DESCRIPTION OF BUSINESS (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reportable Business Segments And Non-Segment Assets

Segment	NOI (1)		Percentage of Total NOI		Segment Properties
Senior housing operating portfolio (SHOP)	$	866,383	41.9	%	629
Outpatient medical and research portfolio (OM&R)	579,271		28.0	%	426
Triple-net leased properties (NNN)	606,225		29.3	%	301
Non-segment (2)	17,204		0.8	%	n/a
	$	2,069,083	100	%	1,356

______________________________

(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 U.S. generally accepted accounting principles (“GAAP”), to NOI.

(2)    NOI 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.