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Investment Activity (Tables)
 12 Months Ended
Dec. 31, 2022
Real Estate [Abstract]  
Schedule of Business Acquisitions, by Acquisition
During the year ended December 31, 2022, we completed the following real estate acquisitions within our Real Estate Investments reportable segment as described below ($ in thousands):

OperatorDatePropertiesAsset ClassLandBuilding and ImprovementsTotal
Encore Senior LivingQ2 20221ALF$542 $12,758 $13,300 
Bickford Senior LivingQ4 20221ALF2,052 15,148 17,200 
$2,594 $27,906 $30,500 
New Real Estate Investments
During the year ended December 31, 2021, we completed the following real estate acquisitions as described below ($ in thousands):

OperatorDatePropertiesAsset ClassLandBuilding and ImprovementsTotal
Vizion HealthQ2 20211HOSP$1,470 $38,780 $40,250 
Navion Senior SolutionsQ2 20211SHO531 6,069 6,600 
$2,001 $44,849 $46,850 
Asset Dispositions During the year ended December 31, 2022, we completed the following real estate property dispositions within our Real Estate Investments segment as described below ($ in thousands):
OperatorDatePropertiesAsset ClassNet ProceedsNet Real Estate InvestmentGain
Impairment1
Hospital Corporation of AmericaQ1 20221MOB$4,868 $1,904 $2,964 $— 
Vitality Senior Living2
Q1 20221SLC8,302 8,285 17 — 
Holiday2
Q2 20221ILF2,990 3,020 — 30 
Chancellor Senior Living2
Q2 20222ALF7,305 7,357 — 52 
Bickford2
Q2 20223ALF25,959 28,268 — 2,309 
Comfort CareQ2 20224ALF40,000 38,444 1,556 — 
Helix HealthcareQ2 20221HOSP19,500 10,535 8,965 — 
Discovery Senior Living2
Q3 20222ALF/SLC16,379 15,159 1,220 — 
National HealthCare Corporation (“NHC”)3
Q3 20227SNF43,686 30,066 13,620 — 
22$168,989 $143,038 $28,342 $2,391 

1 Impairments are included in “Loan and realty losses” in the Consolidated Statement of Income for the year ended December 31, 2022.
2 Total impairment charges recognized on these properties were $28.5 million for the year ended December 31, 2022.
3 See “Tenant Concentration” below for additional information on the NHC disposition.
During the year ended December 31, 2021, we completed the following real estate property dispositions within our Real Estate Investments reportable segments as described below ($ in thousands):

TenantDatePropertiesAsset ClassNet ProceedsNet Real Estate Investment
Other1
Gain
Impairment2
BickfordQ2 20216SHO$39,924 $34,485 $1,871 $3,568 $— 
Community Health SystemsQ2 20211MOB3,887 946 62 2,879 — 
TrustPoint HospitalQ3 20211HOSP31,215 21,018 1,562 8,635 — 
HolidayQ3 20218SHO114,133 113,611 (1,360)1,882 — 
Quorum HealthQ3 20211HOSP8,314 9,568 — — 1,254 
Senior Living ManagementQ3 20211SHO12,847 3,212 210 9,425 — 
HolidayQ3 20211SHO5,666 10,388 (81)— 4,641 
Brookdale Senior LivingQ4 20211ALF11,880 11,696 — 184 — 
Senior Living ManagementQ4 20211SLC7,275 3,335 256 3,684 — 
GenesisQ4 20211SLC3,723 1,677 (166)2,211 — 
22$238,864 $209,936 $2,354 $32,468 $5,895 
1 Includes straight-line rent and deferred lease intangibles
2 Impairments are included in “Loan and realty losses” in the Consolidated Statements of Income for the year ended December 31, 2021.
Disclosure of Long Lived Assets Held-for-sale
The following is a summary of our assets held for sale ($ in thousands):

For the Year Ended December 31,
20222021
Number of facilities1310
Real estate, net$43,302$66,398
Schedule of Tenant Concentrations
The following table contains information regarding tenant concentration in our Real Estate Investments portfolio, excluding $2.6 million for our corporate office, $338.1 million for the SHOP segment, and a credit loss reserve of $15.3 million, based on the percentage of revenues for the years ended December 31, 2022, 2021 and 2020 related to tenants or affiliates of tenants, that exceed 10% of total revenue ($ in thousands):
As of December 31, 2022
Revenues1
Asset  Gross RealNotesYear Ended December 31,
Class
Estate2
Receivable202220212020
Senior Living CommunitiesEFC$573,631 $48,547 $51,183 18%$50,726 17%$50,734 15%
National HealthCare CorporationSNF133,770 — 36,893 13%37,735 12%37,820 11%
Bickford3
ALF414,870 32,727 N/AN/A34,599 12%49,451 15%
Holiday3
ILF— — N/AN/AN/AN/A40,705 12%
All others, netVarious1,329,461 167,205 144,534 52%164,017 55%144,448 44%
Escrow funds received from tenants
    for property operating expensesVarious— — 9,788 4%11,638 4%9,653 3%
$2,451,732 $248,479 242,398 298,715 332,811 
Resident fees and services4
35,796 13%— —%— —%
$278,194 $298,715 $332,811 

1 Includes interest income on notes receivable and rental income from properties classified as held for sale.
2 Amounts include any properties classified as held for sale.
3 Revenues included in All others, net for years when less than 10%.
4 There is no tenant concentration in resident fees and services because these agreements are with individual residents.
Summary of NHC Percentage Rent
The following table summarizes the percentage rent income from NHC ($ in thousands):

Year Ended December 31,
202220212020
Current year$3,332 $3,536 $3,687 
Prior year final certification1
(206)(5)(14)
Total percentage rent income$3,126 $3,531 $3,673 
1 For purposes of the percentage rent calculation described in the master lease agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
Future Minimum Lease Payments

Future minimum lease payments to be received by us under our operating leases, including cash basis tenants, at December 31, 2022 are as follows ($ in thousands):

Year Ending December 31, Amount
2023$218,112 
2024227,086 
2025231,745 
2026236,157 
2027197,793 
Thereafter796,452 
$1,907,345 
Schedule of Fixed and Variable Lease Payments
Variable Lease Payments

Most of our existing leases contain annual escalators in rent payments. Some of our leases contain escalators that are determined annually based on a variable index or other factors that is indeterminable at the inception of the lease. The table below indicates the revenue recognized as a result of fixed and variable lease escalators ($ in thousands):
Year Ended December 31,
202220212020
Lease payments based on fixed escalators, net of deferrals$226,873 $241,172 $272,630 
Lease payments based on variable escalators5,275 4,662 5,501 
Straight-line rent income, net of write-offs(16,681)14,603 20,411 
Escrow funds received from tenants for property operating expenses9,788 11,638 9,653 
Amortization and write-off of lease incentives(7,555)(1,026)(987)
Rental income$217,700 $271,049 $307,208