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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Summary information by reportable business segment |
| For the Three Months Ended September 30, 2020
| Triple-Net Leased Properties |  | Senior Living Operations |  | Office Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 156,136 |  |  | $ | — |  |  | $ | 198,376 |  |  | $ | — |  |  | $ | 354,512 |
Resident fees and services | — |  |  | 541,322 |  |  | — |  |  | — |  |  | 541,322 |
Office building and other services revenue | — |  |  | — |  |  | 2,440 |  |  | 1,428 |  |  | 3,868 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 18,666 |  |  | 18,666 |
Interest and other income | — |  |  | — |  |  | — |  |  | 572 |  |  | 572 |
Total revenues | $ | 156,136 |  |  | $ | 541,322 |  |  | $ | 200,816 |  |  | $ | 20,666 |  |  | $ | 918,940 |
Total revenues | $ | 156,136 |  |  | $ | 541,322 |  |  | $ | 200,816 |  |  | $ | 20,666 |  |  | $ | 918,940 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 572 |  |  | 572 |
Property-level operating expenses | 5,398 |  |  | 422,653 |  |  | 66,934 |  |  | — |  |  | 494,985 |
Office building services costs | — |  |  | — |  |  | 557 |  |  | — |  |  | 557 |
Segment NOI | $ | 150,738 |  |  | $ | 118,669 |  |  | $ | 133,325 |  |  | $ | 20,094 |  |  | 422,826 |
Interest and other income |  |  |  |  |  |  |  |  | 572 |
Interest expense |  |  |  |  |  |  |  |  | (115,505) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (249,366) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (34,228) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (7,386) |
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  | (11,325) |
Allowance on loans receivable and investments |  |  |  |  |  |  |  |  | (4,999) |
Other |  |  |  |  |  |  |  |  | (3,534) |
Income from unconsolidated entities |  |  |  |  |  |  |  |  | 865 |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 12,622 |
Income tax benefit |  |  |  |  |  |  |  |  | 3,195 |
Income from continuing operations |  |  |  |  |  |  |  |  | 13,737 |
Net income |  |  |  |  |  |  |  |  | 13,737 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 986 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 12,751 |
| For the Three Months Ended September 30, 2019
| Triple-Net Leased Properties |  | Senior Living Operations |  | Office Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 193,383 |  |  | $ | — |  |  | $ | 214,939 |  |  | $ | — |  |  | $ | 408,322 |
Resident fees and services | — |  |  | 541,090 |  |  | — |  |  | — |  |  | 541,090 |
Office building and other services revenue | — |  |  | — |  |  | 2,059 |  |  | 900 |  |  | 2,959 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 30,164 |  |  | 30,164 |
Interest and other income | — |  |  | — |  |  | — |  |  | 620 |  |  | 620 |
Total revenues | $ | 193,383 |  |  | $ | 541,090 |  |  | $ | 216,998 |  |  | $ | 31,684 |  |  | $ | 983,155 |
Total revenues | $ | 193,383 |  |  | $ | 541,090 |  |  | $ | 216,998 |  |  | $ | 31,684 |  |  | $ | 983,155 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 620 |  |  | 620 |
Property-level operating expenses | 6,338 |  |  | 388,011 |  |  | 67,144 |  |  | — |  |  | 461,493 |
Office building services costs | — |  |  | — |  |  | 627 |  |  | — |  |  | 627 |
Segment NOI | $ | 187,045 |  |  | $ | 153,079 |  |  | $ | 149,227 |  |  | $ | 31,064 |  |  | 520,415 |
Interest and other income |  |  |  |  |  |  |  |  | 620 |
Interest expense |  |  |  |  |  |  |  |  | (113,967) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (234,603) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (40,530) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (37,434) |
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  | (4,304) |
Other |  |  |  |  |  |  |  |  | (2,164) |
Income from unconsolidated entities |  |  |  |  |  |  |  |  | 854 |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 36 |
Income tax expense |  |  |  |  |  |  |  |  | (2,005) |
Income from continuing operations |  |  |  |  |  |  |  |  | 86,918 |
Net income |  |  |  |  |  |  |  |  | 86,918 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 1,659 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 85,259 |
| For the Nine Months Ended September 30, 2020
| Triple-Net Leased Properties |  | Senior Living Operations |  | Office Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 527,238 |  |  | $ | — |  |  | $ | 599,696 |  |  | $ | — |  |  | $ | 1,126,934 |
Resident fees and services | — |  |  | 1,667,421 |  |  | — |  |  | — |  |  | 1,667,421 |
Office building and other services revenue | — |  |  | — |  |  | 6,871 |  |  | 3,798 |  |  | 10,669 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 62,203 |  |  | 62,203 |
Interest and other income | — |  |  | — |  |  | — |  |  | 6,965 |  |  | 6,965 |
Total revenues | $ | 527,238 |  |  | $ | 1,667,421 |  |  | $ | 606,567 |  |  | $ | 72,966 |  |  | $ | 2,874,192 |
