Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 06, 2024 | Jun. 30, 2023 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7,396,024,716 | ||
Entity Common Stock Shares Outstanding | 245,302,608 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000888491 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Baltimore, Maryland | ||
Document Financial Statement Error Correction [Flag] | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real estate assets | ||
Buildings and improvements | $ 6,863,177 | $ 7,347,853 |
Land | 866,866 | 923,605 |
Furniture and equipment | 466,291 | 499,902 |
Construction in progress | 138,410 | 88,904 |
Total real estate assets | 8,334,744 | 8,860,264 |
Less accumulated depreciation | (2,458,809) | (2,322,773) |
Real estate assets - net | 5,875,935 | 6,537,491 |
Investments in direct financing leases - net | 8,716 | 8,503 |
Real estate loans receivable - net | 1,212,162 | 1,042,731 |
Investments in unconsolidated joint ventures | 188,409 | 178,920 |
Assets held for sale | 93,707 | 9,456 |
Total real estate investments | 7,378,929 | 7,777,101 |
Non-real estate loans receivable - net | 275,615 | 225,281 |
Total investments | 7,654,544 | 8,002,382 |
Cash and cash equivalents | 442,810 | 297,103 |
Restricted cash | 1,920 | 3,541 |
Contractual receivables - net | 11,888 | 8,228 |
Other receivables and lease inducements | 214,657 | 177,798 |
Goodwill | 643,897 | 643,151 |
Other assets | 147,686 | 272,960 |
Total assets | 9,117,402 | 9,405,163 |
LIABILITIES AND EQUITY | ||
Revolving credit facility | 20,397 | 19,246 |
Secured borrowings | 61,963 | 366,596 |
Senior notes and other unsecured borrowings - net | 4,984,956 | 4,900,992 |
Accrued expenses and other liabilities | 287,795 | 315,047 |
Total liabilities | 5,355,111 | 5,601,881 |
Equity: | ||
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 - 245,282 shares as of December 31, 2023 and 234,252 shares as of December 31, 2022 | 24,528 | 23,425 |
Additional paid-in capital | 6,671,198 | 6,314,203 |
Cumulative net earnings | 3,680,581 | 3,438,401 |
Cumulative dividends paid | (6,831,061) | (6,186,986) |
Accumulated other comprehensive income | 29,338 | 20,325 |
Total stockholders' equity | 3,574,584 | 3,609,368 |
Noncontrolling interest | 187,707 | 193,914 |
Total equity | 3,762,291 | 3,803,282 |
Total liabilities and equity | $ 9,117,402 | $ 9,405,163 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 20,000 | 20,000 |
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 | 350,000 |
Common stock, shares issued | 245,282 | 234,252 |
Common stock, shares outstanding | 245,282 | 234,252 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Rental income | $ 825,380 | $ 750,208 | $ 923,677 |
Income from direct financing leases | 1,014 | 1,023 | 1,029 |
Interest income | 119,888 | 123,919 | 136,382 |
Miscellaneous income | 3,458 | 3,094 | 1,721 |
Total revenues | 949,740 | 878,244 | 1,062,809 |
Expenses | |||
Depreciation and amortization | 319,682 | 332,407 | 342,014 |
General and administrative | 81,504 | 69,397 | 64,628 |
Real estate taxes | 15,025 | 15,500 | 12,260 |
Acquisition, merger and transition related costs | 5,341 | 42,006 | 1,814 |
Impairment on real estate properties | 91,943 | 38,451 | 44,658 |
Recovery on direct financing leases | (717) | ||
Provision for credit losses | 44,556 | 68,663 | 77,733 |
Interest expense | 235,529 | 233,244 | 234,604 |
Total expenses | 793,580 | 799,668 | 776,994 |
Other income (expense) | |||
Other income (expense) - net | 20,297 | (1,997) | (581) |
Loss on debt extinguishment | (492) | (389) | (30,763) |
Gain on assets sold - net | 79,668 | 359,951 | 161,609 |
Total other income | 99,473 | 357,565 | 130,265 |
Income before income tax expense and (loss) income from unconsolidated joint ventures | 255,633 | 436,141 | 416,080 |
Income tax expense | (6,255) | (4,561) | (3,840) |
(Loss) income from unconsolidated joint ventures | (582) | 7,261 | 16,062 |
Net income | 248,796 | 438,841 | 428,302 |
Net income attributable to noncontrolling interest | (6,616) | (11,914) | (11,563) |
Net income available to common stockholders | $ 242,180 | $ 426,927 | $ 416,739 |
Basic: | |||
Net income available to common stockholders | $ 1.01 | $ 1.81 | $ 1.76 |
Diluted: | |||
Net income available to common stockholders | $ 1 | $ 1.80 | $ 1.75 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 248,796 | $ 438,841 | $ 428,302 |
Other comprehensive income (loss) | |||
Foreign currency translation | 20,531 | (32,770) | (1,842) |
Cash flow hedges | (11,245) | 55,949 | 12,689 |
Total other comprehensive income | 9,286 | 23,179 | 10,847 |
Comprehensive income | 258,082 | 462,020 | 439,149 |
Comprehensive income attributable to noncontrolling interest | (6,889) | (12,568) | (11,842) |
Comprehensive income attributable to common stockholders | $ 251,193 | $ 449,452 | $ 427,307 |
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, 2020 | $ 3,841,876 | $ 23,119 | $ 6,152,887 | $ 2,594,735 | $ (4,916,097) | $ (12,768) | $ 194,731 | $ 4,036,607 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Stock related compensation | 21,578 | 21,578 | 21,578 | |||||
Issuance of common stock | 274,011 | 783 | 273,228 | 274,011 | ||||
Common dividends declared | (637,811) | (637,811) | (637,811) | |||||
Vesting/exercising of Omega OP Units | (21,623) | (21,623) | 21,623 | |||||
Conversion and redemption of Omega OP Units to common stock | 1,500 | 4 | 1,496 | (1,579) | (79) | |||
Omega OP Units distributions | (25,229) | (25,229) | ||||||
Other comprehensive (loss) income | 10,568 | 10,568 | 279 | 10,847 | ||||
Net income | 416,739 | 416,739 | 11,563 | 428,302 | ||||
Balance ending at Dec. 31, 2021 | 3,906,838 | 23,906 | 6,427,566 | 3,011,474 | (5,553,908) | (2,200) | 201,388 | 4,108,226 |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Stock related compensation | 27,487 | 27,487 | 27,487 | |||||
Issuance of common stock | 8,112 | 40 | 8,072 | 8,112 | ||||
Repurchase of common stock | (142,267) | (521) | (141,746) | (142,267) | ||||
Common dividends declared | (633,078) | (633,078) | (633,078) | |||||
Vesting/exercising of Omega OP Units | (7,176) | (7,176) | 7,176 | |||||
Conversion and redemption of Omega OP Units to common stock | (9,704) | (9,704) | ||||||
Omega OP Units distributions | (20,498) | (20,498) | ||||||
Net change in noncontrolling interest holder in consolidated JV | 2,984 | 2,984 | ||||||
Other comprehensive (loss) income | 22,525 | 22,525 | 654 | 23,179 | ||||
Net income | 426,927 | 426,927 | 11,914 | 438,841 | ||||
Balance ending 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 | 35,276 | 35,276 | 35,276 | |||||
Issuance of common stock | 336,402 | 1,100 | 335,302 | 336,402 | ||||
Common dividends declared | (644,075) | (644,075) | (644,075) | |||||
Vesting/exercising of Omega OP Units | (14,570) | (14,570) | 14,570 | |||||
Conversion and redemption of Omega OP Units to common stock | 1,021 | 3 | 1,018 | (1,098) | (77) | |||
Omega OP Units distributions | (26,397) | (26,397) | ||||||
Net change in noncontrolling interest holder in consolidated JV | (31) | (31) | (171) | (202) | ||||
Other comprehensive (loss) income | 9,013 | 9,013 | 273 | 9,286 | ||||
Net income | 242,180 | 242,180 | 6,616 | 248,796 | ||||
Balance ending 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 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) In Stockholders' Equity [Roll Forward] | ||||||||
Dividend per Common Share | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 2.68 | $ 2.68 | $ 2.68 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income | $ 248,796 | $ 438,841 | $ 428,302 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 319,682 | 332,407 | 342,014 |
Impairment on real estate properties | 91,943 | 38,451 | 44,658 |
Recovery on direct financing leases | (717) | ||
Provision for rental income | 20,633 | 124,758 | 38,806 |
Provision for credit losses | 44,556 | 68,663 | 77,733 |
Amortization of deferred financing costs and loss on debt extinguishment | 14,189 | 13,337 | 43,051 |
Accretion of direct financing leases | 114 | 83 | 55 |
Stock-based compensation expense | 35,068 | 27,302 | 21,415 |
Gain on assets sold - net | (79,668) | (359,951) | (161,609) |
Amortization of acquired in-place leases - net | (9,450) | (5,662) | (9,516) |
Straight-line rent and effective interest receivables | (41,849) | (58,994) | (50,680) |
Interest paid-in-kind | (11,365) | (9,423) | (7,496) |
Loss (income) from unconsolidated joint ventures | 182 | 455 | (2,060) |
Change in operating assets and liabilities - net: | |||
Contractual receivables | (3,660) | 3,031 | (23,169) |
Lease inducements | (15,210) | 5,957 | (13,733) |
Other operating assets and liabilities | 3,775 | 6,472 | (4,918) |
Net cash provided by operating activities | 617,736 | 625,727 | 722,136 |
Cash flows from investing activities | |||
Acquisition of real estate | (262,453) | (229,987) | (615,873) |
Acquisition deposit - net | (5,730) | ||
Net proceeds from sale of real estate investments | 585,031 | 759,047 | 318,529 |
Investments in construction in progress | (44,495) | (17,130) | (95,064) |
Proceeds from sale of direct financing lease and related trust | 717 | ||
Placement of loan principal | (420,626) | (371,987) | (251,457) |
Collection of loan principal | 165,191 | 345,665 | 156,276 |
Investments in unconsolidated joint ventures | (12,350) | (113) | (10,484) |
Distributions from unconsolidated joint ventures in excess of earnings | 8,807 | 3,328 | 17,868 |
Capital improvements to real estate investments | (38,011) | (47,221) | (44,948) |
Proceeds from net investment hedges | 11,378 | ||
Receipts from insurance proceeds | 6,758 | 1,251 | 5,993 |
Net cash (used in) provided by investing activities | (770) | 442,853 | (524,173) |
Cash flows from financing activities | |||
Proceeds from long-term borrowings | 507,072 | 597,403 | 2,275,128 |
Payments of long-term borrowings | (734,991) | (589,292) | (2,178,311) |
Payments of financing related costs | (3,827) | (389) | (48,989) |
Net proceeds from issuance of common stock | 336,402 | 8,112 | 274,011 |
Repurchase of common stock | (142,267) | ||
Dividends paid | (643,867) | (632,893) | (637,648) |
Net payments to noncontrolling members of consolidated joint venture | (202) | 81 | |
Proceeds from derivative instruments | 92,577 | ||
Redemption of Omega OP Units | (77) | (9,704) | (79) |
Distributions to Omega OP Unit Holders | (26,397) | (20,498) | (25,229) |
Net cash used in financing activities | (473,310) | (789,447) | (341,117) |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | 430 | (2,900) | 7 |
Increase (decrease) in cash, cash equivalents and restricted cash | 144,086 | 276,233 | (143,147) |
Cash, cash equivalents and restricted cash at beginning of period | 300,644 | 24,411 | 167,558 |
Cash, cash equivalents and restricted cash at end of period | $ 444,730 | $ 300,644 | $ 24,411 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2023 | |
ORGANIZATION [Abstract] | |
ORGANIZATION | NOTE 1 - ORGANIZATION Omega Healthcare Investors, Inc. (“Parent”), is a Maryland corporation that, together with its consolidated subsidiaries (collectively, “Omega”, the “Company”, “we”, “our”, “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 (“MOBs”). Our core portfolio consists of our 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 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 December 31, 2023, Parent owned approximately 97% of the issued and outstanding units of partnership interest in Omega OP (“Omega OP Units”), and other investors owned approximately 3% of the outstanding Omega OP Units. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Consolidation The consolidated financial statements include the accounts of Omega Healthcare Investors, Inc, its wholly-owned subsidiaries, joint venture (“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. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise, if any, is the primary beneficiary of VIEs. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. Our variable interests in VIEs may be in the form of equity ownership, leases and/or loans with our operators. We analyze our agreements and investments to determine whether our operators or unconsolidated joint ventures are VIEs and, if so, whether we are the primary beneficiary. We consolidate a VIE when we determine that we are its primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. Factors considered in determining whether we are the primary beneficiary of an entity include: (i) our voting rights, if any; (ii) our involvement in day-to-day capital and operating decisions; (iii) our risk and reward sharing; (iv) the financial condition of the operator or joint venture and (iv) our representation on the VIE’s board of directors. We perform this analysis on an ongoing basis. As of December 31, 2023 and 2022, we have one joint venture that is a consolidated VIE as we have concluded that we are the primary beneficiary through our equity investment in the entity. As of December 31, 2022, we also had consolidated VIEs related to the Exchange Accommodation Titleholders (“EATs”) discussed in Note 3 – Real Estate Asset Acquisitions and Development. Revenue Recognition Rental Income Rental income from operating leases is recognized on a straight-line basis, inclusive of fixed annual escalators, over the lease term when we have determined that the collectibility of substantially all of the lease payments is probable. Certain of our operating leases contain provisions for an increase based on the change in pre-determined formulas from year to year (e.g., increases in the Consumer Price Index). We do not include in our measurement of our lease receivables these variable increases until the specific events that trigger the variable payments have occurred. Certain payments made to operators are treated as lease inducements and are amortized as a reduction of revenue over the lease term. Our leased real estate properties are leased under provisions of single or master leases with initial terms typically ranging from 5 to 15 years. Some of our leases have options to extend, terminate or purchase the facilities, which are considered when determining the lease term. We assess the probability of collecting substantially all payments due under our leases on several factors, including, among other things, payment history, the financial strength of the lessee and any guarantors, as applicable, historical operations and operating trends, current and future economic conditions, and expectations of performance (which includes known substantial doubt about an operator’s ability to continue as a going concern). If our evaluation of these factors indicates it is not probable that we will be able to collect substantially all rents, we recognize a charge to rental income to write off straight-line rent receivables and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. Provisions for uncollectible lease payments are recognized as a direct reduction to rental income. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion, potentially resulting in increased volatility of rental income. Under the terms of our leases, the lessee is responsible for all maintenance, repairs, taxes and insurance on the leased properties. Certain of our operating leases require the operators to reimburse us for property taxes and other expenditures that are not considered components of the lease and therefore no consideration is allocated to them as they do not result in the transfer of a good or service to the operators. We have determined that all of our leases qualify for the practical expedient, under Accounting Standards Codification (“ASC”) 842, Leases (“Topic 842”), to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as the lease components. Certain operators are obligated to pay directly their obligations under their leases for real estate taxes, insurance and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for these obligations under their respective lease defaults on its lease or if it is deemed probable that the tenant will fail to pay for such costs, we would record a liability for such obligation. We have elected to exclude sales and other similar taxes from the measurement of lease revenue and expense. Loan Interest Income Interest income is recognized as earned over the term of the related real estate and non-real estate loans receivable. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. In applying the effective interest method, the effective yield on a loan is determined based on its contractual payment terms, adjusted for prepayment terms. Direct Financing Lease Income As of December 31, 2023, we have one lease for a facility that is classified as a direct financing lease. For leases accounted for as direct financing leases, we record the present value of the future minimum lease payments (utilizing a constant interest rate over the term of the lease agreement) as a receivable and record interest income based on the contractual terms of the lease agreement. Costs related to originating direct financing leases are deferred and amortized on a straight-line basis as a reduction to income from direct financing leases over the term of the direct financing leases. Real Estate Sales We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred, and we no longer have substantial continuing involvement with the real estate sold. Gains on the sale of real estate are recognized pursuant to provisions under Accounting Standards Codification (“ASC”) 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. Under ASC 610-20, we determine whether the transaction is a sale to a customer or non-customer. As a REIT, we do not sell real estate within the ordinary course of our business and therefore, expect that our sale transactions will not be contracts with customers. ASC 610-20 refers to the revenue recognition principles under ASC 606, Revenue from Contracts with Customers. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we will dispose of the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. If we determine a sale has not occurred under ASC 610-20, we continue to record the asset on the Consolidated Balance Sheets and related depreciation expense on the Consolidated Statements of Operations. Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: ● Level 1 - quoted prices for identical instruments in active markets; ● Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ● Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies such items in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, these items could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow and Monte Carlo valuation models. Real Estate Acquisitions Upon acquisition of real estate properties, we evaluate the acquisition to determine if it is a business combination or an asset acquisition. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the acquisition is determined to be an asset acquisition, the Company records the purchase price and other related costs incurred to the acquired tangible assets and identified intangible assets and liabilities on a relative fair value basis. In addition, costs incurred for asset acquisitions, including transaction costs, are capitalized. If the acquisition is determined to be a business combination, we record the purchase of properties to net tangible and identified intangible assets acquired and liabilities assumed at fair value. Goodwill is measured as the excess of the fair value of the consideration transferred over the fair value of the identifiable net assets. Transaction costs are expensed as incurred as part of a business combination. In making estimates of fair value for purposes of recording asset acquisitions and business combinations, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company determines the fair value of acquired assets and liabilities as follows: ● Land is determined based on third-party appraisals which typically include market comparables. ● Buildings and site improvements acquired are valued using a combination of discounted cash flow projections that assume certain future revenues and costs and consider capitalization and discount rates using current market conditions as well as the residual approach. ● Furniture and fixtures are determined based on third-party appraisals which typically utilize a replacement cost approach. ● Mortgages and other investments are valued using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings. ● Investments in joint ventures are valued based on the fair value of the joint ventures’ assets and liabilities. Differences, if any, between the Company’s basis and the joint venture’s basis are generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of earnings (losses) of the joint venture. ● Intangible assets and liabilities acquired are valued using a combination of discounted cash flow projections as well as other valuation techniques based on current market conditions for the intangible asset or liability being acquired. When evaluating below market leases we consider extension options controlled by the lessee in our evaluation. ● Other assets acquired and liabilities assumed are typically valued at stated amounts, which approximate fair value on the date of the acquisition. ● Assumed debt balances are valued by discounting the remaining contractual cash flows using a current market rate of interest. ● Noncontrolling interests are valued using a stock price, if available, or by other methods to estimate the fair value on the acquisition date. Real Estate Properties Real estate properties are carried at initial recorded value less accumulated depreciation. The costs of significant improvements, renovations and replacements, including interest are capitalized. Our interest expense reflected in the Consolidated Statements of Operations has been reduced by the amounts capitalized. For the years ended December 31, 2023, 2022 and 2021, we capitalized $4.3 million, $3.2 million and $1.5 million, respectively, of interest to our projects under development. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are expensed as they are incurred. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings, eight three Management evaluates our real estate properties for impairment indicators at each reporting period, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance including the current payment status of contractual obligations and expectations of the ability to meet future contractual obligations, legal structure, as well as our intent with respect to holding or disposing of the asset. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to management’s estimate of future undiscounted cash flows of the underlying facilities. The estimated future undiscounted cash flows are generally based on the related lease which relates to one or more properties and may include cash flows from the eventual disposition of the asset. In some instances, there may be various potential outcomes for a real estate investment and its potential future cash flows. In these instances, the undiscounted future cash flows used to assess the recoverability of the assets are probability-weighted based on management’s best estimates as of the date of evaluation. Impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows based on our intended use of the property are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined based on current market conditions and considers matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. Additionally, our evaluation of fair value may consider valuing the property as a nursing home or other healthcare facility as well as alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. Management’s impairment evaluation process, and when applicable, impairment calculations involve estimation of the future cash flows from management’s intended use of the property as well as the fair value of the property. Changes in the facts and circumstances that drive management’s assumptions may result in an impairment to our assets in a future period that could be material to our results of operations. Assets Held for Sale We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and we cease depreciation. Lessee Accounting Omega leases real estate (corporate headquarters and certain other facilities), office equipment and is party to certain ground leases on our owned facilities. We determine if an arrangement is or contains a lease at inception. Leases are classified as either finance or operating at inception of the lease. Short-term leases, defined as leases with an initial term of 12 months or less that do not contain a purchase option, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight-line basis over the lease term. As of December 31, 2023 and 2022, all of the leases where we are the lessee were classified as operating leases. We have leases that contain both lease and non-lease components and have elected, as an accounting policy, to not separate lease components and non-lease components. Operating and finance lease right-of-use ("ROU") assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Our ROU assets and lease liabilities are included in other assets and accrued expenses and other liabilities, respectively, on our Consolidated Balance Sheets. The lease liability is calculated as the present value of the remaining minimum rental payments for existing leases using either the rate implicit in the lease or, if none exists, the Company's incremental borrowing rate, as the discount rate. Certain leases have options to extend, terminate or purchase the asset and have been considered in our analysis of the lease term and the measurement of the ROU assets and lease liabilities. On a quarterly basis, we record our lease liabilities at the present value of the future lease payments using the discount rate determined at lease commencement. Rental expense from operating leases is generally recognized on a straight-line basis over the lease term. Lease expense derived from our operating leases is recorded in general and administrative in our Consolidated Statements of Operations. We do not include in our measurement of our lease liability certain variable payments, including changes in an index until the specific events that trigger the variable payments have occurred. We record on a straight-line basis rental income and ground lease expense for those assets we lease and are reimbursed by our operators and/or are paid for directly by our operators. In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of an asset acquisition or business combination. The fair value of in-place leases consists of the following components, as applicable (1) the estimated cost to replace the leases and (2) the above or below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases. 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 over the estimated remaining term of the underlying leases. Should a tenant terminate the lease, the unamortized portion of the lease intangible is recognized immediately as an adjustment to rental income. Allowance for Credit Losses The allowance for credit losses reflects our current estimate of the potential credit losses on our real estate loans, non-real estate loans, and our investment in direct financing leases and is recorded as a valuation account as a direct offset against these financial instruments on our Consolidated Balance Sheets. Expected credit losses inherent in non-cancelable unfunded loan commitments are accounted for as separate liabilities included in accrued expenses and other liabilities on the Consolidated Balance Sheets. The Company has elected to not measure an allowance for credit losses on accrued interest receivables related to all of its real estate loans and non-real estate loans because we write off uncollectible accrued interest receivable in a timely manner pursuant to our non-accrual policy, described below. Changes to the allowance for credit losses on loans resulting from quarterly evaluations are recorded through provision for credit losses on the Consolidated Statements of Operations. We assess the creditworthiness of our borrowers on a quarterly basis. For purposes of determining our allowance for credit loss, we pool financial assets that have similar risk characteristics. We aggregate our financial assets by financial instrument type (i.e. real estate loan, non-real estate loan, etc.) and by our internal risk rating. Our internal credit ratings consider several factors including the collateral and/or security, the performance of borrowers underlying facilities, if applicable, available credit support (e.g., guarantees), borrowings with third parties, and other ancillary business ventures and real estate operations of the borrower. Our internal ratings range between 1 and 7. An internal rating of 1 reflects the lowest likelihood of loss and a 7 reflects the highest likelihood of loss. The characteristics associated with each risk rating is as follows: ● Risk Rating 1 through 3 – Instruments with minimal to marginally acceptable risk. ● Risk Rating 4 - Instruments with potential weaknesses identified (Special mention). ● Risk Rating 5 - Instruments with well-defined weaknesses that may result in possible losses (Substandard). ● Risk Rating 6 – Instruments that are unlikely to be repaid in full and will probably result in losses (Doubtful). ● Risk Rating 7 – Instrument that will not be repaid in full and losses will occur (Loss). Periodically, the Company may identify an individual loan for impairment. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreements. Our assessment of collectibility considers several factors, including, among other things, payment history, the financial strength of the borrower and any guarantors, historical operations and operating trends, current and future economic conditions, expectations of performance (which includes known substantial doubt about an operator’s ability to continue as a going concern) and the fair value of the underlying collateral of the agreement, a Level 3 measurement, if any. Consistent with this definition, all loans on non-accrual status may be deemed impaired. To the extent circumstances improve and the risk of collectibility is diminished, we will return these loans to full accrual status. When we identify a loan impairment, the loan is written down to the present value of the expected future cash flows or to the fair value of the underlying collateral. Financial instruments are charged off against the allowance for credit losses when collectibility is determined to be permanently impaired. We account for impaired loans using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost-recovery method for impaired loans for which impairment reserves were recorded. Under the cost-recovery method, we apply cash received against the outstanding loan balance prior to recording interest income. Under the cash basis method, we apply cash received to principal or interest income based on the terms of the agreement. Investments in Unconsolidated Joint Ventures We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence, but do not control the entities. Under the equity method of accounting, the net equity investments of the Company are reflected in the accompanying Consolidated Balance Sheets and the Company’s share of net income and comprehensive income from the joint ventures are included in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, respectively. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in the unconsolidated joint ventures may be other-than-temporarily-impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such a decline in value is deemed to be other than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The estimated fair value of the investment is determined using a discounted cash flow model which is a Level 3 valuation. We consider a number of assumptions that are subject to economic and market uncertainties including, among others, rental rates, operating costs, capitalization rates, holding periods and discount rates. In Substance Real Estate Investments We provide loans to third parties for the acquisition, development and construction of real estate. Under these arrangements, it is possible that we will participate in the expected residual profits of the project through the sale, refinancing or acquisition of the property. We evaluate the characteristics of each arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. Arrangements with characteristics implying loan classification are presented as real estate loans receivable and result in the recognition of interest income. Arrangements with characteristics implying real estate joint ventures are treated as in substance real estate investments and presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each arrangement as either a real estate loan receivable or investment in unconsolidated joint venture involves judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guarantees, estimated fair value of the collateral, and significance of borrower equity in the project, among others. The classification of such arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. The majority of our cash, cash equivalents and restricted cash are held at major commercial banks. Certain cash account balances exceed FDIC insurance limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. Restricted Cash Restricted cash consists primarily of liquidity deposits escrowed for tenant obligations required by us pursuant to certain contractual terms and other deposits required by the U.S. Department of Housing and Urban Development (“HUD”) in connection with our mortgage borrowings guaranteed by HUD. Deposits We obtain liquidity deposits and other deposits, security deposits and letters of credit from certain operators pursuant to our lease and mortgage agreements. These generally represent the rental and/or mortgage interest for periods ranging from three The liquidity deposits and other deposits, security deposits and the letters of credit may be used in the event of lease and/or loan defaults, subject to applicable limitations under bankruptcy law with respect to operators filing under Chapter 11 of the U.S. Bankruptcy Code. Liquidity deposits and other deposits are recorded as restricted cash on our Consolidated Balance Sheets with the offset recorded as a liability in accrued expenses and other liabilities on our Consolidated Balance Sheets. Security deposits related to cash received from the operators are primarily recorded in cash and cash equivalents on our Consolidated Balance Sheets with a corresponding offset in accrued expenses and other liabilities on our Consolidated Balance Sheets. Additional security for rental and loan interest revenue from operators is provided by covenants regarding minimum working capital and net worth, liens on accounts receivable and other operating assets of the operators, provisions for cross-default, provisions for cross-collateralization and by corporate or personal guarantees. Goodwill Impairment We test goodwill for potential impairment at least annually in the fourth quarter, or more frequently if an event or other circumstance indicates that we may |
REAL ESTATE ASSET ACQUISITIONS
REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT | 12 Months Ended |
Dec. 31, 2023 | |
REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT [Abstract] | |
REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT | NOTE 3 – REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT 2023 Acquisitions The following table summarizes the significant asset acquisitions that occurred in 2023: Number of Total Real Estate Initial Facilities Assets Acquired Annual Period SNF ALF Country/State (in millions) Cash Yield (1) Q1 — 6 U.K. $ 26.4 (2) 8.0 % Q2 4 — WV 114.8 (3) 9.5 % Q2 1 — WV 13.7 10.0 % Q3 1 — VA 15.6 10.0 % Q3 — 14 U.K. 39.5 10.2 % Q4 1 — MD 22.5 10.0 % (4) Q4 — 1 U.K. 3.8 9.0 % Q4 2 — LA 24.9 10.0 % Total 9 21 $ 261.2 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. (2) In connection with this acquisition, the Company recorded $9.9 million of right-of-use assets and lease liabilities associated with ground leases assumed in the acquisition. (3) In connection with this acquisition, the Company also provided $104.6 million of mezzanine financing discussed further in Note 7 – Real Estate Loans Receivable and Note 8 – Non-Real Estate Receivable. (4) Of the 10% initial annual cash yield for this acquisition, 2% can be deferred. 2022 Acquisitions The following table summarizes the significant asset acquisitions that occurred in 2022: Number of Total Real Estate Initial Facilities Assets Acquired Annual Period SNF ALF Country/State (in millions) Cash Yield (1) Q1 — 1 U.K. $ 8.7 (2) 8.0 % Q1 — 1 U.K. 5.0 8.0 % Q1 — 27 U.K. 86.6 (2) 8.0 % Q1 1 — MD 8.2 (3) 9.5 % Q3 — 4 U.K. 28.2 8.0 % Q4 6 1 PA, NC 88.5 (4) 9.0 % Total 7 34 $ 225.2 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. (2) The total consideration paid for the one-facility U.K. acquisition and the 27 -facility U.K. acquisition was $8.2 million and $100.0 million, respectively. In connection with these acquisitions, we allocated $0.5 million of the purchase consideration to a deferred tax liability related to the one -facility U.K. acquisition, and $13.4 million to a deferred tax asset related to the 27 -facility U.K. acquisition. See Note 17 – Taxes for additional information. (3) Total consideration for the one -facility Maryland acquisition was paid on December 30, 2021, but the closing of the acquisition did not occur until January 1, 2022. (4) During the fourth quarter of 2022, we acquired seven facilities using a reverse like-kind exchange structure pursuant to Section 1031 of the Code (a “reverse 1031 exchange”). As of December 31, 2022, we had completed the reverse 1031 exchange for three of the acquired facilities and the remaining four acquired facilities remained in the possession of the EATs. During the second quarter of 2023, the remaining four facilities were released from the possession of the EATs, as we did not identify any qualifying exchange transactions. The EATs were classified as VIEs as they do not have sufficient equity investment at risk to permit the entity to finance its activities. The Company consolidated the EATs because it had the ability to control the activities that most significantly impacted the economic performance of the EATs and was, therefore, the primary beneficiary of the EATs. The properties held by the EATs were reflected as real estate with a carrying value of $55.2 million as of December 31, 2022. The EATs also held cash of $23.9 million as of December 31, 2022. 2021 Acquisitions The following table summarizes the significant asset acquisitions that occurred in 2021: Number of Total Real Estate Initial Facilities Assets Acquired (1) Annual Period SNF ALF Specialty Country/State (in millions) Cash Yield (2) Q1 — 17 7 AZ, CA, FL, IL, NJ, OR, PA, TN, TX, VA, WA $ 511.3 8.43 % Q1 6 — — FL 83.1 9.25 % Q3 — 2 — U.K. 9.6 7.89 % Total 6 19 7 $ 604.0 (1) Excludes $10.6 million of land acquisitions, $58.6 million of non-cash acquisitions of facilities previously subject to mortgage loans with Omega in which principal amounts under the loan agreements were reduced or settled in exchange for title to the facilities (See Note 7 – Real Estate Loans Receivable), and $1.2 million of transaction costs incurred related to the non-cash acquisitions. (2) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. On January 20, 2021, we acquired 24 senior living facilities from Healthpeak Properties, Inc. for $511.3 million. The acquisition involved the assumption of an in-place master lease with Brookdale Senior Living Inc. We recognized approximately $45.0 million of rental income for the year ended December 31, 2021 under this master lease, which includes 24 facilities representing 2,552 operating units. Construction in progress and capital expenditure investments We invested $82.5 million, $64.4 million and $140.0 million, respectively under our construction in progress and capital improvement programs during the years ended December 31, 2023, 2022 and 2021. During the second quarter of 2023, we purchased land located in Virginia (not reflected in the table above) for approximately $0.8 million that we plan to develop into a SNF. Concurrent with the acquisition, we amended our lease with an existing operator to include the land in the lease. We are committed to a maximum funding of $15.2 million for the development of the land. As of December 31, 2023, $2.4 million was included in construction in progress related to this development project. In the second quarter of 2021, we placed a $41.1 million construction project for a new build ALF in New Jersey into service and began recognizing revenue associated with this project in the third quarter of 2021. The lease for this facility provides for an annual cash yield of 7% of the amount funded in the first year following the completion of construction increasing to 8% in year two with 2.5% annual escalators thereafter. During the third quarter of 2021, we purchased a real estate property located in Washington, D.C. (not reflected in the table above) for approximately $68.0 million and plan to redevelop the property into a 174 bed ALF. Concurrent with the acquisition, we entered into a single facility lease for this property with Maplewood Senior Living (along with affiliates, “Maplewood”) through August 31, 2045. For accounting purposes, the lease will commence upon the substantial completion of construction of the ALF, which is currently expected to be in 2025. The lease provides for the accrual of financing costs at a rate of 5% per annum during the construction phase. The lease provides for an annual cash yield of 6% in the first year following the completion of construction, increasing to 7% in year two and 8% in year three with 2.5% annual escalators thereafter. We are committed to a maximum funding of $177.7 million for the redevelopment of the real estate property, subject to ordinary development related cost changes (see Note 20 - Commitments and Contingencies) . Excluding the initial acquisition cost associated with the land, Omega capitalized costs of $51.2 million, $14.9 million and $1.9 million, respectively, related to this development project for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, $136.0 million was included in construction in progress related to this development project. |
ASSETS HELD FOR SALE, DISPOSITI
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS | 12 Months Ended |
Dec. 31, 2023 | |
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS [Abstract] | |
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS | NOTE 4 – ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS We periodically sell facilities to reduce our concentration in 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: December 31, December 31, 2023 2022 Number of facilities held for sale 17 2 Amount of assets held for sale (in thousands) $ 93,707 $ 9,456 During the fourth quarter of 2023, we reclassified a total of four SNFs, with an aggregate net book value of $27.6 million, to assets held for sale as a result of the exercise of a purchase option by an operator. The estimated fair value of the facilities, based on the estimated proceeds from the sale, exceeds the net book value and as a result, no impairment was recorded in connection with reclassifying these assets to held for sale. Asset Sales 2023 Activity During the year ended December 31, 2023, we sold 69 facilities (64 SNFs, two ALFs, one ILF, one specialty facility and one MOB) subject to operating leases for $585.0 million in net cash proceeds, recognizing net gains of $79.7 million. Our 2023 facility sales were primarily driven by restructuring transactions and negotiations related to our lease agreements with Guardian and LaVie. In the second quarter of 2023, we sold five facilities that were previously leased to Guardian and were included in assets held for sale as of March 31, 2023. The net cash proceeds from the sale were $23.8 million, and we did not recognize any gain or loss on the sale because we had already impaired the facilities down to the estimated fair value less costs to sell during the first quarter of 2023. Additionally, we sold one facility, also previously leased to Guardian, for a sales price of $12.0 million during the second quarter of 2023, which was fully financed by Omega through a $12.0 million first lien mortgage on the facility. The one facility sale during the second quarter of 2023 and related seller financing did not meet the contract criteria to be recognized under ASC 610-20. During the year ended December 31, 2023, we received interest of $0.7 million related to such seller financing, which was deferred and recorded as a contract liability within accrued expenses and other liabilities on our Consolidated Balance Sheets. In the third quarter of 2023, we sold seven facilities subject to operating agreements with LaVie for $84.4 million in purchase consideration, which included cash proceeds of $14.8 million and an aggregate $69.6 million pay-off of the outstanding principal and accrued interest on seven HUD mortgages on the sold properties made by the buyer, on Omega’s behalf. The sale resulted in a net loss of $5.5 million. Also in the third quarter of 2023, we recognized the sale of 11 facilities, previously leased to LaVie, related to a December 2022 transaction, further discussed below, that did not meet the contract criteria to be recognized under ASC 610-20 at the legal sale date. During the third quarter of 2023, Omega received an aggregate $104.8 million of principal prepayments for the mortgage from the seller. As a result of the principal prepayments, the Company determined the transaction met the contract criteria under ASC 610-20 and recognized the sale, resulting in a $50.2 million gain during the year ended December 31, 2023, which includes a $25 million contract liability and $5.7 million of deferred interest income received to date. In the fourth quarter of 2023, we sold 30 facilities subject to operating agreements with LaVie for $317.9 million in purchase consideration, which included cash proceeds of $104.6 million and an aggregate $213.3 million pay-off of the outstanding principal and accrued interest on 22 HUD mortgages on the sold properties made by the buyer, on Omega’s behalf. The sale resulted in a net gain of $6.5 million. 2022 Activity During the year ended December 31, 2022, we sold 66 facilities subject to operating leases for approximately $759.0 million in net cash proceeds, recognizing a net gain of approximately $360.0 million. Our 2022 sales were primarily driven by restructuring transactions and negotiations related to our lease agreements with the following operators: Gulf Coast Health Care LLC (together with certain affiliates “Gulf Coast”), Guardian Healthcare (“Guardian”) and Agemo Holdings, LLC (“Agemo”). In addition, during the fourth quarter of 2022, we sold 11 facilities previously leased to and operated by LaVie which did not meet the contract criteria to be recognized under ASC 610-20. As discussed above, this sale was recognized in the third quarter of 2023, and as such are not included in the 2022 sale amounts above. In the first quarter of 2022, we sold 22 facilities that were previously leased and operated by Gulf Coast. The net cash proceeds from the sale, including related costs accrued for as of the end of the fourth quarter, were $304.9 million, and we recognized a net gain of $114.5 million. The agreement includes an earnout clause pursuant to which the buyer is obligated to pay an additional $18.7 million to Omega if certain financial metrics are achieved at the facilities in the three years following the sale. As we have determined it is not probable that we will receive any additional funds, we have not recorded any income related to the earnout clause. During the first and second quarter of 2022, we sold nine total facilities that were leased to Guardian for $39.5 million in net proceeds, which resulted in a net gain of $13.7 million. In the third and fourth quarter of 2022, we sold 22 facilities that were previously leased to Agemo for $358.7 million in net proceeds, which resulted in a net gain of $218.9 million. 2021 Activity During the year ended December 31, 2021, we sold 48 facilities for approximately $318.5 million in net cash proceeds, recognizing a net gain of approximately $161.6 million. Real Estate Impairments 2023 Activity During the year ended December 31, 2023, we recorded impairments of approximately $91.9 million on 25 facilities. Of the $91.9 million, $2.6 million related to two facilities that were classified as held for sale (and subsequently sold) for which the carrying values exceeded the estimated fair values less costs to sell, and $89.3 million related to 23 held for use facilities (of which $48.0 million relates to three facilities that were closed during the year) for which the carrying value exceeded the fair value. Of the $89.3 million, $51.7 million related to 20 facilities that were subsequently sold during the year but did not meet the criteria to be classified as held for sale when the impairments were recognized. 2022 Activity During the year ended December 31, 2022, we recorded impairments of approximately $38.5 million on 22 facilities. Of the $38.5 million, $3.5 million related to two facilities that were classified as held for sale (and subsequently sold) for which the carrying values exceeded the estimated fair values less costs to sell, and $35.0 million related to 20 held for use facilities for which the carrying value exceeded the fair value, of which $17.2 million relates to 12 facilities that were leased to and operated by LaVie. $10.0 million of the 2022 impairments recorded on four held-for-use facilities relate to the 2.0% Operator discussed in Note 5 – Contractual Receivables and Other Receivables and Lease Inducements. 2021 Activity During the year ended December 31, 2021, we recorded impairments of approximately $44.7 million on 14 facilities which were sold or classified as held for sale for which the carrying values exceeded the estimated fair values less costs to sell. |
CONTRACTUAL RECEIVABLES AND OTH
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS | NOTE 5 – 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 by type is as follows: December 31, December 31, 2023 2022 (in thousands) Contractual receivables – net $ 11,888 $ 8,228 Effective yield interest receivables $ 3,127 $ 5,696 Straight-line rent receivables 202,748 166,061 Lease inducements 8,782 6,041 Other receivables and lease inducements $ 214,657 $ 177,798 Cash basis operators and straight-line receivable write-offs We review our collectibility assumptions related to our operator leases on an ongoing basis. During the year ended December 31, 2023, we placed one existing operator and two new operators on a cash basis of revenue recognition as collection of substantially all contractual lease payments due from them was not deemed probable. There was no straight-line write-off associated with placing the existing operator on a cash basis of revenue recognition because the lease agreement did not contain any rent escalators. Omega did not previously have relationships with the two new operators placed on a cash basis of revenue recognition prior to the second quarter of 2023. The new lease agreements with each of the two new operators were executed in the second quarter of 2023 as part of transitions of facilities from other operators, and we placed them on a cash basis concurrent with the respective lease commencement dates, so there were no straight-line rent write-offs associated with moving these operators to a cash basis. During the years ended December 31, 2022 and 2021, we placed nine and six additional operators on a cash basis of revenue recognition, respectively, as collection of substantially all contractual lease payments due from them was no longer deemed probable. In connection with placing these operators on a cash basis, we recognized $119.8 million and $36.0 million in total straight-line accounts receivable and lease inducement write-offs through rental income during the years ended December 31, 2022 and 2021, respectively. During the year ended December 31, 2023, we transitioned the portfolios of four cash basis operators with an aggregate of 48 facilities to new or amended leases with five operators. We are recognizing revenue on a straight-line basis for the leases associated with these five operators. The aggregate initial contractual rent related to the 48 facilities transitioned to these five operators is $48.0 million per annum. The transitioned facilities included 14 facilities related to the operator referred to as the “1.2% Operator” below and 20 facilities related to the operator referred to as the “2.0% Operator” below for the year ended December 31, 2022. In connection with the transition of the 14 facilities, Omega made or agreed to make termination payments of $15.5 million in aggregate that were recorded as initial direct costs related to the lease with the new operator of the 14 transitioned facilities in the first quarter of 2023. These termination payments are deferred and recognized within depreciation and amortization expense on a straight-line basis over the term of the master lease. During the years ended December 31, 2023, 2022 and 2021, we also wrote-off $8.1 million, $3.2 million and $1.3 million of straight-line rent receivable balances through rental income as a result of transitioning facilities between existing operators. As of December 31, 2023, we had 19 operators on a cash basis for revenue recognition, which represent 23.9%, 32.5% and 34.2% of our total revenues (excluding the impact of write-offs) for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2022, we had 20 operators on a cash basis for revenue recognition, which represent 36.5% and 39.2% of our total revenues (excluding the impact of write-offs) for the years ended December 31, 2022 and 2021, respectively. Rent Deferrals and Application of Collateral During the years ended December 31, 2023, 2022 and 2021, we allowed ten, ten and two operators to defer $35.9 million, $27.0 million and $15.6 million ($9.3 million of which was granted retrospectively) of contractual rent and interest, respectively. The deferrals during the year ended December 31, 2023 primarily related to the following operators: LaVie ($19.0 million), Healthcare Homes Limited (“Healthcare Homes”) ($8.2 million), Agemo ($1.9 million) and Maplewood ($1.8 million). Additionally, we allowed six, seven and two operators to apply collateral, such as security deposits or letters of credit, to contractual rent and interest during the years ended December 31, 2023, 2022 and 2021, respectively. The total collateral applied to contractual rent and interest was $17.6 million, $11.0 million and $11.8 million for the years ended December 31, 2023, 2022 and 2021 respectively. Operator updates Agemo Agemo was formed in May 2018 by Signature Healthcare, LLC, as part of an out-of-court restructuring agreement, to be the holding company of their leases and loans with Omega. As part of that restructuring agreement, we agreed to, among other things, allow for the deferral of $6.3 million of rent per annum for a 3-year period (the “Agemo Rent Deferral”). We placed Agemo on a cash basis of revenue recognition during the third quarter of 2020 as we received information regarding substantial doubt of their ability to continue as a going concern. Agemo continued to make their rental and interest payments to us until July 2021. After July 2021, Agemo made one month of contractual rent and interest payments for the remainder of fiscal year 2021. On September 30, 2021, the Company entered into a forbearance agreement related to Agemo’s defaults under its lease and loan agreements (the “Agemo Forbearance Agreement”), which was amended to extend the forbearance period through January 2022 and the lease agreement was amended to extend the Agemo Rent Deferral through January 2022. Agemo continued to not pay contractual rent and interest due under its lease and loan agreements during the year ended December 31, 2022. The Agemo Forbearance Agreement was amended multiple times throughout 2022 and the most recent 2022 amendment on December 30, 2022 extended the forbearance period through January 31, 2023 In the first quarter of 2023, Omega and Agemo entered into a restructuring agreement, an amended and restated master lease and a replacement loan agreement for two replacement loans. As part of the restructuring agreement and related agreements, Omega agreed to, among other things: ● forgive and release Agemo from previously written off past due rent and interest obligations related to certain periods prior to the 2018 Restructuring and from August 2021 through January 2023, with contractual rent under the lease agreement and contractual interest under the loan agreements scheduled to resume on April 1, 2023; ● reduce monthly contractual base rent from $4.8 million to $1.9 million following the sales of the 22 facilities, previously leased and operated by Agemo, that occurred in the third and fourth quarters of 2022 (See Note 4 – Assets Held For Sale, Dispositions and Impairments); ● extend the initial Agemo lease term from December 31, 2030 , to December 31, 2036 with three consecutive tenant 10-year extension options; and ● refinance and restructure the $25.0 million secured working capital loan (the “Agemo WC Loan”), the $32.0 million term loan (the “Agemo Term Loan”) and the aggregate deferred rent balance of $25.2 million into two replacement loans to Agemo that mature on December 31, 2036, with aggregate principal of $82.2 million and an annual interest rate of 5.63% through October 2024, which increases to 5.71% until maturity. Agemo resumed making contractual rent and interest payments during the second quarter of 2023 in accordance with the restructuring terms discussed above. We recorded rental income of $17.4 million for the year ended December 31, 2023 for the contractual rent payments that were received. No interest income was recognized during the year ended December 31, 2023 on the two loans with Agemo because these loans are on non-accrual status and we are utilizing the cost recovery method, under which any payments are applied against the principal amount. See Note 8 – Non-Real Estate Loans Receivable for further discussion on the impact of the restructuring on the loans. Revenue from Agemo represents approximately 1.8%, 0.0% and 3.9% of our total revenues (excluding the impact of write-offs) for the years ended December 31, 2023, 2022 and 2021, respectively. LaVie In the fourth quarter of 2022, Omega began the process of restructuring the portfolio with LaVie, which primarily consists of two master lease agreements and two term loan agreements. On December 30, 2022, we sold 11 facilities previously subject to one of the two leases agreements with LaVie. See further discussion on the sale and the accounting treatment in Note 4 -Assets Held For Sale, Dispositions and Impairments. Concurrent with the sale, we also amended the lease agreement impacted by the sale and our loan agreements with LaVie. The amendments to the loan agreements are discussed in Note 8 – Non-Real Estate Loans. With the lease amendment and other related documents, Omega and LaVie agreed to, among other terms: ● remove the 11 sold facilities from the lease agreement and reduce monthly contractual rent due under all agreements from $8.3 million to $7.3 million; ● provide Omega the ability to enact a one-time rent reset on one of the lease agreements, if LaVie’s coverage exceeds a threshold, after February 1, 2027; and ● require Omega to pay LaVie a $35.0 million termination fee in connection with transitioning the 11 facilities sold in the fourth quarter and the additional facilities sold in the restructure ( $25.0 million was assumed by the third-party buyer of the 11 facilities). As a result of the restructuring activities during 2022 and future expected restructuring activities, during the fourth quarter of 2022, we placed LaVie on a cash basis of revenue recognition and wrote-off approximately $58.0 million of straight-line rent receivables and lease inducements. During 2023, we continued the process of restructuring our portfolio with LaVie by amending the lease agreements with LaVie to allow for a partial rent deferral of $19.0 million for the first four months of 2023, transitioning two facilities previously subject to the master lease with LaVie to another operator during the second quarter of 2023 and selling seven facilities previously subject to the master lease with LaVie to a third party during the third quarter of 2023. In the fourth quarter of 2023, Omega sold an additional 30 facilities and amended the master lease with LaVie to further reduce monthly rent to $3.3 million. LaVie began to short pay contractual rent during the third quarter of 2023, which continued into the fourth quarter of 2023 with LaVie paying $5.3 million of contractual rent, a short pay of $7.8 million of the $13.1 million due under its lease agreement. For the year ended December 31, 2023, LaVie paid total contractual rent of $37.0 million, a total short pay of $21.1 million of the $58.1 million due under the lease agreement after reflecting the deferral discussed above. As LaVie was placed on a cash basis of revenue recognition for lease purposes in the fourth quarter of 2022, only the $5.3 million and $37.0 million, respectively, of contractual rent payments that were received from LaVie were recorded as rental income during the three months and year ended December 31, 2023. In January 2024, LaVie paid $1.45 million of contractual rent, a short pay of $1.85 million of the $3.3 million due under its lease agreement. Revenue from LaVie represents approximately 3.8%, 11.1% and 9.5% of our total revenues (excluding the impact of straight-line write-offs) for the years ended December 31, 2023, 2022 and 2021, respectively. Maplewood During the fourth quarter of 2022, Omega began discussions with Maplewood to restructure their portfolio, which includes a lease agreement and revolving credit facility. During the fourth quarter of 2022, we placed Maplewood on a cash basis of revenue recognition and wrote-off approximately $29.3 million of straight-line rent receivables and lease inducements. In the first quarter of 2023, we agreed to a formal restructuring agreement, master lease amendments and loan amendments with Maplewood. As part of the restructuring agreement and related agreements, Omega agreed to, among other things: ● extend the maturity date of the master lease from December 2033 to December 2037 with two consecutive 5-year tenant extension options; ● fix contractual rent at $69.3 million per annum (December 2022 rent annualized) and defer the 2.5% annual escalators under our lease agreement through December 31, 2025, with mandatory repayments to be made subject to certain metrics and due in full by the maturity date; ● fund $22.5 million of capital expenditures through December 31, 2025; ● extend the maturity date of the secured revolving credit facility from June 2030 to June 2035 with one borrower 2-year extension option; ● increase the capacity of the secured revolving credit facility from $250.5 million to $320.0 million, inclusive of payment-in-kind (“PIK”) interest applied to principal ; ● convert the 7% per annum cash interest due on the secured revolving credit facility to all PIK interest in 2023, 1% cash interest and 6% PIK interest in 2024, and 4% cash interest and 3% PIK interest in 2025 and through the maturity date; ● pay a one-time option termination fee of $12.5 million to Maplewood; and ● reduce Maplewood’s share of any future potential sales proceeds (in excess of our gross investment) by the unpaid deferred rent balance, the $22.5 million of capital expenditures and the $12.5 million option termination fee payment. Maplewood began to short pay contractual rent during the second quarter of 2023, which continued into the fourth quarter of 2023 with Maplewood paying $9.8 million of contractual rent, a short pay of $7.5 million of the $17.3 million due under its lease agreement in the fourth quarter of 2023. Omega applied $1.8 million of Maplewood’s security deposit towards the fourth quarter shortfall and recognized rental income of $11.6 million for the three months ended December 31, 2023. The security deposit was fully exhausted in the fourth quarter of 2023. For the year ended December 31, 2023, Maplewood paid total contractual rent of $57.8 million, a total short pay of $11.5 million of the $69.3 million due under the lease agreement for the year. Omega applied all $4.8 million of Maplewood’s security deposit towards the total year to date shortfall and recognized rental income of $62.6 million for the year ended December 31, 2023. The $12.5 million option termination fee payment made in the first quarter of 2023 in connection with the restructuring agreement was accounted for as a lease inducement. As Maplewood is on a cash basis of revenue recognition, the inducement was immediately expensed and was recorded as a reduction to the $62.6 million of rental income recognized for the year ended December 31, 2023. In January 2024, Maplewood short-paid the contractual rent amount due under its lease agreement by $2.0 million. We continue to take actions to preserve our rights and are in discussions with Maplewood to address the deficiency. 