XML 81 R69.htm IDEA: XBRL DOCUMENT v3.25.3
SEGMENT INFORMATION - Income Statement (Details) - 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
Revenues 1,488,996 1,236,315 4,267,963 3,637,209
Less:        
Interest and other income 4,184 8,204 13,133 19,809
Labor 442,551 354,505 1,255,387 1,042,311
Management fees 56,978 43,105 162,010 127,122
Other segment expenses 368,869 315,798 1,060,154 911,623
Property-level operating expenses 868,398 713,408 2,477,551 2,081,056
Third-party capital management expenses     4,969 4,956
NOI 614,897 513,150 1,772,310 1,531,388
Interest and other income 4,184 8,204 13,133 19,809
Interest expense (158,124) (150,437) (457,778) (449,629)
Depreciation and amortization (357,173) (304,268) (1,026,417) (944,371)
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)
Other expense (13,370) (3,935) (20,621) (10,729)
Recovery of allowance on loans receivable and investments, net   56   166
Shareholder relations matters 0 0 0 (15,751)
Income (loss) 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 expense (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
Resident fees and services        
Revenues        
Resident fees and services 1,088,546 845,532 3,090,164 2,476,436
Third-party capital management expenses        
Revenues        
Other revenues 4,492 4,392 13,225 13,020
Less:        
Third-party capital management expenses 1,517 1,553 4,969 4,956
Operating Segments | SHOP        
Revenues        
Rental income 0 0 0 0
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 1,088,546 845,532 3,090,164 2,476,436
Less:        
Interest and other income 0 0 0 0
Labor 442,551 354,505 1,255,387 1,042,311
Management fees 56,978 43,105 162,010 127,122
Other segment expenses 286,721 233,940 819,555 675,297
Property-level operating expenses 786,250 631,550 2,236,952 1,844,730
Third-party capital management expenses     0 0
NOI 302,296 213,982 853,212 631,706
Interest and other income 0 0 0 0
Operating Segments | SHOP | Resident fees and services        
Revenues        
Resident fees and services 1,088,546 845,532 3,090,164 2,476,436
Operating Segments | SHOP | Third-party capital management expenses        
Revenues        
Other revenues 0 0 0 0
Less:        
Third-party capital management expenses 0 0    
Operating Segments | OM&R        
Revenues        
Rental income 226,200 220,957 668,333 658,687
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 226,881 221,575 670,367 660,641
Less:        
Interest and other income 0 0 0 0
Labor 0 0 0 0
Management fees 0 0 0 0
Other segment expenses 79,136 77,479 230,094 224,703
Property-level operating expenses 79,136 77,479 230,094 224,703
Third-party capital management expenses     0 0
NOI 147,745 144,096 440,273 435,938
Interest and other income 0 0 0 0
Operating Segments | OM&R | Resident fees and services        
Revenues        
Resident fees and services 0 0 0 0
Operating Segments | OM&R | Third-party capital management expenses        
Revenues        
Other revenues 681 618 2,034 1,954
Less:        
Third-party capital management expenses 0 0    
Operating Segments | NNN        
Revenues        
Rental income 160,050 155,349 468,865 464,651
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 160,050 155,349 468,865 464,651
Less:        
Interest and other income 0 0 0 0
Labor 0 0 0 0
Management fees 0 0 0 0
Other segment expenses 3,012 4,379 10,505 11,623
Property-level operating expenses 3,012 4,379 10,505 11,623
Third-party capital management expenses     0 0
NOI 157,038 150,970 458,360 453,028
Interest and other income 0 0 0 0
Operating Segments | NNN | Resident fees and services        
Revenues        
Resident fees and services 0 0 0 0
Operating Segments | NNN | Third-party capital management expenses        
Revenues        
Other revenues 0 0 0 0
Less:        
Third-party capital management expenses 0 0    
Non-Segment        
Revenues        
Rental income 0 0 0 0
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
Revenues 13,519 13,859 38,567 35,481
Less:        
Interest and other income 4,184 8,204 13,133 19,809
Labor 0 0 0 0
Management fees 0 0 0 0
Other segment expenses 0 0 0 0
Property-level operating expenses 0 0 0 0
Third-party capital management expenses       4,956
NOI 7,818 4,102 20,465 10,716
Interest and other income 4,184 8,204 13,133 19,809
Non-Segment | Resident fees and services        
Revenues        
Resident fees and services 0 0 0 0
Non-Segment | Third-party capital management expenses        
Revenues        
Other revenues 3,811 3,774 11,191 $ 11,066
Less:        
Third-party capital management expenses $ 1,517 $ 1,553 $ 4,969