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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Rental income:      
Total rental income $ 1,496,940 $ 1,486,401 $ 1,399,313
Income from loans and investments 9,057 22,952 48,160
Interest and other income 28,114 11,414 3,635
Total revenues 4,924,266 4,497,827 4,129,193
Expenses      
Interest 602,835 574,112 467,557
Depreciation and amortization 1,253,143 1,392,461 1,197,798
Property-level operating expenses:      
Property-level operating expenses 2,820,562 2,555,145 2,276,724
Third-party capital management expenses 6,507 6,101 6,194
General, administrative and professional fees 162,990 148,876 144,874
Loss (gain) on extinguishment of debt, net 687 (6,104) 581
Transaction, transition and restructuring costs 20,369 15,215 30,884
Provision for Loan, Lease, and Other Losses (166) (20,270) 19,757
Gain on foreclosure of real estate 0 (29,127) 0
Shareholder relations matters 15,751 0 20,693
Other expense (income) 49,584 (23,001) 58,268
Total expenses 4,932,262 4,613,408 4,223,330
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests (7,996) (115,581) (94,137)
Income from unconsolidated entities 1,563 13,626 28,500
Gain on real estate dispositions 57,009 62,119 7,780
Income tax benefit 37,775 9,539 16,926
Net income (loss) 88,351 (30,297) (40,931)
Net income attributable to noncontrolling interests 7,198 10,676 6,516
Net income (loss) attributable to common stockholders $ 81,153 $ (40,973) $ (47,447)
Basic:      
(Loss) income from continuing operations (USD per share) $ 0.21 $ (0.08) $ (0.10)
Net (loss) income attributable to common stockholders (USD per share) 0.20 (0.10) (0.12)
Diluted:      
(Loss) income from continuing operations (USD per share) [1] 0.21 (0.08) (0.10)
Net (loss) income attributable to common stockholders (USD per share) [1] $ 0.19 $ (0.10) $ (0.12)
Retained Earnings (Deficit)      
Property-level operating expenses:      
Net income (loss)   $ (40,973) $ (47,447)
Net income (loss) attributable to common stockholders $ 81,153    
NNN      
Rental income:      
Total rental income 622,054 619,208 598,154
Property-level operating expenses:      
Property-level operating expenses 15,829 14,557 15,301
Resident fees and services      
Rental income:      
Revenue from contracts with customers 3,372,796 2,959,219 2,651,886
Third-party capital management revenues      
Rental income:      
Revenue from contracts with customers 17,359 17,841 26,199
SHOP      
Property-level operating expenses:      
Property-level operating expenses 2,506,413 2,247,812 2,004,420
Outpatient Medical And Research Portfolio      
Rental income:      
Total rental income 874,886 867,193 801,159
Property-level operating expenses:      
Property-level operating expenses $ 298,320 $ 292,776 $ 257,003
[1] Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect would be an antidilutive per share amount.