Item 2. Properties
Item 2. Properties
The following table presents certain additional information about the properties we owned as of December 31, 2024:
Portfolio Number
of Properties Rentable
Square Feet Percent Leased (1)(6)
Weighted Average Remaining Lease Term (2)
Gross Asset Value (3)
(In thousands)
Outpatient Medical Facilities
148 4,716,949 89.7% 6.5 $ 1,381,166
Seniors Housing Operating Properties
45 (4) 3,683,949 78.5% (5) N/A 1,082,953
Total Portfolio 193 8,400,898 $ 2,464,119
__________
(1) Inclusive of leases signed but not yet commenced as of December 31, 2024.
(2) Weighted-average remaining lease term in years is calculated based on square feet as of December 31, 2024.
(3) Gross asset value represents total real estate investments, at cost ($2.5 billion total as of December 31, 2024), net of gross market lease intangible liabilities ($22.8 million total as of December 31, 2024). Cumulative impairment charges are already reflected within gross asset value.
(4) Includes one parcel of land with a total gross asset value of $0.6 million.
(5) Weighted by unit count as of December 31, 2024. As of December 31, 2024, we had 3,919 rentable units in our SHOP segment. The SHOP segment excludes one closed SHOP with 39 rentable units, one SHOP with 20 units under renovation and one land parcel.
(6) Percentage leased for the OMF segment is presented as of the end of the period shown; percentage leased for the SHOP segment is presented for the duration of the period shown.
N/A Not applicable.
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The following table details the geographic distribution, by state, of our portfolio as of December 31, 2024:
State Number of Properties (1)
Annualized Rental Income (2)
Annualized Rental Income % Rentable Square Feet Rentable Square Feet % Rentable Units in SHOP Segment
(In thousands)
Alabama — $ — — % — — % —
Arizona 14 10,170 3.1 % 509,806 6.1 % —
Arkansas 3 15,315 4.7 % 248,783 3.0 % 299
California 7 14,874 4.6 % 366,613 4.4 % 156
Colorado 3 1,771 0.5 % 67,133 0.8 % —
Florida 22 68,754 21.2 % 1,099,729 13.1 % 812
Georgia 16 33,502 10.4 % 802,179 9.5 % 624
Idaho — — — % — — % —
Illinois 16 19,601 6.1 % 530,955 6.3 % 317
Indiana 11 5,672 1.8 % 225,861 2.7 % —
Iowa 11 29,175 9.0 % 505,781 6.0 % 583
Kansas 1 3,471 1.1 % 49,360 0.6 % 71
Louisiana 1 — — % 17,830 0.2 % —
Maryland 1 1,046 0.3 % 36,260 0.4 % —
Massachusetts 3 948 0.3 % 36,563 0.4 % —
Michigan 11 18,133 5.6 % 404,434 4.8 % 291
Minnesota 1 1,098 0.3 % 36,375 0.4 % —
Mississippi 3 1,515 0.5 % 73,859 0.9 % —
Missouri 2 8,934 2.8 % 96,016 1.1 % 146
Nevada 2 3,291 1.0 % 86,342 1.0 % —
New Jersey 1 734 0.2 % 25,164 0.3 % —
New York 5 2,908 0.9 % 136,982 1.6 % —
North Carolina 3 1,737 0.5 % 90,650 1.1 % —
Ohio 5 7,934 2.5 % 172,085 2.0 % —
Oklahoma 2 1,084 0.3 % 47,407 0.6 % —
Oregon 6 10,699 3.3 % 322,354 3.8 % 252
Pennsylvania 16 37,524 11.6 % 1,413,595 16.8 % 289
South Carolina 2 1,103 0.3 % 52,527 0.6 % —
Tennessee 3 3,473 1.1 % 175,669 2.1 % —
Texas 6 4,173 1.3 % 282,120 3.4 % —
Virginia 1 1,633 0.3 % 62,165 0.7 % —
Washington 1 2,031 0.6 % 52,900 0.6 % —
Wisconsin 13 11,270 3.5 % 373,401 4.4 % 79
Total 192 $ 323,573 100 % 8,400,898 100 % 3,919
__________
(1) Includes one land parcel located in Iowa.
(2) Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2024, 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 2024.
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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, 2024. 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.
(In thousands) Future Minimum
Base Rent Payments
2025 $ 102,490
2026 98,736
2027 89,887
2028 76,345
2029 66,636
2030 60,069
2031 54,372
2032 47,926
2033 37,945
2034 34,844
Thereafter 80,678
$ 749,928
Future Lease Expirations Table
The following is a summary of lease expirations for the next ten years at the properties we owned (excluding our SHOP segment) as of December 31, 2024:
Year of Expiration
Number of Leases Expiring
Annualized Rental Income (1)
Annualized Rental Income as a Percentage of the Total Portfolio
Leased Rentable Square Feet
Percent of Portfolio Rentable Square Feet Expiring
(In thousands)
2025 59 $ 6,068 7.2% 231,301 6.9%
2026 77 8,019 9.5% 393,347 11.8%
2027 101 12,972 15.4% 547,366 16.4%
2028 61 12,478 14.8% 472,066 14.2%
2029 53 7,460 8.9% 308,304 9.2%
2030 42 6,387 7.6% 259,910 7.8%
2031 16 4,871 5.8% 188,948 5.7%
2032 33 13,975 16.6% 467,067 14.0%
2033 10 2,675 3.2% 106,787 3.2%
2034 65 9,303 11.0% 360,758 10.8%
Total 517 $ 84,208 100.0% 3,335,854 100.0%
__________
(1) Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2024, which includes tenant concessions such as free rent, as applicable.
Property Financings
See Note 4 — Mortgage Notes Payable, Net and Note 5 — Credit Facilities to our Consolidated Financial Statements for property financings as of December 31, 2024 and 2023.
Item 3. Legal Proceedings
We are not a party to, and none of our properties are subject to, any material pending legal proceedings.
Item 4. Mine Safety Disclosures
Not applicable.
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PART II