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SEGMENT INFORMATION (Tables)

6 Months Ended

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.

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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X

- References

No definition available.

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