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Segment Reporting
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We invest in seniors housing and health care real estate. We evaluate our business and make resource allocations on our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include seniors apartments, assisted living, independent living/continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof that are owned and/or operated through RIDEA structures (see Note 19). Our Triple-net properties include the property types described above as well as long-term/post-acute care facilities. Under the Triple-net segment, we invest in seniors housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our Outpatient Medical properties are typically leased to multiple tenants and generally require a certain level of property management by us.
We evaluate performance based upon consolidated NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties.  
Non-segment revenue consists mainly of interest income on cash investments recorded in other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. All inter-segment transactions are eliminated.
Summary information for the reportable segments (which excludes unconsolidated entities) is as follows (in thousands): 
Three Months Ended March 31, 2022:Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$994,335 $— $— $— $994,335 
Rental income— 196,001 160,389 — 356,390 
Interest income1,417 37,506 71 — 38,994 
Other income860 1,656 2,863 606 5,985 
Total revenues996,612 235,163 163,323 606 1,395,704 
Property operating expenses789,928 11,211 49,915 2,615 853,669 
Consolidated net operating income (loss)206,684 223,952 113,408 (2,009)542,035 
Depreciation and amortization192,793 53,504 57,791 — 304,088 
Interest expense7,650 314 4,567 109,165 121,696 
General and administrative expenses— — — 37,706 37,706 
Loss (gain) on derivatives and financial instruments, net— 2,578 — — 2,578 
Loss (gain) on extinguishment of debt, net(15)— — (12)
Provision for loan losses, net267 (1,065)(6)— (804)
Other expenses8,191 11,044 789 6,045 26,069 
Income (loss) from continuing operations before income taxes and other items(2,202)157,577 50,264 (154,925)50,714 
Income tax (expense) benefit— — — (5,013)(5,013)
Income (loss) from unconsolidated entities(17,782)15,543 (645)— (2,884)
Gain (loss) on real estate dispositions, net2,701 20,449 (216)— 22,934 
Income (loss) from continuing operations(17,283)193,569 49,403 (159,938)65,751 
Net income (loss)$(17,283)$193,569 $49,403 $(159,938)$65,751 
Total assets$19,986,904 $8,986,422 $6,333,821 $165,306 $35,472,453 
Three Months Ended March 31, 2021:Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$723,464 $— $— $— $723,464 
Rental income— 152,463 150,380 — 302,843 
Interest income1,119 14,922 3,538 — 19,579 
Other income1,819 1,097 2,305 955 6,176 
Total revenues726,402 168,482 156,223 955 1,052,062 
Property operating expenses555,968 12,841 46,863 1,654 617,326 
Consolidated net operating income (loss)170,434 155,641 109,360 (699)434,736 
Depreciation and amortization132,586 56,667 55,173 — 244,426 
Interest expense11,418 1,882 4,015 105,827 123,142 
General and administrative expenses— — — 29,926 29,926 
Loss (gain) on derivatives and financial instruments, net— 1,934 — — 1,934 
Loss (gain) on extinguishment of debt, net(4,643)— — — (4,643)
Provision for loan losses, net251 853 279 — 1,383 
Impairment of assets4,604 18,964 — — 23,568 
Other expenses3,459 4,983 

712 1,840 10,994 
Income (loss) from continuing operations before income taxes and other items22,759 70,358 49,181 (138,292)4,006 
Income tax (expense) benefit— — — (3,943)(3,943)
Income (loss) from unconsolidated entities5,234 4,907 2,908 — 13,049 
Gain (loss) on real estate dispositions, net5,195 2,042 51,843 — 59,080 
Income (loss) from continuing operations33,188 77,307 103,932 (142,235)72,192 
Net income (loss)$33,188 $77,307 $103,932 $(142,235)$72,192 
Our portfolio of properties and other investments are located in the United States, the United Kingdom and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for the periods presented (dollars in thousands): 
 Three Months Ended
 March 31, 2022March 31, 2021
Revenues:
Amount(1)
%Amount%
United States$1,139,016 81.6 %$825,648 78.5 %
United Kingdom144,491 10.4 %118,874 11.3 %
Canada112,197 8.0 %107,540 10.2 %
Total$1,395,704 100.0 %$1,052,062 100.0 %
 As of
 March 31, 2022December 31, 2021
Assets:Amount%Amount%
United States$28,821,624 81.2 %$28,595,703 81.9 %
United Kingdom3,822,998 10.8 %3,938,258 11.3 %
Canada2,827,831 8.0 %2,376,364 6.8 %
Total$35,472,453 100.0 %$34,910,325 100.0 %
(1) The United States, United Kingdom and Canada represent 79%, 10% and 11% of our resident fees and services revenue for the three month period ended March 31, 2022.