Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

The following table summarizes information for the reportable segments for the three months ended March 31, 2026 (in thousands):


Three Months Ended March 31, 2026	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Resident fees and services	$	2,780,931	$	—	$	—	$	—	$	2,780,931
Rental income	—		383,803		70,039		—		453,842
Interest income	—		8,077		—		62,852		70,929
Other income	9,443		232		1,093		35,456		46,224
Total revenues	2,790,374		392,112		71,132		98,308		3,351,926

Property operating expenses	2,015,361		7,806		17,833		14,420		2,055,420
Consolidated net operating income (loss)	$	775,013	$	384,306	$	53,299	$	83,888	1,296,506

Depreciation and amortization									622,752
Interest expense									192,715
General and administrative expenses									67,474

Loss (gain) on extinguishment of debt, net									727
Provision for loan losses, net									1,632
Impairment of assets									4,826
Other expenses									61,137
Income (loss) from continuing operations before income taxes and other items									345,243
Income tax (expense) benefit									(11,633)
Income (loss) from unconsolidated entities									(1,686)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net									420,400
Income (loss) from continuing operations									752,324
Net income (loss)									$	752,324

The following table summarizes significant expense categories by segment for the three months ended March 31, 2026 (in thousands):


	Seniors Housing Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Compensation	$	1,248,229	$	28	$	3,277	$	—	$	1,251,534
Utilities	121,594		83		3,325		—		125,002
Food	102,531		—		—		—		102,531
Repairs and maintenance	79,672		129		2,800		—		82,601
Property taxes	72,697		5,803		5,231		—		83,731
Other segment expenses(1)	390,638		1,763		3,200		14,420		410,021
Total property operating expenses	$	2,015,361	$	7,806	$	17,833	$	14,420	$	2,055,420

(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 three months ended March 31, 2025 (in thousands):


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 three months 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 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):