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 received related to December 2022, as the loan was placed on non-accrual status for interest recognition during the fourth quarter of 2022. Revenue from Maplewood represents approximately 6.6%, 8.9% and 7.9% of our total revenues (excluding the impact of straight-line write-offs) for the years ended December 31, 2023, 2022 and 2021, respectively. Guardian Guardian did not make rent and interest payments under its lease and mortgage loan agreements during the fourth quarter of 2021. As a result of Guardian’s non-payment of contractual rent and the anticipated restructuring of its agreements, in the fourth quarter of 2021, we placed Guardian on a cash basis of revenue recognition and wrote-off approximately $14.0 million of straight-line rent receivables and lease inducements through rental income. In the fourth quarter of 2021, we began negotiations to restructure Guardian’s lease and loan agreements. In connection with the restructuring negotiations, on December 30, 2021, we acquired 2 facilities, previously subject to the Guardian mortgage loan, in consideration for a reduction of $8.7 million in the mortgage principal and added the facilities to the master lease agreement. ● extend the lease and loan maturity dates from January 31, 2027 to December 31, 2031 and allow Guardian the option to extend the maturity date for both the lease and loan through September 30, 2034 , subject to certain conditions; ● reduce the combined rent and mortgage interest to an aggregate $24.0 million per year as of July 1, 2022 ( $15.0 million in rent and $9.0 million in interest) with annual escalators of 2.25% beginning in January 2023; and ● allow Guardian to retrospectively defer $18.0 million of aggregate contractual rent and interest that it failed to pay from October 2021 through March 2022 (consisting of $12.2 million of deferred rent and $5.8 million of deferred interest), with repayment required beginning after September 30, 2024, based on certain financial metrics, and in full by December 31, 2031, or the earlier termination of the lease for any reason. Following the execution of the restructuring agreement, Guardian resumed paying contractual rent and interest during the second quarter of 2022 and continued such payments throughout the third and fourth quarters of 2022, in accordance with the restructuring terms. For the year ended December 31, 2022, we recorded rental income of $11.3 million for the contractual rent payments that were received. Guardian continued to make contractual rent and interest payments in accordance with the restructuring terms during the first and second quarters of 2023. As discussed in Note 4 – Assets Held For Sale, Dispositions and Impairments, we sold 6 facilities previously leased to Guardian in the second quarter of 2023 and amended the master lease agreement to further reduce rent to $1.5 million. As discussed further in Note 7 – Real Estate Loans Receivable, Guardian also sold the remaining 4 facilities subject to Guardian mortgage loan in the second quarter of 2023 and used the proceeds from the sale to make a principal repayment to Omega, in the same amount, against the mortgage note. Following the repayment, Omega agreed to release the mortgage liens on the facilities. Additionally, as discussed further in Note 7 – Real Estate Loans Receivable, no mortgage interest income has been recognized on the Guardian mortgage loan during the years ended December 31, 2023 and 2022, respectively, as we were accounting for this loan under the cost recovery method. Revenue from Guardian represents approximately 1.7%, 1.1% and 2.5% of our total revenues (excluding the impact of straight-line write-offs) for the years ended December 31, 2023, 2022 and 2021, respectively. Healthcare Homes In December 2022, we agreed to allow Healthcare Homes, a U.K. based operator representing 3.1%, 2.9% and 2.4% of total revenue (excluding the impact of write-offs) for the years ended December 31, 2023, 2022 and 2021, respectively, the ability to defer up to £6.7 million of contractual rent from January 2023 through April 2023 with regular payments required to resume in May 2023. During the fourth quarter of 2023, the rent deferral agreement and lease agreement were amended to, among other things, extend the repayment period for the rent deferral to six years, with full repayment due by April 1, 2030, and grant Omega the right to extend the lease by two years. During the three and six months ended June 30, 2023, Healthcare Homes elected to defer £1.7 million ($2.1 million in USD) and £6.7 million ($8.2 million in USD), respectively, of contractual rent in accordance with the December 2022 agreement. In May 2023, Healthcare Homes resumed making full contractual rent payments. Healthcare Homes has remained on a straight-line basis of revenue recognition. Gulf Coast During the second quarter of 2021, Gulf Coast stopped paying contractual rent under its master lease agreement because of on-going liquidity issues. Gulf Coast operated 24 facilities subject to a master lease with Omega and represented approximately 3.3% and 2.8% of Omega’s total revenues (excluding the impact of write-offs) for the years ended December 31, 2021 and 2020, respectively. As a result of Gulf Coast’s default under its master lease agreement, in August 2021, we exercised our right to accelerate the full amount of rent due under Gulf Coast’s master lease agreement. On October 14, 2021, Gulf Coast commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). As described in Gulf Coast’s filings with the Bankruptcy Court, we entered into a Restructuring Support Agreement (the “Support Agreement”) that formed the basis for Gulf Coast’s restructuring and liquidation. The Support Agreement established a timeline for the implementation of Gulf Coast’s restructuring and liquidation, including the transition of management of the operations of the facilities to a third-party operator. As part of the Support Agreement, we provided $25 million of senior secured debtor-in-possession (“DIP”) financing to Gulf Coast, which is discussed in further detail in Note 8 – Non-Real Estate Loans Receivable. In November 2021, Gulf Coast entered into management and operations transfer agreements (“MOTAs”) with a new manager (“New Manager”), pursuant to which the management of 23 of the 24 facilities subject to the master lease with Omega were performed by New Manager during an interim period until the license for the facilities subject to the MOTAs could be obtained by a new operator (“New Operator”). During the interim period, no rent was paid by Gulf Coast, and we provided a $20 million working capital loan to New Manager, discussed in further detail in Note 8 – Non-Real Estate Loans Receivable. The Bankruptcy Court approved the MOTAs on November 24, 2021 and the operations were transitioned effective December 1, 2021. On June 27, 2022, the Bankruptcy Court entered its order confirming Gulf Coast’s bankruptcy plan which provided for, among other things, an allowed claim of $49.0 million in relation to the accelerated rent due under Gulf Coast’s master lease agreement. Payment of the allowed claim has been redirected, with Omega’s approval, under the Plan to Gulf Coast’s unsecured creditors. As a result of Gulf Coast’s non-payment of contractual rent, in the second quarter of 2021, we placed Gulf Coast on a cash basis of revenue recognition and wrote-off straight-line rent receivable balances of $17.4 million through rental income. Subsequent to placing Gulf Coast on a cash basis of revenue recognition in June 2021, we recognized $24.6 million of rental income over the remaining period of 2021, based on our ability to offset any uncollected rent receivables against Gulf Coast’s security deposit and against certain debt obligations of Omega, as discussed further below. We held a security deposit of $3.3 million from Gulf Coast, which we applied against Gulf Coast’s obligations in the second and third quarters of 2021. In relation to Gulf Coast, a subsidiary of Omega (“Omega Obligor”) is the obligor on five notes due to third parties with aggregate outstanding principal of $20.0 million (collectively, the “Subordinated Debt”) that bear interest at 9% per annum with a maturity date of December 21, 2021 (see Note 14 – Borrowing Activities and Arrangements). Under the terms of the Subordinated Debt, to the extent Gulf Coast fails to pay rent when due to us under its master lease, Gulf Coast’s unpaid rent can be used to offset Omega Obligor’s obligations under the Subordinated Debt (on a quarterly basis with respect to interest and, under some circumstances, on an annual basis with respect to principal). As of December 31, 2021, we have offset $1.3 million of accrued interest and $20.0 million of principal under the Subordinated Debt against the uncollected rent under the master lease with Gulf Coast. Following the application of these offsets, Omega has no further obligations under the Subordinated Debt. See Note 20 – Commitments and Contingencies for additional discussion regarding ongoing litigation related to the Subordinated Debt. As discussed in Note 4 – Assets Held For Sale, Dispositions and Impairments, we sold 22 facilities that were previously leased and operated by Gulf Coast in the first quarter of 2022. We transitioned one facility that was previously leased and operated by Gulf Coast to another operator in the second quarter of 2022. 3.8% Operator From January through March 2022, an operator (the “3.8% Operator”) representing 3.8%, 3.7% and 3.4% of total revenue (excluding the impact of write-offs) for the years ended December 31, 2023, 2022 and 2021, respectively, did not pay its contractual amounts due under its lease agreement. In March 2022, the lease with the 3.8% Operator was amended to allow for a short-term rent deferral for January through March 2022. The deferred rent balance accrues interest monthly at a rate of 5% per annum. The 3.8% Operator paid the contractual amount due under its lease agreement from April 2022 through December 2023. Omega holds a $1.1 million security deposit from the 3.8% Operator as collateral under its lease agreement. The 3.8% Operator remains on a straight-line basis of revenue recognition. We have a revolving credit facility with the 3.8% Operator that has a maximum capacity of $25.0 million with an outstanding principal balance of $23.7 million as of December 31, 2023. The credit facility is secured by a first lien on the accounts receivable of the 3.8% Operator. The 3.8% Operator paid contractual interest under the facility from January 2022 through December 2023. See Note 8 – Non-Real Estate Loans Receivable for additional details. 1.2% Operator In March 2022, an operator (the “1.2% Operator”), representing 1.2% and 2.1% of total revenue (excluding the impact of write-offs) for the years ended December 31, 2022 and 2021, respectively, did not pay its contractual amounts due under its lease agreement. In April 2022, the lease with the 1.2% Operator was amended to allow the operator to apply its $2.0 million security deposit toward payment of March 2022 rent and to allow for a short-term rent deferral for April 2022 with regular rent payments required to resume in May 2022. The 1.2% Operator paid contractual rent in May 2022, but it failed to pay the full contractual rent for June 2022 on a timely basis. We placed the 1.2% Operator on a cash basis of revenue recognition during the second quarter of 2022 and wrote-off approximately $8.3 million of straight-line rent receivables. During the third and fourth quarters of 2022, the 1.2% Operator made partial contractual rent payments totaling $4.0 million. As discussed above, we transitioned all 14 facilities previously include in the 1.2% Operator’s master lease to another operator during the first quarter of 2023. 2.0% Operator In June 2022, an operator (the “2.0% Operator”), representing 2.0% and 2.1% of total revenue (excluding the impact of write-offs) for the years ended December 31, 2022 and 2021, respectively, short-paid the contractual rent amount due under its lease agreement by $0.6 million. In July 2022, we drew the full $5.4 million letter of credit that was held as collateral from the 2.0% Operator and applied $0.6 million of the proceeds to pay the unpaid portion of June 2022 rent. In the third quarter of 2022, the 2.0% Operator continued to short-pay the contractual amount due under its lease agreement. As such, we applied $3.3 million of the remaining proceeds of the letter of credit to pay the unpaid portion of July, August and September 2022 rent. We placed the 2.0% Operator on a cash basis of revenue recognition during the third quarter of 2022 and wrote-off approximately $10.5 million of straight-line rent receivables and lease inducements. In the fourth quarter of 2022, the 2.0% Operator paid $2.2 million in contractual rent and we applied the remaining $1.5 million of collateral against the remaining unpaid rent. During the fourth quarter of 2022, we transitioned three of the facilities previously included in the 2.0% Operator’s master lease to another operator. As discussed above, during the first quarter of 2023, we transitioned the remaining 20 facilities previously included in the 2.0% Operator’s master lease to other operators. Lease Inducements As discussed in the “Maplewood” section above, the $12.5 million option termination fee payment made in the first quarter of 2023 in connection with the Maplewood restructuring agreement was accounted for as a lease inducement. In addition, for the year ended December 31, 2023, we provided a funding of $3.4 million to Healthcare Homes, which was accounted for as a lease inducement and will be amortized as a reduction to rental income over the remaining contractual term of the lease. For the year ended December 31, 2021, we provided fundings of $22.3 million to our operators subject to operating leases, which were accounted for as lease inducements and will be amortized as a reduction to rental income over the remaining term of the leases. Of the $22.3 million funded in 2021, $20 million was paid to LaVie and $2.3 million was paid to four other existing operators. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES [Abstract] | |
LEASES | NOTE 6 –LEASES Lease Income The following table summarizes the Company’s rental income from operating leases: Year Ended December 31, 2023 2022 2021 (in thousands) Rental income – operating leases $ 811,123 $ 735,247 $ 911,701 Variable lease income – operating leases 14,257 14,961 11,976 Total rental income $ 825,380 $ 750,208 $ 923,677 Our variable lease income primarily represents the reimbursement of real estate taxes by operators that Omega pays directly. The following amounts reflect the future minimum lease payments due to us for the remainder of the initial terms of our operating leases as of December 31, 2023: (in thousands) 2024 $ 816,703 2025 836,729 2026 858,145 2027 831,150 2028 748,652 Thereafter 4,841,217 Total $ 8,932,596 Lease Costs As of December 31, 2023, the Company is a lessee under ground leases and/or facility leases related to 10 SNFs, four ALFs and two offices. For the years ended December 31, 2023, 2022 and 2021, the expenses associated with these operating leases were $2.8 million, $2.2 million and $2.2 million, respectively and are included within general and administrative expense on the Statements of Operations. The following table summarizes the balance sheet information related to leases where the Company is a lessee: December 31, December 31, 2023 2022 (in thousands) Other assets - right of use assets $ 30,178 $ 17,849 Accrued expenses and other liabilities – lease liabilities $ 31,625 $ 19,130 In connection with a 6-facility asset acquisition in the first quarter of 2023, the Company recorded $9.9 million of right-of-use assets and lease liabilities associated with ground leases assumed in the acquisition. Direct Financing Leases The components of investments in direct financing leases consist of the following: December 31, December 31, 2023 2022 (in thousands) Minimum lease payments receivable $ 22,628 $ 23,756 Less unearned income (11,423) (12,437) Investment in direct financing leases 11,205 11,319 Less allowance for credit losses on direct financing leases (2,489) (2,816) Investment in direct financing leases – net $ 8,716 $ 8,503 Properties subject to direct financing leases 1 1 Number of direct financing leases 1 1 |
REAL ESTATE LOANS RECEIVABLE
REAL ESTATE LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
REAL ESTATE LOANS RECEIVABLE [Abstract] | |
REAL ESTATE LOANS RECEIVABLE | NOTE 7 – REAL ESTATE LOANS RECEIVABLE Real estate loans consist of mortgage loans 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 December 31, 2023, our real estate loans receivable consists of ten fixed rate mortgages on 55 long-term care facilities and 17 other real estate loans. The mortgage notes relate to facilities located in eight states that are operated by nine independent healthcare operating companies. The other real estate loans are with seven of our operators as of December 31, 2023. We monitor compliance with the loans and when necessary have initiated collection, foreclosure and other proceedings with respect to certain outstanding real estate loans. The principal amounts outstanding of real estate loans receivable, net of allowances, were as follows: December 31, December 31, 2023 2022 (in thousands) Mortgage notes due 2030; interest at 11.18% (1) $ 514,866 $ 506,321 Mortgage notes due 2037; interest at 10.50% 72,420 72,420 Mortgage note due 2025; interest at 7.85% 62,010 63,811 Mortgage note due 2028; interest at 10.00% 50,000 — Mortgage note due 2031; interest at 11.27% — 76,049 Other mortgage notes outstanding (2) 55,141 12,922 Mortgage notes receivable – gross 754,437 731,523 Allowance for credit losses on mortgage notes receivable (55,661) (83,393) Mortgage notes receivable – net 698,776 648,130 Other real estate loan due 2035; interest at 7.00% 263,520 250,500 Other real estate loans due 2023-2030; interest at 11.77% (1)(3) 120,576 43,628 Other real estate loans due 2024; interest at 13.20% (1) 106,807 98,440 Other real estate loans outstanding (4) 57,812 20,000 Other real estate loans – gross 548,715 412,568 Allowance for credit losses on other real estate loans (35,329) (17,967) Other real estate loans – net 513,386 394,601 Total real estate loans receivable – net $ 1,212,162 $ 1,042,731 (1) Approximates the weighted average interest rate on facilities as of December 31, 2023. (2) Other mortgage notes outstanding have a weighted average interest rate of 9.45% per annum as of December 31, 2023 with maturity dates ranging from 2024 through 2026 . 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. (3) Other real estate loans due 2023-2030 included five loans with a maturity date of December 31, 2023 that were subsequently fully repaid in January 2024. (4) Other real estate loans outstanding have a weighted average interest rate of 11.25% as of December 31, 2023, with maturity dates ranging from 2027 to 2033 . Interest income on real estate loans is included within interest income on the Consolidated Statements of Operations and is summarized as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Mortgage notes – interest income $ 68,340 $ 74,233 $ 91,661 Other real estate loans – interest income 29,426 36,089 31,988 Total real estate loans interest income $ 97,766 $ 110,322 $ 123,649 Mortgage Notes due 2030 At December 31, 2023, Omega had $514.9 million of Mortgage Notes with Ciena Healthcare Management, Inc (“Ciena”) consisting of the following: ● A Ciena master mortgage with initial principal of $415 million that matures in 2030 (the “Ciena Master Mortgage”). The Ciena Master Mortgage note bore an initial interest rate of 9.0% per annum which increases by 0.225% per annum. In May 2020, we amended the Ciena Master Mortgage to increase the interest rate by 54 basis points from 10.13% per annum to 10.67% per annum and we sold eight SNFs and one ALF located in Michigan to Ciena for $83.5 million (as discussed below). During 2022, Ciena repaid $92.4 million under the Ciena Master Mortgage. Concurrent with this repayment, we released the mortgage liens on five facilities in exchange for the partial repayment. As of December 31, 2023, the outstanding principal balance of the Ciena Master Mortgage note is $277.8 million and it is secured by 19 facilities. The interest rate on the Ciena Master Mortgage was 11.57% at December 31, 2023. ● Multiple incremental facility mortgages, construction and/or improvement mortgages with maturities through 2030 (with the exception of one construction mortgage with principal of $28.1 million that matures in 2024 ) with initial annual interest rates ranging between 8.5% and 10% and fixed annual escalators of 2% or 2.5% over the prior year’s interest rate, or a fixed increase of 0.225% per annum. During the second quarter of 2021, one construction mortgage, included in the mortgage notes described above, with an original maturity date of 2021 was extended to 2029 and converted into a facility mortgage. During the third quarter of 2021, we acquired a facility which was previously subject to a $13.9 million construction mortgage, also included in the notes described above, and subsequently leased the property back to Ciena. During 2022, Ciena repaid $51.0 million under seven additional mortgages. Concurrent with this repayment, we released the mortgage liens on two facilities in exchange for the partial repayment. As of December 31, 2023, the outstanding principal balance of these mortgage notes which are secured by three facilities is $104.4 million. ● A $44.7 million mortgage note related to five SNFs located in Michigan. The mortgage note matures on June 30, 2030 and bore an initial annual interest rate of 9.5% which increases each year by 0.225% . During 2022, Ciena repaid $15.1 million under this mortgage. Concurrent with this repayment, we released the mortgage liens on one facility in exchange for the partial repayment. As of December 31, 2023, the outstanding principal balance of this mortgage note is $28.6 million and it is secured by four SNFs. The interest rate on the mortgage note was 10.63% at December 31, 2023. ● A $83.5 million mortgage note related to eight SNFs and one ALF located in Michigan. These nine facilities were formerly leased to Ciena and were sold to Ciena by issuance of a first mortgage on May 1, 2020. The mortgage note matures on June 30, 2030 and bore an initial annual interest rate of 10.31% which increases each year by 2% . The interest rate on the mortgage note was 10.94% at December 31, 2023. As of December 31, 2023, the outstanding principal balance of this mortgage note is $82.8 million. ● A $21.3 million mortgage note related to one SNF located in Ohio. The mortgage note had an original maturity date of March 31, 2022 and bore an initial annual interest rate of 9.5% . During the year ended December 31, 2023, we amended the mortgage note to extend the maturity date to December 31, 2023 and to increase the interest rate to 9.74% beginning April 1, 2022 and to 9.98% beginning April 1, 2023. As of December 31, 2023, the outstanding principal balance of this mortgage note is $21.3 million. Subsequent to year end, the mortgage note was amended to extend the maturity date to December 31, 2024 and to increase the interest rate to 10% beginning January 1, 2024. The mortgage notes with Ciena are cross-defaulted and cross-collateralized with our existing master lease and other non-real estate loans with Ciena. Mortgage Note due 2037 On July 1, 2021, we financed six SNFs in Ohio and amended an existing $6.4 million mortgage, inclusive of two Ohio SNFs, to include the six facilities in a consolidated $72.4 million mortgage for eight Ohio facilities bearing interest at an initial rate of 10.5% per annum. The mortgage loan originally had a maturity date of December 31, 2032, which was subsequently amended in the second quarter of 2023 to December 31, 2037. As of December 31, 2023, the outstanding principal balance of this mortgage note is $72.4 million. Mortgage Note due 2025 In connection with our acquisition of MedEquities Realty Trust, Inc. on May 17, 2019, the Company acquired a first mortgage lien issued to Lakeway Realty, L.L.C., an unconsolidated joint venture discussed in Note 11 – Investments in Joint Ventures. The loan had original principal of approximately $73.0 million and bore interest at 8% per annum based on a 25-year amortization schedule with a March 20, 2025 maturity date. We determined the acquisition date fair value of the acquired mortgage was $69.1 million. As of December 31, 2023, this mortgage had a carrying value of $62.0 million. Mortgage Note due 2028 On December 28, 2023, we funded a $50.0 million mortgage loan to a new operator for the purpose of acquiring four Illinois facilities. The mortgage loan bears interest at 10% and matures on December 28, 2028. Interest is payable monthly in arrears. The loan is secured by a first mortgage lien on the four facilities. Mortgage Note due 2031 On January 17, 2014, we entered into a $112.5 million first mortgage loan with Guardian. The loan was originally secured by seven SNFs and two ALFs located in Pennsylvania and Ohio. The mortgage was cross-defaulted and cross-collateralized with our existing master lease with the operator. In March 2018, we extended the maturity date to January 31, 2027 and provided an option to extend the maturity for a five year period through January 31, 2032 and a second option to extend the maturity through September 30, 2034. As discussed in Note 5 – Contractual Receivables and Other Receivables and Lease Inducements, Guardian failed to pay contractual rent and interest to us during the fourth quarter of 2021. The mortgage loan was placed on non-accrual status for interest recognition in October 2021 and was being accounted for under the cost recovery method. On December 30, 2021, we acquired two facilities, previously subject to the Guardian mortgage loan, in consideration for a reduction of $8.7 million in the mortgage principal and added the facilities to the master lease agreement. Following Guardian’s non-payment of rent and interest during the fourth quarter of 2021 and further negotiations with Guardian in the fourth quarter, we elected to evaluate the risk of loss on the loan on an individual basis. As the fair value of the 7 properties that collateralized the mortgage loan were estimated to be less than the remaining principal as of December 31, 2021 of $103.8 million, we reserved an additional $38.2 million through provision for credit losses in the fourth quarter of 2021. The total reserve as of December 31, 2021, related to the mortgage loan was $47.1 million and reduced the loan carrying value to the estimated fair value of the collateral of $56.7 million as of December 31, 2021. We also fully reserved approximately $1.0 million of contractual interest receivable related to the mortgage loan with Guardian in the fourth quarter of 2021. Guardian continued to not pay contractual rent and interest due under its lease and mortgage loan agreements during the first quarter of 2022. On February 15, 2022, Guardian completed the sale of three facilities subject to the Guardian mortgage loan with Omega. Concurrent with the sale, Omega agreed to release the mortgage liens on these facilities in exchange for a partial paydown of $21.7 million. In connection with the partial paydown, we recorded a $5.1 million recovery for credit losses in the first quarter of 2022 related to the Guardian mortgage loan. In the second quarter of 2022, we agreed to a formal restructuring agreement and amendments to the master lease and mortgage loan with Guardian, which among other adjustments, extended the loan maturity and allowed for the deferral of certain contractual interest as discussed in Note 5 – Contractual Receivables and Other Receivables and Lease Inducements. These amendments were treated as a loan modification provided to a borrower experiencing financial difficulty. Following the execution of the restructuring agreement, Guardian resumed paying contractual rent and interest during the second quarter of 2022 and continued such payments throughout the remainder of 2022, in accordance with the restructuring terms. In the third and fourth quarters of 2022, we reserved an additional $0.3 million, in aggregate, through provision for credit losses due to a decrease in the estimated fair value of the four facilities that are collateral under the mortgage. In the second quarter of 2023, Guardian completed the sale of the four remaining facilities subject to the mortgage note with Omega. Guardian used $35.2 million of proceeds from the sale of the facilities to make a principal repayment to Omega, in the same amount, against the mortgage note. Following the repayment, Omega agreed to release the mortgage liens on these facilities and forgive the remaining $46.8 million of outstanding principal due under the mortgage note. We had previously established an allowance for credit loss to reserve this loan down to $35.2 million in anticipation of this settlement. During the years ended December 31, 2023 and 2022, we received $3.9 million and $6.0 million, respectively, of interest payments that we applied against the outstanding principal balance of the loan and recognized a recovery for credit loss equal to the amount of payments applied against principal. Other mortgage notes outstanding As of December 31, 2023, our other mortgage notes outstanding represent five mortgage loans to five operators with liens on six facilities. Included below are significant new mortgage loans within this bucket that were entered into during the years ended December 31, 2023 and 2022 and significant updates to any existing loans. Mortgage Note due 2026 In October 2023, we funded a $29.5 million mortgage loan to a new operator for the purpose of acquiring two Pennsylvania facilities. The mortgage loan bears interest at 10% and matures on October 1, 2026. Interest is payable monthly in arrears; however, under certain conditions prior to August 31, 2025, the borrower can elect to pay a portion of interest as PIK interest. The maximum PIK interest allowable under the mortgage loan is $3.0 million. Due to the fact that the borrower can elect to pay a portion of interest as PIK interest, this loan will initially be accounted for on a non-accrual status for interest recognition. The loan is secured by a first mortgage lien on the two facilities. Other real estate loan due 2035 On July 31, 2020, we entered into a $220.5 million secured revolving credit facility with Maplewood as a part of an overall restructuring with this operator. Loan proceeds under the credit facility may be used to fund Maplewood’s working capital needs. Advances made under this facility bear interest at a fixed rate of 7% per annum and the facility originally matured on June 30, 2030. On June 22, 2022, we amended the secured revolving credit facility with Maplewood to increase the maximum commitment under the facility from $220.5 million to $250.5 million. Maplewood was determined to be a VIE when this loan was originated in 2020. Our balances and risk of loss associated with Maplewood are included within our disclosures in Note 10 – Variable Interest Entities. As discussed in Note 5 – Contractual Receivables and Other Receivables and Lease Inducements, we began negotiations to restructure and amend Maplewood’s lease and loan agreements during the fourth quarter of 2022. As a result of the anticipated restructuring, we placed the Maplewood revolving credit facility on non-accrual status for interest recognition during the fourth quarter of 2022 due to the anticipated restructuring of its lease and loan agreement. In the first quarter of 2023, Omega entered into a restructuring agreement and a loan amendment that modified the revolving credit facility. As part of the restructuring agreement and loan amendment, Omega agreed to extend the maturity date to June 2035, increase the capacity of the senior revolving credit facility from $250.5 million to $320.0 million, including PIK interest applied to the principal, and to convert the 7% cash interest due on the senior revolving credit facility to all PIK interest in 2023, 1% cash interest and 6% PIK interest in 2024, and 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 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 year ended December 31, 2023. As of December 31, 2023, the amortized cost basis of this loan was $263.5 million, which represents 20.2% of the total amortized cost basis of all real estate loan receivables. As of December 31, 2023, the remaining commitment under the secured revolving credit facility, including the unrecognized PIK interest, was $39.0 million. Other real estate loans due 2023-2030 On June 28, 2022, we entered into a $35.6 million mezzanine loan with an existing operator related to new operations undertaken by the operator. The loan bears interest at a fixed rate of 12% per annum and matures on June 30, 2025. The loan also requires quarterly principal payments of $1.0 million commencing on January 1, 2023 and additional payments contingent on the operator’s achievement of certain metrics. The loan is secured by a leasehold mortgage and a pledge of the operator’s equity interest in a joint venture. As of December 31, 2023, the outstanding principal balance of this loan is $31.6 million. On April 14, 2023, we entered into two mezzanine loans, with principal balances of $68.0 million and $6.6 million, respectively, with an existing operator and its affiliates in connection with the operator’s acquisition of 13 SNFs in West Virginia. The $68.0 million loan matures on April 13, 2029 and bears interest at a variable rate that results in a blended interest rate of 12% per annum across this loan and three other loans, including the $6.6 million mezzanine loan and both Other real estate loans due 2024 Our other real estate loans due in 2024 consist of two secured term loans with Genesis with initial borrowings of $48.0 million and $16.0 million at issuance. The $48.0 million term loan was issued in July 2016 (the “2016 Term Loan”), with subsequent amendments in 2018, 2019, 2021 and 2023, and currently bears interest at a fixed rate of 14% per annum, of which 9% per annum is paid-in-kind. The 2016 Term Loan was initially scheduled to mature on July 29, 2020, but through the amendments noted above, the maturity date of this loan was extended to March 29, 2024. The $16.0 million secured term loan was issued on March 6, 2018 (the “2018 Term Loan”), with subsequent amendments in 2021 and 2023, and bears interest at a fixed rate of 10% per annum, of which 5% per annum is paid-in-kind. The 2018 Term Loan was initially scheduled to mature on July 29, 2020, but through the amendments noted above was extended to March 29, 2024. Both the 2016 and 2018 Term Loans are on an accrual status as of December 31, 2023. Both the 2016 and 2018 Term Loans are secured by a first priority lien on and security interest in certain collateral of Genesis. As of December 31, 2023, there was approximately $85.4 million and $21.4 million outstanding on the 2016 and 2018 Term Loans, respectively. Other real estate loans outstanding As of December 31, 2023, our other real estate loans outstanding represent four loans to four operators. Included below are the significant new loans entered into during the years ended December 31, 2023 and 2022 and significant updates to any existing loans. $8.7 million Mezzanine Loan In October 2023, we funded a $ mezzanine loan to a new operator in connection with the funding of a $ million mortgage loan to the same operator for the purpose of acquiring Pennsylvania facilities, as discussed above. The mezzanine loan bears interest at and matures on . Interest is payable monthly in arrears; however, under certain conditions prior to August 31, 2025, the borrower can elect to pay a portion of interest as PIK interest. The maximum PIK interest allowable under the mezzanine loan is $ million. The loan is secured by a second mortgage lien on the two facilities. Preferred Equity Investment in Joint Venture - $20 million On June 2, 2022, we made a $20.0 million preferred equity investment, which is treated as a loan for accounting purposes, in a new real estate joint venture that was formed to acquire an acute care hospital in New York. Omega’s preferred equity investment bears a 12% return per annum and must be mandatorily redeemed by the joint venture at the earlier of December 2027 or the occurrence of certain significant events within the joint venture. We have determined that the joint venture is a VIE, but we are not the primary beneficiary as we do not have the power to direct the activities that most significantly impact the joint venture’s economic performance. As such, this $20.0 million preferred equity investment is included in the unconsolidated VIE table presented in Note 10 – Variable Interest Entities. |
NON-REAL ESTATE LOANS RECEIVABL
NON-REAL ESTATE LOANS RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
NON-REAL ESTATE LOANS RECEIVABLE [Abstract] | |
NON-REAL ESTATE LOANS RECEIVABLE | NOTE 8 – NON-REAL ESTATE LOANS RECEIVABLE Our non-real estate loans consist of fixed and variable rate loans to operators and/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 and/or personal guarantees. As of December 31, 2023, we had 44 loans with 23 different borrowers. December 31, December 31, 2023 2022 (in thousands) Notes due 2024-2029; interest at 11.22% (1) $ 92,681 $ 55,981 Notes due 2036; interest at 5.63% 77,854 55,791 Notes due 2024-2026; interest at 10.69% (1) 53,300 10,800 Note due 2024; interest at 7.50% (2) 44,999 47,999 Notes due 2036; interest at 2.00% 32,308 32,539 Note due 2027; interest at 12.00% — 39,653 Other notes outstanding (3) 96,104 66,386 Non-real estate loans receivable – gross 397,246 309,149 Allowance for credit losses on non-real estate loans receivable (121,631) (83,868) Total non-real estate loans receivable – net $ 275,615 $ 225,281 (1) Approximate weighted average interest rate as of December 31, 2023. (2) During the year ended December 31, 2023, the interest rate was amended to increase the interest rate on borrowings in excess of $45 million to 10% through October 15, 2023, and to 12% thereafter. The interest rate remains at 7.5% for borrowings that do not exceed $45 million. All borrowings in excess of $45 million had been repaid by December 31, 2023. (3) Other notes outstanding have a weighted average interest rate of 8.04%, as of December 31, 2023, with maturity dates ranging from 2024 through 2030 (with $9.4 million maturing in 2024 ). Three of the other notes outstanding with an aggregate principal balance of $9.2 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 years ended December 31, 2023, 2022 and 2021, non-real estate loans generated interest income of $22.1 million, $13.6 million and $12.7 million, respectively. Interest income on non-real estate loans is included within interest income on the Consolidated Statements of Operations. Notes due 2024 - 2029 Notes due 2024-2029 consist of 14 loans with the same operator, the majority of which are primarily short-term revolving lines of credit that are collateralized by the accounts receivable of certain operations of the operator. The most significant of the outstanding loans is a revolving line of credit that we entered into on June 28, 2022 in connection with the $35.6 million mezzanine loan discussed in Note 7 – Real Estate Loans Receivable above. The loan proceeds were used by this operator to finance working capital requirements of new operations in a new state to the operator. The line of credit bears interest at a fixed rate of 10% per annum and had an original maturity date of June 30, 2023 (or earlier based on certain state reimbursement conditions), which was subsequently extended during 2023 to June 30, 2024. The revolving line of credit is secured by a first priority interest on the operator’s accounts receivable related to the new operations. As of December 31, 2023, the outstanding principal under this revolving line of credit was $33.0 million. During the second quarter of 2023, we entered into two Notes due 2036 ; interest at 5.63% As of December 31, 2022, Notes due 2036 consisted of a $32 million secured term loan (the “Agemo Term Loan”) and a $25.0 million secured working capital loan (the “Agemo WC Loan”) with Agemo. The Agemo Term Loan was acquired in 2016 and bore interest at 9% per annum. The Agemo Term Loan had a maturity date of December 31, 2024 and was secured by a security interest in certain collateral of Agemo. The Agemo WC Loan was issued on May 7, 2018 and bore interest at 7% per annum. The Agemo WC Loan had a maturity date of April 30, 2025 and was primarily secured by a collateral package that includes a second lien on the accounts receivable of Agemo. The proceeds of the Agemo WC Loan were used to pay operating expenses, settlement payments, fees, taxes and other costs approved by the Company. As discussed in Note 5 – Contractual Receivables and Other Receivables and Lease Inducements, Agemo failed to pay contractual rent and interest to us from August 2021 through October 2021 and in December 2021. In the third quarter of 2021, we recorded an additional provision for credit loss of $16.7 million related to these loans as a result of a reduction in the fair value of the underlying collateral assets. The reduction in fair value of the collateral assets was primarily driven by the application of Agemo’s $9.3 million letter of credit that supported the value of the Agemo Term Loan to Omega’s uncollected receivables and a reduction in Agemo’s working capital accessible to Omega as collateral, after considering other liens on the assets. Additionally, the loan has been placed on non-accrual status and we will use the cost recovery method and will apply any interest and fees received directly against the principal of the loan. During the year ended December 31, 2021, we received $1.2 million of interest payments which was applied against the principal. Agemo continued to not pay contractual rent and interest due under its lease and loan agreements throughout 2022. During the year ended December 31, 2022, we recorded additional provisions for credit losses of $10.8 million related to the Agemo WC Loan because of reductions in the fair value of the underlying collateral assets supporting the current carrying values. As discussed in Note 5 – 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. Under the restructuring agreement, previously written off contractual unpaid interest related to the Agemo WC Loan and the Agemo Term Loan was forgiven. 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. Interest payments were scheduled to resume on April 1, 2023, contingent upon Agemo’s compliance with certain conditions of the restructuring agreement; however, Agemo had the option to defer the interest payment due on April 1, 2023. Beginning in January 2025, Agemo will be required to make principal payments on the Agemo Replacement Loans dependent on certain metrics. These amendments were treated as loan modifications provided to a borrower experiencing financial difficulty. Both of these loans are on non-accrual status, and we are utilizing the cost recovery method, under which any payments, if received, are applied against the principal amount. Prior to the restructuring, the principal of the Agemo WC Loan and the Agemo Term Loan were written down to $5.9 million and zero, respectively, the fair value of the underlying collateral of these loans. No changes to the collateral supporting the loans were made because of the refinancing of these loans into the Agemo Replacement Loans. Additional principal of $25.2 million related to deferred rent due under the master lease was combined with the principal of the Agemo WC Loan under Agemo Replacement Loan B. This deferred rent balance was previously written off when the Agemo master lease was taken to a cash basis of revenue recognition in 2020. We believe it is not probable that we will collect the additional $25.2 million of principal balance associated with the deferred rent under Agemo Replacement Loan B. As such, we added an additional allowance for credit losses of $25.2 million related to Agemo Replacement Loan B concurrent with the increase in loan principal during the first quarter of 2023. There is no income statement impact as a result of this additional reserve due to the balance previously being written off. Agemo exercised its option to defer the interest payments due on April 1, 2023 and resumed making interest payments in May 2023 in accordance with the restructuring terms discussed above. During the year ended December 31, 2023, we received $3.2 million of interest payments from Agemo that we applied against the outstanding principal of the loans and recognized a recovery for credit loss equal to the amount of payments applied against the principal. As of December 31, 2023, the amortized cost basis of these loans was $77.9 million, which represents 19.6% of the total amortized cost basis of all non-real estate loans receivables. As of December 31, 2023, the total reserves related to the Agemo Replacement loans was $71.9 million. Notes due 2024 - 2026 On December 19, 2023, the Company entered into a $50.0 million secured term loan with a principal of an operator that bears interest at a fixed rate of 11% per annum and matures on December 19, 2026. In connection with entering into this loan, we also entered into two lease amendments to extend the term of two leases with entities associated with this principal. The loan is collateralized by a pledge of equity interests in a closely held corporation of which the principal is the majority owner. The loan requires monthly interest and principal payments commencing January 19, 2024. Note due 2024 On July 8, 2019, the Company entered into a $15 million unsecured revolving credit facility agreement with a principal of an operator that bears interest at a fixed rate of 7.5% per annum and originally matured on July 8, 2022. The loan is collateralized by the assets of the principal and is cross-collateralized with the lease and other loans of the operator of which this borrower is the principal. During 2022, this revolving credit facility was amended multiple times to increase the maximum principal to $48 million, extend the maturity date to December 31, 2024 and require monthly principal payments of $0.5 million beginning in July 2022, which increase to $1.0 million in January 2023, to $1.5 million in August 2023 and to $2.5 million in December 2023. No principal payment amounts were required for the months of November and December 2022. During 2023, this revolving credit facility was further amended to increase the maximum principal to $55 million, increase the interest rate on certain borrowings as discussed above and modify the principal payment schedule. During the third and fourth quarters of 2023, the borrower failed to make aggregate contractual principal payments of $8.5 million due under the revolving credit facility. In February 2024, we amended the revolving credit facility agreement to, among other items, extend the maturity date to December 31, 2025 and to modify the mandatory principal payments required under the loan, such that the $8.5 million of missed principal payments are no longer past due and will be paid over the remaining loan term. Additionally, the amendment increased the interest rate on principal balances exceeding $15.0 million to 8% in January 2024, with further interest rate increases to 9% and 10% in April 2024 and June 2024, respectively. Notes due 2036 ; interest at 2.00% On September 1, 2021, we entered into an $8.3 million term loan with LaVie to be funded through monthly advances in the amount of $0.7 million from September 2021 through August 2022. This term loan bore interest at a fixed rate of 7% per annum (which may be paid-in-kind for the first year of the loan), originally matured on March 31, 2031 and required monthly principal payments of $0.1 million commencing September 1, 2022. The loan is secured by a guarantee from LaVie’s parent entities. On March 25, 2022, we entered into a $25.0 million term loan with LaVie that bore interest at a fixed rate of 8.5% per annum and originally matured on March 31, 2032. This term loan required quarterly principal payments of $1.3 million commencing January 1, 2028 and is secured by a second priority lien on the operator’s accounts receivable. During the fourth quarter of 2022, we amended these loans with LaVie to, among other terms, extend the loan maturities to November 30, 2036 to align with the lease term, and starting in January 2023, reduce the interest rates to 2%, remove the requirement to make any principal payments until the maturity dates and to convert from monthly cash interest payments to PIK interest. These amendments were treated as loan modifications to a borrower experiencing financial difficulty. Given the modifications, we evaluated the risk of loss on these loans on an individual basis based on the fair value of the collateral. Based on our evaluation of the collateral, during the fourth quarter of 2022, we recognized provisions for credit losses of $7.5 million related to the $8.3 million term loan (to fully reserve the loan balance) and $15.8 million related to the $25.0 million term loan. Following the sale of 11 facilities in the fourth quarter of 2022, discussed in Note 4 – Assets Held for Sale, Dispositions and Impairments, the remaining accounts receivable outstanding that collateralize the $25.0 million term loan was insufficient to support the current outstanding balance, and as a result, we recorded the additional reserves to reduce the carrying value of the $25.0 million loan to the fair value of the collateral. Additionally, the loans were placed on non-accrual status and we will use the cost recovery method and will apply any interest and fees received directly against the principal of the loans. During the year ended December 31, 2022, we applied $0.4 million of interest payments received to the $25.0 million term loan principal balance outstanding and $0.1 million of interest payments received to the $8.3 million term loan principal balance outstanding. As of December 31, 2023, the amortized cost basis of these loans was $32.3 million, which represents 8.1% of the total amortized cost basis of all non-real estate loan receivables. The total reserve as of December 31, 2023 related to the LaVie loans was $28.7 million. Note due 2027 On September 1, 2022, we entered into a $40.0 million mezzanine loan with a new operator. The loan bore interest at a fixed rate of 12% per annum with a September 14, 2027 maturity date. In February 2023, this loan was repaid. Other notes outstanding As of December 31, 2023, our other notes outstanding represent 23 loans to operators and/or principals that primarily consists of term loans and working capital loans or revolving credit facilities. Many of these loans are not individually significant and the use of proceeds of these loans can vary. Included below are the significant new loans entered into during the years ended December 31, 2023 and 2022 and significant updates to any existing loans. Working Capital Loan – $20 million In November 2021, we entered into a $20.0 million working capital loan (the “$20.0 million WC loan”) with an operator that managed, on an interim basis for a 4-month period, the operations of 23 facilities formerly leased to Gulf Coast. The $20.0 million WC loan bears interest at 3% per annum. The maturity date of the $20.0 million WC loan was the earlier of (i) December 31, 2022, (ii) the date of the termination of one or more of the MOTAs, or (iii) the date that New Manager requests that the loan be terminated. Advances under the working capital loan are not required to be repaid until maturity. The $20.0 million WC loan is secured by the accounts receivable of these facilities during the interim period of operation. During the year ended December 31, 2022, we recognized provisions for credit losses of $5.2 million related to the $20.0 million WC loan, which resulted in the loan being fully reserved. Following the sale of 22 facilities, discussed in Note 4 – Assets Held for Sale, Dispositions and Impairments, the remaining accounts receivable outstanding that collateralize the loan was insufficient to support the current outstanding balance, and as a result, we recorded the additional reserves to reduce the carrying value of the loan to the fair value of the collateral. The $20.0 million WC Loan was placed on non-accrual status during the third quarter of 2022 and is being accounted for under the cost recovery method. During the year ended December 31, 2023, we recognized a recovery for credit loss of $0.8 million for principal payments received on this loan. As of December 31, 2023, the outstanding principal under this loan was $4.6 million, which is fully reserved. Gulf Coast – DIP Facility During the year ended December 31, 2022, we recorded an additional net provision for credit losses of $0.2 million related to the DIP Facility, which reflects the full reserve of additional advances of $2.2 million made under the facility during 2022 and a $2.0 million recovery for interest and fee payments received during 2022 that were applied against the outstanding principal. The DIP facility matured on August 15, 2022, which resulted in a write-off of the loan and reserve balances. During the year ended December 31, 2023, we received proceeds of $1.0 million from the liquidating trust which resulted in a recovery for credit losses of $1.0 million. Revolving Credit Facility – $25 million As discussed in Note 5 – Contractual Receivables and Other Receivables and Lease Inducements, from January through March 2022, the 3.8% Operator paid contractual interest under the credit facility but failed to pay contractual rent due under its lease agreement. In March 2022, the lease with the 3.8% Operator was amended to allow for a short-term rent deferral for January through March 2022. The 3.8% Operator has since paid the contractual amounts due under its lease and loan agreements from April 2022 through December 2023. Promissory Notes – $20 million In the fourth quarter of 2022, the Company entered into three unsecured loans with a principal of an operator with principal amounts of $17.0 million, $2.5 million and $0.5 million. The loans bear interest at 9% and mature on September 30, 2027. All three loans require quarterly principal payments commencing on January 3, 2023. As of December 31, 2023, the loans have total outstanding principal of $17.2 million. $10.0 million Mezzanine Loan and Working Capital Loan On June 30, 2023, the Company entered into a $10.0 million mezzanine loan and a revolving working capital loan with an existing operator in connection with the operator’s acquisition of a portfolio of facilities in Pennsylvania. The $10.0 million mezzanine loan matures on June 30, 2028 and bears interest at a fixed rate of 11% per annum. The $10.0 million mezzanine loan also requires monthly amortizing payments of principal and interest in the amount of $0.2 million. The $10.0 million mezzanine loan is secured by an equity interest in a subsidiary of the operator. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | NOTE 9 – ALLOWANCE FOR CREDIT LOSSES A rollforward of our allowance for credit losses, summarized by financial instrument type and internal credit risk rating, for the years ended December 31, 2023, 2022 and 2021 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss as of December 31, 2022 Provision (recovery) for Credit Loss for the year ended December 31, 2023 (1) Write-offs charged against allowance for the year ended December 31, 2023 Other additions to the allowance for the year ended December 31, 2023 Allowance for Credit Loss as of December 31, 2023 (in thousands) 1 Real estate loans receivable $ 162 $ 1,339 $ — $ — $ 1,501 2 Real estate loans receivable 157 134 — — 291 3 Real estate loans receivable 15,110 (2,475) — — 12,635 4 Real estate loans receivable 33,666 31,447 — — 65,113 6 Real estate loans receivable 52,265 (3,860) (36,955) (2) — 11,450 Sub-total 101,360 26,585 (36,955) — 90,990 5 Investment in direct financing leases 2,816 (327) — — 2,489 Sub-total 2,816 (327) — — 2,489 2 Non-real estate loans receivable 859 292 — — 1,151 3 Non-real estate loans receivable 2,079 1,824 — — 3,903 4 Non-real estate loans receivable 634 86 — — 720 5 Non-real estate loans receivable 18,619 (415) — 25,200 (3) 43,404 6 Non-real estate loans receivable 61,677 10,776 — — 72,453 Sub-total 83,868 12,563 — 25,200 121,631 2 Unfunded real estate loan commitments — 10 — — 10 3 Unfunded real estate loan commitments — 335 — — 335 4 Unfunded real estate loan commitments 84 4,230 — — 4,314 2 Unfunded non-real estate loan commitments 207 485 — — 692 3 Unfunded non-real estate loan commitments 29 17 — — 46 4 Unfunded non-real estate loan commitments — 63 — — 63 5 Unfunded non-real estate loan commitments — 1,594 — — 1,594 Sub-total 320 6,734 — — 7,054 Total $ 188,364 $ 45,555 $ (36,955) $ 25,200 $ 222,164 (1) During the year ended December 31, 2023, we received proceeds of $1.0 million from the liquidating trust related to the DIP facility which resulted in a recovery for credit losses of $1.0 million that is not included in the rollforward above since we had previously written-off the loan balance and related reserves. (2) This amount relates to the write-off of the allowance for the Guardian mortgage note in connection with the settlement and partial forgiveness of the note in the second quarter of 2023. See Note 7 – Real Estate Loans Receivable for additional details. (3) 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. See Note 8 – Non-Real Estate Loans Receivable for additional details. Rating Financial Statement Line Item Allowance for Credit Loss at December 31, 2021 Provision (recovery) for Credit Loss for the year ended December 31, 2022 Write-offs charged against allowance for the year ended December 31, 2022 Allowance for Credit Loss as of December 31, 2022 (in thousands) 1 Real estate loans receivable $ — $ 162 $ — $ 162 2 Real estate loans receivable 14 143 — 157 3 Real estate loans receivable 5,367 9,743 — 15,110 4 Real estate loans receivable 20,577 13,089 — 33,666 5 Real estate loans receivable 136 (136) — — 6 Real estate loans receivable 56,480 248 (4,463) (1) 52,265 Sub-total 82,574 23,249 (4,463) 101,360 3 Investment in direct financing leases 530 (530) — — 5 Investment in direct financing leases — 2,816 — 2,816 Sub-total 530 2,286 — 2,816 2 Non-real estate loans receivable 29 830 — 859 3 Non-real estate loans receivable 1,206 873 — 2,079 4 Non-real estate loans receivable 56 578 — 634 5 Non-real estate loans receivable 7,861 10,758 (2) — 18,619 6 Non-real estate loans receivable 51,269 28,460 (3)(4) (18,052) (5) 61,677 Sub-total 60,421 41,499 (18,052) 83,868 3 Unfunded real estate loan commitments 251 (251) — — 4 Unfunded real estate loan commitments 117 (33) — 84 2 Unfunded non-real estate loan commitments 7 200 — 207 3 Unfunded non-real estate loan commitments 207 (178) — 29 4 Unfunded non-real estate loan commitments 216 (216) — — 6 Unfunded non-real estate loan commitments 143 2,107 (5) (2,250) (5) — Sub-total 941 1,629 (2,250) 320 Total $ 144,466 $ 68,663 $ (24,765) $ 188,364 (1) During the third quarter of 2022, we wrote-off the loan balance and reserve for a loan that expired during the quarter which had previously been fully reserved. (2) This provision includes an additional $10.8 million allowance recorded on the Agemo WC Loan during the year ended December 31, 2022. See Note 8 – Non-Real Estate Loans Receivable for additional information on the Agemo WC Loan. (3) This provision includes an additional $23.3 million allowance recorded on the LaVie $25.0 million term loan and on the $8.3 million term loan during the fourth quarter of 2022. See Note 8 – Non-Real Estate Loans Receivable for additional information on the LaVie term loans. (4) This provision includes an additional $5.2 million allowance recorded on the $20 million WC loan during the year ended December 31, 2022 as discussed in Note 8 – Non-Real Estate Loans Receivable. (5) In the second quarter of 2022 we recorded an additional reserve of $2.2 million related to the remaining commitment under the DIP facility as we were notified of the operator’s intent to draw the funds in the third quarter of 2022. In the third quarter of 2022, the remaining commitment under the facility was drawn and the facility expired and as a result we wrote-off the loan balance and related reserves as we do not expect to collect amounts under the facility following the expiration. Rating Financial Statement Line Item Allowance for Credit Loss at December 31, 2020 Provision (recovery) for Credit Loss for the year ended December 31, 2021 Write-offs charged against allowance for the year ended December 31, 2021 Allowance for Credit Loss as of December 31, 2021 (in thousands) 2 Real estate loans receivable $ 86 $ (72) $ — $ 14 3 Real estate loans receivable 4,652 715 — 5,367 4 Real estate loans receivable 28,206 (7,629) (1) — 20,577 5 Real estate loans receivable 434 (298) — 136 6 Real estate loans receivable 4,905 51,575 — 56,480 Sub-total 38,283 44,291 — 82,574 3 Investment in direct financing leases 694 (164) — 530 Sub-total 694 (164) — 530 2 Non-real estate loans receivable 94 (65) — 29 3 Non-real estate loans receivable 1,415 (209) — 1,206 4 Non-real estate loans receivable 23,056 (23,000) (2) — 56 5 Non-real estate loans receivable 1,854 6,102 (3) (95) 7,861 6 Non-real estate loans receivable — 51,269 (2)(4) — 51,269 Sub-total 26,419 34,097 (95) 60,421 3 Unfunded real estate loan commitments 2,096 (1,845) — 251 4 Unfunded real estate loan commitments 24 93 — 117 2 Unfunded non-real estate loan commitments 116 (109) — 7 3 Unfunded non-real estate loan commitments 209 (2) — 207 4 Unfunded non-real estate loan commitments — 216 — 216 6 Unfunded non-real estate loan commitments — 143 — 143 Sub-total 2,445 (1,504) — 941 Total $ 67,841 $ 76,720 $ (95) $ 144,466 (1) Amount reflects the movement of reserves associated with our mortgage loan with Guardian due to a reduction of our internal risk rating on the loan from a 4 to a 6 during 2021. As discussed in Note 7 – Real Estate Loans Receivable, we elected to evaluate the risk of loss on the loan on an individual basis, which resulted in recording an additional $38.2 million reserve on the mortgage loan. This amount also reflects $4.5 million of additional allowance recorded in the second quarter of 2021 to fully impair one real estate loan receivable with a rating of 4 that was subsequently reduced to a rating of 6 in the third quarter of 2021. (2) Amount reflects the movement of $22.7 million of reserves from non-real estate loans receivable with a rating of 4 to non-real estate loans receivable with a rating of 6 as a result of a reduction of our internal credit rating from a 4 to a 6 on the Agemo Term Loan during the third quarter of 2021. Concurrent with reducing the risk rating on the Agemo Term Loan to a 6, we recorded an additional provision of $8.8 million to fully reserve the remaining carrying value of the Agemo Term Loan. See Note 8 – Non-Real Estate Loans Receivable for additional information on the conditions that drove the additional Agemo Term Loan provision and rating reduction. (3) The provision includes an additional $7.9 million allowance recorded on the Agemo WC Loan during the third quarter of 2021. We also reduced the internal rating on the Agemo WC Loan from a 4 to a 5 during the third quarter of 2021. See Note 8 – Non-Real Estate Loans Receivable for additional information on the conditions that drove the additional Agemo WC Loan provision and rating reduction. (4) Amount reflects $20.0 million of additional allowance recorded in the fourth quarter of 2021 to fully reserve the remaining carrying value of the DIP Facility. See Note 8 – Non-Real Estate Loans Receivable for additional information on the DIP Facility. Included below is a summary of the amortized cost basis of our financial instruments by year of origination and internal risk rating and a summary of our gross write-offs by year of origination: Rating Financial Statement Line Item 2023 2022 2021 2020 2019 2018 2017 & older Revolving Loans Balance as of December 31, 2023 (in thousands) 1 Real estate loans receivable $ — $ 20,000 $ — $ — $ — $ — $ 62,010 $ — $ 82,010 2 Real estate loans receivable 7,700 — — 21,325 — — — — 29,025 3 Real estate loans receivable 173,385 31,600 72,420 — — — 110 — 277,515 4 Real estate loans receivable 89,235 — 28,116 82,833 — 135,367 302,609 263,520 901,680 6 Real estate loans receivable — — — — — — 12,922 — 12,922 Sub-total 270,320 51,600 100,536 104,158 — 135,367 377,651 263,520 1,303,152 5 Investment in direct financing leases — — — — — — 11,205 — 11,205 Sub-total — — — — — — 11,205 — 11,205 2 Non-real estate loans receivable 270 — — — — — — 114,448 114,718 3 Non-real estate loans receivable 89,897 20,950 — — 3,654 3,300 — 8,550 126,351 4 Non-real estate loans receivable 692 — — — 1,051 — 1,000 25,800 28,543 5 Non-real estate loans receivable 1,454 — — — 2,295 47,832 — — 51,581 6 Non-real estate loans receivable 5,924 24,457 7,851 — — 3,242 30,022 4,557 76,053 Sub-total 98,237 45,407 7,851 — 7,000 54,374 31,022 153,355 397,246 Total $ 368,557 $ 97,007 $ 108,387 $ 104,158 $ 7,000 $ 189,741 $ 419,878 $ 416,875 $ 1,711,603 Year to date gross write-offs $ — $ — $ — $ — $ — $ — $ (36,955) $ — $ (36,955) 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 December 31, 2023 and 2022, we have excluded $10.2 million and $8.2 million, respectively, of contractual interest receivables and $3.1 million and $5.7 million, respectively, of effective yield interest receivables from our allowance for credit losses. We write-off interest receivable to provision for credit losses in the period we determine the interest is no longer considered collectible. For the year ended December 31, 2021, we wrote-off interest receivables of $1.0 million (related to the Guardian mortgage loan, see Note 7 – Real Estate Loans Receivable). This write-off is not reflected in the roll forward of the allowance for credit losses above. During the years ended December 31, 2023, 2022 and 2021, we recognized $1.6 million, $17.2 million and $25.9 million, respectively, of interest income related to loans on non-accrual status as of December 31, 2023. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 10 – VARIABLE INTEREST ENTITIES Below is a summary of our assets, liabilities, collateral, and maximum exposure to loss associated with these unconsolidated VIEs as of December 31, 2023 and 2022: December 31, December 31, 2023 2022 (in thousands) Assets Real estate assets – net $ 996,540 $ 982,721 Assets held for sale 66,130 — Real estate loans receivable – net 370,147 270,500 Investments in unconsolidated joint ventures 9,009 — Non-real estate loans receivable – net 10,679 5,929 Contractual receivables – net 746 114 Other assets 1,423 1,499 Total assets 1,454,674 1,260,763 Liabilities Accrued expenses and other liabilities (46,677) (50,522) Total liabilities (46,677) (50,522) Collateral Personal guarantee (48,000) (48,000) Other collateral (1) (1,105,383) (982,721) Total collateral (1,153,383) (1,030,721) Maximum exposure to loss $ 254,614 $ 179,520 (1) Amount excludes accounts receivable amounts that Omega has a security interest in as collateral under the two working capital loans with operators that are unconsolidated VIEs. The fair value of the accounts receivable available to Omega was $8.9 million and $5.9 million as of December 31, 2023 and December 31, 2022, respectively. In determining our maximum exposure to loss from these VIEs, we considered the underlying carrying value of the real estate subject to leases with these operators 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 VIEs for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (in thousands) Revenue Rental income $ 81,900 $ 53,158 $ 120,381 Interest income 5,512 16,456 15,336 Total $ 87,412 $ 69,614 $ 135,717 (1) The rental income for the year ended December 31, 2023, reflects the $12.5 million option termination fee payment made to Maplewood in the first quarter of 2023 that was accounted for as a lease inducement (see Note 5 – Contractual Receivables and Other Receivables and Lease Inducements). The rental income for the year ended December 31, 2022, reflects the write-off of approximately $29.3 million of straight-line rent receivables and lease inducements related to Maplewood (see Note 5 – Contractual Receivables and Other Receivables and Lease Inducements). 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. We also sold an ALF to the joint venture In addition, as discussed in Note 3 – Real Estate Asset Acquisitions and Development, we consolidated the EATs that are classified as VIEs. See further discussion of EATs that are consolidated in Note 3 – Real Estate Asset Acquisitions and Development. |
