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Segment Disclosures (Tables)
 6 Months Ended
Jun. 30, 2018
Segment Reporting [Abstract]  
Summary of Financial Information of Reportable Segments
The following tables summarize information for the reportable segments (in thousands):
For the three months ended June 30, 2018:
 
 
Senior Housing Triple-Net
 
SHOP
 
Life Science
 
Medical Office
 
Other Non-reportable
 
Corporate Non-segment
 
Total
Rental revenues(1)
 
$
70,713

 
$
138,352

 
$
101,031

 
$
125,246

 
$
32,762

 
$
—

 
$
468,104

Operating expenses
 
(791
)
 
(101,767
)
 
(22,732
)
 
(47,271
)
 
(1,305
)
 
—

 
(173,866
)
NOI
 
69,922

 
36,585

 
78,299

 
77,975

 
31,457

 
—

 
294,238

Adjustments to NOI(2)
 
1,006

 
(124
)
 
(2,233
)
 
(993
)
 
(1,318
)
 
—

 
(3,662
)
Adjusted NOI
 
70,928

 
36,461

 
76,066

 
76,982

 
30,139

 
—

 
290,576

Addback adjustments
 
(1,006
)
 
124

 
2,233

 
993

 
1,318

 
—

 
3,662

Interest income
 
—

 
—

 
—

 
—

 
1,447

 
—

 
1,447

Interest expense
 
(607
)
 
(990
)
 
(80
)
 
(119
)
 
(742
)
 
(70,500
)
 
(73,038
)
Depreciation and amortization
 
(21,251
)
 
(28,002
)
 
(35,269
)
 
(46,419
)
 
(12,351
)
 
—

 
(143,292
)
General and administrative
 
—

 
—

 
—

 
—

 
—

 
(22,514
)
 
(22,514
)
Transaction costs
 
—

 
—

 
—

 
—

 
—

 
(2,404
)
 
(2,404
)
Recoveries (impairments), net
 
(6,273
)
 
—

 
(7,639
)
 
—

 
—

 
—

 
(13,912
)
Gain (loss) on sales of real estate, net
 
(23,039
)
 
48,252

 
—

 
—

 
20,851

 
—

 
46,064

Other income (expense), net
 
—

 
—

 
—

 
—

 
—

 
1,786

 
1,786

Income tax benefit (expense)
 
—

 
—

 
—

 
—

 
—

 
4,654

 
4,654

Equity income (loss) from unconsolidated JVs
 
—

 
—

 
—

 
—

 
(101
)
 
—

 
(101
)
Net income (loss)
 
$
18,752

 
$
55,845

 
$
35,311

 
$
31,437

 
$
40,561

 
$
(88,978
)
 
$
92,928

_______________________________________
(1)
Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs.
(2)
Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees.
For the three months ended June 30, 2017:
 
 
Senior Housing Triple-Net
 
SHOP
 
Life Science
 
Medical Office
 
Other Non-reportable
 
Corporate Non-segment
 
Total
Rental revenues(1)
 
$
78,079

 
$
125,416

 
$
86,730

 
$
119,164

 
$
28,670

 
$
—

 
$
438,059

Operating expenses
 
(882
)
 
(85,866
)
 
(18,744
)
 
(46,581
)
 
(1,090
)
 
—

 
(153,163
)
NOI
 
77,197

 
39,550

 
67,986

 
72,583

 
27,580

 
—

 
284,896

Adjustments to NOI(2)
 
(406
)
 
12

 
(123
)
 
(763
)
 
(864
)
 
—

 
(2,144
)
Adjusted NOI
 
76,791

 
39,562

 
67,863

 
71,820

 
26,716

 
—

 
282,752

Addback adjustments
 
406

 
(12
)
 
123

 
763

 
864

 
—

 
2,144

Interest income
 
—

 
—

 
—

 
—

 
20,869

 
—

 
20,869

Interest expense
 
(631
)
 
(1,166
)
 
(96
)
 
(127
)
 
(1,181
)
 
(74,587
)
 
(77,788
)
Depreciation and amortization
 
(25,519
)
 
(24,415
)
 
(31,004
)
 
(42,488
)
 
(7,325
)
 
—

 
(130,751
)
General and administrative
 
—

 
—

 
—

 
—

 
—

 
(21,286
)
 
(21,286
)
Transaction costs
 
—

 
—

 
—

 
—

 
—

 
(867
)
 
(867
)
Recoveries (impairments), net
 
—

 
—

 
—

 
—

 
(56,682
)
 
—

 
(56,682
)
Gain (loss) on sales of real estate, net
 
(230
)
 
(232
)
 
1,280

 
(406
)
 
—

 
—

 
412

Other income (expense), net
 
—

 
—

 
—

 
—

 
—

 
71

 
71

Income tax benefit (expense)
 
—

 
—

 
—

 
—

 
—

 
2,987

 
2,987

Equity income (loss) from unconsolidated JVs
 
—

 
—

 
—

 
—

 
240

 
—

 
240

Net income (loss)
 
$
50,817

 
$
13,737

 
$
38,166

 
$
29,562

 
$
(16,499
)
 
$
(93,682
)
 
$
22,101

_______________________________________
(1)
Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs.
(2)
Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees.
For the six months ended June 30, 2018:
 
 
Senior Housing Triple-Net
 
SHOP
 
Life Science
 
Medical Office
 
Other Non-reportable
 
Corporate Non-segment
 
Total
Rental revenues(1)
 
