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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Summary information by reportable business segment | Summary information by reportable business segment is as follows (dollars in thousands):
| For the Three Months Ended September 30, 2024
| SHOP |  | OM&R |  | NNN |  | Non-Segment |  | Total
Revenues |  |  |  |  |  |  |  |  |
Rental income | $ | — |  |  | $ | 220,957 |  |  | $ | 155,349 |  |  | $ | — |  |  | $ | 376,306 |
Resident fees and services | 845,532 |  |  | — |  |  | — |  |  | — |  |  | 845,532 |
Third party capital management revenues | — |  |  | 618 |  |  | — |  |  | 3,774 |  |  | 4,392 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 1,881 |  |  | 1,881 |
Interest and other income | — |  |  | — |  |  | — |  |  | 8,204 |  |  | 8,204 |
Total revenues | $ | 845,532 |  |  | $ | 221,575 |  |  | $ | 155,349 |  |  | $ | 13,859 |  |  | $ | 1,236,315 |
Total revenues | $ | 845,532 |  |  | $ | 221,575 |  |  | $ | 155,349 |  |  | $ | 13,859 |  |  | $ | 1,236,315 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 8,204 |  |  | 8,204 |
Property-level operating expenses | 631,550 |  |  | 77,479 |  |  | 4,379 |  |  | — |  |  | 713,408 |
Third party capital management expenses | — |  |  | — |  |  | — |  |  | 1,553 |  | 1,553 |
NOI | $ | 213,982 |  |  | $ | 144,096 |  |  | $ | 150,970 |  |  | $ | 4,102 |  |  | 513,150 |
Interest and other income |  |  |  |  |  |  |  |  | 8,204 |
Interest expense |  |  |  |  |  |  |  |  | (150,437) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (304,268) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (35,092) |
Transaction, transition and restructuring costs |  |  |  |  |  |  |  |  | (8,580) |
Recovery of allowance on loans receivable and investments, net |  |  |  |  |  |  |  |  | 56 |
Other expense |  |  |  |  |  |  |  |  | (3,935) |
Income from unconsolidated entities |  |  |  |  |  |  |  |  | 4,629 |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 271 |
Income tax expense |  |  |  |  |  |  |  |  | (3,002) |
Net income |  |  |  |  |  |  |  |  | 20,996 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 1,753 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 19,243 |
| For the Three Months Ended September 30, 2023
| SHOP |  | OM&R |  | NNN |  | Non-Segment |  | Total
Revenues |  |  |  |  |  |  |  |  |
Rental income | $ | — |  |  | $ | 226,326 |  |  | $ | 159,812 |  |  | $ | — |  |  | $ | 386,138 |
Resident fees and services | 754,417 |  |  | — |  |  | — |  |  | — |  |  | 754,417 |
Third party capital management revenues | — |  |  | 662 |  |  | — |  |  | 4,653 |  |  | 5,315 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 1,208 |  |  | 1,208 |
Interest and other income | — |  |  | — |  |  | — |  |  | 2,754 |  |  | 2,754 |
Total revenues | $ | 754,417 |  |  | $ | 226,988 |  |  | $ | 159,812 |  |  | $ | 8,615 |  |  | $ | 1,149,832 |
Total revenues | $ | 754,417 |  |  | $ | 226,988 |  |  | $ | 159,812 |  |  | $ | 8,615 |  |  | $ | 1,149,832 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 2,754 |  |  | 2,754 |
Property-level operating expenses | 573,715 |  |  | 78,915 |  |  | 3,847 |  |  | — |  |  | 656,477 |
Third party capital management expenses | — |  |  | — |  |  | — |  |  | 1,472 |  |  | 1,472 |
NOI | $ | 180,702 |  |  | $ | 148,073 |  |  | $ | 155,965 |  |  | $ | 4,389 |  |  | 489,129 |
Interest and other income |  |  |  |  |  |  |  |  | 2,754 |
Interest expense |  |  |  |  |  |  |  |  | (147,919) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (370,377) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (33,297) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (612) |
Transaction, transition and restructuring costs |  |  |  |  |  |  |  |  | (7,125) |
Recovery of allowance on loans receivable and investments, net |  |  |  |  |  |  |  |  | 66 |
Other expense |  |  |  |  |  |  |  |  | (9,432) |
Loss from unconsolidated entities |  |  |  |  |  |  |  |  | (5,119) |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 10,711 |
Income tax benefit |  |  |  |  |  |  |  |  | 1,662 |
Net loss |  |  |  |  |  |  |  |  | (69,559) |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 1,565 |
Net loss attributable to common stockholders |  |  |  |  |  |  |  |  | $ | (71,124) |
| For the Nine Months Ended September 30, 2024
| SHOP |  | OM&R |  | NNN |  | Non-Segment |  | Total
Revenues |  |  |  |  |  |  |  |  |
Rental income | $ | — |  |  | $ | 658,687 |  |  | $ | 464,651 |  |  | $ | — |  |  | $ | 1,123,338 |
Resident fees and services | 2,476,436 |  |  | — |  |  | — |  |  | — |  |  | 2,476,436 |
