context stringlengths 21 33.9k | category stringclasses 2
values | entity stringlengths 1 12 | entity_type stringclasses 5
values | query stringlengths 97 3.31k | answer stringlengths 12 169 |
|---|---|---|---|---|---|
From June through September 2024, we entered into an aggregate $ 350.0 million treasury locks to hedge interest rate risk on future debt issuances. In September 2024, we terminated the treasury locks in conjunction with the issuance of the $ 550.0 million aggregate principal amount of 5.00 % Senior Notes due 2035. | text | 5.00 | percentItemType | text: <entity> 5.00 </entity> <entity type> percentItemType </entity type> <context> From June through September 2024, we entered into an aggregate $ 350.0 million treasury locks to hedge interest rate risk on future debt issuances. In September 2024, we terminated the treasury locks in conjunction with the issuance of the $ 550.0 million aggregate principal amount of 5.00 % Senior Notes due 2035. </context> | us-gaap:DebtInstrumentInterestRateStatedPercentage |
During the year ended December 31, 2024, approximately $ 22.3 million of realized gain primarily relating to our interest rate swaps was reclassified into Interest expense in our Consolidated Statements of Income. Approximately $ 3.0 million of unrealized gains, which are included in Accumulated other comprehensive income as of December 31, 2024, are expected to be reclassified into earnings within the next 12 months. | text | 22.3 | monetaryItemType | text: <entity> 22.3 </entity> <entity type> monetaryItemType </entity type> <context> During the year ended December 31, 2024, approximately $ 22.3 million of realized gain primarily relating to our interest rate swaps was reclassified into Interest expense in our Consolidated Statements of Income. Approximately $ 3.0 million of unrealized gains, which are included in Accumulated other comprehensive income as of December 31, 2024, are expected to be reclassified into earnings within the next 12 months. </context> | us-gaap:DerivativeGainOnDerivative |
During the year ended December 31, 2024, approximately $ 22.3 million of realized gain primarily relating to our interest rate swaps was reclassified into Interest expense in our Consolidated Statements of Income. Approximately $ 3.0 million of unrealized gains, which are included in Accumulated other comprehensive income as of December 31, 2024, are expected to be reclassified into earnings within the next 12 months. | text | 3.0 | monetaryItemType | text: <entity> 3.0 </entity> <entity type> monetaryItemType </entity type> <context> During the year ended December 31, 2024, approximately $ 22.3 million of realized gain primarily relating to our interest rate swaps was reclassified into Interest expense in our Consolidated Statements of Income. Approximately $ 3.0 million of unrealized gains, which are included in Accumulated other comprehensive income as of December 31, 2024, are expected to be reclassified into earnings within the next 12 months. </context> | us-gaap:CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths |
The fair value of the real estate properties that secured the Santerre Mezzanine Loan of $ 1.566 billion (net of $ 31.8 million of capital expenditures) on May 1, 2023 was determined using unobservable inputs primarily within Level 3 of the fair value hierarchy. For SHOP and outpatient medical properties, fair value was based on either an income or market approach that took into account unobservable inputs such as direct capitalization rates, estimated NOI, market rents, costs per unit, replacement cost and estimates of future cash flows, which are based on a number of factors including historical operating results, known trends and market and economic conditions. For the majority of the SHOP properties, fair value was based on an income approach with significant unobservable inputs that included an average direct capitalization rate of 6.8 % on estimated expected stabilized NOI, adjusted based on cost per unit in certain cases. For the majority of the outpatient medical properties, fair value was based on an income approach with significant unobservable inputs that included an average direct capitalization rate of 6.7 % on estimated expected stabilized NOI, adjusted based on cost per square foot in certain cases. For triple-net leased properties, fair value was primarily based on an average estimated per bed value by property by state of $ 88,000 , which was determined based on an assessment of recent transactions adjusted for property, operator and other characteristics such as contractual rent, tenant payment history, underlying operating trends, reimbursement rates and other market data. | text | 1.566 | monetaryItemType | text: <entity> 1.566 </entity> <entity type> monetaryItemType </entity type> <context> The fair value of the real estate properties that secured the Santerre Mezzanine Loan of $ 1.566 billion (net of $ 31.8 million of capital expenditures) on May 1, 2023 was determined using unobservable inputs primarily within Level 3 of the fair value hierarchy. For SHOP and outpatient medical properties, fair value was based on either an income or market approach that took into account unobservable inputs such as direct capitalization rates, estimated NOI, market rents, costs per unit, replacement cost and estimates of future cash flows, which are based on a number of factors including historical operating results, known trends and market and economic conditions. For the majority of the SHOP properties, fair value was based on an income approach with significant unobservable inputs that included an average direct capitalization rate of 6.8 % on estimated expected stabilized NOI, adjusted based on cost per unit in certain cases. For the majority of the outpatient medical properties, fair value was based on an income approach with significant unobservable inputs that included an average direct capitalization rate of 6.7 % on estimated expected stabilized NOI, adjusted based on cost per square foot in certain cases. For triple-net leased properties, fair value was primarily based on an average estimated per bed value by property by state of $ 88,000 , which was determined based on an assessment of recent transactions adjusted for property, operator and other characteristics such as contractual rent, tenant payment history, underlying operating trends, reimbursement rates and other market data. </context> | us-gaap:TransferToOtherRealEstate |
2022 Incentive Plan— 11.4 million shares, plus any shares of common stock subject to awards granted under the 2012 Plan as of October 1, 2022, that expire, or for any reason are forfeited, cancelled or terminated either without such shares being issued or with such shares being forfeited (such shares the “2012 Plan Shares”) were reserved initially for grants or issuance to employees and non-employee directors, and 10.8 million shares were available for future issuance as of December 31, 2024. | text | 11.4 | sharesItemType | text: <entity> 11.4 </entity> <entity type> sharesItemType </entity type> <context> 2022 Incentive Plan— 11.4 million shares, plus any shares of common stock subject to awards granted under the 2012 Plan as of October 1, 2022, that expire, or for any reason are forfeited, cancelled or terminated either without such shares being issued or with such shares being forfeited (such shares the “2012 Plan Shares”) were reserved initially for grants or issuance to employees and non-employee directors, and 10.8 million shares were available for future issuance as of December 31, 2024. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized |
2022 Incentive Plan— 11.4 million shares, plus any shares of common stock subject to awards granted under the 2012 Plan as of October 1, 2022, that expire, or for any reason are forfeited, cancelled or terminated either without such shares being issued or with such shares being forfeited (such shares the “2012 Plan Shares”) were reserved initially for grants or issuance to employees and non-employee directors, and 10.8 million shares were available for future issuance as of December 31, 2024. | text | 10.8 | sharesItemType | text: <entity> 10.8 </entity> <entity type> sharesItemType </entity type> <context> 2022 Incentive Plan— 11.4 million shares, plus any shares of common stock subject to awards granted under the 2012 Plan as of October 1, 2022, that expire, or for any reason are forfeited, cancelled or terminated either without such shares being issued or with such shares being forfeited (such shares the “2012 Plan Shares”) were reserved initially for grants or issuance to employees and non-employee directors, and 10.8 million shares were available for future issuance as of December 31, 2024. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant |
Non-Employee Directors’ Cash Compensation Deferral Plan— 0.6 million shares were reserved initially for issuance to participating non-employee directors in lieu of the payment of all or a portion of their retainer and meeting fees, at their option, and 0.4 million shares were available for future issuance as of December 31, 2024. | text | 0.6 | sharesItemType | text: <entity> 0.6 </entity> <entity type> sharesItemType </entity type> <context> Non-Employee Directors’ Cash Compensation Deferral Plan— 0.6 million shares were reserved initially for issuance to participating non-employee directors in lieu of the payment of all or a portion of their retainer and meeting fees, at their option, and 0.4 million shares were available for future issuance as of December 31, 2024. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized |
Non-Employee Directors’ Cash Compensation Deferral Plan— 0.6 million shares were reserved initially for issuance to participating non-employee directors in lieu of the payment of all or a portion of their retainer and meeting fees, at their option, and 0.4 million shares were available for future issuance as of December 31, 2024. | text | 0.4 | sharesItemType | text: <entity> 0.4 </entity> <entity type> sharesItemType </entity type> <context> Non-Employee Directors’ Cash Compensation Deferral Plan— 0.6 million shares were reserved initially for issuance to participating non-employee directors in lieu of the payment of all or a portion of their retainer and meeting fees, at their option, and 0.4 million shares were available for future issuance as of December 31, 2024. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant |
Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. | text | 26.1 | monetaryItemType | text: <entity> 26.1 </entity> <entity type> monetaryItemType </entity type> <context> Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. </context> | us-gaap:ProceedsFromStockOptionsExercised |
Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. | text | 1.7 | monetaryItemType | text: <entity> 1.7 </entity> <entity type> monetaryItemType </entity type> <context> Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. </context> | us-gaap:ProceedsFromStockOptionsExercised |
Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. | text | 8.7 | monetaryItemType | text: <entity> 8.7 </entity> <entity type> monetaryItemType </entity type> <context> Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. </context> | us-gaap:ProceedsFromStockOptionsExercised |
Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. | text | 1.2 | monetaryItemType | text: <entity> 1.2 </entity> <entity type> monetaryItemType </entity type> <context> Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue |
Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. | text | 0.7 | monetaryItemType | text: <entity> 0.7 </entity> <entity type> monetaryItemType </entity type> <context> Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue |
Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2024, 2023 and 2022 were $ 26.1 million, $ 1.7 million and $ 8.7 million, respectively. The total intrinsic value at exercise of options exercised during the year ended December 31, 2024 was $ 1.2 million. The total intrinsic value at exercise of options exercised during the year ended December 31, 2023 was immaterial. The total intrinsic value at exercise of options exercised during the year ended December 31, 2022 was $ 0.7 million. There was no deferred income tax benefit for stock options exercised. </context> | us-gaap:DeferredIncomeTaxExpenseBenefit |
We recognize the fair value of shares of restricted stock and restricted stock units (including time-based and performance-based awards) on the grant date of the award as stock-based compensation expense over the requisite service period, with charges primarily to General, administrative and professional fees of $ 30.9 million, $ 30.4 million and $ 30.7 million in 2024, 2023 and 2022, respectively, in our Consolidated Statements of Income. Time-based restricted stock and restricted stock unit awards granted to employees generally vest over a three-year period, while time-based restricted stock unit awards granted to non-employee directors typically vest approximately one year from the date of grant. Performance-based | text | 30.9 | monetaryItemType | text: <entity> 30.9 </entity> <entity type> monetaryItemType </entity type> <context> We recognize the fair value of shares of restricted stock and restricted stock units (including time-based and performance-based awards) on the grant date of the award as stock-based compensation expense over the requisite service period, with charges primarily to General, administrative and professional fees of $ 30.9 million, $ 30.4 million and $ 30.7 million in 2024, 2023 and 2022, respectively, in our Consolidated Statements of Income. Time-based restricted stock and restricted stock unit awards granted to employees generally vest over a three-year period, while time-based restricted stock unit awards granted to non-employee directors typically vest approximately one year from the date of grant. Performance-based </context> | us-gaap:AllocatedShareBasedCompensationExpense |
We recognize the fair value of shares of restricted stock and restricted stock units (including time-based and performance-based awards) on the grant date of the award as stock-based compensation expense over the requisite service period, with charges primarily to General, administrative and professional fees of $ 30.9 million, $ 30.4 million and $ 30.7 million in 2024, 2023 and 2022, respectively, in our Consolidated Statements of Income. Time-based restricted stock and restricted stock unit awards granted to employees generally vest over a three-year period, while time-based restricted stock unit awards granted to non-employee directors typically vest approximately one year from the date of grant. Performance-based | text | 30.4 | monetaryItemType | text: <entity> 30.4 </entity> <entity type> monetaryItemType </entity type> <context> We recognize the fair value of shares of restricted stock and restricted stock units (including time-based and performance-based awards) on the grant date of the award as stock-based compensation expense over the requisite service period, with charges primarily to General, administrative and professional fees of $ 30.9 million, $ 30.4 million and $ 30.7 million in 2024, 2023 and 2022, respectively, in our Consolidated Statements of Income. Time-based restricted stock and restricted stock unit awards granted to employees generally vest over a three-year period, while time-based restricted stock unit awards granted to non-employee directors typically vest approximately one year from the date of grant. Performance-based </context> | us-gaap:AllocatedShareBasedCompensationExpense |
We recognize the fair value of shares of restricted stock and restricted stock units (including time-based and performance-based awards) on the grant date of the award as stock-based compensation expense over the requisite service period, with charges primarily to General, administrative and professional fees of $ 30.9 million, $ 30.4 million and $ 30.7 million in 2024, 2023 and 2022, respectively, in our Consolidated Statements of Income. Time-based restricted stock and restricted stock unit awards granted to employees generally vest over a three-year period, while time-based restricted stock unit awards granted to non-employee directors typically vest approximately one year from the date of grant. Performance-based | text | 30.7 | monetaryItemType | text: <entity> 30.7 </entity> <entity type> monetaryItemType </entity type> <context> We recognize the fair value of shares of restricted stock and restricted stock units (including time-based and performance-based awards) on the grant date of the award as stock-based compensation expense over the requisite service period, with charges primarily to General, administrative and professional fees of $ 30.9 million, $ 30.4 million and $ 30.7 million in 2024, 2023 and 2022, respectively, in our Consolidated Statements of Income. Time-based restricted stock and restricted stock unit awards granted to employees generally vest over a three-year period, while time-based restricted stock unit awards granted to non-employee directors typically vest approximately one year from the date of grant. Performance-based </context> | us-gaap:AllocatedShareBasedCompensationExpense |
The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. | text | 42.0 | percentItemType | text: <entity> 42.0 </entity> <entity type> percentItemType </entity type> <context> The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate |
The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. | text | 41.3 | percentItemType | text: <entity> 41.3 </entity> <entity type> percentItemType </entity type> <context> The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate |
The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. | text | 38.7 | percentItemType | text: <entity> 38.7 </entity> <entity type> percentItemType </entity type> <context> The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate |
The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. | text | 4.09 | percentItemType | text: <entity> 4.09 </entity> <entity type> percentItemType </entity type> <context> The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate |
The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. | text | 3.84 | percentItemType | text: <entity> 3.84 </entity> <entity type> percentItemType </entity type> <context> The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate |
The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. | text | 1.02 | percentItemType | text: <entity> 1.02 </entity> <entity type> percentItemType </entity type> <context> The fair market value of time-based restricted stock units is determined based on the closing market price of the Company’s shares on the grant date and is expensed over the period of three to four years . In calculating the grant date fair value of performance-based stock units, we use a Monte Carlo simulation to calculate the grant date fair value of the total shareholder return (“TSR”)-driven components and the closing price on the date of grant, assuming performance at target—which was the probable outcome at the grant date—for other performance components. The Monte Carlo simulation “probability weights” potential outcomes of the relative TSR measures of each performance-based stock unit as of the grant date, based on, among other things, assumptions related to volatility, correlation and interest rates, which can fluctuate significantly year-over-year. The following assumptions were used in the Monte Carlo valuation for the TSR-driven components for performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022, respectively: (i) expected term of three years for each of the years (equal to the remaining performance period at the grant date), (ii) historical volatility of 42.0 %, 41.3 %, and 38.7 % and, (iii) risk-free rate of 4.09 %, 3.84 %, and 1.02 %. The total grant date fair value of time-based restricted stock units and performance-based stock units granted during the years ended December 31, 2024, 2023 and 2022 was $ 35.6 million, $ 30.1 million, and $ 24.1 million, respectively. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate |
As of December 31, 2024, we had $ 17.2 million of unrecognized compensation cost related to non-vested restricted stock and restricted stock units under the Plans. We expect to recognize that cost over a weighted average period of 0.45 years. The total fair value at the vesting date for restricted stock and restricted stock units that vested during the years ended December 31, 2024, 2023 and 2022 was $ 32.7 million, $ 25.0 million and $ 29.6 million, respectively. | text | 17.2 | monetaryItemType | text: <entity> 17.2 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we had $ 17.2 million of unrecognized compensation cost related to non-vested restricted stock and restricted stock units under the Plans. We expect to recognize that cost over a weighted average period of 0.45 years. The total fair value at the vesting date for restricted stock and restricted stock units that vested during the years ended December 31, 2024, 2023 and 2022 was $ 32.7 million, $ 25.0 million and $ 29.6 million, respectively. </context> | us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized |
We have in effect an Employee and Director Stock Purchase Plan (“ESPP”) under which our employees and directors may purchase shares of our common stock at a discount. Pursuant to the terms of the ESPP, on each purchase date, participants may purchase shares of common stock at a price not less than 90 % of the market price on that date (with respect to the employee tax-favored portion of the plan) and not less than 95 % of the market price on that date (with respect to the additional employee and director portion of the plan). We initially reserved 3.0 million shares for issuance under the ESPP. As of December 31, 2024, 0.2 million shares had been purchased under the ESPP and 2.8 million shares were available for future issuance. | text | 3.0 | sharesItemType | text: <entity> 3.0 </entity> <entity type> sharesItemType </entity type> <context> We have in effect an Employee and Director Stock Purchase Plan (“ESPP”) under which our employees and directors may purchase shares of our common stock at a discount. Pursuant to the terms of the ESPP, on each purchase date, participants may purchase shares of common stock at a price not less than 90 % of the market price on that date (with respect to the employee tax-favored portion of the plan) and not less than 95 % of the market price on that date (with respect to the additional employee and director portion of the plan). We initially reserved 3.0 million shares for issuance under the ESPP. As of December 31, 2024, 0.2 million shares had been purchased under the ESPP and 2.8 million shares were available for future issuance. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized |
We have in effect an Employee and Director Stock Purchase Plan (“ESPP”) under which our employees and directors may purchase shares of our common stock at a discount. Pursuant to the terms of the ESPP, on each purchase date, participants may purchase shares of common stock at a price not less than 90 % of the market price on that date (with respect to the employee tax-favored portion of the plan) and not less than 95 % of the market price on that date (with respect to the additional employee and director portion of the plan). We initially reserved 3.0 million shares for issuance under the ESPP. As of December 31, 2024, 0.2 million shares had been purchased under the ESPP and 2.8 million shares were available for future issuance. | text | 2.8 | sharesItemType | text: <entity> 2.8 </entity> <entity type> sharesItemType </entity type> <context> We have in effect an Employee and Director Stock Purchase Plan (“ESPP”) under which our employees and directors may purchase shares of our common stock at a discount. Pursuant to the terms of the ESPP, on each purchase date, participants may purchase shares of common stock at a price not less than 90 % of the market price on that date (with respect to the employee tax-favored portion of the plan) and not less than 95 % of the market price on that date (with respect to the additional employee and director portion of the plan). We initially reserved 3.0 million shares for issuance under the ESPP. As of December 31, 2024, 0.2 million shares had been purchased under the ESPP and 2.8 million shares were available for future issuance. </context> | us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant |
We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2024, we made contributions for each qualifying employee of up to 4.0 % of his or her salary, subject to certain limitations. During 2024, 2023 and 2022, our aggregate contributions were approximately $ 2.1 million, $ 2.0 million and $ 1.6 million, respectively. | text | 4.0 | percentItemType | text: <entity> 4.0 </entity> <entity type> percentItemType </entity type> <context> We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2024, we made contributions for each qualifying employee of up to 4.0 % of his or her salary, subject to certain limitations. During 2024, 2023 and 2022, our aggregate contributions were approximately $ 2.1 million, $ 2.0 million and $ 1.6 million, respectively. </context> | us-gaap:DefinedContributionPlanEmployerMatchingContributionPercent |
We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2024, we made contributions for each qualifying employee of up to 4.0 % of his or her salary, subject to certain limitations. During 2024, 2023 and 2022, our aggregate contributions were approximately $ 2.1 million, $ 2.0 million and $ 1.6 million, respectively. | text | 2.1 | monetaryItemType | text: <entity> 2.1 </entity> <entity type> monetaryItemType </entity type> <context> We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2024, we made contributions for each qualifying employee of up to 4.0 % of his or her salary, subject to certain limitations. During 2024, 2023 and 2022, our aggregate contributions were approximately $ 2.1 million, $ 2.0 million and $ 1.6 million, respectively. </context> | us-gaap:DefinedContributionPlanCostRecognized |
We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2024, we made contributions for each qualifying employee of up to 4.0 % of his or her salary, subject to certain limitations. During 2024, 2023 and 2022, our aggregate contributions were approximately $ 2.1 million, $ 2.0 million and $ 1.6 million, respectively. | text | 2.0 | monetaryItemType | text: <entity> 2.0 </entity> <entity type> monetaryItemType </entity type> <context> We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2024, we made contributions for each qualifying employee of up to 4.0 % of his or her salary, subject to certain limitations. During 2024, 2023 and 2022, our aggregate contributions were approximately $ 2.1 million, $ 2.0 million and $ 1.6 million, respectively. </context> | us-gaap:DefinedContributionPlanCostRecognized |
We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2024, we made contributions for each qualifying employee of up to 4.0 % of his or her salary, subject to certain limitations. During 2024, 2023 and 2022, our aggregate contributions were approximately $ 2.1 million, $ 2.0 million and $ 1.6 million, respectively. | text | 1.6 | monetaryItemType | text: <entity> 1.6 </entity> <entity type> monetaryItemType </entity type> <context> We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2024, we made contributions for each qualifying employee of up to 4.0 % of his or her salary, subject to certain limitations. During 2024, 2023 and 2022, our aggregate contributions were approximately $ 2.1 million, $ 2.0 million and $ 1.6 million, respectively. </context> | us-gaap:DefinedContributionPlanCostRecognized |
The 2024 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 28.6 million change in valuation allowance due to purchase accounting activity. The 2023 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 3.2 million benefit from internal restructurings of U.S. TRS entities. The 2022 income tax benefit is primarily due to losses at certain TRS entities and an income tax benefit of $ 11.9 million from an internal restructuring of foreign TRS entities. | text | 28.6 | monetaryItemType | text: <entity> 28.6 </entity> <entity type> monetaryItemType </entity type> <context> The 2024 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 28.6 million change in valuation allowance due to purchase accounting activity. The 2023 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 3.2 million benefit from internal restructurings of U.S. TRS entities. The 2022 income tax benefit is primarily due to losses at certain TRS entities and an income tax benefit of $ 11.9 million from an internal restructuring of foreign TRS entities. </context> | us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount |
The 2024 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 28.6 million change in valuation allowance due to purchase accounting activity. The 2023 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 3.2 million benefit from internal restructurings of U.S. TRS entities. The 2022 income tax benefit is primarily due to losses at certain TRS entities and an income tax benefit of $ 11.9 million from an internal restructuring of foreign TRS entities. | text | 3.2 | monetaryItemType | text: <entity> 3.2 </entity> <entity type> monetaryItemType </entity type> <context> The 2024 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 28.6 million change in valuation allowance due to purchase accounting activity. The 2023 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 3.2 million benefit from internal restructurings of U.S. TRS entities. The 2022 income tax benefit is primarily due to losses at certain TRS entities and an income tax benefit of $ 11.9 million from an internal restructuring of foreign TRS entities. </context> | us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount |
The 2024 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 28.6 million change in valuation allowance due to purchase accounting activity. The 2023 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 3.2 million benefit from internal restructurings of U.S. TRS entities. The 2022 income tax benefit is primarily due to losses at certain TRS entities and an income tax benefit of $ 11.9 million from an internal restructuring of foreign TRS entities. | text | 11.9 | monetaryItemType | text: <entity> 11.9 </entity> <entity type> monetaryItemType </entity type> <context> The 2024 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 28.6 million change in valuation allowance due to purchase accounting activity. The 2023 income tax benefit is primarily due to losses in certain of our TRS entities and a $ 3.2 million benefit from internal restructurings of U.S. TRS entities. The 2022 income tax benefit is primarily due to losses at certain TRS entities and an income tax benefit of $ 11.9 million from an internal restructuring of foreign TRS entities. </context> | us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount |
Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the NOL carryforwards related to certain TRSs. The amounts related to NOLs at the TRS entities for 2024, 2023 and 2022 are $ 180.8 million, $ 179.0 million and $ 171.0 million, respectively. | text | 180.8 | monetaryItemType | text: <entity> 180.8 </entity> <entity type> monetaryItemType </entity type> <context> Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the NOL carryforwards related to certain TRSs. The amounts related to NOLs at the TRS entities for 2024, 2023 and 2022 are $ 180.8 million, $ 179.0 million and $ 171.0 million, respectively. </context> | us-gaap:OperatingLossCarryforwardsValuationAllowance |
Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the NOL carryforwards related to certain TRSs. The amounts related to NOLs at the TRS entities for 2024, 2023 and 2022 are $ 180.8 million, $ 179.0 million and $ 171.0 million, respectively. | text | 179.0 | monetaryItemType | text: <entity> 179.0 </entity> <entity type> monetaryItemType </entity type> <context> Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the NOL carryforwards related to certain TRSs. The amounts related to NOLs at the TRS entities for 2024, 2023 and 2022 are $ 180.8 million, $ 179.0 million and $ 171.0 million, respectively. </context> | us-gaap:OperatingLossCarryforwardsValuationAllowance |
Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the NOL carryforwards related to certain TRSs. The amounts related to NOLs at the TRS entities for 2024, 2023 and 2022 are $ 180.8 million, $ 179.0 million and $ 171.0 million, respectively. | text | 171.0 | monetaryItemType | text: <entity> 171.0 </entity> <entity type> monetaryItemType </entity type> <context> Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the NOL carryforwards related to certain TRSs. The amounts related to NOLs at the TRS entities for 2024, 2023 and 2022 are $ 180.8 million, $ 179.0 million and $ 171.0 million, respectively. </context> | us-gaap:OperatingLossCarryforwardsValuationAllowance |
At December 31, 2024, 2023 and 2022, the REIT had NOL carryforwards of $ 1.0 billion, $ 1.1 billion and $ 1.1 billion, respectively. Additionally, the REIT has $ 10.8 million of federal income tax credits that were carried over from acquisitions at December 31, 2024, 2023 and 2022. These amounts can be used to offset future taxable income (or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. Certain NOL and credit carryforwards are limited as to their utilization by Section 382 of the Code. The remaining REIT carryforwards began to expire in 2023. | text | 1.0 | monetaryItemType | text: <entity> 1.0 </entity> <entity type> monetaryItemType </entity type> <context> At December 31, 2024, 2023 and 2022, the REIT had NOL carryforwards of $ 1.0 billion, $ 1.1 billion and $ 1.1 billion, respectively. Additionally, the REIT has $ 10.8 million of federal income tax credits that were carried over from acquisitions at December 31, 2024, 2023 and 2022. These amounts can be used to offset future taxable income (or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. Certain NOL and credit carryforwards are limited as to their utilization by Section 382 of the Code. The remaining REIT carryforwards began to expire in 2023. </context> | us-gaap:OperatingLossCarryforwardsValuationAllowance |