INVESTMENT IN JOINT VENTURES
INVESTMENT IN JOINT VENTURES | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | |
INVESTMENTS IN JOINT VENTURES | NOTE 11 – INVESTMENTS IN JOINT VENTURES Unconsolidated Joint Ventures Omega owns an interest in a number of joint ventures which generally invest in the long-term healthcare industry. The following is a summary of our investments in unconsolidated joint ventures (dollars in thousands): Carrying Amount Ownership Initial Investment Facility Facilities at December 31, December 31, Entity % Date Investment (1) Type December 31, 2023 2023 2022 Second Spring Healthcare Investments (2) 15% 11/1/2016 $ 50,032 SNF — $ 8,945 $ 10,975 Lakeway Realty, L.L.C. (3) 51% 5/17/2019 73,834 Specialty facility 1 68,902 70,151 Cindat Joint Venture (4) 49% 12/18/2019 105,688 ALF 63 97,559 97,382 OMG Senior Housing, LLC 50% 12/6/2019 — Specialty facility 1 — — OH CHS SNP, Inc. 9% 12/20/2019 1,013 N/A N/A 752 412 RCA NH Holdings RE Co., LLC (5)(6) 20% 4/14/2023 3,400 SNF 5 3,400 — WV Pharm Holdings, LLC (5)(6) 20% 4/14/2023 3,000 N/A N/A 3,000 — OMG-Form Senior Holdings, LLC (6)(7) 49% 6/15/2023 2,708 ALF 1 2,609 — CHS OHI Insight Holdings, LLC 25% 8/17/2023 3,242 N/A N/A 3,242 — $ 242,917 $ 188,409 $ 178,920 (1) Our investment includes our transaction costs, if any. (2) During the first quarter of 2021, this joint venture sold 16 SNFs to an unrelated third party for approximately $328 million in net proceeds and recognized a gain on sale of approximately $102.2 million ( $14.9 million of which represents the Company’s share of the gain). During the first quarter of 2021, this joint venture also sold five SNFs to Second Spring II LLC for approximately $70.8 million in net proceeds. (3) We acquired an interest in a joint venture that owns the Lakeway Regional Medical Center (the “Lakeway Hospital”) in Lakeway, Texas. Our initial basis difference of approximately $69.9 million is being amortized on a straight-line basis over 40 years to income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. The lessee of the Lakeway Hospital has an option to purchase the facility from the joint venture. The lessee also has a right of first refusal and a right of first offer in the event the joint venture intends to sell or otherwise transfer Lakeway Hospital. (4) We acquired a 49% interest in Cindat Ice Portfolio JV, GP Limited, Cindat Ice Portfolio Holdings, LP and Cindat Ice Portfolio Lender, LP. Cindat Ice Portfolio Holdings, LP owns 63 care homes leased to two operators in the U.K. pursuant to operating leases. Cindat Ice Portfolio Lender, LP holds loans to a third-party operator. Our investment in Cindat Joint Venture consists primarily of real estate. Our initial basis difference of approximately $35 million is being amortized on a straight-line basis over approximately 40 years to income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. (5) These joint ventures were entered into in connection with an existing operator’s acquisition of SNFs in West Virginia during the second quarter of 2023, as discussed in Note 7 – Real Estate Loans Receivable and Note 8 – Non-Real Estate Loans Receivable. The acquiring operator in the transaction is the majority owner of these joint ventures. As of December 31, 2023, we have an aggregate of $9.8 million of loans outstanding with these joint ventures. (6) These joint ventures are unconsolidated VIEs and therefore are included in the tables in Note 10 – Variable Interest Entities. (7) During the second quarter of 2023, we funded $7.7 million under a mortgage loan with this joint venture. The following table reflects our income (loss) from unconsolidated joint ventures for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, Entity 2023 2022 2021 (in thousands) Second Spring Healthcare Investments (1) $ 1,099 $ 1,170 $ 12,323 Second Spring II LLC (2) — (2) (757) Lakeway Realty, L.L.C. 2,709 2,637 2,562 Cindat Joint Venture (3) (4,208) 3,910 2,478 OMG Senior Housing, LLC (422) (508) (417) OH CHS SNP, Inc. 339 54 (127) OMG-Form Senior Holdings, LLC (99) — — Total $ (582) $ 7,261 $ 16,062 (1) The income from this unconsolidated joint venture for the year ended December 31, 2021 includes a $14.9 million gain on sale of real estate investments. (2) The assets held by this joint venture have been liquidated, and we have no remaining operations related to this joint venture. (3) Includes $2.5 million of fair value losses associated with derivative instruments. Asset Management Fees We receive asset management fees from certain joint ventures for services provided. For the years ended December 31, 2023, 2022 and 2021, we recognized approximately $0.7 million, $0.7 million and $0.8 million, respectively, of asset management fees. These fees are included in miscellaneous income in the accompanying Consolidated Statements of Operations. Other Equity Investments In the third quarter of 2021, we made an investment of $20.0 million in SafelyYou, Inc. (“SafelyYou”), a technology company that has developed artificial intelligence-enabled video that detects and helps prevent resident falls in ALFs and SNFs. Through our investment, we obtained preferred shares representing 5% of the outstanding equity of SafelyYou and warrants to purchase SafelyYou common stock representing an additional 5% of outstanding equity as of the date of our investment. SafelyYou has committed, for a specified period, to using the proceeds of our investment to install its technology in our facilities or other facilities of our operators. The vesting of the warrants is contingent upon SafelyYou’s attainment of certain installation targets in our facilities. To the extent these installation targets are not attained, the investment funds associated with the unvested warrants would be returned to Omega. The investment in the preferred shares and warrants are recorded within other assets on the Consolidated Balance Sheets. As of December 31, 2023, 30% of the SafelyYou warrants have vested as a result of certain installation targets being met. |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Other Intangibles [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | NOTE 12 – GOODWILL AND OTHER INTANGIBLES The following is a summary of our goodwill: (in thousands) Balance as of December 31, 2022 $ 643,151 Foreign currency translation 746 Balance as of December 31, 2023 $ 643,897 In the fourth quarter of 2022, we sold a senior living focused technology company acquired by Omega in 2020, for a 6% equity investment in the acquiring entity that offers a suite of technology services to senior living facilities. In connection with the sale, we recognized a $1.2 million gain in other expense (income) – net. We included $6.7 million of goodwill in the net assets disposed in connection with the transaction. Our investment in the acquiring entity is included within other assets in the consolidated balance sheet as of December 31, 2022. The following is a summary of our lease intangibles as of December 31, 2023 and 2022: December 31, December 31, 2023 2022 (in thousands) Assets: Above market leases $ 4,214 $ 5,929 Accumulated amortization (3,532) (4,484) Net above market leases $ 682 $ 1,445 Liabilities: Below market leases $ 48,791 $ 66,433 Accumulated amortization (37,177) (44,595) Net below market leases $ 11,614 $ 21,838 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 years ended December 31, 2023, 2022 and 2021, our net amortization related to intangibles was $9.4 million, $5.7 million and $9.5 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2024 – $2.1 million; 2025 – $2.1 million; 2026 – $1.8 million; 2027 – $1.5 million; 2028 – $0.9 million and $2.4 million thereafter. As of December 31, 2023, the weighted average remaining amortization period of above market lease assets is approximately 13 years and of below market lease liabilities is approximately seven years . |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Dec. 31, 2023 | |
Concentration of Risk [Abstract] | |
CONCENTRATION OF RISK | NOTE 13 - CONCENTRATION OF RISK As of December 31, 2023, our portfolio of real estate investments (including properties associated with mortgages, direct financing leases, assets held for sale and consolidated joint ventures) consisted of 891 healthcare facilities, located in 42 states and the U.K. and operated by 74 third-party operators. Our investment in these facilities, net of impairments and allowances, totaled approximately $9.1 billion at December 31, 2023, with approximately 97% of our real estate investments related to long-term healthcare facilities. Our portfolio is made up of (i) 592 SNFs, 188 ALFs, 19 ILFs, 19 specialty facilities and one MOB, (ii) fixed rate mortgages on 45 SNFs, seven ALFs, two specialty facilities and one ILF, and (iii) 17 facilities that are held for sale. At December 31, 2023, we also held other real estate loans (excluding mortgages) receivable of $513.4 million and non-real estate loans receivable of $275.6 million, consisting primarily of secured loans to third-party operators of our facilities, and $188.4 million of investments in nine unconsolidated joint ventures. At December 31, 2023 and 2022, we had investments with one operator/or manager that approximated or exceeded 10% of our total investments: Maplewood. Maplewood generated approximately 6.6%, 8.9% and 7.9% of our total revenues (excluding the impact of write-offs) for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2023, we also have one operator with total revenues (excluding the impact of write-offs) that exceeded 10% of our total revenues: CommuniCare Health Services, Inc. (“CommuniCare”). CommuniCare generated approximately 11.5%, 7.9% and 6.3% of our total revenues (excluding the impact of write-offs) for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, CommuniCare represented approximately 9.3% of our total investments. At December 31, 2023, the three states in which we had our highest concentration of investments were Texas (10.5%), Indiana (6.9%) and California (6.1%). In addition, our concentration of investments in the U.K. is 6.9%. |
BORROWING ARRANGEMENTS
BORROWING ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
BORROWING ARRANGEMENTS [Abstract] | |
BORROWING ARRANGEMENTS | NOTE 14 - BORROWING ARRANGEMENTS The following is a summary of our long-term borrowings: Annual Interest Rate as of December 31, December 31, December 31, Maturity 2023 2023 2022 (in thousands) Secured borrowings: HUD mortgages (1)(2) 2049 - 2051 2.88 % (3) $ 41,878 $ 344,708 2023 term loan (4) 2023 N/A — 2,161 2024 term loan (5) 2024 10.85 % 20,085 19,727 Total secured borrowings 61,963 366,596 Unsecured borrowings: Revolving credit facility (6)(7) 2025 6.67 % 20,397 19,246 20,397 19,246 Senior notes and other unsecured borrowings: 2023 notes (6)(8) 2023 N/A — 350,000 2024 notes (6) 2024 4.95 % 400,000 400,000 2025 notes (6) 2025 4.50 % 400,000 400,000 2026 notes (6) 2026 5.25 % 600,000 600,000 2027 notes (6) 2027 4.50 % 700,000 700,000 2028 notes (6) 2028 4.75 % 550,000 550,000 2029 notes (6) 2029 3.63 % 500,000 500,000 2031 notes (6) 2031 3.38 % 700,000 700,000 2033 notes (6) 2033 3.25 % 700,000 700,000 2025 term loan (6)(9) 2025 5.60 % 428,500 — OP term loan (10)(11) 2025 5.52 % 50,000 50,000 Deferred financing costs – net (20,442) (22,276) Discount – net (23,102) (26,732) Total senior notes and other unsecured borrowings – net 4,984,956 4,900,992 Total unsecured borrowings – net 5,005,353 4,920,238 Total secured and unsecured borrowings – net (12)(13) $ 5,067,316 $ 5,286,834 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2023. Secured by real estate assets with a net carrying value of $66.2 million as of December 31, 2023. (2) Wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (3) Excludes fees of approximately 0.65% for mortgage insurance premiums. (4) Borrowing is the debt of a consolidated joint venture. (5) Borrowing is the debt of the consolidated joint venture discussed in Note 10 – 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. (6) Guaranteed by Omega OP. (7) During the second quarter of 2023, the Company transitioned its benchmark interest rate for its $1.45 billion senior unsecured multicurrency revolving credit facility from LIBOR to SOFR . As of December 31, 2023, 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 US Dollar tranche and on the GBP borrowings under the alternative currency tranche of the credit facility were 6.67% and 6.51% as of December 31, 2023, respectively. (8) On August 1, 2023, the Company repaid the $350 million of 4.375% senior notes that matured on August 1, 2023 using available cash. (9) 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% . (10) Omega OP is the obligor on this borrowing. (11) During the second quarter of 2023, the Company transitioned its benchmark interest rate for its $50.0 million senior unsecured term loan facility (the “OP term loan”) from LIBOR to SOFR . 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% . (12) All borrowings are direct borrowings of Parent unless otherwise noted. (13) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of December 31, 2023 and December 31, 2022, we were in compliance with all applicable covenants for our borrowings. Secured Borrowings HUD Mortgage Debt On October 31, 2019, we assumed approximately $389 million in mortgage loans guaranteed by HUD. The HUD loans had maturity dates between 2046 and 2052 with fixed interest rates ranging from 2.82% per annum to 3.24% per annum. The HUD loans may be prepaid subject to an initial penalty of 10% of the remaining principal balances in the first year and the prepayment penalty decreases each subsequent year by 1% until no penalty is required. On August 26, 2020, we paid approximately $13.7 million to retire two mortgage loans guaranteed by HUD that were assumed in 2019 and had an average interest rate of 3.08% per annum with maturities in 2051 and 2052. On August 31, 2022, we paid approximately $7.9 million to retire one mortgage loan guaranteed by HUD that was assumed in 2019 and had a fixed interest rate of 2.92% per annum with a maturity date in 2051. The payoff included a $0.4 million prepayment fee which is included in loss on debt extinguishment on our Consolidated Statements of Operations. In connection with the sales made in the third and fourth quarters of 2023 (as discussed further in Note 4 – Assets Held for Sale, Dispositions and Impairments), 29 mortgage loans guaranteed by HUD in the aggregate amount of $281.7 million that were assumed in 2019 were retired. These 29 loans had a weighted average fixed interest rate of 3.03% per annum with maturities between 2046 and 2052. During the fourth quarter of 2023, we paid approximately $14.8 million to retire three mortgage loans guaranteed by HUD that were assumed in 2019 and had a weighted average fixed interest rate of 2.97% per annum with maturity dates between 2046 and 2052. The payoff included a $0.5 million prepayment fee which is included in loss on debt extinguishment on our Consolidated Statements of Operations. Unsecured Borrowings 2025 Term Loan On August 8, 2023, Omega entered into a credit agreement (the “2025 Omega Credit Agreement”) providing it with a new $400 million senior unsecured term loan facility (the “2025 Term Loan”). The 2025 Omega Credit Agreement contains an accordion feature permitting us, subject to compliance with customary conditions, to increase the maximum aggregate commitments thereunder to $500 million by requesting an increase in the aggregate commitments under the 2025 Term Loan. On September 27, 2023, Omega exercised the accordion feature to increase the aggregate commitment under the 2025 Term Loan by $28.5 million. The 2025 Term Loan bears interest at SOFR plus an adjustment of 0.1% per annum plus an applicable percentage (with a range of 85 to 185 basis points) based on our credit rating. The 2025 Term Loan matures on August 8, 2025, subject to Omega’s option to extend such maturity date for two sequential 12 Revolving Credit Facility On April 30, 2021, Omega entered into a credit agreement (the “Omega Credit Agreement”) providing us with a new $1.45 billion senior unsecured multicurrency revolving credit facility (the “Revolving Credit Facility”), replacing our previous $1.25 billion senior unsecured 2017 multicurrency revolving credit facility. The Omega Credit Agreement contains an accordion feature permitting us, subject to compliance with customary conditions, to increase the maximum aggregate commitments thereunder to $2.5 billion, by requesting an increase in the aggregate commitments under the Revolving Credit Facility or by adding term loan tranches. The Revolving Credit Facility bears interest at SOFR plus an adjustment of 0.11448% per annum (or in the case of loans denominated in GBP, the Sterling overnight index average reference rate plus an adjustment of 0.1193% per annum, and in the case of loans denominated in Euros, the Euro interbank offered rate, or EURIBOR) plus an applicable percentage (with a range of 95 to 185 basis points) based on our credit ratings. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. Treasury repo market, and is administered by the Federal Reserve Bank of New York. The Revolving Credit Facility matures on April 30, 2025, subject to Omega’s option to extend such maturity date for two six-month periods. The Revolving Credit Facility may be drawn in Euros, GBP, Canadian Dollars (collectively, “Alternative Currencies”) or USD, with a $1.15 billion tranche available in USD and a $300 million tranche available in Alternative Currencies. We incurred $12.9 million of deferred costs in connection with the Omega Credit Agreement. OP Term Loan On April 30, 2021, Omega OP entered into a credit agreement (the “Omega OP Credit Agreement”) providing it with a new $50 million senior unsecured term loan facility (the “OP Term Loan”). The OP Term Loan replaces the $50 million senior unsecured term loan obtained in 2017 and the related credit agreement. The OP Term Loan bears interest at SOFR plus an adjustment of 0.11448% per annum plus an applicable percentage (with a range of 85 to 185 basis points) based on our credit ratings. The OP Term Loan matures on April 30, 2025, subject to Omega OP’s option to extend such maturity date for two, six-month periods. We incurred $0.4 million of deferred costs in connection with the Omega OP Credit Agreement. Subordinated Debt In connection with a 2010 acquisition, we assumed five separate $4.0 million subordinated notes that bore interest at 9% per annum and matured on December 21, 2021. Interest on these notes was due quarterly with the principal balance due at maturity. As discussed in Note 5 – Contractual Receivables and Other Receivables and Lease Inducements, to the extent that the operator of the facilities (Gulf Coast) failed to pay rent when due to us under our existing master lease, we had the right to offset the amounts owed to us against the amounts we owe to the lender under the notes. As of December 31, 2021, we offset $1.3 million of accrued interest and $20.0 million of principal under the Subordinated Debt against the uncollected receivables of Gulf Coast. Following the application of these offsets, Omega believes it has no further obligations under the Subordinated Debt. See Note 20 – Commitments and Contingencies for additional discussion regarding an ongoing lawsuit related to the Subordinated Debt. General Parent and Omega OP, on a combined basis, have no material assets, liabilities or operations other than financing activities (including borrowings under the senior unsecured revolving and term loan credit facility, OP term loan and the outstanding senior notes) and their investments in non-guarantor subsidiaries. Substantially all of our assets are held by non-guarantor subsidiaries. The required principal payments, excluding the premium or discount and deferred financing costs on our secured and unsecured borrowings, for each of the five years following December 31, 2023 and the aggregate due thereafter are set forth below: (in thousands) 2024 $ 420,770 2025 899,947 2026 601,081 2027 701,112 2028 551,144 Thereafter 1,936,471 Total $ 5,110,525 |
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING | 12 Months Ended |
Dec. 31, 2023 | |
DERIVATIVES AND HEDGING [Abstract] | |
DERIVATIVES AND HEDGING | NOTE 15 – 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 December 31, 2023, we have 12 interest rate swaps with $478.5 million in notional value that was entered into during 2023 (discussed further below). The swaps are designated as cash flow hedges of the interest payments on two of Omega’s variable interest loans. Additionally, we have ten foreign currency forward contracts with £250.0 million in notional value issued at a weighted average GBP-USD forward rate of 1.3234 that are designated as net investment hedges. Cash Flow Hedges of Interest Rate Risk We enter into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our fixed-rate payments. These interest rate swap agreements are used to hedge the variable cash flows associated with variable-rate debt. On March 27, 2020, we entered into five forward starting swaps totaling $400 million, indexed to 3-month LIBOR, that were issued at a weighted average fixed rate of approximately 0.8675% and were subsequently designated as cash flow hedges of interest rate risk associated with interest payments on a forecasted issuance of fixed rate long-term debt, initially expected to occur within the next five years. The swaps had an effective date of August 1, 2023 and an expiration date of August 1, 2033. In conjunction with the October 2020 issuance of $700 million of 3.375% Senior Notes due 2031 and the March 2021 issuance of $700 million aggregate principal amount of our 3.25% Senior Notes due 2033, we applied hedge accounting for these five forward starting swaps and began amortization. Simultaneously, we re-designated these swaps in new cash flow hedging relationships of interest rate risk associated with interest payments on another forecasted issuance of long-term debt. We were hedging our exposure to the variability in future cash flows for forecasted transactions over a maximum period of 46 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). As a result of these transactions, the aggregate unrealized gain of $41.2 million ($9.5 million gain related to the October 2020 issuance and $31.7 million gain related to the March 2021 issuance) included within accumulated other comprehensive income at the time of the bond issuances is being ratably reclassified as a reduction to interest expense, net over 10 years. On May 30, 2023, the five forward starting swaps were terminated, and Omega received a net cash settlement of $92.6 million from the swap counterparties. The incremental $51.4 million of gains related to the forward swaps, recorded in accumulated other comprehensive income, were frozen at the time of termination and will be recognized ratably over 10 years in earnings when the next qualifying debt issuance occurs. Consistent with our accounting policy and historical practice, the $92.6 million net cash settlement from the forward swap termination is reflected within net cash used in financing activities in the Consolidated Statements of Cash Flows. In June 2023, we entered into an interest rate swap with a notional amount of $50.0 million. The swap is effective June 30, 2023 and terminates on April 30, 2027 . This interest rate swap is designated as a hedge against our exposure to changes in interest payment cash flow fluctuations in the variable interest rates on the OP Term Loan. The interest rate swap contract effectively converts our $50.0 million OP Term Loan to an aggregate fixed rate of approximately 5.521% through its maturity. The effective fixed rate achieved by the combination of the Omega OP Credit Agreement and the interest rate swaps could fluctuate up by 40 basis points or down by 60 basis points based on future changes to our credit ratings. In August 2023, we entered into ten interest rate swaps with $400.0 million in notional value. The swaps are effective August 14, 2023 and terminate on August 6, 2027 . The interest rate swaps are designated as hedges against our exposure to changes in interest payment cash flows as a result of the variable interest rate on the 2025 Term Loan. The interest rate swap contracts effectively convert our $400.0 million 2025 Term Loan to an aggregate fixed rate of approximately 5.565% . In September 2023, in connection with the exercise of the accordion feature on the 2025 Term Loan, we entered into one additional interest rate swap with $28.5 million in notional value to hedge the additional $28.5 million under the 2025 Term Loan. This swap is effective September 29, 2023 and terminates on August 6, 2027 . These 11 interest rate swap contracts effectively convert our $428.5 million 2025 Term Loan to a new combined aggregate fixed rate of approximately 5.597% through its maturity. The effective fixed rate achieved by the combination of the 2025 Omega Credit Agreement and the interest rate swaps could fluctuate up by 40 basis points or down by 60 basis points based on future changes to our credit ratings. Foreign Currency Forward Contracts and Debt Designated as Net Investment Hedges We have historically used debt denominated in GBP and foreign currency forward contracts to hedge a portion of our net investments, including certain intercompany loans, in the U.K. against fluctuations in foreign exchange rates. In March 2021, we entered into four foreign currency forward contracts with notional amounts totaling £174.0 million, that mature on March 8, 2024 , to hedge a portion of our net investments in the U.K., including an intercompany loan and an investment in our U.K. joint venture, effectively replacing the terminated net investment hedge. The forwards were issued at a weighted average GBP-USD forward rate of 1.3890 . On May 17, 2022, we entered into two new foreign currency forward contracts with notional amounts totaling £76.0 million and a GBP-USD forward rate of 1.3071, each of which mature on May 21, 2029. These currency forward contracts hedge a portion of our net investments in U.K. subsidiaries, including an intercompany loan. On December 27, 2023, we terminated two foreign currency forward contracts that were entered into in March 2021 with notional amounts totaling £104.0 million. Omega received a net cash settlement of $11.4 million as a result of termination, which is included within net cash used in investing activities in the Consolidated Statements of Cash Flows. The $11.4 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 December 27, 2023, we entered into six new foreign currency forward contracts with notional amounts totaling £104.0 million and a GBP-USD forward rate of 1.2916, each of which mature between March 8, 2027 and March 8, 2030. Consistent with the terminated forwards, the new currency forward contracts hedge an intercompany loan between a U.S. and U.K. subsidiary. The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: December 31, December 31, 2023 2022 Cash flow hedges: (in thousands) Other assets $ — $ 92,990 Accrued expenses and other liabilities $ 6,533 $ — Net investment hedges: Other assets $ 8,903 $ 34,977 Accrued expenses and other liabilities $ 8 $ — The fair value of the interest rate swaps 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 | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 16 - 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 December 31, 2023 and 2022, the net carrying amounts and fair values of other financial instruments were as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 8,716 $ 8,716 $ 8,503 $ 8,503 Real estate loans receivable – net 1,212,162 1,258,838 1,042,731 1,080,890 Non-real estate loans receivable – net 275,615 279,710 225,281 228,498 Total $ 1,496,493 $ 1,547,264 $ 1,276,515 $ 1,317,891 Liabilities: Revolving credit facility $ 20,397 $ 20,397 $ 19,246 $ 19,246 2023 term loan — — 2,161 2,275 2024 term loan 20,085 19,750 19,727 19,750 2025 term loan 424,662 428,500 — — OP term loan 49,864 50,000 49,762 50,000 4.38% notes due 2023 – net — — 349,669 347,998 4.95% notes due 2024 – net 399,747 398,888 398,736 394,256 4.50% notes due 2025 – net 399,207 393,240 398,446 388,920 5.25% notes due 2026 – net 598,553 596,508 597,848 589,104 4.50% notes due 2027 – net 695,302 671,538 693,837 657,468 4.75% notes due 2028 – net 545,925 528,704 544,916 507,425 3.63% notes due 2029 – net 493,099 440,785 491,890 411,090 3.38% notes due 2031 – net 687,172 594,734 685,382 540,386 3.25% notes due 2033 – net 691,425 564,809 690,506 507,976 HUD mortgages – net 41,878 31,322 344,708 266,161 Total $ 5,067,316 $ 4,739,175 $ 5,286,834 $ 4,702,055 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). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. 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 receivable are estimated using a discounted cash flow analysis, using current 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 current interest rates being offered for similar loans to borrowers with similar credit ratings (Level 3). ● Revolving credit facility, OP term loan, 2023 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 publicly available trading prices (Level 1). ● HUD mortgages: The fair value of our borrowings under HUD debt agreements are estimated using an expected present value technique based on quotes obtained by HUD debt brokers (Level 2). |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Taxes [Abstract] | |
TAXES | NOTE 17 – TAXES Omega and Omega OP, including their wholly-owned subsidiaries were organized, have operated, and intend 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, 2022 and 2021, 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 the Parent REIT to fail the requirements for qualification as a REIT also. We have elected to treat certain of our active subsidiaries as TRSs. Our domestic TRSs are subject to federal, state and local income taxes at the applicable corporate rates. Our foreign TRSs are subject to foreign income taxes and may be subject to current-year income inclusion relating to ownership of a controlled foreign corporation for U.S. income tax purposes. As of December 31, 2023, one of our TRSs that is subject to income taxes at the applicable corporate rates had a net operating loss (“NOL”) carry-forward of approximately $9.9 million. Our NOL carry-forward was partially reserved as of December 31, 2023, 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. As discussed in Note 3 – Real Estate Asset Acquisitions and Development, in connection with the acquisition of one U.K. entity in the first quarter of 2022, we acquired foreign net operating losses of $55.0 million resulting in a NOL deferred tax asset of $13.4 million. As of December 31, 2023, one of our U.K. subsidiaries had a NOL carryforward of approximately $38.0 million. The 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 Organization for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2), with certain aspects of Pillar 2 effective January 1, 2024 and other aspects effective January 1, 2025. While it is uncertain whether the U.S. will enact legislation to adopt Pillar 2, the U.K. has adopted legislation. We do not expect Pillar 2 to have a material impact on our effective tax rate or our consolidated results of operation, financial position, and cash flows. The majority of our U.K. portfolio elected to enter the U.K. REIT regime with an effective date of April 1, 2023. In connection with entering the U.K. REIT regime, we recognized several adjustments to our deferred tax balances in the first quarter of 2023 as summarized below. The following is a summary of our provision for income taxes: Year Ended December 31, 2023 2022 2020 (in millions) Provision for federal, state and local income taxes (1) $ 2.0 $ 1.2 $ 1.4 Provision for foreign income taxes (2) 4.3 3.4 2.4 Total provision for income taxes (3) $ 6.3 $ 4.6 $ 3.8 (1) For the years ended December 31, 2023, 2022 and 2021, income before income tax expense and income from unconsolidated joint ventures from domestic operations was $234.2 million, $418.5 million and $403.9 million, respectively. (2) For the years ended December 31, 2023, 2022 and 2021, income before income tax expense and income from unconsolidated joint ventures from foreign operations was $21.5 million, $17.6 million and $12.2 million, respectively. (3) The above amounts do not include gross income receipts or franchise taxes payable to certain states and municipalities. The following is a summary of deferred tax assets and liabilities: December 31, December 31, 2023 2022 (in thousands) U.S. Federal net operating loss carryforward $ 2,079 $ 2,138 Valuation allowance on deferred tax asset (2,024) (2,138) Foreign net operating loss carryforward 9,491 11,268 Foreign deferred tax liability (1) — (5,373) Net deferred tax asset $ 9,546 $ 5,895 Foreign deferred tax liability (2) $ 1,508 $ — Net deferred tax liability $ 1,508 $ — (1) The deferred tax liability primarily resulted from inherited basis differences resulting from our acquisition of entities in the U.K. Subsequent adjustments to these accounts result from GAAP to tax differences related to depreciation, indexation and revenue recognition. The foreign deferred tax liabilities were eliminated upon the majority of our U.K. portfolio entering the U.K. REIT regime. (2) 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. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders Equity [Abstract] | |
STOCKHOLDERS EQUITY | NOTE 18 – STOCKHOLDERS’ EQUITY Stock Repurchase Program On January 27, 2022, the Company authorized the repurchase of up to $500 million of our outstanding common stock from time to time through March 2025. The Company is authorized to repurchase shares of its common stock in open market and privately negotiated transactions or in any other manner as determined by the Company’s management and in accordance with applicable law. The timing and amount of stock repurchases will be determined, in management’s discretion, based on a variety of factors, including but not limited to market conditions, other capital management needs and opportunities, and corporate and regulatory considerations. The Company has no obligation to repurchase any amount of its common stock, and such repurchases, if any, may be discontinued at any time. Under Maryland law, shares repurchased become authorized but unissued shares. The Company reduced the common stock at par value and to the extent the cost acquired exceeds par value, it is recorded through additional paid-in capital on our Consolidated Balance Sheets and Consolidated Statements of Equity. During the year ended December 31, 2022, the Company repurchased 5.2 million shares of our outstanding common stock at an average price of $27.32 per share, for a total repurchase cost of $142.3 million. The average price per share and repurchase cost includes the cost of commissions. Omega did not repurchase any of its outstanding common stock under this announced program during 2023. At-The-Market Offering Program On September 3, 2015, we entered into separate Equity Distribution Agreements with several financial institutions to sell $500 million of shares of our common stock from time to time through an “at-the-market” (“ATM”) offering program (the “2015 ATM Program”). Sales of the shares, if any, were made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, or as otherwise agreed with the applicable Manager. We paid each Manager compensation for sales of the shares up to 2% of the gross sales price per share for shares sold through such Manager under the applicable Equity Shelf Agreements. During the second quarter of 2021, we terminated the 2015 ATM Program and entered into a new ATM Equity Offering Sales Agreement pursuant to which shares of common stock having an aggregate gross sales price of up to $1.0 billion (the “2021 ATM Program”) may be sold from time to time (i) by Omega through several financial institutions acting as a sales agent or directly to the financial institutions as principals, or (ii) by several financial institutions acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. Under the 2021 ATM Program, compensation for sales of the shares will not exceed 2% of the gross sales price per share for shares sold through each financial institution. The use of forward sales under the 2021 ATM Program generally allows Omega to lock in a price on the sale of shares of common stock when sold by the forward sellers but defer receiving the net proceeds from such sales until the shares of our common stock are issued at settlement on a later date. We did not utilize the forward provisions under the 2021 ATM Program during 2021, 2022 or 2023. The following is a summary of the shares issued under the 2021 and 2015 ATM Programs for each of the years ended December 31, 2021, 2022, and 2023 (in millions except average price per share): Average Net Price Period Ended Shares issued Per Share (1) Gross Proceeds Commissions Net Proceeds December 31, 2021 4.2 $ 36.53 $ 155.1 $ 3.4 $ 151.7 December 31, 2022 — — — — — December 31, 2023 7.2 30.25 221.7 2.6 219.1 (1) Represents the average price per share after commissions. Dividend Reinvestment and Common Stock Purchase Plan We have a Dividend Reinvestment and Common Stock Purchase Plan (the “DRSPP”) that allows for the reinvestment of dividends and the optional purchase of our common stock. On March 23, 2020, we temporarily suspended the DRSPP and on December 17, 2020, we reinstated the DRSPP. The table below presents information regarding the shares issued under the DRSPP for each of the years ended December 31, 2021, 2022, and 2023 (in millions): Period Ended Shares issued Gross Proceeds December 31, 2021 3.4 $ 126.7 December 31, 2022 0.3 9.2 December 31, 2023 3.7 117.3 Dividends The Board of Directors has declared common stock dividends as set forth below: Record Payment Dividend per Date Date Common Share February 6, 2023 February 15, 2023 $ 0.67 May 1, 2023 May 15, 2023 0.67 July 31, 2023 August 15, 2023 0.67 October 31, 2023 November 15, 2023 0.67 February 5, 2024 February 15, 2024 0.67 Per Share Distributions Per share distributions by our Company were characterized in the following manner for income tax purposes (unaudited): Year Ended December 31, Common 2023 2022 2021 Ordinary income $ 2.258 $ 1.264 $ 1.987 Return of capital 0.212 0.095 0.117 Capital gains 0.210 1.321 0.576 Total dividends paid $ 2.680 $ 2.680 $ 2.680 Pursuant to Treasury Regulation Section 1.1061-6(c), Omega Healthcare Investors Inc. is disclosing the following information to its shareholders. “One Year Amounts Disclosure” is zero percent of the capital gain distributions allocated to each shareholder and “Three Year Amounts Disclosure” is zero percent of the capital gain distributions allocated to each shareholder. All capital gain distributions reported are related to Section 1231 gain. For additional information regarding dividends, see Note 17 – Taxes. Accumulated Other Comprehensive Income (Loss) The following is a summary of our accumulated other comprehensive income (loss), net of tax where applicable: December 31, December 31, 2023 2022 (in thousands) Foreign currency translation $ (49,770) $ (85,004) Derivative instruments designated as cash flow hedges (1) 75,111 86,356 Derivative instruments designated as net investment hedges 3,931 18,634 Total accumulated other comprehensive income (loss) before noncontrolling interest 29,272 19,986 Add: portion included in noncontrolling interest 66 339 Total accumulated other comprehensive income (loss) for Omega $ 29,338 $ 20,325 (1) During the years ended December 31, 2023, 2022 and 2021, we reclassified $6.7 million, $4.2 million and $2.9 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. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 19 – STOCK-BASED COMPENSATION At December 31, 2023, we maintained several stock-based compensation plans as described below. For the years ended December 31, 2023, 2022 and 2021, we recognized stock-based compensation of $35.1 million, $27.3 million and $21.4 million, respectively, related to these plans. For purposes of measuring stock-based compensation expense, we consider whether an adjustment to the observable market price is necessary to reflect material nonpublic information that is known to us at the time the award is granted. No adjustments were deemed necessary for the years ended December 31, 2023, 2022 or 2021. Time-Based Restricted Equity Awards Restricted stock, restricted stock units (“RSUs”) and profits interest units (“PIUs”) are subject to forfeiture if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of service or a change in control of the Company. Prior to vesting, ownership of the shares/units cannot be transferred. The restricted stock has the same dividend and voting rights as our common stock. RSUs accrue dividend equivalents but have no voting rights. PIUs accrue distributions, which are equivalent to dividend equivalents, but have no voting rights. Once vested, each RSU is settled by the issuance of one share of Omega common stock and each PIU is settled by the issuance of one Omega OP Unit, subject to certain conditions. Restricted stock and RSUs are valued at the price of our common stock on the date of grant. The PIUs are valued using a Monte Carlo model to estimate fair value. We expense the cost of these awards ratably over their vesting period. Performance-Based Restricted Equity Awards Performance-based restricted equity awards include performance restricted stock units (“PRSUs”) and PIUs. PRSUs and PIUs are subject to forfeiture if the performance requirements are not achieved or if the holder’s service to us terminates prior to vesting, subject to certain exceptions for certain qualifying terminations of employment or a change in control of the Company. PRSUs and PIUs have varying degrees of performance requirements to achieve vesting, and each PRSU and PIU award represents the right to a variable number of shares of common stock or partnership units. Each PIU once earned is convertible into one Omega OP Unit in Omega OP, subject to certain conditions. The vesting requirements are based on either the (i) total shareholder return (“TSR”) of Omega or (ii) Omega’s TSR relative to other REITs in the FTSE NAREIT Equity Health Care Index (“Relative TSR”). We expense the cost of these awards ratably over their service period. Prior to vesting and the distribution of shares or Omega OP Units, ownership of the PRSUs or PIUs cannot be transferred. Dividend equivalents on the PRSUs are accrued and paid to the extent the applicable performance requirements are met. While each PIU is unearned, the employee receives a partnership distribution equal to 10% of the quarterly approved regular periodic distributions per Omega OP Unit. Partnership distributions (which in the case of normal periodic distributions is equal to the total approved quarterly dividend on Omega’s common stock), less the 10% already paid, on the PIUs accumulate, and if the PIUs are earned, the accumulated distributions are paid. We used a Monte Carlo model to estimate the fair value for the PRSUs and PIUs granted to the employees. The following are the significant assumptions used in estimating the value of the awards for grants made on the following dates: January 1, January 1, January 1, 2023 2022 2021 Closing price on date of grant $ 27.95 $ 29.59 $ 36.32 Dividend yield 9.59 % 9.06 % 7.38 % Risk free interest rate at time of grant 4.28 % 0.98 % 0.18 % Expected volatility (1) 40.28 % 38.74 % 42.55 % (1) Expected volatility is using 50% historical volatility and 50% implied volatility. The following table summarizes the activity in restricted stock, RSUs, PRSUs, and PIUs for the years ended December 31, 2021, 2022 and 2023: Time-Based Performance-Based Weighted - Weighted - Total Number of Average Grant- Number of Average Grant- Compensation Shares/Omega Date Fair Value Shares/Omega Date Fair Value Cost (1) OP Units per Share OP Units per Share (in millions) Non-vested at December 31, 2020 270,678 37.78 2,897,496 14.24 Granted during 2021 210,429 36.52 1,232,178 18.76 $ 30.80 Cancelled during 2021 (14,157) 36.58 (188,128) 18.01 Forfeited during 2021 — — (746,357) 14.83 Vested during 2021 (148,538) 34.30 (973,142) 10.33 Non-vested at December 31, 2021 318,412 38.62 2,222,047 17.94 Granted during 2022 256,818 29.40 1,620,330 14.73 $ 31.40 Cancelled during 2022 (2,000) 29.59 (5,232) 11.90 Forfeited during 2022 — — (621,199) 13.68 Vested during 2022 (165,206) 40.91 — — Non-vested at December 31, 2022 408,024 31.93 3,215,946 17.16 Granted during 2023 309,927 28.15 2,139,421 13.42 $ 37.40 Cancelled during 2023 — — (1,228) 11.35 Forfeited during 2023 — — (539,312) 17.50 Vested during 2023 (2) (208,119) 34.31 (482,772) 21.52 Non-vested at December 31, 2023 509,832 $ 28.66 4,332,055 $ 14.78 (1) Total compensation cost to be recognized on the awards based on grant date fair value (2) PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures As of December 31, 2023, unrecognized compensation costs related to unvested awards to employees is as follows: ● $4.7 million on RSUs and PIUs expected to be recognized over a weighted average period of approximately 30 months . ● $1.0 million on RSUs and PIUs expected to be recognized over a weighted average period of approximately 12 months . ● $15.4 million on TSR PRSUs and PIUs expected to be recognized over a weighted average period of approximately 43 months . ● $18.8 million on Relative TSR PRSUs and PIUs expected to be recognized over a weighted average period of approximately 43 months . In addition, we have a deferred stock compensation plan that allows employees and directors the ability to defer the receipt of stock awards (units). The deferred stock awards (units) participate in future dividend equivalents as well as the change in the value of the Company’s common stock. As of December 31, 2023 and 2022, the Company had 653,842 and 637,634 deferred stock units outstanding. Tax Withholding for Stock Compensation Plans Stock withheld to pay tax withholdings for equity instruments granted under stock-based payment arrangements for the years ended December 31, 2023, 2022 and 2021, was $0.6 million, $1.1 million and $4.6 million, respectively. Shares Available for Issuance for Compensation Purposes On June 8, 2018, at the Annual Meeting of Stockholders, our stockholders approved the 2018 Stock Incentive Plan (the “2018 Plan”), which amended and restated the Company’s 2013 Stock Incentive Plan (the “2013 Plan”). The 2018 Plan is a comprehensive incentive compensation plan that allows for various types of equity-based compensation, including RSUs (including PRSUs), stock awards (including restricted stock), deferred RSUs, incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, performance unit awards, certain cash-based awards (including performance-based cash awards), PIUs and other stock-based awards. The 2018 Plan increased the number of shares of common stock available for issuance under the 2013 Plan by 4.5 million. On June 5, 2023, our stockholders approved an amendment to the 2018 Plan to increase the number of shares of common stock authorized for issuance from 10.5 million shares to 17.2 million shares, an increase of 6.7 million shares. As of December 31, 2023, approximately 6.4 million shares of common stock were reserved for issuance to our employees, directors and consultants under our stock incentive plans. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 20 – COMMITMENTS AND CONTINGENCIES Litigation Shareholder Litigation The Company and certain of its officers, C. Taylor Pickett, Robert O. Stephenson, and Daniel J. Booth Certain derivative actions have also been brought against the officers named in the Securities Class Action, and certain current and former directors of the Company, alleging claims relating to the matters at issue in the Securities Class Action. 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 complaint alleges, among other things, that the named defendants are responsible for the Company’s failure to disclose the financial condition of Orianna Health Systems (“Orianna”), the alleged non-disclosures that were also the subject of the Securities Class Action described above. 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. 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 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. The parties are currently negotiating formal stipulations of settlement that will incorporate the substantive terms of the memoranda of understanding and detail the proposed settlements’ operational terms, which will be subject to court approval. The settlements are without any admission of the allegations in the complaints, which the defendants deny. 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 December 31, 2023, our maximum funding commitment under these indemnification agreements was approximately $7.5 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 December 31, 2023, are outlined in the table below (in thousands): Lessor construction and capital commitments under lease agreements $ 184,937 Non-real estate loan commitments 46,152 Other real estate loan commitments 46,339 Construction and capital expenditure mortgage loan commitments 6,951 Total remaining commitments (1) $ 284,379 (1) Includes finance costs . |
SUPPLEMENTAL DISCLOSURE TO CONS
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS | NOTE 21 – SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS The following are supplemental disclosures to the consolidated statements of cash flows for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 442,810 $ 297,103 $ 20,534 Restricted cash 1,920 3,541 3,877 Cash, cash equivalents and restricted cash at end of year $ 444,730 $ 300,644 $ 24,411 Supplemental information: Interest paid during the year, net of amounts capitalized $ 234,453 $ 220,748 $ 214,406 Taxes paid during the year $ 3,615 $ 5,793 $ 6,288 Non-cash investing activities Non-cash acquisition of real estate $ — $ (9,818) $ (58,595) Non-cash proceeds from sale of business $ — $ 7,532 $ — Non-cash placement of loan principal $ — $ — $ (7,000) Non-cash collection of loan principal $ — $ — $ 65,595 Non-cash investment in other investments $ — $ (7,532) $ — Non-cash financing activities Non-cash repayment of other long-term borrowings $ — $ — $ (20,000) Non-cash contribution from noncontrolling member in consolidated joint venture $ — $ 2,903 $ — Change in fair value of hedges $ (21,649) $ 88,460 $ 23,457 Remeasurement of debt denominated in a foreign currency $ 1,150 $ (4,077) $ 3,010 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 22 - EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share: Year Ended December 31, 2023 2022 2021 (in thousands, except per share amounts) Numerator: Net income available to common stockholders – basic $ 242,180 $ 426,927 $ 416,739 Add: net income attributable to OP Units 7,077 11,914 11,563 Net income available to common stockholders – diluted $ 249,257 $ 438,841 $ 428,302 Denominator: Denominator for basic earnings per share 240,493 236,256 236,933 Effect of dilutive securities: Common stock equivalents 2,923 1,198 785 Noncontrolling interest – Omega OP Units 7,035 6,836 6,620 Denominator for diluted earnings per share 250,451 244,290 244,338 Earnings per share – basic: Net income available to common stockholders $ 1.01 $ 1.81 $ 1.76 Earnings per share – diluted: Net income available to common stockholders $ 1.00 $ 1.80 $ 1.75 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 23 – SUBSEQUENT EVENTS In January and February 2024, we funded $27.3 million in mortgage and other real estate loans. The loans have a weighted-average interest rate of 9.6% with maturity dates ranging from January 31, 2027 through January 31, 2029. The loans are secured by first or second mortgage liens on the facility. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) December 31, 2023 Gross Amount at Initial Cost to Cost Capitalized Which Carried at Life on Which Company Subsequent to Close of Period (3) (5) Depreciation Acquisition (4) (7) in Latest Buildings and Carrying (6) (8) Buildings and Accumulated Date of Date Income Statements Description (1) Encumbrances Land Improvements Improvements Cost Other Land Improvements Total Depreciation Construction Acquired is Computed Alabama (SNF) $ 1,817 $ 33,356 $ 13,188 $ — $ — $ 1,817 $ 46,544 $ 48,361 $ (41,931) 1960 - 1982 1992 - 1997 31 years - 33 years Arizona (ALF, ILF, SNF) 11,502 121,240 3,979 — — 11,502 125,219 136,721 (35,725) 1949 - 1999 2005 - 2021 25 years - 40 years Arkansas (ALF, SNF) 2,665 48,765 4,911 — (36) 2,665 53,640 56,305 (32,171) 1967 - 1988 1992 - 2014 25 years - 31 years California (ALF, SNF, SF) 81,970 464,633 7,009 — (479) 81,970 471,163 553,133 (160,428) 1938 - 2013 1997 - 2021 5 years - 35 years Colorado (ILF, SNF) 11,283 88,830 8,188 — — 11,283 97,018 108,301 (53,730) 1925 - 1975 1998 - 2016 20 years - 39 years Connecticut (ALF) 25,063 252,417 9,095 1,320 — 25,063 262,832 287,895 (74,865) 1968 - 2019 2010 - 2017 30 years - 33 years Florida (ALF, ILF, SNF) 59,622 432,694 20,291 — (20,782) 58,682 433,143 491,825 (200,474) 1942 - 2018 1993 - 2021 2 years - 39 years Georgia (ALF, SNF) 3,740 47,689 1,637 — — 3,740 49,326 53,066 (17,889) 1967 - 1997 1998 - 2016 30 years - 40 years Idaho (SNF) 5,735 47,530 1,892 — (542) 5,193 49,422 54,615 (23,458) 1920 - 2008 1997 - 2014 25 years - 39 years Illinois (ALF) 1,830 13,967 1,548 — — 1,830 15,515 17,345 (2,239) 1999 2021 25 years Indiana (ALF, ILF, SNF, SF) 48,267 584,258 13,410 — (7,453) 48,173 590,309 638,482 (221,420) 1942 - 2015 1992 - 2020 20 years - 40 years Iowa (ALF, SNF) 2,343 59,310 — — — 2,343 59,310 61,653 (23,022) 1961 - 1998 2010 - 2014 23 years - 33 years Kansas (SNF) 4,092 38,693 14,219 — — 4,092 52,912 57,004 (28,049) 1957 - 1977 2005 - 2011 25 years Kentucky (ALF, SNF) 15,556 130,819 7,517 — — 15,556 138,336 153,892 (59,012) 1964 - 2002 1999 - 2016 20 years - 33 years Louisiana (ALF, SNF) 6,735 113,957 4,877 448 (2,669) 6,735 116,613 123,348 (33,181) 1957 - 2020 1997 - 2023 22 years - 39 years Maryland (SNF) 17,526 131,741 5,800 — — 17,526 137,541 155,067 (41,752) 1921 - 2016 2008 - 2023 25 years - 30 years Massachusetts (ALF, SNF) 23,621 143,172 23,023 — (693) 23,621 165,502 189,123 (69,925) 1964 - 2017 1997 - 2014 20 years - 33 years Michigan (ALF, SNF) 380 16,120 — — — 380 16,120 16,500 (8,428) 1964 - 1973 2011 25 years Minnesota (ALF, ILF, SNF) 10,502 52,585 5,972 — — 10,502 58,557 69,059 (23,558) 1966 - 1983 2014 33 years Mississippi (SNF) (2) 8,803 191,448 827 — — 8,803 192,275 201,078 (51,150) 1965 - 2008 2009 - 2019 20 years - 30 years Missouri (SNF) 608 11,694 — — (158) 599 11,545 12,144 (8,733) 1965 - 1989 1999 33 years Montana (SNF) 1,319 11,698 432 — — 1,319 12,130 13,449 (4,098) 1963 - 1971 2005 33 years Nebraska (SNF) 750 14,892 — — — 750 14,892 15,642 (6,180) 1966 - 1969 2012 - 2015 20 years - 33 years Nevada (SNF, SF) 8,811 92,797 8,350 — — 8,811 101,147 109,958 (37,829) 1972 - 2012 2009 - 2017 25 years - 33 years New Hampshire (ALF, SNF) 1,782 19,837 1,463 — — 1,782 21,300 23,082 (12,449) 1963 - 1999 1998 - 2006 33 years - 39 years New Jersey (ALF) 12,953 58,199 1,786 1,559 — 12,953 61,544 74,497 (7,166) 1999 - 2021 2019 - 2021 25 years New Mexico (SNF) 6,008 45,285 1,318 — — 6,008 46,603 52,611 (15,369) 1960 - 1985 2005 33 years New York (ALF) 118,606 176,921 2,806 40,543 (5,900) 118,606 214,370 332,976 (32,290) 2020 2015 25 years North Carolina (ALF, SNF) (2) 28,837 361,350 9,709 336 (874) 28,677 370,681 399,358 (117,840) 1964 - 2019 1994 - 2022 25 years - 36 years Ohio (ALF, SNF, SF) 29,026 368,488 18,683 345 (67,207) 28,776 320,559 349,335 (96,957) 1955 - 2021 1994 - 2020 25 years - 39 years Oklahoma (SNF) 2,296 19,934 — — — 2,296 19,934 22,230 (11,648) 1965 - 1993 2010 - 2013 20 years - 33 years Oregon (ALF, ILF, SNF) 8,602 135,140 11,072 — — 8,602 146,212 154,814 (30,980) 1959 - 2007 2005 - 2022 25 years - 33 years Pennsylvania (ALF, ILF, SNF) 26,980 362,231 18,848 — (19,006) 26,975 362,078 389,053 (126,906) 1873 - 2012 2004 - 2022 20 years - 39 years Rhode Island (SNF) 3,299 23,487 3,805 — — 3,299 27,292 30,591 (16,601) 1965 - 1981 2006 39 years South Carolina (SNF) 8,480 76,912 2,860 — — 8,480 79,772 88,252 (30,203) 1959 - 2007 2014 - 2016 20 years - 33 years Tennessee (ALF, SNF, SF) 12,976 268,846 8,012 — — 12,976 276,858 289,834 (118,847) 1968 - 2018 1992 - 2021 20 years - 31 years Texas (ALF, ILF, MOB, SNF, SF) 74,596 784,235 41,360 197 (15,662) 73,176 811,550 884,726 (264,306) 1949 - 2019 1997 - 2021 20 years - 40 years United Kingdom (ALF) 134,925 522,979 18,652 — (44,470) 128,056 504,030 632,086 (105,698) 1650 - 2012 2015 - 2023 25 years - 30 years Vermont (SNF) 318 6,005 602 — — 318 6,607 6,925 (3,596) 1971 2004 39 years Virginia (ALF, SNF) 35,653 381,065 11,583 — (579) 35,479 392,243 427,722 (101,270) 1964 - 2017 2010 - 2023 25 years - 40 years Washington (ALF, SNF) 14,565 184,114 6,385 — (2) 14,563 190,499 205,062 (50,339) 1951 - 2004 1999 - 2021 25 years - 33 years Washington DC (ALF) 68,017 — 59,729 8,220 — 68,017 67,949 135,966 — N/A 2021 N/A West Virginia (SNF) 3,333 194,130 7,062 — — 3,333 201,192 204,525 (53,588) 1961 - 2016 1994 - 2023 25 years - 39 years Wisconsin (SNF) 399 4,581 2,153 — — 399 6,734 7,133 (3,509) 1974 2005 33 years Total $ 946,191 $ 7,138,044 $ 384,053 $ 52,968 $ (186,512) $ 935,726 $ 7,399,018 $ 8,334,744 $ (2,458,809) (1) The real estate included in this schedule is being used in either the operation of skilled nursing facilities (“SNF”), assisted living facilities (“ALF”), independent living facilities (“ILF”), specialty facilities (“SF”) (consisting of specialty hospitals, long-term acute care hospitals, independent rehabilitation facilities, behavioral health substance facilities, behavioral health psychology facilities and traumatic brain injury facilities) or medical office buildings (“MOB”), located in the states or country indicated. (2) Certain of the real estate indicated are security for the HUD loan borrowings totaling $41.9 million at December 31, 2023. SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION — continued (in thousands) December 31, 2023 (3) Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 8,860,264 $ 9,028,745 $ 8,702,154 Acquisitions (a) 262,453 225,336 742,486 Impairment (89,985) (38,451) (44,673) Improvements 87,760 60,931 60,953 Disposals/other (785,748) (416,297) (432,175) Balance at close of period $ 8,334,744 $ 8,860,264 $ 9,028,745 (a) Includes approximately $8.2 million and $58.6 million of non-cash consideration exchanged and/or valuation adjustments during the years ended December 31, 2022 and 2021, respectively. (4) Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 2,322,773 $ 2,181,528 $ 1,996,914 Provisions for depreciation 317,536 331,963 341,497 Dispositions/other (181,500) (190,718) (156,883) Balance at close of period $ 2,458,809 $ 2,322,773 $ 2,181,528 (5) The reported amount of our real estate at December 31, 2023 is greater than the tax basis of the real estate by approximately $432.1 million (unaudited). (6) Reflects bed sales, impairments (including the write-off of accumulated depreciation), land easements and impacts from foreign currency exchange rates. (7) To the extent that we acquired an entity previously owning the underlying facility, the acquisition date reflects the date that the entity acquired the facility. (8) Includes $68.9 million of construction in progress related to land, all other amounts related to construction in progress are reflected in buildings and improvements. |
SCHEDULE IV - MORTGAGE LOANS ON
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2023 | |
Mortgage Loans On Real Estate [Abstract] | |
MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE (in thousands) December 31, 2023 Carrying Amount of Carrying Loans Face Amount Subject to Final Amount of Delinquent Interest Fixed/ Maturity Prior of Mortgages Principal Grouping Description (1) Rate Variable Date Periodic Payment Terms Liens Mortgages (3) (4) (6) or Interest First Mortgages 1 Michigan (19 SNFs) 11.57 % F (2) 2030 Interest plus approximately $61.9 of principal payable monthly with $271,429 due at maturity None $ 415,000 $ 277,786 $ — 2 Michigan (4 SNFs) 10.63 % F (2) 2030 Interest plus approximately $6.3 of principal payable monthly with $27,909 due at maturity None 44,200 28,560 — 3 Michigan (2 SNFs) 10.85 % F (2) 2030 Interest plus approximately $3.9 of principal payable monthly with $10,381 due at maturity None 11,000 10,783 — 4 Ohio (8 SNFs) 10.50 % F (2) 2037 Interest payable monthly until maturity None 72,420 72,420 — 5 Texas (1 specialty facility) 7.85 % F 2025 Interest plus approximately $161.3 of principal payable monthly with $59,546 due at maturity None 72,960 62,010 — 6 Illinois (1 SNF, 2 ALFs and 1 ILF) 10.00 % F 2028 Interest payable monthly until maturity None 50,000 50,000 — 7 Pennsylvania (2 SNFs) 10.00 % F 2026 Interest paid-in-kind for first year, then interest paid monthly until maturity None 29,519 29,519 — 8 Tennessee ( 1 ALF) 8.00 % F 2024 Interest payable monthly until maturity None 8,680 7,700 — 9 Oregon (1 ALF) 9.00 % F 2026 Interest payable monthly until maturity None 5,000 5,000 — 10 Massachusetts (1 specialty facility) 9.00 % F 2023 Past due None 9,000 — — (5) 11 Tennessee ( 1 SNF) 8.35 % F 2015 Past due None 6,377 1,472 1,472 (5) 12 Michigan (1 SNF) 9.96 % F (2) 2030 Interest plus approximately $28.7 of principal payable monthly with $13,791 due at maturity None 14,045 14,040 — 13 Ohio (1 SNF) 9.98 % F (2) 2023 (7) Interest payable monthly until maturity None 21,325 21,325 — 14 Michigan (8 SNFs and 1 ALF) 10.94 % F (2) 2030 Interest plus approximately $18.2 of principal payable monthly with $80,918 due at maturity None 83,454 82,833 — Capital Expenditure Mortgages 15 Michigan 10.00 % F (2) 2030 Interest payable monthly until maturity None 560 15 — 16 Michigan 11.34 % F (2) 2030 Interest plus approximately $5.8 of principal payable monthly with $50,782 due at maturity None 54,223 51,408 — Construction Mortgages 17 Michigan (1 SNF) 9.95 % F (2) 2024 Interest paid-in-kind monthly until maturity None 28,116 28,116 — Allowance for credit loss on mortgage loans (8) (44,211) — $ 925,879 $ 698,776 $ 1,472 (1) Loans included in this schedule represent first mortgages, capital expenditure mortgages and construction mortgages on facilities used in the delivery of long-term healthcare of which such facilities are located in the states indicated. (2) Interest on the loans escalates at a fixed rate. (3) The aggregate cost for federal income tax purposes is approximately $754.4 million (unaudited). SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE — continued (in thousands) December 31, 2023 (4) Year Ended December 31, 2023 2022 2021 Balance at beginning of period $ 648,130 $ 835,086 $ 885,313 Additions during period - new mortgage loans or additional fundings (a) 102,332 12,977 93,891 Deductions during period - collection of principal/other (b) (79,418) (190,141) (103,761) Allowance for credit loss on mortgage loans 27,732 (9,792) (40,357) Balance at close of period $ 698,776 $ 648,130 $ 835,086 (a) The 2023, 2022 and 2021 amounts include $2.3 million, $1.2 million and $0.2 million, respectively, of non-cash interest paid-in-kind. The 2021 amount also includes $7.0 million of non-cash placement of mortgage capital. (b) The 2023 and 2022 amounts include $3.9 million and $6.0 million, respectively, of interest payments that were directly applied against the principal balance outstanding using the cost recovery method. The 2023 and 2021 amounts also include $37.0 million and $58.6 million, respectively, of non-cash principal reductions. (5) Mortgage written down to the fair value of the underlying collateral. (6) Mortgages included in the schedule which were extended during 2023 aggregated approximately $100.5 million. (7) Subsequent to year end, this mortgage note was amended to extend the maturity date to December 31, 2024. (8) The allowance for credit loss on mortgage loans represents the allowance calculated utilizing a PD and LGD methodology. For mortgages that the risk of loss was evaluated on an individual basis, the allowance is included as a reduction to the carrying amount of the mortgage. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Consolidation | Consolidation The consolidated financial statements include the accounts of Omega Healthcare Investors, Inc, its wholly-owned subsidiaries, joint venture (“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. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise, if any, is the primary beneficiary of VIEs. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. Our variable interests in VIEs may be in the form of equity ownership, leases and/or loans with our operators. We analyze our agreements and investments to determine whether our operators or unconsolidated joint ventures are VIEs and, if so, whether we are the primary beneficiary. We consolidate a VIE when we determine that we are its primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. Factors considered in determining whether we are the primary beneficiary of an entity include: (i) our voting rights, if any; (ii) our involvement in day-to-day capital and operating decisions; (iii) our risk and reward sharing; (iv) the financial condition of the operator or joint venture and (iv) our representation on the VIE’s board of directors. We perform this analysis on an ongoing basis. As of December 31, 2023 and 2022, we have one joint venture that is a consolidated VIE as we have concluded that we are the primary beneficiary through our equity investment in the entity. As of December 31, 2022, we also had consolidated VIEs related to the Exchange Accommodation Titleholders (“EATs”) discussed in Note 3 – Real Estate Asset Acquisitions and Development. |
Revenue Recognition | Revenue Recognition Rental Income Rental income from operating leases is recognized on a straight-line basis, inclusive of fixed annual escalators, over the lease term when we have determined that the collectibility of substantially all of the lease payments is probable. Certain of our operating leases contain provisions for an increase based on the change in pre-determined formulas from year to year (e.g., increases in the Consumer Price Index). We do not include in our measurement of our lease receivables these variable increases until the specific events that trigger the variable payments have occurred. Certain payments made to operators are treated as lease inducements and are amortized as a reduction of revenue over the lease term. Our leased real estate properties are leased under provisions of single or master leases with initial terms typically ranging from 5 to 15 years. Some of our leases have options to extend, terminate or purchase the facilities, which are considered when determining the lease term. We assess the probability of collecting substantially all payments due under our leases on several factors, including, among other things, payment history, the financial strength of the lessee and any guarantors, as applicable, historical operations and operating trends, current and future economic conditions, and expectations of performance (which includes known substantial doubt about an operator’s ability to continue as a going concern). If our evaluation of these factors indicates it is not probable that we will be able to collect substantially all rents, we recognize a charge to rental income to write off straight-line rent receivables and limit our rental income to the lesser of lease income on a straight-line basis plus variable rents when they become accruable or cash collected. Provisions for uncollectible lease payments are recognized as a direct reduction to rental income. If we change our conclusion regarding the probability of collecting rent payments required by a lessee, we may recognize an adjustment to rental income in the period we make a change to our prior conclusion, potentially resulting in increased volatility of rental income. Under the terms of our leases, the lessee is responsible for all maintenance, repairs, taxes and insurance on the leased properties. Certain of our operating leases require the operators to reimburse us for property taxes and other expenditures that are not considered components of the lease and therefore no consideration is allocated to them as they do not result in the transfer of a good or service to the operators. We have determined that all of our leases qualify for the practical expedient, under Accounting Standards Codification (“ASC”) 842, Leases (“Topic 842”), to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as the lease components. Certain operators are obligated to pay directly their obligations under their leases for real estate taxes, insurance and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for these obligations under their respective lease defaults on its lease or if it is deemed probable that the tenant will fail to pay for such costs, we would record a liability for such obligation. We have elected to exclude sales and other similar taxes from the measurement of lease revenue and expense. Loan Interest Income Interest income is recognized as earned over the term of the related real estate and non-real estate loans receivable. Interest income is recorded on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. In applying the effective interest method, the effective yield on a loan is determined based on its contractual payment terms, adjusted for prepayment terms. Direct Financing Lease Income As of December 31, 2023, we have one lease for a facility that is classified as a direct financing lease. For leases accounted for as direct financing leases, we record the present value of the future minimum lease payments (utilizing a constant interest rate over the term of the lease agreement) as a receivable and record interest income based on the contractual terms of the lease agreement. Costs related to originating direct financing leases are deferred and amortized on a straight-line basis as a reduction to income from direct financing leases over the term of the direct financing leases. Real Estate Sales We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred, and we no longer have substantial continuing involvement with the real estate sold. Gains on the sale of real estate are recognized pursuant to provisions under Accounting Standards Codification (“ASC”) 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. Under ASC 610-20, we determine whether the transaction is a sale to a customer or non-customer. As a REIT, we do not sell real estate within the ordinary course of our business and therefore, expect that our sale transactions will not be contracts with customers. ASC 610-20 refers to the revenue recognition principles under ASC 606, Revenue from Contracts with Customers. Under ASC 610-20, if we determine we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we will dispose of the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer. If we determine a sale has not occurred under ASC 610-20, we continue to record the asset on the Consolidated Balance Sheets and related depreciation expense on the Consolidated Statements of Operations. |
Fair Value Measurement | Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: ● Level 1 - quoted prices for identical instruments in active markets; ● Level 2 - quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and ● Level 3 - fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and classifies such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies such items in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, these items could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow and Monte Carlo valuation models. |
Real Estate Acquisitions | Real Estate Acquisitions Upon acquisition of real estate properties, we evaluate the acquisition to determine if it is a business combination or an asset acquisition. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the acquisition is determined to be an asset acquisition, the Company records the purchase price and other related costs incurred to the acquired tangible assets and identified intangible assets and liabilities on a relative fair value basis. In addition, costs incurred for asset acquisitions, including transaction costs, are capitalized. If the acquisition is determined to be a business combination, we record the purchase of properties to net tangible and identified intangible assets acquired and liabilities assumed at fair value. Goodwill is measured as the excess of the fair value of the consideration transferred over the fair value of the identifiable net assets. Transaction costs are expensed as incurred as part of a business combination. In making estimates of fair value for purposes of recording asset acquisitions and business combinations, we utilize a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company determines the fair value of acquired assets and liabilities as follows: ● Land is determined based on third-party appraisals which typically include market comparables. ● Buildings and site improvements acquired are valued using a combination of discounted cash flow projections that assume certain future revenues and costs and consider capitalization and discount rates using current market conditions as well as the residual approach. ● Furniture and fixtures are determined based on third-party appraisals which typically utilize a replacement cost approach. ● Mortgages and other investments are valued using a discounted cash flow analysis, using interest rates being offered for similar loans to borrowers with similar credit ratings. ● Investments in joint ventures are valued based on the fair value of the joint ventures’ assets and liabilities. Differences, if any, between the Company’s basis and the joint venture’s basis are generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of earnings (losses) of the joint venture. ● Intangible assets and liabilities acquired are valued using a combination of discounted cash flow projections as well as other valuation techniques based on current market conditions for the intangible asset or liability being acquired. When evaluating below market leases we consider extension options controlled by the lessee in our evaluation. ● Other assets acquired and liabilities assumed are typically valued at stated amounts, which approximate fair value on the date of the acquisition. ● Assumed debt balances are valued by discounting the remaining contractual cash flows using a current market rate of interest. ● Noncontrolling interests are valued using a stock price, if available, or by other methods to estimate the fair value on the acquisition date. |
Real Estate Properties | Real Estate Properties Real estate properties are carried at initial recorded value less accumulated depreciation. The costs of significant improvements, renovations and replacements, including interest are capitalized. Our interest expense reflected in the Consolidated Statements of Operations has been reduced by the amounts capitalized. For the years ended December 31, 2023, 2022 and 2021, we capitalized $4.3 million, $3.2 million and $1.5 million, respectively, of interest to our projects under development. In addition, we capitalize leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvement. Expenditures for maintenance and repairs are expensed as they are incurred. Depreciation is computed on a straight-line basis over the estimated useful lives ranging from 20 to 40 years for buildings, eight three Management evaluates our real estate properties for impairment indicators at each reporting period, including the evaluation of our assets’ useful lives. The judgment regarding the existence of impairment indicators is based on factors such as, but not limited to, market conditions, operator performance including the current payment status of contractual obligations and expectations of the ability to meet future contractual obligations, legal structure, as well as our intent with respect to holding or disposing of the asset. If indicators of impairment are present, management evaluates the carrying value of the related real estate investments in relation to management’s estimate of future undiscounted cash flows of the underlying facilities. The estimated future undiscounted cash flows are generally based on the related lease which relates to one or more properties and may include cash flows from the eventual disposition of the asset. In some instances, there may be various potential outcomes for a real estate investment and its potential future cash flows. In these instances, the undiscounted future cash flows used to assess the recoverability of the assets are probability-weighted based on management’s best estimates as of the date of evaluation. Impairment losses related to long-lived assets are recognized when expected future undiscounted cash flows based on our intended use of the property are determined to be less than the carrying values of the assets. An adjustment is made to the net carrying value of the real estate investments for the excess of carrying value over fair value. The fair value of the real estate investment is determined based on current market conditions and considers matters such as rental rates and occupancies for comparable properties, recent sales data for comparable properties, and, where applicable, contracts or the results of negotiations with purchasers or prospective purchasers. Additionally, our evaluation of fair value may consider valuing the property as a nursing home or other healthcare facility as well as alternative uses. All impairments are taken as a period cost at that time, and depreciation is adjusted going forward to reflect the new value assigned to the asset. Management’s impairment evaluation process, and when applicable, impairment calculations involve estimation of the future cash flows from management’s intended use of the property as well as the fair value of the property. Changes in the facts and circumstances that drive management’s assumptions may result in an impairment to our assets in a future period that could be material to our results of operations. |
Assets Held for Sale | Assets Held for Sale We consider properties to be assets held for sale when (1) management commits to a plan to sell the property; (2) it is unlikely that the disposal plan will be significantly modified or discontinued; (3) the property is available for immediate sale in its present condition; (4) actions required to complete the sale of the property have been initiated; (5) sale of the property is probable and we expect the completed sale will occur within one year; and (6) the property is actively being marketed for sale at a price that is reasonable given our estimate of current market value. Upon designation of a property as an asset held for sale, we record the property’s value at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and we cease depreciation. |
Lessee Accounting | Lessee Accounting Omega leases real estate (corporate headquarters and certain other facilities), office equipment and is party to certain ground leases on our owned facilities. We determine if an arrangement is or contains a lease at inception. Leases are classified as either finance or operating at inception of the lease. Short-term leases, defined as leases with an initial term of 12 months or less that do not contain a purchase option, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight-line basis over the lease term. As of December 31, 2023 and 2022, all of the leases where we are the lessee were classified as operating leases. We have leases that contain both lease and non-lease components and have elected, as an accounting policy, to not separate lease components and non-lease components. Operating and finance lease right-of-use ("ROU") assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Our ROU assets and lease liabilities are included in other assets and accrued expenses and other liabilities, respectively, on our Consolidated Balance Sheets. The lease liability is calculated as the present value of the remaining minimum rental payments for existing leases using either the rate implicit in the lease or, if none exists, the Company's incremental borrowing rate, as the discount rate. Certain leases have options to extend, terminate or purchase the asset and have been considered in our analysis of the lease term and the measurement of the ROU assets and lease liabilities. On a quarterly basis, we record our lease liabilities at the present value of the future lease payments using the discount rate determined at lease commencement. Rental expense from operating leases is generally recognized on a straight-line basis over the lease term. Lease expense derived from our operating leases is recorded in general and administrative in our Consolidated Statements of Operations. We do not include in our measurement of our lease liability certain variable payments, including changes in an index until the specific events that trigger the variable payments have occurred. We record on a straight-line basis rental income and ground lease expense for those assets we lease and are reimbursed by our operators and/or are paid for directly by our operators. |
In-Place Leases | In-Place Leases In-place lease assets and liabilities result when we assume a lease as part of an asset acquisition or business combination. The fair value of in-place leases consists of the following components, as applicable (1) the estimated cost to replace the leases and (2) the above or below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place at the time of acquisition to projected cash flows of comparable market-rate leases. 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 over the estimated remaining term of the underlying leases. Should a tenant terminate the lease, the unamortized portion of the lease intangible is recognized immediately as an adjustment to rental income. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses reflects our current estimate of the potential credit losses on our real estate loans, non-real estate loans, and our investment in direct financing leases and is recorded as a valuation account as a direct offset against these financial instruments on our Consolidated Balance Sheets. Expected credit losses inherent in non-cancelable unfunded loan commitments are accounted for as separate liabilities included in accrued expenses and other liabilities on the Consolidated Balance Sheets. The Company has elected to not measure an allowance for credit losses on accrued interest receivables related to all of its real estate loans and non-real estate loans because we write off uncollectible accrued interest receivable in a timely manner pursuant to our non-accrual policy, described below. Changes to the allowance for credit losses on loans resulting from quarterly evaluations are recorded through provision for credit losses on the Consolidated Statements of Operations. We assess the creditworthiness of our borrowers on a quarterly basis. For purposes of determining our allowance for credit loss, we pool financial assets that have similar risk characteristics. We aggregate our financial assets by financial instrument type (i.e. real estate loan, non-real estate loan, etc.) and by our internal risk rating. Our internal credit ratings consider several factors including the collateral and/or security, the performance of borrowers underlying facilities, if applicable, available credit support (e.g., guarantees), borrowings with third parties, and other ancillary business ventures and real estate operations of the borrower. Our internal ratings range between 1 and 7. An internal rating of 1 reflects the lowest likelihood of loss and a 7 reflects the highest likelihood of loss. The characteristics associated with each risk rating is as follows: ● Risk Rating 1 through 3 – Instruments with minimal to marginally acceptable risk. ● Risk Rating 4 - Instruments with potential weaknesses identified (Special mention). ● Risk Rating 5 - Instruments with well-defined weaknesses that may result in possible losses (Substandard). ● Risk Rating 6 – Instruments that are unlikely to be repaid in full and will probably result in losses (Doubtful). ● Risk Rating 7 – Instrument that will not be repaid in full and losses will occur (Loss). Periodically, the Company may identify an individual loan for impairment. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreements. Our assessment of collectibility considers several factors, including, among other things, payment history, the financial strength of the borrower and any guarantors, historical operations and operating trends, current and future economic conditions, expectations of performance (which includes known substantial doubt about an operator’s ability to continue as a going concern) and the fair value of the underlying collateral of the agreement, a Level 3 measurement, if any. Consistent with this definition, all loans on non-accrual status may be deemed impaired. To the extent circumstances improve and the risk of collectibility is diminished, we will return these loans to full accrual status. When we identify a loan impairment, the loan is written down to the present value of the expected future cash flows or to the fair value of the underlying collateral. Financial instruments are charged off against the allowance for credit losses when collectibility is determined to be permanently impaired. We account for impaired loans using (a) the cost-recovery method, and/or (b) the cash basis method. We generally utilize the cost-recovery method for impaired loans for which impairment reserves were recorded. Under the cost-recovery method, we apply cash received against the outstanding loan balance prior to recording interest income. Under the cash basis method, we apply cash received to principal or interest income based on the terms of the agreement. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures We account for our investments in unconsolidated joint ventures using the equity method of accounting as we exercise significant influence, but do not control the entities. Under the equity method of accounting, the net equity investments of the Company are reflected in the accompanying Consolidated Balance Sheets and the Company’s share of net income and comprehensive income from the joint ventures are included in the accompanying Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income, respectively. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in the unconsolidated joint ventures may be other-than-temporarily-impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such a decline in value is deemed to be other than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The estimated fair value of the investment is determined using a discounted cash flow model which is a Level 3 valuation. We consider a number of assumptions that are subject to economic and market uncertainties including, among others, rental rates, operating costs, capitalization rates, holding periods and discount rates. |
In Substance Real Estate Investments | In Substance Real Estate Investments We provide loans to third parties for the acquisition, development and construction of real estate. Under these arrangements, it is possible that we will participate in the expected residual profits of the project through the sale, refinancing or acquisition of the property. We evaluate the characteristics of each arrangement, including its risks and rewards, to determine whether they are more similar to those associated with a loan or an investment in real estate. Arrangements with characteristics implying loan classification are presented as real estate loans receivable and result in the recognition of interest income. Arrangements with characteristics implying real estate joint ventures are treated as in substance real estate investments and presented as investments in unconsolidated joint ventures and are accounted for using the equity method. The classification of each arrangement as either a real estate loan receivable or investment in unconsolidated joint venture involves judgment and relies on various factors, including market conditions, amount and timing of expected residual profits, credit enhancements in the form of guarantees, estimated fair value of the collateral, and significance of borrower equity in the project, among others. The classification of such arrangements is performed at inception, and periodically reassessed when significant changes occur in the circumstances or conditions described above. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value. The majority of our cash, cash equivalents and restricted cash are held at major commercial banks. Certain cash account balances exceed FDIC insurance limits of $250,000 per account and, as a result, there is a concentration of credit risk related to amounts in excess of the insurance limits. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of liquidity deposits escrowed for tenant obligations required by us pursuant to certain contractual terms and other deposits required by the U.S. Department of Housing and Urban Development (“HUD”) in connection with our mortgage borrowings guaranteed by HUD. |
Deposits | Deposits We obtain liquidity deposits and other deposits, security deposits and letters of credit from certain operators pursuant to our lease and mortgage agreements. These generally represent the rental and/or mortgage interest for periods ranging from three The liquidity deposits and other deposits, security deposits and the letters of credit may be used in the event of lease and/or loan defaults, subject to applicable limitations under bankruptcy law with respect to operators filing under Chapter 11 of the U.S. Bankruptcy Code. Liquidity deposits and other deposits are recorded as restricted cash on our Consolidated Balance Sheets with the offset recorded as a liability in accrued expenses and other liabilities on our Consolidated Balance Sheets. Security deposits related to cash received from the operators are primarily recorded in cash and cash equivalents on our Consolidated Balance Sheets with a corresponding offset in accrued expenses and other liabilities on our Consolidated Balance Sheets. Additional security for rental and loan interest revenue from operators is provided by covenants regarding minimum working capital and net worth, liens on accounts receivable and other operating assets of the operators, provisions for cross-default, provisions for cross-collateralization and by corporate or personal guarantees. |
Goodwill Impairment | Goodwill Impairment We test goodwill for potential impairment at least annually in the fourth quarter, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the net assets of the reporting unit. An impairment loss is recognized to the extent that the carrying amount, including goodwill, exceeds the reporting unit’s fair value. Goodwill is not deductible for tax purposes. We have had no goodwill impairment charges for the last three fiscal years. |
Income Taxes | Income Taxes Omega and its wholly-owned subsidiaries were organized to qualify for taxation as a REIT under Section 856 through 860 of the Internal Revenue Code (“Code”). As long as we qualify as a REIT, we will not be subject to federal income taxes on the REIT taxable income that we distributed to stockholders, subject to certain exceptions. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRSs”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. Omega OP is a pass-through entity for U.S. federal income tax purposes. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carry-forwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. We are subject to certain state and local income tax, franchise taxes and foreign taxes. The expense associated with these taxes are included in income tax expense on the Consolidated Statements of Operations. |
Stock-Based Compensation | Stock-Based Compensation We recognize stock-based compensation expense adjusted for estimated forfeitures to employees and directors, in general and administrative in our Consolidated Statements of Operations on a straight-line basis over the requisite service period of the awards. |
Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance | Deferred Financing Costs and Original Issuance Premium and/or Discounts for Debt Issuance External costs incurred from the placement of our debt are capitalized and amortized on a straight-line basis over the terms of the related borrowings which approximates the effective interest method. Deferred financing costs related to our revolving line of credit are included in other assets on our Consolidated Balance Sheets and deferred financing costs related to our other borrowings are included as a direct deduction from the carrying amount of the related liability on our Consolidated Balance Sheets. Original issuance premium or discounts reflect the difference between the face amount of the debt issued and the cash proceeds received and are amortized on a straight-line basis over the term of the related borrowings. All premiums and discounts are recorded as an addition to or reduction from debt on our Consolidated Balance Sheets. Amortization of deferred financing costs and original issuance premiums or discounts totaled $13.7 million, $12.9 million and $12.3 million for the years ended December 31, 2023, 2022 and 2021, respectively, and are recorded in interest expense on our Consolidated Statements of Operations. |
Earnings Per Share | Earnings Per Share The computation of basic earnings per share/unit (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding during the relevant period. Diluted EPS is computed using the treasury stock method, which is net income divided by the total weighted-average number of common outstanding shares plus the effect of dilutive common equivalent shares during the respective period. Dilutive common shares reflect the assumed issuance of additional common shares pursuant to certain of our share-based compensation plans, including restricted stock and profit interest units, performance restricted stock and profit interest units, the assumed issuance of additional shares related to Omega OP Units held by outside investors. |
Noncontrolling Interests and Redeemable Limited Partnership Unitholder Interests | Noncontrolling Interests and Redeemable Limited Partnership Unitholder Interests Noncontrolling interests is the portion of equity not attributable to the respective reporting entity. We present the portion of any equity that we do not own in consolidated entities as noncontrolling interests and classify those interests as a component of total equity, separate from total stockholders’ equity on our Consolidated Balance Sheets. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Operations. As our ownership of a controlled subsidiary increases or decreases, any difference between the aggregate consideration paid to acquire the noncontrolling interests and our noncontrolling interest balance is recorded as a component of equity in additional paid-in capital, so long as we maintain a controlling ownership interest. The noncontrolling interest for Omega primarily represents the outstanding Omega OP Units held by outside investors. Each of the Omega OP Units (other than the Omega OP Units owned by Omega) is redeemable at the election of the Omega OP Unit holder for cash equal to the then-fair market value of one share of Omega common stock, par value $0.10 per share (“Omega Common Stock”), subject to Omega’s election to exchange the Omega OP Units tendered for redemption for unregistered shares of Omega Common Stock on a one-for-one basis, subject to adjustment as set forth in Omega OP’s partnership agreement. As of December 31, 2023, Omega owns approximately 97% of the issued and outstanding Omega OP Units, and investors own approximately 3% of the outstanding Omega OP Units. |
Foreign Operations | Foreign Operations The U.S. dollar (“USD”) is the functional currency for our consolidated subsidiaries operating in the U.S. The functional currency for our consolidated subsidiaries operating in the U.K. is the British Pound (“GBP”). Total revenues from our consolidated U.K. operating subsidiaries were $56.8 million, $47.7 million and $38.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Our consolidated U.K. operating subsidiaries held long-lived assets of $539.6 million and $453.4 million as of December 31, 2023 and 2022, respectively. For our consolidated subsidiaries whose functional currency is not the USD, we translate their financial statements into the USD. We translate the balance sheet accounts at the exchange rate in effect as of the financial statement date. The income statement accounts are translated using an average exchange rate for the period. Gains and losses resulting from translation are included in accumulated other comprehensive income (loss) (“AOCI”), as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interests, if applicable. We and certain of our consolidated subsidiaries may have intercompany and third-party debt that is not denominated in the entity’s functional currency. When the debt is remeasured against the functional currency of the entity, a gain or loss can result. The resulting adjustment is reflected in results of operations within other expense - net, unless it is intercompany debt that is deemed to be long-term in nature in which case the adjustments are included in AOCI and a proportionate amount of gain or loss is allocated to noncontrolling interests, if applicable. |
Derivative Instruments | Derivative Instruments 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. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objectives and strategy for undertaking various hedge transactions. This process includes designating all derivatives that are part of a hedging relationship to specific forecasted transactions as well as recognized liabilities or assets on the Consolidated Balance Sheets. In addition, at the inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives required to be bifurcated, as assets or liabilities on the Consolidated Balance Sheets at fair value which is determined using a market approach and Level 2 inputs. Changes in the fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in the Consolidated Statements of Operations. For derivatives designated in qualifying cash flow hedging relationships, the gain or loss on the derivative is recognized in AOCI as a separate component of equity and a proportionate amount of gain or loss is allocated to noncontrolling interest, if applicable. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. For net investment hedge accounting, upon sale or liquidation of our U.K. investment, the cumulative balance of the remeasurement value is reclassified to the Consolidated Statements of Operations. |
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 | Reclassifications Certain line items on our Consolidated Statements of Cash Flows have been combined to conform to the current period presentation. We previously reported assets held for sale of $261.2 million on the Consolidated Balance Sheet as of December 31, 2021. As of December 31, 2022, $58.1 million of these assets no longer qualified as held for sale and were 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, 2021. Of the $58.1 million reclassified net of $20.8 million of accumulated depreciation, $67.5 million relates to buildings, $2.8 million relates to land and $8.6 million relates to furniture and equipment. We recorded a $3.2 million cumulative catch-up adjustment to depreciation and amortization expense related to these facilities concurrent with the reclassification in the fourth quarter of 2022. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU – 2023-07- Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, which expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. Additionally, all disclosure requirements under the guidance are also required for public entities with a single reportable segment. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the amendment to determine its impact on the Company’s disclosures. ASU – 2023-05 - Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement On August 23, 2023, the FASB issued ASU 2023-05 requiring certain joint ventures, upon formation, to apply a new basis of accounting and initially measure most of their assets and liabilities at fair value in their financial statements. ASU 2023-05 does not affect the accounting by the joint venture’s investors. The guidance is effective for all joint ventures with a formation date on or after January 1, 2025, and early adoption is permitted either prospectively or retrospectively. The Company is still evaluating its adoption timeline, methodology and the impact on its consolidated financial statements. ASU – 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures On March 31, 2022, the FASB issued ASU 2022-02, which eliminates the recognition and measurement guidance for troubled debt restructurings (“TDRs”) and requires additional disclosures for certain loan modifications. ASU 2022-02 also requires entities to disclose gross write-offs of financing receivables and net investments in leases by year of origination. Omega elected to early adopt ASU 2022-02 on a prospective basis effective January 1, 2022. During 2022, we had three loan modifications with two borrowers experiencing financial difficulty pursuant to ASU 2022-02, Guardian Healthcare (“Guardian”) and LaVie Care Centers, LLC (“LaVie,” f/k/a Consulate Health Care), that require additional disclosures. During 2023, we had three loan modifications with two borrowers experiencing financial difficulty pursuant to ASU 2022-02, Maplewood Senior Living (along with affiliates, “Maplewood”) and Agemo Holdings, LLC (“Agemo”), that require additional disclosures. The required disclosures for these loans are included in Note 5 – Contractual Receivables and Other Receivables and Lease Inducements, Note 7 – Real Estate Loans Receivable and Note 8 – Non-Real Estate Loans Receivable. We have disclosed our gross write-offs of financing receivables and direct financing leases by year of origination in Note 9 – Allowance for Credit Losses. ASU – 2020-04, Financial Instruments – Reference Rate Reform (Topic 848) On March 12, 2020, the FASB issued ASU 2020-04, which contains optional practical expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting for contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”). The guidance may be elected over time until December 31, 2022, as reference rate reform activities occur. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extended the practical expedients under ASU 2020-04 to December 31, 2024. The Company had several derivative instruments that referenced LIBOR which were terminated during the second quarter of 2023 (see Note 15 – Derivatives and Hedging). The Company also had a $1.45 billion senior unsecured multicurrency revolving credit facility and a $50.0 million senior unsecured term loan facility (see Note 14 – Borrowing Activities and Arrangements) that referenced LIBOR. During the second quarter of 2023, the Company amended its $1.45 billion senior unsecured multicurrency revolving credit facility and $50.0 million senior unsecured term loan facility to adjust the interest on each loan from a LIBOR based interest rate to a Secured Overnight Financing Rate (“SOFR”) based interest rate. For both loans we have elected to apply the optional expedient pursuant to Topic 848. As such we will account for the amendments as if the modifications were not substantial and thus a continuation of the existing contract resulting in no change to the current loan carrying values or the related deferred financing costs. |
REAL ESTATE ASSET ACQUISITION_2
REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT [Abstract] | |
Summary of asset acquisitions | The following table summarizes the significant asset acquisitions that occurred in 2023: Number of Total Real Estate Initial Facilities Assets Acquired Annual Period SNF ALF Country/State (in millions) Cash Yield (1) Q1 — 6 U.K. $ 26.4 (2) 8.0 % Q2 4 — WV 114.8 (3) 9.5 % Q2 1 — WV 13.7 10.0 % Q3 1 — VA 15.6 10.0 % Q3 — 14 U.K. 39.5 10.2 % Q4 1 — MD 22.5 10.0 % (4) Q4 — 1 U.K. 3.8 9.0 % Q4 2 — LA 24.9 10.0 % Total 9 21 $ 261.2 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. (2) In connection with this acquisition, the Company recorded $9.9 million of right-of-use assets and lease liabilities associated with ground leases assumed in the acquisition. (3) In connection with this acquisition, the Company also provided $104.6 million of mezzanine financing discussed further in Note 7 – Real Estate Loans Receivable and Note 8 – Non-Real Estate Receivable. (4) Of the 10% initial annual cash yield for this acquisition, 2% can be deferred. The following table summarizes the significant asset acquisitions that occurred in 2022: Number of Total Real Estate Initial Facilities Assets Acquired Annual Period SNF ALF Country/State (in millions) Cash Yield (1) Q1 — 1 U.K. $ 8.7 (2) 8.0 % Q1 — 1 U.K. 5.0 8.0 % Q1 — 27 U.K. 86.6 (2) 8.0 % Q1 1 — MD 8.2 (3) 9.5 % Q3 — 4 U.K. 28.2 8.0 % Q4 6 1 PA, NC 88.5 (4) 9.0 % Total 7 34 $ 225.2 (1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price. (2) The total consideration paid for the one-facility U.K. acquisition and the 27 -facility U.K. acquisition was $8.2 million and $100.0 million, respectively. In connection with these acquisitions, we allocated $0.5 million of the purchase consideration to a deferred tax liability related to the one -facility U.K. acquisition, and $13.4 million to a deferred tax asset related to the 27 -facility U.K. acquisition. See Note 17 – Taxes for additional information. (3) Total consideration for the one -facility Maryland acquisition was paid on December 30, 2021, but the closing of the acquisition did not occur until January 1, 2022. (4) During the fourth quarter of 2022, we acquired seven facilities using a reverse like-kind exchange structure pursuant to Section 1031 of the Code (a “reverse 1031 exchange”). As of December 31, 2022, we had completed the reverse 1031 exchange for three of the acquired facilities and the remaining four acquired facilities remained in the possession of the EATs. During the second quarter of 2023, the remaining four facilities were released from the possession of the EATs, as we did not identify any qualifying exchange transactions. The EATs were classified as VIEs as they do not have sufficient equity investment at risk to permit the entity to finance its activities. The Company consolidated the EATs because it had the ability to control the activities that most significantly impacted the economic performance of the EATs and was, therefore, the primary beneficiary of the EATs. The properties held by the EATs were reflected as real estate with a carrying value of $55.2 million as of December 31, 2022. The EATs also held cash of $23.9 million as of December 31, 2022. The following table summarizes the significant asset acquisitions that occurred in 2021: Number of Total Real Estate Initial Facilities Assets Acquired (1) Annual Period SNF ALF Specialty Country/State (in millions) Cash Yield (2) Q1 — 17 7 AZ, CA, FL, IL, NJ, OR, PA, TN, TX, VA, WA $ 511.3 8.43 % Q1 6 — — FL 83.1 9.25 % Q3 — 2 — U.K. 9.6 7.89 % Total 6 19 7 $ 604.0 (1) Excludes $10.6 million of land acquisitions, $58.6 million of non-cash acquisitions of facilities previously subject to mortgage loans with Omega in which principal amounts under the loan agreements were reduced or settled in exchange for title to the facilities (See Note 7 – Real Estate Loans Receivable), and $1.2 million of transaction costs incurred related to the non-cash acquisitions. (2) 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) | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, December 31, 2023 2022 Number of facilities held for sale 17 2 Amount of assets held for sale (in thousands) $ 93,707 $ 9,456 |
CONTRACTUAL RECEIVABLES AND O_2
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | |
Schedule of Net Accounts Receivable | A summary of our net receivables by type is as follows: December 31, December 31, 2023 2022 (in thousands) Contractual receivables – net $ 11,888 $ 8,228 Effective yield interest receivables $ 3,127 $ 5,696 Straight-line rent receivables 202,748 166,061 Lease inducements 8,782 6,041 Other receivables and lease inducements $ 214,657 $ 177,798 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES [Abstract] | |
Schedule of operating lease income | The following table summarizes the Company’s rental income from operating leases: Year Ended December 31, 2023 2022 2021 (in thousands) Rental income – operating leases $ 811,123 $ 735,247 $ 911,701 Variable lease income – operating leases 14,257 14,961 11,976 Total rental income $ 825,380 $ 750,208 $ 923,677 |
Schedule of estimated contractual rent receivables under operating leases | The following amounts reflect the future minimum lease payments due to us for the remainder of the initial terms of our operating leases as of December 31, 2023: (in thousands) 2024 $ 816,703 2025 836,729 2026 858,145 2027 831,150 2028 748,652 Thereafter 4,841,217 Total $ 8,932,596 |
Schedule of summarized balance sheet information related to leases | The following table summarizes the balance sheet information related to leases where the Company is a lessee: December 31, December 31, 2023 2022 (in thousands) Other assets - right of use assets $ 30,178 $ 17,849 Accrued expenses and other liabilities – lease liabilities $ 31,625 $ 19,130 |
Schedule of Components of Investment in Direct Financing Leases | The components of investments in direct financing leases consist of the following: December 31, December 31, 2023 2022 (in thousands) Minimum lease payments receivable $ 22,628 $ 23,756 Less unearned income (11,423) (12,437) Investment in direct financing leases 11,205 11,319 Less allowance for credit losses on direct financing leases (2,489) (2,816) Investment in direct financing leases – net $ 8,716 $ 8,503 Properties subject to direct financing leases 1 1 Number of direct financing leases 1 1 |
REAL ESTATE LOANS RECEIVABLE (T
REAL ESTATE LOANS RECEIVABLE (Tables) - Mortgage Receivables and Other Real Estate Loans [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Investments | The principal amounts outstanding of real estate loans receivable, net of allowances, were as follows: December 31, December 31, 2023 2022 (in thousands) Mortgage notes due 2030; interest at 11.18% (1) $ 514,866 $ 506,321 Mortgage notes due 2037; interest at 10.50% 72,420 72,420 Mortgage note due 2025; interest at 7.85% 62,010 63,811 Mortgage note due 2028; interest at 10.00% 50,000 — Mortgage note due 2031; interest at 11.27% — 76,049 Other mortgage notes outstanding (2) 55,141 12,922 Mortgage notes receivable – gross 754,437 731,523 Allowance for credit losses on mortgage notes receivable (55,661) (83,393) Mortgage notes receivable – net 698,776 648,130 Other real estate loan due 2035; interest at 7.00% 263,520 250,500 Other real estate loans due 2023-2030; interest at 11.77% (1)(3) 120,576 43,628 Other real estate loans due 2024; interest at 13.20% (1) 106,807 98,440 Other real estate loans outstanding (4) 57,812 20,000 Other real estate loans – gross 548,715 412,568 Allowance for credit losses on other real estate loans (35,329) (17,967) Other real estate loans – net 513,386 394,601 Total real estate loans receivable – net $ 1,212,162 $ 1,042,731 (1) Approximates the weighted average interest rate on facilities as of December 31, 2023. (2) Other mortgage notes outstanding have a weighted average interest rate of 9.45% per annum as of December 31, 2023 with maturity dates ranging from 2024 through 2026 . 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. (3) Other real estate loans due 2023-2030 included five loans with a maturity date of December 31, 2023 that were subsequently fully repaid in January 2024. (4) Other real estate loans outstanding have a weighted average interest rate of 11.25% as of December 31, 2023, with maturity dates ranging from 2027 to 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: Year Ended December 31, 2023 2022 2021 (in thousands) Mortgage notes – interest income $ 68,340 $ 74,233 $ 91,661 Other real estate loans – interest income 29,426 36,089 31,988 Total real estate loans interest income $ 97,766 $ 110,322 $ 123,649 |
NON-REAL ESTATE LOANS RECEIVA_2
NON-REAL ESTATE LOANS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 and/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 and/or personal guarantees. As of December 31, 2023, we had 44 loans with 23 different borrowers. December 31, December 31, 2023 2022 (in thousands) Notes due 2024-2029; interest at 11.22% (1) $ 92,681 $ 55,981 Notes due 2036; interest at 5.63% 77,854 55,791 Notes due 2024-2026; interest at 10.69% (1) 53,300 10,800 Note due 2024; interest at 7.50% (2) 44,999 47,999 Notes due 2036; interest at 2.00% 32,308 32,539 Note due 2027; interest at 12.00% — 39,653 Other notes outstanding (3) 96,104 66,386 Non-real estate loans receivable – gross 397,246 309,149 Allowance for credit losses on non-real estate loans receivable (121,631) (83,868) Total non-real estate loans receivable – net $ 275,615 $ 225,281 (1) Approximate weighted average interest rate as of December 31, 2023. (2) During the year ended December 31, 2023, the interest rate was amended to increase the interest rate on borrowings in excess of $45 million to 10% through October 15, 2023, and to 12% thereafter. The interest rate remains at 7.5% for borrowings that do not exceed $45 million. All borrowings in excess of $45 million had been repaid by December 31, 2023. (3) Other notes outstanding have a weighted average interest rate of 8.04%, as of December 31, 2023, with maturity dates ranging from 2024 through 2030 (with $9.4 million maturing in 2024 ). Three of the other notes outstanding with an aggregate principal balance of $9.2 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) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of expected credit loss | A rollforward of our allowance for credit losses, summarized by financial instrument type and internal credit risk rating, for the years ended December 31, 2023, 2022 and 2021 is as follows: Rating Financial Statement Line Item Allowance for Credit Loss as of December 31, 2022 Provision (recovery) for Credit Loss for the year ended December 31, 2023 (1) Write-offs charged against allowance for the year ended December 31, 2023 Other additions to the allowance for the year ended December 31, 2023 Allowance for Credit Loss as of December 31, 2023 (in thousands) 1 Real estate loans receivable $ 162 $ 1,339 $ — $ — $ 1,501 2 Real estate loans receivable 157 134 — — 291 3 Real estate loans receivable 15,110 (2,475) — — 12,635 4 Real estate loans receivable 33,666 31,447 — — 65,113 6 Real estate loans receivable 52,265 (3,860) (36,955) (2) — 11,450 Sub-total 101,360 26,585 (36,955) — 90,990 5 Investment in direct financing leases 2,816 (327) — — 2,489 Sub-total 2,816 (327) — — 2,489 2 Non-real estate loans receivable 859 292 — — 1,151 3 Non-real estate loans receivable 2,079 1,824 — — 3,903 4 Non-real estate loans receivable 634 86 — — 720 5 Non-real estate loans receivable 18,619 (415) — 25,200 (3) 43,404 6 Non-real estate loans receivable 61,677 10,776 — — 72,453 Sub-total 83,868 12,563 — 25,200 121,631 2 Unfunded real estate loan commitments — 10 — — 10 3 Unfunded real estate loan commitments — 335 — — 335 4 Unfunded real estate loan commitments 84 4,230 — — 4,314 2 Unfunded non-real estate loan commitments 207 485 — — 692 3 Unfunded non-real estate loan commitments 29 17 — — 46 4 Unfunded non-real estate loan commitments — 63 — — 63 5 Unfunded non-real estate loan commitments — 1,594 — — 1,594 Sub-total 320 6,734 — — 7,054 Total $ 188,364 $ 45,555 $ (36,955) $ 25,200 $ 222,164 (1) During the year ended December 31, 2023, we received proceeds of $1.0 million from the liquidating trust related to the DIP facility which resulted in a recovery for credit losses of $1.0 million that is not included in the rollforward above since we had previously written-off the loan balance and related reserves. (2) This amount relates to the write-off of the allowance for the Guardian mortgage note in connection with the settlement and partial forgiveness of the note in the second quarter of 2023. See Note 7 – Real Estate Loans Receivable for additional details. (3) 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. See Note 8 – Non-Real Estate Loans Receivable for additional details. Rating Financial Statement Line Item Allowance for Credit Loss at December 31, 2021 Provision (recovery) for Credit Loss for the year ended December 31, 2022 Write-offs charged against allowance for the year ended December 31, 2022 Allowance for Credit Loss as of December 31, 2022 (in thousands) 1 Real estate loans receivable $ — $ 162 $ — $ 162 2 Real estate loans receivable 14 143 — 157 3 Real estate loans receivable 5,367 9,743 — 15,110 4 Real estate loans receivable 20,577 13,089 — 33,666 5 Real estate loans receivable 136 (136) — — 6 Real estate loans receivable 56,480 248 (4,463) (1) 52,265 Sub-total 82,574 23,249 (4,463) 101,360 3 Investment in direct financing leases 530 (530) — — 5 Investment in direct financing leases — 2,816 — 2,816 Sub-total 530 2,286 — 2,816 2 Non-real estate loans receivable 29 830 — 859 3 Non-real estate loans receivable 1,206 873 — 2,079 4 Non-real estate loans receivable 56 578 — 634 5 Non-real estate loans receivable 7,861 10,758 (2) — 18,619 6 Non-real estate loans receivable 51,269 28,460 (3)(4) (18,052) (5) 61,677 Sub-total 60,421 41,499 (18,052) 83,868 3 Unfunded real estate loan commitments 251 (251) — — 4 Unfunded real estate loan commitments 117 (33) — 84 2 Unfunded non-real estate loan commitments 7 200 — 207 3 Unfunded non-real estate loan commitments 207 (178) — 29 4 Unfunded non-real estate loan commitments 216 (216) — — 6 Unfunded non-real estate loan commitments 143 2,107 (5) (2,250) (5) — Sub-total 941 1,629 (2,250) 320 Total $ 144,466 $ 68,663 $ (24,765) $ 188,364 (1) During the third quarter of 2022, we wrote-off the loan balance and reserve for a loan that expired during the quarter which had previously been fully reserved. (2) This provision includes an additional $10.8 million allowance recorded on the Agemo WC Loan during the year ended December 31, 2022. See Note 8 – Non-Real Estate Loans Receivable for additional information on the Agemo WC Loan. (3) This provision includes an additional $23.3 million allowance recorded on the LaVie $25.0 million term loan and on the $8.3 million term loan during the fourth quarter of 2022. See Note 8 – Non-Real Estate Loans Receivable for additional information on the LaVie term loans. (4) This provision includes an additional $5.2 million allowance recorded on the $20 million WC loan during the year ended December 31, 2022 as discussed in Note 8 – Non-Real Estate Loans Receivable. (5) In the second quarter of 2022 we recorded an additional reserve of $2.2 million related to the remaining commitment under the DIP facility as we were notified of the operator’s intent to draw the funds in the third quarter of 2022. In the third quarter of 2022, the remaining commitment under the facility was drawn and the facility expired and as a result we wrote-off the loan balance and related reserves as we do not expect to collect amounts under the facility following the expiration. Rating Financial Statement Line Item Allowance for Credit Loss at December 31, 2020 Provision (recovery) for Credit Loss for the year ended December 31, 2021 Write-offs charged against allowance for the year ended December 31, 2021 Allowance for Credit Loss as of December 31, 2021 (in thousands) 2 Real estate loans receivable $ 86 $ (72) $ — $ 14 3 Real estate loans receivable 4,652 715 — 5,367 4 Real estate loans receivable 28,206 (7,629) (1) — 20,577 5 Real estate loans receivable 434 (298) — 136 6 Real estate loans receivable 4,905 51,575 — 56,480 Sub-total 38,283 44,291 — 82,574 3 Investment in direct financing leases 694 (164) — 530 Sub-total 694 (164) — 530 2 Non-real estate loans receivable 94 (65) — 29 3 Non-real estate loans receivable 1,415 (209) — 1,206 4 Non-real estate loans receivable 23,056 (23,000) (2) — 56 5 Non-real estate loans receivable 1,854 6,102 (3) (95) 7,861 6 Non-real estate loans receivable — 51,269 (2)(4) — 51,269 Sub-total 26,419 34,097 (95) 60,421 3 Unfunded real estate loan commitments 2,096 (1,845) — 251 4 Unfunded real estate loan commitments 24 93 — 117 2 Unfunded non-real estate loan commitments 116 (109) — 7 3 Unfunded non-real estate loan commitments 209 (2) — 207 4 Unfunded non-real estate loan commitments — 216 — 216 6 Unfunded non-real estate loan commitments — 143 — 143 Sub-total 2,445 (1,504) — 941 Total $ 67,841 $ 76,720 $ (95) $ 144,466 (1) Amount reflects the movement of reserves associated with our mortgage loan with Guardian due to a reduction of our internal risk rating on the loan from a 4 to a 6 during 2021. As discussed in Note 7 – Real Estate Loans Receivable, we elected to evaluate the risk of loss on the loan on an individual basis, which resulted in recording an additional $38.2 million reserve on the mortgage loan. This amount also reflects $4.5 million of additional allowance recorded in the second quarter of 2021 to fully impair one real estate loan receivable with a rating of 4 that was subsequently reduced to a rating of 6 in the third quarter of 2021. (2) Amount reflects the movement of $22.7 million of reserves from non-real estate loans receivable with a rating of 4 to non-real estate loans receivable with a rating of 6 as a result of a reduction of our internal credit rating from a 4 to a 6 on the Agemo Term Loan during the third quarter of 2021. Concurrent with reducing the risk rating on the Agemo Term Loan to a 6, we recorded an additional provision of $8.8 million to fully reserve the remaining carrying value of the Agemo Term Loan. See Note 8 – Non-Real Estate Loans Receivable for additional information on the conditions that drove the additional Agemo Term Loan provision and rating reduction. (3) The provision includes an additional $7.9 million allowance recorded on the Agemo WC Loan during the third quarter of 2021. We also reduced the internal rating on the Agemo WC Loan from a 4 to a 5 during the third quarter of 2021. See Note 8 – Non-Real Estate Loans Receivable for additional information on the conditions that drove the additional Agemo WC Loan provision and rating reduction. (4) Amount reflects $20.0 million of additional allowance recorded in the fourth quarter of 2021 to fully reserve the remaining carrying value of the DIP Facility. See Note 8 – Non-Real Estate Loans Receivable for additional information on the DIP Facility. |
Schedule by segment balance by vintage and credit quality indicator | Included below is a summary of the amortized cost basis of our financial instruments by year of origination and internal risk rating and a summary of our gross write-offs by year of origination: Rating Financial Statement Line Item 2023 2022 2021 2020 2019 2018 2017 & older Revolving Loans Balance as of December 31, 2023 (in thousands) 1 Real estate loans receivable $ — $ 20,000 $ — $ — $ — $ — $ 62,010 $ — $ 82,010 2 Real estate loans receivable 7,700 — — 21,325 — — — — 29,025 3 Real estate loans receivable 173,385 31,600 72,420 — — — 110 — 277,515 4 Real estate loans receivable 89,235 — 28,116 82,833 — 135,367 302,609 263,520 901,680 6 Real estate loans receivable — — — — — — 12,922 — 12,922 Sub-total 270,320 51,600 100,536 104,158 — 135,367 377,651 263,520 1,303,152 5 Investment in direct financing leases — — — — — — 11,205 — 11,205 Sub-total — — — — — — 11,205 — 11,205 2 Non-real estate loans receivable 270 — — — — — — 114,448 114,718 3 Non-real estate loans receivable 89,897 20,950 — — 3,654 3,300 — 8,550 126,351 4 Non-real estate loans receivable 692 — — — 1,051 — 1,000 25,800 28,543 5 Non-real estate loans receivable 1,454 — — — 2,295 47,832 — — 51,581 6 Non-real estate loans receivable 5,924 24,457 7,851 — — 3,242 30,022 4,557 76,053 Sub-total 98,237 45,407 7,851 — 7,000 54,374 31,022 153,355 397,246 Total $ 368,557 $ 97,007 $ 108,387 $ 104,158 $ 7,000 $ 189,741 $ 419,878 $ 416,875 $ 1,711,603 Year to date gross write-offs $ — $ — $ — $ — $ — $ — $ (36,955) $ — $ (36,955) |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 and 2022: December 31, December 31, 2023 2022 (in thousands) Assets Real estate assets – net $ 996,540 $ 982,721 Assets held for sale 66,130 — Real estate loans receivable – net 370,147 270,500 Investments in unconsolidated joint ventures 9,009 — Non-real estate loans receivable – net 10,679 5,929 Contractual receivables – net 746 114 Other assets 1,423 1,499 Total assets 1,454,674 1,260,763 Liabilities Accrued expenses and other liabilities (46,677) (50,522) Total liabilities (46,677) (50,522) Collateral Personal guarantee (48,000) (48,000) Other collateral (1) (1,105,383) (982,721) Total collateral (1,153,383) (1,030,721) Maximum exposure to loss $ 254,614 $ 179,520 (1) Amount excludes accounts receivable amounts that Omega has a security interest in as collateral under the two working capital loans with operators that are unconsolidated VIEs. The fair value of the accounts receivable available to Omega was $8.9 million and $5.9 million as of December 31, 2023 and December 31, 2022, respectively. |
