization related to the above and below market leases is included in our Consolidated Statements of Operations as an adjustment to rental income. For the three months ended March 31, 2024 and 2023, our net amortization related to intangibles was $0.5 million and $6.1 million, respectively. The estimated net amortization related to these intangibles for the remainder of 2024 and the next four years is as follows: remainder of 2024 – $1.6 million; 2025 – $2.1 million; 2026 – $1.8 million; 2027 – $1.5 million and 2028 – $0.9 million. As of March 31, 2024, the weighted average remaining amortization period of above market lease assets is 13 years and below market lease liabilities is seven years. |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 3 Months Ended |
Mar. 31, 2024 | |
Concentration of Risk [Abstract] | |
CONCENTRATION OF RISK | NOTE 11 – CONCENTRATION OF RISK As of March 31, 2024, our portfolio of real estate investments (including properties associated with mortgages, direct financing leases, assets held for sale and consolidated joint ventures) consisted of 896 healthcare facilities, located in 42 states and the U.K. and operated by 78 third-party operators. Our investment in these facilities, net of impairments and allowances, totaled $9.2 billion at March 31, 2024, with 97% of our real estate investments related to long-term healthcare facilities. Our portfolio is made up of (i) 590 SNFs, 189 ALFs, 19 ILFs, 19 specialty facilities and one medical office building, (ii) fixed rate mortgages on 47 SNFs, 12 ALFs, two specialty facilities and one ILF, and (iii) 16 facilities that are held for sale. At March 31, 2024, we also held other real estate loans receivable (excluding mortgages) of $502.6 million, non-real estate loans receivable of $269.3 million and $185.9 million of investments in nine unconsolidated joint ventures. As of March 31, 2024 and December 31, 2023, we had investments with one operator or manager that approximated or exceeded 10% of our total investments: Maplewood. Maplewood generated 4.7% and 2.9% of our total revenues for the three months ended March 31, 2024 and 2023, respectively. The revenue associated with Maplewood for the three months ended March 31, 2023 reflects a reduction of revenue of $12.5 million related to a termination fee payment made by Omega as discussed in Note 4 – Contractual Receivables and Other Receivables and Lease Inducements. During the three months ended March 31, 2024, we also have one operator with total revenues that exceeded 10% of our total revenues: CommuniCare Health Services, Inc. (“CommuniCare”). CommuniCare generated 12.9% and 9.6% of our total revenues for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, CommuniCare represented 9.3% of our total investments. As of March 31, 2024, the three states in which we had our highest concentration of investments were Texas (10.4%), Indiana (6.8%) and California (6.1%). In addition, our concentration of investments in the U.K. is 6.8%. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders Equity [Abstract] | |
STOCKHOLDERS EQUITY | NOTE 12 – STOCKHOLDERS’ EQUITY Dividends The following is a summary of our declared cash dividends on common stock: Record Payment Dividend per Date Date Common Share February 5, 2024 February 15, 2024 $ 0.67 April 30, 2024 May 15, 2024 0.67 Dividend Reinvestment and Common Stock Purchase Plan The following is a summary of the shares issued under the Dividend Reinvestment and Common Stock Purchase Plan for the three months ended March 31, 2024 and 2023 (in thousands): Period Ended Shares issued Gross Proceeds Three Months Ended March 31, 2023 82 $ 2,278 Three Months Ended March 31, 2024 29 882 At-The-Market Offering Programs The following is a summary of the shares issued under our $1.0 billion At-The-Market Offering Program (“ATM Program”) for the three months ended March 31, 2024 and 2023 (in thousands except average price per share): Average Net Price Period Ended Shares issued Per Share (1) Gross Proceeds Net Proceeds Three Months Ended March 31, 2023 — $ — $ — $ — Three Months Ended March 31, 2024 1,041 30.49 32,295 31,738 (1) Represents the average price per share after issuance costs. Accumulated Other Comprehensive Income (Loss) The following is a summary of our accumulated other comprehensive income (loss), net of tax where applicable: Three Months Ended 2024 2023 (in thousands) Foreign currency translation $ (55,780) $ (69,170) Derivative instruments designated as cash flow hedges (1) 81,988 76,806 Derivative instruments designated as net investment hedges 5,653 13,593 Total accumulated other comprehensive income before noncontrolling interest 31,861 21,229 Add: portion included in noncontrolling interest (9) 304 Total accumulated other comprehensive income for Omega $ 31,852 $ 21,533 (1) During the three months ended March 31, 2024 and 2023, we reclassified $2.6 million and $1.1 million, respectively, of realized gains out of accumulated other comprehensive income into interest expense on our Consolidated Statements of Operations associated with our cash flow hedges. |
TAXES
TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Taxes [Abstract] | |
TAXES | NOTE 13 – TAXES Omega was organized, has operated and intends to continue to operate in a manner that enables Omega to qualify for taxation as a REIT under Sections 856 through 860 of the Code. On a quarterly and annual basis, we perform several analyses to test our compliance within the REIT taxation rules. If we fail to meet the requirements for qualification as a REIT in any tax year, we will be subject to federal income tax on our taxable income at regular corporate rates and may not be able to qualify as a REIT for the four We are also subject to federal taxation of 100% of the net income derived from the sale or other disposition of property, other than foreclosure property, that we held primarily for sale to customers in the ordinary course of a trade or business. We believe that we do not hold assets for sale to customers in the ordinary course of business and that none of the assets currently held for sale or that have been sold would be considered a prohibited transaction within the REIT taxation rules. As a REIT under the Code, we generally will not be subject to federal income taxes on the REIT taxable income that we distribute to stockholders, subject to certain exceptions. In 2023, we distributed dividends in excess of our taxable income. We currently own stock in certain subsidiary REITs. These subsidiary entities are required to individually satisfy all of the rules for qualification as a REIT. If we fail to meet the requirements for qualification as a REIT for any of the subsidiary REITs, it may cause Omega to fail the requirements for qualification as a REIT also. We have elected to treat certain of our active subsidiaries as taxable REIT subsidiaries (“TRSs”). Our domestic TRSs are subject to federal, state and local income taxes at the applicable corporate rates. As of March 31, 2024, one of our TRSs that is subject to income taxes at the applicable corporate rates had a net operating loss (“NOL”) carry-forward of $9.8 million. Our NOL carry-forward was partially reserved as of March 31, 2024, with a valuation allowance due to uncertainties regarding realization. Under current law, NOL carry-forwards generated up through December 31, 2017, may be carried forward for no more than 20 years, and NOL carry-forwards generated in taxable years ended after December 31, 2017, may be carried forward indefinitely. We do not anticipate that such changes will materially impact the computation of Omega’s taxable income, or the taxable income of any Omega entity, including our TRSs. Our foreign subsidiaries are subject to foreign income taxes and withholding taxes. The majority of our U.K. portfolio elected to enter the U.K. REIT regime with an effective date of April 1, 2023. As of March 31, 2024, one of our U.K. subsidiaries had a NOL carryforward of $35.4 million. These U.K. NOLs have no expiration date and may be available to offset future taxable income. We believe these foreign NOLs are realizable under a “more likely than not” measurement and have not recorded a valuation allowance against the deferred tax asset. The following is a summary of deferred tax assets and liabilities (which are recorded in other assets and accrued expenses and other liabilities in our Consolidated Balance Sheets): March 31, December 31, 2024 2023 (in thousands) U.S. Federal net operating loss carryforward $ 2,048 $ 2,079 Valuation allowance on deferred tax asset (1,996) (2,024) Foreign net operating loss carryforward 8,857 9,491 Net deferred tax asset $ 8,909 $ 9,546 Foreign deferred tax liability (1) $ 1,426 $ 1,508 Net deferred tax liability $ 1,426 $ 1,508 (1) The deferred tax liability resulted from book to tax differences recorded in the U.S. relating to depreciation and revenue recognition in the U.K. recognized upon the majority of our U.K. portfolio entering the U.K. REIT regime effective April 1, 2023. The following is a summary of our provision for income taxes: Three Months Ended March 31, 2024 2023 (in millions) Federal, state and local income tax expense $ 0.5 $ 0.3 Foreign income tax expense (benefit) (1) 2.1 (1.6) Total income tax expense (benefit) (2) $ 2.6 $ (1.3) (1) The benefit for the three months ended March 31, 2023 primarily relates to adjustments made to our deferred tax assets and liabilities as a result of the majority of our U.K. portfolio electing to enter into the U.K. REIT regime effective April 1, 2023. (2) The above amounts do not include gross income receipts or franchise taxes payable to certain states and municipalities. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 14 – STOCK-BASED COMPENSATION Stock-based compensation expense was $9.2 million and $8.7 million for the three months ended March 31, 2024 and 2023, respectively. Stock-based compensation expense is included within general and administrative expenses on our Consolidated Statements of Operations. We granted 259,781 time-based profits interest units (“PIUs”) during the first quarter of 2024 to certain officers and employees, and those units vest on December 31, 2026 (three years after the grant date), subject to continued employment and vesting in connection with certain other events. We granted 2,297,064 performance-based PIUs during the first quarter of 2024 to certain officers and employees, which are earned based on the level of performance over the performance period (normally three years) and vest quarterly in the four Time-based and performance-based grants made to named executive officers and key employees that meet certain conditions under the Company’s retirement policy (length of service, age, etc.) vest on an accelerated basis pursuant to the terms of our 2018 Stock Incentive Plan. |
BORROWING ACTIVITIES AND ARRANG
BORROWING ACTIVITIES AND ARRANGEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
BORROWING ACTIVITIES AND ARRANGEMENTS [Abstract] | |
BORROWING ACTIVITIES AND ARRANGEMENTS | NOTE 15 – BORROWING ACTIVITIES AND ARRANGEMENTS The following is a summary of our borrowings: Annual Interest Rate as of March 31, March 31, December 31, Maturity 2024 2024 2023 (in thousands) Secured borrowings: HUD mortgages (1) 2049 - 2051 N/A $ — $ 41,878 2024 term loan (2) 2024 10.83 % 20,145 20,085 Total secured borrowings 20,145 61,963 Unsecured borrowings: Revolving credit facility (3)(4) 2025 6.64 % 20,213 20,397 20,213 20,397 Senior notes and other unsecured borrowings: 2024 notes (3)(5) 2024 4.95 % 400,000 400,000 2025 notes (3) 2025 4.50 % 400,000 400,000 2026 notes (3) 2026 5.25 % 600,000 600,000 2027 notes (3) 2027 4.50 % 700,000 700,000 2028 notes (3) 2028 4.75 % 550,000 550,000 2029 notes (3) 2029 3.63 % 500,000 500,000 2031 notes (3) 2031 3.38 % 700,000 700,000 2033 notes (3) 2033 3.25 % 700,000 700,000 2025 term loan (3)(6) 2025 5.60 % 428,500 428,500 OP term loan (7)(8) 2025 5.52 % 50,000 50,000 Deferred financing costs – net (18,958) (20,442) Discount – net (21,748) (23,102) Total senior notes and other unsecured borrowings – net 4,987,794 4,984,956 Total unsecured borrowings – net 5,008,007 5,005,353 Total secured and unsecured borrowings – net (9)(10) $ 5,028,152 $ 5,067,316 (1) Wholly owned subsidiaries of Omega OP were the obligors on these borrowings. During the first quarter of 2024, the remaining nine HUD mortgages with outstanding principal of $41.6 million were paid off. The payoff also included a $1.3 million prepayment fee, which is included in loss on debt extinguishment on our Consolidated Statements of Operations. (2) Borrowing is the debt of the consolidated joint venture discussed in Note 8 – Variable Interest Entities which was formed in the first quarter of 2022. The borrowing is secured by two ALFs, which are owned by the joint venture. During the first quarter of 2024, this loan was extended from February 29, 2024 to April 30, 2024 . During the second quarter of 2024, the company repaid this loan using available cash and proceeds from our revolving credit facility. (3) Guaranteed by Omega OP. (4) As of March 31, 2024, borrowings under Omega’s $1.45 billion senior unsecured multicurrency revolving credit facility consisted of £16.0 million British Pounds Sterling (“GBP”). The applicable interest rate on the U.S. Dollar tranche and on the GBP borrowings under the alternative currency tranche of the credit facility were 6.64% and 6.51% as of March 31, 2024, respectively. (5) The Company repaid the $400 million of 4.95% senior notes on the April 1, 2024 maturity date using available cash and proceeds from our revolving credit facility. (6) The weighted average interest rate of the $428.5 million 2025 term loan has been adjusted to reflect the impact of the interest rate swaps that effectively fix the SOFR-based portion of the interest rate at 4.047% . (7) Omega OP is the obligor on this borrowing. (8) The weighted average interest rate of the $50 million OP term loan has been adjusted to reflect the impact of the interest rate swaps that effectively fix the SOFR-based portion of the interest rate at 3.957% . (9) All borrowings are direct borrowings of Parent unless otherwise noted. (10) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of March 31, 2024 and December 31, 2023, we were in compliance with all applicable covenants for our borrowings . |
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING | 3 Months Ended |
Mar. 31, 2024 | |
DERIVATIVES AND HEDGING [Abstract] | |
DERIVATIVES AND HEDGING | NOTE 16 – DERIVATIVES AND HEDGING We are exposed to, among other risks, the impact of changes in foreign currency exchange rates as a result of our investments in the U.K. and interest rate risk related to our capital structure. As a matter of policy, we do not use derivatives for trading or speculative purposes. Our risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes foreign currency forward contracts, interest rate swaps and debt issued in foreign currencies to offset a portion of these risks. As of March 31, 2024, we have 12 interest rate swaps with $478.5 million in notional value. The swaps are designated as cash flow hedges of the interest payments on two of Omega’s variable interest loans. Additionally, we have 11 foreign currency forward contracts with £258.0 million in notional value issued at a weighted average GBP-USD forward rate of 1.2899 that are designated as net investment hedges. On February 27, 2024, we terminated two foreign currency forward contracts that were entered into in March 2021 with notional amounts totaling £70.0 million. Omega received a net cash settlement of $8.4 million as a result of termination, which is included within net cash used in investing activities in the Consolidated Statements of Cash Flows. The $8.4 million related to the termination will remain in accumulated other comprehensive income until the underlying hedged items are liquidated. Concurrent with the termination of the two foreign currency forward contracts, also on February 27, 2024, we entered into three new foreign currency forward contracts with notional amounts totaling £78.0 million and a GBP-USD forward rate of 1.2707, each of which mature between March 8, 2027 and March 7, 2031. The new currency forward contracts hedge an intercompany loan between a U.S. and a U.K. subsidiary. The location and fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: March 31, December 31, 2024 2023 Cash flow hedges: (in thousands) Other assets $ 1,745 $ — Accrued expenses and other liabilities $ 325 $ 6,533 Net investment hedges: Other assets $ 2,835 $ 8,903 Accrued expenses and other liabilities $ 646 $ 8 The fair value of the interest rate swap and foreign currency forwards is derived from observable market data such as yield curves and foreign exchange rates and represents a Level 2 measurement on the fair value hierarchy. