9 unchanged sentences
Total Portfolio 204 9,011,071 $ 2,601,639
−Removed: _______________
(1) Inclusive of leases signed but not yet commenced as of December 31, 2023.
2 unchanged sentences
Impairment charges are already reflected within gross asset value.
−Removed: (4) Includes two parcels of land.
+Added: (4) Includes two parcels of land with a total gross asset value of $3.7 million.
(5) Weighted by unit count as of December 31, 2023.
As of December 31, 2023, we had 4,164 rentable units in our SHOP segment.
−Removed: Excludes land parcels.
N/A Not applicable.
+Added: T able of Contents
The following table details the geographic distribution, by state, of our portfolio as of December 31, 2023:
−Removed: State Number of Properties Annualized Rental Income (1)
−Removed: Annualized Rental Income as a Percentage of the Total Portfolio Rentable Square Feet Percentage of Portfolio
−Removed: Rentable Square Feet Rentable Units in SHOP Segment
+Added: State Number of Properties (1)
+Added: Annualized Rental Income (2)
+Added: Annualized Rental Income % Rentable Square Feet Rentable Square Feet % Rentable Units in SHOP Segment
(In thousands)
11 unchanged sentences
Kansas 1 4,695 1.5 % 49,360 0.5 % 71
−Removed: Kentucky 2 3,952 1.3 % 92,875 1.0 % 114
Louisiana 1 656 0.2 % 17,830 0.2 % —
20 unchanged sentences
Total 204 $ 320,723 100 % 9,011,071 100 % 4,164
+Added: (1) Includes two land parcels located in Florida and Iowa.
(2) Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2023, which includes tenant concessions such as free rent, as applicable, as well as annualized gross revenue from our SHOPs based off the fourth quarter of 2023.
+Added: T able of Contents
Future Minimum Lease Payments
The following table presents future minimum base rental cash payments due to us (excluding our SHOP segment) over the next ten years and thereafter as of December 31, 2023.
−Removed: The SHOP segment is excluded as the leases of units with residents are generally for annual periods or month to month.
+Added: The SHOP segment is excluded as the leased units with residents are generally for annual periods or month-to-month.
These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to performance thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.
23 unchanged sentences
Total 561 $ 98,956 89.6% 4,369,912 93.5%
−Removed: _____________
(1) Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2023, which includes tenant concessions such as free rent, as applicable.
1 unchanged sentence
As of December 31, 2023, we did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or more of total annualized rental income on a straight-line basis for our portfolio.
+Added: T able of Contents
Significant Portfolio Properties
2 unchanged sentences
In December 2014, we purchased Wellington at Hershey’s Mill, a seniors housing property located in West Chester, Pennsylvania.
−Removed: Wellington at Hershey’s Mill, which is leased to our TRS and operated and managed on our behalf by a third-party operator in our SHOP segment, contains 491,710 rentable square feet and consists of 193 units dedicated to independent living patients, 64 units dedicated to assisted living patients and 32 units dedicated to memory care patients.
+Added: Wellington at Hershey’s Mill, which is leased to our TRS and operated and managed on our behalf by a third-party operator in our SHOP segment, contains 491,710 rentable square feet and consists of 289 rentable units (193 units dedicated to independent living patients, 64 units dedicated to assisted living patients and 32 units dedicated to memory care patients).
As of December 31, 2023, this property represented 5.5% of our total rentable square feet and 5.4% of our total annualized rental income on a straight-line basis.
6 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.