Item 2. Properties
Item 2. PROPERTIES
PACS Services. Our PACS Services’ main office is located in Farmington, Utah. The property consists of approximately 35,000 square feet of usable office space.
Operating Facilities. As of December 31, 2024, we operated 314 post-acute care facilities in Alaska, Arizona, California, Colorado, Idaho, Kansas, Kentucky, Missouri, Montana, Nevada, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, and Washington, with the operational capacity to serve approximately 34,260 patients with 32,016 skilled nursing beds and 2,244 assisted living beds. Of these post-acute care facilities, we leased 221 facilities, directly owned the real estate at 44 facilities and had joint ventures for 49 facilities which we also leased. In addition, subsequent to December 31, 2024, we acquired seven facilities (one leased facility representing 96 assisted living beds in California, three leased facilities representing 376 skilled nursing beds in Nevada, two owned facilities representing 175 assisted living beds in South Carolina, and one leased facility representing 119 skilled nursing beds in Tennessee) and acquired the real estate for five facilities at the option of the lessor (all of which were in California) resulting in five additional owned properties. Additionally, subsequent to December 31, 2024 we divested of one leased facility in Kansas which included 120 skilled nursing beds. A majority of our facilities are operated under long-term, triple-net lease arrangements pursuant to which we are responsible for property taxes, insurance, maintenance, and repairs. As of December 31, 2024, the average remaining lease term across our portfolio was approximately 14 years for operating leases and 6 years for finance leases, and certain leases include purchase options, purchase obligations, and rights of first refusal. Our owned facilities are subject to mortgages and other customary encumbrances for similar properties. See Note 13 “Leases” to our audited combined/consolidated financial statements for additional information.
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We believe our facilities are suitable and adequate for their current needs. The following table provides summary information regarding the location of our post-acute care facilities and operational beds by property type as of December 31, 2024:
Leased Owned Total
Facilities Beds/Units Facilities Beds/Units Facilities Beds/Units
Alaska 1 102 — — 1 102
Arizona 10 1,352 — — 10 1,352
California 113 13,071 26 2,814 139 15,885
Colorado 19 2,207 1 242 20 2,449
Idaho 6 407 — — 6 407
Kansas 3 378 — — 3 378
Kentucky 5 596 2 340 7 936
Missouri 2 190 3 424 5 614
Montana 1 64 — — 1 64
Nevada 6 411 2 165 8 576
Ohio 24 2,733 — — 24 2,733
Oregon 21 1,489 — — 21 1,489
Pennsylvania 4 597 4 602 8 1,199
South Carolina 21 2,352 4 488 25 2,840
Tennessee 11 1,180 — — 11 1,180
Texas 3 290 2 246 5 536
Washington 20 1,520 — — 20 1,520
270 28,939 44 5,321 314 34,260