Schedule of Variable Interest Entities revenue | The table below reflects our total revenues from the operators that are considered VIEs for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (in thousands) Revenue Rental income $ 81,900 $ 53,158 $ 120,381 Interest income 5,512 16,456 15,336 Total $ 87,412 $ 69,614 $ 135,717 (1) The rental income for the year ended December 31, 2023, reflects the $12.5 million option termination fee payment made to Maplewood in the first quarter of 2023 that was accounted for as a lease inducement (see Note 5 – Contractual Receivables and Other Receivables and Lease Inducements). The rental income for the year ended December 31, 2022, reflects the write-off of approximately $29.3 million of straight-line rent receivables and lease inducements related to Maplewood (see Note 5 – Contractual Receivables and Other Receivables and Lease Inducements). |
INVESTMENT IN JOINT VENTURES (T
INVESTMENT IN JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS IN JOINT VENTURES [Abstract] | |
Schedule of equity method investments | Omega owns an interest in a number of joint ventures which generally invest in the long-term healthcare industry. The following is a summary of our investments in unconsolidated joint ventures (dollars in thousands): Carrying Amount Ownership Initial Investment Facility Facilities at December 31, December 31, Entity % Date Investment (1) Type December 31, 2023 2023 2022 Second Spring Healthcare Investments (2) 15% 11/1/2016 $ 50,032 SNF — $ 8,945 $ 10,975 Lakeway Realty, L.L.C. (3) 51% 5/17/2019 73,834 Specialty facility 1 68,902 70,151 Cindat Joint Venture (4) 49% 12/18/2019 105,688 ALF 63 97,559 97,382 OMG Senior Housing, LLC 50% 12/6/2019 — Specialty facility 1 — — OH CHS SNP, Inc. 9% 12/20/2019 1,013 N/A N/A 752 412 RCA NH Holdings RE Co., LLC (5)(6) 20% 4/14/2023 3,400 SNF 5 3,400 — WV Pharm Holdings, LLC (5)(6) 20% 4/14/2023 3,000 N/A N/A 3,000 — OMG-Form Senior Holdings, LLC (6)(7) 49% 6/15/2023 2,708 ALF 1 2,609 — CHS OHI Insight Holdings, LLC 25% 8/17/2023 3,242 N/A N/A 3,242 — $ 242,917 $ 188,409 $ 178,920 (1) Our investment includes our transaction costs, if any. (2) During the first quarter of 2021, this joint venture sold 16 SNFs to an unrelated third party for approximately $328 million in net proceeds and recognized a gain on sale of approximately $102.2 million ( $14.9 million of which represents the Company’s share of the gain). During the first quarter of 2021, this joint venture also sold five SNFs to Second Spring II LLC for approximately $70.8 million in net proceeds. (3) We acquired an interest in a joint venture that owns the Lakeway Regional Medical Center (the “Lakeway Hospital”) in Lakeway, Texas. Our initial basis difference of approximately $69.9 million is being amortized on a straight-line basis over 40 years to income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. The lessee of the Lakeway Hospital has an option to purchase the facility from the joint venture. The lessee also has a right of first refusal and a right of first offer in the event the joint venture intends to sell or otherwise transfer Lakeway Hospital. (4) We acquired a 49% interest in Cindat Ice Portfolio JV, GP Limited, Cindat Ice Portfolio Holdings, LP and Cindat Ice Portfolio Lender, LP. Cindat Ice Portfolio Holdings, LP owns 63 care homes leased to two operators in the U.K. pursuant to operating leases. Cindat Ice Portfolio Lender, LP holds loans to a third-party operator. Our investment in Cindat Joint Venture consists primarily of real estate. Our initial basis difference of approximately $35 million is being amortized on a straight-line basis over approximately 40 years to income (loss) from unconsolidated joint ventures in the Consolidated Statements of Operations. (5) These joint ventures were entered into in connection with an existing operator’s acquisition of SNFs in West Virginia during the second quarter of 2023, as discussed in Note 7 – Real Estate Loans Receivable and Note 8 – Non-Real Estate Loans Receivable. The acquiring operator in the transaction is the majority owner of these joint ventures. As of December 31, 2023, we have an aggregate of $9.8 million of loans outstanding with these joint ventures. (6) These joint ventures are unconsolidated VIEs and therefore are included in the tables in Note 10 – Variable Interest Entities. (7) During the second quarter of 2023, we funded $7.7 million under a mortgage loan with this joint venture. The following table reflects our income (loss) from unconsolidated joint ventures for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, Entity 2023 2022 2021 (in thousands) Second Spring Healthcare Investments (1) $ 1,099 $ 1,170 $ 12,323 Second Spring II LLC (2) — (2) (757) Lakeway Realty, L.L.C. 2,709 2,637 2,562 Cindat Joint Venture (3) (4,208) 3,910 2,478 OMG Senior Housing, LLC (422) (508) (417) OH CHS SNP, Inc. 339 54 (127) OMG-Form Senior Holdings, LLC (99) — — Total $ (582) $ 7,261 $ 16,062 (1) The income from this unconsolidated joint venture for the year ended December 31, 2021 includes a $14.9 million gain on sale of real estate investments. (2) The assets held by this joint venture have been liquidated, and we have no remaining operations related to this joint venture. (3) Includes $2.5 million of fair value losses associated with derivative instruments. |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Other Intangibles [Abstract] | |
Schedule of Reconciliation of Goodwill | The following is a summary of our goodwill: (in thousands) Balance as of December 31, 2022 $ 643,151 Foreign currency translation 746 Balance as of December 31, 2023 $ 643,897 |
Schedule of Intangibles | The following is a summary of our lease intangibles as of December 31, 2023 and 2022: December 31, December 31, 2023 2022 (in thousands) Assets: Above market leases $ 4,214 $ 5,929 Accumulated amortization (3,532) (4,484) Net above market leases $ 682 $ 1,445 Liabilities: Below market leases $ 48,791 $ 66,433 Accumulated amortization (37,177) (44,595) Net below market leases $ 11,614 $ 21,838 |
BORROWING ARRANGEMENTS (Tables)
BORROWING ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
BORROWING ARRANGEMENTS [Abstract] | |
Schedule of Borrowings | The following is a summary of our long-term borrowings: Annual Interest Rate as of December 31, December 31, December 31, Maturity 2023 2023 2022 (in thousands) Secured borrowings: HUD mortgages (1)(2) 2049 - 2051 2.88 % (3) $ 41,878 $ 344,708 2023 term loan (4) 2023 N/A — 2,161 2024 term loan (5) 2024 10.85 % 20,085 19,727 Total secured borrowings 61,963 366,596 Unsecured borrowings: Revolving credit facility (6)(7) 2025 6.67 % 20,397 19,246 20,397 19,246 Senior notes and other unsecured borrowings: 2023 notes (6)(8) 2023 N/A — 350,000 2024 notes (6) 2024 4.95 % 400,000 400,000 2025 notes (6) 2025 4.50 % 400,000 400,000 2026 notes (6) 2026 5.25 % 600,000 600,000 2027 notes (6) 2027 4.50 % 700,000 700,000 2028 notes (6) 2028 4.75 % 550,000 550,000 2029 notes (6) 2029 3.63 % 500,000 500,000 2031 notes (6) 2031 3.38 % 700,000 700,000 2033 notes (6) 2033 3.25 % 700,000 700,000 2025 term loan (6)(9) 2025 5.60 % 428,500 — OP term loan (10)(11) 2025 5.52 % 50,000 50,000 Deferred financing costs – net (20,442) (22,276) Discount – net (23,102) (26,732) Total senior notes and other unsecured borrowings – net 4,984,956 4,900,992 Total unsecured borrowings – net 5,005,353 4,920,238 Total secured and unsecured borrowings – net (12)(13) $ 5,067,316 $ 5,286,834 (1) Reflects the weighted average annual contractual interest rate on the mortgages at December 31, 2023. Secured by real estate assets with a net carrying value of $66.2 million as of December 31, 2023. (2) Wholly owned subsidiaries of Omega OP are the obligor on these borrowings. (3) Excludes fees of approximately 0.65% for mortgage insurance premiums. (4) Borrowing is the debt of a consolidated joint venture. (5) Borrowing is the debt of the consolidated joint venture discussed in Note 10 – 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. (6) Guaranteed by Omega OP. (7) During the second quarter of 2023, the Company transitioned its benchmark interest rate for its $1.45 billion senior unsecured multicurrency revolving credit facility from LIBOR to SOFR . As of December 31, 2023, 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 US Dollar tranche and on the GBP borrowings under the alternative currency tranche of the credit facility were 6.67% and 6.51% as of December 31, 2023, respectively. (8) On August 1, 2023, the Company repaid the $350 million of 4.375% senior notes that matured on August 1, 2023 using available cash. (9) 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% . (10) Omega OP is the obligor on this borrowing. (11) During the second quarter of 2023, the Company transitioned its benchmark interest rate for its $50.0 million senior unsecured term loan facility (the “OP term loan”) from LIBOR to SOFR . 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% . (12) All borrowings are direct borrowings of Parent unless otherwise noted. (13) Certain of our other secured and unsecured borrowings are subject to customary affirmative and negative covenants, including financial covenants. As of December 31, 2023 and December 31, 2022, we were in compliance with all applicable covenants for our borrowings. |
Schedule of principal payments, excluding the premium/discount and the aggregate due thereafter | The required principal payments, excluding the premium or discount and deferred financing costs on our secured and unsecured borrowings, for each of the five years following December 31, 2023 and the aggregate due thereafter are set forth below: (in thousands) 2024 $ 420,770 2025 899,947 2026 601,081 2027 701,112 2028 551,144 Thereafter 1,936,471 Total $ 5,110,525 |
DERIVATIVES AND HEDGING (Tables
DERIVATIVES AND HEDGING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DERIVATIVES AND HEDGING [Abstract] | |
Location and the fair value of derivative instruments designated as hedges | The location and the fair value of derivative instruments designated as hedges, at the respective balance sheet dates, were as follows: December 31, December 31, 2023 2022 Cash flow hedges: (in thousands) Other assets $ — $ 92,990 Accrued expenses and other liabilities $ 6,533 $ — Net investment hedges: Other assets $ 8,903 $ 34,977 Accrued expenses and other liabilities $ 8 $ — |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Financial Instruments | At December 31, 2023 and 2022, the net carrying amounts and fair values of other financial instruments were as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Amount Value Amount Value (in thousands) Assets: Investments in direct financing leases – net $ 8,716 $ 8,716 $ 8,503 $ 8,503 Real estate loans receivable – net 1,212,162 1,258,838 1,042,731 1,080,890 Non-real estate loans receivable – net 275,615 279,710 225,281 228,498 Total $ 1,496,493 $ 1,547,264 $ 1,276,515 $ 1,317,891 Liabilities: Revolving credit facility $ 20,397 $ 20,397 $ 19,246 $ 19,246 2023 term loan — — 2,161 2,275 2024 term loan 20,085 19,750 19,727 19,750 2025 term loan 424,662 428,500 — — OP term loan 49,864 50,000 49,762 50,000 4.38% notes due 2023 – net — — 349,669 347,998 4.95% notes due 2024 – net 399,747 398,888 398,736 394,256 4.50% notes due 2025 – net 399,207 393,240 398,446 388,920 5.25% notes due 2026 – net 598,553 596,508 597,848 589,104 4.50% notes due 2027 – net 695,302 671,538 693,837 657,468 4.75% notes due 2028 – net 545,925 528,704 544,916 507,425 3.63% notes due 2029 – net 493,099 440,785 491,890 411,090 3.38% notes due 2031 – net 687,172 594,734 685,382 540,386 3.25% notes due 2033 – net 691,425 564,809 690,506 507,976 HUD mortgages – net 41,878 31,322 344,708 266,161 Total $ 5,067,316 $ 4,739,175 $ 5,286,834 $ 4,702,055 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Taxes [Abstract] | |
Schedule of components of income tax expense | The following is a summary of our provision for income taxes: Year Ended December 31, 2023 2022 2020 (in millions) Provision for federal, state and local income taxes (1) $ 2.0 $ 1.2 $ 1.4 Provision for foreign income taxes (2) 4.3 3.4 2.4 Total provision for income taxes (3) $ 6.3 $ 4.6 $ 3.8 (1) For the years ended December 31, 2023, 2022 and 2021, income before income tax expense and income from unconsolidated joint ventures from domestic operations was $234.2 million, $418.5 million and $403.9 million, respectively. (2) For the years ended December 31, 2023, 2022 and 2021, income before income tax expense and income from unconsolidated joint ventures from foreign operations was $21.5 million, $17.6 million and $12.2 million, respectively. (3) 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: December 31, December 31, 2023 2022 (in thousands) U.S. Federal net operating loss carryforward $ 2,079 $ 2,138 Valuation allowance on deferred tax asset (2,024) (2,138) Foreign net operating loss carryforward 9,491 11,268 Foreign deferred tax liability (1) — (5,373) Net deferred tax asset $ 9,546 $ 5,895 Foreign deferred tax liability (2) $ 1,508 $ — Net deferred tax liability $ 1,508 $ — (1) The deferred tax liability primarily resulted from inherited basis differences resulting from our acquisition of entities in the U.K. Subsequent adjustments to these accounts result from GAAP to tax differences related to depreciation, indexation and revenue recognition. The foreign deferred tax liabilities were eliminated upon the majority of our U.K. portfolio entering the U.K. REIT regime. (2) 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. |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders Equity [Abstract] | |
Schedule of ATM Issuances | Average Net Price Period Ended Shares issued Per Share (1) Gross Proceeds Commissions Net Proceeds December 31, 2021 4.2 $ 36.53 $ 155.1 $ 3.4 $ 151.7 December 31, 2022 — — — — — December 31, 2023 7.2 30.25 221.7 2.6 219.1 (1) Represents the average price per share after commissions. |
Schedule of dividend reinvestment and common stock purchase plan | Period Ended Shares issued Gross Proceeds December 31, 2021 3.4 $ 126.7 December 31, 2022 0.3 9.2 December 31, 2023 3.7 117.3 |
Schedule of common stock dividends | Record Payment Dividend per Date Date Common Share February 6, 2023 February 15, 2023 $ 0.67 May 1, 2023 May 15, 2023 0.67 July 31, 2023 August 15, 2023 0.67 October 31, 2023 November 15, 2023 0.67 February 5, 2024 February 15, 2024 0.67 |
Schedule of per share distribution for income tax purpose | Year Ended December 31, Common 2023 2022 2021 Ordinary income $ 2.258 $ 1.264 $ 1.987 Return of capital 0.212 0.095 0.117 Capital gains 0.210 1.321 0.576 Total dividends paid $ 2.680 $ 2.680 $ 2.680 |
Schedule of accumulated other comprehensive income (loss) | The following is a summary of our accumulated other comprehensive income (loss), net of tax where applicable: December 31, December 31, 2023 2022 (in thousands) Foreign currency translation $ (49,770) $ (85,004) Derivative instruments designated as cash flow hedges (1) 75,111 86,356 Derivative instruments designated as net investment hedges 3,931 18,634 Total accumulated other comprehensive income (loss) before noncontrolling interest 29,272 19,986 Add: portion included in noncontrolling interest 66 339 Total accumulated other comprehensive income (loss) for Omega $ 29,338 $ 20,325 (1) During the years ended December 31, 2023, 2022 and 2021, we reclassified $6.7 million, $4.2 million and $2.9 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. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Schedule of assumptions used for estimating fair value of stock awards using Monte-Carlo model | January 1, January 1, January 1, 2023 2022 2021 Closing price on date of grant $ 27.95 $ 29.59 $ 36.32 Dividend yield 9.59 % 9.06 % 7.38 % Risk free interest rate at time of grant 4.28 % 0.98 % 0.18 % Expected volatility (1) 40.28 % 38.74 % 42.55 % (1) Expected volatility is using 50% historical volatility and 50% implied volatility. |
Schedule of activity in RSUs, PRSUs and PIUs | The following table summarizes the activity in restricted stock, RSUs, PRSUs, and PIUs for the years ended December 31, 2021, 2022 and 2023: Time-Based Performance-Based Weighted - Weighted - Total Number of Average Grant- Number of Average Grant- Compensation Shares/Omega Date Fair Value Shares/Omega Date Fair Value Cost (1) OP Units per Share OP Units per Share (in millions) Non-vested at December 31, 2020 270,678 37.78 2,897,496 14.24 Granted during 2021 210,429 36.52 1,232,178 18.76 $ 30.80 Cancelled during 2021 (14,157) 36.58 (188,128) 18.01 Forfeited during 2021 — — (746,357) 14.83 Vested during 2021 (148,538) 34.30 (973,142) 10.33 Non-vested at December 31, 2021 318,412 38.62 2,222,047 17.94 Granted during 2022 256,818 29.40 1,620,330 14.73 $ 31.40 Cancelled during 2022 (2,000) 29.59 (5,232) 11.90 Forfeited during 2022 — — (621,199) 13.68 Vested during 2022 (165,206) 40.91 — — Non-vested at December 31, 2022 408,024 31.93 3,215,946 17.16 Granted during 2023 309,927 28.15 2,139,421 13.42 $ 37.40 Cancelled during 2023 — — (1,228) 11.35 Forfeited during 2023 — — (539,312) 17.50 Vested during 2023 (2) (208,119) 34.31 (482,772) 21.52 Non-vested at December 31, 2023 509,832 $ 28.66 4,332,055 $ 14.78 (1) Total compensation cost to be recognized on the awards based on grant date fair value (2) PRSUs are shown as vesting in the year that the Compensation Committee determines the level of achievement of the applicable performance measures |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of remaining commitments | Our remaining commitments at December 31, 2023, are outlined in the table below (in thousands): Lessor construction and capital commitments under lease agreements $ 184,937 Non-real estate loan commitments 46,152 Other real estate loan commitments 46,339 Construction and capital expenditure mortgage loan commitments 6,951 Total remaining commitments (1) $ 284,379 (1) Includes finance costs . |
SUPPLEMENTAL DISCLOSURE TO CO_2
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (in thousands) Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents $ 442,810 $ 297,103 $ 20,534 Restricted cash 1,920 3,541 3,877 Cash, cash equivalents and restricted cash at end of year $ 444,730 $ 300,644 $ 24,411 Supplemental information: Interest paid during the year, net of amounts capitalized $ 234,453 $ 220,748 $ 214,406 Taxes paid during the year $ 3,615 $ 5,793 $ 6,288 Non-cash investing activities Non-cash acquisition of real estate $ — $ (9,818) $ (58,595) Non-cash proceeds from sale of business $ — $ 7,532 $ — Non-cash placement of loan principal $ — $ — $ (7,000) Non-cash collection of loan principal $ — $ — $ 65,595 Non-cash investment in other investments $ — $ (7,532) $ — Non-cash financing activities Non-cash repayment of other long-term borrowings $ — $ — $ (20,000) Non-cash contribution from noncontrolling member in consolidated joint venture $ — $ 2,903 $ — Change in fair value of hedges $ (21,649) $ 88,460 $ 23,457 Remeasurement of debt denominated in a foreign currency $ 1,150 $ (4,077) $ 3,010 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: Year Ended December 31, 2023 2022 2021 (in thousands, except per share amounts) Numerator: Net income available to common stockholders – basic $ 242,180 $ 426,927 $ 416,739 Add: net income attributable to OP Units 7,077 11,914 11,563 Net income available to common stockholders – diluted $ 249,257 $ 438,841 $ 428,302 Denominator: Denominator for basic earnings per share 240,493 236,256 236,933 Effect of dilutive securities: Common stock equivalents 2,923 1,198 785 Noncontrolling interest – Omega OP Units 7,035 6,836 6,620 Denominator for diluted earnings per share 250,451 244,290 244,338 Earnings per share – basic: Net income available to common stockholders $ 1.01 $ 1.81 $ 1.76 Earnings per share – diluted: Net income available to common stockholders $ 1.00 $ 1.80 $ 1.75 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION (Details) - Omega OP Units | 12 Months Ended |
Dec. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Percentage of limited partnership interests owned | 97% |
Other Investors [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Percentage of limited partnership interests owned | 3% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Detail) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) item entity segment lease $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | Oct. 14, 2021 USD ($) | Apr. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounting Policies [Line Items] | ||||||||
Impairment on real estate properties | $ 91,943,000 | $ 38,451,000 | $ 44,658,000 | |||||
Cash, FDIC insured amount | 250,000 | |||||||
Accrued expenses and other liabilities | 287,795,000 | 315,047,000 | ||||||
Impairment of goodwill | $ 0 | 0 | 0 | |||||
Number of operating segments | segment | 1 | |||||||
Number of reportable segment | segment | 1 | |||||||
Straight line rent receivable wrote off | $ 8,300,000 | |||||||
Amortization of financing cost | $ 13,700,000 | $ 12,900,000 | 12,300,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | ||||||
Number of units tendered for redemption of unregistered shares | shares | 1 | |||||||
Net cash provided by (used in) operating activities | $ 617,736,000 | $ 625,727,000 | 722,136,000 | |||||
Increase in cash, cash equivalents, and restricted cash | 144,086,000 | 276,233,000 | (143,147,000) | |||||
Right of use assets | 30,178,000 | 17,849,000 | ||||||
Lease liabilities | 31,625,000 | 19,130,000 | ||||||
Cumulative effect of accounting change (see Note 2) | 3,762,291,000 | 3,803,282,000 | 4,108,226,000 | $ 4,036,607,000 | ||||
Real estate tax expense | 15,025,000 | 15,500,000 | 12,260,000 | |||||
Accrued investment income receivable | 10,200,000 | 8,200,000 | ||||||
Interest receivable | $ 3,127,000 | 5,696,000 | ||||||
Number of operators | item | 74 | |||||||
Number of leases accounted for direct finance leases | lease | 1 | |||||||
Capitalized interest | $ 4,300,000 | 3,200,000 | 1,500,000 | |||||
Revenues | 949,740,000 | 878,244,000 | 1,062,809,000 | |||||
Assets held for sale | $ 93,707,000 | $ 9,456,000 | ||||||
Number of joint venture variable interest entities consolidated | entity | 1 | |||||||
Number of loans modified related to borrowers experiencing financial difficulty | 3 | 3 | ||||||
United Kingdom | Subsidiaries [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Long lived assets and goodwill | $ 539,600,000 | $ 453,400,000 | ||||||
Revenues | 56,800,000 | 47,700,000 | 38,100,000 | |||||
Unsecured Debt [Member] | Revolving Credit Facility | ||||||||
Accounting Policies [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,450,000,000 | $ 1,450,000,000 | ||||||
Omega OP Term Loan Facility | Unsecured Debt [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Term loans - net | 50,000,000 | 50,000,000 | $ 50,000,000 | 50,000,000 | ||||
Lease and Mortgage Liquidity and Other Deposits [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Security deposit | 1,900,000 | 3,500,000 | ||||||
Lease and Mortgage Security Deposits [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Security deposit | 36,000,000 | 40,300,000 | ||||||
Lease and Mortgage Letter of Credit [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Security deposit | $ 27,100,000 | 36,500,000 | ||||||
Restatement Adjustment [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Assets held for sale, reclassified to assets held for use | 58,100,000 | |||||||
Previously Reported [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Assets held for sale | $ 261,200,000 | |||||||
Minimum [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Lessor, operating lease, term of contract | 5 years | |||||||
Period specified for rental and mortgage interest | 3 months | |||||||
Maximum [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Lessor, operating lease, term of contract | 15 years | |||||||
Period specified for rental and mortgage interest | 6 months | |||||||
Maximum [Member] | Unsecured Debt [Member] | Revolving Credit Facility | ||||||||
Accounting Policies [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000,000 | |||||||
Cash Flow Hedging [Member] | Other Assets [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Cash flow hedges recorded at fair value, asset | 92,990,000 | |||||||
Omega OP Units | ||||||||
Accounting Policies [Line Items] | ||||||||
Percentage of limited partnership interests owned | 97% | |||||||
Omega Op Units [Member] | Omega OP Units | ||||||||
Accounting Policies [Line Items] | ||||||||
Percentage of limited partnership interests owned | 97% | |||||||
Other Investors [Member] | Omega OP Units | ||||||||
Accounting Policies [Line Items] | ||||||||
Percentage of limited partnership interests owned | 3% | |||||||
Gulf Coast LLC [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Provision (Recovery) for Credit Losses | $ (1,000,000) | |||||||
Gulf Coast LLC [Member] | Scenario, Total Committed [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000,000 | |||||||
Existing Operator [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Straight line rent receivable wrote off | $ 0 | |||||||
Site Improvements And Equipment [Member] | Minimum [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Estimated useful lives | 8 years | |||||||
Site Improvements And Equipment [Member] | Maximum [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Estimated useful lives | 15 years | |||||||
Furniture, fixtures and equipment | Minimum [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Estimated useful lives | 3 years | |||||||
Furniture, fixtures and equipment | Maximum [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Estimated useful lives | 10 years | |||||||
Accumulated Depreciation [Member] | 13 Facilities | ||||||||
Accounting Policies [Line Items] | ||||||||
Assets held for sale, reclassified to assets held for use | 20,800,000 | |||||||
Accumulated Depreciation [Member] | 13 Facilities | Scenario, Adjustment [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Assets held for sale, reclassified to assets held for use | (3,200,000) | |||||||
Furniture and Equipment [Member] | 13 Facilities | ||||||||
Accounting Policies [Line Items] | ||||||||
Assets held for sale, reclassified to assets held for use | 8,600,000 | |||||||
Land [Member] | 13 Facilities | ||||||||
Accounting Policies [Line Items] | ||||||||
Assets held for sale, reclassified to assets held for use | 2,800,000 | |||||||
Building [Member] | Minimum [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Estimated useful lives | 20 years | |||||||
Building [Member] | Maximum [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Estimated useful lives | 40 years | |||||||
Building [Member] | 13 Facilities | ||||||||
Accounting Policies [Line Items] | ||||||||
Assets held for sale, reclassified to assets held for use | $ 67,500,000 |
REAL ESTATE ASSET ACQUISITION_3
REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) facility | Jun. 30, 2023 USD ($) | Sep. 30, 2021 USD ($) item | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 30, 2022 | Jan. 20, 2021 USD ($) facility item | |
Real Estate Properties [Line Items] | |||||||||
Number of real estate properties | facility | 891 | 891 | |||||||
Rental income | $ 825,380 | $ 750,208 | $ 923,677 | ||||||
Payment to acquire land | 10,600 | ||||||||
Noncash consideration exchanged | 8,200 | 58,600 | |||||||
Payments To Acquire Commercial Real Estate | 262,453 | 229,987 | 615,873 | ||||||
Transaction costs incurred related to the non-cash acquisitions | 1,200 | ||||||||
Percentage of annual escalators | 2.25% | ||||||||
Payments for construction in progress and capital improvement programs | 82,500 | 64,400 | 140,000 | ||||||
Real estate investments | $ 8,334,744 | 8,334,744 | 8,860,264 | ||||||
Construction in progress | 138,410 | 138,410 | 88,904 | ||||||
24 Facilities | |||||||||
Real Estate Properties [Line Items] | |||||||||
Purchase price of assets acquired | $ 511,300 | ||||||||
Rental income | 45,000 | ||||||||
Number of beds | item | 2,552 | ||||||||
DISTRICT OF COLUMBIA | |||||||||
Real Estate Properties [Line Items] | |||||||||
Development project capitalized costs excluding initial acquisition costs | 51,200 | $ 14,900 | $ 1,900 | ||||||
Construction in progress | 136,000 | 136,000 | |||||||
Virginia | |||||||||
Real Estate Properties [Line Items] | |||||||||
Payments To Acquire Commercial Real Estate | $ 800 | ||||||||
Total commitments | $ 15,200 | ||||||||
Construction in progress | 2,400 | 2,400 | |||||||
Maplewood Real Estate Holdings | |||||||||
Real Estate Properties [Line Items] | |||||||||
Rental income | $ 11,600 | $ 62,600 | |||||||
Maplewood Real Estate Holdings | DISTRICT OF COLUMBIA | |||||||||
Real Estate Properties [Line Items] | |||||||||
Payments To Acquire Commercial Real Estate | $ 68,000 | ||||||||
Total commitments | $ 177,700 | ||||||||
Maplewood Real Estate Holdings | DISTRICT OF COLUMBIA | Scenario, Plan [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of beds | item | 174 | ||||||||
Maplewood Real Estate Holdings | DISTRICT OF COLUMBIA | Scenario, Construction Phase [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Financing accrual interest rate, expected percentage | 5% | ||||||||
Maplewood Real Estate Holdings | DISTRICT OF COLUMBIA | Scenario, Following Construction Phase [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of annual cash yield increase in year one | 6% | ||||||||
Percentage of annual cash yield increase in year two | 7% | ||||||||
Percentage of annual cash yield increase in year three | 8% | ||||||||
Percentage of annual escalators | 2.50% | ||||||||
Facilities Acquired | 24 Facilities | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of real estate properties | facility | 24 | ||||||||
Facilities Leased | New Jersey | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of annual cash yield increase in year one | 7% | ||||||||
Percentage of annual cash yield increase in year two | 8% | ||||||||
Percentage of annual escalators | 2.50% | ||||||||
Facilities Leased | New Jersey | Construction in Progress Placed in Service [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Real estate investments | $ 41,100 |
REAL ESTATE ASSET ACQUISITION_4
REAL ESTATE ASSET ACQUISITIONS AND DEVELOPMENT (Schedule of Significant Acquisitions) (Detail) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2023 USD ($) facility | Sep. 30, 2023 USD ($) facility | Jun. 30, 2023 USD ($) facility | Mar. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) facility | Sep. 30, 2022 USD ($) facility | Mar. 31, 2022 USD ($) facility | Sep. 30, 2021 USD ($) facility | Mar. 31, 2021 USD ($) facility | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) facility | Jan. 01, 2022 USD ($) | Jan. 20, 2021 facility | |
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 891 | 891 | ||||||||||||
Real Estate Assets Acquired | $ 261,200,000 | $ 225,200,000 | $ 604,000,000 | |||||||||||
Deferred tax assets related to net operating loss carryforwards | $ 9,491,000 | $ 11,268,000 | $ 13,400,000 | 9,491,000 | 11,268,000 | |||||||||
Deferred income tax liability | 1,508,000 | 5,373,000 | 1,508,000 | 5,373,000 | ||||||||||
Real estate investments - net | 5,875,935,000 | 6,537,491,000 | 5,875,935,000 | 6,537,491,000 | ||||||||||
Payment to acquire land | 10,600,000 | |||||||||||||
Noncash consideration exchanged | 8,200,000 | 58,600,000 | ||||||||||||
Transaction costs incurred related to the non-cash acquisitions | $ 1,200,000 | |||||||||||||
Virginia | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 15,600,000 | |||||||||||||
Initial Annual Cash Yield (%) | 10% | |||||||||||||
United Kingdom | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 3,800,000 | $ 39,500,000 | $ 26,400,000 | $ 9,600,000 | ||||||||||
Initial Annual Cash Yield (%) | 9% | 10.20% | 8% | 7.89% | ||||||||||
Non Cash Lease Liability Ground Lease | $ 9,900,000 | 9,900,000 | ||||||||||||
NonCash Right of Use Ground Lease | $ 9,900,000 | $ 9,900,000 | ||||||||||||
UNITED KINGDOM One [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Value of Real Estate Assets Acquired | $ 8,700,000 | |||||||||||||
Initial Annual Cash Yield (%) | 8% | |||||||||||||
UNITED KINGDOM Two [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 5,000,000 | |||||||||||||
Initial Annual Cash Yield (%) | 8% | |||||||||||||
UNITED KINGDOM Three [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total Value of Real Estate Assets Acquired | $ 86,600,000 | |||||||||||||
Initial Annual Cash Yield (%) | 8% | |||||||||||||
UNITED KINGDOM Four [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 28,200,000 | |||||||||||||
Initial Annual Cash Yield (%) | 8% | |||||||||||||
Arizona California Florida Illinois New Jersey Oregon Pennsylvania Tennessee Texas Virginia And Washington [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 511,300,000 | |||||||||||||
Initial Annual Cash Yield (%) | 8.43% | |||||||||||||
Florida | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 83,100,000 | |||||||||||||
Initial Annual Cash Yield (%) | 9.25% | |||||||||||||
Maryland | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 22,500,000 | $ 8,200,000 | ||||||||||||
Initial Annual Cash Yield (%) | 10% | 9.50% | ||||||||||||
Pennsylvania and North Carolina | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 88,500,000 | |||||||||||||
Initial Annual Cash Yield (%) | 9% | |||||||||||||
West Virginia | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 114,800,000 | |||||||||||||
Initial Annual Cash Yield (%) | 9.50% | |||||||||||||
Financing receivable, face amount | $ 104,600,000 | |||||||||||||
West Virginia Two [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 13,700,000 | |||||||||||||
Initial Annual Cash Yield (%) | 10% | |||||||||||||
Louisiana | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real Estate Assets Acquired | $ 24,900,000 | |||||||||||||
Initial Annual Cash Yield (%) | 10% | |||||||||||||
Percentage of initial yield that could be deferred | 2% | |||||||||||||
4 of 7 Facilities | Exchange Accommodation Titleholders [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Real estate investments - net | $ 55,200,000 | 55,200,000 | ||||||||||||
Cash | $ 23,900,000 | $ 23,900,000 | ||||||||||||
Skilled Nursing Facilities [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 592 | 592 | ||||||||||||
Assisted Living Facilities [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 188 | 188 | ||||||||||||
Specialty [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 19 | 19 | ||||||||||||
Medical Office Building [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 1 | 1 | ||||||||||||
Facilities Acquired | Exchange Accommodation Titleholders [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | 7 | 7 | ||||||||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 9 | 7 | 9 | 7 | 6 | |||||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | Virginia | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | Florida | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 6 | |||||||||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | Maryland | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | 1 | 1 | 1 | 1 | ||||||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | Pennsylvania and North Carolina | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 6 | 6 | ||||||||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | West Virginia | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 4 | |||||||||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | West Virginia Two [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | Louisiana | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 2 | 2 | ||||||||||||
Facilities Acquired | Assisted Living Facilities [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 21 | 34 | 21 | 34 | 19 | |||||||||
Facilities Acquired | Assisted Living Facilities [Member] | United Kingdom | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 1 | 14 | 6 | 2 | 1 | |||||||||
Facilities Acquired | Assisted Living Facilities [Member] | UNITED KINGDOM One [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | 1 | |||||||||||||
Real Estate Assets Acquired | $ 8,200,000 | |||||||||||||
Deferred tax liability | $ 500,000 | |||||||||||||
Facilities Acquired | Assisted Living Facilities [Member] | UNITED KINGDOM Two [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||
Facilities Acquired | Assisted Living Facilities [Member] | UNITED KINGDOM Three [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | 27 | |||||||||||||
Real Estate Assets Acquired | $ 100,000,000 | |||||||||||||
Deferred tax asset, net | $ 13,400,000 | |||||||||||||
Facilities Acquired | Assisted Living Facilities [Member] | UNITED KINGDOM Four [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 4 | |||||||||||||
Facilities Acquired | Assisted Living Facilities [Member] | Arizona California Florida Illinois New Jersey Oregon Pennsylvania Tennessee Texas Virginia And Washington [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 17 | |||||||||||||
Facilities Acquired | Assisted Living Facilities [Member] | Pennsylvania and North Carolina | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 1 | 1 | ||||||||||||
Facilities Acquired | Specialty [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | 7 | |||||||||||||
Facilities Acquired | Specialty [Member] | Arizona California Florida Illinois New Jersey Oregon Pennsylvania Tennessee Texas Virginia And Washington [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | 7 | |||||||||||||
Facilities Acquired | Senior Living Facilities | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | facility | 24 | |||||||||||||
Facilities Acquired Acquisition Completed [Member] | 3 of 7 Facilities | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | 3 | 3 | ||||||||||||
Facilities Acquired Acquisition Pending [Member] | 4 of 7 Facilities | Exchange Accommodation Titleholders [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | 4 | 4 | ||||||||||||
Facilities Acquired Released From EAT [Member] | 4 of 7 Facilities | Exchange Accommodation Titleholders [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Number of real estate properties | 4 |
ASSETS HELD FOR SALE, DISPOSI_3
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 30, 2022 facility | Dec. 31, 2023 USD ($) facility | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 facility | Mar. 31, 2022 USD ($) facility | Dec. 31, 2022 USD ($) facility | Jun. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) facility | Dec. 31, 2020 | Feb. 29, 2024 USD ($) | Sep. 30, 2022 facility | |
Number of real estate properties | facility | 891 | 891 | ||||||||||||
Impairment on real estate properties | $ 91,943,000 | $ 38,451,000 | $ 44,658,000 | |||||||||||
Accrued Expenses and Other Liabilities | $ 287,795,000 | $ 315,047,000 | 287,795,000 | 315,047,000 | ||||||||||
Collection of loan principal | 165,191,000 | 345,665,000 | 156,276,000 | |||||||||||
Interest income | 119,888,000 | 123,919,000 | 136,382,000 | |||||||||||
Amount of Assets Held for Sale | 93,707,000 | 9,456,000 | 93,707,000 | 9,456,000 | ||||||||||
Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing receivable, gross | 1,303,152,000 | 1,303,152,000 | ||||||||||||
Interest income | 97,766,000 | 110,322,000 | 123,649,000 | |||||||||||
Investment Type Characteristic Non Real Estate Related Loans [Member] | ||||||||||||||
Financing receivable, gross | 397,246,000 | 397,246,000 | ||||||||||||
Interest income | 22,100,000 | 13,600,000 | $ 12,700,000 | |||||||||||
Non Real Estate Loans Receivable [Member] | ||||||||||||||
Financing receivable, gross | $ 397,246,000 | $ 309,149,000 | $ 397,246,000 | $ 309,149,000 | ||||||||||
Medical Office Building [Member] | ||||||||||||||
Number of real estate properties | facility | 1 | 1 | ||||||||||||
Skilled Nursing Facilities [Member] | ||||||||||||||
Number of real estate properties | facility | 592 | 592 | ||||||||||||
Independent Living Facilities [Member] | ||||||||||||||
Number of real estate properties | facility | 19 | 19 | ||||||||||||
Assisted Living Facilities [Member] | ||||||||||||||
Number of real estate properties | facility | 188 | 188 | ||||||||||||
Subsequent Event [Member] | ||||||||||||||
Financing receivable, face amount | $ 27,300,000 | |||||||||||||
2.0% Operator | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | ||||||||||||||
Concentration risk, percentage | 2% | 2.10% | ||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||
Total proceeds | $ 7,700,000 | |||||||||||||
Gulf Coast LLC [Member] | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | ||||||||||||||
Concentration risk, percentage | 3.30% | 2.80% | ||||||||||||
Guardian [Member] | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | ||||||||||||||
Concentration risk, percentage | 1.70% | 1.10% | 2.50% | |||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||||||||||
Number of real estate properties | 11 | |||||||||||||
Real estate properties sold | facility | 11 | |||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Seven Hud Mortgages [Member] | ||||||||||||||
Number Of Assumed Loans Retired | 7 | |||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Twenty Two Hud Mortgages [Member] | ||||||||||||||
Non Cash Proceeds From Sale Of Real Estate Investments | $ 213,300,000 | |||||||||||||
Amount of gain (loss) from sale of facilities | $ (6,500,000) | |||||||||||||
Number Of Assumed Loans Retired | 22 | |||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Customer Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | ||||||||||||||
Concentration risk, percentage | 3.80% | 11.10% | 9.50% | |||||||||||
Facilities Sold | ||||||||||||||
Number of real estate properties | 69 | 66 | 69 | 66 | 48 | |||||||||
Facilities Sold | Medical Office Building [Member] | ||||||||||||||
Number of real estate properties | 1 | 1 | ||||||||||||
Facilities Sold | Skilled Nursing Facilities [Member] | ||||||||||||||
Number of real estate properties | 64 | 64 | ||||||||||||
Facilities Sold | Independent Living Facilities [Member] | ||||||||||||||
Number of real estate properties | 1 | 1 | ||||||||||||
Facilities Sold | Specialty Facility | ||||||||||||||
Number of real estate properties | 1 | 1 | ||||||||||||
Facilities Sold | Assisted Living Facilities [Member] | ||||||||||||||
Number of real estate properties | 2 | 2 | ||||||||||||
Facilities Sold | Variable Interest Entity, Primary Beneficiary [Member] | Assisted Living Facilities [Member] | ||||||||||||||
Number of real estate properties | facility | 1 | |||||||||||||
Facilities Sold | Gulf Coast LLC [Member] | ||||||||||||||
Number of real estate properties | facility | 22 | |||||||||||||
Real estate properties sold | facility | 22 | |||||||||||||
Facilities Sold | Guardian [Member] | ||||||||||||||
Number of real estate properties | 6 | |||||||||||||
Real estate properties sold | facility | 9 | 9 | 9 | |||||||||||
Facilities Sold | Agemo Holdings LLC [Member] | ||||||||||||||
Number of real estate properties | facility | 22 | 22 | 22 | |||||||||||
Facilities Sold | LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||||||||||
Number of real estate properties | 30 | 7 | 11 | 30 | 11 | |||||||||
Facilities Classified to Asset Held for Sale [Member] | ||||||||||||||
Number of real estate properties | facility | 4 | 4 | ||||||||||||
Impairment on real estate properties | $ 0 | |||||||||||||
Facilities With Impairment Charges [Member] | ||||||||||||||
Number of real estate properties | 25 | 22 | 25 | 22 | ||||||||||
Facilities With Impairment Charges [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||||||||||
Number of real estate properties | facility | 12 | 12 | ||||||||||||
Facilities with Impairment Charges and Classified to Assets Held for Sale [Member] | ||||||||||||||
Number of real estate properties | 2 | 2 | ||||||||||||
Facilities With Impairment Charges Held For Use [Member] | ||||||||||||||
Number of real estate properties | 23 | 23 | ||||||||||||
Facilities With Impairment Charges Held For Use And Later Closed [Member] | ||||||||||||||
Number of real estate properties | 3 | 3 | ||||||||||||
Facilities With Impairments Sold or Classified As Held for Sale [Member] | ||||||||||||||
Number of real estate properties | facility | 14 | |||||||||||||
Facilities Held for Sale [Member] | ||||||||||||||
Number of real estate properties | facility | 17 | 2 | 17 | 2 | ||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | ||||||||||||||
Number of real estate properties | 4 | 4 | ||||||||||||
Facilities with Impairment Charges and Classified to Assets Held for Sale and Subsequently Sold [Member] | ||||||||||||||
Number of real estate properties | facility | 2 | 2 | ||||||||||||
Facilities With Impairments Held for Use And Later Sold [Member] | ||||||||||||||
Number of real estate properties | 20 | 20 | ||||||||||||
1 Facility | Guardian [Member] | ||||||||||||||
Financing receivable, face amount | $ 12,000,000 | |||||||||||||
Interest received recorded as contract liability | $ 700,000 | |||||||||||||
4 Facilities | Facilities Classified to Asset Held for Sale [Member] | ||||||||||||||
Amount of Assets Held for Sale | $ 27,600,000 | 27,600,000 | ||||||||||||
1 of 6 Facilities | Guardian [Member] | ||||||||||||||
Total proceeds | $ 12,000,000 | |||||||||||||
1 of 6 Facilities | Facilities Sold | Guardian [Member] | ||||||||||||||
Number of real estate properties | 1 | |||||||||||||
5 of 6 Facilities | Guardian [Member] | ||||||||||||||
Total proceeds | $ 23,800,000 | |||||||||||||
Amount of gain (loss) from sale of facilities | $ 0 | |||||||||||||
5 of 6 Facilities | Facilities Sold | Guardian [Member] | ||||||||||||||
Number of real estate properties | 5 | |||||||||||||
7 Facilities | LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||||||||||
Total proceeds | $ 84,400,000 | |||||||||||||
Cash Proceeds From Sale Of Real Estate Investments | 14,800,000 | |||||||||||||
Non Cash Proceeds From Sale Of Real Estate Investments | 69,600,000 | |||||||||||||
Amount of gain (loss) from sale of facilities | (5,500,000) | |||||||||||||
9 Facilities | Guardian [Member] | ||||||||||||||
Total proceeds | $ 39,500,000 | |||||||||||||
Amount of gain (loss) from sale of facilities | $ 13,700,000 | |||||||||||||
11 Facilities | ||||||||||||||
Amount of gain (loss) from sale of facilities | 50,200,000 | |||||||||||||
Accrued Expenses and Other Liabilities | 25,000,000 | 25,000,000 | ||||||||||||
Interest received recorded as contract liability | 5,700,000 | |||||||||||||
Collection of loan principal | $ 104,800,000 | |||||||||||||
14 Facilities | ||||||||||||||
Impairment on real estate properties | $ 44,700,000 | |||||||||||||
22 Facilities | ||||||||||||||
Impairment on real estate properties | $ 38,500,000 | |||||||||||||
22 Facilities | Gulf Coast LLC [Member] | ||||||||||||||
Total proceeds | $ 304,900,000 | |||||||||||||
Amount of gain (loss) from sale of facilities | 114,500,000 | |||||||||||||
Potential earnout amount per sales agreement | $ 18,700,000 | |||||||||||||
22 Facilities | Agemo Holdings LLC [Member] | ||||||||||||||
Total proceeds | $ 358,700,000 | |||||||||||||
Amount of gain (loss) from sale of facilities | $ 218,900,000 | |||||||||||||
2 of 22 Facilities | ||||||||||||||
Impairment on real estate properties | 3,500,000 | |||||||||||||
20 of 22 Facilities | ||||||||||||||
Impairment on real estate properties | $ 35,000,000 | |||||||||||||
20 of 22 Facilities | Facilities With Impairment Charges Held For Use [Member] | ||||||||||||||
Number of real estate properties | facility | 20 | 20 | ||||||||||||
12 of 20 Facilities | LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||||||||||
Impairment on real estate properties | $ 17,200,000 | |||||||||||||
4 of 20 Facilities | Facilities With Impairment Charges [Member] | 2.0% Operator | ||||||||||||||
Impairment on real estate properties | $ 10,000,000 | |||||||||||||
4 of 20 Facilities | Facilities With Impairment Charges Held For Use [Member] | ||||||||||||||
Number of real estate properties | facility | 4 | 4 | ||||||||||||
25 Facilities | ||||||||||||||
Impairment on real estate properties | 91,900,000 | |||||||||||||
2 of 25 Facilities | ||||||||||||||
Impairment on real estate properties | 2,600,000 | |||||||||||||
23 of 25 Facilities | Facilities With Impairment Charges Held For Use [Member] | ||||||||||||||
Impairment on real estate properties | 89,300,000 | |||||||||||||
3 of 23 Facilities | Facilities With Impairment Charges Held For Use And Later Closed [Member] | ||||||||||||||
Impairment on real estate properties | 48,000,000 | |||||||||||||
20 of 23 Facilities | Facilities With Impairments Held for Use And Later Sold [Member] | ||||||||||||||
Impairment on real estate properties | 51,700,000 | |||||||||||||
30 Facilities | LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||||||||||
Total proceeds | 317,900,000 | |||||||||||||
Cash Proceeds From Sale Of Real Estate Investments | $ 104,600,000 | |||||||||||||
48 Facilities | ||||||||||||||
Total proceeds | 318,500,000 | |||||||||||||
Amount of gain (loss) from sale of facilities | $ 161,600,000 | |||||||||||||
66 Facilities | ||||||||||||||
Total proceeds | $ 759,000,000 | |||||||||||||
Amount of gain (loss) from sale of facilities | $ 360,000,000 | |||||||||||||
69 Facilities | ||||||||||||||
Total proceeds | 585,000,000 | |||||||||||||
Amount of gain (loss) from sale of facilities | $ 79,700,000 |
ASSETS HELD FOR SALE, DISPOSI_4
ASSETS HELD FOR SALE, DISPOSITIONS AND IMPAIRMENTS (Schedule of Properties Held-for-Sale) (Details) $ in Thousands | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) facility |
Number of real estate properties | 891 | |
Amount of Assets Held for Sale | $ | $ 93,707 | $ 9,456 |
Facilities Held for Sale [Member] | ||
Number of real estate properties | 17 | 2 |
Facilities Classified to Asset Held for Sale [Member] | ||
Number of real estate properties | 4 |
CONTRACTUAL RECEIVABLES AND O_3
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Narrative) (Details) £ in Millions | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2022 USD ($) facility | Dec. 30, 2022 facility | Jul. 01, 2022 USD ($) | Jun. 27, 2022 USD ($) | Dec. 30, 2021 USD ($) facility | Jan. 31, 2024 USD ($) | Jan. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) facility | Apr. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) facility item | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 GBP (£) | Mar. 31, 2023 USD ($) facility contract | Dec. 31, 2022 USD ($) facility | Sep. 30, 2022 USD ($) facility | Jun. 30, 2022 USD ($) facility | Mar. 31, 2022 facility item | Dec. 31, 2021 USD ($) facility | Jun. 30, 2021 USD ($) facility | Apr. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 GBP (£) | Dec. 29, 2022 USD ($) | Sep. 30, 2021 USD ($) item | Dec. 31, 2021 USD ($) facility | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 USD ($) facility item | Dec. 31, 2022 USD ($) facility item | Dec. 31, 2021 USD ($) item facility | Dec. 31, 2020 | Dec. 31, 2023 USD ($) facility item | Nov. 01, 2024 | Oct. 31, 2024 | Jun. 30, 2024 USD ($) | Feb. 29, 2024 USD ($) | Apr. 30, 2023 GBP (£) | Jun. 22, 2022 USD ($) | Nov. 30, 2021 USD ($) facility | Oct. 14, 2021 USD ($) | Jul. 31, 2020 USD ($) | May 17, 2018 USD ($) | May 07, 2018 USD ($) | Sep. 30, 2016 USD ($) | |
Contractual receivables - net | $ 8,228,000 | $ 11,888,000 | $ 8,228,000 | $ 11,888,000 | $ 8,228,000 | $ 11,888,000 | |||||||||||||||||||||||||||||||||||||||
Potential accumulated deferred rent payments - rent portion | $ 12,200,000 | ||||||||||||||||||||||||||||||||||||||||||||
Potential accumulated deferred rent payments - interest portion | $ 5,800,000 | ||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | facility | 891 | 891 | 891 | ||||||||||||||||||||||||||||||||||||||||||
Straight-line rent receivables | 166,061,000 | $ 202,748,000 | 166,061,000 | $ 202,748,000 | 166,061,000 | $ 202,748,000 | |||||||||||||||||||||||||||||||||||||||
Revenues | 949,740,000 | 878,244,000 | $ 1,062,809,000 | ||||||||||||||||||||||||||||||||||||||||||
Rental income | 825,380,000 | 750,208,000 | 923,677,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Receivable, Net | 1,042,731,000 | 1,212,162,000 | 1,042,731,000 | 1,212,162,000 | 1,042,731,000 | 1,212,162,000 | |||||||||||||||||||||||||||||||||||||||
Real estate tax expense | 15,025,000 | 15,500,000 | 12,260,000 | ||||||||||||||||||||||||||||||||||||||||||
Lease inducements | 6,041,000 | 8,782,000 | 6,041,000 | 8,782,000 | 6,041,000 | 8,782,000 | |||||||||||||||||||||||||||||||||||||||
Restricted cash | 3,541,000 | $ 1,920,000 | 3,541,000 | $ 3,877,000 | $ 3,877,000 | 1,920,000 | 3,541,000 | 3,877,000 | 1,920,000 | ||||||||||||||||||||||||||||||||||||
Deferred aggregate rent | $ 35,900,000 | 27,000,000 | 15,600,000 | ||||||||||||||||||||||||||||||||||||||||||
Deferred aggregate rent, retrospectively applied | $ 9,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Number of operators | item | 74 | 74 | 74 | ||||||||||||||||||||||||||||||||||||||||||
Percentage of annual escalators | 2.25% | ||||||||||||||||||||||||||||||||||||||||||||
Interest payments applied against principal for cost recovery loans | $ 3,900,000 | 6,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest income related to loans on non-accrual status | $ 1,600,000 | $ 17,200,000 | $ 25,900,000 | ||||||||||||||||||||||||||||||||||||||||||
The number of operators in which security deposit was applied to pay rent | 6 | 7 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | 315,047,000 | $ 287,795,000 | 315,047,000 | $ 287,795,000 | $ 315,047,000 | $ 287,795,000 | |||||||||||||||||||||||||||||||||||||||
Collateral used against uncollectible receivables | 17,600,000 | $ 11,000,000 | $ 11,800,000 | ||||||||||||||||||||||||||||||||||||||||||
Number Of Operators Placed On A Cash Basis | item | 9 | 6 | |||||||||||||||||||||||||||||||||||||||||||
Straight line accounts receivable and lease inducements write-offs | $ 119,800,000 | $ 36,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Straight line rent receivable write-off | $ 8,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation | 284,379,000 | 284,379,000 | 284,379,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest income | $ 119,888,000 | $ 123,919,000 | $ 136,382,000 | ||||||||||||||||||||||||||||||||||||||||||
Number of operators in which deferred rent was allowed | 10 | 10 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Lease and Mortgage Security Deposits [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Security deposit | 40,300,000 | 36,000,000 | 40,300,000 | $ 36,000,000 | $ 40,300,000 | 36,000,000 | |||||||||||||||||||||||||||||||||||||||
Mortgage Receivable [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | 731,523,000 | 754,437,000 | 731,523,000 | 754,437,000 | 731,523,000 | 754,437,000 | |||||||||||||||||||||||||||||||||||||||
Loans Receivable, Net | 648,130,000 | 698,776,000 | 648,130,000 | 698,776,000 | 648,130,000 | 698,776,000 | |||||||||||||||||||||||||||||||||||||||
Mortgage Note Due 2030 [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | 506,321,000 | 514,866,000 | 506,321,000 | 514,866,000 | 506,321,000 | 514,866,000 | |||||||||||||||||||||||||||||||||||||||
Other Real Estate Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | 412,568,000 | 548,715,000 | 412,568,000 | 548,715,000 | 412,568,000 | 548,715,000 | |||||||||||||||||||||||||||||||||||||||
Loans Receivable, Net | 394,601,000 | 513,386,000 | 394,601,000 | 513,386,000 | 394,601,000 | 513,386,000 | |||||||||||||||||||||||||||||||||||||||
Contractual obligation | 46,339,000 | 46,339,000 | 46,339,000 | ||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Loans Due 2035 [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | 250,500,000 | $ 263,520,000 | 250,500,000 | $ 263,520,000 | 250,500,000 | $ 263,520,000 | |||||||||||||||||||||||||||||||||||||||
Interest rate | 7% | 7% | 7% | ||||||||||||||||||||||||||||||||||||||||||
Working Capital Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest rate | 10% | 10% | |||||||||||||||||||||||||||||||||||||||||||
Investment Maturity Date | Jun. 30, 2026 | Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||
Working Capital Loans [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | $ 34,000,000 | $ 34,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Non Real Estate Loans Receivable [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | 309,149,000 | 397,246,000 | 309,149,000 | 397,246,000 | 309,149,000 | 397,246,000 | |||||||||||||||||||||||||||||||||||||||
Notes Receivable Due 2036 At 5.63% [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | $ 55,791,000 | $ 77,854,000 | $ 55,791,000 | $ 77,854,000 | $ 55,791,000 | $ 77,854,000 | |||||||||||||||||||||||||||||||||||||||
Interest rate | 5.63% | 5.63% | 5.63% | ||||||||||||||||||||||||||||||||||||||||||
11 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||
14 of 48 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Termination fee incurred cost | $ 15,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Termination Fee Incurred Cost | $ 15,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | $ 27,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Existing Operator [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number Of Operators Placed On A Cash Basis | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Straight line rent receivable write-off | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
New Operator [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number Of Operators Placed On A Cash Basis | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Four Operators [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Lease inducements | 2,300,000 | 2,300,000 | $ 2,300,000 | ||||||||||||||||||||||||||||||||||||||||||
Certain Operators [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Lease inducements | $ 22,300,000 | $ 22,300,000 | 22,300,000 | ||||||||||||||||||||||||||||||||||||||||||
Operator Placed On Cash Basis [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number of operators | 20 | 19 | 20 | 19 | 20 | 19 | |||||||||||||||||||||||||||||||||||||||
3.8% Operator | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | $ 23,700,000 | $ 23,700,000 | $ 23,700,000 | ||||||||||||||||||||||||||||||||||||||||||
Deferred rent interest percentage | 5% | ||||||||||||||||||||||||||||||||||||||||||||
3.8% Operator | Lease and Mortgage Security Deposits [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Security deposit | 1,100,000 | 1,100,000 | 1,100,000 | ||||||||||||||||||||||||||||||||||||||||||
3.8% Operator | Financing Receivable Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | $ 25,000,000 | 25,000,000 | $ 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||
1.2% Operator | |||||||||||||||||||||||||||||||||||||||||||||
Security deposit used against uncollected receivables | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ 4,000,000 | $ 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||
2.0% Operator | |||||||||||||||||||||||||||||||||||||||||||||
Rental income | 2,200,000 | ||||||||||||||||||||||||||||||||||||||||||||
Letter of credit used against uncollectible receivables | $ 3,300,000 | 3,300,000 | 600,000 | $ 3,300,000 | |||||||||||||||||||||||||||||||||||||||||
Short paid amount of uncollectible receivables | 600,000 | ||||||||||||||||||||||||||||||||||||||||||||
Collateral used against uncollectible receivables | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Straight line accounts receivable and lease inducements write-offs | 10,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
2.0% Operator | Asset Pledged as Collateral with Right [Member] | Letter of Credit [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | $ 5,400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Scenario, Plan [Member] | Other Real Estate Loans Due 2030 [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Interest Paid In Kind | 3% | 6% | |||||||||||||||||||||||||||||||||||||||||||
Interest Paid In Cash | 4% | 1% | |||||||||||||||||||||||||||||||||||||||||||
Scenario, Plan [Member] | Working Capital Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Scenario, Plan [Member] | 48 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Expected amount to be received | $ 48,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Facilities Being Transitioned To Other Operator [Member] | 2.0% Operator | 20 of 48 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 20 | 20 | 20 | ||||||||||||||||||||||||||||||||||||||||||
Facilities Transitioned to Other Operators [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Straight line rent receivable write-off | $ 8,100,000 | $ 3,200,000 | $ 1,300,000 | ||||||||||||||||||||||||||||||||||||||||||
Facilities Transitioned to Other Operators [Member] | 48 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Number operators in which facilities were transitioned | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Facilities Sold | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 66 | 69 | 66 | 48 | 48 | 69 | 66 | 48 | 69 | ||||||||||||||||||||||||||||||||||||
Facilities Held for Sale [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | facility | 2 | 17 | 2 | 17 | 2 | 17 | |||||||||||||||||||||||||||||||||||||||
Facilities Transitioned To Operators [Member] | 48 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Number of operators | 5 | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||||
Number operators in which facilities were transitioned | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Facilities Transitioned To Operators [Member] | 1.2% Operator | 14 of 48 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 14 | 14 | 14 | 14 | |||||||||||||||||||||||||||||||||||||||||
Facilities Transitioned To Operators [Member] | 2.0% Operator | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 3 | 20 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||
Facilities Transitioned From Operators [Member] | 48 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Number operators in which facilities were transitioned | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Facilities Transitioned From 4 Cash Basis Operators To 5 Operators [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 48 | 48 | 48 | ||||||||||||||||||||||||||||||||||||||||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | 3.8% Operator | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 3.80% | 3.70% | 3.40% | ||||||||||||||||||||||||||||||||||||||||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | 1.2% Operator | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 1.20% | 2.10% | |||||||||||||||||||||||||||||||||||||||||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | 2.0% Operator | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 2% | 2.10% | |||||||||||||||||||||||||||||||||||||||||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | 20 Operators Placed On Cash Basis [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 36.50% | 39.20% | |||||||||||||||||||||||||||||||||||||||||||
Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | 19 Operators Placed On Cash Basis [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 23.90% | 32.50% | 34.20% | ||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Contractual receivables - net | $ 114,000 | $ 746,000 | $ 114,000 | $ 746,000 | $ 114,000 | $ 746,000 | |||||||||||||||||||||||||||||||||||||||
Revenues | 87,412,000 | 69,614,000 | $ 135,717,000 | ||||||||||||||||||||||||||||||||||||||||||
Rental income | 81,900,000 | 53,158,000 | 120,381,000 | ||||||||||||||||||||||||||||||||||||||||||
Loans Receivable, Net | $ 270,500,000 | 370,147,000 | $ 270,500,000 | 370,147,000 | 270,500,000 | 370,147,000 | |||||||||||||||||||||||||||||||||||||||
Interest income | 5,512,000 | $ 16,456,000 | 15,336,000 | ||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Deferred aggregate rent | 1,900,000 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Extension Options | contract | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Agreement for lease extension period duration | 10 years | ||||||||||||||||||||||||||||||||||||||||||||
Lease expiration date | Dec. 31, 2036 | Dec. 31, 2030 | |||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Facilities Sold | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | facility | 22 | 22 | 22 | 22 | 22 | ||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Rental income | 17,400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Notes Receivable Due 2036 At 5.63% [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | $ 77,900,000 | 77,900,000 | $ 77,900,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest payments applied against principal for cost recovery loans | $ 3,200,000 | $ 1,200,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate | 5.63% | 5.63% | 5.63% | ||||||||||||||||||||||||||||||||||||||||||
