v3.26.1
Indebtedness (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Additional Outstanding Debt
At March 31, 2026 and December 31, 2025, our outstanding indebtedness consisted of the following:
Senior Unsecured Notes:
 Principal Balance as of  
March 31, 2026December 31, 2025Coupon RateMaturity
Senior unsecured notes$500,000 $500,000 4.750%February 2028
Senior unsecured notes (1)
500,000 500,000 4.375%March 2031
Senior unsecured notes350,000 350,000 5.625%August 2042
Senior unsecured notes250,000 250,000 6.250%February 2046
Total1,600,000 1,600,000 
Unamortized discount(1,585)(1,796)
Unamortized debt issuance costs(16,988)(17,478)
Senior unsecured notes, net$1,581,427 $1,580,726   
(1)These notes are fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
Schedule of Secured and Other Debt
   Net Book Value
 Number of
Principal Balance as of (1)
  of Collateral as of
PropertiesMarch 31,December 31,InterestMarch 31,December 31,
Secured by20262025RateMaturity20262025
Secured revolving credit facility14$— $— 6.28%June 2029$322,747 $326,565 
Senior secured notes (2)
36375,000 375,000 7.25%October 2030398,816 402,797 
Floating rate mortgage loan (3)
14140,000 140,000 6.17%March 2028141,531 142,947 
Mortgage note463,225 63,499 6.57%June 2030134,446 135,772 
Mortgage note8120,000 120,000 6.86%June 2034180,471 182,848 
Mortgage notes (4)
7108,873 108,873 6.22%May 2035146,645 148,477 
Mortgage notes (5)
230,284 30,284 6.36%June 203533,979 34,328 
Mortgage note15,392 5,847 6.44%July 204312,770 12,893 
Finance Leases (6)
2155 613 7.70%April 202619,646 20,128 
Total88842,929 844,116 $1,391,051 $1,406,755 
Unamortized debt issuance costs (7)
(22,780)(24,018)
Total secured and other debt, net$820,149 $820,098 
(1)The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts.
(2)These notes are fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries that own 36 properties, or the 2030 Collateral Guarantors, and on a joint, several and unsecured basis, by all of our subsidiaries other than the 2030 Collateral Guarantors and certain excluded subsidiaries. These notes and the guarantees provided by the 2030 Collateral Guarantors are secured by a first priority lien on and security interest in 100% of the equity interests in each of the 2030 Collateral Guarantors. The unsecured guarantees related to these notes are effectively subordinated to all of the subsidiary guarantors' secured indebtedness to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
(3)This mortgage loan requires that interest be paid at an annual rate of one-month term secured overnight financing rate, or SOFR, plus a premium of 2.50% with interest-only payments through April 2027, and we have two six-month extension options of the interest-only period, subject to satisfaction of certain conditions. In connection with this mortgage loan, we have purchased an interest rate cap effective through March 2027 with a one-month term SOFR strike rate equal to 4.50% pursuant to the terms of the applicable loan agreement.
(4)These mortgage loans require interest-only payments through May 2030.
(5)These mortgage loans require interest-only payments through June 2028.
(6)In April 2026, we acquired the land parcels at two senior living communities previously subject to our finance leases pursuant to our exercise of a purchase option for an aggregate purchase price of $14,500, excluding closing costs.
(7)Excludes unamortized debt issuance costs for our revolving credit facility as these costs are included in other assets, net in our condensed consolidated balance sheets.
Schedule of Required Principal Payments on Outstanding Debt
Required principal payments due in the next five years and thereafter, excluding extension options, on all of our outstanding debt as of March 31, 2026, were as follows:
Principal Payment
2026$1,076 
20272,260 
2028640,635 
20291,867 
2030435,135 
Thereafter1,361,956 
Total$2,442,929