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 17 – FINANCIAL INSTRUMENTS The net carrying amount of cash and cash equivalents, restricted cash, contractual receivables, other assets and accrued expenses and other liabilities reported in the Consolidated Balance Sheets approximates fair value because of the short maturity of these instruments (Level 1). At March 31, 2024 and December 31, 2023, the net carrying amounts and fair values of our other financial instruments were as follows: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 8,873 $ 8,873 $ 8,716 $ 8,716 Real estate loans receivable – net 1,246,528 1,221,793 1,212,162 1,258,838 Non-real estate loans receivable – net 269,342 276,042 275,615 279,710 Total $ 1,524,743 $ 1,506,708 $ 1,496,493 $ 1,547,264 Liabilities: Revolving credit facility $ 20,213 $ 20,213 $ 20,397 $ 20,397 2024 term loan 20,145 19,750 20,085 19,750 2025 term loan 425,257 428,500 424,662 428,500 OP term loan 49,890 50,000 49,864 50,000 4.95% notes due 2024 – net 400,000 400,000 399,747 398,888 4.50% notes due 2025 – net 399,397 395,600 399,207 393,240 5.25% notes due 2026 – net 598,730 596,094 598,553 596,508 4.50% notes due 2027 – net 695,668 677,411 695,302 671,538 4.75% notes due 2028 – net 546,177 530,992 545,925 528,704 3.63% notes due 2029 – net 493,401 446,305 493,099 440,785 3.38% notes due 2031 – net 687,620 597,492 687,172 594,734 3.25% notes due 2033 – net 691,654 566,881 691,425 564,809 HUD mortgages – net — — 41,878 31,322 Total $ 5,028,152 $ 4,729,238 $ 5,067,316 $ 4,739,175 Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument (see Note 2 – Summary of Significant Accounting Policies in our Annual Report on Form 10-K The following methods and assumptions were used in estimating fair value disclosures for financial instruments. ● Real estate loans receivable: The fair value of the real estate loans receivables are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). ● Non-real estate loans receivable: Non-real estate loans receivable are primarily comprised of notes receivable. The fair values of notes receivable are estimated using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). ● Revolving credit facility, OP term loan, 2024 term loan and 2025 term loan: The carrying amount of these approximate fair value because the borrowings are interest rate adjusted. Differences between carrying value and the fair value in the table above are due to the inclusion of deferred financing costs in the carrying value. ● Senior notes: The fair value of the senior unsecured notes payable was estimated based on (Level 1) publicly available trading prices. ● HUD mortgages: The fair value of our borrowings under HUD debt agreements was estimated using an expected present value technique based on quotes obtained by HUD debt brokers (Level 2). |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 18 – COMMITMENTS AND CONTINGENCIES Litigation Shareholder Litigation Certain derivative actions have been brought against three of the Company’s officers, C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth, and certain current and former directors of the Company, asserting claims for breach of duty primarily relating to matters at issue in a securities class action in the Southern District of New York that was settled in 2023, including alleged failures to disclose material adverse facts about the Company’s business, operations and prospects, including the financial and operating results of one of the Company’s operators, Orianna Health Systems (“Orianna”), the ability of Orianna to make timely rent payments and the impairment of certain of the Company’s leases and the uncollectibility of certain receivables concerning Orianna. In 2018, Stourbridge Investments LLC, a purported stockholder of the Company, filed a derivative action purportedly on behalf of the Company in the U.S. District Court for the Southern District of New York, alleging violations of Section 14(a) of the Exchange Act and state-law claims including breach of fiduciary duty (the “Stourbridge Matter”). The complaint alleges, among other things, that the named defendants are responsible for the Company’s failure to disclose the financial condition of Orianna. The plaintiff did not make a demand on the Company to bring the action prior to filing it, but rather alleges that demand would have been futile. In 2019, purported stockholder Phillip Swan by his counsel, and stockholders Tom Bradley and Sarah Smith by their counsel, filed derivative actions in the Baltimore City Circuit Court of Maryland, purportedly on behalf of the Company, asserting claims for breach of fiduciary duty, waste of corporate assets and unjust enrichment against the named defendants. The complaints allege, among other things, that the named defendants are responsible for the Company’s failure to disclose the financial condition of Orianna. Those actions were consolidated (together, the “Swan Matter”). Prior to filing suit, each of these stockholders had made demands on the Board of Directors in 2018 that the Company bring such lawsuits. After an investigation and due consideration, and in the exercise of its business judgment, the Board of Directors determined that it is not in the best interests of the Company to commence litigation against any current or former officers or directors based on the matters raised in the demands. In addition, in late 2020, Robert Wojcik, a purported shareholder of the Company, filed a derivative action in the U.S. District Court for the District of Maryland, purportedly on behalf of the Company, asserting violations of Section 14(a) of the Exchange Act, Sections 10(b) and 21D of the Exchange Act, as well as claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets (the “Wojcik Matter”). The complaint alleges, among other things, that the named defendants are responsible for the Company’s failure to disclose the financial condition of Orianna, as well as certain alleged discriminatory conduct and lack of diversity concerning the Company. Wojcik also did not make a demand on the Company prior to filing suit. The Company and individual defendants have reached an agreement in principle with each of the derivative plaintiffs to resolve these derivative actions, as reflected by written memoranda of understanding. The proposed settlements contemplate the Company’s adoption of certain non-monetary corporate governance enhancements and initiatives. In February 2024, formal stipulations of settlement, incorporating the substantive terms of the memoranda of understanding and detailing the proposed settlements’ operational terms, were submitted for court approval. In March 2024, the court overseeing the Stourbridge Matter and the Swan Matter issued an order granting preliminary approval to a proposed settlement reached with the plaintiffs in the Stourbridge Matter and the Swan Matter. That court scheduled a hearing on May 21, 2024, to determine whether it should issue an order for final approval of the proposed settlement in the Stourbridge Matter and the Swan Matter. In April 2024, the court overseeing the Wojcik Matter issued an order granting preliminary approval to the proposed settlement reached with the plaintiff in the Wojcik Matter. That court scheduled a hearing on June 24, 2024, to determine whether it should issue an order for final approval of the proposed settlement. The proposed settlements While the Company believes that it was and is in compliance with all applicable laws, in the fourth quarter of 2023, the Company recorded a $ million legal reserve related to this matter which is included within accrued expenses and other liabilities on the Consolidated Balance Sheets. Other Gulf Coast Subordinated Debt In August 2021, we filed suit in the Circuit Court for Baltimore County (the “Court”) against the holders of certain Subordinated Debt (the “Debt Holders”) associated with our Gulf Coast master lease agreement, following an assertion by the Debt Holders that our prior exercise of offset rights in connection with Gulf Coast’s non-payment of rent had resulted in defaults under the terms of the Subordinated Debt. The suit seeks a declaratory judgment to, among other items, declare that the aggregate amount of unpaid rent due from Gulf Coast under the master lease agreement exceeds all amounts which otherwise would be due and owing by an indirect subsidiary of Omega (“Omega Obligor”) under the Subordinated Debt, and that all principal and interest due and owing under the Subordinated Debt may be (and was) offset in full as of December 31, 2021. In October 2021, the Debt Holders filed a motion to dismiss for lack of personal jurisdiction. On November 3, 2022, the Court granted the Debt Holders’ motion to dismiss for lack of personal jurisdiction, and Omega filed a timely appeal of the ruling. While Omega believes Omega Obligor is entitled to the enforcement of the offset rights sought in the action, Omega cannot predict the outcome of the declaratory judgment action, irrespective of whether (a) it is ultimately litigated in the Court if Omega Obligor prevails in its appeal or (b) if the order granting the motion to dismiss for lack of personal jurisdiction is affirmed and the issues are litigated in the Delaware Court (as defined below). On or about January 19, 2023, the Debt Holders served a lawsuit against the Omega Obligor in the Superior Court of the State of Delaware (the “Delaware Court”), asserting claims for (i) breach of the instruments evidencing the Subordinated Debt, (ii) declaratory judgment, and (iii) unjust enrichment, all claims that are factually based on the claims that are the subject of Omega Obligor’s suit in the Court and that are now on appeal. On February 8, 2023, Omega Obligor filed a motion to dismiss or, in the alternative, to stay this action pending the outcome of the above-referenced lawsuit in Maryland. On July 10, 2023, the Delaware state court case stayed the proceeding pending further developments in the Maryland litigation. Omega believes that the claims are baseless and is evaluating procedural and substantive legal options in connection with this recently filed suit to the extent the stay is lifted. Other In addition to the matters above, we are subject to various other legal proceedings, claims and other actions arising out of the normal course of business. While any legal proceeding or claim has an element of uncertainty, management believes that the outcome of each lawsuit, claim or legal proceeding that is pending or threatened, or all of them combined, will not have a material adverse effect on our consolidated financial position or results of operations. Indemnification Agreements In connection with certain facility transitions, we have agreed to indemnify certain operators in certain events. As of March 31, 2024, our maximum funding commitment under these indemnification agreements was $6.5 million. Claims under these indemnification agreements generally may be made within 18 months to 72 months of the transition date. These indemnification agreements were provided to certain operators in connection with facility transitions and generally would be applicable in the event that the prior operators do not perform under their transition agreements. Commitments We have committed to fund the construction of new leased and mortgaged facilities, capital improvements and other commitments. We expect the funding of these commitments to be completed over the next several years. Our remaining commitments at March 31, 2024, are outlined in the table below (in thousands): Lessor construction and capital commitments under lease agreements $ 162,651 Non-real estate loan commitments 43,304 Real estate loan commitments 51,092 Total remaining commitments (1) $ 257,047 (1) Includes finance costs . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 19 – EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2024 2023 (in thousands, except per share amounts) Numerator: Net income available to common stockholders – basic $ 67,361 $ 35,942 Add: net income attributable to OP Units 2,036 1,048 Net income available to common stockholders – diluted $ 69,397 $ 36,990 Denominator: Denominator for basic earnings per share 246,071 234,954 Effect of dilutive securities: Common stock equivalents 3,756 1,384 Noncontrolling interest – Omega OP Units 7,437 6,850 Denominator for diluted earnings per share 257,264 243,188 Earnings per share – basic: Net income available to common stockholders $ 0.27 $ 0.15 Earnings per share – diluted: Net income available to common stockholders $ 0.27 $ 0.15 |
SUPPLEMENTAL DISCLOSURE TO CONS
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | NOTE 20 – SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS The following are supplemental disclosures to the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 361,773 $ 245,182 Restricted cash 1,253 3,336 Cash, cash equivalents and restricted cash at end of period $ 363,026 $ 248,518 Supplemental information: Interest paid during the period, net of amounts capitalized $ 58,412 $ 61,451 Taxes paid during the period $ 1,249 $ 1,636 Non-cash financing activities: Change in fair value of hedges $ 9,675 $ (13,516) Remeasurement of debt denominated in a foreign currency $ (184) $ 538 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 21 – SUBSEQUENT EVENTS New Investments In April 2024, we acquired one facility in Michigan for consideration of $31.0 million and leased it to an existing operator. The facility has an initial annual cash yield of 11.5% with annual escalators of 2.0% beginning in the third year. In May 2024, we acquired 32 facilities in the U.K. for aggregate consideration of $62.7 million and leased them to one new operator. The facilities have a weighted average initial annual cash yield of 10.0% with annual escalators of 2.5%. In May 2024, we funded $71.7 million in real estate loans to a U.K. operator. The loans have a weighted average interest rate of 10.0% and a weighted average term of 6 months. Loan Repayments The Company repaid the $400 million of 4.95% senior notes on the April 1, 2024 maturity date, using available cash and proceeds from our revolving credit facility. Subsequent to quarter end, the Company repaid the $19.8 million 2024 term loan, which was the debt of a consolidated joint venture and had a maturity date of April 30, 2024, using available cash and proceeds from our revolving credit facility. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for the interim periods reported herein are not necessarily indicative of results to be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the financial statements and the footnotes thereto included in our Annual Report on Form 10-K Omega’s consolidated financial statements include the accounts of Omega Healthcare Investors, Inc., its wholly-owned subsidiaries and the joint ventures (“JVs”) and variable interest entities (“VIEs”) that it controls, through voting rights or other means. All intercompany transactions and balances have been eliminated in consolidation. |
Segments | Segments We conduct our operations and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which our Chief Operating Decision Maker (CODM), our Chief Executive Officer, evaluates performance and makes resource and operating decisions for the business. |
Reclassification | Reclassification Certain amounts in the prior year period have been reclassified to conform to the current period presentation. Income from direct financing leases, which was previously reported separately on our Consolidated Statements of Operations, is now included in Rental Income for all periods presented. In addition, we previously reported assets held for sale of $93.7 million on the Consolidated Balance Sheet as of December 31, 2023. $12.2 million of these assets no longer qualify as held for sale and have been reclassified to assets held for use within the applicable line items in real estate assets – net on the Consolidated Balance Sheet as of December 31, 2023. See further discussion on the held for sale reclassification in Note 3 – Assets Held for Sale, Dispositions and Impairments. |
REAL ESTATE ASSETS (Tables)
REAL ESTATE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
REAL ESTATE ASSETS [Abstract] | |
Schedule of operating and direct financing lease income | Three Months Ended March 31, 2024 2023 (in thousands) Fixed income from operating leases $ 203,292 $ 185,327 Variable income from operating leases 3,377 3,750 Interest income from direct financing leases 252 254 Total rental income $ 206,921 $ 189,331 |
Summary of asset acquisitions | The following table summarizes the asset acquisitions that occurred during the three months ended March 31, 2024: Number of Total Real Estate Initial Facilities Assets Acquired Annual Period SNF ALF Country/State (in millions) Cash Yield (1) Q1 1 — WV $ 8.1 10.0 % Q1 — 1 U.K. 5.2 9.5 % Total 1 1 $ 13.3 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. |
ASSETS HELD FOR SALE, DISPOSI_2
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS [Abstract] | |
Schedule of Properties Held-for-Sale | The following is a summary of our assets held for sale: March 31, December 31, 2024 2023 Number of facilities held for sale 16 16 Amount of assets held for sale (in thousands) $ 81,546 $ 81,546 |
CONTRACTUAL RECEIVABLES AND O_2
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | |
Schedule of Net Accounts Receivable | March 31, December 31, 2024 2023 (in thousands) Contractual receivables – net $ 10,973 $ 11,888 Effective yield interest receivables $ 2,363 $ 3,127 Straight-line rent receivables 212,399 202,748 Lease inducements 8,519 8,782 Other receivables and lease inducements $ 223,281 $ 214,657 |
REAL ESTATE LOANS RECEIVABLE (T
