Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025


Three Months Ended March 31, 2025	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Resident fees and services	$	1,864,530	$	—	$	—	$	—	$	1,864,530
Rental income	—		252,688		208,879		—		461,567
Interest income	—		2,111		—		60,379		62,490
Other income	3,341		231		2,137		28,791		34,500
Total revenues	1,867,871		255,030		211,016		89,170		2,423,087

Property operating expenses	1,384,684		8,818		64,606		4,282		1,462,390
Consolidated net operating income (loss)	$	483,187	$	246,212	$	146,410	$	84,888	960,697

Depreciation and amortization									485,869
Interest expense									144,962
General and administrative expenses									63,758
Loss (gain) on derivatives and financial instruments, net									(3,210)
Loss (gain) on extinguishment of debt, net									6,156
Provision for loan losses, net									(2,007)
Impairment of assets									52,402
Other expenses									14,060
Income (loss) from continuing operations before income taxes and other items									198,707
Income tax (expense) benefit									5,519
Income (loss) from unconsolidated entities									1,263
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net									51,777
Income (loss) from continuing operations									257,266
Net income (loss)									$	257,266

The following table summarizes significant expense categories by segment for the quarter ended March 31, 2025 (in thousands):


	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Compensation	$	818,164	$	12	$	13,695	$	—	$	831,871
Utilities	89,927		94		13,881		—		103,902
Food	71,805		—		—		—		71,805
Repairs and maintenance	52,983		29		11,543		—		64,555
Property taxes	61,933		5,967		18,244		—		86,144
Other segment expenses(1)	289,872		2,716		7,243		4,282		304,113
Total property operating expenses	$	1,384,684	8,818		$	64,606	4,282		$	1,462,390

(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.

The following table summarizes information for the reportable segments for the quarter ended March 31, 2024 (in thousands):


Three Months Ended March 31, 2024	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Resident fees and services	$	1,360,274	$	—	$	—	$	—	$	1,360,274
Rental income	—		221,744		195,908		—		417,652
Interest income	—		—		—		52,664		52,664
Other income	1,463		1,199		2,402		24,087		29,151
Total revenues	1,361,737		222,943		198,310		76,751		1,859,741

Property operating expenses	1,019,347		10,817		62,463		4,286		1,096,913
Consolidated net operating income (loss)	$	342,390	$	212,126	$	135,847	$	72,465	762,828

Depreciation and amortization									365,863
Interest expense									147,318
General and administrative expenses									53,318
Loss (gain) on derivatives and financial instruments, net									(3,054)
Loss (gain) on extinguishment of debt, net									6
Provision for loan losses, net									1,014
Impairment of assets									43,331
Other expenses									14,131
Income (loss) from continuing operations before income taxes and other items									140,901
Income tax (expense) benefit									(6,191)
Income (loss) from unconsolidated entities									(7,783)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net									4,707
Income (loss) from continuing operations									131,634
Net income (loss)									$	131,634

The following table summarizes significant expense categories by segment for the quarter ended March 31, 2024 (in thousands):


	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Compensation	$	598,618	$	20	$	14,004	$	—	$	612,642
Utilities	67,640		89		11,962		—		79,691
Food	55,625		—		—		—		55,625
Repairs and maintenance	38,810		30		10,425		—		49,265
Property taxes	50,507		8,150		18,813		—		77,470
Other segment expenses(1)	208,147		2,528		7,259		4,286		222,220
Total property operating expenses	$	1,019,347	$	10,817	$	62,463	$	4,286	$	1,096,913

(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.

The following table summarizes our total assets by segment for the periods presented (in thousands):

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