Item 2. Properties
Item 2 – Properties
At December 31, 2025, our consolidated owned real estate assets include SNFs and ALFs and to a lesser extent ILFs, specialty facilities and CCRCs. Our facilities are located in 42 states, Washington, D.C., the U.K. and Jersey.
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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):
Number of Facilities
Specialty Facilities
Location
SNFs
ALFs
ILFs
and Other
Total Facilities
% of Total
United Kingdom
—
263
—
—
263
28.1%
Texas
80
4
4
4
92
9.8%
Indiana
55
5
6
3
69
7.4%
California
48
3
—
1
52
5.6%
Florida
42
2
1
—
45
4.8%
North Carolina
44
1
—
—
45
4.8%
Virginia
22
2
—
—
24
2.6%
Pennsylvania
24
4
4
—
32
3.4%
Ohio
23
3
—
3
29
3.1%
New York
—
1
—
—
1
0.1%
Remaining Locations (33 States)
223
51
4
6
284
30.3%
Total
561
339
19
17
936
100.0%
% of Total
59.9%
36.3%
2.0%
1.8%
100.0%
Gross Investment
Specialty Facilities
Location
SNFs
ALFs
ILFs
and Other
Total
% of Total
United Kingdom
$
—
$
1,719,740
$
—
$
—
$
1,719,740
17.9%
Texas
667,969
32,349
142,792
60,500
903,610
9.4%
Indiana
519,155
32,211
29,472
48,989
629,827
6.5%
California
507,462
33,806
—
42,146
583,414
6.1%
Florida
360,079
31,735
81,606
—
473,420
4.9%
North Carolina
396,776
12,692
—
1,024
410,492
4.3%
Virginia
355,400
34,053
—
—
389,453
4.0%
Pennsylvania
279,046
69,776
15,444
—
364,266
3.8%
Ohio
270,866
37,359
—
49,430
357,655
3.7%
New York
—
329,586
—
—
329,586
3.4%
Remaining Locations (33 States)
2,106,609
1,169,493
63,112
132,705
3,471,919
36.0%
Total
$
5,463,362
$
3,502,800
$
332,426
$
334,794
$
9,633,382
100.0%
% of Total
56.6%
36.4%
3.5%
3.5%
100.0%
Item 3 – Legal Proceedings
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
None.
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PART II