REAL ESTATE LOANS RECEIVABLE (Tables) - Mortgage Receivables and Other Real Estate Loans [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Investments | A summary of our real estate loans receivable by loan type and by borrower and/or guarantor is as follows: March 31, December 31, 2024 2023 (in thousands) Mortgage notes due 2030; interest at 11.22% (1)(2) $ 517,437 $ 514,866 Mortgage notes due 2037; interest at 10.50% 72,420 72,420 Mortgage note due 2025; interest at 7.85% 61,533 62,010 Mortgage note due 2028; interest at 10.00% 50,000 50,000 Other mortgage notes outstanding (3) 90,655 55,141 Mortgage notes receivable – gross 792,045 754,437 Allowance for credit losses on mortgage notes receivable (48,164) (55,661) Mortgage notes receivable – net 743,881 698,776 Other real estate loan due 2035; interest at 7.00% 263,580 263,520 Other real estate loans due 2024-2030; interest at 11.76% (1) 118,474 120,576 Other real estate loans due 2024; interest at 13.21% (1)(4) 109,011 106,807 Other real estate loans outstanding (5) 63,860 57,812 Other real estate loans – gross 554,925 548,715 Allowance for credit losses on other real estate loans (52,278) (35,329) Other real estate loans – net 502,647 513,386 Total real estate loans receivable – net $ 1,246,528 $ 1,212,162 (1) Approximates the weighted average interest rate on facilities as of March 31, 2024. (2) All mortgage notes mature in 2030 with the exception of two mortgage notes with an aggregate outstanding principal balance of $52.0 million that mature in 2024. (3) Other mortgage notes outstanding consists of nine loans to multiple borrowers that have a weighted average interest rate of 9.67% as of March 31, 2024, with maturity dates ranging from 2024 through 2027 (with $8.3 million maturing in 2024). Two of the mortgage notes with an aggregate principal balance of $12.9 million are past due and have been written down, through our allowance for credit losses, to the estimated fair value of the underlying collateral of $1.5 million. (4) During the first quarter of 2024, the maturity dates of these loans were extended from March 29, 2024 to June 28, 2024. (5) Other real estate loans outstanding consists of seven loans to multiple borrowers that have a weighted average interest rate of 10.88% as of March 31, 2024, with maturity dates ranging from 2027 through 2033 . |
Summary of Real Estate interest income | Interest income on real estate loans is included within interest income on the Consolidated Statements of Operations and is summarized as follows: Three Months Ended March 31, 2024 2023 (in thousands) Mortgage notes – interest income $ 19,843 $ 16,548 Other real estate loans – interest income 8,896 6,849 Total real estate loans interest income $ 28,739 $ 23,397 |
NON-REAL ESTATE LOANS RECEIVA_2
NON-REAL ESTATE LOANS RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Non Real Estate Loans Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Investments | Our non-real estate loans consist of fixed and variable rate loans to operators or principals. These loans may be either unsecured or secured by the collateral of the borrower, which may include the working capital of the borrower. As of March 31, 2024, we had 45 loans with 22 different borrowers. A summary of our non-real estate loans by borrower and/or guarantor is as follows: March 31, December 31, 2024 2023 (in thousands) Notes due 2024-2029; interest at 11.20% (1) $ 92,851 $ 92,681 Notes due 2036; interest at 5.63% 76,684 77,854 Notes due 2024-2026; interest at 10.99% (1) 49,970 53,300 Note due 2025; interest at 7.83% (2) 44,249 44,999 Notes due 2036; interest at 2.00% 32,308 32,308 Other notes outstanding (3) 94,224 96,104 Non-real estate loans receivable – gross 390,286 397,246 Allowance for credit losses on non-real estate loans receivable (120,944) (121,631) Total non-real estate loans receivable – net $ 269,342 $ 275,615 (1) Approximates the weighted average interest rate as of March 31, 2024. (2) During the first quarter of 2024, this loan was amended to, among other items, extend the maturity date to December 31, 2025 , modify the mandatory principal payments required under the loan, reduce the maximum principal under the loan from $55.0 million to $45.0 million and increase the interest rate on borrowings in excess of $15.0 million to 8% in January 2024, with further interest rate increases to 9% and 10% in April 2024 and June 2024, respectively. The interest rate remains at 7.5% for borrowings that do not exceed $15.0 million. The interest rate above represents the weighted average interest rate as of March 31, 2024. (3) Other notes outstanding have a weighted average interest rate of 8.09% as of March 31, 2024, with maturity dates ranging from 2024 through 2030 (with $7.6 million maturing in 2024 ). Three of the other notes outstanding with an aggregate principal balance of $10.1 million are past due and have been written down to the estimated fair value of the underlying collateral of zero , through our allowance for credit losses. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of expected credit loss | A rollforward of our allowance for credit losses for the three months ended March 31, 2024 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss as of December 31, 2023 Provision (Recovery) for Credit Loss for the three months ended March 31, 2024 (1) Write-offs charged against allowance for the three months ended March 31, 2024 Allowance for Credit Loss as of March 31, 2024 (in thousands) 1 Real estate loan receivable $ 1,501 $ (193) $ — $ 1,308 2 Real estate loans receivable 291 269 — 560 3 Real estate loans receivable 12,635 1,056 — 13,691 4 Real estate loans receivable 65,113 (29,915) (2) — 35,198 5 Real estate loans receivable — 38,235 (2) — 38,235 6 Real estate loans receivable 11,450 — — 11,450 Sub-total 90,990 9,452 — 100,442 5 Investment in direct financing leases 2,489 (191) — 2,298 Sub-total 2,489 (191) — 2,298 2 Non-real estate loans receivable 1,151 191 — 1,342 3 Non-real estate loans receivable 3,903 206 — 4,109 4 Non-real estate loans receivable 720 (110) — 610 5 Non-real estate loans receivable 43,404 2,723 — 46,127 6 Non-real estate loans receivable 72,453 (605) (3,092) 68,756 Sub-total 121,631 2,405 (3) (3,092) 120,944 2 Unfunded real estate loan commitments 10 (5) — 5 3 Unfunded real estate loan commitments 335 121 — 456 4 Unfunded real estate loan commitments 4,314 (4,239) — 75 5 Unfunded real estate loan commitments — 4,924 — 4,924 2 Unfunded non-real estate loan commitments 692 (112) — 580 3 Unfunded non-real estate loan commitments 46 (2) — 44 4 Unfunded non-real estate loan commitments 63 (21) — 42 5 Unfunded non-real estate loan commitments 1,594 (1,594) — — Sub-total 7,054 (928) — 6,126 Total $ 222,164 $ 10,738 $ (3,092) $ 229,810 (1) During the three months ended March 31, 2024, we received proceeds of $2.3 million from the liquidating trust related to the $25.0 million senior unsecured debtor in possession facility to Gulf Coast Health Care LLC, which resulted in a recovery for credit losses of $2.3 million that is not included in the rollforward above since we had previously written-off the loan balance and related reserves. (2) Amount reflects the movement of reserves associated with Maplewood’s secured revolving credit facility due to an adjustment to the internal risk rating on the loan from a 4 to a 5 during the first quarter of 2024. See Note 5 – Real Estate Loans Receivable for additional information. (3) This amount includes cash recoveries of $1.2 million related to interest payments received on loans that are written down to fair value and are being accounted for under the cost recovery method in which any payments received are applied directly against the principal balance outstanding. This amount also includes $0.2 million related to principal payments received on loans that were fully reserved. A rollforward of our allowance for credit losses for the three months ended March 31, 2023 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss at December 31, 2022 Provision (Recovery) for Credit Loss for the three months ended March 31, 2023 Write-offs charged against allowance for the three months ended March 31, 2023 Other additions to the allowance for the three months ended March 31, 2023 Allowance for Credit Loss as of March 31, 2023 (in thousands) 1 Real estate loans receivable $ 162 $ 351 $ — $ — $ 513 2 Real estate loans receivable 157 (111) — 46 3 Real estate loans receivable 15,110 (421) — — 14,689 4 Real estate loans receivable 33,666 (9,445) — — 24,221 6 Real estate loans receivable 52,265 (2,294) — — 49,971 Sub-total 101,360 (11,920) — — 89,440 5 Investment in direct financing leases 2,816 (193) — — 2,623 Sub-total 2,816 (193) — — 2,623 2 Non-real estate loans receivable 859 (567) — — 292 3 Non-real estate loans receivable 2,079 (1,727) — — 352 4 Non-real estate loans receivable 634 (361) — — 273 5 Non-real estate loans receivable 18,619 66 — 25,200 (1) 43,885 6 Non-real estate loans receivable 61,677 8,086 — — 69,763 Sub-total 83,868 5,497 — 25,200 114,565 3 Unfunded real estate loan commitments — 2,660 — — 2,660 4 Unfunded real estate loan commitments 84 (62) — — 22 2 Unfunded non-real estate loan commitments 207 (96) — — 111 3 Unfunded non-real estate loan commitments 29 (23) — — 6 6 Unfunded non-real estate loan commitments — 80 — — 80 320 2,559 — — 2,879 Total $ 188,364 $ (4,057) (2) $ — $ 25,200 $ 209,507 (1) This amount relates to the additional $25.2 million allowance recorded during the first quarter of 2023 to reserve the aggregate deferred rent amount that is included within Agemo Replacement Loan B. (2) The amount includes cash recoveries of $2.5 million related to interest payments received on loans that are written down to fair value and are being accounted for under the cost recovery method in which any payments received are applied directly against the principal balance outstanding. This amount also includes $0.4 million related to principal payments received on loans that were fully reserved. |
Schedule by segment balance by vintage and credit quality indicator | A summary of our amortized cost basis by year of origination and credit quality indicator is as follows: Rating Financial Statement Line Item 2024 2023 2022 2021 2020 2019 2018 & older Revolving Loans Balance as of March 31, 2024 (in thousands) 1 Real estate loans receivable $ — $ — $ 20,000 $ — $ — $ — $ 61,533 $ — $ 81,533 2 Real estate loans receivable 11,700 8,257 — — 21,325 — — — 41,282 3 Real estate loans receivable 23,257 172,393 30,600 72,420 — — — — 298,670 4 Real estate loans receivable 6,016 89,594 — 30,627 82,781 — 439,965 — 648,983 5 Real estate loans receivable — — — — — — — 263,580 263,580 6 Real estate loans receivable — — — — — — 12,922 — 12,922 Sub-total 40,973 270,244 50,600 103,047 104,106 — 514,420 263,580 1,346,970 5 Investment in direct financing leases — — — — — — 11,171 — 11,171 Sub-total — — — — — — 11,171 — 11,171 2 Non-real estate loans receivable — — — — — — — 114,398 114,398 3 Non-real estate loans receivable — 88,276 20,000 — — 3,653 667 8,550 121,146 4 Non-real estate loans receivable — 1,105 — — — 667 1,000 26,033 28,805 5 Non-real estate loans receivable — 4,190 — — — 2,274 47,117 — 53,581 6 Non-real estate loans receivable — 5,924 24,457 7,851 — — 29,567 4,557 72,356 Sub-total — 99,495 44,457 7,851 — 6,594 78,351 153,538 390,286 Total $ 40,973 $ 369,739 $ 95,057 $ 110,898 $ 104,106 $ 6,594 $ 603,942 $ 417,118 $ 1,748,427 Year to date gross write-offs $ — $ — $ — $ — $ — $ — $ (3,092) $ — $ (3,092) |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Variable Interest Entities [Abstract] | |
Schedule of Variable Interest Entities | Below is a summary of our assets, liabilities, collateral and maximum exposure to loss associated with these unconsolidated VIEs as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (in thousands) Assets Real estate assets – net $ 1,012,089 $ 996,540 Assets held for sale — 66,130 Real estate loans receivable – net 400,068 370,147 Investments in unconsolidated joint ventures 9,016 9,009 Non-real estate loans receivable – net 9,965 10,679 Contractual receivables – net 544 746 Other assets 711 1,423 Total assets 1,432,393 1,454,674 Liabilities Accrued expenses and other liabilities (47,048) (46,677) Total liabilities (47,048) (46,677) Collateral Personal guarantee (48,000) (48,000) Other collateral (1) (1,078,671) (1,105,383) Total collateral (1,126,671) (1,153,383) Maximum exposure to loss $ 258,674 $ 254,614 (1) Amount excludes accounts receivable that Omega has a security interest in as collateral under the two loans with operators that are unconsolidated VIEs. The fair value of the accounts receivable available to Omega was $8.1 million and $8.9 million as of March 31, 2024 and December 31, 2023, respectively. |
Schedule of Variable Interest Entities revenue | The table below reflects our total revenues from the operators that are considered unconsolidated VIEs for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Revenue Rental income $ 19,128 $ 9,838 Interest income 2,964 2,106 Total $ 22,092 $ 11,944 |
INVESTMENT IN JOINT VENTURES (T
INVESTMENT IN JOINT VENTURES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | |
Schedule of equity method investments | The following is a summary of our investments in unconsolidated joint ventures (dollars in thousands): Carrying Amount Ownership Facility Facility March 31, December 31, Entity % (1) Type Count (1) 2024 2023 Second Spring Healthcare Investment 15% SNF — $ 8,336 $ 8,945 Lakeway Realty, L.L.C. (2) 51% Specialty facility 1 68,569 68,902 Cindat Joint Venture 49% ALF 63 95,979 97,559 OMG Senior Housing, LLC 50% Specialty facility 1 — — OH CHS SNP, Inc. 9% N/A N/A 794 752 RCA NH Holdings RE Co., LLC (2)(3) 20% SNF 5 3,400 3,400 WV Pharm Holdings, LLC (2)(3) 20% N/A N/A 3,000 3,000 OMG-Form Senior Holdings, LLC (2)(3) 49% ALF 1 2,617 2,609 CHS OHI Insight Holdings, LLC 25% N/A N/A 3,242 3,242 $ 185,937 $ 188,409 (1) Ownership percentages and facility counts are as of March 31, 2024. (2) As of March 31, 2024 and December 31, 2023, we have an aggregate of $79.6 million of loans outstanding with these joint ventures. (3) These joint ventures are unconsolidated VIEs and therefore are included in the tables in Note 8 – Variable Interest Entities. The following table reflects our income (loss) from unconsolidated joint ventures for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, Entity 2024 2023 (in thousands) Second Spring Healthcare Investments $ 235 $ 289 Lakeway Realty, L.L.C. 691 679 Cindat Joint Venture (705) 1 OMG Senior Housing, LLC (112) (220) OH CHS SNP, Inc. 42 82 OMG-Form Senior Holdings, LLC (53) — Total $ 98 $ 831 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Other Intangibles [Abstract] | |
Schedule of Reconciliation of Goodwill | The following is a summary of our goodwill as of March 31, 2024 and December 31, 2023: (in thousands) Balance as of December 31, 2023 $ 643,897 Foreign currency translation (119) Balance as of March 31, 2024 $ 643,778 |
Schedule of Intangibles | The following is a summary of our intangible assets and liabilities as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (in thousands) Assets: Above market leases $ 4,214 $ 4,214 Accumulated amortization (3,547) (3,532) Net above market leases $ 667 $ 682 Liabilities: Below market leases $ 48,791 $ 48,791 Accumulated amortization (37,723) (37,177) Net below market leases $ 11,068 $ 11,614 |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders Equity [Abstract] | |
Schedule of common stock dividends | The following is a summary of our declared cash dividends on common stock: Record Payment Dividend per Date Date Common Share February 5, 2024 February 15, 2024 $ 0.67 April 30, 2024 May 15, 2024 0.67 |
Schedule of dividend reinvestment and common stock purchase plan | The following is a summary of the shares issued under the Dividend Reinvestment and Common Stock Purchase Plan for the three months ended March 31, 2024 and 2023 (in thousands): Period Ended Shares issued Gross Proceeds Three Months Ended March 31, 2023 82 $ 2,278 Three Months Ended March 31, 2024 29 882 |
Schedule of ATM Issuances | The following is a summary of the shares issued under our $1.0 billion At-The-Market Offering Program (“ATM Program”) for the three months ended March 31, 2024 and 2023 (in thousands except average price per share): Average Net Price Period Ended Shares issued Per Share (1) Gross Proceeds Net Proceeds Three Months Ended March 31, 2023 — $ — $ — $ — Three Months Ended March 31, 2024 1,041 30.49 32,295 31,738 (1) Represents the average price per share after issuance costs. |
Schedule of accumulated other comprehensive income (loss) | The following is a summary of our accumulated other comprehensive income (loss), net of tax where applicable: Three Months Ended 2024 2023 (in thousands) Foreign currency translation $ (55,780) $ (69,170) Derivative instruments designated as cash flow hedges (1) 81,988 76,806 Derivative instruments designated as net investment hedges 5,653 13,593 Total accumulated other comprehensive income before noncontrolling interest 31,861 21,229 Add: portion included in noncontrolling interest (9) 304 Total accumulated other comprehensive income for Omega $ 31,852 $ 21,533 (1) During the three months ended March 31, 2024 and 2023, we reclassified $2.6 million and $1.1 million, respectively, of realized gains out of accumulated other comprehensive income into interest expense on our Consolidated Statements of Operations associated with our cash flow hedges. |
TAXES (Tables)
TAXES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Taxes [Abstract] | |
Schedule of components of income tax expense | The following is a summary of our provision for income taxes: Three Months Ended March 31, 2024 2023 (in millions) Federal, state and local income tax expense $ 0.5 $ 0.3 Foreign income tax expense (benefit) (1) 2.1 (1.6) Total income tax expense (benefit) (2) $ 2.6 $ (1.3) (1) The benefit for the three months ended March 31, 2023 primarily relates to adjustments made to our deferred tax assets and liabilities as a result of the majority of our U.K. portfolio electing to enter into the U.K. REIT regime effective April 1, 2023. (2) The above amounts do not include gross income receipts or franchise taxes payable to certain states and municipalities. |
