PACS Group, Inc. 10-K

Item 2. PROPERTIES PACS Services. Our PACS Services’ main office is located in Salt Lake City, Utah. The property consists of approximately 165,000 square feet of usable office space. A portion of the office building is subleased to third-party tenants. We also have PACS Services offices in Rocklin, California and Riverside, California. Operating Facilities. As of December 31, 2025, we operated 321 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 35,379 patients with 32,854 skilled nursing beds and 2,525 assisted living beds. Of these post-acute care facilities, we leased 219 facilities, directly owned the real estate at 53 facilities and had joint ventures for 49 facilities which we also leased. In addition, subsequent to December 31, 2025, we acquired three facilities (two owned facilities representing 144 assisted living beds in Alaska and one leased facility representing 86 assisted living beds in Idaho) and acquired the real estate for one facility in Arizona which we previously operated. Additionally, subsequent to December 31, 2025 we divested of one leased facility in Colorado which included 110 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, 2025, the average remaining lease term across our portfolio was 13 years for operating leases and 22 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. 68 Table of Content s 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, 2025: Leased Owned Total Facilities Beds/Units Facilities Beds/Units Facilities Beds/Units Alaska 1 102 — — 1 102 Arizona 10 1,364 — — 10 1,364 California 108 12,651 32 3,481 140 16,132 Colorado 19 2,236 1 242 20 2,478 Idaho 6 409 — — 6 409 Kansas 2 258 — — 2 258 Kentucky 5 596 2 340 7 936 Missouri 2 190 3 424 5 614 Montana 1 64 — — 1 64 Nevada 9 787 3 325 12 1,112 Ohio 24 2,733 — — 24 2,733 Oregon 21 1,572 — — 21 1,572 Pennsylvania 4 593 4 602 8 1,195 South Carolina 21 2,355 6 663 27 3,018 Tennessee 12 1,287 — — 12 1,287 Texas 3 300 2 282 5 582 Washington 20 1,523 — — 20 1,523 268 29,020 53 6,359 321 35,379