Segment Reporting

12 Months Ended

Dec. 31, 2025

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 Chief Operating Decision Maker, or the 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 SHOP and Medical Office and Life Science Portfolio. 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. 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. 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, 2025
	SHOP		Medical Office and Life Science Portfolio		Total
Revenues:
Rental income	$	—	$	193,809	$	193,809
Residents fees and services	1,312,655		—		1,312,655
Total segment revenues	1,312,655		193,809		1,506,464
Reconciliation of revenue:
Other revenue (1)					31,389
Total revenues					1,537,853
Less:
Senior living labor and benefits	663,431		—		663,431
Dietary	83,773		—		83,773
Utilities	74,742		13,127		87,869
Real estate taxes	45,877		22,811		68,688
Insurance	35,071		2,185		37,256
Other operating expenses (2)	270,505		47,556		318,061
Interest expense	18,728		9,096		27,824
Depreciation and amortization	189,985		62,413		252,398
Other segment items (3)	40,543		85,254		125,797
Segment loss	(110,000)		(48,633)		(158,633)
Reconciliation of segment loss:
Other income (1)					21,602
General and administrative					(45,502)
Acquisition and certain other transaction related costs					(10,356)
Gain on sale of properties					99,114
Interest and other income					5,839
Interest expense					(176,674)
Loss on modification or early extinguishment of debt					(42,526)
Income tax expense					(1,743)
Equity in net earnings of an investee					22,993
Net loss					$	(285,886)

(1)Revenue and net income from our triple net leased wellness centers and senior living communities 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, 2024
	SHOP		Medical Office and Life Science Portfolio		Total
Revenues:
Rental income	$	—	$	213,320	$	213,320
Residents fees and services	1,244,389		—		1,244,389
Total segment revenues	1,244,389		213,320		1,457,709
Reconciliation of revenue:
Other revenue (1)					37,718
Total revenues					1,495,427
Less:
Senior living labor and benefits	630,998		—		630,998
Dietary	85,620		—		85,620
Utilities	70,616		13,687		84,303
Real estate taxes	43,624		28,483		72,107
Insurance	41,066		3,000		44,066
Other operating expenses (2)	266,405		52,467		318,872
Interest expense	229		5,743		5,972
Depreciation and amortization	195,638		79,386		275,024
Other segment items (3)	—		97,222		97,222
Segment loss	(89,807)		(66,668)		(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 income					8,950
Interest expense					(229,267)
Loss on modification or early extinguishment of debt					(324)
Income tax expense					(467)
Equity in net earnings of an investee					9,147
Net loss					$	(370,255)

(1)Revenue and net income from our triple net leased wellness center and senior living communities 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
	SHOP		Medical Office and Life Science Portfolio		Total
Revenues:
Rental income	$	—	$	220,530	$	220,530
Residents fees and services	1,151,908		—		1,151,908
Total segment revenues	1,151,908		220,530		1,372,438
Reconciliation of revenue:
Other revenue (1)					37,870
Total revenues					1,410,308
Less:
Senior living labor and benefits	603,711		—		603,711
Dietary	78,508		—		78,508
Utilities	69,280		13,918		83,198
Real estate taxes	44,476		29,445		73,921
Insurance	39,572		2,854		42,426
Other operating expenses (2)	239,544		51,747		291,291
Interest expense	551		449		1,000
Depreciation and amortization	175,926		98,205		274,131
Other segment items (3)	(40)		36,095		36,055
Segment loss	(99,620)		(12,183)		(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, net					8,126
Interest and other income					13,955
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 wellness centers and senior living communities 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,
	2025		2024		2023
Assets (1)
SHOP	$	2,867,025	$	3,084,101	$	3,134,978
Medical Office and Life Science Portfolio	1,192,731		1,688,034		1,866,422
All Other	301,494		364,870		444,736
Total assets	$	4,361,250	$	5,137,005	$	5,446,136

(1)See Note 3 for further information regarding additions to long-lived assets.