Item 2. Properties

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Item 2. Properties

We lease corporate offices throughout the U.S., the U.K. and Canada and have ground leases relating to certain of our properties. The following table sets forth certain information regarding the properties that comprise our consolidated net real estate investments, exclusive of real estate loan investments designated as non-segment/corporate as of December 31, 2025 (dollars in thousands):


	Seniors Housing Operating					Triple-net					Outpatient Medical
Property Location	Number of Properties	Total Investment		Annualized Revenues(1)		Number of Properties	Total Investment		Annualized Revenues(1)		Number of Properties	Total Investment		Annualized Revenues(1)

Alabama	11	$	167,706	$	33,553	—	$	—	$	—	—	$	—	$	—
Arkansas	3	81,239		15,900		—	—		—		—	—		—
Arizona	13	389,774		78,565		—	—		—		3	14,402		2,926
California	113	3,986,062		1,137,128		23	399,113		67,329		23	589,530		78,927
Colorado	24	809,111		176,238		7	198,022		18,510		—	—		—
Connecticut	9	379,767		89,120		5	94,175		9,501		—	—		—
District Of Columbia	2	209,203		27,502		—	—		—		—	—		—
Delaware	6	58,918		31,810		6	74,115		7,870		—	—		—
Florida	45	1,674,993		346,988		85	1,245,712		172,084		4	40,570		15,516
Georgia	21	495,965		93,806		3	34,696		3,494		11	177,240		29,798
Hawaii	1	79,838		27,286		—	—		—		—	—		—
Iowa	10	116,262		38,927		6	31,652		3,307		—	—		—
Idaho	8	168,382		19,223		—	—		—		—	—		—
Illinois	37	638,498		258,361		19	175,037		18,509		3	53,917		11,542
Indiana	22	498,047		132,529		18	181,891		29,666		—	—		—
Kansas	9	122,239		50,800		4	57,090		9,229		—	—		—
Kentucky	10	191,539		38,265		—	—		—		—	—		—
Louisiana	9	184,943		62,164		1	4,167		—		1	19,642		1,705
Massachusetts	23	1,069,869		218,157		9	258,007		19,636		—	—		—
Maryland	12	674,699		173,355		10	100,191		35,717		3	38,467		10,005
Maine	1	24,109		12,908		—	—		—		—	—		—
Michigan	46	709,800		226,852		10	107,802		22,980		2	45,344		5,330
Minnesota	21	490,663		122,752		—	—		—		2	19,451		6,129
Missouri	13	446,194		72,135		1	12,104		—		1	10,147		12,609
Mississippi	5	74,922		30,028		—	—		—		1	12,493		1,847
Montana	3	52,884		13,561		—	—		—		—	—		—
North Carolina	17	831,453		132,681		49	435,717		76,164		2	188,492		17,804
North Dakota	1	12,139		1,604		—	—		—		—	—		—
Nebraska	8	90,706		21,298		—	—		—		1	10,663		2,306
New Hampshire	3	78,712		10,008		8	118,169		12,956		—	—		—
New Jersey	30	854,057		283,456		30	683,823		70,788		—	—		—
New Mexico	1	31,355		3,777		—	—		—		—	—		—
Nevada	7	116,983		39,454		—	—		—		2	33,128		4,630
New York	42	920,258		247,738		3	32,673		2,959		8	206,004		20,094
Ohio	61	1,297,256		322,062		31	221,702		38,977		—	—		—
Oklahoma	17	235,211		91,697		7	9,098		2,375		5	35,995		5,672
Oregon	13	160,630		59,195		1	2,167		964		—	—		—
Pennsylvania	33	676,719		203,106		49	551,222		103,948		2	37,454		4,752
Rhode Island	—	—		—		3	28,761		3,876		—	—		—
South Carolina	10	336,833		56,127		6	21,748		5,994		—	—		—
Tennessee	10	210,096		62,655		3	10,457		1,994		1	13,408		1,335
Texas	114	2,762,924		629,606		138	2,509,513		303,920		49	1,249,514		136,538
Utah	3	63,161		27,107		1	19,879		2,108		—	—		—
Virginia	15	806,393		197,526		25	232,864		55,429		2	40,715		5,679
Vermont	3	98,820		44,907		2	21,973		2,578		—	—		—
Washington	44	1,366,232		304,489		7	81,962		6,061		3	62,723		15,647
Wisconsin	6	96,196		43,106		1	2,557		880		—	—		—
West Virginia	—	—		—		7	191,797		21,021		—	—		—
Total domestic	915	24,841,760		6,309,512		578	8,149,856		1,130,824		129	2,899,299		390,791

