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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 18 – SEGMENT INFORMATION

As of December 31, 2024, we operated through three reportable business segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities throughout the United States and Canada and engage operators to operate those communities. In our OM&R segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers throughout the United States. In our NNN 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 these 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 private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable business segments. Non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments and accounts receivable. Non-segment assets also include our investments in unconsolidated entities, including investments in unconsolidated real estate entities through our third-party institutional private capital management platform, VIM, and investments in unconsolidated operating entities, such as Ardent and Atria. Through VIM, we partner with third-party institutional investors to invest in real estate through various joint ventures and other co-investment vehicles. Non-segment assets also include other assets, such as our Brookdale and Kindred Warrants. Total assets by reportable business segment is not disclosed as the CODM does not review such information to evaluate business performance and allocate resources. The accounting policies for the segments are the same as those described in the summary of significant accounting policies (see “Note 2 – Accounting Policies”).

Our chief operating decision maker (“CODM”) is the Chief Executive Officer of the Company. Our CODM 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. Our CODM uses NOI to assess the performance of each segment and to allocate resources (including employees and financial or capital resources) primarily during the quarterly or annual business review and annual budget and forecasting process. 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 Annual Report. See “Non-GAAP Financial Measures” included elsewhere in this Annual Report 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 Year Ended December 31, 2024
SHOP
OM&R
NNN
Non-SegmentTotal
Revenues:
Rental income$— $874,886 $622,054 $— $1,496,940 
Resident fees and services3,372,796 — — — 3,372,796 
Third-party capital management revenues— 2,705 — 14,654 17,359 
Income from loans and investments— — — 9,057 9,057 
Interest and other income— — — 28,114 28,114 
Total revenues$3,372,796 $877,591 $622,054 $51,825 $4,924,266 
Total revenues$3,372,796 $877,591 $622,054 $51,825 $4,924,266 
Less:
Interest and other income— — — 28,114 28,114 
Labor (1)
1,418,320 — — — 1,418,320 
Management fees
174,491 — — — 174,491 
Other segment expenses (2)
913,602 298,320 15,829 — 1,227,751 
Property-level operating expenses2,506,413 298,320 15,829 — 2,820,562 
Third-party capital management expenses— — — 6,507 6,507 
NOI$866,383 $579,271 $606,225 $17,204 2,069,083 
Interest and other income 28,114 
Interest expense  (602,835)
Depreciation and amortization  (1,253,143)
General, administrative and professional fees  (162,990)
Loss on extinguishment of debt, net  (687)
Transaction, transition and restructuring costs  (20,369)
Reversal of allowance on loans receivable and investments, net
166 
Shareholder relations matters(15,751)
Other expense  (49,584)
Income from unconsolidated entities1,563 
Gain on real estate dispositions57,009 
Income tax benefit  37,775 
Net income88,351 
Net income attributable to noncontrolling interests7,198 
Net income attributable to common stockholders$81,153 
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(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Year Ended December 31, 2023
SHOPOM&RNNNNon-SegmentTotal
Revenues:
Rental income$— $867,193 $619,208 $— $1,486,401 
Resident fees and services2,959,219 — — — 2,959,219 
Third-party capital management revenues— 2,515 — 15,326 17,841 
Income from loans and investments— — — 22,952 22,952 
Interest and other income— — — 11,414 11,414 
Total revenues$2,959,219 $869,708 $619,208 $49,692 $4,497,827 
Total revenues$2,959,219 $869,708 $619,208 $49,692 $4,497,827 
Less:
Interest and other income— — — 11,414 11,414 
Labor (1)
1,279,296 — — — 1,279,296 
Management fees146,162 — — — 146,162 
Other segment expenses (2)
822,354 292,776 14,557 — 1,129,687 
Property-level operating expenses2,247,812 292,776 14,557 — 2,555,145 
Third-party capital management expenses— — — 6,101 6,101 
NOI$711,407 $576,932 $604,651 $32,177 1,925,167 
Interest and other income  11,414 
Interest expense   (574,112)
Depreciation and amortization   (1,392,461)
General, administrative and professional fees   (148,876)
Gain on extinguishment of debt, net   6,104 
Transaction, transition and restructuring costs   (15,215)
Reversal of allowance on loans receivable and investments, net
20,270 
Gain on foreclosure of real estate29,127 
Other income   23,001 
Income from unconsolidated entities13,626 
Gain on real estate dispositions62,119 
Income tax benefit   9,539 
Net loss(30,297)
Net income attributable to noncontrolling interests10,676 
Net loss attributable to common stockholders$(40,973)
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Year Ended December 31, 2022
SHOPOM&RNNNNon-SegmentTotal
Revenues:
Rental income$— $801,159 $598,154 $— $1,399,313 
Resident fees and services2,651,886 — — — 2,651,886 
Third-party capital management revenues— 2,448 — 23,751 26,199 
Income from loans and investments— — — 48,160 48,160 
Interest and other income— — — 3,635 3,635 
Total revenues$2,651,886 $803,607 $598,154 $75,546 $4,129,193 
Total revenues$2,651,886 $803,607 $598,154 $75,546 $4,129,193 
Less:
Interest and other income— — — 3,635 3,635 
Labor (1)
1,164,761 — — — 1,164,761 
Management fees127,453 — — — 127,453 
Other segment expenses (2)
712,206 257,003 15,301 — 984,510 
Property-level operating expenses2,004,420 257,003 15,301 — 2,276,724 
Third-party capital management expenses— — — 6,194 6,194 
NOI$647,466 $546,604 $582,853 $65,717 1,842,640 
Interest and other income   3,635 
Interest expense    (467,557)
Depreciation and amortization    (1,197,798)
General, administrative and professional fees    (144,874)
Loss on extinguishment of debt, net(581)
Transaction, transition and restructuring costs    (30,884)
Allowance on loans receivable and investments, net
(19,757)
Shareholder relations matters(20,693)
Other expense    (58,268)
Income from unconsolidated entities28,500 
Gain on real estate dispositions7,780 
Income tax benefit    16,926 
Net loss(40,931)
Net income attributable to noncontrolling interests6,516 
Net loss attributable to common stockholders$(47,447)
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
    
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:
202420232022
SHOP$2,061,741 $409,105 $423,420 
OM&R273,615 231,855 472,662 
NNN194,447 8,511 4,614 
Total capital expenditures$2,529,803 $649,471 $900,696 

Our portfolio of properties and loans 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):
 As of December 31,
 Net Real Estate Property:
20242023
United States$19,690,838 $18,702,960 
Canada2,719,078 2,837,858 
United Kingdom190,629 208,132 
Total net real estate property$22,600,545 $21,748,950 
For the Years Ended December 31,
 Revenues:202420232022
United States$4,366,953 $4,004,173 $3,652,327 
Canada526,575 464,772 449,091 
United Kingdom30,738 28,882 27,775 
Total revenues$4,924,266 $4,497,827 $4,129,193