Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Summary Information for Reportable Segments

Summary information for the reportable segments (which excludes unconsolidated entities) is as follows (in thousands): 

Three Months Ended June 30, 2024	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Resident fees and services	$	1,393,473	$	—	$	—	$	—	$	1,393,473
Rental income	—		141,151		194,660		—		335,811
Interest income	16,077		46,528		848		—		63,453
Other income	1,900		931		2,577		26,739		32,147
Total revenues	1,411,450		188,610		198,085		26,739		1,824,884
Property operating expenses	1,034,906		10,495		61,185		4,711		1,111,297
Consolidated net operating income (loss)	376,544		178,115		136,900		22,028		713,587
Depreciation and amortization	253,531		61,766		66,748		—		382,045
Interest expense	7,326		352		1,310		124,436		133,424
General and administrative expenses	—		—		—		55,565		55,565
Loss (gain) on derivatives and financial instruments, net	—		(5,825)		—		—		(5,825)
Loss (gain) on extinguishment of debt, net	1,705		—		—		—		1,705
Provision for loan losses, net	6,142		(962)		(17)		—		5,163
Impairment of assets	1,778		616		—		—		2,394
Other expenses	37,724		8,420		331		2,209		48,684
Income (loss) from continuing operations before income taxes and other items	68,338		113,748		68,528		(160,182)		90,432
Income tax (expense) benefit	—		—		—		(1,101)		(1,101)
Income (loss) from unconsolidated entities	(2,526)		2,614		4,808		—		4,896
Gain (loss) on real estate dispositions, net	137,061		21,268		8,114		—		166,443
Income (loss) from continuing operations	202,873		137,630		81,450		(161,283)		260,670
Net income (loss)	$	202,873	$	137,630	$	81,450	$	(161,283)	$	260,670
Total assets	$	26,007,665	$	9,454,889	$	7,487,100	$	2,584,283	$	45,533,937

Three Months Ended June 30, 2023	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Resident fees and services	$	1,159,449	$	—	$	—	$	—	$	1,159,449
Rental income	—		198,916		184,523		—		383,439
Interest income	2,095		36,520		95		—		38,710
Other income	2,895		66,692		1,574		12,719		83,880
Total revenues	1,164,439		302,128		186,192		12,719		1,665,478
Property operating expenses	885,187		10,598		58,697		4,190		958,672
Consolidated net operating income (loss)	279,252		291,530		127,495		8,529		706,806
Depreciation and amortization	220,428		55,234		66,283		—		341,945
Interest expense	16,136		(795)		3,152		133,844		152,337
General and administrative expenses	—		—		—		44,287		44,287
Loss (gain) on derivatives and financial instruments, net	—		1,280		—		—		1,280
Loss (gain) on extinguishment of debt, net	—		—		1		—		1
Provision for loan losses, net	1,867		591		(2)		—		2,456
Impairment of assets	—		1,086		—		—		1,086
Other expenses	8,060		818		647		1,544		11,069
Income (loss) from continuing operations before income taxes and other items	32,761		233,316		57,414		(171,146)		152,345
Income tax (expense) benefit	—		—		—		(3,503)		(3,503)
Income (loss) from unconsolidated entities	(39,445)		(630)		(257)		—		(40,332)
Gain (loss) on real estate dispositions, net	(2,096)		(72)		—		—		(2,168)
Income (loss) from continuing operations	(8,780)		232,614		57,157		(174,649)		106,342
Net income (loss)	$	(8,780)	$	232,614	$	57,157	$	(174,649)	$	106,342