Total revenues | $ | 527,238 |  |  | $ | 1,667,421 |  |  | $ | 606,567 |  |  | $ | 72,966 |  |  | $ | 2,874,192 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 6,965 |  |  | 6,965 |
Property-level operating expenses | 17,004 |  |  | 1,265,362 |  |  | 192,192 |  |  | — |  |  | 1,474,558 |
Office building services costs | — |  |  | — |  |  | 1,827 |  |  | — |  |  | 1,827 |
Segment NOI | $ | 510,234 |  |  | $ | 402,059 |  |  | $ | 412,548 |  |  | $ | 66,001 |  |  | 1,390,842 |
Interest and other income |  |  |  |  |  |  |  |  | 6,965 |
Interest expense |  |  |  |  |  |  |  |  | (355,333) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (847,797) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (106,747) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (7,386) |
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  | (26,129) |
Allowance on loans receivable and investments |  |  |  |  |  |  |  |  | (34,654) |
Other |  |  |  |  |  |  |  |  | (10,624) |
Loss from unconsolidated entities |  |  |  |  |  |  |  |  | (15,861) |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 240,101 |
Income tax benefit |  |  |  |  |  |  |  |  | 95,855 |
Income from continuing operations |  |  |  |  |  |  |  |  | 329,232 |
Net income |  |  |  |  |  |  |  |  | 329,232 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 534 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 328,698 |
| For the Nine Months Ended September 30, 2019
| Triple-Net Leased Properties |  | Senior Living Operations |  | Office Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 589,833 |  |  | $ | — |  |  | $ | 618,555 |  |  | $ | — |  |  | $ | 1,208,388 |
Resident fees and services | — |  |  | 1,583,262 |  |  | — |  |  | — |  |  | 1,583,262 |
Office building and other services revenue | — |  |  | — |  |  | 5,685 |  |  | 2,483 |  |  | 8,168 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 66,819 |  |  | 66,819 |
Interest and other income | — |  |  | — |  |  | — |  |  | 10,109 |  |  | 10,109 |
Total revenues | $ | 589,833 |  |  | $ | 1,583,262 |  |  | $ | 624,240 |  |  | $ | 79,411 |  |  | $ | 2,876,746 |
Total revenues | $ | 589,833 |  |  | $ | 1,583,262 |  |  | $ | 624,240 |  |  | $ | 79,411 |  |  | $ | 2,876,746 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 10,109 |  |  | 10,109 |
Property-level operating expenses | 20,092 |  |  | 1,115,834 |  |  | 191,972 |  |  | — |  |  | 1,327,898 |
Office building services costs | — |  |  | — |  |  | 1,775 |  |  | — |  |  | 1,775 |
Segment NOI | $ | 569,741 |  |  | $ | 467,428 |  |  | $ | 430,493 |  |  | $ | 69,302 |  |  | 1,536,964 |
Interest and other income |  |  |  |  |  |  |  |  | 10,109 |
Interest expense |  |  |  |  |  |  |  |  | (334,955) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (696,710) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (124,369) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (41,861) |
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  | (11,084) |
Other |  |  |  |  |  |  |  |  | 9,294 |
Loss from unconsolidated entities |  |  |  |  |  |  |  |  | (2,621) |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 24,633 |
Income tax benefit |  |  |  |  |  |  |  |  | 57,004 |
Income from continuing operations |  |  |  |  |  |  |  |  | 426,404 |
Net income |  |  |  |  |  |  |  |  | 426,404 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 4,831 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 421,573 |
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment | Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In thousands)
Capital expenditures: |  |  |  |  |  |  |
Triple-net leased properties | $ | 11,832 |  |  | $ | 13,558 |  |  | $ | 33,000 |  |  | $ | 27,805 |
Senior living operations | 46,349 |  |  | 780,837 |  |  | 129,165 |  |  | 845,290 |
Office operations | 112,432 |  |  | 94,396 |  |  | 319,834 |  |  | 396,342 |
Total capital expenditures | $ | 170,613 |  |  | $ | 888,791 |  |  | $ | 481,999 |  |  | $ | 1,269,437 |
Revenues from external customers by geographic area | Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In thousands)
Revenues: |  |  |  |  |  |  |
United States | $ | 817,949 |  |  | $ | 904,031 |  |  | $ | 2,569,467 |  |  | $ | 2,688,329 |
Canada | 96,896 |  |  | 72,495 |  |  | 287,056 |  |  | 167,881 |
United Kingdom | 4,095 |  |  | 6,629 |  |  | 17,669 |  |  | 20,536 |
Total revenues | $ | 918,940 |  |  | $ | 983,155 |  |  | $ | 2,874,192 |  |  | $ | 2,876,746 |
Net real estate property by geographic area |
| As of September 30, 2020 |  | As of December 31, 2019
| (In thousands)
Net real estate property: |  |  |
United States | $ | 17,874,378 |  |  | $ | 18,636,839 |
Canada | 2,853,245 |  |  | 2,830,850 |
United Kingdom | 250,789 |  |  | 266,885 |
Total net real estate property | $ | 20,978,412 |  |  | $ | 21,734,573 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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