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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 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 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 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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