Schedule of deferred tax assets and liabilities | The following is a summary of deferred tax assets and liabilities (which are recorded in other assets and accrued expenses and other liabilities in our Consolidated Balance Sheets): March 31, December 31, 2024 2023 (in thousands) U.S. Federal net operating loss carryforward $ 2,048 $ 2,079 Valuation allowance on deferred tax asset (1,996) (2,024) Foreign net operating loss carryforward 8,857 9,491 Net deferred tax asset $ 8,909 $ 9,546 Foreign deferred tax liability (1) $ 1,426 $ 1,508 Net deferred tax liability $ 1,426 $ 1,508 (1) The deferred tax liability resulted from book to tax differences recorded in the U.S. relating to depreciation and revenue recognition in the U.K. recognized upon the majority of our U.K. portfolio entering the U.K. REIT regime effective April 1, 2023. |
BORROWING ACTIVITIES AND ARRA_2
BORROWING ACTIVITIES AND ARRANGEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
BORROWING ACTIVITIES AND ARRANGEMENTS [Abstract] | |
Schedule of Borrowings | The following is a summary of our borrowings: Annual Interest Rate as of March 31, March 31, December 31, Maturity 2024 2024 2023 (in thousands) Secured borrowings: HUD mortgages (1) 2049 - 2051 N/A $ — $ 41,878 2024 term loan (2) 2024 10.83 % 20,145 20,085 Total secured borrowings 20,145 61,963 Unsecured borrowings: Revolving credit facility (3)(4) 2025 6.64 % 20,213 20,397 20,213 20,397 Senior notes and other unsecured borrowings: 2024 notes (3)(5) 2024 4.95 % 400,000 400,000 2025 notes (3) 2025 4.50 % 400,000 400,000 2026 notes (3) 2026 5.25 % 600,000 600,000 2027 notes (3) 2027 4.50 % 700,000 700,000 2028 notes (3) 2028 4.75 % 550,000 550,000 2029 notes (3) 2029 3.63 % 500,000 500,000 2031 notes (3) 2031 3.38 % 700,000 700,000 2033 notes (3) 2033 3.25 % 700,000 700,000 2025 term loan (3)(6) 2025 5.60 % 428,500 428,500 OP term loan (7)(8) 2025 5.52 % 50,000 50,000 Deferred financing costs – net (18,958) (20,442) Discount – net (21,748) (23,102) Total senior notes and other unsecured borrowings – net 4,987,794 4,984,956 Total unsecured borrowings – net 5,008,007 5,005,353 Total secured and unsecured borrowings – net (9)(10) $ 5,028,152 $ 5,067,316 (1) Wholly owned subsidiaries of Omega OP were the obligors on these borrowings. During the first quarter of 2024, the remaining nine HUD mortgages with outstanding principal of $41.6 million were paid off. The payoff also included a $1.3 million prepayment fee, which is included in loss on debt extinguishment on our Consolidated Statements of Operations. (2) Borrowing is the debt of the consolidated joint venture discussed in Note 8 – Variable Interest Entities which was formed in the first quarter of 2022. The borrowing is secured by two ALFs, which are owned by the joint venture. During the first quarter of 2024, this loan was extended from February 29, 2024 to April 30, 2024 . During the second quarter of 2024, the company repaid this loan using available cash and proceeds from our revolving credit facility. (3) Guaranteed by Omega OP. (4) As of March 31, 2024, borrowings under Omega’s $1.45 billion senior unsecured multicurrency revolving credit facility consisted of £16.0 million British Pounds Sterling (“GBP”). The applicable interest rate on the U.S. Dollar tranche and on the GBP borrowings under the alternative currency tranche of the credit facility were 6.64% and 6.51% as of March 31, 2024, respectively. (5) The Company repaid the $400 million of 4.95% senior notes on the April 1, 2024 maturity date using available cash and proceeds from our revolving credit facility. (6) The weighted average interest rate of the $428.5 million 2025 term loan has been adjusted to reflect the impact of the interest rate swaps that effectively fix the SOFR-based portion of the interest rate at 4.047% . (7) Omega OP is the obligor on this borrowing. (8) The weighted average interest rate of the $50 million OP term loan has been adjusted to reflect the impact of the interest rate swaps that effectively fix the SOFR-based portion of the interest rate at 3.957% . (9) All borrowings are direct borrowings of Parent unless otherwise noted. (10) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of March 31, 2024 and December 31, 2023, we were in compliance with all applicable covenants for our borrowings . |
DERIVATIVES AND HEDGING (Tables
DERIVATIVES AND HEDGING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
DERIVATIVES AND HEDGING [Abstract] | |
Location and the fair value of derivative instruments designated as hedges | The location and fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: March 31, December 31, 2024 2023 Cash flow hedges: (in thousands) Other assets $ 1,745 $ — Accrued expenses and other liabilities $ 325 $ 6,533 Net investment hedges: Other assets $ 2,835 $ 8,903 Accrued expenses and other liabilities $ 646 $ 8 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments [Abstract] | |
Schedule of Financial Instruments | At March 31, 2024 and December 31, 2023, the net carrying amounts and fair values of our other financial instruments were as follows: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 8,873 $ 8,873 $ 8,716 $ 8,716 Real estate loans receivable – net 1,246,528 1,221,793 1,212,162 1,258,838 Non-real estate loans receivable – net 269,342 276,042 275,615 279,710 Total $ 1,524,743 $ 1,506,708 $ 1,496,493 $ 1,547,264 Liabilities: Revolving credit facility $ 20,213 $ 20,213 $ 20,397 $ 20,397 2024 term loan 20,145 19,750 20,085 19,750 2025 term loan 425,257 428,500 424,662 428,500 OP term loan 49,890 50,000 49,864 50,000 4.95% notes due 2024 – net 400,000 400,000 399,747 398,888 4.50% notes due 2025 – net 399,397 395,600 399,207 393,240 5.25% notes due 2026 – net 598,730 596,094 598,553 596,508 4.50% notes due 2027 – net 695,668 677,411 695,302 671,538 4.75% notes due 2028 – net 546,177 530,992 545,925 528,704 3.63% notes due 2029 – net 493,401 446,305 493,099 440,785 3.38% notes due 2031 – net 687,620 597,492 687,172 594,734 3.25% notes due 2033 – net 691,654 566,881 691,425 564,809 HUD mortgages – net — — 41,878 31,322 Total $ 5,028,152 $ 4,729,238 $ 5,067,316 $ 4,739,175 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of remaining commitments | We expect the funding of these commitments to be completed over the next several years. Our remaining commitments at March 31, 2024, are outlined in the table below (in thousands): Lessor construction and capital commitments under lease agreements $ 162,651 Non-real estate loan commitments 43,304 Real estate loan commitments 51,092 Total remaining commitments (1) $ 257,047 (1) Includes finance costs . |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | The following tables set forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2024 2023 (in thousands, except per share amounts) Numerator: Net income available to common stockholders – basic $ 67,361 $ 35,942 Add: net income attributable to OP Units 2,036 1,048 Net income available to common stockholders – diluted $ 69,397 $ 36,990 Denominator: Denominator for basic earnings per share 246,071 234,954 Effect of dilutive securities: Common stock equivalents 3,756 1,384 Noncontrolling interest – Omega OP Units 7,437 6,850 Denominator for diluted earnings per share 257,264 243,188 Earnings per share – basic: Net income available to common stockholders $ 0.27 $ 0.15 Earnings per share – diluted: Net income available to common stockholders $ 0.27 $ 0.15 |
SUPPLEMENTAL DISCLOSURE TO CO_2
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Cash Flow Supplemental Disclosures | The following are supplemental disclosures to the Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 361,773 $ 245,182 Restricted cash 1,253 3,336 Cash, cash equivalents and restricted cash at end of period $ 363,026 $ 248,518 Supplemental information: Interest paid during the period, net of amounts capitalized $ 58,412 $ 61,451 Taxes paid during the period $ 1,249 $ 1,636 Non-cash financing activities: Change in fair value of hedges $ 9,675 $ (13,516) Remeasurement of debt denominated in a foreign currency $ (184) $ 538 |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) segment facility | Apr. 30, 2024 facility | Dec. 31, 2023 USD ($) | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Number of reportable segment | segment | 1 | ||
Number of Operating Segments | segment | 1 | ||
Number of real estate properties | facility | 896 | ||
Real estate assets - net | $ 5,834,297 | $ 5,888,096 | |
Assets held for sale | 81,546 | 81,546 | |
Previously Reported [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Assets held for sale | $ 93,700 | ||
Restatement Adjustment [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Real estate assets - net | $ 12,200 | ||
Omega OP Units | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Ownership by parent | 97% | ||
Ownership by noncontrolling interest | 3% | ||
Guardian [Member] | Subsequent Event [Member] | Facilities Being Transitioned To Other Operator [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Number of real estate properties | facility | 6 |
REAL ESTATE ASSET (Narrative) (
REAL ESTATE ASSET (Narrative) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) facility property item | Mar. 31, 2023 USD ($) | |
Real Estate Properties [Line Items] | ||
Number of Facilities | 896 | |
Number of projects | item | 2 | |
Payments for construction in progress and capital improvement programs | $ | $ 21,400 | $ 10,100 |
Payment for real estate acquisition | $ | $ 13,262 | $ 26,383 |
Skilled Nursing Facilities [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | 590 | |
Assisted Living Facilities [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | 189 | |
Independent Living Facilities [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | property | 19 | |
Medical Office Building [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | 1 | |
Facilities Leased | Skilled Nursing Facilities [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | 589 | |
Facilities Leased | Assisted Living Facilities [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | 189 | |
Facilities Leased | Independent Living Facilities [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | 19 | |
Facilities Leased | Specialty Facility | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | 19 | |
Facilities Leased | Medical Office Building [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Facilities | 1 |
REAL ESTATE ASSETS (Schedule of
REAL ESTATE ASSETS (Schedule of operating and direct financing lease income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REAL ESTATE ASSETS [Abstract] | ||
Fixed income from operating leases | $ 203,292 | $ 185,327 |
Variable income from operating leases | 3,377 | 3,750 |
Interest income from direct financing leases | 252 | 254 |
Total rental income | $ 206,921 | $ 189,331 |
REAL ESTATE ASSETS (Schedule _2
REAL ESTATE ASSETS (Schedule of Significant Acquisitions) (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2024 | Mar. 31, 2024 USD ($) facility property | Dec. 31, 2023 USD ($) | |
Real Estate Properties [Line Items] | |||
Number of real estate properties | 896 | ||
Real Estate Assets Acquired | $ | $ 13,300 | ||
Initial Annual Cash Yield (%) | 11.50% | ||
Deferred tax assets related to net operating loss carryforwards | $ | 8,857 | $ 9,491 | |
Deferred income tax liability | $ | 1,426 | 1,508 | |
Real estate investments - net | $ | 5,834,297 | $ 5,888,096 | |
United Kingdom | |||
Real Estate Properties [Line Items] | |||
Real Estate Assets Acquired | $ | $ 5,200 | ||
Initial Annual Cash Yield (%) | 9.50% | ||
West Virginia | |||
Real Estate Properties [Line Items] | |||
Real Estate Assets Acquired | $ | $ 8,100 | ||
Initial Annual Cash Yield (%) | 10% | ||
Skilled Nursing Facilities [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 590 | ||
Assisted Living Facilities [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 189 | ||
Specialty [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | property | 19 | ||
Medical Office Building [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 1 | ||
Facilities Acquired | Skilled Nursing Facilities [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 1 | ||
Facilities Acquired | Skilled Nursing Facilities [Member] | West Virginia | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 1 | ||
Facilities Acquired | Assisted Living Facilities [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 1 | ||
Facilities Acquired | Assisted Living Facilities [Member] | United Kingdom | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | 1 |
ASSETS HELD FOR SALE, DISPOSI_3
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (Schedule of Properties Held-for-Sale) (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Mar. 31, 2024 facility | Mar. 31, 2024 property | Dec. 31, 2023 USD ($) facility |
Number of real estate properties | facility | 896 | |||
Amount of Assets Held for Sale | $ | $ 81,546 | $ 81,546 | ||
Facilities Held for Sale [Member] | ||||
Number of real estate properties | 16 | 16 | 16 |
ASSETS HELD FOR SALE, DISPOSI_4
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (General Narrative) (Details) $ in Thousands | Mar. 31, 2024 USD ($) facility | Dec. 31, 2023 USD ($) |
Number of real estate properties | facility | 896 | |
Real estate assets - net | $ 5,834,297 | $ 5,888,096 |
Less accumulated depreciation | 2,526,536 | 2,464,227 |
Buildings and improvements | 6,866,358 | 6,879,034 |
Land | 865,028 | 867,486 |
Furniture and equipment | $ 467,178 | $ 467,393 |
Facilities Reclassified From Assets Held For Sale to Assets Held For Use [Member] | ||
Number of real estate properties | facility | 1 | |
Facilities Reclassified From Assets Held For Sale to Assets Held For Use [Member] | 1 Facility | ||
Real estate assets - net | $ 12,200 | |
Less accumulated depreciation | 5,400 | |
Buildings and improvements | 15,900 | |
Land | 600 | |
Furniture and equipment | $ 1,100 |
ASSETS HELD FOR SALE, DISPOSI_5
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (Asset Sales) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) facility property | Mar. 31, 2023 USD ($) facility | |
Number of real estate properties | 896 | |
Interest received recorded as contract liability | $ | $ 0.3 | $ 2.1 |
Medical Office Building [Member] | ||
Number of real estate properties | 1 | |
Skilled Nursing Facilities [Member] | ||
Number of real estate properties | 590 | |
Independent Living Facilities [Member] | ||
Number of real estate properties | property | 19 | |
Assisted Living Facilities [Member] | ||
Number of real estate properties | 189 | |
2 Facilities | ||
Total proceeds | $ | 17.6 | |
Amount of gain (loss) from sale of facilities | $ | $ 13.6 | |
4 Facilities | ||
Total proceeds | $ | $ 10.1 | |
Amount of gain (loss) from sale of facilities | $ | $ (1.4) | |
Facilities Sold | ||
Number of real estate properties | 4 | 2 |
Facilities Sold | Medical Office Building [Member] | ||
Number of real estate properties | 1 | |
Facilities Sold | Skilled Nursing Facilities [Member] | ||
Number of real estate properties | 1 | |
Facilities Sold | 4 Facilities | Skilled Nursing Facilities [Member] | ||
Number of real estate properties | 4 |
ASSETS HELD FOR SALE, DISPOSI_6
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (Real Estate Impairment) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) facility | Mar. 31, 2023 USD ($) facility | |
Impairment of Real Estate | $ 5,292 | $ 38,988 |
Number of Facilities | facility | 896 | |
Facilities With Impairment Charges Held For Use [Member] | ||
Number of Facilities | facility | 3 | |
3 Facilities | Facilities With Impairment Charges Held For Use [Member] | ||
Impairment of Real Estate | $ 5,300 | |
1 of 3 Facilities | Facilities With Impairment Charges Held For Use Later Closed [Member] | ||
Impairment of Real Estate | $ 1,300 | |
4 Facilities | Facilities With Impairment Charges [Member] | ||
Impairment of Real Estate | $ 39,000 | |
Number of Facilities | facility | 4 | |
2 of 4 Facilities | Facilities With Impairment Charges Held For Use [Member] | ||
Impairment of Real Estate | $ 37,000 | |
Number of Facilities | facility | 2 | |
2 of 4 Facilities Second | Facilities With Impairment Charges Held For Sale [Member] | ||
Impairment of Real Estate | $ 2,000 | |
Number of Facilities | facility | 2 | |
1 of 2 Facilities | Facilities With Impairment Charges Held For Use Later Closed [Member] | ||
Impairment of Real Estate | $ 27,500 | |
Number of Facilities | facility | 1 |
CONTRACTUAL RECEIVABLES AND O_3
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Schedule of Net Accounts Receivable) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | ||
Contractual receivables - net | $ 10,973 | $ 11,888 |
Effective yield interest receivables | 2,363 | 3,127 |
Straight-line rent receivables | 212,399 | 202,748 |
Lease inducements | 8,519 | 8,782 |
Other receivables and lease inducements | $ 223,281 | $ 214,657 |
CONTRACTUAL RECEIVABLES AND O_4
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Cash Basis Operators and Straight Line Receivable Write Offs Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2024 contract item | Mar. 31, 2023 item | |
Number of operators | contract | 78 | |
Operator Placed On Cash Basis [Member] | ||
Number of operators | 1 | 0 |
20 Operators Placed On Cash Basis [Member] | ||
Number of operators | 20 | |
20 Operators Placed On Cash Basis [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration risk, percentage | 18.40% | 20.50% |
CONTRACTUAL RECEIVABLES AND O_5
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Rent Deferrals and Applications of Collateral Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) item | Mar. 31, 2023 USD ($) item | Dec. 31, 2023 USD ($) | |
Number of operators in which deferred rent was allowed | item | 3 | 8 | |
Number of operators in which deferred rent payments were received | item | 3 | 3 | |