At December 31, 2024, 2023 and 2022, the REIT had NOL carryforwards of $ 1.0 billion, $ 1.1 billion and $ 1.1 billion, respectively. Additionally, the REIT has $ 10.8 million of federal income tax credits that were carried over from acquisitions at December 31, 2024, 2023 and 2022. These amounts can be used to offset future taxable income (or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. Certain NOL and credit carryforwards are limited as to their utilization by Section 382 of the Code. The remaining REIT carryforwards began to expire in 2023. | text | 1.1 | monetaryItemType | text: <entity> 1.1 </entity> <entity type> monetaryItemType </entity type> <context> At December 31, 2024, 2023 and 2022, the REIT had NOL carryforwards of $ 1.0 billion, $ 1.1 billion and $ 1.1 billion, respectively. Additionally, the REIT has $ 10.8 million of federal income tax credits that were carried over from acquisitions at December 31, 2024, 2023 and 2022. These amounts can be used to offset future taxable income (or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. Certain NOL and credit carryforwards are limited as to their utilization by Section 382 of the Code. The remaining REIT carryforwards began to expire in 2023. </context> | us-gaap:OperatingLossCarryforwardsValuationAllowance |
At December 31, 2024, 2023 and 2022, the REIT had NOL carryforwards of $ 1.0 billion, $ 1.1 billion and $ 1.1 billion, respectively. Additionally, the REIT has $ 10.8 million of federal income tax credits that were carried over from acquisitions at December 31, 2024, 2023 and 2022. These amounts can be used to offset future taxable income (or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. Certain NOL and credit carryforwards are limited as to their utilization by Section 382 of the Code. The remaining REIT carryforwards began to expire in 2023. | text | 10.8 | monetaryItemType | text: <entity> 10.8 </entity> <entity type> monetaryItemType </entity type> <context> At December 31, 2024, 2023 and 2022, the REIT had NOL carryforwards of $ 1.0 billion, $ 1.1 billion and $ 1.1 billion, respectively. Additionally, the REIT has $ 10.8 million of federal income tax credits that were carried over from acquisitions at December 31, 2024, 2023 and 2022. These amounts can be used to offset future taxable income (or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. Certain NOL and credit carryforwards are limited as to their utilization by Section 382 of the Code. The remaining REIT carryforwards began to expire in 2023. </context> | us-gaap:TaxCreditCarryforwardAmount |
For the years ended December 31, 2024 and 2023, the net difference between tax bases and the reported amount of REIT assets and liabilities for federal income tax purposes was approximately $ 1.8 billion and $ 2.2 billion, respectively, less than the book bases of those assets and liabilities for financial reporting purposes. | text | 1.8 | monetaryItemType | text: <entity> 1.8 </entity> <entity type> monetaryItemType </entity type> <context> For the years ended December 31, 2024 and 2023, the net difference between tax bases and the reported amount of REIT assets and liabilities for federal income tax purposes was approximately $ 1.8 billion and $ 2.2 billion, respectively, less than the book bases of those assets and liabilities for financial reporting purposes. </context> | us-gaap:EntityNotSubjectToIncomeTaxesDifferenceInBasesAmount |
For the years ended December 31, 2024 and 2023, the net difference between tax bases and the reported amount of REIT assets and liabilities for federal income tax purposes was approximately $ 1.8 billion and $ 2.2 billion, respectively, less than the book bases of those assets and liabilities for financial reporting purposes. | text | 2.2 | monetaryItemType | text: <entity> 2.2 </entity> <entity type> monetaryItemType </entity type> <context> For the years ended December 31, 2024 and 2023, the net difference between tax bases and the reported amount of REIT assets and liabilities for federal income tax purposes was approximately $ 1.8 billion and $ 2.2 billion, respectively, less than the book bases of those assets and liabilities for financial reporting purposes. </context> | us-gaap:EntityNotSubjectToIncomeTaxesDifferenceInBasesAmount |
If recognized, these unrecognized tax benefits of $ 4.0 million and $ 5.2 million at December 31, 2024 and 2023, respectively, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2024. We do not expect our unrecognized tax benefits to increase or decrease materially in 2025. | text | 4.0 | monetaryItemType | text: <entity> 4.0 </entity> <entity type> monetaryItemType </entity type> <context> If recognized, these unrecognized tax benefits of $ 4.0 million and $ 5.2 million at December 31, 2024 and 2023, respectively, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2024. We do not expect our unrecognized tax benefits to increase or decrease materially in 2025. </context> | us-gaap:UnrecognizedTaxBenefits |
If recognized, these unrecognized tax benefits of $ 4.0 million and $ 5.2 million at December 31, 2024 and 2023, respectively, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2024. We do not expect our unrecognized tax benefits to increase or decrease materially in 2025. | text | 5.2 | monetaryItemType | text: <entity> 5.2 </entity> <entity type> monetaryItemType </entity type> <context> If recognized, these unrecognized tax benefits of $ 4.0 million and $ 5.2 million at December 31, 2024 and 2023, respectively, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2024. We do not expect our unrecognized tax benefits to increase or decrease materially in 2025. </context> | us-gaap:UnrecognizedTaxBenefits |
If recognized, these unrecognized tax benefits of $ 4.0 million and $ 5.2 million at December 31, 2024 and 2023, respectively, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2024. We do not expect our unrecognized tax benefits to increase or decrease materially in 2025. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> If recognized, these unrecognized tax benefits of $ 4.0 million and $ 5.2 million at December 31, 2024 and 2023, respectively, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2024. We do not expect our unrecognized tax benefits to increase or decrease materially in 2025. </context> | us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued |
As of December 31, 2024 and 2023, no triggering events relating to our guarantees, indemnities or similar contingent obligations have occurred. Accordingly, no contingent liability is recorded in our Consolidated Balance Sheets. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024 and 2023, no triggering events relating to our guarantees, indemnities or similar contingent obligations have occurred. Accordingly, no contingent liability is recorded in our Consolidated Balance Sheets. </context> | us-gaap:LossContingencyAccrualAtCarryingValue |
We lease land, equipment and corporate office space. At inception, we establish an operating lease asset and operating lease liability represented as the present value of future minimum lease payments. As our leases do not provide an implicit rate, we use a discount rate that approximates our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were adjusted for the length of the individual lease term. The weighted average discount rate and remaining lease term of our leases are 7.40 % and 33.1 years, respectively. Operating lease assets and liabilities are not recognized for leases with an initial term of 12 months or less, as these short-term leases are accounted for similar to previous guidance. Many of our leases include renewal options to extend the term for one year or more. Renewal options that we are not reasonably certain to exercise are excluded from the operating lease assets and liabilities. | text | 7.40 | percentItemType | text: <entity> 7.40 </entity> <entity type> percentItemType </entity type> <context> We lease land, equipment and corporate office space. At inception, we establish an operating lease asset and operating lease liability represented as the present value of future minimum lease payments. As our leases do not provide an implicit rate, we use a discount rate that approximates our incremental borrowing rate available at lease commencement to determine the present value of lease payments. The incremental borrowing rates were adjusted for the length of the individual lease term. The weighted average discount rate and remaining lease term of our leases are 7.40 % and 33.1 years, respectively. Operating lease assets and liabilities are not recognized for leases with an initial term of 12 months or less, as these short-term leases are accounted for similar to previous guidance. Many of our leases include renewal options to extend the term for one year or more. Renewal options that we are not reasonably certain to exercise are excluded from the operating lease assets and liabilities. </context> | us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent |
Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. | text | 33.7 | monetaryItemType | text: <entity> 33.7 </entity> <entity type> monetaryItemType </entity type> <context> Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. </context> | us-gaap:OperatingLeaseExpense |
Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. | text | 37.0 | monetaryItemType | text: <entity> 37.0 </entity> <entity type> monetaryItemType </entity type> <context> Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. </context> | us-gaap:OperatingLeaseExpense |
Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. | text | 31.9 | monetaryItemType | text: <entity> 31.9 </entity> <entity type> monetaryItemType </entity type> <context> Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. </context> | us-gaap:OperatingLeaseExpense |
Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. | text | 24.8 | monetaryItemType | text: <entity> 24.8 </entity> <entity type> monetaryItemType </entity type> <context> Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. </context> | us-gaap:OperatingLeasePayments |
Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. | text | 29.8 | monetaryItemType | text: <entity> 29.8 </entity> <entity type> monetaryItemType </entity type> <context> Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. </context> | us-gaap:OperatingLeasePayments |
Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. | text | 24.0 | monetaryItemType | text: <entity> 24.0 </entity> <entity type> monetaryItemType </entity type> <context> Our lease expense primarily consists of ground leases, which is included in Interest expense in our Consolidated Statements of Income. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 33.7 million, $ 37.0 million and $ 31.9 million of expense relating to our leases, respectively. For the years ended December 31, 2024, 2023 and 2022, cash paid for leases was $ 24.8 million, $ 29.8 million and $ 24.0 million, respectively, as reported within operating cash outflows in our Consolidated Statements of Cash Flows. </context> | us-gaap:OperatingLeasePayments |
