DESCRIPTION OF BUSINESS (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reportable Business Segments And Non-Segment Assets

The following table summarizes information for our portfolio for the nine months ended September 30, 2025 (dollars in thousands):

Segment	NOI (1)		Percentage of Total NOI		Segment Properties
Senior housing operating portfolio (SHOP)	$	853,212	48.1	%	714
Outpatient medical and research portfolio (OM&R)	440,273		24.8		411
Triple-net leased properties (NNN)	458,360		25.9		246
Non-segment (2)	20,465		1.2		n/a
	$	1,772,310	100.0	%	1,371

______________________________

(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 Quarterly Report on Form 10-Q 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.

n/a—not applicable