Deferred aggregate rent | $ 0.9 | $ 24.4 | |
The number of operators in which security deposit was applied to pay rent | item | 4 | 3 | |
Security deposit used against uncollected receivables | $ 0.5 | $ 5.2 | |
Deferred rent received | 0.5 | $ 0.2 | |
Maplewood Real Estate Holdings | |||
Deferred aggregate rent | $ 0.7 | ||
Security deposit used against uncollected receivables | $ 4.8 |
CONTRACTUAL RECEIVABLES AND O_6
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Operator Collectibility - Maplewood) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Interest income related to loans on non-accrual status | $ 1,000,000 | $ 1,500,000 | ||
Interest income | 35,836,000 | 28,420,000 | ||
Security deposit used against uncollected receivables | 500,000 | 5,200,000 | ||
Investment Type Characteristic Real Estate Related Loans [Member] | ||||
Interest income | 28,739,000 | 23,397,000 | ||
Investment Type Characteristic Real Estate Related Loans [Member] | Other Real Estate Loans [Member] | ||||
Interest income | 8,896,000 | 6,849,000 | ||
Maplewood Real Estate Holdings | ||||
Rental income | 11,300,000 | 17,300,000 | ||
Short paid amount of rent paid | 6,500,000 | |||
Contractual income expected to be received, rent and interest | 17,800,000 | |||
Contractual rent income expected to be received | 17,300,000 | $ 69,300,000 | ||
Contractual interest income expected to be received | 500,000 | |||
Termination fee incurred cost | 12,500,000 | |||
Security deposit used against uncollected receivables | $ 4,800,000 | |||
Maplewood Real Estate Holdings | Subsequent Event [Member] | ||||
Short paid amount of rent paid | $ 2,200,000 | |||
Maplewood Real Estate Holdings | Other Real Estate Loans Due 2035 [Member] | ||||
Contractual interest income expected to be received | 500,000 | |||
Maplewood Real Estate Holdings | Investment Type Characteristic Real Estate Related Loans [Member] | Other Real Estate Loans Due 2035 [Member] | ||||
Interest income | $ 0 | $ 1,500,000 |
CONTRACTUAL RECEIVABLES AND O_7
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Operator Collectibility - LaVie) (Details) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) facility | Mar. 31, 2024 USD ($) facility | Mar. 31, 2023 USD ($) facility | |
Number of real estate properties | facility | 896 | 896 | ||
Interest income related to loans on non-accrual status | $ 1,000,000 | $ 1,500,000 | ||
Facilities Sold | ||||
Number of real estate properties | facility | 4 | 4 | 2 | |
LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||
Monthly expected payment amount to be received | $ 3,200,000 | |||
Rental income | $ 4,400,000 | $ 7,400,000 | ||
Short paid amount of rent paid | 5,500,000 | |||
Contractual rent income expected to be received | 9,900,000 | |||
Interest income related to loans on non-accrual status | $ 0 | $ 0 | ||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Subsequent Event [Member] | ||||
Rental income | $ 1,500,000 | |||
Short paid amount of rent paid | 1,700,000 | |||
Contractual rent income expected to be received | $ 3,200,000 | |||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Facilities Being Transitioned To Other Operator [Member] | ||||
Number of real estate properties | facility | 2 | 2 | ||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Facilities Sold | ||||
Number of real estate properties | facility | 2 | 2 |
CONTRACTUAL RECEIVABLES AND O_8
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Operator Collectibility - Guardian) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2024 USD ($) facility | Mar. 31, 2024 USD ($) facility | Mar. 31, 2023 USD ($) | |
Security deposit used against uncollected receivables | $ 0.5 | $ 5.2 | |
Number of real estate properties | facility | 896 | ||
Facilities Being Transitioned To Other Operator [Member] | Subsequent Event [Member] | Maximum [Member] | Forecast [Member] | |||
Contractual rent income expected to be received | $ 12.4 | ||
Guardian [Member] | |||
Rental income | $ 0.1 | $ 3.8 | |
Security deposit used against uncollected receivables | $ 0.1 | ||
Guardian [Member] | Facilities Being Transitioned To Other Operator [Member] | Subsequent Event [Member] | |||
Number of real estate properties | facility | 6 | ||
Guardian [Member] | Facilities Being Transitioned To Other Operator [Member] | Subsequent Event [Member] | Minimum [Member] | |||
Contractual rent income expected to be received | $ 5.5 |
CONTRACTUAL RECEIVABLES AND O_9
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Operator Collectibility - Agemo) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income related to loans on non-accrual status | $ 1,000,000 | $ 1,500,000 |
Agemo Holdings LLC [Member] | ||
Rental income | 6,000,000 | 0 |
Interest income related to loans on non-accrual status | $ 0 | $ 0 |
CONTRACTUAL RECEIVABLES AND _10
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Operator Collectibility - Other) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) item facility | Mar. 31, 2024 facility | |
Number of real estate properties | 896 | |
Number operators in which facilities were transitioned | item | 3 | |
43 Facilities | ||
Number of real estate properties | 43 | |
Contractual rent income expected to be received | $ | $ 43.3 | |
Certain Facilities of the 43 Facilities [Member] | ||
Termination fee incurred cost | $ | $ 15.5 | |
Facilities Transitioned From 3 Cash Basis Operators To Other Operators [Member] | ||
Number of real estate properties | 43 |
REAL ESTATE LOANS RECEIVABLE (N
REAL ESTATE LOANS RECEIVABLE (Narrative) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) facility state loan item property | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | facility | 896 | ||
Number of states | state | 42 | ||
Payments to acquire loans receivable | $ 48,113 | $ 31,240 | |
Skilled Nursing Facilities [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | facility | 590 | ||
Assisted Living Facilities [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | facility | 189 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | facility | 62 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | property | 47 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of real estate properties | property | 12 | ||
Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of fixed rate mortgage | item | 13 | ||
Number of states | state | 11 | ||
Number of independent healthcare operating companies operating under mortgage notes receivable | item | 12 | ||
Financing receivable, gross | $ 792,045 | $ 754,437 | |
Other Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of other real estate loans | loan | 15 | ||
Financing receivable, gross | $ 554,925 | $ 548,715 | |
Seven New Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans, real estate | loan | 7 | ||
Financing receivable, weighted average term, new real estate loans | 3 years 1 month 6 days | ||
Payments to acquire loans receivable | $ 41,200 | ||
Seven New Real Estate Loans [Member] | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 9.60% | ||
Advancements On Existing Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments to acquire loans receivable | $ 2,800 |
REAL ESTATE LOANS RECEIVABLE (S
REAL ESTATE LOANS RECEIVABLE (Schedule of Receivables) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) facility loan | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for credit losses | $ (209,507) | ||
Real estate loans receivable - net | $ 1,246,528 | $ 1,212,162 | |
Number of real estate properties | facility | 896 | ||
Number of other mortgage note loans | loan | 9 | ||
Number of other real estate loans | loan | 7 | ||
Collection of loan principal | $ 14,342 | $ 52,011 | |
Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | 792,045 | 754,437 | |
Allowance for credit losses | (48,164) | (55,661) | |
Real estate loans receivable - net | 743,881 | 698,776 | |
Mortgage Note Due 2025 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 61,533 | 62,010 | |
Interest rate | 7.85% | ||
Investment Maturity Year | 2025 | ||
Mortgage Note Due 2028 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 50,000 | 50,000 | |
Interest rate | 10% | ||
Investment Maturity Year | 2028 | ||
Mortgage Note Due 2030 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 517,437 | 514,866 | |
Investment Maturity Year | 2030 | ||
Mortgage Note Due 2030 [Member] | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 11.22% | ||
Mortgage Note Due 2030 Except Two Due in 2024[Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 52,000 | ||
Mortgage Note Due 2037 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 72,420 | 72,420 | |
Interest rate | 10.50% | ||
Investment Maturity Year | 2037 | ||
Other Mortgage Notes Member | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 90,655 | 55,141 | |
Other Mortgage Notes Related to Nine Loans | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2024 | ||
Other Mortgage Notes Related to Nine Loans | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2027 | ||
Other Mortgage Notes Related to Nine Loans | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 9.67% | ||
Other Mortgage Notes Two Currently Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 12,900 | ||
Financing Receivable Fair Value of Collateral | 1,500 | ||
Other Mortgage Notes Due 2024 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | 8,300 | ||
Other Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | 554,925 | 548,715 | |
Allowance for credit losses | (52,278) | (35,329) | |
Real estate loans receivable - net | $ 502,647 | 513,386 | |
Number of other real estate loans | loan | 15 | ||
Other Real Estate Loans Due 2035 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 263,580 | 263,520 | |
Interest rate | 7% | ||
Investment Maturity Year | 2035 | ||
Other Real Estate Loans Due 2024 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 109,011 | 106,807 | |
Investment Maturity Year | 2024 | ||
Other Real Estate Loans Due 2024 [Member] | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 13.21% | ||
Other Real Estate Loans Due 2024 - 2030 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 118,474 | 120,576 | |
Other Real Estate Loans Due 2024 - 2030 [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2024 | ||
Other Real Estate Loans Due 2024 - 2030 [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2030 | ||
Other Real Estate Loans Due 2024 - 2030 [Member] | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 11.76% | ||
Other Real Estate Loans Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 63,860 | $ 57,812 | |
Other Real Estate Loans Other [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2027 | ||
Other Real Estate Loans Other [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2033 | ||
Other Real Estate Loans Other [Member] | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 10.88% |
REAL ESTATE LOANS RECEIVABLE _2
REAL ESTATE LOANS RECEIVABLE (Summary of investments income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest income | $ 35,836 | $ 28,420 |
Investment Type Characteristic Real Estate Related Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest income | 28,739 | 23,397 |
Mortgage Receivable [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest income | 19,843 | 16,548 |
Other Real Estate Loans [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest income | $ 8,896 | $ 6,849 |
REAL ESTATE LOANS RECEIVABLE (O
REAL ESTATE LOANS RECEIVABLE (Other Real Estate Loans Due 2035) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Jun. 22, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest income | $ 35,836,000 | $ 28,420,000 | ||||
Investment Type Characteristic Real Estate Related Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable, gross | 1,346,970,000 | |||||
Interest income | 28,739,000 | 23,397,000 | ||||
Maplewood Real Estate Holdings | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Rental income | 11,300,000 | 17,300,000 | ||||
Contractual interest income expected to be received | 500,000 | |||||
Other Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable, gross | 554,925,000 | $ 548,715,000 | ||||
Other Real Estate Loans [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest income | $ 8,896,000 | 6,849,000 | ||||
Other Real Estate Loans Due 2035 [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Investment Maturity Year | 2035 | |||||
Financing receivable, gross | $ 263,580,000 | $ 263,520,000 | ||||
Interest rate | 7% | |||||
Other Real Estate Loans Due 2035 [Member] | Maplewood Real Estate Holdings | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable, face amount | 320,000,000 | $ 250,500,000 | ||||
Financing receivable, gross | $ 263,600,000 | |||||
Interest rate | 7% | |||||
Financing Receivable, Loan Percentage Of All Financing Receivables | 19.60% | |||||
Remaining Commitment And Paid In Kind Interest | $ 33,900,000 | |||||
Contractual interest income expected to be received | 500,000 | |||||
Other Real Estate Loans Due 2035 [Member] | Maplewood Real Estate Holdings | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest income | 0 | $ 1,500,000 | ||||
Other Real Estate Loans Due 2035 [Member] | Maplewood Real Estate Holdings | Forecast [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Interest Paid In Kind | 3% | 6% | ||||
Interest Paid In Cash | 4% | 1% | ||||
Other Real Estate Loans Due 2035 [Member] | Maplewood Real Estate Holdings | Scenario, Plan [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Real estate related loans non cash maximum interest paid-in kind | $ 52,200,000 |
NON-REAL ESTATE LOANS RECEIVA_3
NON-REAL ESTATE LOANS RECEIVABLE (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) loan item | Mar. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest income | $ 35,836 | $ 28,420 |
Collection of loan principal | 14,342 | 52,011 |
Payments to acquire loans receivable | 48,113 | 31,240 |
Non Real Estate Loans Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collection of loan principal | 6,900 | |
Existing Working Capital Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Payments to acquire loans receivable | 4,100 | |
Investment Type Characteristic Non Real Estate Related Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest income | $ 7,100 | $ 5,000 |
Number of Borrowers | item | 22 | |
Number of non real estate loans receivable | loan | 45 |
NON-REAL ESTATE LOANS RECEIVA_4
NON-REAL ESTATE LOANS RECEIVABLE (Schedule of receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2024 | Jun. 30, 2024 | May 31, 2024 | Apr. 30, 2024 | Dec. 31, 2023 | Oct. 15, 2023 | Mar. 31, 2023 | Sep. 01, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for credit losses | $ (209,507) | |||||||
Non-real estate loans receivable - net | $ 269,342 | $ 275,615 | ||||||
Weighted Average [Member] | Subsequent Event [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Interest rate | 10% | |||||||
Non Real Estate Loans Receivable [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, gross | 390,286 | 397,246 | ||||||
Allowance for credit losses | (120,944) | (121,631) | ||||||
Non-real estate loans receivable - net | 269,342 | 275,615 | ||||||
Notes Receivable Due 2036 At 5.63% [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, gross | $ 76,684 | 77,854 | ||||||
Investment Maturity Year | 2036 | |||||||
Interest rate | 5.63% | |||||||
Notes Receivable Due 2036 at 2.00% [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, gross | $ 32,308 | 32,308 | ||||||
Allowance for credit losses | $ (28,700) | |||||||
Investment Maturity Year | 2036 | |||||||
Interest rate | 2% | |||||||
Investment Maturity Date | Nov. 30, 2036 | |||||||
Notes Receivable Due 2025 [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, gross | $ 44,249 | 44,999 | ||||||
Investment Maturity Year | 2025 | |||||||
Financing receivable, benchmark amount for interest rate determination | $ 15,000 | $ 15,000 | ||||||
Investment Maturity Date | Dec. 31, 2025 | |||||||
Notes Receivable Due 2025 [Member] | Greater Than $15 Million [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Interest rate | 8% | |||||||
Notes Receivable Due 2025 [Member] | Less Than $15 Million [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Interest rate | 7.50% | |||||||
Notes Receivable Due 2025 [Member] | Scenario, Plan [Member] | Greater Than $15 Million [Member] | Subsequent Event [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Interest rate | 10% | 9% | ||||||
Notes Receivable Due 2025 [Member] | Maximum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, face amount | $ 45,000 | 55,000 | ||||||
Notes Receivable Due 2025 [Member] | Weighted Average [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Interest rate | 7.83% | |||||||
Notes Receivable Due 2024 Through 2026 [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, gross | $ 49,970 | 53,300 | ||||||
Notes Receivable Due 2024 Through 2026 [Member] | Minimum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Investment Maturity Year | 2024 | |||||||
Notes Receivable Due 2024 Through 2026 [Member] | Maximum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Investment Maturity Year | 2026 | |||||||
Notes Receivable Due 2024 Through 2026 [Member] | Weighted Average [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Interest rate | 10.99% | |||||||
Notes Receivable Due 2024 Through 2029 [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, gross | $ 92,851 | 92,681 | ||||||
Notes Receivable Due 2024 Through 2029 [Member] | Minimum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Investment Maturity Year | 2024 | |||||||
Notes Receivable Due 2024 Through 2029 [Member] | Maximum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Investment Maturity Year | 2029 | |||||||
