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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information
NOTE 18 – SEGMENT INFORMATION

As of December 31, 2021, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. In our triple-net leased properties segment, we invest in and own senior housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in senior housing communities throughout the United States and Canada and engage independent operators, such as Atria and Sunrise, to manage those communities. In our office operations segment, we primarily acquire, own, develop, lease and manage MOBs and life science, research and innovation centers throughout the United States. Information provided for “all other” includes income from loans and investments and other miscellaneous income and various corporate-level expenses not directly attributable to any of our three reportable business segments. Assets included in “all other” consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments, and miscellaneous accounts receivable.

Our chief operating decision makers evaluate performance of the combined properties in each reportable business segment and determine how to allocate resources to those segments, in significant part, based on segment NOI and related measures. We define segment NOI as total revenues, less interest and other income, property-level operating expenses and office building and other services costs. We consider segment NOI useful because it allows investors, analysts and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies between periods on a consistent basis. In order to facilitate a clear understanding of our historical consolidated operating results, segment NOI should be examined in conjunction with net income attributable to common stockholders as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Annual Report on Form 10-K.

Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property-specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers.
Summary information by reportable business segment is as follows (dollars in thousands):
For the Year Ended December 31, 2021
Triple-Net
Leased
Properties		Senior
Living
Operations		Office
Operations		All
Other		Total
Revenues:     
Rental income$653,823 $— $794,297 $— $1,448,120 
Resident fees and services— 2,270,001 — — 2,270,001 
Office building and other services revenue— — 8,384 11,712 20,096 
Income from loans and investments— — — 74,981 74,981 
Interest and other income— — — 14,809 14,809 
Total revenues$653,823 $2,270,001 $802,681 $101,502 $3,828,007 
Total revenues$653,823 $2,270,001 $802,681 $101,502 $3,828,007 
Less:    
Interest and other income— — — 14,809 14,809 
Property-level operating expenses15,335 1,811,728 257,001 — 2,084,064 
Office building and other services costs— — 1,798 2,635 4,433 
Segment NOI$638,488 $458,273 $543,882 $84,058 1,724,701 
Interest and other income   14,809 
Interest expense    (440,089)
Depreciation and amortization    (1,197,403)
General, administrative and professional fees
    (129,758)
Loss on extinguishment of debt, net    (59,299)
Transaction expenses and deal costs    (47,318)
Allowance on loans receivable and investments9,082 
Other    (37,110)
Income from unconsolidated entities4,983 
Gain on real estate dispositions218,788 
Income tax expense    (4,827)
Income from continuing operations    56,559 
Net income56,559 
Net income attributable to noncontrolling interests7,551 
Net income attributable to common stockholders$49,008 
For the Year Ended December 31, 2020
Triple-Net
Leased
Properties		Senior
Living
Operations		Office
Operations		All
Other		Total
Revenues:     
Rental income$695,265 $— $799,627 $— $1,494,892 
Resident fees and services
— 2,197,160 — — 2,197,160 
Office building and other services revenue— — 8,675 6,516 15,191 
Income from loans and investments— — — 80,505 80,505 
Interest and other income— — — 7,609 7,609 
Total revenues$695,265 $2,197,160 $808,302 $94,630 $3,795,357 
Total revenues$695,265 $2,197,160 $808,302 $94,630 $3,795,357 
Less:     
Interest and other income— — — 7,609 7,609 
Property-level operating expenses22,160 1,658,671 256,612 — 1,937,443 
Office building and other services costs— — 2,315 — 2,315 
Segment NOI
$673,105 $538,489 $549,375 $87,021 1,847,990 
Interest and other income   7,609 
Interest expense    (469,541)
Depreciation and amortization
    (1,109,763)
General, administrative and professional fees
    (130,158)
Loss on extinguishment of debt, net    (10,791)
Transaction expenses and deal costs    (29,812)
Allowance on loans receivable and investments(24,238)
Other    (707)
Income from unconsolidated entities1,844 
Gain on real estate dispositions262,218 
Income tax benefit    96,534 
Income from continuing operations    441,185 
Net income441,185 
Net income attributable to noncontrolling interests2,036 
Net income attributable to common stockholders$439,149 
For the Year Ended December 31, 2019
Triple-Net
Leased
Properties		Senior
Living
Operations		Office
Operations		All
Other		Total
Revenues:     
Rental income$780,898 $— $828,978 $— $1,609,876 
Resident fees and services— 2,151,533 — — 2,151,533 
Office building and other services revenue— — 7,747 3,409 11,156 
Income from loans and investments— — — 89,201 89,201 
Interest and other income— — — 10,984 10,984 
Total revenues$780,898 $2,151,533 $836,725 $103,594 $3,872,750 
Total revenues$780,898 $2,151,533 $836,725 $103,594 $3,872,750 
Less:     
Interest and other income— — — 10,984 10,984 
Property-level operating expenses26,561 1,521,398 260,249 — 1,808,208 
Office building and other services costs— — 2,319 — 2,319 
Segment NOI$754,337 $630,135 $574,157 $92,610 2,051,239 
Interest and other income   10,984 
Interest expense    (451,662)
Depreciation and amortization    (1,045,620)
General, administrative and professional fees
    (158,726)
Loss on extinguishment of debt, net(41,900)
Transaction expenses and deal costs    (15,235)
Other    10,339 
Loss from unconsolidated entities(2,454)
Gain on real estate dispositions26,022 
Income tax benefit    56,310 
Income from continuing operations    439,297 
Net income439,297 
Net income attributable to noncontrolling interests6,281 
Net income attributable to common stockholders$433,016 
    
Assets by reportable business segment are as follows (dollars in thousands):
 As of December 31,
Assets:20212020
Triple-net leased properties$4,578,534 18.5 %$5,147,503 21.6 %
Senior living operations12,811,611 51.8 10,653,428 44.5 
Office operations6,341,888 25.7 6,709,602 28.0 
All other assets985,753 4.0 1,418,871 5.9 
Total assets$24,717,786 100.0 %$23,929,404 100.0 %
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows (dollars in thousands):
 For the Years Ended December 31,
 Capital expenditures:202120202019
Triple-net leased properties$92,924 $42,930 $55,429 
Senior living operations1,463,551 191,891 944,214 
Office operations245,546 372,475 519,129 
Total capital expenditures$1,802,021 $607,296 $1,518,772 

Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows (dollars in thousands):
 For the Years Ended December 31,
 Revenues:202120202019
United States$3,363,197 $3,381,357 $3,578,341 
Canada434,862 389,205 266,946 
United Kingdom29,948 24,795 27,463 
Total revenues$3,828,007 $3,795,357 $3,872,750 

 As of December 31,
 Net real estate property:20212020
United States$18,562,738 $17,303,816 
Canada3,007,008 2,983,924 
United Kingdom247,092 262,295 
Total net real estate property$21,816,838 $20,550,035