XML 36 R24.htm IDEA: XBRL DOCUMENT v3.25.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 16—SEGMENT INFORMATION

As of September 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 September 30, 2025
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $226,200 $160,050 $— $386,250 
Resident fees and services1,088,546 — — — 1,088,546 
Third-party capital management revenues— 681 —3,811 4,492 
Income from loans and investments— — — 5,524 5,524 
Interest and other income— — — 4,184 4,184 
Total revenues$1,088,546 $226,881 $160,050 $13,519 $1,488,996 
Total revenues$1,088,546 $226,881 $160,050 $13,519 $1,488,996 
Less:     
Interest and other income— — — 4,184 4,184 
Labor (1)
442,551 — — — 442,551 
Management fees56,978 — — — 56,978 
Other segment expenses (2)
286,721 79,136 3,012 — 368,869 
Property-level operating expenses786,250 79,136 3,012 — 868,398 
Third-party capital management expenses— — — 1,5171,517 
NOI$302,296 $147,745 $157,038 $7,818 614,897 
Interest and other income    4,184 
Interest expense    (158,124)
Depreciation and amortization    (357,173)
General, administrative and professional fees    (40,387)
Loss on extinguishment of debt, net(119)
Transaction, transition and restructuring costs    (5,472)
Other expense    (13,370)
Income from unconsolidated entities16,644 
Gain on real estate dispositions1,283 
Income tax benefit    6,345 
Net income68,708 
Net income attributable to noncontrolling interests2,661 
Net income attributable to common stockholders$66,047 
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Three Months Ended September 30, 2024
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $220,957 $155,349 $— $376,306 
Resident fees and services845,532 — — — 845,532 
Third-party capital management revenues— 618 — 3,774 4,392 
Income from loans and investments— — — 1,881 1,881 
Interest and other income— — — 8,204 8,204 
Total revenues$845,532 $221,575 $155,349 $13,859 $1,236,315 
Total revenues$845,532 $221,575 $155,349 $13,859 $1,236,315 
Less:     
Interest and other income— — — 8,204 8,204 
Labor (1)
354,505 — — — 354,505 
Management fees43,105 — — — 43,105 
Other segment expenses (2)
233,940 77,479 4,379 — 315,798 
Property-level operating expenses631,550 77,479 4,379 — 713,408 
Third-party capital management expenses— — — 1,553 1,553 
NOI$213,982 $144,096 $150,970 $4,102 513,150 
Interest and other income    8,204 
Interest expense    (150,437)
Depreciation and amortization    (304,268)
General, administrative and professional fees    (35,092)
Transaction, transition and restructuring costs    (8,580)
Recovery of allowance on loans receivable and investments, net56 
Other expense    (3,935)
Income from unconsolidated entities4,629 
Gain on real estate dispositions271 
Income tax expense    (3,002)
Net income20,996 
Net income attributable to noncontrolling interests1,753 
Net income attributable to common stockholders$19,243 
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Nine Months Ended September 30, 2025
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $668,333 $468,865 $— $1,137,198 
Resident fees and services3,090,164 — — — 3,090,164 
Third-party capital management revenues— 2,034 — 11,191 13,225 
Income from loans and investments— — — 14,243 14,243 
Interest and other income— — — 13,133 13,133 
Total revenues$3,090,164 $670,367 $468,865 $38,567 $4,267,963 
Total revenues$3,090,164 $670,367 $468,865 $38,567 $4,267,963 
Less:     
Interest and other income— — — 13,133 13,133 
Labor (1)
1,255,387 — — — 1,255,387 
Management fees
162,010 — — — 162,010 
Other segment expenses (2)
819,555 230,094 10,505 — 1,060,154 
Property-level operating expenses2,236,952 230,094 10,505 — 2,477,551 
Third-party capital management expenses— — — 4,969 4,969 
NOI$853,212 $440,273 $458,360 $20,465 1,772,310 
Interest and other income    13,133 
Interest expense    (457,778)
Depreciation and amortization    (1,026,417)
General, administrative and professional fees    (136,392)
Loss on extinguishment of debt, net(119)
Transaction, transition and restructuring costs    (16,081)
Other expense    (20,621)
Income from unconsolidated entities12,195 
Gain on real estate dispositions35,268 
Income tax benefit    13,028 
Net income188,526 
Net income attributable to noncontrolling interests7,347 
Net income attributable to common stockholders    $181,179 
______________________________
(1)     Labor expense primarily includes salaries, benefits and related taxes.
(2)    Other segment expenses include:
•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.
•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.
•NNN — real estate taxes and insurance.
The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
For the Nine Months Ended September 30, 2024
SHOPOM&RNNNNon-SegmentTotal
Revenues     
Rental income$— $658,687 $464,651 $— $1,123,338 
Resident fees and services2,476,436 — — — 2,476,436 
Third-party capital management revenues— 1,954 — 11,066 13,020 
Income from loans and investments— — — 4,606 4,606 
Interest and other income— — — 19,809 19,809 
Total revenues$2,476,436 $660,641 $464,651 $35,481 $3,637,209 
Total revenues$2,476,436 $660,641 $464,651 $35,481 $3,637,209 
Less:     
Interest and other income— — — 19,809 19,809 
Labor (1)
1,042,311 — — — 1,042,311 
Management fees
127,122 — — — 127,122 
Other segment expenses (2)
675,297 224,703 11,623 — 911,623 
Property-level operating expenses1,844,730 224,703 11,623 — 2,081,056 
Third-party capital management expenses— — — 4,956 4,956 
NOI$631,706 $435,938 $453,028 $10,716 1,531,388 
Interest and other income    19,809 
Interest expense    (449,629)
Depreciation and amortization    (944,371)
General, administrative and professional fees    (121,556)
Loss on extinguishment of debt, net(672)
Transaction, transition and restructuring costs    (16,143)
Recovery of allowance on loans receivable and investments, net166 
Shareholder relations matters(15,751)
Other expense    (10,729)
Loss from unconsolidated entities(5,406)
Gain on real estate dispositions50,282 
Income tax expense    (7,764)
Net income29,624 
Net income attributable to noncontrolling interests5,306 
Net income attributable to common stockholders$24,318 
______________________________
(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.