Canada	128	3,281,933		733,460		6	117,209		10,042		—	—		—
United Kingdom	743	12,396,548		3,934,676		227	4,392,694		466,831		—	—		—
Total international	871	15,678,481		4,668,136		233	4,509,903		476,873		—	—		—

Grand total	1,786	$	40,520,241	$	10,977,648	811	$	12,659,759	$	1,607,697	129	$	2,899,299	$	390,791

(1) Represents revenue for the month ended December 31, 2025, annualized.

The following table sets forth occupancy and average annualized revenues for certain property types (excluding investments in unconsolidated entities):


	Occupancy(1)		Average Annualized Revenues(2)
	2025	2024	2025		2024
Seniors Housing Operating(3)	87.5%	84.7%	$	63,625	$	58,519	per unit
Triple-net(4)	73.1%	83.3%	24,461		16,600		per bed/unit
Outpatient Medical(5)	95.8%	94.6%	34		39		per sq. ft.

(1) We use unaudited periodic financial information provided solely by tenants/borrowers to calculate occupancy for properties other than Outpatient Medical buildings and have not independently verified the information.

(2) Represents December annualized revenues as presented in the tables above, divided by total beds, units or square feet in service.

(3) Occupancy represents average occupancy of properties in service for the three months ended December 31.

(4) Occupancy represents average quarterly operating occupancy based on the quarters ended September 30 and excludes properties that are unstabilized, closed or for which data is not available or meaningful.

(5) Occupancy represents the percentage of total rentable square feet leased and occupied (including month-to-month and holdover leases and excluding terminations) as of December 31.

The following table sets forth information regarding operating lease expirations for certain portions of our portfolio as of December 31, 2025 (dollars in thousands):


	Expiration Year(1)
	2026			2027			2028			2029			2030			2031			2032			2033			2034			2035			Thereafter
Triple-net:
Properties	7			2			4			5			19			5			151			43			1			27			507
Base rent(2)	$	12,527		$	1,287		$	6,669		$	1,115		$	42,747		$	11,382		$	151,524		$	64,470		$	433		$	51,875		$	836,680
% of base rent	1.1		%	0.1		%	0.6		%	0.1		%	3.6		%	1.0		%	12.8		%	5.5		%	—		%	4.4		%	70.8		%
Units	1,068			295			565			257			2,043			423			9,323			3,331			81			2,391			50,329
% of units	1.5		%	0.4		%	0.8		%	0.4		%	2.9		%	0.6		%	13.3		%	4.8		%	0.1		%	3.4		%	71.8		%
Outpatient Medical:
Square feet	4,439,681			1,000			78,764			84,956			212,441			196,681			63,913			—			129,864			196,082			2,423,619
Base rent(2)	$	141,006		$	22		$	1,993		$	2,199		$	4,610		$	3,527		$	2,456		$	—		$	3,370		$	2,901		$	80,441
% of base rent	58.1		%	—		%	0.8		%	0.9		%	1.9		%	1.5		%	1.0		%	—		%	1.4		%	1.2		%	33.2		%
Leases	795			1			3			3			4			3			2			—			2			3			31
% of leases	93.9		%	0.1		%	0.4		%	0.4		%	0.5		%	0.4		%	0.2		%	—		%	0.2		%	0.4		%	3.5		%

(1) Excludes investments in unconsolidated entities, developments, redevelopments, properties subject to sales-type leases, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in 2026.

(2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non-cash income.

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