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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Rental income:      
Total rental income $ 1,496,667 $ 1,496,940 $ 1,486,401
Income from loans and investments 22,593 9,057 22,952
Interest and other income 21,010 28,114 11,414
Total revenues 5,833,980 4,924,266 4,497,827
Expenses      
Interest 612,246 602,835 574,112
Depreciation and amortization 1,379,140 1,253,143 1,392,461
Property-level operating expenses:      
Property-level operating expenses 3,413,337 2,820,562 2,555,145
Third-party capital management expenses 6,579 6,507 6,101
General, administrative and professional fees 177,400 162,990 148,876
Loss (gain) on extinguishment of debt, net 172 687 (6,104)
Transaction, transition and restructuring costs 10,073 20,369 15,215
Reversal of allowance on loans receivable and investments, net 0 (166) (20,270)
Gain on foreclosure of real estate 0 0 (29,127)
Shareholder relations matters 0 15,751 0
Other expense (income) 30,712 49,584 (23,001)
Total expenses 5,629,659 4,932,262 4,613,408
Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests 204,321 (7,996) (115,581)
Income from unconsolidated entities 4,468 1,563 13,626
Gain on real estate dispositions 38,579 57,009 62,119
Income tax benefit 14,150 37,775 9,539
Net income (loss) 261,518 88,351 (30,297)
Net income attributable to noncontrolling interests 10,137 7,198 10,676
Net income (loss) attributable to common stockholders $ 251,381 $ 81,153 $ (40,973)
Basic:      
(Loss) income from continuing operations (USD per share) $ 0.57 $ 0.21 $ (0.08)
Net (loss) income attributable to common stockholders (USD per share) 0.55 0.20 (0.10)
Diluted:      
(Loss) income from continuing operations (USD per share) 0.57 0.21 (0.08)
Net (loss) income attributable to common stockholders (USD per share) $ 0.54 $ 0.19 $ (0.10)
Retained Earnings (Deficit)      
Property-level operating expenses:      
Net income (loss) $ 251,381 $ 81,153 $ (40,973)
NNN      
Rental income:      
Total rental income 601,578 622,054 619,208
Property-level operating expenses:      
Property-level operating expenses 13,505 15,829 14,557
Resident fees and services      
Rental income:      
Revenue from contracts with customers 4,276,163 3,372,796 2,959,219
Third-party capital management revenues      
Rental income:      
Revenue from contracts with customers 17,547 17,359 17,841
SHOP      
Property-level operating expenses:      
Property-level operating expenses 3,092,099 2,506,413 2,247,812
Outpatient Medical And Research Portfolio      
Rental income:      
Total rental income 895,089 874,886 867,193
Property-level operating expenses:      
Property-level operating expenses $ 307,733 $ 298,320 $ 292,776