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SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
			SHOP						OM&R						NNN						Non-Segment						Total
Revenues
Rental income			$	—					$	221,319					$	156,113					$	—					$	377,432
Resident fees and services			968,904						—						—						—						968,904
Third-party capital management revenues			—						680						—						3,656						4,336
Income from loans and investments			—						—						—						4,324						4,324
Interest and other income			—						—						—						3,078						3,078
Total revenues			$	968,904					$	221,999					$	156,113					$	11,058					$	1,358,074
Total revenues			$	968,904					$	221,999					$	156,113					$	11,058					$	1,358,074
Less:
Interest and other income			—						—						—						3,078						3,078
Labor (1)			392,624						—						—						—						392,624
Management fees			50,611						—						—						—						50,611
Other segment expenses (2)			261,165						75,957						3,527						—						340,649
Property-level operating expenses			704,400						75,957						3,527						—						783,884
Third-party capital management expenses			—						—						—						1,825						1,825
NOI			$	264,504					$	146,042					$	152,586					$	6,155					569,287
Interest and other income																											3,078
Interest expense																											(149,356)
Depreciation and amortization																											(321,525)
General, administrative and professional fees																											(53,149)
Transaction, transition and restructuring costs																											(5,982)
Other expense																											(1,412)
Loss from unconsolidated entities																											(3,311)
Gain on real estate dispositions																											169
Income tax benefit																											10,557
Net income																											48,356
Net income attributable to noncontrolling interests																											1,488
Net income attributable to common stockholders																											$	46,868

______________________________

(1)     Labor expense primarily includes salaries, benefits and related taxes.

(2)    Other segment expenses include:

•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.

•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.

•NNN — real estate taxes and insurance.

The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.

			For the Three Months Ended March 31, 2024
			SHOP						OM&R						NNN						Non-Segment						Total
Revenues
Rental income			$	—					$	218,877					$	155,368					$	—					$	374,245
Resident fees and services			813,304						—						—						—						813,304
Third-party capital management revenues			—						631						—						3,665						4,296
Income from loans and investments			—						—						—						1,289						1,289
Interest and other income			—						—						—						6,780						6,780
Total revenues			$	813,304					$	219,508					$	155,368					$	11,734					$	1,199,914
Total revenues			$	813,304					$	219,508					$	155,368					$	11,734					$	1,199,914
Less:
Interest and other income			—						—						—						6,780						6,780
Labor (1)			344,706						—						—						—						344,706
Management fees			42,066						—						—						—						42,066
Other segment expenses (2)			223,049						73,938						3,738						—						300,725
Property-level operating expenses			609,821						73,938						3,738						—						687,497
Third-party capital management expenses			—						—						—						1,753						1,753
NOI			$	203,483					$	145,570					$	151,630					$	3,201					503,884
Interest and other income																											6,780
Interest expense																											(149,933)
Depreciation and amortization																											(300,255)
General, administrative and professional fees																											(48,737)
Loss on extinguishment of debt, net																											(252)
Transaction, transition and restructuring costs																											(4,677)
Recovery of allowance on loans receivable and investments, net																											68
Shareholder relations matters																											(15,714)
Other income																											1,334
Loss from unconsolidated entities																											(8,383)
Gain on real estate dispositions																											341
Income tax benefit																											3,004
Net loss																											(12,540)
Net income attributable to noncontrolling interests																											1,772
Net loss attributable to common stockholders																											$	(14,312)

______________________________

(1)     Labor expense primarily includes salaries, benefits and related taxes.

(2)    Other segment expenses include:

•SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses.

•OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses.

•NNN — real estate taxes and insurance.

The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.

X

- 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

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- References

No definition available.

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