What changed in this filing

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Item 2. Properties

2024-03-22 compared with 2023-03-17 · 21 added, 22 removed, 91 unchanged (32% of the section changed)

As of December 31, 2023, our principal executive offices are located at 18191 Von Karman Avenue, Suite 300, Irvine, California 92612.

As of December 31, 2022, we also leased office and building space in Arizona.

We believe our existing leased facilities are in good condition and suitable for the conduct of our business.

Real Estate Investments

As of December 31, 2022, we operated through six reportable business segments:

integrated senior health campuses, MOBs, SNFs, SHOP, senior housing — leased and hospitals.

We own and/or operate 100% of our properties as of December 31, 2022, with the exception of our investments through Trilogy, or Trilogy Portfolio, Lakeview IN Medical Plaza, Southlake TX Hospital, Central Florida Senior Housing Portfolio, Pinnacle Beaumont ALF, Pinnacle Warrenton ALF and Louisiana Senior Housing Portfolio.

As of December 31, 2023, we operated through four reportable business segments:

integrated senior health campuses, OM, triple-net leased properties and SHOP.

We own and/or operate 100% of our properties as of December 31, 2023, with the exception of our investments through Trilogy, or Trilogy Portfolio, Lakeview IN Medical Plaza, Southlake TX Hospital, Pinnacle Beaumont ALF, Pinnacle Warrenton ALF and Louisiana Senior Housing Portfolio.

See Note 12, Redeemable Noncontrolling Interests, and Note 13, Equity — Noncontrolling Interests in Total Equity, to the Consolidated Financial Statements that are part of this Annual Report on Form 10-K, for a further discussion of our noncontrolling interests.

The following table presents certain additional information about our real estate investments as of December 31, 2022:

The following table presents certain additional information about our real estate investments as of December 31, 2023 (square feet and dollars in thousands):

Reportable Segment Number of

5 unchanged sentences

Integrated senior health campuses 125 9,234 49.1 % $ 1,948,122 $ 176,314 51.0 % 85.5 %

MOBs 104 4,964,000 24.9 1,369,596,000 108,862,000 33.4 89.0 %

OM 88 4,448 23.6 1,253,089 99,206 28.7 89.2 %

SHOP 55 3,716 19.7 802,367 30,495 8.8 81.2 %

Senior housing — leased

20 673,000 3.4 179,285,000 12,149,000 3.7 100 %

SNFs 17 1,142,000 5.7 249,200,000 24,009,000 7.3 100 %

Hospitals 2 173,000 0.9 139,780,000 9,181,000 2.8 100 %

Triple-net leased properties 28 1,424 7.6 469,965 39,526 11.5 100 %

Total/weighted average(3) 296 18,822 100 % $ 4,473,543 $ 345,541 100 % 91.3 %

2 unchanged sentences

See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Net Operating Income, for a further discussion of NOI.

(2) Leased percentage includes all third-party leased space at our non-RIDEA properties (including master leases), and excludes our SHOP and integrated senior health campuses where leased percentage represents resident occupancy on the available units/beds therein.

(2) Leased percentage includes all third-party leased space at our non-RIDEA properties (including master leases), except for our SHOP and integrated senior health campuses where leased percentage represents resident occupancy on the available units/beds therein.

(3) Total portfolio weighted average leased percentage excludes our SHOP and integrated senior health campuses.

We own fee simple interests in all of our land, buildings and campuses except for 17 MOBs and seven integrated senior health campuses, for which we own fee simple interests in the buildings and other improvements on such properties subject to the respective ground leases and for 21 integrated senior health campuses that were leased to Trilogy Portfolio by third parties.

We own fee simple interests in all of our land, buildings and campuses, except for the following properties that are located on land that is subject to ground leases:

(a) 19 OM buildings;

(b) five integrated senior health campuses;

and (c) one SNF, in each case, for which we own fee simple interests in the building and other improvements on such properties.

Additionally, we operate 20 integrated senior health campuses that were leased to Trilogy by third parties.

The following information generally applies to our properties:

6 unchanged sentences

Substantially all of our leases with residents at our SHOP and integrated senior health campuses are for a term of one year or less.

The following table presents the sensitivity of our annual base rent due to lease expirations for the next 10 years and thereafter at our properties as of December 31, 2022, excluding our SHOP and integrated senior health campuses:

The following table presents the sensitivity of our annual base rent due to lease expirations for the next 10 years and thereafter at our properties as of December 31, 2023, excluding our SHOP and integrated senior health campuses (square feet and dollars in thousands):

Year Number of

Leases Total Square

Feet of Expiring

Leases Total Sq.

Leases % of GLA

19 unchanged sentences

Geographic Diversification/Concentration Table

The following table lists our property locations and provides certain information regarding our portfolio’s geographic diversification/concentration as of December 31, 2022:

The following table lists our property locations and provides certain information regarding our portfolio’s geographic diversification/concentration as of December 31, 2023 (square feet and dollars in thousands):

State Number of

3 unchanged sentences

Alabama 5 290 1.5 % $ 4,550 1.3 %

Arizona 1 34,000 0.2 848,000 0.3

Arkansas 1 51 0.3 534 0.2

Arizona 1 34 0.2 873 0.3

California 8 314 1.7 3,474 1.0

10 unchanged sentences

Louisiana 7 257 1.4 1,741 0.5

Maryland 1 77,000 0.4 1,687,000 0.5

Massachusetts 7 513 2.7 13,330 3.9

Maryland 1 77 0.4 1,732 0.5

Michigan 28 1,588 8.4 36,065 10.4

Minnesota 1 46 0.2 1,091 0.3

Mississippi 2 76,000 0.4 626,000 0.2

Missouri 12 769 4.1 16,942 4.9

Mississippi 2 76 0.4 890 0.3

North Carolina 8 330 1.8 7,165 2.1

Nebraska 2 282 1.5 691 0.2

Nevada 1 191,000 1.0 4,819,000 1.6

New Jersey 4 161 0.9 3,848 1.1

Nevada 1 191 1.0 4,974 1.4

New York 1 91 0.5 3,038 0.9

North Carolina 8 330,000 1.7 5,279,000 1.6

Ohio 32 2,468 13.1 32,060 9.3

13 unchanged sentences

See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Net Operating Income, for a further discussion of NOI.

For a discussion of our indebtedness, see Note 8, Mortgage Loans Payable, Net, and Note 9, Lines of Credit and Term Loans, to the Consolidated Financial Statements that are a part of this Annual Report on Form 10-K.

For a discussion of our indebtedness, see Note 8, Mortgage Loans Payable, Net, and Note 9, Lines of Credit and Term Loan, to the Consolidated Financial Statements that are a part of this Annual Report on Form 10-K.

Legal Proceedings.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties