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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | NOTE 16—SEGMENT INFORMATION As of June 30, 2025, we operated through three reportable business segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities and engage operators to operate those communities. In our OM&R segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers. In our NNN segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities and lease these properties to tenants under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Information provided for “non-segment” includes management fees and promote revenues, net of expenses related to our third-party institutional private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable business segments. Non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments and accounts receivable. Total assets by reportable business segment is not disclosed as the chief operating decision maker (“CODM”) does not review such information to evaluate business performance and allocate resources. Our CODM is the Chief Executive Officer of the Company. Our CODM evaluates performance of the combined properties in each operating segment and determines how to allocate resources to these segments, based on NOI for each segment. Our CODM uses NOI to assess the performance of each segment and to allocate resources (including employees and financial or capital resources) primarily during the quarterly or annual business review and annual budget and forecasting process. We define NOI as total revenues, less interest and other income, property-level operating expenses and third-party capital management expenses. Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property-specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Summary information by reportable business segment is as follows (dollars in thousands):
| For the Three Months Ended June 30, 2025
| SHOP |  | OM&R |  | NNN |  | Non-Segment |  | Total
Revenues |  |  |  |  |  |  |  |  |
Rental income | $ | — |  |  | $ | 220,814 |  |  | $ | 152,702 |  |  | $ | — |  |  | $ | 373,516 |
Resident fees and services | 1,032,714 |  |  | — |  |  | — |  |  | — |  |  | 1,032,714 |
Third-party capital management revenues | — |  |  | 673 |  |  | — |  |  | 3,724 |  |  | 4,397 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 4,395 |  |  | 4,395 |
Interest and other income | — |  |  | — |  |  | — |  |  | 5,871 |  |  | 5,871 |
Total revenues | $ | 1,032,714 |  |  | $ | 221,487 |  |  | $ | 152,702 |  |  | $ | 13,990 |  |  | $ | 1,420,893 |
Total revenues | $ | 1,032,714 |  |  | $ | 221,487 |  |  | $ | 152,702 |  |  | $ | 13,990 |  |  | $ | 1,420,893 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 5,871 |  |  | 5,871 |
Labor (1) | 420,212 |  |  | — |  |  | — |  |  | — |  |  | 420,212 |
Management fees | 54,421 |  |  | — |  |  | — |  |  | — |  |  | 54,421 |
Other segment expenses (2) | 271,669 |  |  | 75,001 |  |  | 3,966 |  |  | — |  |  | 350,636 |
Property-level operating expenses | 746,302 |  |  | 75,001 |  |  | 3,966 |  |  | — |  |  | 825,269 |
Third-party capital management expenses | — |  |  | — |  |  | — |  |  | 1,627 |  | 1,627 |
NOI | $ | 286,412 |  |  | $ | 146,486 |  |  | $ | 148,736 |  |  | $ | 6,492 |  |  | 588,126 |
Interest and other income |  |  |  |  |  |  |  |  | 5,871 |
Interest expense |  |  |  |  |  |  |  |  | (150,298) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (347,719) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (42,856) |
Transaction, transition and restructuring costs |  |  |  |  |  |  |  |  | (4,627) |
Other expense |  |  |  |  |  |  |  |  | (5,839) |
Loss from unconsolidated entities |  |  |  |  |  |  |  |  | (1,138) |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 33,816 |
