DESCRIPTION OF BUSINESS (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reportable Business Segments And Non-Segment Assets

The following table summarizes information for our reportable business segments and non-segment assets for the year ended December 31, 2023 (dollars in thousands):

Segment	Total NOI (1)		Percentage of Total NOI		Number of Properties
Senior housing operating portfolio (SHOP)	$	711,407	37	%	587
Outpatient medical and research portfolio	576,932		30	%	437
Triple-net leased properties	604,651		31	%	331
Non-segment (2)	32,177		2	%	—
	$	1,925,167	100	%	1,355

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(1)    “NOI” is defined as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report for additional disclosure and a reconciliation of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.

(2)    NOI for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional capital management business, income from loans and investments and various corporate-level expenses not directly attributable to any of our three reportable business segments.