Notes Receivable Due 2024 Through 2029 [Member] | Weighted Average [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Interest rate | 11.20% | |||||||
Other Notes [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, gross | $ 94,224 | $ 96,104 | ||||||
Other Notes [Member] | Minimum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Investment Maturity Year | 2024 | |||||||
Other Notes [Member] | Maximum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Investment Maturity Year | 2030 | |||||||
Other Notes [Member] | Weighted Average [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Interest rate | 8.09% | |||||||
Other Notes $7.6 Million [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Investment Maturity Year | 2024 | |||||||
Other Notes Three Loans Past Due [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, gross | $ 10,100 | |||||||
Financing Receivable Fair Value of Collateral | 0 | |||||||
Other Notes Maturing 2024 [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing receivable, gross | $ 7,600 |
NON-REAL ESTATE LOANS RECEIVA_5
NON-REAL ESTATE LOANS RECEIVABLE (Notes due 2036 at 5.63 Percent) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Nov. 01, 2024 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable allowance, increase (decrease) | $ 25,200 | |||
Allowance for loss on notes receivable | 209,507 | |||
Interest payments applied against principal for cost recovery loans | $ 2,500 | |||
Non Real Estate Loans Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | $ 390,286 | $ 397,246 | ||
Allowance for loss on notes receivable | $ 120,944 | 121,631 | ||
Notes Receivable Due 2036 At 5.63% [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Maturity Year | 2036 | |||
Interest rate | 5.63% | |||
Financing receivable, gross | $ 76,684 | $ 77,854 | ||
Notes Receivable Due 2036 At 5.63% [Member] | Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Maturity Year | 2036 | |||
Interest rate | 5.63% | |||
Interest payments applied against principal for cost recovery loans | $ 1,200 | |||
Notes Receivable $82.2 Million Due 2036 [Member] | Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest rate | 5.63% | |||
Financing receivable, gross | $ 76,700 | |||
Financing receivable, loan percentage of all financing receivables | 19.60% | |||
Allowance for loss on notes receivable | $ 71,500 | |||
Investment Maturity Date | Dec. 31, 2036 | |||
Notes Receivable $82.2 Million Due 2036 [Member] | Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Forecast [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest rate | 5.71% | |||
Notes Receivable Due Loan A [Member] | Agemo Holdings LLC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, face amount | $ 32,000 | |||
Notes Receivable Due Loan B [Member] | Agemo Holdings LLC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, face amount | $ 50,200 | |||
Additional Principal Deferred Rent Working Capital [Member] | Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable allowance, increase (decrease) | $ 25,200 |
NON-REAL ESTATE LOANS RECEIVA_6
NON-REAL ESTATE LOANS RECEIVABLE (Notes due 2036 at 2.00 Percent) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Sep. 01, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest payments applied against principal for cost recovery loans | $ 2,500 | ||||
Financing receivable allowance, increase (decrease) | 25,200 | ||||
Allowance for loss on notes receivable | $ 209,507 | ||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Monthly expected payment amount to be received | $ 3,200 | ||||
Non Real Estate Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, gross | 390,286 | $ 390,286 | $ 397,246 | ||
Allowance for loss on notes receivable | $ 120,944 | $ 120,944 | 121,631 | ||
Notes Receivable Due 2036 at 2.00% [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Year | 2036 | ||||
Interest rate | 2% | 2% | |||
Investment Maturity Date | Nov. 30, 2036 | ||||
Financing receivable, loan percentage of all financing receivables | 8.30% | 8.30% | |||
Financing receivable, gross | $ 32,308 | $ 32,308 | $ 32,308 | ||
Allowance for loss on notes receivable | 28,700 | 28,700 | |||
Notes Receivable Due $8.3 Million Term Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, face amount | 8,300 | 8,300 | |||
Notes Receivable Due $25.0 Million Term Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, face amount | $ 25,000 | $ 25,000 |
ALLOWANCE FOR CREDIT LOSSES (Na
ALLOWANCE FOR CREDIT LOSSES (Narrative) (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accrued investment income receivable | $ 10,800,000 | $ 10,200,000 | |
Effective yield interest receivables | 2,363,000 | $ 3,127,000 | |
Interest income related to loans on non-accrual status | $ 1,000,000 | $ 1,500,000 | |
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] | true | ||
Agemo Holdings LLC [Member] | |||
Interest income related to loans on non-accrual status | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES (Sc
ALLOWANCE FOR CREDIT LOSSES (Schedule of expected credit loss per segment) (Detail) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 USD ($) facility | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | |
Number of real estate properties | facility | 896 | ||||
ECL balance, total receivables | $ 222,164 | $ 188,364 | |||
Provision (Recovery) for Credit Losses, total receivables | $ 10,738 | $ (4,057) | |||
Write-offs charged against allowance for the period ended, total receivables | (3,092) | ||||
Financing receivable allowance, increase (decrease) | 25,200 | ||||
Interest payments applied against principal for cost recovery loans | 2,500 | ||||
Financing receivable, principal payments received against fully reserved amounts | 400 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing receivable allowance, increase (decrease) | 25,200 | ||||
ECL Ending balance | 209,507 | ||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward] | |||||
Direct Financing Lease, beginning balance | 2,489 | 2,816 | |||
Provision (recovery) on direct financing leases | (191) | (193) | |||
Direct Financing Lease, ending balance | 2,298 | 2,623 | |||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
ECL Beginning balance, unfunded loan commitments | 7,054 | 320 | |||
Provision (Recovery) for Credit Losses, unfunded loan commitments | (928) | 2,559 | |||
ECL Ending balance, unfunded loan commitments | 6,126 | 2,879 | |||
Investment Type Characteristic Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 90,990 | 101,360 | |||
Provision (Recovery) for Credit Losses | 9,452 | (11,920) | |||
ECL Ending balance | 100,442 | 89,440 | |||
Investment Type Characteristic Non Real Estate Related Loans [Member] | |||||
Financing receivable allowance, increase (decrease) | 25,200 | ||||
Interest payments applied against principal for cost recovery loans | 1,200 | ||||
Financing receivable, principal payments received against fully reserved amounts | 200 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 121,631 | 83,868 | |||
Provision (Recovery) for Credit Losses | 2,405 | 5,497 | |||
Write-offs charged against allowance for the period ended | (3,092) | ||||
Financing receivable allowance, increase (decrease) | 25,200 | ||||
ECL Ending balance | 120,944 | 114,565 | |||
Gulf Coast LLC [Member] | |||||
DIP financing, proceeds from trust | 2,300 | ||||
Mortgage Receivable [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 55,661 | ||||
ECL Ending balance | 48,164 | ||||
Non Real Estate Loans Receivable [Member] | |||||
ECL balance, total receivables | 229,810 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 121,631 | ||||
ECL Ending balance | 120,944 | ||||
Notes Receivable Due $8.3 Million Term Loan [Member] | |||||
Financing receivable, face amount | 8,300 | ||||
Notes Receivable Due $25.0 Million Term Loan [Member] | |||||
Financing receivable, face amount | 25,000 | ||||
Notes Receivable Due 2036 At 5.63% [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Interest payments applied against principal for cost recovery loans | 1,200 | ||||
Notes Receivable $82.2 Million Due 2036 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Ending balance | 71,500 | ||||
Notes Receivable Due Loan A [Member] | Agemo Holdings LLC [Member] | |||||
Financing receivable, face amount | 32,000 | ||||
Notes Receivable Due Loan B [Member] | Agemo Holdings LLC [Member] | |||||
Financing receivable, face amount | 50,200 | ||||
Additional Principal Deferred Rent Working Capital [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | |||||
Financing receivable allowance, increase (decrease) | 25,200 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing receivable allowance, increase (decrease) | 25,200 | ||||
Other Notes $25 Million Senior Secured Facility [Member] | Gulf Coast LLC [Member] | |||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses | (2,300) | ||||
Internal Credit Rating One [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 1,501 | 162 | |||
Provision (Recovery) for Credit Losses | (193) | 351 | |||
ECL Ending balance | 1,308 | 513 | |||
Internal Credit Rating Two [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 291 | 157 | |||
Provision (Recovery) for Credit Losses | 269 | (111) | |||
ECL Ending balance | 560 | 46 | |||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
ECL Beginning balance, unfunded loan commitments | 10 | ||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | (5) | ||||
ECL Ending balance, unfunded loan commitments | 5 | ||||
Internal Credit Rating Two [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 1,151 | 859 | |||
Provision (Recovery) for Credit Losses | 191 | (567) | |||
ECL Ending balance | 1,342 | 292 | |||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
ECL Beginning balance, unfunded loan commitments | 692 | 207 | |||
Provision (Recovery) for Credit Losses, unfunded loan commitments | (112) | (96) | |||
ECL Ending balance, unfunded loan commitments | 580 | 111 | |||
Internal Credit Rating Three [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 12,635 | 15,110 | |||
Provision (Recovery) for Credit Losses | 1,056 | (421) | |||
ECL Ending balance | 13,691 | 14,689 | |||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
ECL Beginning balance, unfunded loan commitments | 335 | ||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 121 | 2,660 | |||
ECL Ending balance, unfunded loan commitments | 456 | 2,660 | |||
Internal Credit Rating Three [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 3,903 | 2,079 | |||
Provision (Recovery) for Credit Losses | 206 | (1,727) | |||
ECL Ending balance | 4,109 | 352 | |||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
ECL Beginning balance, unfunded loan commitments | 46 | 29 | |||
Provision (Recovery) for Credit Losses, unfunded loan commitments | (2) | (23) | |||
ECL Ending balance, unfunded loan commitments | 44 | 6 | |||
Internal Credit Rating Four [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 65,113 | 33,666 | |||
Provision (Recovery) for Credit Losses | (29,915) | (9,445) | |||
ECL Ending balance | 35,198 | 24,221 | |||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
ECL Beginning balance, unfunded loan commitments | 4,314 | 84 | |||
Provision (Recovery) for Credit Losses, unfunded loan commitments | (4,239) | (62) | |||
ECL Ending balance, unfunded loan commitments | 75 | 22 | |||
Internal Credit Rating Four [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 720 | 634 | |||
Provision (Recovery) for Credit Losses | (110) | (361) | |||
ECL Ending balance | 610 | 273 | |||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
ECL Beginning balance, unfunded loan commitments | 63 | ||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | (21) | ||||
ECL Ending balance, unfunded loan commitments | 42 | ||||
Internal Credit Rating Five [Member] | |||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward] | |||||
Direct Financing Lease, beginning balance | 2,489 | 2,816 | |||
Provision (recovery) on direct financing leases | (191) | (193) | |||
Direct Financing Lease, ending balance | 2,298 | 2,623 | |||
Internal Credit Rating Five [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Provision (Recovery) for Credit Losses | 38,235 | ||||
ECL Ending balance | 38,235 | ||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 4,924 | ||||
ECL Ending balance, unfunded loan commitments | 4,924 | ||||
Internal Credit Rating Five [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | |||||
Financing receivable allowance, increase (decrease) | 25,200 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 43,404 | 18,619 | |||
Provision (Recovery) for Credit Losses | 2,723 | 66 | |||
Financing receivable allowance, increase (decrease) | 25,200 | ||||
ECL Ending balance | 46,127 | 43,885 | |||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
ECL Beginning balance, unfunded loan commitments | 1,594 | ||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | (1,594) | ||||
Internal Credit Rating Six [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 11,450 | 52,265 | |||
Provision (Recovery) for Credit Losses | (2,294) | ||||
ECL Ending balance | 11,450 | 49,971 | |||
Internal Credit Rating Six [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
ECL Beginning balance | 72,453 | 61,677 | |||
Provision (Recovery) for Credit Losses | (605) | 8,086 | |||
Write-offs charged against allowance for the period ended | (3,092) | ||||
ECL Ending balance | $ 68,756 | 69,763 | |||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | |||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 80 | ||||
ECL Ending balance, unfunded loan commitments | $ 80 |
ALLOWANCE FOR CREDIT LOSSES (_2
ALLOWANCE FOR CREDIT LOSSES (Schedule by segment balance by vintage and credit quality indicator) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total 2024 | $ 40,973 | |
Total 2023 | 369,739 | |
Total 2022 | 95,057 | |
Total 2021 | 110,898 | |
Total 2020 | 104,106 | |
Total 2019 | 6,594 | |
Total 2018 & older | 603,942 | |
Total receivable Revolving | 417,118 | |
Total receivables | 1,748,427 | |
2024, current-period gross write-offs | ||
2023, current-period gross write-offs | ||
2022, current-period gross write-offs | ||
2021, current-period gross write-offs | ||
2020, current-period gross write-offs | ||
2019, current-period gross write-offs | ||
2018 & older, current-period gross write-offs | (3,092) | |
Revolving, current-period gross write-offs | ||
Total write offs, current period | (3,092) | |
Direct Financing Lease, Net Investment in Lease, before Allowance for Credit Loss [Abstract] | ||
2018 & older, Investment in direct financing leases | 11,171 | |
Investment in direct financing leases | 11,171 | |
Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2024 | 40,973 | |
2023 | 270,244 | |
2022 | 50,600 | |
2021 | 103,047 | |
2020 | 104,106 | |
2018 & older | 514,420 | |
Revolving Loans | 263,580 | |
Total Balance | 1,346,970 | |
Investment Type Characteristic Non Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 99,495 | |
2022 | 44,457 | |
2021 | 7,851 | |
2019 | 6,594 | |
2018 & older | 78,351 | |
Revolving Loans | 153,538 | |
Total Balance | 390,286 | |
Internal Credit Rating One [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2022 | 20,000 | |
2018 & older | 61,533 | |
Total Balance | 81,533 | |
Internal Credit Rating Two [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2024 | 11,700 | |
2023 | 8,257 | |
2020 | 21,325 | |
Total Balance | 41,282 | |
Internal Credit Rating Two [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Revolving Loans | 114,398 | |
Total Balance | 114,398 | |
Internal Credit Rating Three [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2024 | 23,257 | |
2023 | 172,393 | |
2022 | 30,600 | |
2021 | 72,420 | |
Total Balance | 298,670 | |
Internal Credit Rating Three [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 88,276 | |
2022 | 20,000 | |
2019 | 3,653 | |
2018 & older | 667 | |
Revolving Loans | 8,550 | |
Total Balance | 121,146 | |
Internal Credit Rating Four [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2024 | 6,016 | |
2023 | 89,594 | |
2021 | 30,627 | |
2020 | 82,781 | |
2018 & older | 439,965 | |
Total Balance | 648,983 | |
Internal Credit Rating Four [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 1,105 | |
2019 | 667 | |
2018 & older | 1,000 | |
Revolving Loans | 26,033 | |
Total Balance | 28,805 | |
Internal Credit Rating Five [Member] | ||
Direct Financing Lease, Net Investment in Lease, before Allowance for Credit Loss [Abstract] | ||
2018 & older, Investment in direct financing leases | 11,171 | |
Investment in direct financing leases | 11,171 | |
Internal Credit Rating Five [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Revolving Loans | 263,580 | |
Total Balance | 263,580 | |
Internal Credit Rating Five [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 4,190 | |
2019 | 2,274 | |
2018 & older | 47,117 | |
Total Balance | 53,581 | |
Internal Credit Rating Six [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2018 & older | 12,922 | |
Total Balance | 12,922 | |
Internal Credit Rating Six [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 5,924 | |
2022 | 24,457 | |
2021 | 7,851 | |
2018 & older | 29,567 | |
Revolving Loans | 4,557 | |
Total Balance | 72,356 | |
Mortgage Receivable [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Total Balance | 792,045 | $ 754,437 |
Non Real Estate Loans Receivable [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Total Balance | $ 390,286 | $ 397,246 |
VARIABLE INTEREST ENTITIES (Sch
