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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 16—SEGMENT INFORMATION

As of June 30, 2024, we operated through three reportable business segments: SHOP, outpatient medical and research portfolio and triple-net leased properties. In our SHOP segment, we invest in senior housing communities throughout the United States and Canada and engage operators to operate those communities. In our outpatient medical and research portfolio segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers throughout the United States. In our triple-net leased properties segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities throughout the United States and the United Kingdom and lease those properties to tenants under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Information provided 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. Non-segment assets consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments and miscellaneous accounts receivable as well as investments in unconsolidated entities including VIM.

Our chief operating decision maker evaluates performance of the combined properties in each reportable business segment and determines how to allocate resources to those segments, in significant part, based on NOI and related measures for each segment. We define NOI as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. 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 June 30, 2024
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $218,853 $153,934 $— $372,787 
Resident fees and services817,600 — — — 817,600 
Third party capital management revenues— 706 — 3,626 4,332 
Income from loans and investments— — — 1,436 1,436 
Interest and other income— — — 4,825 4,825 
Total revenues$817,600 $219,559 $153,934 $9,887 $1,200,980 
Total revenues$817,600 $219,559 $153,934 $9,887 $1,200,980 
Less:     
Interest and other income— — — 4,825 4,825 
Property-level operating expenses603,359 73,286 3,506 — 680,151 
Third party capital management expenses— — — 1,6501,650 
NOI$214,241 $146,273 $150,428 $3,412 514,354 
Interest and other income    4,825 
Interest expense    (149,259)
Depreciation and amortization    (339,848)
General, administrative and professional fees    (37,727)
Loss on extinguishment of debt, net(420)
Transaction, transition and restructuring costs    (2,886)
Allowance on loans receivable and investments, net42 
Shareholder relations matters(37)
Other expense    (8,128)
Loss from unconsolidated entities(1,652)
Gain on real estate dispositions49,670 
Income tax expense    (7,766)
Income from continuing operations    21,168 
Net income21,168 
Net income attributable to noncontrolling interests1,781 
Net income attributable to common stockholders$19,387 
For the Three Months Ended June 30, 2023
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $215,807 $154,355 $— $370,162 
Resident fees and services724,614 — — — 724,614 
Third party capital management revenues— 559 — 3,437 3,996 
Income from loans and investments— — — 6,554 6,554 
Interest and other income— — — 1,032 1,032 
Total revenues$724,614 $216,366 $154,355 $11,023 $1,106,358 
Total revenues$724,614 $216,366 $154,355 $11,023 $1,106,358 
Less:     
Interest and other income— — — 1,032 1,032 
Property-level operating expenses547,110 72,171 3,537 — 622,818 
Third party capital management expenses— — — 1,436 1,436 
NOI$177,504 $144,195 $150,818 $8,555 481,072 
Interest and other income    1,032 
Interest expense    (143,265)
Depreciation and amortization    (304,689)
General, administrative and professional fees    (34,399)
Gain on extinguishment of debt, net6,801 
Transaction, transition and restructuring costs    (3,069)
Allowance on loans receivable and investments, net12,065 
Gain on foreclosure of real estate29,127 
Other income    17,959 
Income from unconsolidated entities31,254 
Gain on real estate dispositions1,405 
Income tax benefit    9,773 
Income from continuing operations    105,066 
Net income105,066 
Net income attributable to noncontrolling interests1,613 
Net income attributable to common stockholders$103,453 
For the Six Months Ended June 30, 2024
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $437,730 $309,302 $— $747,032 
Resident fees and services1,630,904 — — — 1,630,904 
Third party capital management revenues— 1,336 — 7,292 8,628 
Income from loans and investments— — — 2,725 2,725 
Interest and other income— — — 11,605 11,605 
Total revenues$1,630,904 $439,066 $309,302 $21,622 $2,400,894 
Total revenues$1,630,904 $439,066 $309,302 $21,622 $2,400,894 
Less:     
Interest and other income— — — 11,605 11,605 
Property-level operating expenses1,213,180 147,224 7,244 — 1,367,648 
Third party capital management expenses— — — 3,403 3,403 
NOI$417,724 $291,842 $302,058 $6,614 1,018,238 
Interest and other income    11,605 
Interest expense    (299,192)
Depreciation and amortization    (640,103)
General, administrative and professional fees    (86,464)
Loss on extinguishment of debt, net(672)
Transaction, transition and restructuring costs    (7,563)
Allowance on loans receivable and investments, net110 
Shareholder relations matters(15,751)
Other expense    (6,794)
Loss from unconsolidated entities(10,035)
Gain on real estate dispositions50,011 
Income tax expense    (4,762)
Income from continuing operations8,628 
Net income8,628 
Net income attributable to noncontrolling interests3,553 
Net income attributable to common stockholders    $5,075 
For the Six Months Ended June 30, 2023
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $418,811 $304,094 $— $722,905 
Resident fees and services1,429,607 — — — 1,429,607 
Third party capital management revenues— 1,187 — 6,986 8,173 
Income from loans and investments— — — 20,143 20,143 
Interest and other income— — — 2,775 2,775 
Total revenues$1,429,607 $419,998 $304,094 $29,904 $2,183,603 
Total revenues$1,429,607 $419,998 $304,094 $29,904 $2,183,603 
Less:     
Interest and other income— — — 2,775 2,775 
Property-level operating expenses1,084,332 139,084 7,333 — 1,230,749 
Third party capital management expenses— — — 3,142 3,142 
NOI$345,275 $280,914 $296,761 $23,987 946,937 
Interest and other income    2,775 
Interest expense    (271,340)
Depreciation and amortization    (586,808)
General, administrative and professional fees    (79,197)
Gain on extinguishment of debt, net6,801 
Transaction, transition and restructuring costs    (4,455)
Allowance on loans receivable and investments, net20,129 
Gain on foreclosure of real estate29,127 
Other income    10,197 
Income from unconsolidated entities25,631 
Gain on real estate dispositions11,606 
Income tax benefit    12,575 
Income from continuing operations    123,978 
Net income123,978 
Net income attributable to noncontrolling interests3,008 
Net income attributable to common stockholders$120,970 
Assets by reportable business segment are as follows (dollars in thousands):

As of June 30, 2024As of December 31, 2023
Assets:
SHOP$12,944,144 52.8 %$12,864,029 52.0 %
Outpatient medical and research portfolio
6,893,756 28.1 6,943,446 28.1 
Triple-net leased properties3,902,304 15.9 4,120,691 16.7 
Non-segment790,025 3.2 797,267 3.2 
Total assets$24,530,229 100.0 %$24,725,433 100.0 %