Financing receivable, loan percentage of all financing receivables | 19.60% | 19.60% | 19.60% | ||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Notes Receivable $82.2 Million Due 2036 [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | $ 82,200,000 | ||||||||||||||||||||||||||||||||||||||||||||
Interest income related to loans on non-accrual status | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 5.63% | ||||||||||||||||||||||||||||||||||||||||||||
Investment Maturity Date | Dec. 31, 2036 | ||||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Notes Receivable Due Loan A [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | $ 32,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Notes Receivable Due Loan B [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | 50,200,000 | ||||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Additional Principal Deferred Rent Working Capital [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | 25,200,000 | ||||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Notes Receivable Due 2025 Working Capital [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | $ 25,000,000 | $ 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate | 7% | ||||||||||||||||||||||||||||||||||||||||||||
Investment Maturity Date | Apr. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Notes Receivable Due 2024 Term Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | $ 32,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 9% | ||||||||||||||||||||||||||||||||||||||||||||
Investment Maturity Date | Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Notes Receivable Due 2024 Term Loan [Member] | Asset Pledged as Collateral with Right [Member] | Letter of Credit [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | $ 9,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Operator Placed On Cash Basis [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Potential accumulated deferred rent payments | $ 6,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate properties sold | facility | 22 | 22 | 22 | ||||||||||||||||||||||||||||||||||||||||||
Restructured contractual rent amount | $ 1,900,000 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred aggregate rent | $ 25,200,000 | ||||||||||||||||||||||||||||||||||||||||||||
Monthly expected payment amount to be received | $ 4,800,000 | ||||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Forecast [Member] | Notes Receivable $82.2 Million Due 2036 [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 5.71% | 5.71% | |||||||||||||||||||||||||||||||||||||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 1.80% | 0% | 3.90% | ||||||||||||||||||||||||||||||||||||||||||
Gulf Coast LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Accelerated rent amount due with operator | $ 49,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Gulf Coast LLC [Member] | Operator Placed On Cash Basis [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ 24,600,000 | ||||||||||||||||||||||||||||||||||||||||||||
Security deposit used against uncollected receivables | $ 3,300,000 | 3,300,000 | |||||||||||||||||||||||||||||||||||||||||||
Straight line rent receivable write-off | $ 17,400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Gulf Coast LLC [Member] | Scenario, Total Committed [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Gulf Coast LLC [Member] | Unsecured Debt [Member] | Subordinated debt | |||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Number of notes outstanding by entity | item | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | 9% | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, maturity date | Dec. 21, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Accrued interest offset against uncollectible receivables | $ 1,300,000 | 1,300,000 | $ 1,300,000 | ||||||||||||||||||||||||||||||||||||||||||
Principal offset against uncollectible receivables | 20,000,000 | 20,000,000 | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Gulf Coast LLC [Member] | Facilities Leased | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | facility | 24 | 24 | |||||||||||||||||||||||||||||||||||||||||||
Gulf Coast LLC [Member] | Facilities Transitioned to Other Operators [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | facility | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Gulf Coast LLC [Member] | Facilities Sold | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | facility | 22 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate properties sold | facility | 22 | ||||||||||||||||||||||||||||||||||||||||||||
Gulf Coast LLC [Member] | Facilities with new manager | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | facility | 23 | ||||||||||||||||||||||||||||||||||||||||||||
Gulf Coast LLC [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 3.30% | 2.80% | |||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Security deposit used against uncollected receivables | $ 4,400,000 | $ 2,900,000 | |||||||||||||||||||||||||||||||||||||||||||
Security deposit | 100,000 | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Rental income | 4,400,000 | 16,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Reduced combined rent and interest following restructuring activities | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Lease and loan maturity date | Dec. 31, 2031 | Sep. 30, 2034 | Jan. 31, 2027 | ||||||||||||||||||||||||||||||||||||||||||
Interest income related to loans on non-accrual status | 0 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||
Expected amount to be received | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | Financing Restructuring Agreement And Amendments [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Potential accumulated deferred rent payments | $ 18,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Reduced combined rent and interest following restructuring activities | $ 24,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring agreement rent | 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring agreement mortgage interest | $ 9,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | Operator Placed On Cash Basis [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ 11,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans decrease through acquisition | $ 8,700,000 | ||||||||||||||||||||||||||||||||||||||||||||
Straight line rent receivable write-off | 14,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | Facilities Transitioned to Other Operators [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | facility | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | Facilities Transitioned to Other Operators [Member] | 8 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Number of operators | item | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | Facilities Sold | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 6 | 6 | |||||||||||||||||||||||||||||||||||||||||||
Real estate properties sold | facility | 9 | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Real estate properties sold | facility | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | Facilities Acquired From Mortgage [Member] | Operator Placed On Cash Basis [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | facility | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | Facilities Previously Subject To Mortgage Financing From Entity [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 4 | 4 | |||||||||||||||||||||||||||||||||||||||||||
Guardian [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 1.70% | 1.10% | 2.50% | ||||||||||||||||||||||||||||||||||||||||||
Maplewood Real Estate Holdings | |||||||||||||||||||||||||||||||||||||||||||||
Security deposit used against uncollected receivables | 1,800,000 | $ 4,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Provision for straight-line rent and contractual receivables | $ 29,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Rental income | 11,600,000 | 62,600,000 | |||||||||||||||||||||||||||||||||||||||||||
Revenue from collecting rental and interest payments | 9,800,000 | 57,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Deferred aggregate rent | 1,800,000 | ||||||||||||||||||||||||||||||||||||||||||||
Short paid amount of rent paid | 7,500,000 | 11,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Termination fee incurred cost | 12,500,000 | 12,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Restructuring Agreement Expected Rent | $ 69,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred percentage of annual escalators | 2.50% | ||||||||||||||||||||||||||||||||||||||||||||
Straight line accounts receivable and lease inducements write-offs | $ 29,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Lease expiration month year | 2037-12 | 2033-12 | |||||||||||||||||||||||||||||||||||||||||||
Termination Fee Incurred Cost | $ 12,500,000 | 12,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Contractual rent income expected to be received | 17,300,000 | 69,300,000 | |||||||||||||||||||||||||||||||||||||||||||
Revenues from Collecting Rental And Interest Payments | 9,800,000 | 57,800,000 | |||||||||||||||||||||||||||||||||||||||||||
Maplewood Real Estate Holdings | Other Real Estate Loans Due 2030 [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | $ 250,500,000 | $ 250,500,000 | $ 250,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest rate | 7% | 7% | |||||||||||||||||||||||||||||||||||||||||||
Interest Paid In Cash | 4% | ||||||||||||||||||||||||||||||||||||||||||||
Maplewood Real Estate Holdings | Other Real Estate Loans Due 2035 [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, gross | $ 263,500,000 | $ 263,500,000 | $ 263,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | 320,000,000 | $ 250,500,000 | $ 220,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest income related to loans on non-accrual status | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 7% | ||||||||||||||||||||||||||||||||||||||||||||
Investment Maturity Date | Jun. 30, 2030 | ||||||||||||||||||||||||||||||||||||||||||||
Interest Paid In Kind | 3% | 6% | |||||||||||||||||||||||||||||||||||||||||||
Interest Paid In Cash | 1% | ||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, loan percentage of all financing receivables | 20.20% | 20.20% | 20.20% | ||||||||||||||||||||||||||||||||||||||||||
Maplewood Real Estate Holdings | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Short paid amount of rent paid | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Maplewood Real Estate Holdings | Scenario, Plan [Member] | Capital Expenditure Committed [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Contractual obligation | $ 22,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Maplewood Real Estate Holdings | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 6.60% | 8.90% | 7.90% | ||||||||||||||||||||||||||||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate properties sold | facility | 11 | ||||||||||||||||||||||||||||||||||||||||||||
Rental income | $ 5,300,000 | $ 37,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Lease inducements | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Restructured contractual rent amount | $ 7,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred aggregate rent | 19,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Short paid amount of rent paid | 7,800,000 | 21,100,000 | |||||||||||||||||||||||||||||||||||||||||||
Straight line accounts receivable and lease inducements write-offs | 58,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Monthly expected payment amount to be received | 3,300,000 | $ 8,300,000 | |||||||||||||||||||||||||||||||||||||||||||
Contractual rent income expected to be received | $ 13,100,000 | $ 58,100,000 | |||||||||||||||||||||||||||||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Deferred aggregate rent | $ 19,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Rental income | 1,450,000 | ||||||||||||||||||||||||||||||||||||||||||||
Short paid amount of rent paid | 1,850,000 | ||||||||||||||||||||||||||||||||||||||||||||
Contractual rent income expected to be received | $ 3,300,000 | ||||||||||||||||||||||||||||||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Third Party Operator [Member] | 11 Facilities | |||||||||||||||||||||||||||||||||||||||||||||
Termination fee incurred cost | $ 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Termination Fee Incurred Cost | $ 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Scenario, Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Termination fee incurred cost | 35,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Termination Fee Incurred Cost | $ 35,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Facilities Being Transitioned To Other Operator [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 2 | 2 | |||||||||||||||||||||||||||||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Facilities Sold | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 11 | 30 | 7 | 11 | 30 | 11 | 30 | ||||||||||||||||||||||||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Facilities Previously Subject to Master Lease [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | 30 | 7 | 30 | 30 | |||||||||||||||||||||||||||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 3.80% | 11.10% | 9.50% | ||||||||||||||||||||||||||||||||||||||||||
New Manager of Gulf Coast Facilities [Member] | Working Capital Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Financing receivable, face amount | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Healthcare Homes Limited [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Potential accumulated deferred rent payments | £ | £ 6.7 | ||||||||||||||||||||||||||||||||||||||||||||
Lease inducements | $ 3,400,000 | $ 3,400,000 | $ 3,400,000 | ||||||||||||||||||||||||||||||||||||||||||
Deferred aggregate rent | $ 2,100,000 | £ 1.7 | $ 8,200,000 | £ 6.7 | $ 8,200,000 | ||||||||||||||||||||||||||||||||||||||||
Healthcare Homes Limited [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Concentration risk, percentage | 3.10% | 2.90% | 2.40% |
CONTRACTUAL RECEIVABLES AND O_4
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS (Schedule of Net Accounts Receivable) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CONTRACTUAL RECEIVABLES AND OTHER RECEIVABLES AND LEASE INDUCEMENTS [Abstract] | ||
Contractual receivables - net | $ 11,888 | $ 8,228 |
Effective yield interest receivables | 3,127 | 5,696 |
Straight-line rent receivables | 202,748 | 166,061 |
Lease inducements | 8,782 | 6,041 |
Other receivables and lease inducements | $ 214,657 | $ 177,798 |
LEASES (Narrative) (Detail)
LEASES (Narrative) (Detail) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) facility | Dec. 31, 2023 USD ($) property facility Office | Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) facility | Sep. 30, 2023 facility | Sep. 30, 2021 facility | |
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | facility | 891 | |||||
Investments in direct financing leases | $ 11,205,000 | $ 11,319,000 | ||||
Accounts receivable - net | 275,615,000 | 225,281,000 | ||||
Other assets | 147,686,000 | 272,960,000 | ||||
Recovery on direct financing leases | (327,000) | 2,286,000 | $ (164,000) | |||
Ground Leases and/or Facility Leases [Member] | General and Administrative Expense [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease expenses | 2,800,000 | $ 2,200,000 | $ 2,200,000 | |||
United Kingdom | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Initial non cash right of use asset - ground leases | $ 9,900,000 | 9,900,000 | ||||
Initial non cash lease liability - ground leases | $ 9,900,000 | $ 9,900,000 | ||||
Facilities Sold | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | 69 | 66 | 48 | |||
Facilities Held for Sale or Closed [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | facility | 17 | |||||
Skilled Nursing Facilities [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | facility | 592 | |||||
Skilled Nursing Facilities [Member] | Ground Leases and/or Facility Leases [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | property | 10 | |||||
Skilled Nursing Facilities [Member] | Facilities Sold | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | 64 | |||||
Skilled Nursing Facilities [Member] | Facilities Acquired | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | facility | 9 | 7 | 6 | |||
Assisted Living Facilities [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | facility | 188 | |||||
Assisted Living Facilities [Member] | Ground Leases and/or Facility Leases [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | property | 4 | |||||
Assisted Living Facilities [Member] | Facilities Sold | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | 2 | |||||
Assisted Living Facilities [Member] | Facilities Acquired | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | facility | 21 | 34 | 19 | |||
Assisted Living Facilities [Member] | Facilities Acquired | United Kingdom | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | facility | 6 | 1 | 14 | 2 | ||
Office leases | Ground Leases and/or Facility Leases [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of real estate properties | Office | 2 |
LEASES (Schedule of operating l
LEASES (Schedule of operating lease income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Lease Income [Abstract] | |||
Rental income - operating leases | $ 811,123 | $ 735,247 | $ 911,701 |
Variable lease income - operating leases | 14,257 | 14,961 | 11,976 |
Total rental income | $ 825,380 | $ 750,208 | $ 923,677 |
LEASES (Schedule of estimated c
LEASES (Schedule of estimated contractual rents due under operating leases) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Estimated contractual rents due under operating leases | |
2024 | $ 816,703 |
2025 | 836,729 |
2026 | 858,145 |
2027 | 831,150 |
2028 | 748,652 |
Thereafter | 4,841,217 |
Total | $ 8,932,596 |
LEASES - Balance sheet informat
LEASES - Balance sheet information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
LEASES [Abstract] | ||
Right of use assets | $ 30,178 | $ 17,849 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Lease liabilities | $ 31,625 | $ 19,130 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities |
LEASES (Schedule of Components
LEASES (Schedule of Components of Investment in Direct Financing Leases) (Detail) $ in Thousands | Dec. 31, 2023 USD ($) facility lease | Dec. 31, 2022 USD ($) lease facility | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Lessee, Lease, Description [Line Items] | ||||
Minimum lease payments receivable | $ 22,628 | $ 23,756 | ||
Less unearned income | (11,423) | (12,437) | ||
Investment in direct financing leases | 11,205 | 11,319 | ||
Less allowance for expected credit losses on direct financing leases | (2,489) | (2,816) | $ (530) | $ (694) |
Investment in direct financing leases - net | $ 8,716 | $ 8,503 | ||
Number of real estate properties | facility | 891 | |||
Number of direct financing leases | lease | 1 | 1 | ||
Facilities Subject to Direct Financing Leases [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Number of real estate properties | facility | 1 | 1 |
REAL ESTATE LOANS RECEIVABLE (N
REAL ESTATE LOANS RECEIVABLE (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2023 facility item USD ($) state property entity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 891 |
Number of states | state | 42 |
Skilled Nursing Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 592 |
Assisted Living Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 188 |
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 45 |
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | 7 |
Mortgage Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of fixed rate mortgage | property | 10 |
Number of states | state | 8 |
Number of independent healthcare operating companies operating under mortgage notes receivable | entity | 9 |
Mortgage Receivable [Member] | Facilities Considered Long Term [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of real estate properties | property | 55 |
Other Real Estate Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of other real estate loans | $ | 17 |
Number of operators with other real estate loans | item | 7 |
REAL ESTATE LOANS RECEIVABLE (S
REAL ESTATE LOANS RECEIVABLE (Schedule of Receivables) (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) facility loan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real estate loans receivable - net | $ 1,212,162,000 | $ 1,042,731,000 | |
Number of real estate properties | facility | 891 | ||
Collection of loan principal | $ 165,191,000 | 345,665,000 | $ 156,276,000 |
Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | 754,437,000 | 731,523,000 | |
Allowance for credit losses | (55,661,000) | (83,393,000) | |
Real estate loans receivable - net | 698,776,000 | 648,130,000 | |
Mortgage Note Due 2025 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 62,010,000 | 63,811,000 | |
Interest rate | 7.85% | ||
Investment Maturity Year | 2025 | ||
Mortgage Note Due 2028 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 50,000,000 | ||
Interest rate | 10% | ||
Investment Maturity Year | 2028 | ||
Mortgage Note Due 2030 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 514,866,000 | 506,321,000 | |
Investment Maturity Year | 2030 | ||
Mortgage Note Due 2030 [Member] | Ciena Healthcare [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 514,900,000 | ||
Mortgage Note Due 2030 [Member] | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 11.18% | ||
Mortgage Note Due 2031 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | 76,049,000 | ||
Interest rate | 11.27% | ||
Investment Maturity Year | 2031 | ||
Mortgage Note Due 2037 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 72,420,000 | 72,420,000 | |
Interest rate | 10.50% | ||
Investment Maturity Year | 2037 | ||
Other Mortgage Notes Member | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 55,141,000 | 12,922,000 | |
Number of other real estate loans | loan | 5 | ||
Other Mortgage Notes Member | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2024 | ||
Other Mortgage Notes Member | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2026 | ||
Other Mortgage Notes Member | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 9.45% | ||
Other Mortgage Loans Two Currently Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 12,900,000 | ||
Financing Receivable Fair Value of Collateral | 1,500,000 | ||
Other Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | 548,715,000 | 412,568,000 | |
Allowance for credit losses | (35,329,000) | (17,967,000) | |
Real estate loans receivable - net | $ 513,386,000 | 394,601,000 | |
Number of other real estate loans | 17 | ||
Other Real Estate Loans Due 2035 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 263,520,000 | 250,500,000 | |
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 | $ 106,807,000 | 98,440,000 | |
Investment Maturity Year | 2024 | ||
Other Real Estate Loans Due 2024 [Member] | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 13.20% | ||
Other Real Estate Loans Due 2023 - 2030 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 120,576,000 | 43,628,000 | |
Other Real Estate Loans Due 2023 - 2030 [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2023 | ||
Other Real Estate Loans Due 2023 - 2030 [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Investment Maturity Year | 2030 | ||
Other Real Estate Loans Due 2023 - 2030 [Member] | Weighted Average [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest rate | 11.77% | ||
Other Real Estate Loans Due 2023 - 2030 Five Loans Repaid [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of other real estate loans | 5 | ||
Other Real Estate Loans Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 57,812,000 | $ 20,000,000 | |
Number of other real estate loans | 4 | ||
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 | 11.25% |
REAL ESTATE LOANS RECEIVABLE _2
REAL ESTATE LOANS RECEIVABLE (Summary of investments income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | $ 119,888 | $ 123,919 | $ 136,382 |
Investment Type Characteristic Real Estate Related Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | 97,766 | 110,322 | 123,649 |
Mortgage Receivable [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | 68,340 | 74,233 | 91,661 |
Other Real Estate Loans [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | $ 29,426 | $ 36,089 | $ 31,988 |
REAL ESTATE LOANS RECEIVABLE (M
REAL ESTATE LOANS RECEIVABLE (Mortgage Notes Due 2030 Narrative) (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
May 31, 2020 USD ($) facility | Jun. 30, 2018 USD ($) facility | Mar. 31, 2023 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 29, 2024 USD ($) | Jan. 01, 2024 | Apr. 01, 2023 | Jun. 22, 2022 USD ($) | Apr. 01, 2022 | Sep. 30, 2021 USD ($) | Jul. 31, 2020 USD ($) | Jun. 30, 2020 USD ($) facility | May 01, 2020 USD ($) | Apr. 30, 2020 | Jun. 14, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Collection of loan principal | $ 165,191,000 | $ 345,665,000 | $ 156,276,000 | ||||||||||||||||||
Number of real estate properties | facility | 891 | ||||||||||||||||||||
Interest income | $ 119,888,000 | 123,919,000 | 136,382,000 | ||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, face amount | $ 27,300,000 | ||||||||||||||||||||
Investment Type Characteristic Real Estate Related Loans [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | 1,303,152,000 | ||||||||||||||||||||
Interest income | $ 97,766,000 | $ 110,322,000 | 123,649,000 | ||||||||||||||||||
Skilled Nursing Facilities [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | facility | 592 | ||||||||||||||||||||
Assisted Living Facilities [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | facility | 188 | ||||||||||||||||||||
Construction Loans [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 28,100,000 | ||||||||||||||||||||
Investment Maturity Year | 2024 | ||||||||||||||||||||
Number of loans | 1 | ||||||||||||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | 4 | ||||||||||||||||||||
Mortgage Receivable [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 754,437,000 | $ 731,523,000 | |||||||||||||||||||
Mortgage Receivable [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Interest income | 68,340,000 | 74,233,000 | 91,661,000 | ||||||||||||||||||
Mortgage Note Due 2030 [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 514,866,000 | 506,321,000 | |||||||||||||||||||
Investment Maturity Year | 2030 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 514,900,000 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Master Mortgage [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Collection of loan principal | $ 92,400,000 | ||||||||||||||||||||
Investment Maturity Year | 2030 | ||||||||||||||||||||
Interest rate | 10.67% | 10.13% | 9% | ||||||||||||||||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | ||||||||||||||||||||
Investment interest rate increase (decrease) | 0.54% | ||||||||||||||||||||
Financing receivable, face amount | $ 415,000,000 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Master Mortgage [Member] | Ciena Healthcare [Member] | 19 Facilities | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 277,800,000 | ||||||||||||||||||||
Interest rate | 11.57% | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Amended Master Mortgage [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 104,400,000 | ||||||||||||||||||||
Investment Maturity Year | 2030 | ||||||||||||||||||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Amended Master Mortgage [Member] | Ciena Healthcare [Member] | Minimum [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Interest rate | 8.50% | ||||||||||||||||||||
Percentage of mortgage loan fixed annual escalators | 2% | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Amended Master Mortgage [Member] | Ciena Healthcare [Member] | Maximum [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Interest rate | 10% | ||||||||||||||||||||
Percentage of mortgage loan fixed annual escalators | 2.50% | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Second Amended Master Mortgage [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Investment Maturity Date | Jun. 30, 2030 | ||||||||||||||||||||
Interest rate | 9.50% | ||||||||||||||||||||
Percentage of mortgage loan interest rate increase per annum | 0.225% | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Second Amended Master Mortgage [Member] | Ciena Healthcare [Member] | 5 Facilities | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, face amount | $ 44,700,000 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Third Amended Master Mortgage [Member] | Michigan | Ciena Healthcare [Member] | 9 Facilities | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 82,800,000 | ||||||||||||||||||||
Investment Maturity Date | Jun. 30, 2030 | ||||||||||||||||||||
Interest rate | 10.31% | 10.94% | |||||||||||||||||||
Percentage of mortgage loan interest rate increase per annum | 2% | ||||||||||||||||||||
Financing receivable, face amount | $ 83,500,000 | $ 83,500,000 | |||||||||||||||||||
Mortgage Note Due 2030 [Member] | Construction Loans [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of loans | 1 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Michigan | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | facility | 9 | 5 | |||||||||||||||||||
Mortgage Note Due 2030 [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Master Mortgage [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | facility | 19 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Amended Master Mortgage [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | 3 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Third Amended Master Mortgage [Member] | Michigan | Ciena Healthcare [Member] | Skilled Nursing Facilities [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | facility | 8 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Third Amended Master Mortgage [Member] | Michigan | Ciena Healthcare [Member] | Assisted Living Facilities [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | facility | 1 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Facilities Formerly Covered by Mortgage Now Acquired [Member] | Construction Loans [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 13,900,000 | ||||||||||||||||||||
Mortgage Note Due 2030 [Member] | Mortgage Liens on Facilities Removed [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | 5 | ||||||||||||||||||||
One Mortgage Note Due Through 2022 Extended To 2023 [Member] | Ohio | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 21,300,000 | ||||||||||||||||||||
One Mortgage Note Due Through 2022 Extended To 2023 [Member] | Ohio | Ciena Healthcare Subsidiaries [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, face amount | $ 21,300,000 | ||||||||||||||||||||
One Mortgage Note Due Through 2022 Extended To 2023 [Member] | Ohio | Ciena Healthcare Subsidiaries [Member] | Skilled Nursing Facilities [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Investment Maturity Date | Dec. 31, 2023 | Mar. 31, 2022 | |||||||||||||||||||
Interest rate | 9.50% | ||||||||||||||||||||
One Mortgage Note Due Through 2022 Extended To 2023 [Member] | Ohio | Ciena Healthcare Subsidiaries [Member] | Skilled Nursing Facilities [Member] | Scenario, Plan [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Interest rate | 9.98% | 9.74% | |||||||||||||||||||
One Mortgage Note Due Through 2022 Extended To 2023 [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Ohio | Ciena Healthcare Subsidiaries [Member] | Skilled Nursing Facilities [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | facility | 1 | ||||||||||||||||||||
One Mortgage Note Due Through 2022 Extended To 2024 [Member] | Ohio | Subsequent Event [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Investment Maturity Date | Dec. 31, 2024 | ||||||||||||||||||||
Interest rate | 10% | ||||||||||||||||||||
One Mortgage Note Due Through 2021 Extended To 2029 [Member] | Construction Loans [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Investment Maturity Year | 2029 | 2021 | |||||||||||||||||||
Mortgage Note Due 2030 $44.7 Million Mortgage [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Collection of loan principal | $ 15,100,000 | ||||||||||||||||||||
Mortgage Note Due 2030 $44.7 Million Mortgage [Member] | Ciena Healthcare [Member] | 4 Facilities | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 28,600,000 | ||||||||||||||||||||
Mortgage Note Due 2030 $44.7 Million Mortgage [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | Michigan | Ciena Healthcare [Member] | Skilled Nursing Facilities [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | facility | 4 | ||||||||||||||||||||
Interest rate | 10.63% | ||||||||||||||||||||
Mortgage Note Due 2030 $44.7 Million Mortgage [Member] | Mortgage Liens on Facilities Removed [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | 1 | ||||||||||||||||||||
Mortgage Note Due 2030 7 Additional Mortgages [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Collection of loan principal | $ 51,000,000 | ||||||||||||||||||||
Number of loans | 7 | ||||||||||||||||||||
Mortgage Note Due 2030 2 of 7 Additional Mortgages [Member] | Mortgage Liens on Facilities Removed [Member] | Ciena Healthcare [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Number of real estate properties | 2 | ||||||||||||||||||||
Other Real Estate Loans [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 548,715,000 | $ 412,568,000 | |||||||||||||||||||
Other Real Estate Loans [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Interest income | 29,426,000 | 36,089,000 | $ 31,988,000 | ||||||||||||||||||
Other Real Estate Loans Due 2035 [Member] | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 263,520,000 | $ 250,500,000 | |||||||||||||||||||
Investment Maturity Year | 2035 | ||||||||||||||||||||
Interest rate | 7% | ||||||||||||||||||||
Other Real Estate Loans Due 2035 [Member] | Maplewood Real Estate Holdings | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Financing receivable, gross | $ 263,500,000 | ||||||||||||||||||||
Investment Maturity Date | Jun. 30, 2030 | ||||||||||||||||||||
Investment Maturity Year | 2035 | ||||||||||||||||||||
Interest rate | 7% | ||||||||||||||||||||
Financing receivable, face amount | $ 320,000,000 | $ 250,500,000 | $ 220,500,000 | ||||||||||||||||||
Interest Paid In Cash | 1% | ||||||||||||||||||||
Interest Paid In Kind | 3% | 6% | |||||||||||||||||||
Financing receivable, loan percentage of all financing receivables | 20.20% | ||||||||||||||||||||
Remaining commitment and paid in kind interest | $ 39,000,000 | ||||||||||||||||||||
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 | $ 1,500,000 |
REAL ESTATE LOANS RECEIVABLE _3
REAL ESTATE LOANS RECEIVABLE (Mortgage Notes Due 2037 Narrative) (Detail) | Dec. 31, 2023 USD ($) facility | Jun. 30, 2023 | Dec. 31, 2022 USD ($) | Jul. 01, 2021 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 891 | |||
Skilled Nursing Facilities [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 592 | |||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | $ 754,437,000 | $ 731,523,000 | ||
Mortgage Note Due 2037 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | $ 72,420,000 | $ 72,420,000 | ||
Interest rate | 10.50% | |||
Mortgage Note Due 2037 [Member] | Eight Facilities Financed [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Maturity Date | Dec. 31, 2037 | |||
Mortgage Note Due 2037 [Member] | Ohio | Eight Facilities Financed [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 8 | |||
Financing receivable, gross | $ 72,400,000 | $ 72,400,000 | ||
Interest rate | 10.50% | |||
Investment Maturity Date | Dec. 31, 2032 | |||
Mortgage Note Due 2037 [Member] | Ohio | Two Facilities Financed [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 2 | |||
Financing receivable, gross | $ 6,400,000 | |||
Mortgage Note Due 2037 [Member] | Ohio | Six Facilities Financed [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 6 |
REAL ESTATE LOANS RECEIVABLE _4
REAL ESTATE LOANS RECEIVABLE (Mortgage Notes Due 2025 Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | May 17, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage notes receivable-net | $ 1,212,162 | $ 1,042,731 | |
Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | 754,437 | 731,523 | |
Mortgage notes receivable-net | 698,776 | 648,130 | |
Mortgage Note Due 2025 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 62,010 | $ 63,811 | |
Investment Maturity Year | 2025 | ||
Interest rate | 7.85% | ||
Mortgage Note Due 2025 [Member] | Lakeway Realty LLC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, gross | $ 62,000 | ||
Interest rate | 8% | ||
Investment Maturity Date | Mar. 20, 2025 | ||
Financing receivable, face amount | $ 73,000 | ||
Notes Receivable, Fair Value Disclosure | $ 69,100 |
REAL ESTATE LOANS RECEIVABLE _5
REAL ESTATE LOANS RECEIVABLE (Mortgage Notes Due 2028 Narrative) (Detail) | Dec. 31, 2023 USD ($) facility | Dec. 28, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 891 | |||
Facilities Acquired by Operator Related to Other Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 13 | |||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | $ 754,437,000 | $ 731,523,000 | ||
Mortgage Notes Due 2028 [Member] | New Operator [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | $ 50,000,000 | |||
Interest rate | 10% | |||
Investment Maturity Date | Dec. 28, 2028 | |||
Mortgage Notes Due 2028 [Member] | Facilities Acquired by Operator Related to Other Real Estate Loans [Member] | New Operator [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 4 |
REAL ESTATE LOANS RECEIVABLE _6
REAL ESTATE LOANS RECEIVABLE (Mortgage Notes Due 2031 Narrative) (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Feb. 15, 2022 USD ($) | Dec. 30, 2021 USD ($) | Mar. 31, 2018 | Jun. 30, 2023 USD ($) | Mar. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 29, 2024 USD ($) | Jan. 17, 2014 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Number of real estate properties | facility | 891 | ||||||||||||
Mortgage notes receivable-net | $ 1,042,731,000 | $ 1,212,162,000 | $ 1,042,731,000 | ||||||||||
Interest payments applied against principal for cost recovery loans | 3,900,000 | 6,000,000 | |||||||||||
Collection of loan principal | $ 165,191,000 | $ 345,665,000 | $ 156,276,000 | ||||||||||
Subsequent Event [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Financing receivable, face amount | $ 27,300,000 | ||||||||||||
Facilities Covered by Mortgage and Used as Collateral [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Number of real estate properties | 4 | 4 | |||||||||||
Two Facilities Acquired From Mortgage [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Mortgage loans decrease through acquisition | $ 8,700,000 | ||||||||||||
Four Facilities Previously Subject To Mortgage Financing From Entity [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Number of real estate properties | 4 | ||||||||||||
Skilled Nursing Facilities [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Number of real estate properties | facility | 592 | ||||||||||||
Assisted Living Facilities [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Number of real estate properties | facility | 188 | ||||||||||||
Guardian [Member] | 9 Facilities | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Total proceeds | $ 39,500,000 | ||||||||||||
Guardian [Member] | 7 of 9 Facilities [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Accrued interest reserved through credit loss | $ 1,000,000 | 1,000,000 | |||||||||||
Guardian [Member] | Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Real estate properties sold | facility | 3 | ||||||||||||
Mortgage Receivable [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Financing receivable, gross | $ 731,523,000 | $ 754,437,000 | $ 731,523,000 | ||||||||||
Mortgage notes receivable-net | 648,130,000 | 698,776,000 | 648,130,000 | ||||||||||
Financing receivable, allowance for credit losses | 83,393,000 | $ 55,661,000 | 83,393,000 | ||||||||||
Mortgage Note Due 2031 [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Investment Maturity Year | 2031 | ||||||||||||
Financing receivable, gross | 76,049,000 | 76,049,000 | |||||||||||
Mortgage Note Due 2031 [Member] | Four Facilities Previously Subject To Mortgage Financing From Entity [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Mortgage notes receivable-net | $ 35,200,000 | ||||||||||||
Collection of loan principal | 35,200,000 | ||||||||||||
Mortgage Note Due 2031 [Member] | Four Facilities Previously Subject To Mortgage Financing From Entity [Member] | Principal Forgiveness [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Financing receivable, forgiven amount | $ 46,800,000 | ||||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Provision (Recovery) for Credit Losses | $ (5,100,000) | $ 300,000 | |||||||||||
Partial paydown received from the sale of facilities in exchange for release of mortgage liens | $ 21,700,000 | ||||||||||||
Interest payments applied against principal for cost recovery loans | $ 3,900,000 | $ 6,000,000 | |||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | 9 Facilities | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Investment Maturity Date | Jan. 31, 2027 | ||||||||||||
Financing receivable, face amount | $ 112,500,000 | ||||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | 9 Facilities | Scenario, Plan [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Mortgage Receivable Extension Option Period | 5 years | ||||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | 9 Facilities | Scenario, Plan [Member] | Minimum [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Investment Maturity Date | Jan. 31, 2032 | ||||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | 9 Facilities | Scenario, Plan [Member] | Maximum [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Investment Maturity Date | Sep. 30, 2034 | ||||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | 7 of 9 Facilities [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Financing receivable, gross | 103,800,000 | 103,800,000 | |||||||||||
Provision (Recovery) for Credit Losses | 38,200,000 | ||||||||||||
Financing Receivable Fair Value of Collateral | 56,700,000 | 56,700,000 | |||||||||||
Financing receivable, allowance for credit losses | $ 47,100,000 | $ 47,100,000 | |||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | Facilities Covered by Mortgage and Used as Collateral [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Number of real estate properties | 7 | 7 | |||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | Facilities Acquired From Mortgage [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Number of real estate properties | 2 | ||||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | Three Facilities Previously Subject To Mortgage Financing From Entity [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Real estate properties sold | 3 | ||||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | Skilled Nursing Facilities [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Number of real estate properties | 7 | ||||||||||||
Mortgage Note Due 2031 [Member] | Guardian [Member] | Assisted Living Facilities [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Number of real estate properties | 2 |
REAL ESTATE LOANS RECEIVABLE (O
REAL ESTATE LOANS RECEIVABLE (Other Mortgage Notes Outstanding) (Detail) | 12 Months Ended | |
Dec. 31, 2023 facility item loan | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of operators | item | 74 | |
Number of real estate properties | facility | 891 | |
Facilities Covered by Mortgage and Used as Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of real estate properties | $ | 4 | |
Other Mortgage Notes Member | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of operators | item | 5 | |
Number of other real estate loans | loan | 5 | |
Other Mortgage Notes Member | Facilities Covered by Mortgage and Used as Collateral [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of real estate properties | facility | 6 |
REAL ESTATE LOANS RECEIVABLE _7
REAL ESTATE LOANS RECEIVABLE (Other Mortgage Notes Outstanding Mortgage Note Due 2026) (Detail) - Mortgage Note Due 2026 [Member] - 2 Facilities $ in Millions | 1 Months Ended |
Oct. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, face amount | $ 29.5 |
Interest rate | 10% |
Investment Maturity Date | Oct. 01, 2026 |
Maximum Interest Paid In Kind Allowable | $ 3 |
REAL ESTATE LOANS RECEIVABLE _8
REAL ESTATE LOANS RECEIVABLE (Other Real Estate Loans Due 2035) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 22, 2022 | Jul. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Rental income | $ 825,380 | $ 750,208 | $ 923,677 | ||||||
Interest income | 119,888 | 123,919 | 136,382 | ||||||
Investment Type Characteristic Real Estate Related Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing receivable, gross | $ 1,303,152 | 1,303,152 | |||||||
Interest income | 97,766 | 110,322 | 123,649 | ||||||
Maplewood Real Estate Holdings | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Rental income | 11,600 | 62,600 | |||||||
Other Real Estate Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing receivable, gross | 548,715 | 548,715 | 412,568 | ||||||
Other Real Estate Loans [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Interest income | $ 29,426 | 36,089 | $ 31,988 | ||||||
Other Real Estate Loans Due 2035 [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Investment Maturity Year | 2035 | ||||||||
Financing receivable, gross | $ 263,520 | $ 263,520 | $ 250,500 | ||||||
Interest rate | 7% | 7% | |||||||
Other Real Estate Loans Due 2035 [Member] | Maplewood Real Estate Holdings | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Investment Maturity Year | 2035 | ||||||||
Financing receivable, face amount | $ 320,000 | $ 250,500 | $ 220,500 | ||||||
Financing receivable, gross | $ 263,500 | $ 263,500 | |||||||
Interest rate | 7% | ||||||||
Investment Maturity Date | Jun. 30, 2030 | ||||||||
Interest Paid In Kind | 3% | 6% | |||||||
Interest Paid In Cash | 1% | ||||||||
Maximum interest paid in kind allowable | 52,200 | ||||||||
Financing Receivable, Loan Percentage Of All Financing Receivables | 20.20% | 20.20% | |||||||
Remaining Commitment And Paid In Kind Interest | $ 39,000 | $ 39,000 | |||||||
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 | $ 1,500 |
REAL ESTATE LOANS RECEIVABLE _9
REAL ESTATE LOANS RECEIVABLE (Other Real Estate Loans Due 2023-2030 Narrative) (Detail) | 12 Months Ended | ||||
Apr. 14, 2023 USD ($) | Jun. 28, 2022 USD ($) | Dec. 31, 2023 USD ($) facility | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of real estate properties | facility | 891 | ||||
Facilities Acquired by Operator Related to Other Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of real estate properties | 13 | ||||
Mortgage Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, gross | $ 754,437,000 | $ 731,523,000 | |||
Other Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, gross | 548,715,000 | 412,568,000 | |||
Other Real Estate Loans 6.6 Million Principal [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Date | Apr. 14, 2029 | ||||
Financing receivable, face amount | $ 6,600,000 | ||||
Interest rate | 8% | ||||
Other Real Estate Loans 6.6 Million Principal [Member] | RCA NH Holdings RE CO LLC Investment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, face amount | $ 6,600,000 | ||||
Other Real Estate Loans 68.0 Million Principal [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Date | Apr. 13, 2029 | ||||
Financing receivable, face amount | $ 68,000,000 | ||||
Quarterly expected payment amount to be received | $ 1,000,000 | ||||
Other Real Estate Loans 35.6 Million Principal [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Date | Jun. 30, 2025 | ||||
Financing receivable, face amount | $ 35,600,000 | ||||
Interest rate | 12% | ||||
Quarterly expected payment amount to be received | $ 1,000,000 | ||||
Financing receivable, gross | 31,600,000 | ||||
Other Real Estate Loans 6.6 And 68.0 And 15.0 Million Principal One And 15.0 Million Principal Two [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest rate | 12% | ||||
Other Real Estate Loans Due 2023 - 2030 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, gross | $ 120,576,000 | 43,628,000 | |||
Other Real Estate Loans Due 2023 - 2030 [Member] | Facilities Acquired by Operator Related to Other Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of real estate properties | 13 | ||||
Other Real Estate Loans Due 2023 - 2030 [Member] | Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Year | 2023 | ||||
Other Real Estate Loans Due 2023 - 2030 [Member] | Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Year | 2030 | ||||
Other Real Estate Loans Due 2023 - 2030 [Member] | Weighted Average [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest rate | 11.77% | ||||
Non Real Estate Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, gross | $ 397,246,000 | $ 309,149,000 | |||
Note 2028 Mezzanine [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Date | Apr. 01, 2028 | ||||
Financing receivable, face amount | $ 15,000,000 | $ 15,000,000 | |||
Note 2029 Mezzanine [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Date | Apr. 13, 2029 | ||||
Financing receivable, face amount | $ 15,000,000 | $ 15,000,000 | |||
Interest rate | 12% |
REAL ESTATE LOANS RECEIVABLE_10
REAL ESTATE LOANS RECEIVABLE (Other Real Estate Loans Due 2024) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 06, 2018 | Jul. 31, 2016 | |
Other Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, gross | $ 548,715 | $ 412,568 | |||
Other Mortgage Notes Due 2024 [Member] | Genesis Healthcare [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Year | 2024 | ||||
Other Real Estate Loans Due 2024 48 Million Term Loan [Member] | Genesis Healthcare [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, face amount | $ 48,000 | ||||
Interest rate | 14% | ||||
Investment Maturity Date | Mar. 29, 2024 | Jul. 29, 2020 | |||
Loans Receivable Interest Paid-In-Kind | 9% | ||||
Financing receivable, gross | $ 85,400 | ||||
Other Real Estate Loans Due 2024 16 Million Term Loan [Member] | Genesis Healthcare [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, face amount | $ 16,000 | ||||
Interest rate | 10% | ||||
Investment Maturity Date | Mar. 29, 2024 | Jul. 29, 2020 | |||
Loans Receivable Interest Paid-In-Kind | 5% | ||||
Financing receivable, gross | $ 21,400 |
REAL ESTATE LOANS RECEIVABLE_11
REAL ESTATE LOANS RECEIVABLE (Other Real Estate Loans Other) (Detail) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) facility item | Dec. 31, 2022 USD ($) | Jun. 02, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | facility | 891 | |||
Pennsylvania | Facilities Acquired by Operator [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of real estate properties | 2 | |||
Mortgage Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | $ 754,437,000 | $ 731,523,000 | ||
Mortgage Note Due 2026 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | $ 29,500,000 | |||
Other Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | $ 548,715,000 | 412,568,000 | ||
Number Of Operators With Other Real Estate Loans | item | 7 | |||
Number of Other Real Estate Loans | 17 | |||
Other Real Estate Loans Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | $ 57,812,000 | $ 20,000,000 | ||
Number Of Operators With Other Real Estate Loans | 4 | |||
Number of Other Real Estate Loans | 4 | |||
Other Real Estate Loans Other Interest of 12.00% [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, face amount | $ 20,000,000 | |||
Interest rate | 12% | |||
Other Real Estate Loans Due 2028 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, face amount | $ 8,700,000 | |||
Interest rate | 7% | |||
Investment Maturity Date | Oct. 01, 2028 | |||
Maximum Interest Paid In Kind Allowable | $ 600,000 |
NON-REAL ESTATE LOANS RECEIVA_3
NON-REAL ESTATE LOANS RECEIVABLE (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item loan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | $ 119,888 | $ 123,919 | $ 136,382 |
Investment Type Characteristic Non Real Estate Related Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | $ 22,100 | $ 13,600 | $ 12,700 |
Number of Borrowers | item | 23 | ||
Number of non real estate loans receivable | loan | 44 |
NON-REAL ESTATE LOANS RECEIVA_4
NON-REAL ESTATE LOANS RECEIVABLE (Schedule of receivables) (Details) - USD ($) | 12 Months Ended | ||||||
Sep. 01, 2022 | Dec. 31, 2023 | Dec. 19, 2023 | Oct. 16, 2023 | Oct. 15, 2023 | Dec. 31, 2022 | Jul. 18, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-real estate loans receivable - net | $ 275,615,000 | $ 225,281,000 | |||||
Non Real Estate Loans Receivable [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, gross | 397,246,000 | 309,149,000 | |||||
Allowance for credit losses | (121,631,000) | (83,868,000) | |||||
Non-real estate loans receivable - net | 275,615,000 | 225,281,000 | |||||
Notes Receivable Due 2036 At 5.63% [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, gross | $ 77,854,000 | 55,791,000 | |||||
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 | $ 32,308,000 | 32,539,000 | |||||
Investment Maturity Year | 2036 | ||||||
Interest rate | 2% | ||||||
Notes Receivable Due 2027 [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, gross | 39,653,000 | ||||||
Investment Maturity Year | 2027 | 2027 | |||||
Interest rate | 12% | 12% | |||||
Notes Receivable Due 2024 [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, gross | $ 44,999,000 | 47,999,000 | |||||
Investment Maturity Year | 2024 | ||||||
Interest rate | 7.50% | 7.50% | |||||
Financing receivable, benchmark amount for interest rate determination | $ 45,000,000 | ||||||
Notes Receivable Due 2024 [Member] | Greater Than $45 Million [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Interest rate | 10% | ||||||
Notes Receivable Due 2024 [Member] | Less Than $45 Million [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Interest rate | 7.50% | ||||||
Notes Receivable Due 2024 [Member] | Scenario, Plan [Member] | Greater Than $45 Million [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Interest rate | 12% | ||||||
Notes Receivable Due 2024 Through 2026 [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, gross | $ 53,300,000 | 10,800,000 | |||||
Interest rate | 11% | ||||||
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 | 10.69% | ||||||
Notes Receivable Due 2024 Through 2029 [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, gross | $ 92,681,000 | 55,981,000 | |||||
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 | 11.22% | ||||||
Other Notes [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, gross | $ 96,104,000 | $ 66,386,000 | |||||
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 | 8.04% | ||||||
Other Notes $9.4 Million [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, gross | $ 9,400,000 | ||||||
Investment Maturity Year | 2024 | ||||||
Other Notes Three Loans Past Due [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing receivable, gross | $ 9,200,000 | ||||||
Financing Receivable Fair Value of Collateral | $ 0 |
NON-REAL ESTATE LOANS RECEIVA_5
NON-REAL ESTATE LOANS RECEIVABLE (Notes due 2024 - 2029) (Details) | 12 Months Ended | ||||
Jun. 28, 2022 USD ($) | Dec. 31, 2023 USD ($) facility | Jun. 30, 2023 USD ($) | Apr. 14, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of real estate properties | facility | 891 | ||||
Facilities Acquired by Operator Related to Other Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of real estate properties | 13 | ||||
Non Real Estate Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, gross | $ 397,246,000 | $ 309,149,000 | |||
Note 2028 Mezzanine [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, face amount | $ 15,000,000 | $ 15,000,000 | |||
Investment Maturity Date | Apr. 01, 2028 | ||||
Basis spread on variable interest rate | 8.60% | ||||
Note 2029 Mezzanine [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, face amount | $ 15,000,000 | $ 15,000,000 | |||
Interest rate | 12% | ||||
Investment Maturity Date | Apr. 13, 2029 | ||||
Notes Receivable Revolving Line of Credit Due 2024 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest rate | 10% | ||||
Investment Maturity Date | Jun. 30, 2023 | Jun. 30, 2024 | |||
Financing receivable, gross | $ 33,000,000 | ||||
Notes Receivable Due 2024 Through 2029 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Non Real Estate Loans | 14 | ||||
Financing receivable, gross | $ 92,681,000 | 55,981,000 | |||
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 | ||||
Working Capital Loans 3.3 Million [Member] | WV Pharm Holdings LLC Investment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, face amount | $ 3,300,000 | ||||
Other Real Estate Loans Due 2023 - 2030 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, gross | $ 120,576,000 | $ 43,628,000 | |||
Other Real Estate Loans Due 2023 - 2030 [Member] | Facilities Acquired by Operator Related to Other Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of real estate properties | 13 | ||||
Other Real Estate Loans Due 2023 - 2030 [Member] | Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Year | 2023 | ||||
Other Real Estate Loans Due 2023 - 2030 [Member] | Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Investment Maturity Year | 2030 | ||||
Other Real Estate Loans 35.6 Million Principal [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, face amount | $ 35,600,000 | ||||
Interest rate | 12% | ||||
Investment Maturity Date | Jun. 30, 2025 | ||||
Quarterly expected payment amount to be received | $ 1,000,000 | ||||
Financing receivable, gross | $ 31,600,000 |
NON-REAL ESTATE LOANS RECEIVA_6
NON-REAL ESTATE LOANS RECEIVABLE (Notes due 2036 at 5.63 Percent) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2023 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 01, 2024 | Oct. 31, 2024 | May 17, 2018 | May 07, 2018 | Sep. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing receivable allowance, increase (decrease) | $ 25,200,000 | |||||||||
Interest payments applied against principal for cost recovery loans | 3,900,000 | $ 6,000,000 | ||||||||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Provision (Recovery) for Credit Losses | $ 8,800,000 | |||||||||
Non Real Estate Loans Receivable [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing receivable, gross | 397,246,000 | 309,149,000 | ||||||||
Allowance for loss on notes receivable | $ 121,631,000 | 83,868,000 | ||||||||
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 | $ 77,854,000 | 55,791,000 | ||||||||
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% | |||||||||
Financing receivable, gross | $ 77,900,000 | |||||||||
Provision (Recovery) for Credit Losses | $ 16,700,000 | |||||||||
Financing receivable, loan percentage of all financing receivables | 19.60% | |||||||||
Interest payments applied against principal for cost recovery loans | $ 3,200,000 | $ 1,200,000 | ||||||||
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% | |||||||||
Allowance for loss on notes receivable | $ 71,900,000 | |||||||||
Financing receivable, face amount | $ 82,200,000 | |||||||||
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% | 5.71% | ||||||||
Notes Receivable Due Loan A [Member] | Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing receivable, gross | $ 32,000,000 | |||||||||
Notes Receivable Due Loan B [Member] | Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Financing receivable, gross | 50,200,000 | |||||||||
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, gross | 25,200,000 | |||||||||
Financing receivable allowance, increase (decrease) | $ 25,200,000 | |||||||||
Notes Receivable Due 2025 Working Capital [Member] | Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Interest rate | 7% | |||||||||
Provision (Recovery) for Credit Losses | 10,800,000 | |||||||||
Financing Receivable Fair Value of Collateral | 5,900,000 | |||||||||
Financing receivable, face amount | $ 25,000,000 | $ 25,000,000 | ||||||||
Investment Maturity Date | Apr. 30, 2025 | |||||||||
Notes Receivable Due 2024 Term Loan [Member] | Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Interest rate | 9% | |||||||||
Financing Receivable Fair Value of Collateral | $ 0 | |||||||||
Financing receivable, face amount | $ 32,000,000 | |||||||||
Investment Maturity Date | Dec. 31, 2024 |
NON-REAL ESTATE LOANS RECEIVA_7
NON-REAL ESTATE LOANS RECEIVABLE (Notes due 2024-2026) (Details) - Notes Receivable Due 2024 Through 2026 [Member] | 12 Months Ended | |
Dec. 19, 2023 USD ($) | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, face amount | $ 50,000,000 | |
Interest rate | 11% | |
Investment Maturity Date | Dec. 19, 2026 | |
Number of lease amendments | 2 | |
Number of lease agreements | 2 | |
Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment Maturity Year | 2024 | |
Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment Maturity Year | 2026 |
NON-REAL ESTATE LOANS RECEIVA_8
NON-REAL ESTATE LOANS RECEIVABLE (Note due 2024) (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Feb. 29, 2024 | Dec. 31, 2023 | Aug. 31, 2023 | Jan. 31, 2023 | Jul. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2023 | Jun. 30, 2024 | Apr. 30, 2024 | Jan. 31, 2024 | Oct. 15, 2023 | Jul. 18, 2019 | |
Subsequent Event [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Investment Owned, Face Amount | $ 27,300,000 | ||||||||||||
Notes Receivable Due 2024 [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Investment Maturity Year | 2024 | ||||||||||||
Investment Owned, Face Amount | $ 55,000,000 | $ 48,000,000 | $ 55,000,000 | $ 55,000,000 | $ 15,000,000 | ||||||||
Interest rate | 7.50% | 7.50% | 7.50% | 7.50% | |||||||||
Investment Maturity Date | Dec. 31, 2024 | Jul. 08, 2022 | |||||||||||
Monthly expected payment amount to be received | $ 500,000 | $ 0 | |||||||||||
Principal payment due but not received | $ 8,500,000 | ||||||||||||
Financing receivable, benchmark amount for interest rate determination | $ 45,000,000 | ||||||||||||
Notes Receivable Due 2024 [Member] | Subsequent Event [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Investment owned modification outstanding principal no longer past due | $ 8,500,000 | ||||||||||||
Investment Maturity Date | Dec. 31, 2025 | ||||||||||||
Financing receivable, benchmark amount for interest rate determination | $ 15,000,000 | ||||||||||||
Notes Receivable Due 2024 [Member] | Subsequent Event [Member] | Greater Than $15 Million [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Interest rate | 8% | ||||||||||||
Notes Receivable Due 2024 [Member] | Scenario, Plan [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Monthly expected payment amount to be received | $ 2,500,000 | $ 1,500,000 | $ 1,000,000 | ||||||||||
Notes Receivable Due 2024 [Member] | Scenario, Plan [Member] | Subsequent Event [Member] | Greater Than $15 Million [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Interest rate | 10% | 9% |
NON-REAL ESTATE LOANS RECEIVA_9
NON-REAL ESTATE LOANS RECEIVABLE (Notes due 2036 at 2.00 Percent) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 25, 2022 USD ($) | Sep. 01, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) facility | Dec. 29, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2023 | Sep. 01, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Interest payments applied against principal for cost recovery loans | $ 3,900 | $ 6,000 | |||||||
Financing receivable allowance, increase (decrease) | 25,200 | ||||||||
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 | $ 3,300 | $ 8,300 | |||||||
Non Real Estate Loans Receivable [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing receivable, gross | 397,246 | $ 309,149 | 397,246 | 309,149 | |||||
Allowance for loss on notes receivable | $ 121,631 | 83,868 | $ 121,631 | 83,868 | |||||
Notes Receivable Due 2036 at 2.00% [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Investment Maturity Year | 2036 | ||||||||
Interest rate | 2% | 2% | |||||||
Financing receivable, gross | $ 32,308 | $ 32,539 | $ 32,308 | $ 32,539 | |||||
Notes Receivable Due 2036 at 2.00% [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Interest rate | 2% | ||||||||
Investment Maturity Date | Nov. 30, 2036 | Nov. 30, 2036 | |||||||
Financing receivable, loan percentage of all financing receivables | 8.10% | 8.10% | |||||||
Financing receivable, gross | $ 32,300 | $ 32,300 | |||||||
Allowance for loss on notes receivable | $ 28,700 | $ 28,700 | |||||||
