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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 16—SEGMENT INFORMATION

As of June 30, 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. 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 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 June 30, 2025
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $220,814 $152,702 $— $373,516 
Resident fees and services1,032,714 — — — 1,032,714 
Third-party capital management revenues— 673 — 3,724 4,397 
Income from loans and investments— — — 4,395 4,395 
Interest and other income— — — 5,871 5,871 
Total revenues$1,032,714 $221,487 $152,702 $13,990 $1,420,893 
Total revenues$1,032,714 $221,487 $152,702 $13,990 $1,420,893 
Less:     
Interest and other income— — — 5,871 5,871 
Labor (1)
420,212 — — — 420,212 
Management fees54,421 — — — 54,421 
Other segment expenses (2)
271,669 75,001 3,966 — 350,636 
Property-level operating expenses746,302 75,001 3,966 — 825,269 
Third-party capital management expenses— — — 1,6271,627 
NOI$286,412 $146,486 $148,736 $6,492 588,126 
Interest and other income    5,871 
Interest expense    (150,298)
Depreciation and amortization    (347,719)
General, administrative and professional fees    (42,856)
Transaction, transition and restructuring costs    (4,627)
Other expense    (5,839)
Loss from unconsolidated entities(1,138)
Gain on real estate dispositions33,816 
Income tax expense    (3,874)
Net income71,462 
Net income attributable to noncontrolling interests3,198 
Net income attributable to common stockholders$68,264 
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Three Months Ended June 30, 2024
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $218,853 $153,934 $— $372,787 
Resident fees and services817,600 — — — 817,600 
Third-party capital management revenues— 706 — 3,626 4,332 
Income from loans and investments— — — 1,436 1,436 
Interest and other income— — — 4,825 4,825 
Total revenues$817,600 $219,559 $153,934 $9,887 $1,200,980 
Total revenues$817,600 $219,559 $153,934 $9,887 $1,200,980 
Less:     
Interest and other income— — — 4,825 4,825 
Labor (1)
343,099 — — — 343,099 
Management fees41,951 — — — 41,951 
Other segment expenses (2)
218,309 73,286 3,506 — 295,101 
Property-level operating expenses603,359 73,286 3,506 — 680,151 
Third-party capital management expenses— — — 1,650 1,650 
NOI$214,241 $146,273 $150,428 $3,412 514,354 
Interest and other income    4,825 
Interest expense    (149,259)
Depreciation and amortization    (339,848)
General, administrative and professional fees    (37,727)
Loss on extinguishment of debt, net(420)
Transaction, transition and restructuring costs    (2,886)
Recovery of allowance on loans receivable and investments, net42 
Shareholder relations matters(37)
Other expense    (8,128)
Loss from unconsolidated entities(1,652)
Gain on real estate dispositions49,670 
Income tax expense    (7,766)
Net income21,168 
Net income attributable to noncontrolling interests1,781 
Net income attributable to common stockholders$19,387 
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Six Months Ended June 30, 2025
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $442,133 $308,815 $— $750,948 
Resident fees and services2,001,618 — — — 2,001,618 
Third-party capital management revenues— 1,353 — 7,380 8,733 
Income from loans and investments— — — 8,719 8,719 
Interest and other income— — — 8,949 8,949 
Total revenues$2,001,618 $443,486 $308,815 $25,048 $2,778,967 
Total revenues$2,001,618 $443,486 $308,815 $25,048 $2,778,967 
Less:     
Interest and other income— — — 8,949 8,949 
Labor (1)
812,836 — — — 812,836 
Management fees
105,032 — — — 105,032 
Other segment expenses (2)
532,834 150,958 7,493 — 691,285 
Property-level operating expenses1,450,702 150,958 7,493 — 1,609,153 
Third-party capital management expenses— — — 3,452 3,452 
NOI$550,916 $292,528 $301,322 $12,647 1,157,413 
Interest and other income    8,949 
Interest expense    (299,654)
Depreciation and amortization    (669,244)
General, administrative and professional fees    (96,005)
Transaction, transition and restructuring costs    (10,609)
Other expense    (7,251)
Loss from unconsolidated entities(4,449)
Gain on real estate dispositions33,985 
Income tax benefit    6,683 
Net income119,818 
Net income attributable to noncontrolling interests4,686 
Net income attributable to common stockholders    $115,132 
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Six Months Ended June 30, 2024
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $437,730 $309,302 $— $747,032 
Resident fees and services1,630,904 — — — 1,630,904 
Third-party capital management revenues— 1,336 — 7,292 8,628 
Income from loans and investments— — — 2,725 2,725 
Interest and other income— — — 11,605 11,605 
Total revenues$1,630,904 $439,066 $309,302 $21,622 $2,400,894 
Total revenues$1,630,904 $439,066 $309,302 $21,622 $2,400,894 
Less:     
Interest and other income— — — 11,605 11,605 
Labor (1)
687,806 — — — 687,806 
Management fees
84,017 — — — 84,017 
Other segment expenses (2)
441,357 147,224 7,244 — 595,825 
Property-level operating expenses1,213,180 147,224 7,244 — 1,367,648 
Third-party capital management expenses— — — 3,403 3,403 
NOI$417,724 $291,842 $302,058 $6,614 1,018,238 
Interest and other income    11,605 
Interest expense    (299,192)
Depreciation and amortization    (640,103)
General, administrative and professional fees    (86,464)
Loss on extinguishment of debt, net(672)
Transaction, transition and restructuring costs    (7,563)
Recovery of allowance on loans receivable and investments, net110 
Shareholder relations matters(15,751)
Other expense    (6,794)
Loss from unconsolidated entities(10,035)
Gain on real estate dispositions50,011 
Income tax expense    (4,762)
Net income8,628 
Net income attributable to noncontrolling interests3,553 
Net income attributable to common stockholders$5,075 
______________________________
(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.