What changed in this filing

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Item 2. Properties

2026-02-12 compared with 2025-02-12 · 58 added, 7 removed, 14 unchanged (82% of the section changed)

As of December 31, 2024, all of the properties we own are leased under long-term, triple-net leases (including properties we own in consolidated joint ventures).

The following table displays the expiration of the annualized contractual cash rental income under our lease agreements as of December 31, 2024, excluding properties classified as held for sale and one ALF which is non-operational, by year and total investment (dollars in thousands) and, in each case, without giving effect to any renewal or purchase options:

Maturity Percent of Total Percent of

Year Investment (1)

Investment Rent (1)

The following table sets forth certain information regarding the properties that comprise our consolidated net real estate investments, exclusive of real estate loan investments, as of December 31, 2025 (dollars in thousands):

Number of Properties

Total Investment

Annualized Revenues (1)

Number of Properties Total Investment Annualized Revenues (1)

CA 54 $ 804,264 $ 86,464 — $ — $ —

UK 133 865,472 69,061 — — —

TX 42 397,479 44,767 3 40,298 14,700

TN 27 442,040 44,224 — — —

LA 8 186,116 19,343 — — —

ID 19 159,333 17,831 — — —

WA 17 154,096 14,973 — — —

VA 4 159,453 14,368 — — —

AZ 11 60,179 14,052 — — —

MS 8 166,064 13,000 — — —

NC 7 117,025 10,315 — — —

MD 5 95,699 8,732 — — —

UT 13 85,071 8,225 — — —

IL 11 77,642 6,898 — — —

PA 4 57,021 4,632 — — —

CO 7 60,483 4,321 — — —

OH 6 76,574 4,176 — — —

MO 2 31,844 2,821 — — —

OR 2 28,597 2,800 — — —

MT 3 22,619 2,568 — — —

NV 3 13,165 2,359 — — —

NM 1 12,813 2,122 — — —

SD 1 9,744 2,004 — — —

GA 1 15,297 1,498 — — —

SC 1 11,683 1,122 — — —

AL 1 11,260 1,100 — — —

NE 5 14,531 1,078 — — —

IA 5 15,812 1,045 — — —

WI 2 11,953 949 — — —

ND 1 8,184 841 — — —

WV 1 7,243 812 — — —

KS 1 6,987 622 — — —

MI 1 11,071 — — — —

407 $ 4,196,814 $ 409,123 3 $ 40,298 $ 14,700

(1) Represents revenue for the month ended December 31, 2025 annualized.

The following table displays the expiration of the annualized contractual cash rental income under our triple-net lease agreements as of December 31, 2025, (dollars in thousands) and, in each case, without giving effect to any renewal or purchase options:

Maturity Percent of

Year Rent (1)

2031 $ 46,236 11.2 %

8 unchanged sentences

2040 70,628 17.3 %

2041 644 0.2 %

2043 5,328 1.3 %

2044 15,454 3.8 %

2045 10,123 2.5 %

2046 739 0.2 %

2047 6,429 1.6 %

2049 276 0.1 %

2050 2,871 0.7 %

2051 1,020 0.2 %

2053 4,045 1.0 %

2055 410 0.1 %

2056 258 0.1 %

2057 4,276 1.0 %

2058 5,681 1.4 %

Total $ 409,123 100.0 %

(1) Includes facilities held in consolidated joint ventures.

(1) Includes properties held in consolidated joint ventures.

See Note 4, Real Estate Investments, Net , and Note 15, Variable Interest Entities , for additional information.

See the “Tenant Purchase Options” section of Note 4, Real Estate Investments, Net, in the Notes to consolidated financial statements for additional information on leases subject to purchase options.

The information set forth under “Portfolio Summary” in Item 1 of this Annual Report on Form 10-K is incorporated by reference herein.

The information set forth under “Classification of Properties in our Portfolio” in Item 1 of this Annual Report on Form 10-K is incorporated by reference herein.

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