DESCRIPTION OF BUSINESS (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 2025 (dollars in thousands):

Segment	NOI (1)		Percentage of Total NOI		Segment Properties
Senior housing operating portfolio (SHOP)	$	1,184,064	49.4	%	752
Outpatient medical and research portfolio (OM&R)	590,169		24.7	%	409
Triple-net leased properties (NNN)	588,073		24.6	%	213
Non-segment (2)	30,748		1.3	%	n/a
	$	2,393,054	100	%	1,374

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(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 Annual Report 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 segments.

n/a—not applicable