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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Rental income $ 386,250 $ 376,306 $ 1,137,198 $ 1,123,338
Income from loans and investments 5,524 1,881 14,243 4,606
Interest and other income 4,184 8,204 13,133 19,809
Total revenues 1,488,996 1,236,315 4,267,963 3,637,209
Expenses        
Interest 158,124 150,437 457,778 449,629
Depreciation and amortization 357,173 304,268 1,026,417 944,371
Property-level operating expenses 868,398 713,408 2,477,551 2,081,056
Third-party capital management expenses     4,969 4,956
General, administrative and professional fees 40,387 35,092 136,392 121,556
Loss on extinguishment of debt, net 119 0 119 672
Transaction, transition and restructuring costs 5,472 8,580 16,081 16,143
Recovery of allowance on loans receivable and investments, net 0 (56) 0 (166)
Shareholder relations matters 0 0 0 15,751
Other expense 13,370 3,935 20,621 10,729
Total expenses 1,444,560 1,217,217 4,139,928 3,644,697
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests 44,436 19,098 128,035 (7,488)
Income from unconsolidated entities 16,644 4,629 12,195 (5,406)
Gain on real estate dispositions 1,283 271 35,268 50,282
Income tax benefit 6,345 (3,002) 13,028 (7,764)
Net income 68,708 20,996 188,526 29,624
Net income attributable to noncontrolling interests 2,661 1,753 7,347 5,306
Net income attributable to common stockholders $ 66,047 $ 19,243 $ 181,179 $ 24,318
Basic:        
(Loss) income from continuing (in usd per share) $ 0.15 $ 0.05 $ 0.42 $ 0.07
Net (loss) income attributable to common stockholders (in usd per share) 0.14 0.05 0.40 0.06
Diluted:        
(Loss) income from continuing (in usd per share) 0.15 0.05 0.41 0.07
Net (loss) income attributable to common stockholders (in usd per share) $ 0.14 $ 0.05 $ 0.40 $ 0.06
NNN        
Revenues        
Rental income $ 160,050 $ 155,349 $ 468,865 $ 464,651
Expenses        
Property-level operating expenses 3,012 4,379 10,505 11,623
OM&R        
Revenues        
Rental income 226,200 220,957 668,333 658,687
Expenses        
Property-level operating expenses 79,136 77,479 230,094 224,703
Resident fees and services        
Revenues        
Resident fees and services 1,088,546 845,532 3,090,164 2,476,436
Senior housing        
Expenses        
Property-level operating expenses 786,250 631,550 2,236,952 1,844,730
Third-party capital management expenses        
Revenues        
Other revenues 4,492 4,392 13,225 13,020
Expenses        
Third-party capital management expenses $ 1,517 $ 1,553 $ 4,969 $ 4,956