v3.26.1
Senior Living Community Management Agreements
 3 Months Ended
Mar. 31, 2026
Risks and Uncertainties [Abstract]  
Senior Living Community Management Agreements Senior Living Community Management Agreements
Our managed senior living communities are operated by third parties pursuant to management agreements. Beginning in September 2025, we transitioned the management of 116 of our senior living communities previously managed by Five Star Senior Living, or Five Star, which was an operating division of AlerisLife, to seven different third party managers in connection with AlerisLife’s sale of all of its assets and the wind-down of its business. As of December 31, 2025, we completed the transition of the management agreements for all of senior living communities previously managed by Five Star to these managers. In December 2025, we and Five Star terminated our amended and restated master management agreement, or the Master Management Agreement, as part of the wind-down of AlerisLife’s business. We lease to our taxable REIT subsidiaries, or TRSs, nearly all of our senior living communities managed by third party managers.
We incurred management fees payable to Five Star of $0 and $11,234 for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, $0 and $10,639, respectively, of the total management fees were expensed to property operating expenses in our condensed consolidated statements of comprehensive income (loss) and $0 and $595, respectively, were capitalized in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets.
Our Senior Living Communities Managers. As of March 31, 2026 and 2025, respectively, our managers managed 199 and 231 of our senior living communities, including closed communities.
We incurred management fees payable to our managers, other than Five Star, of $18,141 and $6,334 for the three months ended March 31, 2026 and 2025, respectively. Additionally, we incurred incentive management fees payable to certain of our operators of $0 and $351 for the three months ended March 31, 2026 and 2025, respectively. These amounts are included in property operating expenses in our condensed consolidated statements of comprehensive income (loss).
The following table presents residents fees and services revenue from all of our managed senior living communities disaggregated by the type of contract and payer:
Three Months Ended March 31,
20262025
Basic housing and support services$278,687 $252,772 
Private pay and other third party payer skilled nursing facility services
20,415 48,254 
Medicare and Medicaid programs18,123 27,280 
Total residents fees and services$317,225 $328,306 
The following table provides a summary of our managers that manage a large concentration of our senior living communities as of March 31, 2026:
% of Gross
Number ofReal Estate
CommunitiesProperties
Sinceri Senior Living3830.7%
Discovery Senior Living4423.8%
Tutera Senior Living188.9%
Phoenix Senior Living267.1%
Charter Senior Living307.0%
Remaining (1)
4322.5%
Total199100.0%
(1)Includes closed senior living communities, if any.