Third Quarter 2024 Q3 2024 Supplemental

TABLE OF CONTENTS

COMPANY

	COMPANY INFORMATION & LEADERSHIP
	PORTFOLIO
	PORTFOLIO OVERVIEW
	REAL ESTATE INVESTMENTS
	SENIOR HOUSING OPERATING PORTFOLIO
	OPERATING PARTNERS
	EBITDARM LEASE COVERAGE & OCCUPANCY
	PURCHASE OPTIONS & LEASE MATURITIES
	INVESTMENTS
	INVESTMENT RATIONALE
	RECENT INVESTMENTS
	CAPITALIZATION
	CAPITALIZATION OVERVIEW
	CAPITAL STRUCTURE
	DEBT MATURITIES
	SELECT DEBT COVENANTS
	FINANCIAL
	PERFORMANCE
	BALANCE SHEETS
	STATEMENTS OF INCOME
	FFO & FAD RECONCILIATION
	ADJUSTED EBITDA RECONCILIATION
	NOI RECONCILIATIONS	-
	DISPOSITIONS
	DEFERRALS & REPAYMENTS
	GLOSSARY	-

FORWARD LOOKING STATEMENTS AND RISK FACTORS:

This Supplemental Information and other materials we have filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to be made, by our senior management contain certain "forward-looking" statements as that term is defined by the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, funds from operations, continued performance improvements, ability to service and refinance our debt obligations, ability to finance growth opportunities, and similar statements including, without limitations, those containing words such as "may," "will," "believes," anticipates," "expects," "intends," "estimates," "plans," and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include, among other things, the impact of COVID-19 on our tenants; the operating success of our tenants and borrowers for collection of our lease and interest income; the success of property development and construction activities; the risk that the cash flows of our tenants and borrowers would be adversely affected by increased liability claims and liability insurance costs; risks related to environmental laws and the costs associated with liabilities related to hazardous substances; the risk of damage from catastrophic weather and other natural or man-made disasters and the physical effects of climate change; our ability to reinvest cash in real estate investments in a timely manner and on acceptable terms; the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties; operational risks with respect to our senior housing operating portfolio structured communities; risks related to our ability to maintain the privacy and security of Company information; and other risks which are described under the heading "Risk Factors" in Item 1A in our Form 10-K for the year ended December 31, 2023. In this Supplemental Information, we refer to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non- GAAP financial measures to the most directly comparable GAAP measures is included in this presentation. Throughout this presentation, certain abbreviations and acronyms are used to simplify the format. A list of definitions is provided at the end of this presentation to clarify the meaning of any reference that may be ambiguous. Unless otherwise noted, all amounts are unaudited and are as of or for the quarter ended September 30, 2024.

COVER: THE SPRING ARBOR AT CARY IS A SENIOR LIVING COMMUNITY OPERATED BY SPRING ARBOR MANAGEMENT IN CARY, NC.

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PARTNERS

ENSIGN %

OTHER SH %

HSM %

PACS %

OTHER

SNF

BICKFORD% %

SLC %

1. Based on annualized adjusted NOI of $266.0 million in place at September 30, 2024.
2. Other Income consists primarily of revenue from non-mortgage notes receivable. Percentages may not add to 100% due to rounding.

ASSET CLASS

OTHER

INDEPENDENT INCOMESHOP

LIVING %%%

SENIOR LIVING CAMPUS

%SKILLED %

ASSISTED LIVING %

SPECIALTY HOSPITAL %

ENTRANCE FEE %

Senior Living Communities owns and operates luxury retirement communities located in Connecticut, South Carolina, North Carolina, Florida, Georgia and Indiana.

NHC affiliates operate for themselves and third parties 68 skilled nursing facilities with 8,732 beds. NHC affiliates also operate 26 assisted living communities with 1,501 units, five independent living communities with 475 units, three behavioral health hospitals, 35 homecare agencies, and 30 hospice agencies.

Bickford Senior Living manages or operates over 50 independent living, assisted living, and memory care branches throughout the country. They are also an experienced developer, constructing over 150 communities.

The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at multiple locations across 14 states.

Based in Des Moines, Iowa, and established in 1971, Life Care Services operates and develops continuing care retirement communities, stand- alone assisted living, memory care, and rental communities nationwide.

Health Services Management is a non-profit formed in 2000. The Company operates more than 18 skilled nursing and assisted living facilities located in Florida, Tennessee, and Texas.

For more than 30 years, Discovery Senior Living has become a recognized industry leader in developing, building and operating luxury, resort- style communities across the United States. Discovery provides more than 15,000 homes for seniors which include: villas, senior apartments, independent living, supervised independent living, assisted living and memory care homes.

PACS was founded in 2013 with two skilled nursing facilities. Since the purchase of those facilities, the PACS family consists of over 276 independent operating subsidiaries across 15 states, as well as ancillary and support services, and continues to bring its proven model of mission- driven care that balances access to a national network of support and resources with local decision making.

Headquartered in Tucson, Arizona, Watermark currently manages 92 communities in 19 states, including CCRCs, standalone independent living, assisted living, and memory care communities in addition to Medicare-certified rehabilitation and skilled nursing neighborhoods. Watermark has ownership interests in many of these assets, both on its own and through its development arm, The Freshwater Group.

Vizion Health offers deep experience partnering with investors, lenders and management teams to improve clinical and financial performance. From turnkey start-up of new facilities to invigorating under-performing programs, Vizion is the leader in behavioral healthcare management and operations. They have spent years adding value to dozens of behavioral healthcare organizations across the U.S.

TENANT PURCHASE OPTIONS (DOLLARS IN THOUSANDS)

Option Type:

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1 Based on Real Estate Investments adjusted NOI of $253.9 million for contracts in place at September 30, 2024.

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2.5%

0.2%

1.0%

3.7%

FOCUSED ON GROWING WITH OUR 32 OPERATING PARTNERS AND SELECT NEW CUSTOMERS

DIVERSIFIED INVESTMENT PLAN EMPHASIZING PRIVATE PAY SENIOR HOUSING PROPERTIES AND BEST-IN-CLASS SNF OPERATORS

EXPERIENCED OPERATORS WITH PROVEN RECORD OF QUALITY CARE AND VALUE CREATION

LOW LEVERAGE BALANCE SHEET AND STAGGERED LONG-TERM DEBT MATURITIES

INVESTMENT SHOPNOTES

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