Six Months Ended June 30, 2024	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment / Corporate		Total
Resident fees and services	$	2,753,747	$	—	$	—	$	—	$	2,753,747
Rental income	—		362,895		390,568		—		753,463
Interest income	21,100		93,317		1,700		—		116,117
Other income	3,363		2,130		4,979		50,826		61,298
Total revenues	2,778,210		458,342		397,247		50,826		3,684,625
Property operating expenses	2,054,253		21,312		123,648		8,997		2,208,210
Consolidated net operating income (loss)	723,957		437,030		273,599		41,829		1,476,415
Depreciation and amortization	490,327		124,301		133,280		—		747,908
Interest expense	18,512		710		3,028		258,492		280,742
General and administrative expenses	—		—		—		108,883		108,883
Loss (gain) on derivatives and financial instruments, net	—		(8,879)		—		—		(8,879)
Loss (gain) on extinguishment of debt, net	1,711		—		—		—		1,711
Provision for loan losses, net	7,710		(1,529)		(4)		—		6,177
Impairment of assets	45,109		616		—		—		45,725
Other expenses	46,481		9,625		940		5,769		62,815
Income (loss) from continuing operations before income taxes and other items	114,107		312,186		136,355		(331,315)		231,333
Income tax (expense) benefit	—		—		—		(7,292)		(7,292)
Income (loss) from unconsolidated entities	(6,793)		(539)		4,445		—		(2,887)
Gain (loss) on real estate dispositions, net	141,663		21,294		8,193		—		171,150
Income (loss) from continuing operations	248,977		332,941		148,993		(338,607)		392,304
Net income (loss)	$	248,977	$	332,941	$	148,993	$	(338,607)	$	392,304

Six Months Ended June 30, 2023	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment / Corporate		Total
Resident fees and services	$	2,291,134	$	—	$	—	$	—	$	2,291,134
Rental income	—		401,335		366,163		—		767,498
Interest income	4,646		70,283		186		—		75,115
Other income	5,340		68,575		4,674		13,871		92,460
Total revenues	2,301,120		540,193		371,023		13,871		3,226,207
Property operating expenses	1,768,971		22,321		117,062		8,071		1,916,425
Consolidated net operating income (loss)	532,149		517,872		253,961		5,800		1,309,782
Depreciation and amortization	440,835		109,762		130,460		—		681,057
Interest expense	27,623		(810)		7,256		262,671		296,740
General and administrative expenses	—		—		—		88,658		88,658
Loss (gain) on derivatives and financial instruments, net	—		2,210		—		—		2,210
Loss (gain) on extinguishment of debt, net	—		—		6		—		6
Provision for loan losses, net	1,794		1,441		(2)		—		3,233
Impairment of assets	12,629		1,086		—		—		13,715
Other expenses	25,639		3,285		1,194		3,696		33,814
Income (loss) from continuing operations before income taxes and other items	23,629		400,898		115,047		(349,225)		190,349
Income tax (expense) benefit	—		—		—		(6,548)		(6,548)
Income (loss) from unconsolidated entities	(55,034)		7,802		(171)		—		(47,403)
Gain (loss) on real estate dispositions, net	(1,263)		448		(606)		—		(1,421)
Income (loss) from continuing operations	(32,668)		409,148		114,270		(355,773)		134,977
Net income (loss)	$	(32,668)	$	409,148	$	114,270	$	(355,773)	$	134,977

Summary of Geographic Information

The following is a summary of geographic information for the periods presented (dollars in thousands): 

	Three Months Ended								Six Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Revenues:	Amount		%		Amount		%		Amount(1)		%		Amount		%
United States	$	1,530,174	83.9	%	$	1,392,512	83.7	%	$	3,077,070	83.5	%	$	2,688,534	83.3	%
United Kingdom	163,264		8.9	%	154,028		9.2	%	324,772		8.8	%	301,904		9.4	%
Canada	131,446		7.2	%	118,938		7.1	%	282,783		7.7	%	235,769		7.3	%
Total	$	1,824,884	100.0	%	$	1,665,478	100.0	%	$	3,684,625	100.0	%	$	3,226,207	100.0	%
	Three Months Ended								Six Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Resident Fees and Services:	Amount		%		Amount		%		Amount(1)		%		Amount		%
United States	$	1,148,809	82.4	%	$	929,997	80.2	%	$	2,246,148	81.6	%	$	1,838,941	80.3	%
United Kingdom	117,794		8.5	%	113,585		9.8	%	234,673		8.5	%	222,597		9.7	%
Canada	126,870		9.1	%	115,867		10.0	%	272,926		9.9	%	229,596		10.0	%
Total	$	1,393,473	100.0	%	$	1,159,449	100.0	%	$	2,753,747	100.0	%	$	2,291,134	100.0	%
	As of
	June 30, 2024				December 31, 2023
Assets:	Amount		%		Amount		%
United States	$	38,799,436	85.2	%	$	36,929,186	83.9	%
United Kingdom	3,604,871		7.9	%	3,587,230		8.2	%
Canada	3,129,630		6.9	%	3,495,750		7.9	%
Total	$	45,533,937	100.0	%	$	44,012,166	100.0	%