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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 16—SEGMENT INFORMATION

As of September 30, 2022, we operated through three reportable business segments: triple-net leased properties, SHOP and office operations. In our triple-net leased properties reportable business 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 SHOP reportable business 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 reportable business segment, we primarily acquire, own, develop, lease and manage MOBs and life science, research and innovation centers throughout the United States. Information provided for “non-segment” 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 “non-segment” 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 NOI and related measures. We define NOI as total revenues, less interest and other income, property-level operating expenses and office building and other services costs. We consider 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, 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 Quarterly Report on Form 10-Q. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and reconciliations of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.

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 Three Months Ended September 30, 2022
SHOPOffice
Operations		Triple-Net
Leased
Properties		Non-SegmentTotal
Revenues:     
Rental income$— $200,867 $150,115 $— $350,982 
Resident fees and services668,583 — — — 668,583 
Office building and other services revenue— 547 — 4,003 4,550 
Income from loans and investments— — — 12,672 12,672 
Interest and other income— — — 489 489 
Total revenues$668,583 $201,414 $150,115 $17,164 $1,037,276 
Total revenues$668,583 $201,414 $150,115 $17,164 $1,037,276 
Less:     
Interest and other income— — — 489 489 
Property-level operating expenses499,972 66,098 3,756 — 569,826 
Office building and other services costs— — — 1,7501,750 
NOI$168,611 $135,316 $146,359 $14,925 465,211 
Interest and other income    489 
Interest expense    (119,413)
Depreciation and amortization    (301,481)
General, administrative and professional fees    (35,421)
Loss on extinguishment of debt, net(574)
Transaction expenses and deal costs    (4,782)
Allowance on loans receivable and investments63 
Other    (9,162)
Income from unconsolidated entities1,970 
Gain on real estate dispositions136 
Income tax benefit    6,027 
Income from continuing operations    3,063 
Net income3,063 
Net income attributable to noncontrolling interests1,807 
Net income attributable to common stockholders$1,256 
For the Three Months Ended September 30, 2021
SHOPOffice
Operations		Triple-Net
Leased
Properties		Non-SegmentTotal
Revenues:     
Rental income$— $201,673 $181,379 $— $383,052 
Resident fees and services558,039 — — — 558,039 
Office building and other services revenue— 2,872 — 2,969 5,841 
Income from loans and investments— — — 28,729 28,729 
Interest and other income— — — 417 417 
Total revenues$558,039 $204,545 $181,379 $32,115 $976,078 
Total revenues$558,039 $204,545 $181,379 $32,115 $976,078 
Less:     
Interest and other income— — — 417 417 
Property-level operating expenses453,659 66,401 3,268 — 523,328 
Office building and other services costs— 522 — — 522 
NOI$104,380 $137,622 $178,111 $31,698 451,811 
Interest and other income    417 
Interest expense    (108,816)
Depreciation and amortization    (313,596)
General, administrative and professional fees    (30,259)
Loss on extinguishment of debt, net(29,792)
Transaction expenses and deal costs    (22,662)
Allowance on loans receivable and investments60 
Other    (33,673)
Income from unconsolidated entities2,772 
Gain on real estate dispositions150,292 
Income tax expense    (3,780)
Income from continuing operations    62,774 
Net income62,774 
Net income attributable to noncontrolling interests2,094 
Net income attributable to common stockholders$60,680 
For the Nine Months Ended September 30, 2022
SHOPOffice
Operations		Triple-Net
Leased
Properties		Non-SegmentTotal
Revenues:     
Rental income$— $600,648 $451,073 $— $1,051,721 
Resident fees and services1,977,760 — — — 1,977,760 
Office building and other services revenue— 1,834 — 10,991 12,825 
Income from loans and investments— — — 33,271 33,271 
Interest and other income— — — 2,191 2,191 
Total revenues$1,977,760 $602,482 $451,073 $46,453 $3,077,768 
Total revenues$1,977,760 $602,482 $451,073 $46,453 $3,077,768 
Less:     
Interest and other income— — — 2,191 2,191 
Property-level operating expenses1,482,948 192,609 11,349 — 1,686,906 
Office building and other services costs— — — 4,473 4,473 
NOI$494,812 $409,873 $439,724 $39,789 1,384,198 
Interest and other income    2,191 
Interest expense    (344,158)
Depreciation and amortization    (873,620)
General, administrative and professional fees    (111,334)
Loss on extinguishment of debt, net(581)
Transaction expenses and deal costs    (37,852)
Allowance on loans receivable and investments179 
Other    (30,088)
Loss from unconsolidated entities(3,346)
Gain on real estate dispositions2,557 
Income tax benefit    14,307 
Income from continuing operations2,453 
Net income2,453 
Net income attributable to noncontrolling interests4,881 
Net loss attributable to common stockholders    $(2,428)
For the Nine Months Ended September 30, 2021
SHOPOffice
Operations		Triple-Net
Leased
Properties		Non-SegmentTotal
Revenues:     
Rental income$— $599,516 $500,487 $— $1,100,003 
Resident fees and services1,622,641 — — — 1,622,641 
Office building and other services revenue— 7,756 — 8,416 16,172 
Income from loans and investments— — — 65,404 65,404 
Interest and other income— — — 1,343 1,343 
Total revenues$1,622,641 $607,272 $500,487 $75,163 $2,805,563 
Total revenues$1,622,641 $607,272 $500,487 $75,163 $2,805,563 
Less:     
Interest and other income— — — 1,343 1,343 
Property-level operating expenses1,296,301 195,297 12,525 — 1,504,123 
Office building and other services costs— 1,798 — — 1,798 
NOI$326,340 $410,177 $487,962 $73,820 1,298,299 
Interest and other income    1,343 
Interest expense    (329,634)
Depreciation and amortization    (878,444)
General, administrative and professional fees    (101,156)
Loss on extinguishment of debt, net(56,808)
Transaction expenses and deal costs    (28,000)
Allowance on loans receivable and investments9,021 
Other    (10,755)
Income from unconsolidated entities7,289 
Gain on real estate dispositions194,083 
Income tax expense    (9,574)
Income from continuing operations    95,664 
Net income95,664 
Net income attributable to noncontrolling interests5,802 
Net income attributable to common stockholders$89,862 
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows (dollars in thousands):
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Capital Expenditures:
SHOP$114,453 $1,093,773 $313,396 $1,193,646 
Office operations44,150 52,627 403,976 140,841 
Triple-net leased properties1,268 75,544 3,676 92,683 
Total capital expenditures$159,871 $1,221,944 $721,048 $1,427,170 
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 Three Months Ended September 30,For the Nine Months Ended September 30,
2022202120222021
Revenues:
United States$918,106 $859,524 $2,719,097 $2,460,534 
Canada112,550 109,046 337,503 322,422 
United Kingdom6,620 7,508 21,168 22,607 
Total revenues$1,037,276 $976,078 $3,077,768 $2,805,563 

As of September 30, 2022As of December 31, 2021
Net Real Estate Property:
United States$18,345,417 $18,562,738 
Canada2,736,339 3,007,008 
United Kingdom196,177 247,092 
Total net real estate property$21,277,933 $21,816,838