There were 2.9 million, 3.5 million and 3.6 million anti-dilutive options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively. | text | 2.9 | sharesItemType | text: <entity> 2.9 </entity> <entity type> sharesItemType </entity type> <context> There were 2.9 million, 3.5 million and 3.6 million anti-dilutive options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively. </context> | us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
There were 2.9 million, 3.5 million and 3.6 million anti-dilutive options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively. | text | 3.5 | sharesItemType | text: <entity> 3.5 </entity> <entity type> sharesItemType </entity type> <context> There were 2.9 million, 3.5 million and 3.6 million anti-dilutive options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively. </context> | us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
There were 2.9 million, 3.5 million and 3.6 million anti-dilutive options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively. | text | 3.6 | sharesItemType | text: <entity> 3.6 </entity> <entity type> sharesItemType </entity type> <context> There were 2.9 million, 3.5 million and 3.6 million anti-dilutive options outstanding for the years ended December 31, 2024, 2023 and 2022, respectively. </context> | us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
We hold a 34 % ownership interest in Atria, which entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors. | text | 34 | percentItemType | text: <entity> 34 </entity> <entity type> percentItemType </entity type> <context> We hold a 34 % ownership interest in Atria, which entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors. </context> | us-gaap:EquityMethodInvestmentOwnershipPercentage |
Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. | text | 62.9 | monetaryItemType | text: <entity> 62.9 </entity> <entity type> monetaryItemType </entity type> <context> Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. </context> | us-gaap:CostsAndExpensesRelatedParty |
Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. | text | 63.4 | monetaryItemType | text: <entity> 63.4 </entity> <entity type> monetaryItemType </entity type> <context> Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. </context> | us-gaap:CostsAndExpensesRelatedParty |
Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. | text | 61.5 | monetaryItemType | text: <entity> 61.5 </entity> <entity type> monetaryItemType </entity type> <context> Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. </context> | us-gaap:CostsAndExpensesRelatedParty |
Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. | text | 0.1 | monetaryItemType | text: <entity> 0.1 </entity> <entity type> monetaryItemType </entity type> <context> Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. </context> | us-gaap:CostsAndExpensesRelatedParty |
Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. | text | 1.5 | monetaryItemType | text: <entity> 1.5 </entity> <entity type> monetaryItemType </entity type> <context> Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. </context> | us-gaap:CostsAndExpensesRelatedParty |
Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. | text | 6.1 | monetaryItemType | text: <entity> 6.1 </entity> <entity type> monetaryItemType </entity type> <context> Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 62.9 million, $ 63.4 million and $ 61.5 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2024, 2023 and 2022, we incurred fees to Atria of $ 0.1 million, $ 1.5 million and $ 6.1 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. </context> | us-gaap:CostsAndExpensesRelatedParty |
In May 2023, we sold approximately 24 % of our ownership interest in Ardent to a third-party investor for $ 50.1 million in total proceeds. As a result of the sale, we recognized $ 33.5 million of gain for the year ended December 31, | text | 50.1 | monetaryItemType | text: <entity> 50.1 </entity> <entity type> monetaryItemType </entity type> <context> In May 2023, we sold approximately 24 % of our ownership interest in Ardent to a third-party investor for $ 50.1 million in total proceeds. As a result of the sale, we recognized $ 33.5 million of gain for the year ended December 31, </context> | us-gaap:ProceedsFromSaleOfEquityMethodInvestments |
In May 2023, we sold approximately 24 % of our ownership interest in Ardent to a third-party investor for $ 50.1 million in total proceeds. As a result of the sale, we recognized $ 33.5 million of gain for the year ended December 31, | text | 33.5 | monetaryItemType | text: <entity> 33.5 </entity> <entity type> monetaryItemType </entity type> <context> In May 2023, we sold approximately 24 % of our ownership interest in Ardent to a third-party investor for $ 50.1 million in total proceeds. As a result of the sale, we recognized $ 33.5 million of gain for the year ended December 31, </context> | us-gaap:EquityMethodInvestmentRealizedGainLossOnDisposal |
2023 in Income from unconsolidated entities in our Consolidated Statements of Income and our ownership interest in Ardent was reduced from 9.8 % to 7.5 %. | text | 9.8 | percentItemType | text: <entity> 9.8 </entity> <entity type> percentItemType </entity type> <context> 2023 in Income from unconsolidated entities in our Consolidated Statements of Income and our ownership interest in Ardent was reduced from 9.8 % to 7.5 %. </context> | us-gaap:EquityMethodInvestmentOwnershipPercentage |
2023 in Income from unconsolidated entities in our Consolidated Statements of Income and our ownership interest in Ardent was reduced from 9.8 % to 7.5 %. | text | 7.5 | percentItemType | text: <entity> 7.5 </entity> <entity type> percentItemType </entity type> <context> 2023 in Income from unconsolidated entities in our Consolidated Statements of Income and our ownership interest in Ardent was reduced from 9.8 % to 7.5 %. </context> | us-gaap:EquityMethodInvestmentOwnershipPercentage |
As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. | text | 11 | integerItemType | text: <entity> 11 </entity> <entity type> integerItemType </entity type> <context> As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. </context> | us-gaap:NumberOfRealEstateProperties |
As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. | text | 137.1 | monetaryItemType | text: <entity> 137.1 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. </context> | us-gaap:Revenues |
As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. | text | 133.7 | monetaryItemType | text: <entity> 133.7 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. </context> | us-gaap:Revenues |
As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. | text | 130.5 | monetaryItemType | text: <entity> 130.5 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. </context> | us-gaap:Revenues |
As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. | text | 19 | integerItemType | text: <entity> 19 </entity> <entity type> integerItemType </entity type> <context> As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. </context> | us-gaap:NumberOfRealEstateProperties |
As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. | text | 13.5 | monetaryItemType | text: <entity> 13.5 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. </context> | us-gaap:Revenues |
As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. | text | 13.4 | monetaryItemType | text: <entity> 13.4 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. </context> | us-gaap:Revenues |
As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. | text | 12.1 | monetaryItemType | text: <entity> 12.1 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, we leased 11 hospitals to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 137.1 million, $ 133.7 million and $ 130.5 million, respectively. As of December 31, 2024, we also leased 19 outpatient medical buildings to Ardent under separate leases included in our OM&R segment. For the years ended December 31, 2024, 2023 and 2022, we recognized rental income from Ardent of $ 13.5 million, $ 13.4 million and $ 12.1 million, respectively. </context> | us-gaap:Revenues |
We hold a 50 % ownership interest in PMB Real Estate Services LLC (“PMBRES”), which entitles us to customary rights and protections, including the right to appoint two members to the PMBRES Board of Directors. | text | 50 | percentItemType | text: <entity> 50 </entity> <entity type> percentItemType </entity type> <context> We hold a 50 % ownership interest in PMB Real Estate Services LLC (“PMBRES”), which entitles us to customary rights and protections, including the right to appoint two members to the PMBRES Board of Directors. </context> | us-gaap:EquityMethodInvestmentOwnershipPercentage |
PMBRES provides outpatient medical building management, leasing, marketing, facility development and advisory services to highly rated hospitals and other healthcare facilities throughout the United States, for which we pay management fees and leasing commissions pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to PMBRES of $ 11.2 million, $ 10.9 million and $ 8.5 million, respectively. Management fees are recorded within property-level operating expenses in our Consolidated Statements of Income. Leasing commissions are accounted for as initial direct costs and recorded within other assets on our Consolidated Balance Sheets and amortized over the life of the related lease. | text | 11.2 | monetaryItemType | text: <entity> 11.2 </entity> <entity type> monetaryItemType </entity type> <context> PMBRES provides outpatient medical building management, leasing, marketing, facility development and advisory services to highly rated hospitals and other healthcare facilities throughout the United States, for which we pay management fees and leasing commissions pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to PMBRES of $ 11.2 million, $ 10.9 million and $ 8.5 million, respectively. Management fees are recorded within property-level operating expenses in our Consolidated Statements of Income. Leasing commissions are accounted for as initial direct costs and recorded within other assets on our Consolidated Balance Sheets and amortized over the life of the related lease. </context> | us-gaap:CostsAndExpensesRelatedParty |
PMBRES provides outpatient medical building management, leasing, marketing, facility development and advisory services to highly rated hospitals and other healthcare facilities throughout the United States, for which we pay management fees and leasing commissions pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to PMBRES of $ 11.2 million, $ 10.9 million and $ 8.5 million, respectively. Management fees are recorded within property-level operating expenses in our Consolidated Statements of Income. Leasing commissions are accounted for as initial direct costs and recorded within other assets on our Consolidated Balance Sheets and amortized over the life of the related lease. | text | 10.9 | monetaryItemType | text: <entity> 10.9 </entity> <entity type> monetaryItemType </entity type> <context> PMBRES provides outpatient medical building management, leasing, marketing, facility development and advisory services to highly rated hospitals and other healthcare facilities throughout the United States, for which we pay management fees and leasing commissions pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to PMBRES of $ 11.2 million, $ 10.9 million and $ 8.5 million, respectively. Management fees are recorded within property-level operating expenses in our Consolidated Statements of Income. Leasing commissions are accounted for as initial direct costs and recorded within other assets on our Consolidated Balance Sheets and amortized over the life of the related lease. </context> | us-gaap:CostsAndExpensesRelatedParty |