VARIABLE INTEREST ENTITIES (Schedule of variable interest entities) (Detail) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) facility | Mar. 31, 2023 USD ($) facility | Dec. 31, 2023 USD ($) | |
Assets | |||
Real estate assets - net | $ 5,834,297,000 | $ 5,888,096,000 | |
Assets held for sale | 81,546,000 | 81,546,000 | |
Real estate loans receivable - net | 1,246,528,000 | 1,212,162,000 | |
Investments in unconsolidated joint ventures | 185,937,000 | 188,409,000 | |
Non-real estate loans receivable - net | 269,342,000 | 275,615,000 | |
Contractual receivables - net | 10,973,000 | 11,888,000 | |
Other receivables and lease inducements | 223,281,000 | 214,657,000 | |
Lease inducements | 8,519,000 | 8,782,000 | |
Other assets | 144,267,000 | 147,686,000 | |
Total assets | 9,011,848,000 | 9,117,402,000 | |
Liabilities | |||
Accrued expenses and other liabilities | (283,103,000) | (287,795,000) | |
Total Liabilities | (5,311,255,000) | (5,355,111,000) | |
Restricted cash | 1,253,000 | $ 3,336,000 | 1,920,000 |
Interest income | 35,836,000 | 28,420,000 | |
Total revenues | $ 243,299,000 | $ 218,202,000 | |
Number of Facilities | facility | 896 | ||
Assisted Living Facilities [Member] | |||
Liabilities | |||
Number of Facilities | facility | 189 | ||
Facilities Sold | |||
Liabilities | |||
Number of Facilities | facility | 4 | 2 | |
Facilities Acquired | Assisted Living Facilities [Member] | |||
Liabilities | |||
Number of Facilities | facility | 1 | ||
Non Real Estate Loans Receivable [Member] | |||
Assets | |||
Non-real estate loans receivable - net | $ 269,342,000 | 275,615,000 | |
Agemo Holdings LLC [Member] | |||
Liabilities | |||
Rental income | 6,000,000 | $ 0 | |
Maplewood Real Estate Holdings | |||
Liabilities | |||
Rental income | 11,300,000 | 17,300,000 | |
Termination fee incurred cost | 12,500,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||
Assets | |||
Total assets | 28,000,000 | 27,900,000 | |
Liabilities | |||
Total Liabilities | (21,000,000) | (20,700,000) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Assets | |||
Real estate assets - net | 1,012,089,000 | 996,540,000 | |
Assets held for sale | 66,130,000 | ||
Real estate loans receivable - net | 400,068,000 | 370,147,000 | |
Investments in unconsolidated joint ventures | 9,016,000 | 9,009,000 | |
Non-real estate loans receivable - net | 9,965,000 | 10,679,000 | |
Contractual receivables - net | 544,000 | 746,000 | |
Other assets | 711,000 | 1,423,000 | |
Total assets | 1,432,393,000 | 1,454,674,000 | |
Liabilities | |||
Accrued expenses and other liabilities | (47,048,000) | (46,677,000) | |
Total Liabilities | (47,048,000) | (46,677,000) | |
Total collateral | (1,126,671,000) | (1,153,383,000) | |
Maximum exposure to loss | 258,674,000 | 254,614,000 | |
Rental income | $ 19,128,000 | $ 9,838,000 | |
Rental income, Statement of Income [Extensible Enumeration] | Rental income | Rental income | |
Interest income | $ 2,964,000 | $ 2,106,000 | |
Total revenues | 22,092,000 | 11,944,000 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Asset Pledged as Collateral with Right [Member] | Notes Payable, Other Payables [Member] | |||
Liabilities | |||
Accounts receivable | 8,100,000 | 8,900,000 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Personal Guarantee Collateral [Member] | |||
Liabilities | |||
Total collateral | (48,000,000) | (48,000,000) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Collateral [Member] | |||
Liabilities | |||
Total collateral | $ (1,078,671,000) | $ (1,105,383,000) | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Maplewood Real Estate Holdings | |||
Liabilities | |||
Termination fee incurred cost | $ 12,500,000 |
INVESTMENT IN JOINT VENTURES (S
INVESTMENT IN JOINT VENTURES (Schedule of equity method investments) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) facility property contract | Mar. 31, 2023 USD ($) facility | Dec. 31, 2023 USD ($) | |
Number of real estate properties | facility | 896 | ||
Investments in unconsolidated joint ventures | $ 185,937 | $ 188,409 | |
Number of operators | contract | 78 | ||
Income (loss) from unconsolidated joint ventures | $ 98 | $ 831 | |
Second Spring Healthcare Investments [Member] | |||
Income (loss) from unconsolidated joint ventures | 235 | 289 | |
Lakeway Realty LLC [Member] | |||
Income (loss) from unconsolidated joint ventures | 691 | 679 | |
Cindat Ice Portfolio JV GP Limited [Member] | |||
Income (loss) from unconsolidated joint ventures | (705) | 1 | |
OMG Senior Housing LLC [Member] | |||
Income (loss) from unconsolidated joint ventures | $ (112) | (220) | |
OH CHS SNP Inc [Member] | |||
Ownership % | 9% | ||
Investments in unconsolidated joint ventures | $ 794 | 752 | |
Income (loss) from unconsolidated joint ventures | $ 42 | $ 82 | |
WV Pharm Holdings LLC Investment [Member] | |||
Ownership % | 20% | ||
Investments in unconsolidated joint ventures | $ 3,000 | 3,000 | |
OMG Form Senior Holdings LLC Investment [Member] | |||
Income (loss) from unconsolidated joint ventures | $ (53) | ||
CHS OHI Insight Holdings LLC Investment [Member] | |||
Ownership % | 25% | ||
Investments in unconsolidated joint ventures | $ 3,242 | 3,242 | |
RCA NH Holdings RECO LLC Investment And WV Pharm Holdings LLC Investment And Lakeway Realty LLC And OMG Form Senior Holdings LLC Investment [Member] | |||
Financing receivable, gross | $ 79,600 | ||
Skilled Nursing Facilities [Member] | |||
Number of real estate properties | facility | 590 | ||
Skilled Nursing Facilities [Member] | Second Spring Healthcare Investments [Member] | |||
Ownership % | 15% | ||
Investments in unconsolidated joint ventures | $ 8,336 | 8,945 | |
Skilled Nursing Facilities [Member] | RCA NH Holdings RE CO LLC Investment [Member] | |||
Ownership % | 20% | ||
Number of real estate properties | facility | 5 | ||
Investments in unconsolidated joint ventures | $ 3,400 | 3,400 | |
Specialty [Member] | |||
Number of real estate properties | property | 19 | ||
Specialty [Member] | Lakeway Realty LLC [Member] | |||
Ownership % | 51% | ||
Number of real estate properties | facility | 1 | ||
Investments in unconsolidated joint ventures | $ 68,569 | 68,902 | |
Specialty [Member] | OMG Senior Housing LLC [Member] | |||
Ownership % | 50% | ||
Number of real estate properties | facility | 1 | ||
Assisted Living Facilities [Member] | |||
Number of real estate properties | facility | 189 | ||
Assisted Living Facilities [Member] | Cindat Ice Portfolio JV GP Limited [Member] | |||
Ownership % | 49% | ||
Number of real estate properties | facility | 63 | ||
Investments in unconsolidated joint ventures | $ 95,979 | 97,559 | |
Assisted Living Facilities [Member] | OMG Form Senior Holdings LLC Investment [Member] | |||
Ownership % | 49% | ||
Number of real estate properties | facility | 1 | ||
Investments in unconsolidated joint ventures | $ 2,617 | 2,609 | |
Independent Living Facilities [Member] | |||
Number of real estate properties | property | 19 | ||
Non Real Estate Loans Receivable [Member] | |||
Financing receivable, gross | $ 390,286 | 397,246 | |
Mortgage Receivable [Member] | |||
Financing receivable, gross | $ 792,045 | $ 754,437 | |
Facilities Sold | |||
Number of real estate properties | facility | 4 | 2 | |
Facilities Sold | Skilled Nursing Facilities [Member] | |||
Number of real estate properties | facility | 1 | ||
Facilities Acquired | Skilled Nursing Facilities [Member] | |||
Number of real estate properties | facility | 1 | ||
Facilities Acquired | Assisted Living Facilities [Member] | |||
Number of real estate properties | facility | 1 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net amortization of intangible assets | $ 0.5 | $ 6.1 |
Remainder 2024 | 1.6 | |
2025 | 2.1 | |
2026 | 1.8 | |
2027 | 1.5 | |
2028 | $ 0.9 | |
Below market leases, weighted average remaining amortization, period | 7 years | |
Above market leases | ||
Weighted average remaining amortization | 13 years |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLES (Schedule of Reconciliation of Goodwill) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Balance | $ 643,897 |
Foreign currency translation | (119) |
Balance | $ 643,778 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLES (Schedule of Intangibles) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Gross intangible assets | $ 4,214 | $ 4,214 |
Accumulated amortization | (3,547) | (3,532) |
Net intangible assets | 667 | 682 |
Liabilities: | ||
Below market leases | 48,791 | 48,791 |
Accumulated amortization | (37,723) | (37,177) |
Net intangible liabilities | $ 11,068 | $ 11,614 |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) | 3 Months Ended | |||||||
Mar. 31, 2024 item | Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2024 facility | Mar. 31, 2024 state | Mar. 31, 2024 contract | Mar. 31, 2024 property | Dec. 31, 2023 USD ($) facility item | |
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | facility | 896 | |||||||
Number of states | state | 42 | |||||||
Number of operators | contract | 78 | |||||||
Gross investment in facilities, net of impairments and reserves for uncollectible loans | $ 9,200,000,000 | |||||||
Real estate loans receivable - net | 1,246,528,000 | $ 1,212,162,000 | ||||||
Non-real estate loans receivable - net | 269,342,000 | 275,615,000 | ||||||
Investment in unconsolidated joint venture | 185,937,000 | 188,409,000 | ||||||
Number of unconsolidated joint ventures | item | 9 | |||||||
Other Real Estate Loans [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Real estate loans receivable - net | 502,647,000 | 513,386,000 | ||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Real estate loans receivable - net | 400,068,000 | 370,147,000 | ||||||
Non-real estate loans receivable - net | 9,965,000 | 10,679,000 | ||||||
Investment in unconsolidated joint venture | $ 9,016,000 | $ 9,009,000 | ||||||
Maplewood Real Estate Holdings | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of operators that met or exceeded ten percent of investments | item | 1 | 1 | ||||||
Termination fee incurred cost | $ 12,500,000 | |||||||
Maplewood Real Estate Holdings | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Termination fee incurred cost | $ 12,500,000 | |||||||
Communicare Health Services, Inc | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of operators that met or exceeded ten percent threshold for revenues | 1 | |||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Maplewood Real Estate Holdings | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 4.70% | 2.90% | ||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Communicare Health Services, Inc | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 12.90% | 9.60% | ||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | Texas | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 10.40% | |||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | Indiana | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 6.80% | |||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | California | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 6.10% | |||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | United Kingdom | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 6.80% | |||||||
Assets, Total [Member] | Product Concentration Risk [Member] | Communicare Health Services, Inc | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 9.30% | |||||||
Assets, Total [Member] | Product Concentration Risk [Member] | Real Estate Investment Related to Long Term Healthcare Facilities [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Concentration percentage | 97% | |||||||
Skilled Nursing Facilities [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | facility | 590 | |||||||
Assisted Living Facilities [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | facility | 189 | |||||||
Specialty [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | property | 19 | |||||||
Medical Office Building [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | facility | 1 | |||||||
Independent Living Facilities [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | property | 19 | |||||||
Facilities Under Fixed Rate Mortgage Loans [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | facility | 62 | |||||||
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | property | 47 | |||||||
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | property | 12 | |||||||
Facilities Under Fixed Rate Mortgage Loans [Member] | Specialty [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | property | 2 | |||||||
Facilities Under Fixed Rate Mortgage Loans [Member] | Independent Living Facilities [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | facility | 1 | |||||||
Facilities Held for Sale [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Number of real estate properties | 16 | 16 | 16 |
STOCKHOLDERS EQUITY (Schedule o
STOCKHOLDERS EQUITY (Schedule of Common Stock Dividends) (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Stockholders Equity [Abstract] | |||
Dividends Declared, Date Of Record | Apr. 30, 2024 | Feb. 05, 2024 | |
Dividends Payable, Date to be Paid | May 15, 2024 | Feb. 15, 2024 | |
Common Stock, Dividends, Per Share, Declared | $ 0.67 | $ 0.67 | $ 0.67 |
STOCKHOLDERS EQUITY (Schedule_2
STOCKHOLDERS EQUITY (Schedule of dividend reinvestment and common stock purchase plan) (Detail) - Dividend Reinvestment And Common Stock Purchase Plan [Member] - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shares issued | 29 | 82 |
Gross Proceeds | $ 882 | $ 2,278 |
STOCKHOLDERS EQUITY (At The Mar
STOCKHOLDERS EQUITY (At The Market Program Schedule and Narrative) (Detail) - $1 Billion ATM Program $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Sales price, equity distribution agreement | $ 1,000,000 |
Issuance of common stock (in shares) | shares | 1,041 |
Average issue price per share | $ / shares | $ 30.49 |
Gross proceeds | $ 32,295 |
Proceeds from issuance of common stock | $ 31,738 |
STOCKHOLDERS EQUITY (Schedule_3
STOCKHOLDERS EQUITY (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | $ 3,513,888 | $ 3,574,584 | ||
Add: portion included in noncontrolling interest | 186,705 | 187,707 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,700,593 | $ 3,685,611 | 3,762,291 | $ 3,803,282 |
Realized gain | 2,600 | 1,100 | ||
AOCI Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Add: portion included in noncontrolling interest | (9) | 304 | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 31,852 | 21,533 | $ 29,338 | $ 20,325 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | 31,861 | 21,229 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | (55,780) | (69,170) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | 81,988 | 76,806 | ||
Accumulated Net Gain (Loss) from Net Investment Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | $ 5,653 | $ 13,593 |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) subsidiary | Dec. 31, 2023 USD ($) | |
Taxes [Line Items] | ||
Minimum number of subsequent years the company may not be able to qualify as a REIT | 4 years | |
Percentage of income subject to federal taxation | 100% | |
Number of TSRs subject to federal, state and local income taxes with net operating loss carryforwards | subsidiary | 1 | |
Deferred tax assets related to net operating loss carryforwards | $ 8,857 | $ 9,491 |
Taxable REIT Subsidiaries [Member] | ||
Taxes [Line Items] | ||
Net operating loss carry-forward | 9,800 | |
Foreign Tax Authority | ||
Taxes [Line Items] | ||
Net operating loss carry-forward | $ 35,400 | |
Net operating loss carryforwards period | no |
TAXES (Schedule of components o
TAXES (Schedule of components of income tax expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Taxes [Abstract] | ||
Federal, state and local income tax expense | $ 500 | $ 300 |
Foreign income tax expense (benefit) | 2,100 | (1,600) |
Total income tax expense (benefit) | 2,600 | (1,300) |
Income before income tax (expense) benefit and income from unconsolidated joint ventures | 71,829 | 34,722 |
Income from unconsolidated joint ventures | $ 98 | $ 831 |
TAXES (Schedule of deferred tax
TAXES (Schedule of deferred tax assets and liabilities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred tax assets: | ||
Federal net operating loss carryforward | $ 2,048 | $ 2,079 |
Valuation allowance on deferred tax asset | (1,996) | (2,024) |
Foreign net operating loss carryforward | 8,857 | 9,491 |
Net deferred tax asset | 8,909 | 9,546 |
Deferred tax liability: | ||
Foreign deferred tax liability | 1,426 | 1,508 |
Net deferred tax liability | $ 1,426 | $ 1,508 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-based compensation expense | $ 9.2 | $ 8.7 |
Performance Based Restricted Stock Units [Member] | ||
Shares awarded, other than options | 71,106 | |
Performance period used for performance based awards | 3 years | |
Performance Based Profit Interest Units [Member] | ||
Vesting period, years | 4 years | |
Performance Based Profit Interest Units [Member] | Certain Officers and Key Employees [Member] | ||
Shares awarded, other than options | 2,297,064 | |
Performance period used for performance based awards | 3 years | |
Time Based Profit Interest Units [Member] | Certain Officers and Key Employees [Member] | ||
Shares awarded, other than options | 259,781 | |
Vesting period, years | 3 years |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of stock based compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-Based Compensation [Abstract] | ||
Stock-based compensation expense | $ 9.2 | $ 8.7 |
BORROWING ACTIVITIES AND ARRA_3
BORROWING ACTIVITIES AND ARRANGEMENTS (Schedule of Borrowings) (Details) $ in Thousands, £ in Millions | 3 Months Ended | 12 Months Ended | ||||
