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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 16—SEGMENT INFORMATION

As of March 31, 2025, we operated through three reportable business segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities 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. Total assets by reportable business segment is not disclosed as the chief operating decision maker (“CODM”) does not review such information to evaluate business performance and allocate resources.

Our CODM is the Chief Executive Officer of the Company. Our CODM evaluates performance of the combined properties in each operating segment and determines how to allocate resources to these 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.

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 March 31, 2025
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $221,319 $156,113 $— $377,432 
Resident fees and services968,904 — — — 968,904 
Third-party capital management revenues— 680 — 3,656 4,336 
Income from loans and investments— — — 4,324 4,324 
Interest and other income— — — 3,078 3,078 
Total revenues$968,904 $221,999 $156,113 $11,058 $1,358,074 
Total revenues$968,904 $221,999 $156,113 $11,058 $1,358,074 
Less:     
Interest and other income— — — 3,078 3,078 
Labor (1)
392,624 — — — 392,624 
Management fees50,611 — — — 50,611 
Other segment expenses (2)
261,165 75,957 3,527 — 340,649 
Property-level operating expenses704,400 75,957 3,527 — 783,884 
Third-party capital management expenses— — — 1,8251,825 
NOI$264,504 $146,042 $152,586 $6,155 569,287 
Interest and other income    3,078 
Interest expense    (149,356)
Depreciation and amortization    (321,525)
General, administrative and professional fees    (53,149)
Transaction, transition and restructuring costs    (5,982)
Other expense    (1,412)
Loss from unconsolidated entities(3,311)
Gain on real estate dispositions169 
Income tax benefit    10,557 
Net income48,356 
Net income attributable to noncontrolling interests1,488 
Net income attributable to common stockholders$46,868 
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(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Three Months Ended March 31, 2024
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $218,877 $155,368 $— $374,245 
Resident fees and services813,304 — — — 813,304 
Third-party capital management revenues— 631 — 3,665 4,296 
Income from loans and investments— — — 1,289 1,289 
Interest and other income— — — 6,780 6,780 
Total revenues$813,304 $219,508 $155,368 $11,734 $1,199,914 
Total revenues$813,304 $219,508 $155,368 $11,734 $1,199,914 
Less:     
Interest and other income— — — 6,780 6,780 
Labor (1)
344,706 — — — 344,706 
Management fees42,066 — — — 42,066 
Other segment expenses (2)
223,049 73,938 3,738 — 300,725 
Property-level operating expenses609,821 73,938 3,738 — 687,497 
Third-party capital management expenses— — — 1,753 1,753 
NOI$203,483 $145,570 $151,630 $3,201 503,884 
Interest and other income    6,780 
Interest expense    (149,933)
Depreciation and amortization    (300,255)
General, administrative and professional fees    (48,737)
Loss on extinguishment of debt, net(252)
Transaction, transition and restructuring costs    (4,677)
Recovery of allowance on loans receivable and investments, net68 
Shareholder relations matters(15,714)
Other income    1,334 
Loss from unconsolidated entities(8,383)
Gain on real estate dispositions341 
Income tax benefit    3,004 
Net loss(12,540)
Net income attributable to noncontrolling interests1,772 
Net loss attributable to common stockholders$(14,312)
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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.