Income tax expense |  |  |  |  |  |  |  |  | (3,874) |
Net income |  |  |  |  |  |  |  |  | 71,462 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 3,198 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 68,264 |
______________________________ (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 June 30, 2024
| SHOP |  | OM&R |  | NNN |  | Non-Segment |  | Total
Revenues |  |  |  |  |  |  |  |  |
Rental income | $ | — |  |  | $ | 218,853 |  |  | $ | 153,934 |  |  | $ | — |  |  | $ | 372,787 |
Resident fees and services | 817,600 |  |  | — |  |  | — |  |  | — |  |  | 817,600 |
Third-party capital management revenues | — |  |  | 706 |  |  | — |  |  | 3,626 |  |  | 4,332 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 1,436 |  |  | 1,436 |
Interest and other income | — |  |  | — |  |  | — |  |  | 4,825 |  |  | 4,825 |
Total revenues | $ | 817,600 |  |  | $ | 219,559 |  |  | $ | 153,934 |  |  | $ | 9,887 |  |  | $ | 1,200,980 |
Total revenues | $ | 817,600 |  |  | $ | 219,559 |  |  | $ | 153,934 |  |  | $ | 9,887 |  |  | $ | 1,200,980 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 4,825 |  |  | 4,825 |
Labor (1) | 343,099 |  |  | — |  |  | — |  |  | — |  |  | 343,099 |
Management fees | 41,951 |  |  | — |  |  | — |  |  | — |  |  | 41,951 |
Other segment expenses (2) | 218,309 |  |  | 73,286 |  |  | 3,506 |  |  | — |  |  | 295,101 |
Property-level operating expenses | 603,359 |  |  | 73,286 |  |  | 3,506 |  |  | — |  |  | 680,151 |
Third-party capital management expenses | — |  |  | — |  |  | — |  |  | 1,650 |  |  | 1,650 |
NOI | $ | 214,241 |  |  | $ | 146,273 |  |  | $ | 150,428 |  |  | $ | 3,412 |  |  | 514,354 |
Interest and other income |  |  |  |  |  |  |  |  | 4,825 |
Interest expense |  |  |  |  |  |  |  |  | (149,259) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (339,848) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (37,727) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (420) |
Transaction, transition and restructuring costs |  |  |  |  |  |  |  |  | (2,886) |
Recovery of allowance on loans receivable and investments, net |  |  |  |  |  |  |  |  | 42 |
Shareholder relations matters |  |  |  |  |  |  |  |  | (37) |
Other expense |  |  |  |  |  |  |  |  | (8,128) |
Loss from unconsolidated entities |  |  |  |  |  |  |  |  | (1,652) |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 49,670 |
Income tax expense |  |  |  |  |  |  |  |  | (7,766) |
Net income |  |  |  |  |  |  |  |  | 21,168 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 1,781 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 19,387 |
______________________________ (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 Six Months Ended June 30, 2025
| SHOP |  | OM&R |  | NNN |  | Non-Segment |  | Total
Revenues |  |  |  |  |  |  |  |  |
Rental income | $ | — |  |  | $ | 442,133 |  |  | $ | 308,815 |  |  | $ | — |  |  | $ | 750,948 |
Resident fees and services | 2,001,618 |  |  | — |  |  | — |  |  | — |  |  | 2,001,618 |
Third-party capital management revenues | — |  |  | 1,353 |  |  | — |  |  | 7,380 |  |  | 8,733 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 8,719 |  |  | 8,719 |
Interest and other income | — |  |  | — |  |  | — |  |  | 8,949 |  |  | 8,949 |
Total revenues | $ | 2,001,618 |  |  | $ | 443,486 |  |  | $ | 308,815 |  |  | $ | 25,048 |  |  | $ | 2,778,967 |
Total revenues | $ | 2,001,618 |  |  | $ | 443,486 |  |  | $ | 308,815 |  |  | $ | 25,048 |  |  | $ | 2,778,967 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 8,949 |  |  | 8,949 |
Labor (1) | 812,836 |  |  | — |  |  | — |  |  | — |  |  | 812,836 |
Management fees | 105,032 |  |  | — |  |  | — |  |  | — |  |  | 105,032 |
Other segment expenses (2) | 532,834 |  |  | 150,958 |  |  | 7,493 |  |  | — |  |  | 691,285 |