Apr. 01, 2024 USD ($) | Mar. 31, 2024 USD ($) facility item | Mar. 31, 2023 USD ($) facility | Dec. 31, 2023 USD ($) | Mar. 31, 2024 GBP (£) facility | Jun. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||
Total secured borrowings | $ 20,145 | $ 61,963 | ||||
Revolving credit facility | 20,213 | 20,397 | ||||
Total senior notes and other unsecured borrowings - net | 4,987,794 | 4,984,956 | ||||
Total secured and unsecured borrowings - net | 5,028,152 | 5,067,316 | ||||
Real estate assets - net | 5,834,297 | $ 5,888,096 | ||||
Loss on extinguishment of debt | $ 1,283 | $ 6 | ||||
Debt instrument, covenant compliance | As of March 31, 2024 and December 31, 2023, we were in compliance with all applicable covenants for our borrowings | As of March 31, 2024 and December 31, 2023, we were in compliance with all applicable covenants for our borrowings | ||||
Number of Facilities | facility | 896 | 896 | ||||
Repayments of Long-term Debt | $ 41,878 | $ 1,913 | ||||
Number Of Assumed Loans Retired | item | 9 | |||||
Assisted Living Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of Facilities | facility | 189 | 189 | ||||
Facilities Sold | ||||||
Debt Instrument [Line Items] | ||||||
Number of Facilities | facility | 4 | 2 | 4 | |||
Facilities Sold | LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||
Debt Instrument [Line Items] | ||||||
Number of Facilities | facility | 2 | 2 | ||||
Nine Hud Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ 1,300 | |||||
Repayments of secured debt | $ 41,600 | |||||
Term Loan Maturity 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date | Apr. 30, 2024 | Feb. 29, 2024 | ||||
4.95% notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.95% | 4.95% | 4.95% | |||
4.95% notes due 2024 | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of senior debt | $ 400,000 | |||||
4.50% notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.50% | 4.50% | 4.50% | |||
5.25% notes due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 5.25% | 5.25% | 5.25% | |||
4.50% notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.50% | 4.50% | 4.50% | |||
4.75% notes due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.75% | 4.75% | 4.75% | |||
3.63% notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.63% | 3.63% | 3.63% | |||
3.38% notes due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.38% | 3.38% | 3.38% | |||
3.25% notes due 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 3.25% | 3.25% | 3.25% | |||
2025 Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 428,500 | |||||
Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total secured borrowings | $ 20,145 | $ 61,963 | ||||
Secured Debt [Member] | Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Total secured borrowings | 41,878 | |||||
Secured Debt [Member] | Term Loan Maturity 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2024 | |||||
Rate | 10.83% | 10.83% | ||||
Total secured borrowings | $ 20,145 | 20,085 | ||||
Secured Debt [Member] | Term Loan Maturity 2024 [Member] | Facilities Related to Joint Venture [Member] | Assisted Living Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of Facilities | facility | 2 | 2 | ||||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs - net | $ (18,958) | (20,442) | ||||
Discount - net | (21,748) | (23,102) | ||||
Total senior notes and other unsecured borrowings - net | 4,987,794 | 4,984,956 | ||||
Total unsecured borrowings - net | $ 5,008,007 | 5,005,353 | ||||
Unsecured Debt [Member] | Omega OP Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2025 | |||||
Total term loans - net | $ 50,000 | 50,000 | ||||
Debt instrument, face amount | $ 50,000 | |||||
Debt instrument, interest rate, effective percentage | 5.52% | 5.52% | ||||
Unsecured Debt [Member] | Omega OP Term Loan Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Variable Interest Rate | 3.957% | 3.957% | ||||
Unsecured Debt [Member] | 2025 Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2025 | |||||
Long-term debt, gross | $ 428,500 | 428,500 | ||||
Debt instrument, interest rate, effective percentage | 5.60% | 5.60% | ||||
Unsecured Debt [Member] | 2025 Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Variable Interest Rate | 4.047% | 4.047% | ||||
Senior Notes [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 4.95% | |||||
Senior Notes [Member] | 4.95% notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2024 | |||||
Rate | 4.95% | 4.95% | ||||
Long-term debt, gross | $ 400,000 | 400,000 | ||||
Senior Notes [Member] | 4.50% notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2025 | |||||
Rate | 4.50% | 4.50% | ||||
Long-term debt, gross | $ 400,000 | 400,000 | ||||
Senior Notes [Member] | 5.25% notes due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2026 | |||||
Rate | 5.25% | 5.25% | ||||
Long-term debt, gross | $ 600,000 | 600,000 | ||||
Senior Notes [Member] | 4.50% notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2027 | |||||
Rate | 4.50% | 4.50% | ||||
Long-term debt, gross | $ 700,000 | 700,000 | ||||
Senior Notes [Member] | 4.75% notes due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2028 | |||||
Rate | 4.75% | 4.75% | ||||
Long-term debt, gross | $ 550,000 | 550,000 | ||||
Senior Notes [Member] | 3.63% notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2029 | |||||
Rate | 3.63% | 3.63% | ||||
Long-term debt, gross | $ 500,000 | 500,000 | ||||
Senior Notes [Member] | 3.38% notes due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2031 | |||||
Rate | 3.38% | 3.38% | ||||
Long-term debt, gross | $ 700,000 | 700,000 | ||||
Senior Notes [Member] | 3.25% notes due 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2033 | |||||
Rate | 3.25% | 3.25% | ||||
Long-term debt, gross | $ 700,000 | 700,000 | ||||
Minimum [Member] | Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2049 | |||||
Maximum [Member] | Hud Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2051 | |||||
Revolving Credit Facility | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | £ | £ 16 | |||||
Maximum borrowing capacity | $ 1,450,000 | |||||
Revolving Credit Facility | Unsecured Debt [Member] | United States Dollar Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 6.64% | 6.64% | ||||
Revolving Credit Facility | Unsecured Debt [Member] | British Pound Sterling Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Rate | 6.51% | 6.51% | ||||
Revolving Credit Facility | Unsecured Debt [Member] | Revolving Credit Facility Due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity | 2025 | |||||
Rate | 6.64% | 6.64% | ||||
Revolving credit facility | $ 20,213 | $ 20,397 |
DERIVATIVES AND HEDGING (Narrat
DERIVATIVES AND HEDGING (Narrative) (Details) $ in Thousands, £ in Millions | 3 Months Ended | |||||||
Feb. 27, 2024 USD ($) | Mar. 31, 2024 USD ($) contract | Mar. 31, 2023 USD ($) | Apr. 01, 2024 | Mar. 31, 2024 GBP (£) contract | Feb. 27, 2024 GBP (£) contract | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Unrealized gain (loss) | $ 6,877 | $ (9,550) | ||||||
Proceeds from net investment hedges | $ 8,400 | 8,429 | ||||||
Senior Notes [Member] | Subsequent Event [Member] | ||||||||
Interest rate | 4.95% | |||||||
Omega OP Term Loan Facility | Unsecured Debt [Member] | ||||||||
Term loans - net | $ 50,000 | $ 50,000 | ||||||
Debt instrument, face amount | $ 50,000 | |||||||
Maturity | 2025 | |||||||
Debt instrument, interest rate, effective percentage | 5.52% | 5.52% | ||||||
3.38% notes due 2031 | ||||||||
Interest rate | 3.38% | 3.38% | 3.38% | |||||
3.38% notes due 2031 | Senior Notes [Member] | ||||||||
Maturity | 2031 | |||||||
Long-term Debt, Gross | $ 700,000 | $ 700,000 | ||||||
Interest rate | 3.38% | 3.38% | ||||||
3.25% notes due 2033 | ||||||||
Interest rate | 3.25% | 3.25% | 3.25% | |||||
3.25% notes due 2033 | Senior Notes [Member] | ||||||||
Maturity | 2033 | |||||||
Long-term Debt, Gross | $ 700,000 | $ 700,000 | ||||||
Interest rate | 3.25% | 3.25% | ||||||
2025 Term Loan [Member] | ||||||||
Long-term Debt, Gross | $ 428,500 | |||||||
2025 Term Loan [Member] | Unsecured Debt [Member] | ||||||||
Maturity | 2025 | |||||||
Long-term Debt, Gross | $ 428,500 | $ 428,500 | ||||||
Debt instrument, interest rate, effective percentage | 5.60% | 5.60% | ||||||
Net Investment Hedging [Member] | ||||||||
Derivative, Notional Amount Terminated | £ | £ 70 | |||||||
Derivative, Number of Instruments Terminated | contract | 2 | |||||||
Interest Rate Swap | Cash Flow Hedging [Member] | ||||||||
Derivative, notional amount | $ 478,500 | |||||||
Derivative, Number of Instruments Held | contract | 12 | 12 | ||||||
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | ||||||||
Derivative, notional amount | £ | £ 258 | £ 78 | ||||||
Derivative, forward exchange rate | 1.2899 | 1.2899 | 1.2707 | |||||
Derivative, Number of Instruments Held | contract | 11 | 11 | 3 | |||||
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | Minimum [Member] | ||||||||
Derivative, maturity Date | Mar. 08, 2027 | |||||||
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | Maximum [Member] | ||||||||
Derivative, maturity Date | Mar. 07, 2031 |
DERIVATIVES AND HEDGING (Locati
DERIVATIVES AND HEDGING (Location and the fair value of derivative instruments designated as hedges) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets [Member] | Cash Flow Hedging [Member] | ||
Cash flow hedges recorded at fair value, asset | $ 1,745 | |
Other Assets [Member] | Net Investment Hedging [Member] | ||
Net investment hedges recorded at fair value, asset | 2,835 | $ 8,903 |
Accounts Payable and Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ||
Cash flow hedges recorded at fair value, liability | 325 | 6,533 |
Accounts Payable and Accrued Liabilities [Member] | Net Investment Hedging [Member] | ||
Net investment hedges recorded at fair value, liability | $ 646 | $ 8 |
FINANCIAL INSTRUMENTS (Schedule
FINANCIAL INSTRUMENTS (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
4.95% notes due 2024 | ||
Liabilities: | ||
Notes issued, interest rate | 4.95% | 4.95% |
4.50% notes due 2025 | ||
Liabilities: | ||
Notes issued, interest rate | 4.50% | 4.50% |
5.25% notes due 2026 | ||
Liabilities: | ||
Notes issued, interest rate | 5.25% | 5.25% |
4.50% notes due 2027 | ||
Liabilities: | ||
Notes issued, interest rate | 4.50% | 4.50% |
4.75% notes due 2028 | ||
Liabilities: | ||
Notes issued, interest rate | 4.75% | 4.75% |
3.63% notes due 2029 | ||
Liabilities: | ||
Notes issued, interest rate | 3.63% | 3.63% |
3.38% notes due 2031 | ||
Liabilities: | ||
Notes issued, interest rate | 3.38% | 3.38% |
3.25% notes due 2033 | ||
Liabilities: | ||
Notes issued, interest rate | 3.25% | 3.25% |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | $ 8,873 | $ 8,716 |
Real estate loans receivable - net | 1,246,528 | 1,212,162 |
Non-real estate loans receivable - net | 269,342 | 275,615 |
Total | 1,524,743 | 1,496,493 |
Liabilities: | ||
Revolving line of credit | 20,213 | 20,397 |
Omega OP term loan | 49,890 | 49,864 |
Total | 5,028,152 | 5,067,316 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 400,000 | 399,747 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 399,397 | 399,207 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 598,730 | 598,553 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 695,668 | 695,302 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 546,177 | 545,925 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.63% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 493,401 | 493,099 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.38% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 687,620 | 687,172 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 691,654 | 691,425 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | 41,878 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Term Loan Maturity 2024 [Member] | ||
Liabilities: | ||
Term loan | 20,145 | 20,085 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 2025 Term Loan [Member] | ||
Liabilities: | ||
Term loan | 425,257 | 424,662 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | 8,873 | 8,716 |
Real estate loans receivable - net | 1,221,793 | 1,258,838 |
Non-real estate loans receivable - net | 276,042 | 279,710 |
Total | 1,506,708 | 1,547,264 |
Liabilities: | ||
Revolving line of credit | 20,213 | 20,397 |
Omega OP term loan | 50,000 | 50,000 |
Total | 4,729,238 | 4,739,175 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 400,000 | 398,888 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 395,600 | 393,240 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 596,094 | 596,508 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 677,411 | 671,538 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 530,992 | 528,704 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.63% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 446,305 | 440,785 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.38% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 597,492 | 594,734 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 566,881 | 564,809 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | 31,322 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Term Loan Maturity 2024 [Member] | ||
Liabilities: | ||
Term loan | 19,750 | 19,750 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 2025 Term Loan [Member] | ||
Liabilities: | ||
Term loan | $ 428,500 | $ 428,500 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Increase (decrease) in legal reserve | $ 2.8 | |
Increase (decrease) in insurance receivable | $ 2.8 | |
Indemnification Agreement [Member] | ||
Total commitments | $ 6.5 | |
Minimum [Member] | Indemnification Agreement [Member] | ||
Indemnification agreement occurrence period | 18 months | |
Maximum [Member] | Indemnification Agreement [Member] | ||
Indemnification agreement occurrence period | 72 months |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of remaining commitments) (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Remaining commitments | $ 257,047 |
Non Real Estate Loans Receivable [Member] | |
Remaining commitments | 43,304 |
Real Estate Loans Receivable [Member] | |
Remaining commitments | 51,092 |
Lessor construction and capital commitments under lease agreements | |
Remaining commitments | $ 162,651 |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Computation of Basic and Diluted Earnings per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net income available to common stockholders - basic | $ 67,361 | $ 35,942 |
Add: net income attributable to OP Units | 2,036 | 1,048 |
Net income available to common stockholders - diluted | $ 69,397 | $ 36,990 |
Denominator: | ||
Denominator for basic earnings per share | 246,071 | 234,954 |
Effect of dilutive securities: | ||
Common stock equivalents | 3,756 | 1,384 |
Noncontrolling interest - Omega OP Units | 7,437 | 6,850 |
Denominator for diluted earnings per share | 257,264 | 243,188 |
Earnings per share - basic: | ||
Net income available to common stockholders | $ 0.27 | $ 0.15 |
Earnings per share - diluted: | ||
Net income available to common stockholders | $ 0.27 | $ 0.15 |
SUPPLEMENTAL DISCLOSURE TO CO_3
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 361,773 | $ 245,182 | $ 442,810 | |
Restricted cash | 1,253 | 3,336 | 1,920 | |
Cash, cash equivalents and restricted cash at end of period | 363,026 | 248,518 | $ 444,730 | $ 300,644 |
Supplemental Information: | ||||
Interest paid during the period, net of amounts capitalized | 58,412 | 61,451 | ||
Taxes paid during the period | 1,249 | 1,636 | ||
Non cash financing activities | ||||
Change in fair value of hedges | 9,675 | (13,516) | ||
Remeasurement of debt denominated in a foreign currency | $ (184) | $ 538 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Apr. 30, 2024 USD ($) facility | Apr. 01, 2024 USD ($) | May 31, 2024 USD ($) facility | Apr. 30, 2024 USD ($) facility | Mar. 31, 2024 USD ($) facility | Dec. 31, 2023 USD ($) | |
Subsequent Event [Line Items] | ||||||
Number of real estate properties | facility | 896 | |||||
Initial Annual Cash Yield (%) | 11.50% | |||||
Real Estate Assets Acquired | $ 13,300 | |||||
United Kingdom | ||||||
Subsequent Event [Line Items] | ||||||
Initial Annual Cash Yield (%) | 9.50% | |||||
Real Estate Assets Acquired | $ 5,200 | |||||
Investment Type Characteristic Real Estate Related Loans [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Financing receivable, gross | 1,346,970 | |||||
Non Real Estate Loans Receivable [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Financing receivable, gross | $ 390,286 | $ 397,246 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Payments to acquire real estate | $ 62,700 | |||||
Percentage of annual escalators | 2% | 2.50% | 2% | |||
Financing receivable, weighted average term, new real estate loans | 6 months | |||||
Real Estate Assets Acquired | $ 31,000 | |||||
Subsequent Event [Member] | Term Loan Maturity 2024 [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of debt | $ 19,800 | |||||
Subsequent Event [Member] | Senior Notes [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of debt | $ 400,000 | |||||
Debt instrument, interest rate, stated percentage | 4.95% | |||||
Subsequent Event [Member] | Real Estate Loans Receivable [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Financing receivable, face amount | $ 71,700 | |||||
Subsequent Event [Member] | Facilities Acquired | ||||||
Subsequent Event [Line Items] | ||||||
Number of real estate properties | facility | 1 | 32 | 1 | |||
Subsequent Event [Member] | Weighted Average [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Initial Annual Cash Yield (%) | 10% | |||||
Interest rate | 10% |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non Rule 10b5-1 Arrangement Modified | false |