Third party capital management revenues | — |  |  | 1,954 |  |  | — |  |  | 11,066 |  |  | 13,020 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 4,606 |  |  | 4,606 |
Interest and other income | — |  |  | — |  |  | — |  |  | 19,809 |  |  | 19,809 |
Total revenues | $ | 2,476,436 |  |  | $ | 660,641 |  |  | $ | 464,651 |  |  | $ | 35,481 |  |  | $ | 3,637,209 |
Total revenues | $ | 2,476,436 |  |  | $ | 660,641 |  |  | $ | 464,651 |  |  | $ | 35,481 |  |  | $ | 3,637,209 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 19,809 |  |  | 19,809 |
Property-level operating expenses | 1,844,730 |  |  | 224,703 |  |  | 11,623 |  |  | — |  |  | 2,081,056 |
Third party capital management expenses | — |  |  | — |  |  | — |  |  | 4,956 |  |  | 4,956 |
NOI | $ | 631,706 |  |  | $ | 435,938 |  |  | $ | 453,028 |  |  | $ | 10,716 |  |  | 1,531,388 |
Interest and other income |  |  |  |  |  |  |  |  | 19,809 |
Interest expense |  |  |  |  |  |  |  |  | (449,629) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (944,371) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (121,556) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (672) |
Transaction, transition and restructuring costs |  |  |  |  |  |  |  |  | (16,143) |
Recovery of allowance on loans receivable and investments, net |  |  |  |  |  |  |  |  | 166 |
Shareholder relations matters |  |  |  |  |  |  |  |  | (15,751) |
Other expense |  |  |  |  |  |  |  |  | (10,729) |
Loss from unconsolidated entities |  |  |  |  |  |  |  |  | (5,406) |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 50,282 |
Income tax expense |  |  |  |  |  |  |  |  | (7,764) |
Net income |  |  |  |  |  |  |  |  | 29,624 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 5,306 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 24,318 |
| For the Nine Months Ended September 30, 2023
| SHOP |  | OM&R |  | NNN |  | Non-Segment |  | Total
Revenues |  |  |  |  |  |  |  |  |
Rental income | $ | — |  |  | $ | 645,137 |  |  | $ | 463,906 |  |  | $ | — |  |  | $ | 1,109,043 |
Resident fees and services | 2,184,024 |  |  | — |  |  | — |  |  | — |  |  | 2,184,024 |
Third party capital management revenues | — |  |  | 1,849 |  |  | — |  |  | 11,639 |  |  | 13,488 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 21,351 |  |  | 21,351 |
Interest and other income | — |  |  | — |  |  | — |  |  | 5,529 |  |  | 5,529 |
Total revenues | $ | 2,184,024 |  |  | $ | 646,986 |  |  | $ | 463,906 |  |  | $ | 38,519 |  |  | $ | 3,333,435 |
Total revenues | $ | 2,184,024 |  |  | $ | 646,986 |  |  | $ | 463,906 |  |  | $ | 38,519 |  |  | $ | 3,333,435 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 5,529 |  |  | 5,529 |
Property-level operating expenses | 1,658,047 |  |  | 217,999 |  |  | 11,180 |  |  | — |  |  | 1,887,226 |
Third party capital management expenses | — |  |  | — |  |  | — |  |  | 4,614 |  |  | 4,614 |
NOI | $ | 525,977 |  |  | $ | 428,987 |  |  | $ | 452,726 |  |  | $ | 28,376 |  |  | 1,436,066 |
Interest and other income |  |  |  |  |  |  |  |  | 5,529 |
Interest expense |  |  |  |  |  |  |  |  | (419,259) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (957,185) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (112,494) |
Gain on extinguishment of debt, net |  |  |  |  |  |  |  |  | 6,189 |
Transaction, transition and restructuring costs |  |  |  |  |  |  |  |  | (11,580) |
Recovery of allowance on loans receivable and investments, net |  |  |  |  |  |  |  |  | 20,195 |
Gain on foreclosure of real estate |  |  |  |  |  |  |  |  | 29,127 |
Other income |  |  |  |  |  |  |  |  | 765 |
Income from unconsolidated entities |  |  |  |  |  |  |  |  | 20,512 |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 22,317 |
Income tax benefit |  |  |  |  |  |  |  |  | 14,237 |
Net income |  |  |  |  |  |  |  |  | 54,419 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 4,573 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 49,846 |
Assets by reportable business segment are as follows (dollars in thousands):
| As of September 30, 2024 |  | As of December 31, 2023
Assets: |  |  |  |  |  |  |
SHOP | $ | 12,854,462 |  |  | 50.7 | % |  | $ | 12,864,029 |  |  | 52.0 | %
Outpatient medical and research portfolio | 6,879,036 |  |  | 27.1 |  |  | 6,943,446 |  |  | 28.1 |
Triple-net leased properties | 4,022,354 |  |  | 15.9 |  |  | 4,120,691 |  |  | 16.7 |
Non-segment | 1,591,337 |  |  | 6.3 |  |  | 797,267 |  |  | 3.2 |
Total assets | $ | 25,347,189 |  |  | 100.0 | % |  | $ | 24,725,433 |  |  | 100.0 | %

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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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