Property-level operating expenses | 1,450,702 |  |  | 150,958 |  |  | 7,493 |  |  | — |  |  | 1,609,153 |
Third-party capital management expenses | — |  |  | — |  |  | — |  |  | 3,452 |  |  | 3,452 |
NOI | $ | 550,916 |  |  | $ | 292,528 |  |  | $ | 301,322 |  |  | $ | 12,647 |  |  | 1,157,413 |
Interest and other income |  |  |  |  |  |  |  |  | 8,949 |
Interest expense |  |  |  |  |  |  |  |  | (299,654) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (669,244) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (96,005) |
Transaction, transition and restructuring costs |  |  |  |  |  |  |  |  | (10,609) |
Other expense |  |  |  |  |  |  |  |  | (7,251) |
Loss from unconsolidated entities |  |  |  |  |  |  |  |  | (4,449) |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 33,985 |
Income tax benefit |  |  |  |  |  |  |  |  | 6,683 |
Net income |  |  |  |  |  |  |  |  | 119,818 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 4,686 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 115,132 |
______________________________ (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 Six Months Ended June 30, 2024
| SHOP |  | OM&R |  | NNN |  | Non-Segment |  | Total
Revenues |  |  |  |  |  |  |  |  |
Rental income | $ | — |  |  | $ | 437,730 |  |  | $ | 309,302 |  |  | $ | — |  |  | $ | 747,032 |
Resident fees and services | 1,630,904 |  |  | — |  |  | — |  |  | — |  |  | 1,630,904 |
Third-party capital management revenues | — |  |  | 1,336 |  |  | — |  |  | 7,292 |  |  | 8,628 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 2,725 |  |  | 2,725 |
Interest and other income | — |  |  | — |  |  | — |  |  | 11,605 |  |  | 11,605 |
Total revenues | $ | 1,630,904 |  |  | $ | 439,066 |  |  | $ | 309,302 |  |  | $ | 21,622 |  |  | $ | 2,400,894 |
Total revenues | $ | 1,630,904 |  |  | $ | 439,066 |  |  | $ | 309,302 |  |  | $ | 21,622 |  |  | $ | 2,400,894 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 11,605 |  |  | 11,605 |
Labor (1) | 687,806 |  |  | — |  |  | — |  |  | — |  |  | 687,806 |
Management fees | 84,017 |  |  | — |  |  | — |  |  | — |  |  | 84,017 |
Other segment expenses (2) | 441,357 |  |  | 147,224 |  |  | 7,244 |  |  | — |  |  | 595,825 |
Property-level operating expenses | 1,213,180 |  |  | 147,224 |  |  | 7,244 |  |  | — |  |  | 1,367,648 |
Third-party capital management expenses | — |  |  | — |  |  | — |  |  | 3,403 |  |  | 3,403 |
NOI | $ | 417,724 |  |  | $ | 291,842 |  |  | $ | 302,058 |  |  | $ | 6,614 |  |  | 1,018,238 |
Interest and other income |  |  |  |  |  |  |  |  | 11,605 |
Interest expense |  |  |  |  |  |  |  |  | (299,192) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (640,103) |
General, administrative and professional fees |  |  |  |  |  |  |  |  | (86,464) |
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (672) |
Transaction, transition and restructuring costs |  |  |  |  |  |  |  |  | (7,563) |
Recovery of allowance on loans receivable and investments, net |  |  |  |  |  |  |  |  | 110 |
Shareholder relations matters |  |  |  |  |  |  |  |  | (15,751) |
Other expense |  |  |  |  |  |  |  |  | (6,794) |
Loss from unconsolidated entities |  |  |  |  |  |  |  |  | (10,035) |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 50,011 |
Income tax expense |  |  |  |  |  |  |  |  | (4,762) |
Net income |  |  |  |  |  |  |  |  | 8,628 |
Net income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 3,553 |
Net income attributable to common stockholders |  |  |  |  |  |  |  |  | $ | 5,075 |
______________________________ (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.

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- Definition The entire disclosure for reporting segments including data and tables. 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