Number of facilities sold | facility | 11 | ||||||||
Notes Receivable Due $8.3 Million Term Loan [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Interest rate | 7% | ||||||||
Financing receivable, face amount | $ 8,300 | ||||||||
Interest payments applied against principal for cost recovery loans | $ 100 | ||||||||
Investment Maturity Date | Mar. 31, 2031 | ||||||||
Provision (Recovery) for Credit Losses | $ 7,500 | ||||||||
Monthly expected payment amount to be received | 100 | ||||||||
Notes Receivable Due $8.3 Million Term Loan [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | Scenario, Plan Monthly Installment Advances [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing receivable, face amount | $ 700 | ||||||||
Notes Receivable Due $25.0 Million Term Loan [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Interest rate | 8.50% | ||||||||
Financing receivable, face amount | $ 25,000 | ||||||||
Interest payments applied against principal for cost recovery loans | $ 400 | ||||||||
Investment Maturity Date | Mar. 31, 2032 | ||||||||
Provision (Recovery) for Credit Losses | $ 15,800 | ||||||||
Quarterly expected payment amount to be received | $ 1,300 |
NON-REAL ESTATE LOANS RECEIV_10
NON-REAL ESTATE LOANS RECEIVABLE (Other Notes Outstanding) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2024 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest payments applied against principal for cost recovery loans | $ 3,900 | $ 6,000 | ||
Non Real Estate Loans Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | 397,246 | 309,149 | ||
Other Notes [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, gross | 96,104 | $ 66,386 | ||
Other Investment Mezzanine Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Owned, Face Amount | $ 10,000 | |||
Interest rate | 11% | |||
Monthly expected payment amount to be received | $ 200 | |||
Investment Maturity Date | Jun. 30, 2028 | |||
Financing receivable, gross | 9,400 | |||
Working Capital Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest rate | 10% | |||
Investment Maturity Date | Jun. 30, 2026 | |||
Financing receivable, gross | $ 12,000 | |||
Working Capital Loans [Member] | Scenario, Plan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Owned, Face Amount | $ 20,000 | |||
Working Capital Loans [Member] | Maximum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Owned, Face Amount | $ 34,000 |
NON-REAL ESTATE LOANS RECEIV_11
NON-REAL ESTATE LOANS RECEIVABLE (Note due 2027) (Details) - Notes Receivable Due 2027 [Member] - USD ($) $ in Millions | 12 Months Ended | |
Sep. 01, 2022 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment Maturity Year | 2027 | 2027 |
Investment Owned, Face Amount | $ 40 | |
Interest rate | 12% | 12% |
Investment Maturity Date | Sep. 14, 2027 |
NON-REAL ESTATE LOANS RECEIV_12
NON-REAL ESTATE LOANS RECEIVABLE (Other Notes) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) facility loan | Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 31, 2024 | Sep. 30, 2023 USD ($) | Oct. 01, 2022 | Nov. 30, 2021 USD ($) facility | Oct. 31, 2021 USD ($) | Oct. 14, 2021 USD ($) | Oct. 01, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Number of real estate properties | facility | 891 | |||||||||||
Placement of mortgage loans | $ 420,626 | $ 371,987 | $ 251,457 | |||||||||
Interest payments applied against principal for cost recovery loans | 3,900 | $ 6,000 | ||||||||||
3.8% Operator | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, gross | $ 23,700 | |||||||||||
3.8% Operator | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Concentration risk, percentage | 3.80% | 3.70% | 3.40% | |||||||||
Gulf Coast LLC [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Provision (Recovery) for Credit Losses | $ (1,000) | |||||||||||
Gulf Coast LLC [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Concentration risk, percentage | 3.30% | 2.80% | ||||||||||
Gulf Coast LLC [Member] | Scenario, Total Committed [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000 | |||||||||||
Gulf Coast LLC [Member] | Facilities with new manager | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Number of real estate properties | facility | 23 | |||||||||||
Non Real Estate Loans Receivable [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, gross | 397,246 | $ 309,149 | ||||||||||
Other Notes [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, gross | $ 96,104 | 66,386 | ||||||||||
Number of non real estate loans receivable | loan | 23 | |||||||||||
Other Notes $20 Million Working Capital [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Provision (Recovery) for Credit Losses | $ (800) | |||||||||||
Other Notes $20 Million Working Capital [Member] | New Manager of Gulf Coast Facilities [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, gross | 4,600 | |||||||||||
Interest rate | 3% | |||||||||||
Investment Maturity Date | Dec. 31, 2022 | |||||||||||
Provision (Recovery) for Credit Losses | $ 5,200 | |||||||||||
Number of facilities sold | facility | 22 | |||||||||||
Financing receivable, face amount | $ 20,000 | |||||||||||
Other Notes $20 Million Working Capital [Member] | New Manager of Gulf Coast Facilities [Member] | Facilities with new manager | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Number of real estate properties | facility | 23 | |||||||||||
Other Notes $25 Million Senior Secured Facility [Member] | Gulf Coast LLC [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Investment Maturity Date | Aug. 15, 2022 | |||||||||||
Provision (Recovery) for Credit Losses | $ 20,000 | (1,000) | $ 200 | |||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 25,000 | |||||||||||
Debtor-in-Possession Financing, Floor Libor Interest Rate on Borrowings Outstanding | 1% | |||||||||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 12% | |||||||||||
Debtor-in-Possession Financing, Fee on Unused Borrowings | 0.50% | |||||||||||
Debtor-in-Possession Financing, Borrowings Outstanding | $ 20,500 | $ 20,500 | ||||||||||
Debtor-in-possession financing, additional funding | 2,200 | |||||||||||
Interest payments applied against principal for cost recovery loans | 2,000 | $ 500 | ||||||||||
Other Notes $25 Million Revolving Credit Facility [Member] | 3.8% Operator | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, gross | $ 23,700 | |||||||||||
Interest rate | 6% | 5% | ||||||||||
Investment Maturity Date | Dec. 01, 2022 | Sep. 30, 2024 | ||||||||||
Financing receivable, face amount | 25,000 | $ 15,000 | $ 25,000 | $ 20,000 | ||||||||
Other Notes $25 Million Revolving Credit Facility [Member] | 3.8% Operator | Minimum [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, face amount | $ 20,000 | |||||||||||
Other Notes $25 Million Revolving Credit Facility [Member] | 3.8% Operator | Maximum [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Investment Maturity Date | Jun. 30, 2023 | |||||||||||
Other Notes $25 Million Revolving Credit Facility [Member] | 3.8% Operator | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Concentration risk, percentage | 3.80% | |||||||||||
Other Notes $25 Million Revolving Credit Facility [Member] | Scenario, Plan [Member] | 3.8% Operator | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Interest rate | 8.50% | |||||||||||
Investment Maturity Date | Dec. 31, 2025 | |||||||||||
Other Notes $20 Million Promissory Notes [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, gross | $ 17,200 | |||||||||||
Interest rate | 9% | |||||||||||
Investment Maturity Date | Sep. 30, 2027 | |||||||||||
Financing receivable, face amount | $ 20,000 | |||||||||||
Other Notes $17 of $20 Million Promissory Notes [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, face amount | 17,000 | |||||||||||
Other Notes $2.5 of $20 Million Promissory Notes [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, face amount | 2,500 | |||||||||||
Other Notes $0.5 of $20 Million Promissory Notes [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Financing receivable, face amount | $ 500 |
ALLOWANCE FOR CREDIT LOSSES (Na
ALLOWANCE FOR CREDIT LOSSES (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accrued investment income receivable | $ 10,200,000 | $ 8,200,000 | ||
Effective yield interest receivables | 3,127,000 | 5,696,000 | ||
Interest income related to loans on non-accrual status | 1,600,000 | 17,200,000 | $ 25,900,000 | |
Guardian [Member] | ||||
Interest income related to loans on non-accrual status | $ 0 | $ 0 | ||
Agemo Holdings LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Additional reserve (recovery) through provision for credit losses | $ 8,800,000 | |||
Accrued Interest Reserved Through Credit Loss [Member] | Guardian [Member] | ||||
Write-offs of financing receivable accrued interest | $ 1,000,000 |
ALLOWANCE FOR CREDIT LOSSES (Sc
ALLOWANCE FOR CREDIT LOSSES (Schedule of expected credit loss per segment) (Detail) | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | Mar. 25, 2022 USD ($) | Nov. 30, 2021 USD ($) | Sep. 01, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Number of real estate properties | facility | 891 | |||||||||||||
ECL balance, total receivables | $ 188,364,000 | $ 144,466,000 | $ 222,164,000 | $ 188,364,000 | $ 144,466,000 | $ 67,841,000 | ||||||||
Provision (Recovery) for Credit Losses, total receivables | 45,555,000 | 68,663,000 | 76,720,000 | |||||||||||
Write-offs charged against allowance for the period ended, total receivables | (36,955,000) | (24,765,000) | (95,000) | |||||||||||
Financing receivable allowance, increase (decrease) | 25,200,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Financing receivable allowance, increase (decrease) | 25,200,000 | |||||||||||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Direct Financing Lease, beginning balance | $ 2,816,000 | 2,816,000 | 530,000 | 694,000 | ||||||||||
Provision (recovery) on direct financing leases | (327,000) | 2,286,000 | (164,000) | |||||||||||
Direct Financing Lease, ending balance | 2,816,000 | 530,000 | 2,489,000 | 2,816,000 | 530,000 | |||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
ECL Beginning balance, unfunded loan commitments | 320,000 | 320,000 | 941,000 | 2,445,000 | ||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 6,734,000 | 1,629,000 | (1,504,000) | |||||||||||
Write-offs charged against allowance for the period ended, unfunded loan commitments | (2,250,000) | |||||||||||||
ECL Ending balance, unfunded loan commitments | 320,000 | 941,000 | 7,054,000 | 320,000 | 941,000 | |||||||||
Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 101,360,000 | 101,360,000 | 82,574,000 | 38,283,000 | ||||||||||
Provision (Recovery) for Credit Losses | 26,585,000 | 23,249,000 | 44,291,000 | |||||||||||
Write-offs charged against allowance for the period ended | (36,955,000) | (4,463,000) | ||||||||||||
ECL Ending balance | 101,360,000 | 82,574,000 | 90,990,000 | 101,360,000 | 82,574,000 | |||||||||
Investment Type Characteristic Non Real Estate Related Loans [Member] | ||||||||||||||
Financing receivable allowance, increase (decrease) | 25,200,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 83,868,000 | 83,868,000 | 60,421,000 | 26,419,000 | ||||||||||
Provision (Recovery) for Credit Losses | 12,563,000 | 41,499,000 | 34,097,000 | |||||||||||
Write-offs charged against allowance for the period ended | (18,052,000) | (95,000) | ||||||||||||
Financing receivable allowance, increase (decrease) | 25,200,000 | |||||||||||||
ECL Ending balance | 83,868,000 | 60,421,000 | 121,631,000 | 83,868,000 | 60,421,000 | |||||||||
Gulf Coast LLC [Member] | ||||||||||||||
DIP financing, proceeds from trust | 1,000,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | (1,000,000) | |||||||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | $ 2,200,000 | |||||||||||||
Gulf Coast LLC [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | 20,000,000 | (1,000,000) | ||||||||||||
Guardian [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | 38,200,000 | |||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||||||||||
Number of real estate properties | 11 | |||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | 23,300,000 | |||||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | $ 8,800,000 | |||||||||||||
Mortgage Receivable [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 83,393,000 | 83,393,000 | ||||||||||||
ECL Ending balance | 83,393,000 | 55,661,000 | 83,393,000 | |||||||||||
One Additional Real Estate Receivable [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | $ 4,500,000 | |||||||||||||
Non Real Estate Loans Receivable [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 83,868,000 | 83,868,000 | ||||||||||||
ECL Ending balance | 83,868,000 | 121,631,000 | 83,868,000 | |||||||||||
Working Capital Loans [Member] | Agemo Holdings LLC [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | 10,800,000 | |||||||||||||
Working Capital Loans [Member] | New Manager of Gulf Coast Facilities [Member] | ||||||||||||||
Financing receivable, face amount | $ 20,000,000 | |||||||||||||
Working Capital Loans [Member] | New Manager of Gulf Coast Facilities [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||||||||||||||
Financing receivable, face amount | 20,000,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | 5,200,000 | |||||||||||||
Notes Receivable Due $8.3 Million Term Loan [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||||||||||
Financing receivable, face amount | $ 8,300,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | 7,500,000 | |||||||||||||
Notes Receivable Due $25.0 Million Term Loan [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | ||||||||||||||
Financing receivable, face amount | $ 25,000,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | 15,800,000 | |||||||||||||
Notes Receivable Due 2036 At 5.63% [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | 16,700,000 | |||||||||||||
Notes Receivable $82.2 Million Due 2036 [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | ||||||||||||||
Financing receivable, face amount | 82,200,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Ending balance | 71,900,000 | |||||||||||||
Additional Principal Deferred Rent Working Capital [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | ||||||||||||||
Financing receivable allowance, increase (decrease) | 25,200,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Financing receivable allowance, increase (decrease) | 25,200,000 | |||||||||||||
Internal Credit Rating One [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 162,000 | 162,000 | ||||||||||||
Provision (Recovery) for Credit Losses | 1,339,000 | 162,000 | ||||||||||||
ECL Ending balance | 162,000 | 1,501,000 | 162,000 | |||||||||||
Internal Credit Rating Two [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 157,000 | 157,000 | 14,000 | 86,000 | ||||||||||
Provision (Recovery) for Credit Losses | 134,000 | 143,000 | (72,000) | |||||||||||
ECL Ending balance | 157,000 | 14,000 | 291,000 | 157,000 | 14,000 | |||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 10,000 | |||||||||||||
ECL Ending balance, unfunded loan commitments | 10,000 | |||||||||||||
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 | 859,000 | 859,000 | 29,000 | 94,000 | ||||||||||
Provision (Recovery) for Credit Losses | 292,000 | 830,000 | (65,000) | |||||||||||
ECL Ending balance | 859,000 | 29,000 | 1,151,000 | 859,000 | 29,000 | |||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
ECL Beginning balance, unfunded loan commitments | 207,000 | 207,000 | 7,000 | 116,000 | ||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 485,000 | 200,000 | (109,000) | |||||||||||
ECL Ending balance, unfunded loan commitments | 207,000 | 7,000 | 692,000 | 207,000 | 7,000 | |||||||||
Internal Credit Rating Three [Member] | ||||||||||||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Direct Financing Lease, beginning balance | 530,000 | 694,000 | ||||||||||||
Provision (recovery) on direct financing leases | (530,000) | (164,000) | ||||||||||||
Direct Financing Lease, ending balance | 530,000 | 530,000 | ||||||||||||
Internal Credit Rating Three [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 15,110,000 | 15,110,000 | 5,367,000 | 4,652,000 | ||||||||||
Provision (Recovery) for Credit Losses | (2,475,000) | 9,743,000 | 715,000 | |||||||||||
ECL Ending balance | 15,110,000 | 5,367,000 | 12,635,000 | 15,110,000 | 5,367,000 | |||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
ECL Beginning balance, unfunded loan commitments | 251,000 | 2,096,000 | ||||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 335,000 | (251,000) | (1,845,000) | |||||||||||
ECL Ending balance, unfunded loan commitments | 251,000 | 335,000 | 251,000 | |||||||||||
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 | 2,079,000 | 2,079,000 | 1,206,000 | 1,415,000 | ||||||||||
Provision (Recovery) for Credit Losses | 1,824,000 | 873,000 | (209,000) | |||||||||||
ECL Ending balance | 2,079,000 | 1,206,000 | 3,903,000 | 2,079,000 | 1,206,000 | |||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
ECL Beginning balance, unfunded loan commitments | 29,000 | 29,000 | 207,000 | 209,000 | ||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 17,000 | (178,000) | (2,000) | |||||||||||
ECL Ending balance, unfunded loan commitments | 29,000 | 207,000 | 46,000 | 29,000 | 207,000 | |||||||||
Internal Credit Rating Four [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 33,666,000 | 33,666,000 | 20,577,000 | 28,206,000 | ||||||||||
Provision (Recovery) for Credit Losses | 31,447,000 | 13,089,000 | (7,629,000) | |||||||||||
ECL Ending balance | 33,666,000 | 20,577,000 | 65,113,000 | 33,666,000 | 20,577,000 | |||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
ECL Beginning balance, unfunded loan commitments | 84,000 | 84,000 | 117,000 | 24,000 | ||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 4,230,000 | (33,000) | 93,000 | |||||||||||
ECL Ending balance, unfunded loan commitments | 84,000 | 117,000 | 4,314,000 | 84,000 | 117,000 | |||||||||
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 | 634,000 | 634,000 | 56,000 | 23,056,000 | ||||||||||
Provision (Recovery) for Credit Losses | 86,000 | 578,000 | (23,000,000) | |||||||||||
ECL Ending balance | 634,000 | 56,000 | 720,000 | 634,000 | 56,000 | |||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
ECL Beginning balance, unfunded loan commitments | 216,000 | |||||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 63,000 | (216,000) | 216,000 | |||||||||||
ECL Ending balance, unfunded loan commitments | 216,000 | 63,000 | 216,000 | |||||||||||
Internal Credit Rating Five [Member] | ||||||||||||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Direct Financing Lease, beginning balance | 2,816,000 | 2,816,000 | ||||||||||||
Provision (recovery) on direct financing leases | (327,000) | 2,816,000 | ||||||||||||
Direct Financing Lease, ending balance | 2,816,000 | 2,489,000 | 2,816,000 | |||||||||||
Internal Credit Rating Five [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 136,000 | 434,000 | ||||||||||||
Provision (Recovery) for Credit Losses | (136,000) | (298,000) | ||||||||||||
ECL Ending balance | 136,000 | 136,000 | ||||||||||||
Internal Credit Rating Five [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||||||||||||||
Financing receivable allowance, increase (decrease) | 25,200,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 18,619,000 | 18,619,000 | 7,861,000 | 1,854,000 | ||||||||||
Provision (Recovery) for Credit Losses | (415,000) | 10,758,000 | 6,102,000 | |||||||||||
Write-offs charged against allowance for the period ended | (95,000) | |||||||||||||
Financing receivable allowance, increase (decrease) | 25,200,000 | |||||||||||||
ECL Ending balance | 18,619,000 | 7,861,000 | 43,404,000 | 18,619,000 | 7,861,000 | |||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 1,594,000 | |||||||||||||
ECL Ending balance, unfunded loan commitments | 1,594,000 | |||||||||||||
Internal Credit Rating Five [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Provision (Recovery) for Credit Losses | 7,900,000 | |||||||||||||
Internal Credit Rating Six [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
ECL Beginning balance | 52,265,000 | 52,265,000 | 56,480,000 | 4,905,000 | ||||||||||
Provision (Recovery) for Credit Losses | (3,860,000) | 248,000 | 51,575,000 | |||||||||||
Write-offs charged against allowance for the period ended | (36,955,000) | (4,463,000) | ||||||||||||
ECL Ending balance | 52,265,000 | 56,480,000 | 11,450,000 | 52,265,000 | 56,480,000 | |||||||||
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 | $ 61,677,000 | 61,677,000 | 51,269,000 | |||||||||||
Provision (Recovery) for Credit Losses | 10,776,000 | 28,460,000 | 51,269,000 | |||||||||||
Write-offs charged against allowance for the period ended | (18,052,000) | |||||||||||||
ECL Ending balance | $ 61,677,000 | 51,269,000 | $ 72,453,000 | 61,677,000 | 51,269,000 | |||||||||
Unfunded loan commitments, Credit Loss, Liability [Roll Forward] | ||||||||||||||
ECL Beginning balance, unfunded loan commitments | 143,000 | |||||||||||||
Provision (Recovery) for Credit Losses, unfunded loan commitments | 2,107,000 | 143,000 | ||||||||||||
Write-offs charged against allowance for the period ended, unfunded loan commitments | $ (2,250,000) | |||||||||||||
ECL Ending balance, unfunded loan commitments | $ 143,000 | $ 143,000 | ||||||||||||
Internal Credit Rating Six [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | Investment Type Characteristic Non Real Estate Related Loans [Member] | ||||||||||||||
Financing receivable allowance, increase (decrease) | 22,700,000 | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||||
Financing receivable allowance, increase (decrease) | $ 22,700,000 |
ALLOWANCE FOR CREDIT LOSSES (_2
ALLOWANCE FOR CREDIT LOSSES (Schedule by segment balance by vintage and credit quality indicator) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total 2023 | $ 368,557 | |
Total 2022 | 97,007 | |
Total 2021 | 108,387 | |
Total 2020 | 104,158 | |
Total 2019 | 7,000 | |
Total 2018 | 189,741 | |
Total 2017 & older | 419,878 | |
Total receivable Revolving | 416,875 | |
Total receivables | 1,711,603 | |
2017 & older, current-period gross write-offs | 36,955 | |
Total write offs, current period | 36,955 | |
Direct Financing Lease, Net Investment in Lease, before Allowance for Credit Loss [Abstract] | ||
2017 & older, Investment in direct financing leases | 11,205 | |
Investment in direct financing leases | 11,205 | $ 11,319 |
Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 270,320 | |
2022 | 51,600 | |
2021 | 100,536 | |
2020 | 104,158 | |
2018 | 135,367 | |
2017 & older | 377,651 | |
Revolving Loans | 263,520 | |
Total Balance | 1,303,152 | |
Investment Type Characteristic Non Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 98,237 | |
2022 | 45,407 | |
2021 | 7,851 | |
2019 | 7,000 | |
2018 | 54,374 | |
2017 & older | 31,022 | |
Revolving Loans | 153,355 | |
Total Balance | 397,246 | |
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 | |
2017 & older | 62,010 | |
Total Balance | 82,010 | |
Internal Credit Rating Two [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 7,700 | |
2020 | 21,325 | |
Total Balance | 29,025 | |
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] | ||
2023 | 270 | |
Revolving Loans | 114,448 | |
Total Balance | 114,718 | |
Internal Credit Rating Three [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 173,385 | |
2022 | 31,600 | |
2021 | 72,420 | |
2017 & older | 110 | |
Total Balance | 277,515 | |
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 | 89,897 | |
2022 | 20,950 | |
2019 | 3,654 | |
2018 | 3,300 | |
Revolving Loans | 8,550 | |
Total Balance | 126,351 | |
Internal Credit Rating Four [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 89,235 | |
2021 | 28,116 | |
2020 | 82,833 | |
2018 | 135,367 | |
2017 & older | 302,609 | |
Revolving Loans | 263,520 | |
Total Balance | 901,680 | |
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 | 692 | |
2019 | 1,051 | |
2017 & older | 1,000 | |
Revolving Loans | 25,800 | |
Total Balance | 28,543 | |
Internal Credit Rating Five [Member] | ||
Direct Financing Lease, Net Investment in Lease, before Allowance for Credit Loss [Abstract] | ||
2017 & older, Investment in direct financing leases | 11,205 | |
Investment in direct financing leases | 11,205 | |
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 | 1,454 | |
2019 | 2,295 | |
2018 | 47,832 | |
Total Balance | 51,581 | |
Internal Credit Rating Six [Member] | Investment Type Characteristic Real Estate Related Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2017 & 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 | 3,242 | |
2017 & older | 30,022 | |
Revolving Loans | 4,557 | |
Total Balance | 76,053 | |
Mortgage Receivable [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Total Balance | 754,437 | 731,523 |
Non Real Estate Loans Receivable [Member] | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Total Balance | $ 397,246 | $ 309,149 |
VARIABLE INTEREST ENTITIES (Sch
VARIABLE INTEREST ENTITIES (Schedule of variable interest entities) (Detail) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) facility | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) facility | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) facility | Jun. 30, 2023 USD ($) | Sep. 30, 2022 facility | |
Assets | ||||||||
Real estate assets - net | $ 5,875,935,000 | $ 5,875,935,000 | $ 6,537,491,000 | |||||
Assets held for sale | 93,707,000 | 93,707,000 | 9,456,000 | |||||
Real estate loans receivable - net | 1,212,162,000 | 1,212,162,000 | 1,042,731,000 | |||||
Investments in unconsolidated joint ventures | 188,409,000 | 188,409,000 | 178,920,000 | |||||
Non-real estate loans receivable - net | 275,615,000 | 275,615,000 | 225,281,000 | |||||
Contractual receivables - net | 11,888,000 | 11,888,000 | 8,228,000 | |||||
Other receivables and lease inducements | 214,657,000 | 214,657,000 | 177,798,000 | |||||
Lease inducements | 8,782,000 | 8,782,000 | 6,041,000 | |||||
Other assets | 147,686,000 | 147,686,000 | 272,960,000 | |||||
Total assets | 9,117,402,000 | 9,117,402,000 | 9,405,163,000 | |||||
Liabilities | ||||||||
Accrued expenses and other liabilities | (287,795,000) | (287,795,000) | (315,047,000) | |||||
Total Liabilities | (5,355,111,000) | (5,355,111,000) | (5,601,881,000) | |||||
Restricted cash | $ 1,920,000 | 1,920,000 | 3,541,000 | $ 3,877,000 | ||||
Rental income | 825,380,000 | 750,208,000 | 923,677,000 | |||||
Interest income | 119,888,000 | 123,919,000 | 136,382,000 | |||||
Total revenues | $ 949,740,000 | 878,244,000 | $ 1,062,809,000 | |||||
Number of Facilities | facility | 891 | 891 | ||||||
Assisted Living Facilities [Member] | ||||||||
Liabilities | ||||||||
Number of Facilities | facility | 188 | 188 | ||||||
Asset Pledged as Collateral with Right [Member] | Notes Payable, Other Payables [Member] | ||||||||
Liabilities | ||||||||
Accounts receivable | $ 8,900,000 | $ 8,900,000 | $ 5,900,000 | |||||
Facilities Sold | ||||||||
Liabilities | ||||||||
Number of Facilities | 69 | 69 | 66 | 48 | ||||
Facilities Sold | Assisted Living Facilities [Member] | ||||||||
Liabilities | ||||||||
Number of Facilities | 2 | 2 | ||||||
Facilities Acquired | Assisted Living Facilities [Member] | ||||||||
Liabilities | ||||||||
Number of Facilities | facility | 21 | 21 | 34 | 19 | ||||
Facilities Acquired | Exchange Accommodation Titleholders [Member] | ||||||||
Liabilities | ||||||||
Number of Facilities | 7 | |||||||
Non Real Estate Loans Receivable [Member] | ||||||||
Assets | ||||||||
Non-real estate loans receivable - net | $ 275,615,000 | $ 275,615,000 | $ 225,281,000 | |||||
Agemo Holdings LLC [Member] | Facilities Sold | ||||||||
Liabilities | ||||||||
Number of Facilities | facility | 22 | 22 | ||||||
Maplewood Real Estate Holdings | ||||||||
Liabilities | ||||||||
Rental income | 11,600,000 | 62,600,000 | ||||||
Provision for straight-line rent and contractual receivables | $ 29,300,000 | |||||||
Termination fee incurred cost | $ 12,500,000 | 12,500,000 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Assets | ||||||||
Total assets | 27,900,000 | 27,900,000 | ||||||
Liabilities | ||||||||
Total Liabilities | (20,700,000) | (20,700,000) | ||||||
Noncontrolling Interest in Joint Ventures | $ 2,900,000 | |||||||
Total proceeds | $ 7,700,000 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Exchange Accommodation Titleholders [Member] | 4 of 7 Facilities | ||||||||
Assets | ||||||||
Real estate assets - net | 55,200,000 | |||||||
Liabilities | ||||||||
Cash | $ 23,900,000 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Facilities Sold | Assisted Living Facilities [Member] | ||||||||
Liabilities | ||||||||
Number of Facilities | facility | 1 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Facilities Acquired Acquisition Completed [Member] | 3 of 7 Facilities | ||||||||
Liabilities | ||||||||
Number of Facilities | 3 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Facilities Acquired Acquisition Pending [Member] | Exchange Accommodation Titleholders [Member] | 4 of 7 Facilities | ||||||||
Liabilities | ||||||||
Number of Facilities | 4 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Facilities Acquired Released From EAT [Member] | Exchange Accommodation Titleholders [Member] | 4 of 7 Facilities | ||||||||
Liabilities | ||||||||
Number of Facilities | 4 | |||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||
Assets | ||||||||
Real estate assets - net | 996,540,000 | 996,540,000 | $ 982,721,000 | |||||
Assets held for sale | 66,130,000 | 66,130,000 | ||||||
Real estate loans receivable - net | 370,147,000 | 370,147,000 | 270,500,000 | |||||
Investments in unconsolidated joint ventures | 9,009,000 | 9,009,000 | ||||||
Non-real estate loans receivable - net | 10,679,000 | 10,679,000 | 5,929,000 | |||||
Contractual receivables - net | 746,000 | 746,000 | 114,000 | |||||
Other assets | 1,423,000 | 1,423,000 | 1,499,000 | |||||
Total assets | 1,454,674,000 | 1,454,674,000 | 1,260,763,000 | |||||
Liabilities | ||||||||
Net in-place lease liability | (46,677,000) | (46,677,000) | (50,522,000) | |||||
Total Liabilities | (46,677,000) | (46,677,000) | (50,522,000) | |||||
Total collateral | (1,153,383,000) | (1,153,383,000) | (1,030,721,000) | |||||
Maximum exposure to loss | 254,614,000 | 254,614,000 | 179,520,000 | |||||
Rental income | 81,900,000 | 53,158,000 | $ 120,381,000 | |||||
Interest income | 5,512,000 | 16,456,000 | 15,336,000 | |||||
Total revenues | 87,412,000 | 69,614,000 | $ 135,717,000 | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Personal Guarantee Collateral [Member] | ||||||||
Liabilities | ||||||||
Total collateral | (48,000,000) | (48,000,000) | (48,000,000) | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Collateral [Member] | ||||||||
Liabilities | ||||||||
Total collateral | $ (1,105,383,000) | (1,105,383,000) | $ (982,721,000) | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Agemo Holdings LLC [Member] | ||||||||
Liabilities | ||||||||
Rental income | $ 17,400,000 |
INVESTMENT IN JOINT VENTURES (N
INVESTMENT IN JOINT VENTURES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Assets management fees recognized | $ 0.7 | $ 0.7 | $ 0.8 | |
Safely You Incorporated [Member] | ||||
Equity securities without readily determinable fair value, amount | $ 20 | |||
Investment in equity securities ownership percentage | 5% | |||
Warrants to purchase additional equity securities, percentage | 5% | |||
Percentage of warrants vested | 30% |
INVESTMENT IN JOINT VENTURES (S
INVESTMENT IN JOINT VENTURES (Schedule of equity method investments) (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 18, 2019 USD ($) facility item | May 17, 2019 USD ($) | Mar. 31, 2021 USD ($) facility | Dec. 31, 2023 USD ($) facility item | Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) facility | Jun. 30, 2023 USD ($) | |
Investment | $ 242,917,000 | ||||||
Number of real estate properties | facility | 891 | ||||||
Investments in unconsolidated joint ventures | $ 188,409,000 | $ 178,920,000 | |||||
Number of operators | item | 74 | ||||||
Income (loss) from unconsolidated joint ventures | $ (582,000) | $ 7,261,000 | $ 16,062,000 | ||||
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (loss) from unconsolidated joint ventures | Income (loss) from unconsolidated joint ventures | Income (loss) from unconsolidated joint ventures | ||||
Cindat Ice Portfolio JV GP Limited [Member] | |||||||
Derivative, loss on derivative | $ 2,500,000 | ||||||
Second Spring Healthcare Investments [Member] | |||||||
Total cash proceeds | $ 328,000,000 | ||||||
Income (loss) from unconsolidated joint ventures | 1,099,000 | $ 1,170,000 | $ 12,323,000 | ||||
Second Spring II LLC [Member] | |||||||
Income (loss) from unconsolidated joint ventures | 0 | (2,000) | (757,000) | ||||
Lakeway Realty LLC [Member] | |||||||
Equity method investment, difference between carrying amount and underlying equity | $ 69,900,000 | ||||||
Equity method investment difference between carrying amount and underlying equity treatment period | 40 years | ||||||
Income (loss) from unconsolidated joint ventures | 2,709,000 | 2,637,000 | 2,562,000 | ||||
Cindat Ice Portfolio JV GP Limited [Member] | |||||||
Ownership % | 49% | ||||||
Equity method investment, difference between carrying amount and underlying equity | $ 35,000,000 | ||||||
Equity method investment difference between carrying amount and underlying equity treatment period | 40 years | ||||||
Income (loss) from unconsolidated joint ventures | (4,208,000) | 3,910,000 | 2,478,000 | ||||
OMG Senior Housing LLC [Member] | |||||||
Income (loss) from unconsolidated joint ventures | $ (422,000) | (508,000) | (417,000) | ||||
OH CHS SNP Inc [Member] | |||||||
Ownership % | 9% | ||||||
Initial Investment Date | Dec. 20, 2019 | ||||||
Investment | $ 1,013,000 | ||||||
Investments in unconsolidated joint ventures | 752,000 | 412,000 | |||||
Income (loss) from unconsolidated joint ventures | 339,000 | 54,000 | (127,000) | ||||
RCA NH Holdings RE CO LLC Investment And WV Pharm Holdings LLC Investment [Member [Member]] | |||||||
Financing receivable, gross | $ 9,800,000 | ||||||
WV Pharm Holdings LLC Investment [Member] | |||||||
Ownership % | 20% | ||||||
Initial Investment Date | Apr. 14, 2023 | ||||||
Investment | $ 3,000,000 | ||||||
Investments in unconsolidated joint ventures | 3,000,000 | ||||||
OMG Form Senior Holdings LLC Investment [Member] | |||||||
Income (loss) from unconsolidated joint ventures | $ (99,000) | 0 | 0 | ||||
Financing receivable, face amount | $ 7,700,000 | ||||||
CHS OHI Insight Holdings LLC Investment [Member] | |||||||
Ownership % | 25% | ||||||
Initial Investment Date | Aug. 17, 2023 | ||||||
Investment | $ 3,242,000 | ||||||
Investments in unconsolidated joint ventures | $ 3,242,000 | ||||||
Skilled Nursing Facilities [Member] | |||||||
Number of real estate properties | facility | 592 | ||||||
Skilled Nursing Facilities [Member] | Second Spring Healthcare Investments [Member] | |||||||
Ownership % | 15% | ||||||
Initial Investment Date | Nov. 01, 2016 | ||||||
Investment | $ 50,032,000 | ||||||
Investments in unconsolidated joint ventures | $ 8,945,000 | 10,975,000 | |||||
Skilled Nursing Facilities [Member] | RCA NH Holdings RE CO LLC Investment [Member] | |||||||
Ownership % | 20% | ||||||
Initial Investment Date | Apr. 14, 2023 | ||||||
Investment | $ 3,400,000 | ||||||
Number of real estate properties | facility | 5 | ||||||
Investments in unconsolidated joint ventures | $ 3,400,000 | ||||||
Specialty [Member] | |||||||
Number of real estate properties | facility | 19 | ||||||
Specialty [Member] | Lakeway Realty LLC [Member] | |||||||
Ownership % | 51% | ||||||
Initial Investment Date | May 17, 2019 | ||||||
Investment | $ 73,834,000 | ||||||
Number of real estate properties | facility | 1 | ||||||
Investments in unconsolidated joint ventures | $ 68,902,000 | 70,151,000 | |||||
Specialty [Member] | OMG Senior Housing LLC [Member] | |||||||
Ownership % | 50% | ||||||
Initial Investment Date | Dec. 06, 2019 | ||||||
Number of real estate properties | facility | 1 | ||||||
Assisted Living Facilities [Member] | |||||||
Number of real estate properties | facility | 188 | ||||||
Assisted Living Facilities [Member] | Cindat Ice Portfolio JV GP Limited [Member] | |||||||
Ownership % | 49% | ||||||
Initial Investment Date | Dec. 18, 2019 | ||||||
Investment | $ 105,688,000 | ||||||
Number of real estate properties | facility | 63 | ||||||
Investments in unconsolidated joint ventures | $ 97,559,000 | 97,382,000 | |||||
Assisted Living Facilities [Member] | OMG Form Senior Holdings LLC Investment [Member] | |||||||
Ownership % | 49% | ||||||
Initial Investment Date | Jun. 15, 2023 | ||||||
Investment | $ 2,708,000 | ||||||
Number of real estate properties | facility | 1 | ||||||
Investments in unconsolidated joint ventures | $ 2,609,000 | ||||||
Independent Living Facilities [Member] | |||||||
Number of real estate properties | facility | 19 | ||||||
16 Facilities | Second Spring Healthcare Investments [Member] | |||||||
Amount of gain (loss) from sale of facilities | 102,200,000 | $ 14,900,000 | |||||
16 Facilities | Second Spring Healthcare Investments [Member] | |||||||
Amount of gain (loss) from sale of facilities | $ 14,900,000 | ||||||
65 Facilities [Member] | Cindat Ice Portfolio JV GP Limited [Member] | |||||||
Number of operators | item | 2 | ||||||
Non Real Estate Loans Receivable [Member] | |||||||
Financing receivable, gross | $ 397,246,000 | 309,149,000 | |||||
Mortgage Receivable [Member] | |||||||
Financing receivable, gross | $ 754,437,000 | $ 731,523,000 | |||||
Facilities Sold | |||||||
Number of real estate properties | 69 | 66 | 48 | ||||
Facilities Sold | Skilled Nursing Facilities [Member] | |||||||
Number of real estate properties | 64 | ||||||
Facilities Sold | Assisted Living Facilities [Member] | |||||||
Number of real estate properties | 2 | ||||||
Facilities Sold | Independent Living Facilities [Member] | |||||||
Number of real estate properties | 1 | ||||||
Facilities Sold | Specialty Facility | |||||||
Number of real estate properties | 1 | ||||||
Facilities Sold | 16 Facilities | Second Spring Healthcare Investments [Member] | |||||||
Number of real estate properties | facility | 16 | ||||||
Facilities Sold | 5 Facilities | Second Spring Healthcare Investments [Member] | |||||||
Number of real estate properties | facility | 5 | ||||||
Total cash proceeds | $ 70,800,000 | ||||||
Facilities Owned | Assisted Living Facilities [Member] | Cindat Ice Portfolio JV GP Limited [Member] | |||||||
Number of real estate properties | facility | 63 | ||||||
Facilities Acquired | Skilled Nursing Facilities [Member] | |||||||
Number of real estate properties | facility | 9 | 7 | 6 | ||||
Facilities Acquired | Specialty [Member] | |||||||
Number of real estate properties | 7 | ||||||
Facilities Acquired | Assisted Living Facilities [Member] | |||||||
Number of real estate properties | facility | 21 | 34 | 19 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net amortization of intangible assets | $ 9.4 | $ 5.7 | $ 9.5 |
2024 | 2.1 | ||
2025 | 2.1 | ||
2026 | 1.8 | ||
2027 | 1.5 | ||
2028 | 0.9 | ||
Thereafter | $ 2.4 | ||
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) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||||
Balance | $ 643,151 | |||
Foreign currency translation | 746 | |||
Balance | $ 643,151 | 643,897 | $ 643,151 | |
Gain on assets sold - net | $ 79,668 | $ 359,951 | $ 161,609 | |
Technology Service Company for Senior Living Facilities [Member] | ||||
Goodwill [Roll Forward] | ||||
Ownership % | 6% | 6% | ||
Senior Living Focused Technology [Member] | ||||
Goodwill [Roll Forward] | ||||
Disposal of Connected Living | $ (6,700) | |||
Gain on assets sold - net | $ 1,200 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLES (Schedule of Intangibles) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Gross intangible assets | $ 4,214 | $ 5,929 |
Accumulated amortization | (3,532) | (4,484) |
Net intangible assets | 682 | 1,445 |
Liabilities: | ||
Below market leases | 48,791 | 66,433 |
Accumulated amortization | (37,177) | (44,595) |
Net intangible liabilities | $ 11,614 | $ 21,838 |
CONCENTRATION OF RISK (Narrativ
CONCENTRATION OF RISK (Narrative) (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) facility item state contract | Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 | |
Concentration Risk [Line Items] | |||
Number of real estate properties | facility | 891 | ||
Number of states | state | 42 | ||
Number of operators | item | 74 | ||
Gross investment in facilities, net of impairments and reserves for uncollectible loans | $ | $ 9,100,000,000 | ||
Real estate loans receivable - net | $ | 1,212,162,000 | $ 1,042,731,000 | |
Non-real estate loans receivable - net | $ | 275,615,000 | 225,281,000 | |
Investment in unconsolidated joint venture | $ | $ 188,409,000 | 178,920,000 | |
Number of unconsolidated joint ventures | item | 9 | ||
Other Real Estate Loans [Member] | |||
Concentration Risk [Line Items] | |||
Real estate loans receivable - net | $ | $ 513,386,000 | 394,601,000 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Concentration Risk [Line Items] | |||
Real estate loans receivable - net | $ | 370,147,000 | 270,500,000 | |
Non-real estate loans receivable - net | $ | 10,679,000 | $ 5,929,000 | |
Investment in unconsolidated joint venture | $ | $ 9,009,000 | ||
Maplewood Real Estate Holdings | |||
Concentration Risk [Line Items] | |||
Number of operators that met or exceeded ten percent of investments | contract | 1 | ||
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 | 6.60% | 8.90% | 7.90% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Communicare Health Services, Inc | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 11.50% | 7.90% | 6.30% |
Assets, Total [Member] | Geographic Concentration Risk [Member] | Texas | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 10.50% | ||
Assets, Total [Member] | Geographic Concentration Risk [Member] | Indiana | |||
Concentration Risk [Line Items] | |||
Concentration percentage | 6.90% | ||
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 | 6.90% | ||
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 | 592 | ||
Assisted Living Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | facility | 188 | ||
Specialty [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | facility | 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 | facility | 19 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Skilled Nursing Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | facility | 45 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Assisted Living Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | facility | 7 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Specialty [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | facility | 2 | ||
Facilities Under Fixed Rate Mortgage Loans [Member] | Independent Living Facilities [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | $ | 1 | ||
Facilities Held for Sale [Member] | |||
Concentration Risk [Line Items] | |||
Number of real estate properties | facility | 17 | 2 |
BORROWING ARRANGEMENTS (Schedul
BORROWING ARRANGEMENTS (Schedule of Borrowings) (Details) £ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||||||||
Sep. 27, 2023 USD ($) | Aug. 08, 2023 USD ($) | Aug. 31, 2022 USD ($) | Apr. 30, 2021 USD ($) item | Aug. 26, 2020 | Oct. 31, 2019 | Mar. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) facility | Dec. 31, 2021 USD ($) facility | Dec. 31, 2023 USD ($) facility | Dec. 31, 2023 GBP (£) facility | Aug. 31, 2023 USD ($) | Aug. 01, 2023 USD ($) | Sep. 30, 2022 facility | Oct. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Total secured borrowings | $ 61,963,000 | $ 366,596,000 | $ 61,963,000 | ||||||||||||||||
Revolving credit facility | 20,397,000 | 19,246,000 | 20,397,000 | ||||||||||||||||
Total senior notes and other unsecured borrowings - net | 4,984,956,000 | 4,900,992,000 | 4,984,956,000 | ||||||||||||||||
Total secured and unsecured borrowings - net | 5,067,316,000 | 5,286,834,000 | 5,067,316,000 | ||||||||||||||||
Real estate assets - net | 5,875,935,000 | 6,537,491,000 | $ 5,875,935,000 | ||||||||||||||||
Loss on extinguishment of debt | $ 492,000 | $ 389,000 | $ 30,763,000 | ||||||||||||||||
Debt instrument, covenant compliance | As of December 31, 2023 and December 31, 2022, we were in compliance with all applicable covenants for our borrowings. | ||||||||||||||||||
Number of Facilities | facility | 891 | 891 | 891 | ||||||||||||||||
LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of Facilities | 11 | ||||||||||||||||||
Assisted Living Facilities [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of Facilities | facility | 188 | 188 | 188 | ||||||||||||||||
Facilities Sold | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of Facilities | 69 | 66 | 48 | 69 | |||||||||||||||
Facilities Sold | LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of Facilities | 7 | 30 | 11 | 30 | |||||||||||||||
Facilities Sold | Assisted Living Facilities [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of Facilities | 2 | 2 | |||||||||||||||||
Hud Mortgage | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Mortgage insurance interest rate premium | 0.65% | 0.65% | 0.65% | ||||||||||||||||
Hud Mortgage | Asset Pledged as Collateral [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Real estate assets - net | $ 66,200,000 | $ 66,200,000 | |||||||||||||||||
Seven Hud Mortgages [Member] | LaVie Care Centers LLC (f/k/a Consulate Health Care) | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number Of Assumed Loans Retired | 7 | ||||||||||||||||||
4.38% notes due 2023 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Rate | 4.38% | 4.38% | 4.38% | ||||||||||||||||
4.95% notes due 2024 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Rate | 4.95% | 4.95% | 4.95% | ||||||||||||||||
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] | |||||||||||||||||||
Debt instrument, face amount | $ 28,500,000 | $ 400,000,000 | |||||||||||||||||
Secured Debt [Member] | Hud Mortgage | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total secured borrowings | $ 41,878,000 | $ 344,708,000 | $ 41,878,000 | ||||||||||||||||
Debt weighted average interest rate | 2.88% | 2.88% | 2.88% | ||||||||||||||||
Secured Debt [Member] | Hud Mortgage Assumed Maturity 2051 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2051 | 2051 | |||||||||||||||||
Rate | 2.92% | ||||||||||||||||||
Loss on extinguishment of debt | $ 400,000 | ||||||||||||||||||
Secured Debt [Member] | Term Loan Maturity 2023 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2023 | ||||||||||||||||||
Total secured borrowings | 2,161,000 | ||||||||||||||||||
Secured Debt [Member] | Term Loan Maturity 2024 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2024 | ||||||||||||||||||
Rate | 10.85% | 10.85% | 10.85% | ||||||||||||||||
Total secured borrowings | $ 20,085,000 | 19,727,000 | $ 20,085,000 | ||||||||||||||||
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 | ||||||||||||||||||
Unsecured Debt [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Deferred financing costs - net | (20,442,000) | (22,276,000) | (20,442,000) | ||||||||||||||||
Discount - net | (23,102,000) | (26,732,000) | (23,102,000) | ||||||||||||||||
Total unsecured borrowings - net | $ 5,005,353,000 | 4,920,238,000 | $ 5,005,353,000 | ||||||||||||||||
Unsecured Debt [Member] | Omega OP Term Loan Facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2025 | ||||||||||||||||||
Rate | 5.52% | 5.52% | 5.52% | ||||||||||||||||
Total term loans - net | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | 50,000,000 | $ 50,000,000 | ||||||||||||||
Basis spread on variable rate | 0.11448% | ||||||||||||||||||
Debt instrument number of available extensions | item | 2 | ||||||||||||||||||
Debt instrument extension period duration | 6 months | ||||||||||||||||||
Debt instrument, face amount | $ 50,000,000 | ||||||||||||||||||
Debt instrument, maturity date | Apr. 30, 2025 | ||||||||||||||||||
Description of variable rate basis | SOFR | LIBOR | |||||||||||||||||
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% | 3.957% | ||||||||||||||||
Unsecured Debt [Member] | Senior Notes And Other Unsecured Borrowings Net [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Total senior notes and other unsecured borrowings - net | $ 4,984,956,000 | $ 4,900,992,000 | $ 4,984,956,000 | ||||||||||||||||
Unsecured Debt [Member] | 2025 Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2025 | ||||||||||||||||||
Rate | 5.60% | 5.60% | 5.60% | ||||||||||||||||
Long-term debt, gross | $ 428,500,000 | $ 428,500,000 | |||||||||||||||||
Basis spread on variable rate | 0.10% | ||||||||||||||||||
Debt instrument number of available extensions | 2 | ||||||||||||||||||
Debt instrument extension period duration | 12 months | ||||||||||||||||||
Debt instrument, face amount | $ 28,500,000 | $ 400,000,000 | |||||||||||||||||
Debt instrument, maturity date | Aug. 08, 2025 | ||||||||||||||||||
Description of variable rate basis | SOFR | ||||||||||||||||||
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% | 4.047% | ||||||||||||||||
Senior Notes [Member] | 4.38% notes due 2023 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2023 | ||||||||||||||||||
Rate | 4.375% | ||||||||||||||||||
Long-term debt, gross | $ 350,000,000 | $ 0 | |||||||||||||||||
Repayments of senior debt | 350,000,000 | ||||||||||||||||||
Senior Notes [Member] | 4.95% notes due 2024 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2024 | ||||||||||||||||||
Rate | 4.95% | 4.95% | 4.95% | ||||||||||||||||
Long-term debt, gross | $ 400,000,000 | 400,000,000 | $ 400,000,000 | ||||||||||||||||
Senior Notes [Member] | 4.50% notes due 2025 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2025 | ||||||||||||||||||
Rate | 4.50% | 4.50% | 4.50% | ||||||||||||||||
Long-term debt, gross | $ 400,000,000 | 400,000,000 | $ 400,000,000 | ||||||||||||||||
Senior Notes [Member] | 5.25% notes due 2026 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2026 | ||||||||||||||||||
Rate | 5.25% | 5.25% | 5.25% | ||||||||||||||||
Long-term debt, gross | $ 600,000,000 | 600,000,000 | $ 600,000,000 | ||||||||||||||||
Senior Notes [Member] | 4.50% notes due 2027 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2027 | ||||||||||||||||||
Rate | 4.50% | 4.50% | 4.50% | ||||||||||||||||
Long-term debt, gross | $ 700,000,000 | 700,000,000 | $ 700,000,000 | ||||||||||||||||
Senior Notes [Member] | 4.75% notes due 2028 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2028 | ||||||||||||||||||
Rate | 4.75% | 4.75% | 4.75% | ||||||||||||||||
Long-term debt, gross | $ 550,000,000 | 550,000,000 | $ 550,000,000 | ||||||||||||||||
Senior Notes [Member] | 3.63% notes due 2029 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2029 | ||||||||||||||||||
Rate | 3.63% | 3.63% | 3.63% | ||||||||||||||||
Long-term debt, gross | $ 500,000,000 | 500,000,000 | $ 500,000,000 | ||||||||||||||||
Senior Notes [Member] | 3.38% notes due 2031 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2031 | ||||||||||||||||||
Rate | 3.38% | 3.38% | 3.38% | 3.375% | |||||||||||||||
Long-term debt, gross | $ 700,000,000 | 700,000,000 | $ 700,000,000 | ||||||||||||||||
Debt instrument, face amount | $ 700,000,000 | ||||||||||||||||||
Senior Notes [Member] | 3.25% notes due 2033 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2033 | 2033 | |||||||||||||||||
Rate | 3.25% | 3.25% | 3.25% | 3.25% | |||||||||||||||
Long-term debt, gross | $ 700,000,000 | 700,000,000 | $ 700,000,000 | ||||||||||||||||
Debt instrument, face amount | $ 700,000,000 | ||||||||||||||||||
Minimum [Member] | Secured Debt [Member] | Hud Mortgage | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2046 | 2049 | |||||||||||||||||
Minimum [Member] | Unsecured Debt [Member] | Omega OP Term Loan Facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 0.85% | ||||||||||||||||||
Minimum [Member] | Unsecured Debt [Member] | 2025 Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 0.85% | ||||||||||||||||||
Maximum [Member] | Secured Debt [Member] | Hud Mortgage | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2052 | 2051 | |||||||||||||||||
Maximum [Member] | Unsecured Debt [Member] | Omega OP Term Loan Facility | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 1.85% | ||||||||||||||||||
Maximum [Member] | Unsecured Debt [Member] | 2025 Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 1.85% | ||||||||||||||||||
Revolving Credit Facility | Unsecured Debt [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Revolving credit facility | £ | £ 16 | ||||||||||||||||||
Maximum borrowing capacity | $ 1,450,000,000 | $ 1,450,000,000 | $ 1,450,000,000 | ||||||||||||||||
Basis spread on variable rate | 0.11448% | ||||||||||||||||||
Debt instrument number of available extensions | item | 2 | ||||||||||||||||||
Debt instrument extension period duration | 6 months | ||||||||||||||||||
Debt instrument, maturity date | Apr. 30, 2025 | ||||||||||||||||||
Description of variable rate basis | SOFR | SOFR | LIBOR | ||||||||||||||||
Revolving Credit Facility | Unsecured Debt [Member] | United States Dollar Tranche [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, interest rate, effective percentage | 6.67% | 6.67% | 6.67% | ||||||||||||||||
Revolving Credit Facility | Unsecured Debt [Member] | British Pound Sterling Tranche [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, interest rate, effective percentage | 6.51% | 6.51% | 6.51% | ||||||||||||||||
Revolving Credit Facility | Unsecured Debt [Member] | 2017 Revolving Credit Facility Replaced [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 1,250,000,000 | ||||||||||||||||||
Revolving Credit Facility | Unsecured Debt [Member] | Revolving Credit Facility Due 2025 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maturity | 2025 | ||||||||||||||||||
Rate | 6.67% | 6.67% | 6.67% | ||||||||||||||||
Revolving credit facility | $ 20,397,000 | $ 19,246,000 | $ 20,397,000 | ||||||||||||||||
Revolving Credit Facility | Minimum [Member] | Unsecured Debt [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 0.95% | ||||||||||||||||||
Revolving Credit Facility | Maximum [Member] | Unsecured Debt [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 2,500,000,000 | ||||||||||||||||||
Basis spread on variable rate | 1.85% |
BORROWING ARRANGEMENTS (HUD Mor
BORROWING ARRANGEMENTS (HUD Mortgage) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Aug. 31, 2022 USD ($) | Aug. 26, 2020 USD ($) loan | Oct. 31, 2019 USD ($) | Dec. 31, 2023 USD ($) facility item | Dec. 31, 2023 USD ($) facility item | Dec. 31, 2023 USD ($) facility item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of real estate properties | facility | 891 | 891 | 891 | |||||
Mortgage loans on real estate, new mortgage loans | $ 102,332,000 | $ 12,977,000 | $ 93,891,000 | |||||
Number of operators | item | 74 | 74 | 74 | |||||
Loss on extinguishment of debt | $ 492,000 | $ 389,000 | $ 30,763,000 | |||||
Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | ||||||||
Mortgage loans on real estate, new mortgage loans | $ 389,000,000 | |||||||
Prepayment penalty percentage, first year | 10% | |||||||
Prepayment penalty reduction percentage | 1% | |||||||
Escrow deposit | $ 4,900,000 | $ 4,900,000 | $ 4,900,000 | |||||
Minimum [Member] | Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | ||||||||
Debt instrument, interest rate, stated percentage | 2.82% | |||||||
Maximum [Member] | Mortgage Loans Guaranteed By United States Department of Housing and Urban Development [Member] | ||||||||
Debt instrument, interest rate, stated percentage | 3.24% | |||||||
Secured Debt [Member] | Hud Mortgage | ||||||||
Debt weighted average interest rate | 2.88% | 2.88% | 2.88% | |||||
Secured Debt [Member] | Two Hud Mortgages Assumed [Member] | ||||||||
Debt weighted average interest rate | 3.08% | |||||||
Repayments of secured debt | $ 13,700,000 | |||||||
Number of assumed loans retired | loan | 2 | |||||||
Secured Debt [Member] | Hud Mortgage Assumed Maturity 2051 [Member] | ||||||||
Debt instrument, interest rate, stated percentage | 2.92% | |||||||
Repayments of secured debt | $ 7,900,000 | |||||||
Maturity | 2051 | 2051 | ||||||
Loss on extinguishment of debt | $ 400,000 | |||||||
Secured Debt [Member] | Hud Mortgage Assumed Maturity 2052 [Member] | ||||||||
Maturity | 2052 | |||||||
Secured Debt [Member] | Hud Mortgage Assumed Maturity 2046 to 2052 [Member] | ||||||||
Debt weighted average interest rate | 3.03% | 3.03% | 3.03% | |||||
Repayments of secured debt | $ 281,700,000 | |||||||
Number of assumed loans retired | 29 | |||||||
Secured Debt [Member] | Three Hud Mortgages Retired [Member] | ||||||||
Debt weighted average interest rate | 2.97% | 2.97% | 2.97% | |||||
Repayments of secured debt | $ 14,800,000 | |||||||
Loss on extinguishment of debt | $ 500,000 | |||||||
Secured Debt [Member] | Minimum [Member] | Hud Mortgage | ||||||||
Maturity | 2046 | 2049 | ||||||
Secured Debt [Member] | Minimum [Member] | Hud Mortgage Assumed Maturity 2046 to 2052 [Member] | ||||||||
Maturity | 2046 | |||||||
Secured Debt [Member] | Minimum [Member] | Three Hud Mortgages Retired [Member] | ||||||||
Maturity | 2046 | |||||||
Secured Debt [Member] | Maximum [Member] | Hud Mortgage | ||||||||
Maturity | 2052 | 2051 | ||||||
Secured Debt [Member] | Maximum [Member] | Hud Mortgage Assumed Maturity 2046 to 2052 [Member] | ||||||||
Maturity | 2052 | |||||||
Secured Debt [Member] | Maximum [Member] | Three Hud Mortgages Retired [Member] | ||||||||
Maturity | 2052 |
BORROWING ARRANGEMENTS - UNSECU
BORROWING ARRANGEMENTS - UNSECURED BORROWINGS (Narrative) (Details) - 2025 Term Loan [Member] - USD ($) | Sep. 27, 2023 | Aug. 08, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Aug. 31, 2023 |
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 28,500,000 | $ 400,000,000 | |||
Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 28,500,000 | $ 400,000,000 | |||
Debt instrument, maximum borrowing capacity, amount | $ 500,000,000 | ||||
Debt instrument, maturity date | Aug. 08, 2025 | ||||
Debt issuance costs, gross | $ 3,300,000 | ||||
Basis spread on variable rate | 0.10% | ||||
Debt instrument, discount, gross | $ 1,400,000 | ||||
Debt Instrument Number Of Available Extensions | 2 | ||||
Debt Instrument Extension Period Duration | 12 months | ||||
Description of variable rate basis | SOFR | ||||
Minimum [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.85% | ||||
Maximum [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.85% |
BORROWING ARRANGEMENTS (Revolvi
BORROWING ARRANGEMENTS (Revolving Credit Facility) (Details) - Revolving Credit Facility - Unsecured Debt [Member] $ in Millions | 3 Months Ended | |||
Apr. 30, 2021 USD ($) item | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2023 USD ($) | |
Maximum borrowing capacity | $ 1,450 | $ 1,450 | ||
Description of variable rate basis | SOFR | SOFR | LIBOR | |
Basis spread on variable rate | 0.11448% | |||
Debt instrument number of available extensions | item | 2 | |||
Debt instrument extension period duration | 6 months | |||
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche one | $ 1,150 | |||
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche two | 300 | |||
Debt issuance costs, gross | $ 12.9 | |||
Debt instrument, maturity date | Apr. 30, 2025 | |||
Sterling Overnight Index Average Reference Rate [Member] | ||||
Basis spread on variable rate | 0.1193% | |||
2017 Revolving Credit Facility Replaced [Member] | ||||
Maximum borrowing capacity | $ 1,250 | |||
Minimum [Member] | ||||
Basis spread on variable rate | 0.95% | |||
Maximum [Member] | ||||
Maximum borrowing capacity | $ 2,500 | |||
Basis spread on variable rate | 1.85% |
BORROWING ARRANGEMENTS (OP Term
BORROWING ARRANGEMENTS (OP Term Loan) (Details) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2021 USD ($) item | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Senior notes and other unsecured borrowings - net | $ 4,984,956 | $ 4,900,992 | ||
Omega OP Term Loan Facility | Unsecured Debt [Member] | ||||
Total term loans - net | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 |
Basis spread on variable rate | 0.11448% | |||
Debt instrument, maturity date | Apr. 30, 2025 | |||
Debt issuance costs, gross | $ 400 | |||
Debt instrument number of available extensions | item | 2 | |||
Debt instrument extension period duration | 6 months | |||
Minimum [Member] | Omega OP Term Loan Facility | Unsecured Debt [Member] | ||||
Basis spread on variable rate | 0.85% | |||
Maximum [Member] | Omega OP Term Loan Facility | Unsecured Debt [Member] | ||||
Basis spread on variable rate | 1.85% |
BORROWING ARRANGEMENTS (General
BORROWING ARRANGEMENTS (General) (Narrative) (Detail) $ in Thousands, £ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Apr. 30, 2021 USD ($) item | Jun. 30, 2023 USD ($) | Mar. 31, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||||
Long-term line of credit | $ 20,397 | $ 20,397 | $ 19,246 | ||||
Debt instrument, covenant compliance | As of December 31, 2023 and December 31, 2022, we were in compliance with all applicable covenants for our borrowings. | ||||||
Debt instrument, covenant description | Parent and Omega OP, on a combined basis, have no material assets, liabilities or operations other than financing activities (including borrowings under the senior unsecured revolving and term loan credit facility, OP term loan and the outstanding senior notes) and their investments in non-guarantor subsidiaries. Substantially all of our assets are held by non-guarantor subsidiaries. | ||||||
Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured debt | $ 5,005,353 | $ 5,005,353 | 4,920,238 | ||||
Unsecured Debt [Member] | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term line of credit | £ | £ 16 | ||||||
Maximum borrowing capacity | $ 1,450,000 | 1,450,000 | 1,450,000 | ||||
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche one | 1,150,000 | ||||||
Revolving credit facility to be drawn in Alternative Currencies or U.S. Dollars in tranche two | $ 300,000 | ||||||
Description of variable rate basis | SOFR | SOFR | LIBOR | ||||
Basis spread on variable rate | 0.11448% | ||||||
Maturity date | Apr. 30, 2025 | ||||||
Debt instrument number of available extensions | item | 2 | ||||||
Debt instrument extension period duration | 6 months | ||||||
Unsecured Debt [Member] | Minimum [Member] | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.95% | ||||||
Unsecured Debt [Member] | Maximum [Member] | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 2,500,000 | ||||||
Basis spread on variable rate | 1.85% | ||||||
Unsecured Debt [Member] | Omega OP Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Term loans - net | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | ||
Description of variable rate basis | SOFR | LIBOR | |||||
Basis spread on variable rate | 0.11448% | ||||||
Rate | 5.52% | 5.52% | 5.52% | ||||
Maturity date | Apr. 30, 2025 | ||||||
Debt instrument number of available extensions | item | 2 | ||||||
Debt instrument extension period duration | 6 months | ||||||
Unsecured Debt [Member] | Omega OP Term Loan Facility | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.85% | ||||||
Unsecured Debt [Member] | Omega OP Term Loan Facility | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.85% | ||||||
Unsecured Debt [Member] | 2017 Revolving Credit Facility Replaced [Member] | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 1,250,000 |
BORROWING ARRANGEMENTS (Subordi
BORROWING ARRANGEMENTS (Subordinated Debt) (Narrative) (Detail) $ in Millions | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2010 USD ($) item | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Subordinated debt | Unsecured Debt [Member] | Gulf Coast LLC [Member] | |||
Long-term Debt, Gross | $ 20 | ||
Debt instrument, interest rate, stated percentage | 9% | ||
Debt instrument, maturity date | Dec. 21, 2021 | ||
Principal offset against uncollectible receivables | $ 20 | ||
Accrued interest offset against uncollectible receivables | $ 1.3 | ||
Five Subordinated Debt Notes [Member] | |||
Number of separate subordinated notes assumed | item | 5 | ||
Five Subordinated Debt Notes [Member] | Unsecured Debt [Member] | |||
Long-term Debt, Gross | $ 4 | ||
Debt instrument, interest rate, stated percentage | 9% | ||
Debt instrument, maturity date | Dec. 21, 2021 |
BORROWING ARRANGEMENTS (Sched_2
BORROWING ARRANGEMENTS (Schedule of principal payments, excluding the premium or discount and the aggregate due thereafter) (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
BORROWING ARRANGEMENTS [Abstract] | |
2024 | $ 420,770 |
2025 | 899,947 |
2026 | 601,081 |
2027 | 701,112 |
2028 | 551,144 |
Thereafter | 1,936,471 |
Totals | $ 5,110,525 |
DERIVATIVES AND HEDGING (Narrat
