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

As of September 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 hospitals (“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. Our investments in unconsolidated entities include investments made through our third-party institutional capital management business, Ventas Investment Management (“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 based on NOI 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 September 30, 2024
SHOP
OM&R
NNN
Non-SegmentTotal
Revenues     
Rental income$— $220,957 $155,349 $— $376,306 
Resident fees and services845,532 — — — 845,532 
Third party capital management revenues— 618 — 3,774 4,392 
Income from loans and investments— — — 1,881 1,881 
Interest and other income— — — 8,204 8,204 
Total revenues$845,532 $221,575 $155,349 $13,859 $1,236,315 
Total revenues$845,532 $221,575 $155,349 $13,859 $1,236,315 
Less:     
Interest and other income— — — 8,204 8,204 
Property-level operating expenses631,550 77,479 4,379 — 713,408 
Third party capital management expenses— — — 1,5531,553 
NOI$213,982 $144,096 $150,970 $4,102 513,150 
Interest and other income    8,204 
Interest expense    (150,437)
Depreciation and amortization    (304,268)
General, administrative and professional fees    (35,092)
Transaction, transition and restructuring costs    (8,580)
Recovery of allowance on loans receivable and investments, net56 
Other expense    (3,935)
Income from unconsolidated entities4,629 
Gain on real estate dispositions271 
Income tax expense    (3,002)
Net income20,996 
Net income attributable to noncontrolling interests1,753 
Net income attributable to common stockholders$19,243 
For the Three Months Ended September 30, 2023
SHOP
OM&R
NNN
Non-SegmentTotal
Revenues     
Rental income$— $226,326 $159,812 $— $386,138 
Resident fees and services754,417 — — — 754,417 
Third party capital management revenues— 662 — 4,653 5,315 
Income from loans and investments— — — 1,208 1,208 
Interest and other income— — — 2,754 2,754 
Total revenues$754,417 $226,988 $159,812 $8,615 $1,149,832 
Total revenues$754,417 $226,988 $159,812 $8,615 $1,149,832 
Less:     
Interest and other income— — — 2,754 2,754 
Property-level operating expenses573,715 78,915 3,847 — 656,477 
Third party capital management expenses— — — 1,472 1,472 
NOI$180,702 $148,073 $155,965 $4,389 489,129 
Interest and other income    2,754 
Interest expense    (147,919)
Depreciation and amortization    (370,377)
General, administrative and professional fees    (33,297)
Loss on extinguishment of debt, net(612)
Transaction, transition and restructuring costs    (7,125)
Recovery of allowance on loans receivable and investments, net66 
Other expense    (9,432)
Loss from unconsolidated entities(5,119)
Gain on real estate dispositions10,711 
Income tax benefit    1,662 
Net loss(69,559)
Net income attributable to noncontrolling interests1,565 
Net loss attributable to common stockholders$(71,124)
For the Nine Months Ended September 30, 2024
SHOP
OM&R
NNN
Non-SegmentTotal
Revenues     
Rental income$— $658,687 $464,651 $— $1,123,338 
Resident fees and services2,476,436 — — — 2,476,436 
Third party capital management revenues— 1,954 — 11,066 13,020 
Income from loans and investments— — — 4,606 4,606 
Interest and other income— — — 19,809 19,809 
Total revenues$2,476,436 $660,641 $464,651 $35,481 $3,637,209 
Total revenues$2,476,436 $660,641 $464,651 $35,481 $3,637,209 
Less:     
Interest and other income— — — 19,809 19,809 
Property-level operating expenses1,844,730 224,703 11,623 — 2,081,056 
Third party capital management expenses— — — 4,956 4,956 
NOI$631,706 $435,938 $453,028 $10,716 1,531,388 
Interest and other income    19,809 
Interest expense    (449,629)
Depreciation and amortization    (944,371)
General, administrative and professional fees    (121,556)
Loss on extinguishment of debt, net(672)
Transaction, transition and restructuring costs    (16,143)
Recovery of allowance on loans receivable and investments, net166 
Shareholder relations matters(15,751)
Other expense    (10,729)
Loss from unconsolidated entities(5,406)
Gain on real estate dispositions50,282 
Income tax expense    (7,764)
Net income29,624 
Net income attributable to noncontrolling interests5,306 
Net income attributable to common stockholders    $24,318 
For the Nine Months Ended September 30, 2023
SHOP
OM&R
NNN
Non-SegmentTotal
Revenues     
Rental income$— $645,137 $463,906 $— $1,109,043 
Resident fees and services2,184,024 — — — 2,184,024 
Third party capital management revenues— 1,849 — 11,639 13,488 
Income from loans and investments— — — 21,351 21,351 
Interest and other income— — — 5,529 5,529 
Total revenues$2,184,024 $646,986 $463,906 $38,519 $3,333,435 
Total revenues$2,184,024 $646,986 $463,906 $38,519 $3,333,435 
Less:     
Interest and other income— — — 5,529 5,529 
Property-level operating expenses1,658,047 217,999 11,180 — 1,887,226 
Third party capital management expenses— — — 4,614 4,614 
NOI$525,977 $428,987 $452,726 $28,376 1,436,066 
Interest and other income    5,529 
Interest expense    (419,259)
Depreciation and amortization    (957,185)
General, administrative and professional fees    (112,494)
Gain on extinguishment of debt, net6,189 
Transaction, transition and restructuring costs    (11,580)
Recovery of allowance on loans receivable and investments, net20,195 
Gain on foreclosure of real estate29,127 
Other income    765 
Income from unconsolidated entities20,512 
Gain on real estate dispositions22,317 
Income tax benefit    14,237 
Net income54,419 
Net income attributable to noncontrolling interests4,573 
Net income attributable to common stockholders$49,846 
Assets by reportable business segment are as follows (dollars in thousands):

As of September 30, 2024As of December 31, 2023
Assets:
SHOP$12,854,462 50.7 %$12,864,029 52.0 %
Outpatient medical and research portfolio
6,879,036 27.1 6,943,446 28.1 
Triple-net leased properties4,022,354 15.9 4,120,691 16.7 
Non-segment1,591,337 6.3 797,267 3.2 
Total assets$25,347,189 100.0 %$24,725,433 100.0 %