What changed in this filing

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Item 2. Properties

2026-02-20 compared with 2025-02-27 · 26 added, 47 removed, 52 unchanged (58% of the section changed)

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

The following table presents certain additional information about the properties we owned as of December 31, 2025 (dollars in thousands):

Number of properties

Gross leasable area (sq.

Available units

Percent leased (1)

asset value (3)

130 3,695,586 — 92.8% 5.6 $ 1,165,887

Seniors Housing Operating Properties

SHOP segment (4)

37 — 3,615 85.5% N/A 1,020,898

Total Portfolio 167 3,695,586 3,615 $ 2,186,785

(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.

(1) Percentage leased for the OMF and SHOP segments are presented as of the end of the period shown.

For the SHOP segment, weighted by unit count.

(2) WALTR means the average lease term remaining, weighted based on occupied square feet as of December 31, 2025.

(3) Gross asset value represents total real estate investments, at cost ($2.2 billion total as of December 31, 2025), net of gross market lease intangible liabilities ($19.6 million total as of December 31, 2025).

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.

(4) For the SHOP segment, excludes one parcel of land with a total gross asset value of $0.6 million.

N/A — Not applicable.

The following table details the geographic distribution, by state, of our portfolio as of December 31, 2024:

The following table details the geographic distribution, by state, of our portfolio as of December 31, 2025 (dollars in thousands):

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 — $ — — % — — % —

Annualized rental income %

Gross leasable area (sq.

Gross leasable area %

Available units

Arizona 8 4,379 1.4 % 190,508 5.2 % —

4 unchanged sentences

Georgia 14 33,405 10.6 % 237,954 6.4 % 485

Idaho — — — % — — % —

Illinois 10 13,393 4.2 % 227,411 6.2 % 161

2 unchanged sentences

Kansas 1 4,414 1.4 % — — % 71

Louisiana 1 — — % 17,830 0.2 % —

Maryland 1 1,050 0.3 % 36,260 1.0 % —

Massachusetts 3 948 0.3 % 36,563 0.4 % —

Michigan 11 18,979 6.0 % 203,127 5.5 % 311

17 unchanged sentences

Total 167 $ 316,335 100 % 3,695,586 100 % 3,615

(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.

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

Thereafter 80,678

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:

(1) Excludes one land parcel located in Iowa.

(2) Annualized rental income consists of:

(i) for the OMF segment, annualized December 2025 rental income on a straight-line basis for the leases in place as of December 31, 2025, which includes tenant concessions such as free rent, as applicable, and (ii) for the SHOP segment, annualized gross revenue for the fourth quarter of 2025.

Tenant Lease Expirations Table

The following is a summary of lease expirations for the next 10 years and thereafter at the properties we owned (excluding our SHOP segment), assuming that none of the tenants exercise any of their renewal or purchase options, as of December 31, 2025 (dollars in thousands):

Year of Expiration

1 unchanged sentence

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)

Annualized rental income %

Leased GLA (sq.

Percent of leased GLA expiring

2026 69 $ 7,109 7.8 % 295,730 8.7 %

8 unchanged sentences

2035 14 3,591 3.9 % 132,219 3.9 %

21 17,154 18.8 % 519,984 15.2 %

Total 444 $ 91,391 100.0 % 3,399,644 100.0 %

(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.

Legal Proceedings

We are not a party to, and none of our properties are subject to, any material pending legal proceedings.

Mine Safety Disclosures

Not applicable.

(1) Annualized December 2025 rental income on a straight-line basis for the leases in place as of December 31, 2025, which includes tenant concessions such as free rent, as applicable.

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