$
145,003

 
$
283,022

 
$
200,653

 
$
249,180

 
$
63,078

 
$
—

 
$
940,936

Operating expenses
 
(1,837
)
 
(203,513
)
 
(44,541
)
 
(93,967
)
 
(2,560
)
 
—

 
(346,418
)
NOI
 
143,166

 
79,509

 
156,112

 
155,213

 
60,518

 
—

 
594,518

Adjustments to NOI(2)
 
(858
)
 
(1,732
)
 
(5,984
)
 
(2,064
)
 
(2,711
)
 
—

 
(13,349
)
Adjusted NOI
 
142,308

 
77,777

 
150,128

 
153,149

 
57,807

 
—

 
581,169

Addback adjustments
 
858

 
1,732

 
5,984

 
2,064

 
2,711

 
—

 
13,349

Interest income
 
—

 
—

 
—

 
—

 
7,812

 
—

 
7,812

Interest expense
 
(1,207
)
 
(1,979
)
 
(162
)
 
(239
)
 
(1,469
)
 
(143,084
)
 
(148,140
)
Depreciation and amortization
 
(43,157
)
 
(55,630
)
 
(71,350
)
 
(91,937
)
 
(24,468
)
 
—

 
(286,542
)
General and administrative
 
—

 
—

 
—

 
—

 
—

 
(51,689
)
 
(51,689
)
Transaction costs
 
—

 
—

 
—

 
—

 
—

 
(4,599
)
 
(4,599
)
Recoveries (impairments), net
 
(6,273
)
 
—

 
(7,639
)
 
—

 
—

 
—

 
(13,912
)
Gain (loss) on sales of real estate, net
 
(23,039
)
 
69,067

 
—

 
—

 
20,851

 
—

 
66,879

Other income (expense), net
 
—

 
—

 
—

 
—

 
(40,567
)
 
1,946

 
(38,621
)
Income tax benefit (expense)
 
—

 
—

 
—

 
—

 
—

 
9,990

 
9,990

Equity income (loss) from unconsolidated JVs
 
—

 
—

 
—

 
—

 
469

 
—

 
469

Net income (loss)
 
$
69,490

 
$
90,967

 
$
76,961

 
$
63,037

 
$
23,146

 
$
(187,436
)
 
$
136,165

_______________________________________
(1)
Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs.
(2)
Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees.
For the six months ended June 30, 2017:
 
 
Senior Housing Triple-Net
 
SHOP
 
Life Science
 
Medical Office
 
Other Non-reportable
 
Corporate Non-segment
 
Total
Rental revenues(1)
 
$
178,112

 
$
265,644

 
$
172,050

 
$
237,535

 
$
58,555

 
$
—

 
911,896

Operating expenses
 
(1,993
)
 
(180,405
)
 
(36,064
)
 
(91,444
)
 
(2,338
)
 
—

 
(312,244
)
NOI
 
176,119

 
85,239

 
135,986

 
146,091

 
56,217

 
—

 
599,652

Adjustments to NOI(2)
 
(2,245
)
 
(299
)
 
(426
)
 
(1,726
)
 
(1,879
)
 
—

 
(6,575
)
Adjusted NOI
 
173,874

 
84,940

 
135,560

 
144,365

 
54,338

 
—

 
593,077

Addback adjustments
 
2,245

 
299

 
426

 
1,726

 
1,879

 
—

 
6,575

Interest income
 
—

 
—

 
—

 
—

 
39,200

 
—

 
39,200

Interest expense
 
(1,258
)
 
(6,017
)
 
(200
)
 
(256
)
 
(2,923
)
 
(153,852
)
 
(164,506
)
Depreciation and amortization
 
(51,930
)
 
(50,773
)
 
(64,795
)
 
(85,217
)
 
(14,590
)
 
—

 
(267,305
)
General and administrative
 
—

 
—

 
—

 
—

 
—

 
(43,764
)
 
(43,764
)
Transaction costs
 
—

 
—

 
—

 
—

 
—

 
(1,924
)
 
(1,924
)
Recoveries (impairments), net
 
—

 
—

 
—

 
—

 
(56,682
)
 
—

 
(56,682
)
Gain (loss) on sales of real estate, net
 
268,234

 
134

 
45,913

 
(406
)
 
3,795

 
—

 
317,670

Other income (expense), net
 
—

 
—

 
—

 
—

 
50,895

 
384

 
51,279

Income tax benefit (expense)
 
—

 
—

 
—

 
—

 
—

 
9,149

 
9,149

Equity income (loss) from unconsolidated JVs
 
—

 
—

 
—

 
—

 
3,509

 
—

 
3,509

Net income (loss)
 
$
391,165

 
$
28,583

 
$
116,904

 
$
60,212

 
$
79,421

 
$
(190,007
)
 
$
486,278

_______________________________________
(1)
Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs.
(2)
Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees.
Reconciliation of Company's Revenues by Segment
The following table summarizes the Company’s revenues by segment (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Segment
 
2018
 
2017
 
2018
 
2017
Senior housing triple-net
 
$
70,713

 
$
78,079

 
$
145,003

 
$
178,112

SHOP
 
138,352

 
125,416

 
283,022

 
265,644

Life science
 
101,031

 
86,730

 
200,653

 
172,050

Medical office
 
125,246

 
119,164

 
249,180

 
237,535

Other non-reportable segments
 
34,209

 
49,539

 
70,890

 
97,755

Total revenues
 
$
469,551

 
$
458,928

 
$
948,748

 
$
951,096