Item 2. Properties
Item 2. Properties
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. ft.)
Available units
Percent leased (1)
WALTR (2)
Gross
asset value (3)
OMF segment
130 3,695,586 — 92.8% 5.6 $ 1,165,887
SHOP segment (4)
37 — 3,615 85.5% N/A 1,020,898
Total Portfolio 167 3,695,586 3,615 $ 2,186,785
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(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) For the SHOP segment, excludes one parcel of land with a total gross asset value of $0.6 million.
N/A — Not applicable.
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The following table details the geographic distribution, by state, of our portfolio as of December 31, 2025 (dollars in thousands):
OMF Segment
SHOP Segment
State Number of Properties (1)
Annualized rental income (2)
Annualized rental income %
Gross leasable area (sq. ft.)
Gross leasable area %
Available units
Arizona 8 4,379 1.4 % 190,508 5.2 % —
Arkansas 3 16,640 5.3 % — — % 299
California 7 15,897 5.0 % 243,032 6.6 % 156
Colorado 3 1,805 0.6 % 67,133 1.8 % —
Florida 22 70,460 22.3 % 248,302 6.7 % 812
Georgia 14 33,405 10.6 % 237,954 6.4 % 485
Illinois 10 13,393 4.2 % 227,411 6.2 % 161
Indiana 11 5,684 1.8 % 225,861 6.1 % —
Iowa 11 34,761 11.0 % 21,767 0.6 % 583
Kansas 1 4,414 1.4 % — — % 71
Maryland 1 1,050 0.3 % 36,260 1.0 % —
Michigan 11 18,979 6.0 % 203,127 5.5 % 311
Minnesota 1 1,098 0.3 % 36,375 1.0 % —
Mississippi 3 1,834 0.6 % 73,859 2.0 % —
Missouri 2 9,402 3.0 % — — % 146
Nevada 2 3,291 1.0 % 86,342 2.3 % —
New Jersey 1 734 0.2 % 25,164 0.7 % —
New York 5 2,803 0.9 % 136,982 3.7 % —
North Carolina 1 579 0.2 % 22,528 0.6 % —
Ohio 5 7,949 2.5 % 172,085 4.7 % —
Oklahoma 1 379 0.1 % 20,756 0.6 % —
Oregon 6 11,582 3.7 % 66,572 1.8 % 252
Pennsylvania 15 35,484 11.2 % 607,095 16.4 % 289
South Carolina 2 1,103 0.3 % 52,527 1.4 % —
Tennessee 2 1,759 0.6 % 85,234 2.3 % —
Texas 5 3,363 1.1 % 170,749 4.6 % —
Virginia 1 1,633 0.3 % 62,165 1.7 % —
Washington 1 2,121 0.7 % 52,900 1.4 % —
Wisconsin 12 10,354 3.3 % 322,898 8.7 % 50
Total 167 $ 316,335 100 % 3,695,586 100 % 3,615
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(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.
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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
Number of leases expiring
Annualized rental income (1)
Annualized rental income %
Leased GLA (sq. ft.)
Percent of leased GLA expiring
2026 69 $ 7,109 7.8 % 295,730 8.7 %
2027 82 11,142 12.2 % 469,223 13.8 %
2028 54 10,541 11.5 % 382,499 11.3 %
2029 40 5,672 6.2 % 234,707 6.9 %
2030 41 6,098 6.7 % 252,714 7.4 %
2031 16 4,605 5.0 % 183,098 5.4 %
2032 32 12,819 14.0 % 443,756 13.1 %
2033 11 3,172 3.5 % 121,582 3.6 %
2034 64 9,488 10.4 % 364,132 10.7 %
2035 14 3,591 3.9 % 132,219 3.9 %
Thereafter
21 17,154 18.8 % 519,984 15.2 %
Total 444 $ 91,391 100.0 % 3,399,644 100.0 %
__________
(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.