XML 41 R21.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segment Reporting
12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our operating segments are based on our internal reporting structure and property type and are aligned with how our CODM reviews the operating results to allocate resources and assess segment performance. The CODM is our President and Chief Executive Officer. Our two reportable segments are Medical Office and Life Science Portfolio and SHOP. Our Medical Office and Life Science Portfolio segment primarily consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties primarily leased to biotech laboratories and other similar tenants. Our SHOP segment consists of managed senior living communities that provide short term and long term residential living and, in some instances, care and other services for residents where we pay fees to managers to operate the communities on our behalf. The significant expense categories and amounts presented below align with the segment-level information that is regularly provided to our CODM. The CODM reviews operating and financial results, including net income (loss) and its components, to assess performance, allocate resources and guide strategic decisions. The accounting policies of our reportable segments are the same as those described in Note 2. The tables below present information about our segments.
 For the Year Ended December 31, 2024
 Medical Office and Life Science Portfolio
SHOP
Total
Revenues:   
Rental income$213,320 $— $213,320 
Residents fees and services— 1,244,389 1,244,389 
Total segment revenues213,320 1,244,389 1,457,709 
Reconciliation of revenue:
Other revenue (1)
37,718 
Total revenues1,495,427 
Less:   
Senior living labor and benefits— 630,998 630,998 
Dietary— 85,620 85,620 
Utilities13,687 70,616 84,303 
Real estate taxes28,483 43,624 72,107 
Insurance3,000 41,066 44,066 
Other operating expenses (2)
52,467 266,405 318,872 
Interest expense5,743 229 5,972 
Depreciation and amortization79,386 195,638 275,024 
Other segment items (3)
97,222 — 97,222 
Segment loss(66,668)(89,807)(156,475)
Reconciliation of segment loss:
Other income (1)
27,209 
General and administrative(26,518)
Acquisition and certain other transaction related costs(2,510)
Interest and other income8,950 
Interest expense(229,267)
Loss on modification or early extinguishment of debt(324)
Income tax expense(467)
Equity in net earnings of an investee9,147 
Net loss$(370,255)
(1)Revenue and net income from our triple net leased senior living communities and wellness centers that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees and interest and other income, as applicable.
 For the Year Ended December 31, 2023
 Medical Office and Life Science PortfolioSHOPTotal
Revenues:   
Rental income$220,530 $— $220,530 
Residents fees and services— 1,151,908 1,151,908 
Total segment revenues220,530 1,151,908 1,372,438 
Reconciliation of revenue:
Other revenue (1)
37,870 
Total revenues1,410,308 
Less:   
Senior living labor and benefits— 603,711 603,711 
Dietary— 78,508 78,508 
Utilities13,918 69,280 83,198 
Real estate taxes29,445 44,476 73,921 
Insurance2,854 39,572 42,426 
Other operating expenses (2)
51,747 239,544 291,291 
Interest expense449 551 1,000 
Depreciation and amortization98,205 175,926 274,131 
Other segment items (3)
36,095 (40)36,055 
Segment loss(12,183)(99,620)(111,803)
Reconciliation of segment loss:
Other income (1)
26,822 
General and administrative(26,131)
Acquisition and certain other transaction related costs(10,853)
Gains on equity securities, net8,126 
Interest and other income13,955 
Interest expense(190,775)
Loss on modification or early extinguishment of debt(2,468)
Income tax expense(445)
Net loss$(293,572)
(1)Revenue and net income from our triple net leased senior living communities and wellness centers that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees and interest and other income, as applicable.
 For the Year Ended December 31, 2022
 Medical Office and Life Science PortfolioSHOPTotal
Revenues:   
Rental income$222,390 $— $222,390 
Residents fees and services— 1,022,826 1,022,826 
Total segment revenues222,390 1,022,826 1,245,216 
Reconciliation of revenue:
Other revenue (1)
38,350 
Total revenues1,283,566 
Less:  
Senior living labor and benefits— 566,384 566,384 
Dietary— 69,455 69,455 
Utilities13,555 66,470 80,025 
Real estate taxes29,037 44,436 73,473 
Insurance2,514 36,718 39,232 
Other operating expenses (2)
49,193 230,637 279,830 
Interest expense913 1,534 2,447 
Depreciation and amortization76,007 151,930 227,937 
Other segment items (3)
(327,111)(5,149)(332,260)
Segment income (loss)378,282 (139,589)238,693 
Reconciliation of segment income (loss):
Other income (1)
26,336 
General and administrative(26,435)
Acquisition and certain other transaction related costs(2,605)
Losses on equity securities, net(25,660)
Interest and other income11,602 
Interest expense(206,936)
Loss on modification or early extinguishment of debt(30,059)
Income tax expense(710)
Net loss$(15,774)
(1)Revenue and net income from our triple net leased senior living communities and wellness centers that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees and interest and other income, as applicable.
 As of December 31,
202420232022
Assets (1)
Medical Office and Life Science Portfolio$1,688,034 $1,866,422 $1,967,244 
SHOP3,084,101 3,134,978 3,147,785 
All Other364,870 444,736 887,064 
Total assets$5,137,005 $5,446,136 $6,002,093 
(1)See Note 3 for further information regarding additions to long-lived assets.