Revenue Recognition (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Revenue from Contract with Customer [Abstract] |
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| Schedule of Disaggregation of Resident Fees and Services Revenue |
The following table disaggregates the Company’s resident fees and services according to whether such revenue relates to amortization of non-refundable entrance fees, room and rents, or ancillary and other services (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | | 2026 | | 2025 | | | | Amount | | Percent of Total | | Amount | | Percent of Total | | Room and rents | | $ | 169,156 | | 78 | % | $ | 111,737 | | 75 | % | Non-refundable entrance fee amortization | | | 27,808 | | 13 | % | | 23,652 | | 16 | % | Ancillary and other services | | | 19,492 | | 9 | % | | 13,466 | | 9 | % | Resident fees and services | | $ | 216,456 | | 100 | % | $ | 148,855 | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | | 2026 | | 2025 | | | | Amount | | Percent of Total | | Amount | | Percent of Total | | Room and rents | | $ | 333,523 | | 80 | % | $ | 232,147 | | 78 | % | Non-refundable entrance fee amortization | | | 55,010 | | 13 | % | | 47,658 | | 16 | % | Ancillary and other services | | | 28,268 | | 7 | % | | 17,977 | | 6 | % | Resident fees and services | | $ | 416,801 | | 100 | % | $ | 297,782 | | 100 | % |
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The following tables disaggregate the Company’s resident fees and services according to whether such revenue relates to amortization of non-refundable entrance fees, room and board, or ancillary and other services (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | 2025 | | 2024 | | | | | | | Percent of | | | | | Percent of | | | | Amount | | Total | | Amount | | Total | | Room and board | | $ | 488,366 | | 80.8 | % | $ | 463,938 | | 81.6 | % | Non-refundable entrance fee amortization | | | 98,912 | | 16.4 | % | | 88,995 | | 15.7 | % | Ancillary and other services | | | 16,711 | | 2.8 | % | | 15,542 | | 2.7 | % | Total resident fees and services | | $ | 603,989 | | 100.0 | % | $ | 568,475 | | 100.0 | % |
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| Schedule of Opening and Closing Balances of Accounts Receivable, Net |
The opening and closing balances of accounts receivable, net were as follows (in thousands): | | | | | | | | Closing balance - December 31, 2025 | | $ | 19,431 | Closing balance - June 30, 2026 | | | 24,076 | Change | | $ | 4,645 |
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The opening and closing balances of accounts receivable, net were as follows (in thousands): | | | | | | | | Opening balance – December 31, 2023 | | $ | 19,970 | Closing balance – December 31, 2024 | | | 19,697 | Change | | $ | (273) | Opening balance – December 31, 2024 | | $ | 19,697 | Closing balance – December 31, 2025 | | | 19,431 | Change | | $ | (266) |
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| Schedule of Adjustments to Allowances for Credit Losses |
The following is a summary of the Company’s adjustments to allowances for credit losses (in thousands): | | | | | | | | Opening balance - December 31, 2024 | | $ | 2,243 | Additional allowance | | | 2,269 | Write-offs, recoveries, and other adjustments | | | (2,494) | Closing balance - December 31, 2025 | | $ | 2,018 | | | | | Opening balance - December 31, 2025 | | $ | 2,018 | Additional allowance | | | 2,219 | Write-offs, recoveries, and other adjustments | | | (714) | Closing balance - June 30, 2026 | | $ | 3,523 |
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The following is a summary of the Company’s adjustments to allowances for credit losses (in thousands): | | | | | | | | Opening balance – December 31, 2023 | | $ | 2,282 | Additional allowance | | | 2,494 | Write-offs, recoveries, and other adjustments | | | (2,533) | Closing balance – December 31, 2024 | | $ | 2,243 | Opening balance – December 31, 2024 | | $ | 2,243 | Additional allowance | | | 2,269 | Write-offs, recoveries, and other adjustments | | | (2,494) | Closing balance – December 31, 2025 | | $ | 2,018 |
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| Schedule of Concentration of Credit Risk |
The following table provides information regarding the Company’s concentrations with respect to certain states, operators, and properties; the information provided is presented as percentages of the Company’s total gross real estate assets and revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Percentage of Gross Real Estate Assets | | Percentage of Total Revenues | | | June 30, | | December 31, | | Three Months Ended June 30, | | Six Months Ended June 30, | Concentration | | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | State: | | | | | | | | | | | | | Florida | | 51 | | 68 | | 50 | | 64 | | 51 | | 64 | Texas | | 11 | | 2 | | 13 | | 4 | | 13 | | 4 | Pennsylvania | | 11 | | 15 | | 12 | | 16 | | 12 | | 16 | Operator: | | | | | | | | | | | | | LCS | | 66 | | 86 | | 65 | | 84 | | 66 | | 84 | Sunrise Senior Living | | 10 | | 14 | | 12 | | 16 | | 13 | | 16 | Ciel Senior Living | | 11 | | — | | 10 | | — | | 10 | | — | Property: | | | | | | | | | | | | | Freedom Plaza Sun City Center | | 8 | | 11 | | 7 | | 9 | | 7 | | 9 | Cypress Village | | 7 | | 10 | | 7 | | 9 | | 7 | | 9 |
The following table provides information regarding the Company’s concentrations for Medicare and Medicaid as percentages of total revenues: | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Medicare | | 12 | % | 16 | % | 13 | % | 16 | % | Medicaid | | 1 | % | 2 | % | 1 | % | 2 | % |
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| | | | | | | | | | | | | | | | | | | | Percentage of Gross | | Percentage of | | | Real Estate Assets | | Total Revenues | | | | | | | Year Ended | | | December 31, | | December 31, | Concentration | | 2025 | | 2024 | | 2025 | | 2024 | State: | | | | | | | | | Florida | | 68 | | 68 | | 64 | | 65 | Pennsylvania | | 15 | | 16 | | 16 | | 16 | Operator: | | | | | | | | | LCS | | 86 | | 86 | | 84 | | 84 | Sunrise | | 14 | | 14 | | 16 | | 16 |
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