DERIVATIVES AND HEDGING (Narrative) (Details) £ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 27, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 27, 2023 USD ($) | Aug. 08, 2023 USD ($) | May 30, 2023 USD ($) | May 17, 2022 GBP (£) contract | Apr. 30, 2021 USD ($) | Mar. 27, 2020 USD ($) contract | Aug. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2021 USD ($) contract | Mar. 31, 2021 GBP (£) contract | Oct. 31, 2020 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 27, 2023 GBP (£) USD ($) | Sep. 29, 2023 USD ($) | |
Unrealized gain (loss) | $ (11,245,000) | $ 55,949,000 | $ 12,689,000 | |||||||||||||||||||
Proceeds from hedge, financing activities | 92,577,000 | |||||||||||||||||||||
Proceeds from net investment hedges | 11,378,000 | |||||||||||||||||||||
Omega OP Term Loan Facility | Unsecured Debt [Member] | ||||||||||||||||||||||
Term loans - net | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | 50,000,000 | |||||||||||||||||
Description of variable rate basis | SOFR | LIBOR | ||||||||||||||||||||
Basis spread on variable rate | 0.11448% | |||||||||||||||||||||
Maturity date | Apr. 30, 2025 | |||||||||||||||||||||
Debt instrument, face amount | 50,000,000 | $ 50,000,000 | ||||||||||||||||||||
Maturity | 2025 | |||||||||||||||||||||
Interest rate | 5.52% | 5.52% | ||||||||||||||||||||
Omega OP Term Loan Facility | Minimum [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||
Basis spread on variable rate | 0.85% | |||||||||||||||||||||
Omega OP Term Loan Facility | Maximum [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||
Basis spread on variable rate | 1.85% | |||||||||||||||||||||
3.38% notes due 2031 | ||||||||||||||||||||||
Interest rate | 3.38% | 3.38% | ||||||||||||||||||||
3.38% notes due 2031 | Senior Notes [Member] | ||||||||||||||||||||||
Debt instrument, face amount | $ 700,000,000 | |||||||||||||||||||||
Maturity | 2031 | |||||||||||||||||||||
Long-term Debt, Gross | $ 700,000,000 | 700,000,000 | ||||||||||||||||||||
Interest rate | 3.375% | 3.38% | 3.38% | |||||||||||||||||||
3.25% notes due 2033 | ||||||||||||||||||||||
Interest rate | 3.25% | 3.25% | ||||||||||||||||||||
3.25% notes due 2033 | Senior Notes [Member] | ||||||||||||||||||||||
Debt instrument, face amount | $ 700,000,000 | $ 700,000,000 | ||||||||||||||||||||
Maturity | 2033 | 2033 | 2033 | |||||||||||||||||||
Long-term Debt, Gross | $ 700,000,000 | $ 700,000,000 | ||||||||||||||||||||
Interest rate | 3.25% | 3.25% | 3.25% | 3.25% | ||||||||||||||||||
2025 Term Loan [Member] | ||||||||||||||||||||||
Debt instrument, face amount | $ 28,500,000 | $ 400,000,000 | ||||||||||||||||||||
2025 Term Loan [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||
Description of variable rate basis | SOFR | |||||||||||||||||||||
Basis spread on variable rate | 0.10% | |||||||||||||||||||||
Maturity date | Aug. 08, 2025 | |||||||||||||||||||||
Debt instrument, face amount | $ 28,500,000 | $ 400,000,000 | ||||||||||||||||||||
Maturity | 2025 | |||||||||||||||||||||
Long-term Debt, Gross | $ 428,500,000 | |||||||||||||||||||||
Interest rate | 5.60% | 5.60% | ||||||||||||||||||||
2025 Term Loan [Member] | Minimum [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||
Basis spread on variable rate | 0.85% | |||||||||||||||||||||
2025 Term Loan [Member] | Maximum [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||
Basis spread on variable rate | 1.85% | |||||||||||||||||||||
Net Investment Hedging [Member] | ||||||||||||||||||||||
Derivative, Notional Amount Terminated | £ | £ 104 | |||||||||||||||||||||
Derivative, maturity Date | Mar. 08, 2024 | Mar. 08, 2024 | ||||||||||||||||||||
Notional amount of nonderivative instruments | £ | £ 174 | |||||||||||||||||||||
Number of foreign currency forwards entered into | contract | 4 | 4 | ||||||||||||||||||||
Derivative, Number of Instruments Terminated | 2 | |||||||||||||||||||||
Proceeds from net investment hedges | $ 11,400,000 | |||||||||||||||||||||
Interest Rate Swap | Cash Flow Hedging [Member] | ||||||||||||||||||||||
Derivative, notional amount | $ 478,500,000 | |||||||||||||||||||||
Derivative, Number of Instruments Held | 12 | |||||||||||||||||||||
Interest Rate Swap | Cash Flow Hedging [Member] | Forward Starting Swaps [Member] | ||||||||||||||||||||||
Derivative, notional amount | $ 400,000,000 | |||||||||||||||||||||
Derivative, effective date | Aug. 01, 2023 | |||||||||||||||||||||
Derivative, inception Date | Mar. 27, 2020 | |||||||||||||||||||||
Derivative, maturity Date | Aug. 01, 2033 | |||||||||||||||||||||
Derivative forecasted issuance period on long term debt | 5 years | |||||||||||||||||||||
Derivative, fixed interest rate | 0.8675% | |||||||||||||||||||||
Derivative, maximum period | 46 months | |||||||||||||||||||||
Derivative, Number of Instruments Held | 5 | |||||||||||||||||||||
Derivative, Number of Instruments Terminated | 5 | |||||||||||||||||||||
Unrealized gain (loss) | $ 31,700,000 | $ 9,500,000 | $ 41,200,000 | |||||||||||||||||||
Proceeds from hedge, financing activities | $ 92,600,000 | |||||||||||||||||||||
Gains expected to be recognized next qualifying debt issuance | $ 51,400,000 | |||||||||||||||||||||
Interest Rate Swap | Cash Flow Hedging [Member] | Omega OP Term Loan Facility | ||||||||||||||||||||||
Derivative, notional amount | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||||
Derivative, effective date | Jun. 30, 2023 | |||||||||||||||||||||
Derivative, maturity Date | Apr. 30, 2027 | |||||||||||||||||||||
Interest Rate Swap | Cash Flow Hedging [Member] | Omega OP Term Loan Facility | Unsecured Debt [Member] | ||||||||||||||||||||||
Derivative instrument potential fluctuate basis point up | 0.40% | |||||||||||||||||||||
Derivative instrument potential fluctuate basis point down | 0.60% | |||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 5.521% | 5.521% | ||||||||||||||||||||
Interest Rate Swap | Cash Flow Hedging [Member] | 2025 Term Loan [Member] | ||||||||||||||||||||||
Derivative, notional amount | 28,500,000 | $ 400,000,000 | ||||||||||||||||||||
Derivative, effective date | Sep. 29, 2023 | Aug. 14, 2023 | ||||||||||||||||||||
Derivative, maturity Date | Aug. 06, 2027 | Aug. 06, 2027 | ||||||||||||||||||||
Debt instrument, face amount | $ 428,500,000 | |||||||||||||||||||||
Derivative, Number of Instruments Held | 11 | 10 | 1 | |||||||||||||||||||
Debt instrument, interest rate, effective percentage | 5.597% | |||||||||||||||||||||
Interest Rate Swap | Cash Flow Hedging [Member] | 2025 Term Loan [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 5.565% | |||||||||||||||||||||
Interest Rate Swap | Cash Flow Hedging [Member] | 2025 Term Loan [Member] | Maximum [Member] | ||||||||||||||||||||||
Derivative instrument potential fluctuate basis point up | 0.40% | |||||||||||||||||||||
Derivative instrument potential fluctuate basis point down | 0.60% | |||||||||||||||||||||
Foreign Exchange Forward [Member] | Forward Starting Swaps [Member] | ||||||||||||||||||||||
Derivative, notional amount | £ | £ 104 | |||||||||||||||||||||
Derivative, forward exchange rate | 1.2916 | |||||||||||||||||||||
Derivative, Number of Instruments Held | 6 | |||||||||||||||||||||
Foreign Exchange Forward [Member] | Minimum [Member] | Forward Starting Swaps [Member] | ||||||||||||||||||||||
Derivative, maturity Date | Mar. 08, 2027 | |||||||||||||||||||||
Foreign Exchange Forward [Member] | Maximum [Member] | Forward Starting Swaps [Member] | ||||||||||||||||||||||
Derivative, maturity Date | Mar. 08, 2030 | |||||||||||||||||||||
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | ||||||||||||||||||||||
Derivative, notional amount | £ | £ 76 | £ 250 | ||||||||||||||||||||
Derivative, maturity Date | May 21, 2029 | |||||||||||||||||||||
Derivative, forward exchange rate | 1.3071 | 1.3890 | 1.3890 | 1.3234 | 1.3234 | |||||||||||||||||
Derivative, Number of Instruments Held | 2 | 10 |
DERIVATIVES AND HEDGING (Locati
DERIVATIVES AND HEDGING (Location and the fair value of derivative instruments designated as hedges) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets [Member] | Cash Flow Hedging [Member] | ||
Cash flow hedges recorded at fair value, asset | $ 92,990 | |
Other Assets [Member] | Net Investment Hedging [Member] | ||
Net investment hedges recorded at fair value, asset | $ 8,903 | $ 34,977 |
Accounts Payable and Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ||
Cash flow hedges recorded at fair value, liability | 6,533 | |
Accounts Payable and Accrued Liabilities [Member] | Net Investment Hedging [Member] | ||
Net investment hedges recorded at fair value, liability | $ 8 |
FINANCIAL INSTRUMENTS (Schedule
FINANCIAL INSTRUMENTS (Schedule of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
4.38% notes due 2023 | ||
Liabilities: | ||
Notes issued, interest rate | 4.38% | |
4.95% notes due 2024 | ||
Liabilities: | ||
Notes issued, interest rate | 4.95% | |
4.50% notes due 2025 | ||
Liabilities: | ||
Notes issued, interest rate | 4.50% | |
5.25% notes due 2026 | ||
Liabilities: | ||
Notes issued, interest rate | 5.25% | |
4.50% notes due 2027 | ||
Liabilities: | ||
Notes issued, interest rate | 4.50% | |
4.75% notes due 2028 | ||
Liabilities: | ||
Notes issued, interest rate | 4.75% | |
3.63% notes due 2029 | ||
Liabilities: | ||
Notes issued, interest rate | 3.63% | |
3.38% notes due 2031 | ||
Liabilities: | ||
Notes issued, interest rate | 3.38% | |
3.25% notes due 2033 | ||
Liabilities: | ||
Notes issued, interest rate | 3.25% | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | $ 8,716 | $ 8,503 |
Real estate loans receivable - net | 1,212,162 | 1,042,731 |
Non-real estate loans receivable - net | 275,615 | 225,281 |
Total | 1,496,493 | 1,276,515 |
Liabilities: | ||
Term loan | 2,161 | |
Sterling term loan | 20,085 | 19,727 |
Total | 5,067,316 | 5,286,834 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Revolving Credit Facility | ||
Liabilities: | ||
Revolving line of credit | 20,397 | 19,246 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Omega OP Term Loan Facility | ||
Liabilities: | ||
Omega OP term loan | 49,864 | 49,762 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.38% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 349,669 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 399,747 | 398,736 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 399,207 | 398,446 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 598,553 | 597,848 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 695,302 | 693,837 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 545,925 | 544,916 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.63% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 493,099 | 491,890 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.38% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 687,172 | 685,382 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 691,425 | 690,506 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | 41,878 | 344,708 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 2025 Term Loan [Member] | ||
Liabilities: | ||
Term loan | 424,662 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Assets: | ||
Investments in direct financing leases - net | 8,716 | 8,503 |
Real estate loans receivable - net | 1,258,838 | 1,080,890 |
Non-real estate loans receivable - net | 279,710 | 228,498 |
Total | 1,547,264 | 1,317,891 |
Liabilities: | ||
Term loan | 2,275 | |
Sterling term loan | 19,750 | 19,750 |
Total | 4,739,175 | 4,702,055 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Revolving Credit Facility | ||
Liabilities: | ||
Revolving line of credit | 20,397 | 19,246 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Omega OP Term Loan Facility | ||
Liabilities: | ||
Omega OP term loan | 50,000 | 50,000 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.38% notes due 2023 | ||
Liabilities: | ||
Notes Payable | 347,998 | |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.95% notes due 2024 | ||
Liabilities: | ||
Notes Payable | 398,888 | 394,256 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2025 | ||
Liabilities: | ||
Notes Payable | 393,240 | 388,920 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 5.25% notes due 2026 | ||
Liabilities: | ||
Notes Payable | 596,508 | 589,104 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.50% notes due 2027 | ||
Liabilities: | ||
Notes Payable | 671,538 | 657,468 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 4.75% notes due 2028 | ||
Liabilities: | ||
Notes Payable | 528,704 | 507,425 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.63% notes due 2029 | ||
Liabilities: | ||
Notes Payable | 440,785 | 411,090 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.38% notes due 2031 | ||
Liabilities: | ||
Notes Payable | 594,734 | 540,386 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 3.25% notes due 2033 | ||
Liabilities: | ||
Notes Payable | 564,809 | 507,976 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | Hud Mortgage | ||
Liabilities: | ||
HUD debt - net | 31,322 | $ 266,161 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | 2025 Term Loan [Member] | ||
Liabilities: | ||
Term loan | $ 428,500 |
TAXES (Narrative) (Detail)
TAXES (Narrative) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) subsidiary | Dec. 31, 2022 USD ($) | Mar. 31, 2022 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% | ||
Net operating loss carryforwards period | 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. | ||
Number of TRSs subject to income taxes at corporate rate with net operating carry forward | subsidiary | 1 | ||
Deferred tax assets related to net operating loss carryforwards | $ 9,491 | $ 11,268 | $ 13,400 |
Taxable REIT Subsidiaries [Member] | |||
Taxes [Line Items] | |||
Net operating loss carry-forward | 9,900 | ||
Foreign Tax Authority | |||
Taxes [Line Items] | |||
Net operating loss carry-forward | $ 38,000 | $ 55,000 |
TAXES (Schedule of components o
TAXES (Schedule of components of income tax expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxes [Abstract] | |||
Federal, state and local income tax expense | $ 2,000 | $ 1,200 | $ 1,400 |
Foreign income tax expense | 4,300 | 3,400 | 2,400 |
Total income tax expense | 6,300 | 4,600 | 3,800 |
Income before income tax expense and (loss) income from unconsolidated joint ventures | 255,633 | 436,141 | 416,080 |
(Loss) income from unconsolidated joint ventures | (582) | 7,261 | 16,062 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 234,200 | 418,500 | 403,900 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 21,500 | $ 17,600 | $ 12,200 |
TAXES (Schedule of deferred tax
TAXES (Schedule of deferred tax assets and liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Deferred tax assets: | |||
Federal net operating loss carryforward | $ 2,079 | $ 2,138 | |
Valuation allowance on deferred tax asset | (2,024) | (2,138) | |
Foreign net operating loss carryforward | 9,491 | 11,268 | $ 13,400 |
Foreign deferred tax liability | (1,508) | (5,373) | |
Net deferred tax asset | 9,546 | 5,895 | |
Deferred tax liability: | |||
Foreign deferred tax liability | 1,508 | $ 5,373 | |
Net deferred tax liability | $ 1,508 |
STOCKHOLDERS EQUITY (Common Sto
STOCKHOLDERS EQUITY (Common Stock Repurchase) (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | |
Dec. 31, 2022 | Jan. 27, 2022 | |
Net Repurchase Cost | $ 142,267 | |
$500 Million Stock Repurchase Program [Member] | ||
Stock repurchase program, authorized amount | $ 500,000 | |
Shares Repurchased | 5.2 | |
Average Price per Share | $ 27.32 | |
Net Repurchase Cost | $ 142,300 |
STOCKHOLDERS EQUITY (Schedule o
STOCKHOLDERS EQUITY (Schedule of Common Stock Dividends) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders Equity [Abstract] | ||||||||
Dividends Declared, Date Of Record | Feb. 05, 2024 | Oct. 31, 2023 | Jul. 31, 2023 | May 01, 2023 | Feb. 06, 2023 | |||
Dividends Payable, Date to be Paid | Feb. 15, 2024 | Nov. 15, 2023 | Aug. 15, 2023 | May 15, 2023 | Feb. 15, 2023 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 0.67 | $ 2.68 | $ 2.68 | $ 2.68 |
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 Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares issued | 3.7 | 0.3 | 3.4 |
Gross Proceeds | $ 117.3 | $ 9.2 | $ 126.7 |
STOCKHOLDERS EQUITY (At The Mar
STOCKHOLDERS EQUITY (At The Market Program Schedule and Narrative) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 03, 2015 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2021 | |
$500 Million and $1 Billion ATM Programs | ||||
Issuance of common stock (in shares) | 7.2 | 4.2 | ||
Average issue price per share | $ 30.25 | $ 36.53 | ||
Gross proceeds | $ 221.7 | $ 155.1 | ||
Commissions | 2.6 | 3.4 | ||
Proceeds from issuance of common stock | $ 219.1 | $ 151.7 | ||
$500 Million ATM Program | ||||
Sales price, equity distribution agreement | $ 500 | |||
$1 Billion ATM Program | ||||
Sales price, equity distribution agreement | $ 1,000 | |||
Maximum [Member] | $500 Million ATM Program | ||||
Compensation percentage for sale of shares | 2% | |||
Maximum [Member] | $1 Billion ATM Program | ||||
Compensation percentage for sale of shares | 2% |
STOCKHOLDERS EQUITY (Per Share
STOCKHOLDERS EQUITY (Per Share Distributions) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends Payable [Line Items] | |||
Dividend Per Common Share | $ 2.680 | $ 2.680 | $ 2.680 |
Ordinary Income [Member] | |||
Dividends Payable [Line Items] | |||
Dividend Per Common Share | 2.258 | 1.264 | 1.987 |
Return Of Capital [Member] | |||
Dividends Payable [Line Items] | |||
Dividend Per Common Share | 0.212 | 0.095 | 0.117 |
Capital Gains [Member] | |||
Dividends Payable [Line Items] | |||
Dividend Per Common Share | $ 0.210 | $ 1.321 | $ 0.576 |
STOCKHOLDERS EQUITY (Schedule_3
STOCKHOLDERS EQUITY (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | $ 3,574,584 | $ 3,609,368 | ||
Add: portion included in noncontrolling interest | 187,707 | 193,914 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,762,291 | 3,803,282 | $ 4,108,226 | $ 4,036,607 |
Realized gain | 6,700 | 4,200 | 2,900 | |
AOCI Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Add: portion included in noncontrolling interest | 66 | 339 | ||
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 | 29,338 | 20,325 | $ (2,200) | $ (12,768) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | 29,272 | 19,986 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | (49,770) | (85,004) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | 75,111 | 86,356 | ||
Accumulated Net Gain (Loss) from Net Investment Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Stockholders Equity/AOCI | $ 3,931 | $ 18,634 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Jun. 05, 2023 | Jun. 08, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 04, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of operating partnership units distributions | 10% | |||||
Deferred shares, outstanding | 653,842 | 637,634 | ||||
Shares paid for tax withholding for share based compensation | 600,000 | 1,100,000 | 4,600,000 | |||
Stock-based compensation expense | $ 35.1 | $ 27.3 | $ 21.4 | |||
Time Based Restricted Stock Units and Profit Interest | Scenario, Recognized Period 12 Months [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 1 | |||||
Weighted average period of expense recognition | 12 months | |||||
Time Based Restricted Stock Units and Profit Interest | Scenario, Recognized Period 30 Months [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 4.7 | |||||
Weighted average period of expense recognition | 30 months | |||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Sharebased compensation arrangement by sharebased payment award share number issuable upon each vested award | 1 | |||||
Profit Interest Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Sharebased compensation arrangement by sharebased payment award partnership unit number issuable upon each vested award | 1 | |||||
Stock Incentive Plan 2018 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Increase in number of shares reserved for issuance | 6,700,000 | 4,500,000 | ||||
Number of common shares reserved for future issuance | 17,200,000 | 6,400,000 | 10,500,000 | |||
Performance Based Vesting Requirements on (TSR) Total Shareholder Return | Performance Based Restricted Stock Units and Profit Interest Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 15.4 | |||||
Weighted average period of expense recognition | 43 months | |||||
Performance Based Vesting Requirements on (Relative TSR) Total Shareholder Return [Member] | Performance Based Restricted Stock Units and Profit Interest Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 18.8 | |||||
Weighted average period of expense recognition | 43 months |
STOCK-BASED COMPENSATION (Sched
STOCK-BASED COMPENSATION (Schedule of assumptions used for estimating fair value of stock awards using Monte-Carlo model) (Detail) - Performance Based Restricted Stock Units and Profit Interest Units [Member] - $ / shares | 12 Months Ended | |||||
Jan. 01, 2023 | Jan. 01, 2022 | Jan. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Closing price on date of grant | $ 27.95 | $ 29.59 | $ 36.32 | |||
Dividend yield | 9.59% | 9.06% | 7.38% | |||
Risk free interest rate at time of grant | 4.28% | 0.98% | 0.18% | |||
Expected volatility | 40.28% | 38.74% | 42.55% | |||
Historical volatility rate use to calculate expected volatility rate | 50% | 50% | 50% | |||
Implied volatility rate use to calculate expected volatility rate | 50% | 50% | 50% |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of stock based compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |||
Stock-based compensation expense | $ 35.1 | $ 27.3 | $ 21.4 |
STOCK-BASED COMPENSATION (Sch_2
STOCK-BASED COMPENSATION (Schedule of activity in restricted stock and RSUs) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted - Average Grant-Date Fair Value per Share | |||
Total Compensation Cost | $ 37,400 | $ 31,400 | $ 30,800 |
Time Based Restricted Stock Units and Profit Interest | |||
Number of Shares/Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 408,024 | 318,412 | 270,678 |
Granted | 309,927 | 256,818 | 210,429 |
Cancelled | (2,000) | (14,157) | |
Vested | (208,119) | (165,206) | (148,538) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 509,832 | 408,024 | 318,412 |
Weighted - Average Grant-Date Fair Value per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 31.93 | $ 38.62 | $ 37.78 |
Granted | 28.15 | 29.40 | 36.52 |
Cancelled | 29.59 | 36.58 | |
Vested | 34.31 | 40.91 | 34.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 28.66 | $ 31.93 | $ 38.62 |
Performance Based Restricted Stock Units and Profit Interest Units [Member] | |||
Number of Shares/Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 3,215,946 | 2,222,047 | 2,897,496 |
Granted | 2,139,421 | 1,620,330 | 1,232,178 |
Cancelled | (1,228) | (5,232) | (188,128) |
Forfeited | (539,312) | (621,199) | (746,357) |
Vested | (482,772) | (973,142) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 4,332,055 | 3,215,946 | 2,222,047 |
Weighted - Average Grant-Date Fair Value per Share | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 17.16 | $ 17.94 | $ 14.24 |
Granted | 13.42 | 14.73 | 18.76 |
Cancelled | 11.35 | 11.90 | 18.01 |
Forfeited | 17.50 | 13.68 | 14.83 |
Vested | 21.52 | 10.33 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 14.78 | $ 17.16 | $ 17.94 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 25, 2023 | Dec. 31, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Sep. 30, 2021 | |
Litigation settlement, amount awarded to other party | $ 30,750 | ||||
Increase (decrease) in legal reserve | $ 2,800 | $ 31,000 | |||
Increase (decrease) in insurance receivable | 2,800 | $ 31,000 | |||
Indemnification Agreement [Member] | |||||
Total commitments | $ 7,500 | $ 7,500 | |||
Maplewood Real Estate Holdings | DISTRICT OF COLUMBIA | |||||
Total commitments | $ 177,700 | ||||
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 | Dec. 31, 2023 USD ($) |
Remaining commitments | $ 284,379 |
Investment Type Characteristic Non Real Estate Related Loans [Member] | |
Remaining commitments | 46,152 |
Other Real Estate Loans [Member] | |
Remaining commitments | 46,339 |
Construction and capital expenditure mortgage loan commitments | |
Remaining commitments | 6,951 |
Lessor construction and capital commitments under lease agreements | |
Remaining commitments | $ 184,937 |
SUPPLEMENTAL DISCLOSURE TO CO_3
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 442,810 | $ 297,103 | $ 20,534 | |
Restricted cash | 1,920 | 3,541 | 3,877 | |
Cash, cash equivalents and restricted cash at end of period | 444,730 | 300,644 | 24,411 | $ 167,558 |
Supplemental Information: | ||||
Interest paid during the period, net of amounts capitalized | 234,453 | 220,748 | 214,406 | |
Taxes paid during the period | 3,615 | 5,793 | 6,288 | |
Non cash investing activities | ||||
Non cash acquisition of real estate | 0 | (9,818) | (58,595) | |
Non-cash proceeds from sale of business | 0 | 7,532 | 0 | |
Non-cash placement of loan principal | 0 | 0 | (7,000) | |
Non-cash collection of loan principal | 0 | 0 | 65,595 | |
Non cash investment in other investments | 0 | (7,532) | 0 | |
Non cash financing activities | ||||
Non-cash borrowing of other long-term borrowings | 0 | 0 | (20,000) | |
Non-cash contribution from noncontrolling member of consolidated joint venture | 0 | 2,903 | 0 | |
Change in fair value of hedges | (21,649) | 88,460 | 23,457 | |
Remeasurement of debt denominated in a foreign currency | $ 1,150 | $ (4,077) | $ 3,010 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net income available to common stockholders - basic | $ 242,180 | $ 426,927 | $ 416,739 |
Add: net income attributable to OP Units | 7,077 | 11,914 | 11,563 |
Net income available to common stockholders - diluted | $ 249,257 | $ 438,841 | $ 428,302 |
Denominator: | |||
Denominator for basic earnings per share | 240,493 | 236,256 | 236,933 |
Effect of dilutive securities: | |||
Common stock equivalents | 2,923 | 1,198 | 785 |
Noncontrolling interest - Omega OP Units | 7,035 | 6,836 | 6,620 |
Denominator for diluted earnings per share | 250,451 | 244,290 | 244,338 |
Earnings per share - basic: | |||
Net income available to common stockholders | $ 1.01 | $ 1.81 | $ 1.76 |
Earnings per share - diluted: | |||
Net income available to common stockholders | $ 1 | $ 1.80 | $ 1.75 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 29, 2024 USD ($) | |
Number of real estate properties | facility | 891 | ||||
Payments to Acquire Real Estate | $ 261.2 | $ 225.2 | $ 604 | ||
West Virginia | |||||
Payments to Acquire Real Estate | $ 114.8 | ||||
Percentage Of Initial Cash Yield | 9.50% | ||||
Financing receivable, face amount | $ 104.6 | ||||
Subsequent Event [Member] | |||||
Financing receivable, face amount | $ 27.3 | ||||
Mortgage And Other Real Estate Loans [Member] | |||||
Financing receivable, face amount | $ 27.3 | ||||
Mortgage And Other Real Estate Loans [Member] | Subsequent Event [Member] | Minimum [Member] | |||||
Investment Maturity Date | Jan. 31, 2027 | ||||
Mortgage And Other Real Estate Loans [Member] | Subsequent Event [Member] | Maximum [Member] | |||||
Investment Maturity Date | Jan. 31, 2029 | ||||
Mortgage And Other Real Estate Loans [Member] | Subsequent Event [Member] | Weighted Average [Member] | |||||
Interest rate | 9.60% |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 946,191 | |||
Initial Cost to Company Buildings and Improvements | 7,138,044 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 384,053 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 52,968 | |||
Cost Capitalized Subsequent to Acquisition Other | (186,512) | |||
Gross Amount at Which Carried at Close of Period Land | 935,726 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 7,399,018 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 8,334,744 | $ 8,860,264 | $ 9,028,745 | $ 8,702,154 |
Accumulated Depreciation | (2,458,809) | $ (2,322,773) | $ (2,181,528) | $ (1,996,914) |
Alabama | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | 1,817 | |||
Initial Cost to Company Buildings and Improvements | 33,356 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 13,188 | |||
Gross Amount at Which Carried at Close of Period Land | 1,817 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 46,544 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 48,361 | |||
Accumulated Depreciation | $ (41,931) | |||
Date Of Construction | 1960 - 1982 | |||
Date Acquired | 1992 - 1997 | |||
Alabama | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Alabama | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Arizona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 11,502 | |||
Initial Cost to Company Buildings and Improvements | 121,240 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,979 | |||
Gross Amount at Which Carried at Close of Period Land | 11,502 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 125,219 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 136,721 | |||
Accumulated Depreciation | $ (35,725) | |||
Date Of Construction | 1949 - 1999 | |||
Date Acquired | 2005 - 2021 | |||
Arizona | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Arizona | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Arkansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,665 | |||
Initial Cost to Company Buildings and Improvements | 48,765 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,911 | |||
Cost Capitalized Subsequent to Acquisition Other | (36) | |||
Gross Amount at Which Carried at Close of Period Land | 2,665 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 53,640 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 56,305 | |||
Accumulated Depreciation | $ (32,171) | |||
Date Of Construction | 1967 - 1988 | |||
Date Acquired | 1992 - 2014 | |||
Arkansas | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Arkansas | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
California | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 81,970 | |||
Initial Cost to Company Buildings and Improvements | 464,633 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 7,009 | |||
Cost Capitalized Subsequent to Acquisition Other | (479) | |||
Gross Amount at Which Carried at Close of Period Land | 81,970 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 471,163 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 553,133 | |||
Accumulated Depreciation | $ (160,428) | |||
Date Of Construction | 1938 - 2013 | |||
Date Acquired | 1997 - 2021 | |||
California | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 5 years | |||
California | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 35 years | |||
Colorado | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 11,283 | |||
Initial Cost to Company Buildings and Improvements | 88,830 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 8,188 | |||
Gross Amount at Which Carried at Close of Period Land | 11,283 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 97,018 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 108,301 | |||
Accumulated Depreciation | $ (53,730) | |||
Date Of Construction | 1925 - 1975 | |||
Date Acquired | 1998 - 2016 | |||
Colorado | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Colorado | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Connecticut | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 25,063 | |||
Initial Cost to Company Buildings and Improvements | 252,417 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 9,095 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 1,320 | |||
Gross Amount at Which Carried at Close of Period Land | 25,063 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 262,832 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 287,895 | |||
Accumulated Depreciation | $ (74,865) | |||
Date Of Construction | 1968 - 2019 | |||
Date Acquired | 2010 - 2017 | |||
Connecticut | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Connecticut | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Florida | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 59,622 | |||
Initial Cost to Company Buildings and Improvements | 432,694 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 20,291 | |||
Cost Capitalized Subsequent to Acquisition Other | (20,782) | |||
Gross Amount at Which Carried at Close of Period Land | 58,682 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 433,143 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 491,825 | |||
Accumulated Depreciation | $ (200,474) | |||
Date Of Construction | 1942 - 2018 | |||
Date Acquired | 1993 - 2021 | |||
Florida | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 2 years | |||
Florida | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Georgia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,740 | |||
Initial Cost to Company Buildings and Improvements | 47,689 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,637 | |||
Gross Amount at Which Carried at Close of Period Land | 3,740 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 49,326 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 53,066 | |||
Accumulated Depreciation | $ (17,889) | |||
Date Of Construction | 1967 - 1997 | |||
Date Acquired | 1998 - 2016 | |||
Georgia | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Georgia | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Idaho | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 5,735 | |||
Initial Cost to Company Buildings and Improvements | 47,530 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,892 | |||
Cost Capitalized Subsequent to Acquisition Other | (542) | |||
Gross Amount at Which Carried at Close of Period Land | 5,193 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 49,422 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 54,615 | |||
Accumulated Depreciation | $ (23,458) | |||
Date Of Construction | 1920 - 2008 | |||
Date Acquired | 1997 - 2014 | |||
Idaho | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Idaho | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Illinois | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,830 | |||
Initial Cost to Company Buildings and Improvements | 13,967 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,548 | |||
Gross Amount at Which Carried at Close of Period Land | 1,830 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 15,515 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 17,345 | |||
Accumulated Depreciation | $ (2,239) | |||
Date Of Construction | 1999 | |||
Date Acquired | 2021 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Indiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 48,267 | |||
Initial Cost to Company Buildings and Improvements | 584,258 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 13,410 | |||
Cost Capitalized Subsequent to Acquisition Other | (7,453) | |||
Gross Amount at Which Carried at Close of Period Land | 48,173 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 590,309 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 638,482 | |||
Accumulated Depreciation | $ (221,420) | |||
Date Of Construction | 1942 - 2015 | |||
Date Acquired | 1992 - 2020 | |||
Indiana | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Indiana | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Iowa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,343 | |||
Initial Cost to Company Buildings and Improvements | 59,310 | |||
Gross Amount at Which Carried at Close of Period Land | 2,343 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 59,310 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 61,653 | |||
Accumulated Depreciation | $ (23,022) | |||
Date Of Construction | 1961 - 1998 | |||
Date Acquired | 2010 - 2014 | |||
Iowa | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 23 years | |||
Iowa | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Kansas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 4,092 | |||
Initial Cost to Company Buildings and Improvements | 38,693 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 14,219 | |||
Gross Amount at Which Carried at Close of Period Land | 4,092 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 52,912 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 57,004 | |||
Accumulated Depreciation | $ (28,049) | |||
Date Of Construction | 1957 - 1977 | |||
Date Acquired | 2005 - 2011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Kentucky | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 15,556 | |||
Initial Cost to Company Buildings and Improvements | 130,819 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 7,517 | |||
Gross Amount at Which Carried at Close of Period Land | 15,556 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 138,336 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 153,892 | |||
Accumulated Depreciation | $ (59,012) | |||
Date Of Construction | 1964 - 2002 | |||
Date Acquired | 1999 - 2016 | |||
Kentucky | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Kentucky | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Louisiana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,735 | |||
Initial Cost to Company Buildings and Improvements | 113,957 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,877 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 448 | |||
Cost Capitalized Subsequent to Acquisition Other | (2,669) | |||
Gross Amount at Which Carried at Close of Period Land | 6,735 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 116,613 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 123,348 | |||
Accumulated Depreciation | $ (33,181) | |||
Date Of Construction | 1957 - 2020 | |||
Date Acquired | 1997 - 2023 | |||
Louisiana | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 22 years | |||
Louisiana | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Maryland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 17,526 | |||
Initial Cost to Company Buildings and Improvements | 131,741 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,800 | |||
Gross Amount at Which Carried at Close of Period Land | 17,526 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 137,541 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 155,067 | |||
Accumulated Depreciation | $ (41,752) | |||
Date Of Construction | 1921 - 2016 | |||
Date Acquired | 2008 - 2023 | |||
Maryland | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Maryland | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Massachusetts | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 23,621 | |||
Initial Cost to Company Buildings and Improvements | 143,172 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 23,023 | |||
Cost Capitalized Subsequent to Acquisition Other | (693) | |||
Gross Amount at Which Carried at Close of Period Land | 23,621 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 165,502 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 189,123 | |||
Accumulated Depreciation | $ (69,925) | |||
Date Of Construction | 1964 - 2017 | |||
Date Acquired | 1997 - 2014 | |||
Massachusetts | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Massachusetts | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Michigan | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 380 | |||
Initial Cost to Company Buildings and Improvements | 16,120 | |||
Gross Amount at Which Carried at Close of Period Land | 380 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 16,120 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 16,500 | |||
Accumulated Depreciation | $ (8,428) | |||
Date Of Construction | 1964 - 1973 | |||
Date Acquired | 2011 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Minnesota | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 10,502 | |||
Initial Cost to Company Buildings and Improvements | 52,585 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,972 | |||
Gross Amount at Which Carried at Close of Period Land | 10,502 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 58,557 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 69,059 | |||
Accumulated Depreciation | $ (23,558) | |||
Date Of Construction | 1966 - 1983 | |||
Date Acquired | 2014 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Mississippi | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 8,803 | |||
Initial Cost to Company Buildings and Improvements | 191,448 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 827 | |||
Gross Amount at Which Carried at Close of Period Land | 8,803 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 192,275 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 201,078 | |||
Accumulated Depreciation | $ (51,150) | |||
Date Of Construction | 1965 - 2008 | |||
Date Acquired | 2009 - 2019 | |||
Mississippi | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Mississippi | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Missouri | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 608 | |||
Initial Cost to Company Buildings and Improvements | 11,694 | |||
Cost Capitalized Subsequent to Acquisition Other | (158) | |||
Gross Amount at Which Carried at Close of Period Land | 599 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 11,545 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 12,144 | |||
Accumulated Depreciation | $ (8,733) | |||
Date Of Construction | 1965 - 1989 | |||
Date Acquired | 1999 | |||
Missouri | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Montana | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,319 | |||
Initial Cost to Company Buildings and Improvements | 11,698 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 432 | |||
Gross Amount at Which Carried at Close of Period Land | 1,319 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 12,130 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 13,449 | |||
Accumulated Depreciation | $ (4,098) | |||
Date Of Construction | 1963 - 1971 | |||
Date Acquired | 2005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Nebraska | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 750 | |||
Initial Cost to Company Buildings and Improvements | 14,892 | |||
Gross Amount at Which Carried at Close of Period Land | 750 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 14,892 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 15,642 | |||
Accumulated Depreciation | $ (6,180) | |||
Date Of Construction | 1966 - 1969 | |||
Date Acquired | 2012 - 2015 | |||
Nebraska | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Nebraska | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Nevada | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 8,811 | |||
Initial Cost to Company Buildings and Improvements | 92,797 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 8,350 | |||
Gross Amount at Which Carried at Close of Period Land | 8,811 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 101,147 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 109,958 | |||
Accumulated Depreciation | $ (37,829) | |||
Date Of Construction | 1972 - 2012 | |||
Date Acquired | 2009 - 2017 | |||
Nevada | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Nevada | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
New Hampshire | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 1,782 | |||
Initial Cost to Company Buildings and Improvements | 19,837 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,463 | |||
Gross Amount at Which Carried at Close of Period Land | 1,782 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 21,300 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 23,082 | |||
Accumulated Depreciation | $ (12,449) | |||
Date Of Construction | 1963 - 1999 | |||
Date Acquired | 1998 - 2006 | |||
New Hampshire | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
New Hampshire | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
New Jersey | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 12,953 | |||
Initial Cost to Company Buildings and Improvements | 58,199 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,786 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 1,559 | |||
Gross Amount at Which Carried at Close of Period Land | 12,953 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 61,544 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 74,497 | |||
Accumulated Depreciation | $ (7,166) | |||
Date Of Construction | 1999 - 2021 | |||
Date Acquired | 2019 - 2021 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
New Mexico | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 6,008 | |||
Initial Cost to Company Buildings and Improvements | 45,285 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,318 | |||
Gross Amount at Which Carried at Close of Period Land | 6,008 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 46,603 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 52,611 | |||
Accumulated Depreciation | $ (15,369) | |||
Date Of Construction | 1960 - 1985 | |||
Date Acquired | 2005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
New York | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 118,606 | |||
Initial Cost to Company Buildings and Improvements | 176,921 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,806 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 40,543 | |||
Cost Capitalized Subsequent to Acquisition Other | (5,900) | |||
Gross Amount at Which Carried at Close of Period Land | 118,606 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 214,370 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 332,976 | |||
Accumulated Depreciation | $ (32,290) | |||
Date Of Construction | 2020 | |||
Date Acquired | 2015 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
North Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 28,837 | |||
Initial Cost to Company Buildings and Improvements | 361,350 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 9,709 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 336 | |||
Cost Capitalized Subsequent to Acquisition Other | (874) | |||
Gross Amount at Which Carried at Close of Period Land | 28,677 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 370,681 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 399,358 | |||
Accumulated Depreciation | $ (117,840) | |||
Date Of Construction | 1964 - 2019 | |||
Date Acquired | 1994 - 2022 | |||
North Carolina | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
North Carolina | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 36 years | |||
Ohio | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 29,026 | |||
Initial Cost to Company Buildings and Improvements | 368,488 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 18,683 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 345 | |||
Cost Capitalized Subsequent to Acquisition Other | (67,207) | |||
Gross Amount at Which Carried at Close of Period Land | 28,776 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 320,559 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 349,335 | |||
Accumulated Depreciation | $ (96,957) | |||
Date Of Construction | 1955 - 2021 | |||
Date Acquired | 1994 - 2020 | |||
Ohio | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Ohio | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Oklahoma | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 2,296 | |||
Initial Cost to Company Buildings and Improvements | 19,934 | |||
Gross Amount at Which Carried at Close of Period Land | 2,296 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 19,934 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 22,230 | |||
Accumulated Depreciation | $ (11,648) | |||
Date Of Construction | 1965 - 1993 | |||
Date Acquired | 2010 - 2013 | |||
Oklahoma | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Oklahoma | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Oregon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 8,602 | |||
Initial Cost to Company Buildings and Improvements | 135,140 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 11,072 | |||
Gross Amount at Which Carried at Close of Period Land | 8,602 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 146,212 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 154,814 | |||
Accumulated Depreciation | $ (30,980) | |||
Date Of Construction | 1959 - 2007 | |||
Date Acquired | 2005 - 2022 | |||
Oregon | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Oregon | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Pennsylvania | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 26,980 | |||
Initial Cost to Company Buildings and Improvements | 362,231 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 18,848 | |||
Cost Capitalized Subsequent to Acquisition Other | (19,006) | |||
Gross Amount at Which Carried at Close of Period Land | 26,975 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 362,078 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 389,053 | |||
Accumulated Depreciation | $ (126,906) | |||
Date Of Construction | 1873 - 2012 | |||
Date Acquired | 2004 - 2022 | |||
Pennsylvania | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Pennsylvania | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Rhode Island | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,299 | |||
Initial Cost to Company Buildings and Improvements | 23,487 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,805 | |||
Gross Amount at Which Carried at Close of Period Land | 3,299 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 27,292 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 30,591 | |||
Accumulated Depreciation | $ (16,601) | |||
Date Of Construction | 1965 - 1981 | |||
Date Acquired | 2006 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
South Carolina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 8,480 | |||
Initial Cost to Company Buildings and Improvements | 76,912 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,860 | |||
Gross Amount at Which Carried at Close of Period Land | 8,480 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 79,772 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 88,252 | |||
Accumulated Depreciation | $ (30,203) | |||
Date Of Construction | 1959 - 2007 | |||
Date Acquired | 2014 - 2016 | |||
South Carolina | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
South Carolina | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Tennessee | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 12,976 | |||
Initial Cost to Company Buildings and Improvements | 268,846 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 8,012 | |||
Gross Amount at Which Carried at Close of Period Land | 12,976 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 276,858 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 289,834 | |||
Accumulated Depreciation | $ (118,847) | |||
Date Of Construction | 1968 - 2018 | |||
Date Acquired | 1992 - 2021 | |||
Tennessee | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Tennessee | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 31 years | |||
Texas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 74,596 | |||
Initial Cost to Company Buildings and Improvements | 784,235 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 41,360 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 197 | |||
Cost Capitalized Subsequent to Acquisition Other | (15,662) | |||
Gross Amount at Which Carried at Close of Period Land | 73,176 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 811,550 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 884,726 | |||
Accumulated Depreciation | $ (264,306) | |||
Date Of Construction | 1949 - 2019 | |||
Date Acquired | 1997 - 2021 | |||
Texas | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 20 years | |||
Texas | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
United Kingdom | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 134,925 | |||
Initial Cost to Company Buildings and Improvements | 522,979 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 18,652 | |||
Cost Capitalized Subsequent to Acquisition Other | (44,470) | |||
Gross Amount at Which Carried at Close of Period Land | 128,056 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 504,030 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 632,086 | |||
Accumulated Depreciation | $ (105,698) | |||
Date Of Construction | 1650 - 2012 | |||
Date Acquired | 2015 - 2023 | |||
United Kingdom | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
United Kingdom | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 30 years | |||
Vermont | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 318 | |||
Initial Cost to Company Buildings and Improvements | 6,005 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 602 | |||
Gross Amount at Which Carried at Close of Period Land | 318 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 6,607 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 6,925 | |||
Accumulated Depreciation | $ (3,596) | |||
Date Of Construction | 1971 | |||
Date Acquired | 2004 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 35,653 | |||
Initial Cost to Company Buildings and Improvements | 381,065 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 11,583 | |||
Cost Capitalized Subsequent to Acquisition Other | (579) | |||
Gross Amount at Which Carried at Close of Period Land | 35,479 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 392,243 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 427,722 | |||
Accumulated Depreciation | $ (101,270) | |||
Date Of Construction | 1964 - 2017 | |||
Date Acquired | 2010 - 2023 | |||
Virginia | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Virginia | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 40 years | |||
Washington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 14,565 | |||
Initial Cost to Company Buildings and Improvements | 184,114 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,385 | |||
Cost Capitalized Subsequent to Acquisition Other | (2) | |||
Gross Amount at Which Carried at Close of Period Land | 14,563 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 190,499 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 205,062 | |||
Accumulated Depreciation | $ (50,339) | |||
Date Of Construction | 1951 - 2004 | |||
Date Acquired | 1999 - 2021 | |||
Washington | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
Washington | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years | |||
Washington DC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 68,017 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 59,729 | |||
Cost Capitalized Subsequent to Acquisition Carrying Cost | 8,220 | |||
Gross Amount at Which Carried at Close of Period Land | 68,017 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 67,949 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | $ 135,966 | |||
Date Of Construction | N/A | |||
Date Acquired | 2021 | |||
West Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 3,333 | |||
Initial Cost to Company Buildings and Improvements | 194,130 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 7,062 | |||
Gross Amount at Which Carried at Close of Period Land | 3,333 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 201,192 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 204,525 | |||
Accumulated Depreciation | $ (53,588) | |||
Date Of Construction | 1961 - 2016 | |||
Date Acquired | 1994 - 2023 | |||
West Virginia | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 25 years | |||
West Virginia | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation in Latest Income Statements is Computed | 39 years | |||
Wisconsin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company Land | $ 399 | |||
Initial Cost to Company Buildings and Improvements | 4,581 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,153 | |||
Gross Amount at Which Carried at Close of Period Land | 399 | |||
Gross Amount at Which Carried at Close of Period Buildings and Improvements | 6,734 | |||
Gross Amount at Which Carried at Close of Period Land and Buildings and Improvements Total | 7,133 | |||
Accumulated Depreciation | $ (3,509) | |||
Date Of Construction | 1974 | |||
Date Acquired | 2005 | |||
Life on Which Depreciation in Latest Income Statements is Computed | 33 years |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of period | $ 8,860,264 | $ 9,028,745 | $ 8,702,154 |
Acquisitions | 262,453 | 225,336 | 742,486 |
Impairment | (89,985) | (38,451) | (44,673) |
Improvements | 87,760 | 60,931 | 60,953 |
Disposals/other | (785,748) | (416,297) | (432,175) |
Balance at close of period | 8,334,744 | 8,860,264 | 9,028,745 |
Reconciliation of real estate accumulated depreciation | |||
Balance at beginning of period | 2,322,773 | 2,181,528 | 1,996,914 |
Provisions for depreciation | 317,536 | 331,963 | 341,497 |
Dispositions/other | (181,500) | (190,718) | (156,883) |
Balance at close of period | $ 2,458,809 | $ 2,322,773 | $ 2,181,528 |
SCHEDULE III - REAL ESTATE AN_4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Narrative 1) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Secured Debt | $ 366,596 | $ 61,963 | |
Noncash consideration exchanged | 8,200 | $ 58,600 | |
Reported amount of real estate in excess of the tax basis | 432,100 | ||
Amount of construction in progress related to land | 68,900 | ||
Secured Debt [Member] | Hud Mortgage | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Secured Debt | $ 344,708 | $ 41,878 |
SCHEDULE IV - MORTGAGE LOANS _2
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgages | $ 925,879,000 | |||
Carrying Amount of Mortgages | 698,776,000 | $ 648,130,000 | $ 835,086,000 | $ 885,313,000 |
Carrying Amount of Loans Subject to Delinquent Principal or Interest | 1,472,000 | |||
Allowance for credit loss on mortgage loans | $ (44,211,000) | |||
Michigan | Group 1 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.57% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2030 | |||
Periodic Payment Terms | Interest plus approximately $61.9 of principal payable monthly with $271,429 due at maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 415,000,000 | |||
Carrying Amount of Mortgages | 277,786,000 | |||
Mortgage loans on real estate periodic payment, amount | 61,900 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 271,429,000 | |||
Michigan | Group 2 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.63% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2030 | |||
Periodic Payment Terms | Interest plus approximately $6.3 of principal payable monthly with $27,909 due at maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 44,200,000 | |||
Carrying Amount of Mortgages | 28,560,000 | |||
Mortgage loans on real estate periodic payment, amount | 6,300 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 27,909,000 | |||
Michigan | Group 3 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.85% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2030 | |||
Periodic Payment Terms | Interest plus approximately $3.9 of principal payable monthly with $10,381 due at maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 11,000,000 | |||
Carrying Amount of Mortgages | 10,783,000 | |||
Mortgage loans on real estate periodic payment, amount | 3,900 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 10,381,000 | |||
Michigan | Group 12 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.96% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2030 | |||
Periodic Payment Terms | Interest plus approximately $28.7 of principal payable monthly with $13,791 due at maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 14,045,000 | |||
Carrying Amount of Mortgages | 14,040,000 | |||
Mortgage loans on real estate periodic payment, amount | 28,700 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 13,791,000 | |||
Michigan | Group 14 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.94% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2030 | |||
Periodic Payment Terms | Interest plus approximately $18.2 of principal payable monthly with $80,918 due at maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 83,454,000 | |||
Carrying Amount of Mortgages | 82,833,000 | |||
Mortgage loans on real estate periodic payment, amount | 18,200 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 80,918,000 | |||
Michigan | Group 15 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2030 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 560,000 | |||
Carrying Amount of Mortgages | $ 15,000 | |||
Michigan | Group 16 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 11.34% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2030 | |||
Periodic Payment Terms | Interest plus approximately $5.8 of principal payable monthly with $50,782 due at maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 54,223,000 | |||
Carrying Amount of Mortgages | 51,408,000 | |||
Mortgage loans on real estate periodic payment, amount | 5,800 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 50,782,000 | |||
Michigan | Group 17 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.95% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2024 | |||
Periodic Payment Terms | Interest paid-in-kind monthly until maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 28,116,000 | |||
Carrying Amount of Mortgages | $ 28,116,000 | |||
Pennsylvania | Group 7 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2026 | |||
Periodic Payment Terms | Interest paid-in-kind for first year, then interest paid monthly until maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 29,519,000 | |||
Carrying Amount of Mortgages | $ 29,519,000 | |||
Ohio | Group 4 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.50% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2037 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 72,420,000 | |||
Carrying Amount of Mortgages | $ 72,420,000 | |||
Ohio | Group 13 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.98% | |||
Fixed/Variable | F(2) | |||
Final Maturity Date | 2023 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 21,325,000 | |||
Carrying Amount of Mortgages | $ 21,325,000 | |||
Texas | Group 5 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.85% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2025 | |||
Periodic Payment Terms | Interest plus approximately $161.3 of principal payable monthly with $59,546 due at maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 72,960,000 | |||
Carrying Amount of Mortgages | 62,010,000 | |||
Mortgage loans on real estate periodic payment, amount | 161,300 | |||
Mortgage loans on real estate, periodic payment terms, balloon payment to be received | $ 59,546,000 | |||
Illinois | Group 6 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2028 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 50,000,000 | |||
Carrying Amount of Mortgages | $ 50,000,000 | |||
Massachusetts | Group 10 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2023 | |||
Periodic Payment Terms | Past due | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | $ 9,000,000 | |||
Tennessee | Group 8 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2024 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 8,680,000 | |||
Carrying Amount of Mortgages | $ 7,700,000 | |||
Tennessee | Group 11 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8.35% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2015 | |||
Periodic Payment Terms | Past due | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 6,377,000 | |||
Carrying Amount of Mortgages | 1,472,000 | |||
Carrying Amount of Loans Subject to Delinquent Principal or Interest | $ 1,472,000 | |||
Oregon | Group 9 | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9% | |||
Fixed/Variable | F | |||
Final Maturity Date | 2026 | |||
Periodic Payment Terms | Interest payable monthly until maturity | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 5,000,000 | |||
Carrying Amount of Mortgages | $ 5,000,000 |
SCHEDULE IV - MORTGAGE LOANS _3
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Narrative 1) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 648,130 | $ 835,086 | $ 885,313 |
Additions during period - new mortgage loans or additional fundings | 102,332 | 12,977 | 93,891 |
Deductions during period - collection of principal/other | (79,418) | (190,141) | (103,761) |
Allowance for credit loss on mortgage loans | 27,732 | (9,792) | (40,357) |
Balance at close of period | 698,776 | 648,130 | 835,086 |
Mortgage loans on real estate non cash interest paid-in kind | 2,300 | 1,200 | 200 |
Non-cash placement of mortgage capital | 7,000 | ||
Noncash principal reduction of mortgages | 37,000 | $ 58,600 | |
Financing Receivable, Interest Payments Applied Against Principal for Cost Recovery Loans | $ 3,900 | $ 6,000 |
SCHEDULE IV - MORTGAGE LOANS _4
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Narrative 2) (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Mortgage Loans On Real Estate [Abstract] | |
Aggregate cost for federal income tax purposes | $ 754.4 |
Mortgages included in the schedule which extended during 2023 | $ 100.5 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non Rule 10b5-1 Arrangement Modified | false |