PMBRES provides outpatient medical building management, leasing, marketing, facility development and advisory services to highly rated hospitals and other healthcare facilities throughout the United States, for which we pay management fees and leasing commissions pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to PMBRES of $ 11.2 million, $ 10.9 million and $ 8.5 million, respectively. Management fees are recorded within property-level operating expenses in our Consolidated Statements of Income. Leasing commissions are accounted for as initial direct costs and recorded within other assets on our Consolidated Balance Sheets and amortized over the life of the related lease. | text | 8.5 | monetaryItemType | text: <entity> 8.5 </entity> <entity type> monetaryItemType </entity type> <context> PMBRES provides outpatient medical building management, leasing, marketing, facility development and advisory services to highly rated hospitals and other healthcare facilities throughout the United States, for which we pay management fees and leasing commissions pursuant to long-term management agreements. For the years ended December 31, 2024, 2023 and 2022, we incurred fees to PMBRES of $ 11.2 million, $ 10.9 million and $ 8.5 million, respectively. Management fees are recorded within property-level operating expenses in our Consolidated Statements of Income. Leasing commissions are accounted for as initial direct costs and recorded within other assets on our Consolidated Balance Sheets and amortized over the life of the related lease. </context> | us-gaap:CostsAndExpensesRelatedParty |
The Company operates as one operating segment and is primarily focused on directly originating and managing a diversified portfolio of CRE debt-related investments for the Company’s own account. The Company’s target investments include senior mortgage loans, subordinated debt, preferred equity, mezzanine loans and other CRE investments, including commercial mortgage backed securities. These investments are generally held for investment and are secured, directly or indirectly, by office, multifamily, retail, industrial, lodging, self storage, student housing, residential and other commercial real estate properties, or by ownership interests therein. | text | one | integerItemType | text: <entity> one </entity> <entity type> integerItemType </entity type> <context> The Company operates as one operating segment and is primarily focused on directly originating and managing a diversified portfolio of CRE debt-related investments for the Company’s own account. The Company’s target investments include senior mortgage loans, subordinated debt, preferred equity, mezzanine loans and other CRE investments, including commercial mortgage backed securities. These investments are generally held for investment and are secured, directly or indirectly, by office, multifamily, retail, industrial, lodging, self storage, student housing, residential and other commercial real estate properties, or by ownership interests therein. </context> | us-gaap:NumberOfReportableSegments |
As of December 31, 2023, the Company’s portfolio included 46 loans held for investment, excluding 167 loans that were repaid, sold, converted to real estate owned or transferred to held for sale since inception. The aggregate originated commitment under these loans at closing was approximately $ 2.4 billion and outstanding principal was $ 2.2 billion as of December 31, 2023. During the year ended December 31, 2023, the Company funded approximately $ 215.9 million of outstanding principal, received repayments of $ 181.1 million of outstanding principal, sold two loans with aggregate outstanding principal of $ 41.5 million to third parties, converted one loan with outstanding principal of $ 82.9 million to real estate owned and transferred one loan to loans held for sale with outstanding principal of $ 37.9 million. As of December 31, 2023, 69.0 % of the Company’s loans have Secured Overnight Financing Rate (“SOFR”) floors, with a weighted average floor of 1.13 %, calculated based on loans with SOFR floors. References to SOFR or “S” are to 30-day SOFR (unless otherwise specifically stated). | text | 41.5 | monetaryItemType | text: <entity> 41.5 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the Company’s portfolio included 46 loans held for investment, excluding 167 loans that were repaid, sold, converted to real estate owned or transferred to held for sale since inception. The aggregate originated commitment under these loans at closing was approximately $ 2.4 billion and outstanding principal was $ 2.2 billion as of December 31, 2023. During the year ended December 31, 2023, the Company funded approximately $ 215.9 million of outstanding principal, received repayments of $ 181.1 million of outstanding principal, sold two loans with aggregate outstanding principal of $ 41.5 million to third parties, converted one loan with outstanding principal of $ 82.9 million to real estate owned and transferred one loan to loans held for sale with outstanding principal of $ 37.9 million. As of December 31, 2023, 69.0 % of the Company’s loans have Secured Overnight Financing Rate (“SOFR”) floors, with a weighted average floor of 1.13 %, calculated based on loans with SOFR floors. References to SOFR or “S” are to 30-day SOFR (unless otherwise specifically stated). </context> | us-gaap:PrincipalAmountOutstandingOnLoansHeldForSaleOrSecuritization |
As of December 31, 2023, the Company’s portfolio included 46 loans held for investment, excluding 167 loans that were repaid, sold, converted to real estate owned or transferred to held for sale since inception. The aggregate originated commitment under these loans at closing was approximately $ 2.4 billion and outstanding principal was $ 2.2 billion as of December 31, 2023. During the year ended December 31, 2023, the Company funded approximately $ 215.9 million of outstanding principal, received repayments of $ 181.1 million of outstanding principal, sold two loans with aggregate outstanding principal of $ 41.5 million to third parties, converted one loan with outstanding principal of $ 82.9 million to real estate owned and transferred one loan to loans held for sale with outstanding principal of $ 37.9 million. As of December 31, 2023, 69.0 % of the Company’s loans have Secured Overnight Financing Rate (“SOFR”) floors, with a weighted average floor of 1.13 %, calculated based on loans with SOFR floors. References to SOFR or “S” are to 30-day SOFR (unless otherwise specifically stated). | text | 82.9 | monetaryItemType | text: <entity> 82.9 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the Company’s portfolio included 46 loans held for investment, excluding 167 loans that were repaid, sold, converted to real estate owned or transferred to held for sale since inception. The aggregate originated commitment under these loans at closing was approximately $ 2.4 billion and outstanding principal was $ 2.2 billion as of December 31, 2023. During the year ended December 31, 2023, the Company funded approximately $ 215.9 million of outstanding principal, received repayments of $ 181.1 million of outstanding principal, sold two loans with aggregate outstanding principal of $ 41.5 million to third parties, converted one loan with outstanding principal of $ 82.9 million to real estate owned and transferred one loan to loans held for sale with outstanding principal of $ 37.9 million. As of December 31, 2023, 69.0 % of the Company’s loans have Secured Overnight Financing Rate (“SOFR”) floors, with a weighted average floor of 1.13 %, calculated based on loans with SOFR floors. References to SOFR or “S” are to 30-day SOFR (unless otherwise specifically stated). </context> | us-gaap:PrincipalAmountOutstandingOnLoansSecuritized |
As of December 31, 2023, the Company’s portfolio included 46 loans held for investment, excluding 167 loans that were repaid, sold, converted to real estate owned or transferred to held for sale since inception. The aggregate originated commitment under these loans at closing was approximately $ 2.4 billion and outstanding principal was $ 2.2 billion as of December 31, 2023. During the year ended December 31, 2023, the Company funded approximately $ 215.9 million of outstanding principal, received repayments of $ 181.1 million of outstanding principal, sold two loans with aggregate outstanding principal of $ 41.5 million to third parties, converted one loan with outstanding principal of $ 82.9 million to real estate owned and transferred one loan to loans held for sale with outstanding principal of $ 37.9 million. As of December 31, 2023, 69.0 % of the Company’s loans have Secured Overnight Financing Rate (“SOFR”) floors, with a weighted average floor of 1.13 %, calculated based on loans with SOFR floors. References to SOFR or “S” are to 30-day SOFR (unless otherwise specifically stated). | text | 37.9 | monetaryItemType | text: <entity> 37.9 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the Company’s portfolio included 46 loans held for investment, excluding 167 loans that were repaid, sold, converted to real estate owned or transferred to held for sale since inception. The aggregate originated commitment under these loans at closing was approximately $ 2.4 billion and outstanding principal was $ 2.2 billion as of December 31, 2023. During the year ended December 31, 2023, the Company funded approximately $ 215.9 million of outstanding principal, received repayments of $ 181.1 million of outstanding principal, sold two loans with aggregate outstanding principal of $ 41.5 million to third parties, converted one loan with outstanding principal of $ 82.9 million to real estate owned and transferred one loan to loans held for sale with outstanding principal of $ 37.9 million. As of December 31, 2023, 69.0 % of the Company’s loans have Secured Overnight Financing Rate (“SOFR”) floors, with a weighted average floor of 1.13 %, calculated based on loans with SOFR floors. References to SOFR or “S” are to 30-day SOFR (unless otherwise specifically stated). </context> | us-gaap:PrincipalAmountOutstandingOfLoansHeldInPortfolio |
