Item 2 – Properties
−Removed: At December 31, 2024, our real estate investments include SNFs and ALFs and to a lesser extent ILFs, specialty facilities and MOBs, in the form of (i) owned facilities that are leased to operators or their affiliates, (ii) investments in direct financing leases to operators or their affiliates and (iii) real estate loans, including mortgages on facilities that are operated by the mortgagors or their affiliates.
−Removed: Our facilities related to these investments are located in 42 states and the U.K.
−Removed: The following table presents the concentration of our gross real estate assets, assets held for sale, gross investment in direct financing leases and gross mortgage notes receivables (included within our real estate loans receivable) by state and the U.K.
−Removed: as of December 31, 2024:
−Removed: Operating Beds
−Removed: (in thousands)
+Added: At December 31, 2025, our consolidated owned real estate assets include SNFs and ALFs and to a lesser extent ILFs, specialty facilities and CCRCs.
+Added: Our facilities are located in 42 states, Washington, D.C., the U.K.
+Added: The following tables present the geographic concentration by property type and by investment for our consolidated real estate assets held for investment as of December 31, 2025 (dollars in thousands):
+Added: Number of Facilities
+Added: Specialty Facilities
+Added: Total Facilities
United Kingdom
North Carolina
−Removed: Remaining States
+Added: Remaining Locations (33 States)
+Added: Gross Investment
+Added: Specialty Facilities
+Added: United Kingdom
+Added: North Carolina
+Added: Remaining Locations (33 States)
Item 3 – Legal Proceedings
−Removed: See Note 20 – Commitments and Contingencies – Litigation to the Consolidated Financial Statements - Part IV, Item 15, which is hereby incorporated by reference in response to this item.
+Added: See Note 20 – Commitments and Contingencies – Litigation to the Consolidated Financial Statements, which is hereby incorporated by reference in response to this item.
Item 4 – Mine Safety Disclosures
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.