The Illinois loan is structured as both a senior and mezzanine loan with the Company holding both positions. The senior position has a per annum interest rate of S + 2.25 % and the mezzanine position has a fixed per annum interest rate of 10.00 %. The mezzanine position of this loan, which had an outstanding principal balance of $ 45.1 million as of December 31, 2023, was on non-accrual status as of December 31, 2023 and therefore, the Unleveraged Effective Yield presented is for the senior position only as the mezzanine position is non-interest accruing. In March 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the Illinois loan from March 2023 to March 2025. For the year ended December 31, 2023, the Company received $ 1.7 million of interest payments and other fees in cash on the mezzanine position of the Illinois loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. | text | 2.25 | percentItemType | text: <entity> 2.25 </entity> <entity type> percentItemType </entity type> <context> The Illinois loan is structured as both a senior and mezzanine loan with the Company holding both positions. The senior position has a per annum interest rate of S + 2.25 % and the mezzanine position has a fixed per annum interest rate of 10.00 %. The mezzanine position of this loan, which had an outstanding principal balance of $ 45.1 million as of December 31, 2023, was on non-accrual status as of December 31, 2023 and therefore, the Unleveraged Effective Yield presented is for the senior position only as the mezzanine position is non-interest accruing. In March 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the Illinois loan from March 2023 to March 2025. For the year ended December 31, 2023, the Company received $ 1.7 million of interest payments and other fees in cash on the mezzanine position of the Illinois loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. </context> | us-gaap:LoansReceivableBasisSpreadOnVariableRate |
The Illinois loan is structured as both a senior and mezzanine loan with the Company holding both positions. The senior position has a per annum interest rate of S + 2.25 % and the mezzanine position has a fixed per annum interest rate of 10.00 %. The mezzanine position of this loan, which had an outstanding principal balance of $ 45.1 million as of December 31, 2023, was on non-accrual status as of December 31, 2023 and therefore, the Unleveraged Effective Yield presented is for the senior position only as the mezzanine position is non-interest accruing. In March 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the Illinois loan from March 2023 to March 2025. For the year ended December 31, 2023, the Company received $ 1.7 million of interest payments and other fees in cash on the mezzanine position of the Illinois loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. | text | 1.7 | monetaryItemType | text: <entity> 1.7 </entity> <entity type> monetaryItemType </entity type> <context> The Illinois loan is structured as both a senior and mezzanine loan with the Company holding both positions. The senior position has a per annum interest rate of S + 2.25 % and the mezzanine position has a fixed per annum interest rate of 10.00 %. The mezzanine position of this loan, which had an outstanding principal balance of $ 45.1 million as of December 31, 2023, was on non-accrual status as of December 31, 2023 and therefore, the Unleveraged Effective Yield presented is for the senior position only as the mezzanine position is non-interest accruing. In March 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the Illinois loan from March 2023 to March 2025. For the year ended December 31, 2023, the Company received $ 1.7 million of interest payments and other fees in cash on the mezzanine position of the Illinois loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. </context> | us-gaap:InvestmentIncomeInterest |
The New York loan is structured as both a senior and mezzanine loan with the Company holding both positions. The senior and mezzanine positions each have a per annum interest rate of S + 8.95 %. The senior and mezzanine loans were both on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In June 2023, the Company and the borrower entered into a modification agreement to, among other things, modify certain construction milestones. Upon the closing of the modification agreement, the New York loan was no longer in default. In September 2023, the borrower exercised a six-month extension option in accordance with the loan agreement, which extended the maturity date on the New York loan to April 2024. | text | 8.95 | percentItemType | text: <entity> 8.95 </entity> <entity type> percentItemType </entity type> <context> The New York loan is structured as both a senior and mezzanine loan with the Company holding both positions. The senior and mezzanine positions each have a per annum interest rate of S + 8.95 %. The senior and mezzanine loans were both on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In June 2023, the Company and the borrower entered into a modification agreement to, among other things, modify certain construction milestones. Upon the closing of the modification agreement, the New York loan was no longer in default. In September 2023, the borrower exercised a six-month extension option in accordance with the loan agreement, which extended the maturity date on the New York loan to April 2024. </context> | us-gaap:LoansReceivableBasisSpreadOnVariableRate |
Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. For the year ended December 31, 2023, the Company received $ 1.4 million of interest payments in cash on the senior New York loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. | text | 1.4 | monetaryItemType | text: <entity> 1.4 </entity> <entity type> monetaryItemType </entity type> <context> Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. For the year ended December 31, 2023, the Company received $ 1.4 million of interest payments in cash on the senior New York loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. </context> | us-gaap:InvestmentIncomeInterest |
Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In March 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior North Carolina loan from March 2023 to March 2024. For the year ended December 31, 2023, the Company received $ 1.4 million of interest payments in cash on the senior North Carolina loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. | text | 1.4 | monetaryItemType | text: <entity> 1.4 </entity> <entity type> monetaryItemType </entity type> <context> Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In March 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior North Carolina loan from March 2023 to March 2024. For the year ended December 31, 2023, the Company received $ 1.4 million of interest payments in cash on the senior North Carolina loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. </context> | us-gaap:InvestmentIncomeInterest |
Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In June 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior Illinois loan from June 2023 to December 2023, and in December 2023, the maturity date was further extended to February 2024. For the year ended December 31, 2023, the Company received $ 5.2 million of interest payments in cash on the senior Illinois loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. See Note 17 included in these consolidated financial statements for a subsequent event related to the senior Illinois loan. | text | 5.2 | monetaryItemType | text: <entity> 5.2 </entity> <entity type> monetaryItemType </entity type> <context> Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In June 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior Illinois loan from June 2023 to December 2023, and in December 2023, the maturity date was further extended to February 2024. For the year ended December 31, 2023, the Company received $ 5.2 million of interest payments in cash on the senior Illinois loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. See Note 17 included in these consolidated financial statements for a subsequent event related to the senior Illinois loan. </context> | us-gaap:InvestmentIncomeInterest |
Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In March 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior California loan from March 2023 to November 2023, and in November 2023, the maturity date was further extended to December 2023. As of December 31, 2023, the senior California loan, which is collateralized by an office property, is in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2023 maturity date. For the year ended December 31, 2023, the Company received $ 2.5 million of interest payments in cash on the senior California loan that was recognized as a reduction to the carrying value of the loan. The Company is in the process of a foreclosure of the property with legal title of the property expected to be acquired in the second quarter of 2024. Once legal title of the property is acquired, the Company will derecognize the senior California loan and recognize the office property as real estate owned. | text | 2.5 | monetaryItemType | text: <entity> 2.5 </entity> <entity type> monetaryItemType </entity type> <context> Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In March 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior California loan from March 2023 to November 2023, and in November 2023, the maturity date was further extended to December 2023. As of December 31, 2023, the senior California loan, which is collateralized by an office property, is in maturity default due to the failure of the borrower to repay the outstanding principal balance of the loan by the December 2023 maturity date. For the year ended December 31, 2023, the Company received $ 2.5 million of interest payments in cash on the senior California loan that was recognized as a reduction to the carrying value of the loan. The Company is in the process of a foreclosure of the property with legal title of the property expected to be acquired in the second quarter of 2024. Once legal title of the property is acquired, the Company will derecognize the senior California loan and recognize the office property as real estate owned. </context> | us-gaap:InvestmentIncomeInterest |
In December 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, reduce the interest rate on the senior Pennsylvania loan from S+ 4.00 % to S+ 2.50 % and extend the maturity date from December 2023 to December 2025. | text | 4.00 | percentItemType | text: <entity> 4.00 </entity> <entity type> percentItemType </entity type> <context> In December 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, reduce the interest rate on the senior Pennsylvania loan from S+ 4.00 % to S+ 2.50 % and extend the maturity date from December 2023 to December 2025. </context> | us-gaap:LoansReceivableBasisSpreadOnVariableRate |
In December 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, reduce the interest rate on the senior Pennsylvania loan from S+ 4.00 % to S+ 2.50 % and extend the maturity date from December 2023 to December 2025. | text | 2.50 | percentItemType | text: <entity> 2.50 </entity> <entity type> percentItemType </entity type> <context> In December 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, reduce the interest rate on the senior Pennsylvania loan from S+ 4.00 % to S+ 2.50 % and extend the maturity date from December 2023 to December 2025. </context> | us-gaap:LoansReceivableBasisSpreadOnVariableRate |
Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In February 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior California loan from March 2023 to September 2024. For the year ended December 31, 2023, the Company received $ 374 thousand of interest payments in cash on the senior California loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. | text | 374 | monetaryItemType | text: <entity> 374 </entity> <entity type> monetaryItemType </entity type> <context> Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. In February 2023, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the senior California loan from March 2023 to September 2024. For the year ended December 31, 2023, the Company received $ 374 thousand of interest payments in cash on the senior California loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. </context> | us-gaap:InvestmentIncomeInterest |
Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. For the year ended December 31, 2023, the Company received $ 2.1 million of interest payments in cash on the mezzanine New Jersey loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. See Note 17 included in these consolidated financial statements for a subsequent event related to the mezzanine New Jersey loan. | text | 2.1 | monetaryItemType | text: <entity> 2.1 </entity> <entity type> monetaryItemType </entity type> <context> Loan was on non-accrual status as of December 31, 2023 and the Unleveraged Effective Yield is not applicable. For the year ended December 31, 2023, the Company received $ 2.1 million of interest payments in cash on the mezzanine New Jersey loan that was recognized as a reduction to the carrying value of the loan and the borrower is current on all contractual interest payments. See Note 17 included in these consolidated financial statements for a subsequent event related to the mezzanine New Jersey loan. </context> | us-gaap:InvestmentIncomeInterest |
Except as described in the table above listing the Company’s loans held for investment portfolio, as of December 31, 2023, all loans held for investment were paying in accordance with their contractual terms. As of December 31, 2023, the Company had nine loans held for investment on non-accrual status with a carrying value of $ 399.3 million. As of December 31, 2022, the Company had three loans held for investment on non-accrual status with a carrying value of $ 99.1 million. | text | 399.3 | monetaryItemType | text: <entity> 399.3 </entity> <entity type> monetaryItemType </entity type> <context> Except as described in the table above listing the Company’s loans held for investment portfolio, as of December 31, 2023, all loans held for investment were paying in accordance with their contractual terms. As of December 31, 2023, the Company had nine loans held for investment on non-accrual status with a carrying value of $ 399.3 million. As of December 31, 2022, the Company had three loans held for investment on non-accrual status with a carrying value of $ 99.1 million. </context> | us-gaap:FinancingReceivableRecordedInvestmentNonaccrualStatus |
Except as described in the table above listing the Company’s loans held for investment portfolio, as of December 31, 2023, all loans held for investment were paying in accordance with their contractual terms. As of December 31, 2023, the Company had nine loans held for investment on non-accrual status with a carrying value of $ 399.3 million. As of December 31, 2022, the Company had three loans held for investment on non-accrual status with a carrying value of $ 99.1 million. | text | 99.1 | monetaryItemType | text: <entity> 99.1 </entity> <entity type> monetaryItemType </entity type> <context> Except as described in the table above listing the Company’s loans held for investment portfolio, as of December 31, 2023, all loans held for investment were paying in accordance with their contractual terms. As of December 31, 2023, the Company had nine loans held for investment on non-accrual status with a carrying value of $ 399.3 million. As of December 31, 2022, the Company had three loans held for investment on non-accrual status with a carrying value of $ 99.1 million. </context> | us-gaap:FinancingReceivableRecordedInvestmentNonaccrualStatus |
As of December 31, 2023, the Company’s CECL Reserve for its loans held for investment portfolio is $ 163.1 million or 717 basis points of the Company’s total loans held for investment commitment balance of $ 2.3 billion and is bifurcated between the CECL Reserve (contra-asset) related to outstanding balances on loans held for investment of $ 159.9 million and a liability for unfunded commitments of $ 3.2 million. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion. | text | 163.1 | monetaryItemType | text: <entity> 163.1 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the Company’s CECL Reserve for its loans held for investment portfolio is $ 163.1 million or 717 basis points of the Company’s total loans held for investment commitment balance of $ 2.3 billion and is bifurcated between the CECL Reserve (contra-asset) related to outstanding balances on loans held for investment of $ 159.9 million and a liability for unfunded commitments of $ 3.2 million. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion. </context> | us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest |
As of December 31, 2023, the Company’s CECL Reserve for its loans held for investment portfolio is $ 163.1 million or 717 basis points of the Company’s total loans held for investment commitment balance of $ 2.3 billion and is bifurcated between the CECL Reserve (contra-asset) related to outstanding balances on loans held for investment of $ 159.9 million and a liability for unfunded commitments of $ 3.2 million. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion. | text | 159.9 | monetaryItemType | text: <entity> 159.9 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the Company’s CECL Reserve for its loans held for investment portfolio is $ 163.1 million or 717 basis points of the Company’s total loans held for investment commitment balance of $ 2.3 billion and is bifurcated between the CECL Reserve (contra-asset) related to outstanding balances on loans held for investment of $ 159.9 million and a liability for unfunded commitments of $ 3.2 million. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion. </context> | us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest |
As of December 31, 2023, the Company’s CECL Reserve for its loans held for investment portfolio is $ 163.1 million or 717 basis points of the Company’s total loans held for investment commitment balance of $ 2.3 billion and is bifurcated between the CECL Reserve (contra-asset) related to outstanding balances on loans held for investment of $ 159.9 million and a liability for unfunded commitments of $ 3.2 million. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion. | text | 3.2 | monetaryItemType | text: <entity> 3.2 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the Company’s CECL Reserve for its loans held for investment portfolio is $ 163.1 million or 717 basis points of the Company’s total loans held for investment commitment balance of $ 2.3 billion and is bifurcated between the CECL Reserve (contra-asset) related to outstanding balances on loans held for investment of $ 159.9 million and a liability for unfunded commitments of $ 3.2 million. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion. </context> | us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest |
During the year ended December 31, 2023, the senior mortgage loan on an office property located in Illinois with a principal balance of $ 56.9 million, the senior mortgage loan on an office property located in California with a principal balance of $ 33.2 million and the senior mortgage loan on a multifamily property located in Washington with a principal balance of $ 18.8 million were each downgraded to a risk rating of “5.” As of December 31, 2023, each of these loans was assessed individually and the Company elected to assign specific CECL Reserves of $ 39.7 million on the Illinois office loan, $ 14.7 million on the California office loan and $ 2.1 million on the Washington multifamily loan. The specific CECL Reserves for each of these loans were based on the Company’s estimate of proceeds available from the potential sale of the collateral property less the estimated costs to sell the property and the specific CECL Reserves are included in the Company’s total CECL Reserve. | text | 39.7 | monetaryItemType | text: <entity> 39.7 </entity> <entity type> monetaryItemType </entity type> <context> During the year ended December 31, 2023, the senior mortgage loan on an office property located in Illinois with a principal balance of $ 56.9 million, the senior mortgage loan on an office property located in California with a principal balance of $ 33.2 million and the senior mortgage loan on a multifamily property located in Washington with a principal balance of $ 18.8 million were each downgraded to a risk rating of “5.” As of December 31, 2023, each of these loans was assessed individually and the Company elected to assign specific CECL Reserves of $ 39.7 million on the Illinois office loan, $ 14.7 million on the California office loan and $ 2.1 million on the Washington multifamily loan. The specific CECL Reserves for each of these loans were based on the Company’s estimate of proceeds available from the potential sale of the collateral property less the estimated costs to sell the property and the specific CECL Reserves are included in the Company’s total CECL Reserve. </context> | us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest |
During the year ended December 31, 2023, the senior mortgage loan on an office property located in Illinois with a principal balance of $ 56.9 million, the senior mortgage loan on an office property located in California with a principal balance of $ 33.2 million and the senior mortgage loan on a multifamily property located in Washington with a principal balance of $ 18.8 million were each downgraded to a risk rating of “5.” As of December 31, 2023, each of these loans was assessed individually and the Company elected to assign specific CECL Reserves of $ 39.7 million on the Illinois office loan, $ 14.7 million on the California office loan and $ 2.1 million on the Washington multifamily loan. The specific CECL Reserves for each of these loans were based on the Company’s estimate of proceeds available from the potential sale of the collateral property less the estimated costs to sell the property and the specific CECL Reserves are included in the Company’s total CECL Reserve. | text | 14.7 | monetaryItemType | text: <entity> 14.7 </entity> <entity type> monetaryItemType </entity type> <context> During the year ended December 31, 2023, the senior mortgage loan on an office property located in Illinois with a principal balance of $ 56.9 million, the senior mortgage loan on an office property located in California with a principal balance of $ 33.2 million and the senior mortgage loan on a multifamily property located in Washington with a principal balance of $ 18.8 million were each downgraded to a risk rating of “5.” As of December 31, 2023, each of these loans was assessed individually and the Company elected to assign specific CECL Reserves of $ 39.7 million on the Illinois office loan, $ 14.7 million on the California office loan and $ 2.1 million on the Washington multifamily loan. The specific CECL Reserves for each of these loans were based on the Company’s estimate of proceeds available from the potential sale of the collateral property less the estimated costs to sell the property and the specific CECL Reserves are included in the Company’s total CECL Reserve. </context> | us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.