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v3.19.1

Segment Disclosures (Tables) | 3 Months Ended
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Mar. 31, 2019
Segment Reporting [Abstract] |
Summary of Financial Information of Reportable Segments | The following tables summarize information for the reportable segments (in thousands): For the three months ended March 31, 2019:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Real estate revenues(1) |  | $ | 58,892 |  |  | $ | 126,181 |  |  | $ | 94,473 |  |  | $ | 142,195 |  |  | $ | 12,700 |  |  | $ | — |  |  | $ | 434,441 |
Operating expenses |  | (993 | ) |  | (96,948 | ) |  | (21,992 | ) |  | (48,987 | ) |  | (7 | ) |  | — |  |  | (168,927 | )
NOI |  | 57,899 |  |  | 29,233 |  |  | 72,481 |  |  | 93,208 |  |  | 12,693 |  |  | — |  |  | 265,514 |
Adjustments to NOI(2) |  | 564 |  |  | 1,152 |  |  | (2,478 | ) |  | (1,771 | ) |  | 195 |  |  | — |  |  | (2,338 | )
Adjusted NOI |  | 58,463 |  |  | 30,385 |  |  | 70,003 |  |  | 91,437 |  |  | 12,888 |  |  | — |  |  | 263,176 |
Addback adjustments |  | (564 | ) |  | (1,152 | ) |  | 2,478 |  |  | 1,771 |  |  | (195 | ) |  | — |  |  | 2,338 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,713 |  |  | — |  |  | 1,713 |
Interest expense |  | (589 | ) |  | (663 | ) |  | (73 | ) |  | (111 | ) |  | — |  |  | (47,891 | ) |  | (49,327 | )
Depreciation and amortization |  | (16,683 | ) |  | (24,086 | ) |  | (36,246 | ) |  | (53,101 | ) |  | (1,835 | ) |  | — |  |  | (131,951 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21,355 | ) |  | (21,355 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,518 | ) |  | (4,518 | )
Recoveries (impairments), net |  | — |  |  | — |  |  | — |  |  | (8,858 | ) |  | — |  |  | — |  |  | (8,858 | )
Gain (loss) on sales of real estate, net |  | 3,557 |  |  | 4,487 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,044 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,133 |  |  | 3,133 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,458 |  |  | 3,458 |
Equity income (loss) from unconsolidated joint ventures |  | — |  |  | — |  |  | — |  |  | — |  |  | (863 | ) |  | — |  |  | (863 | )
Net income (loss) |  | $ | 44,184 |  |  | $ | 8,971 |  |  | $ | 36,162 |  |  | $ | 31,138 |  |  | $ | 11,708 |  |  | $ | (67,173 | ) |  | $ | 64,990 |
_______________________________________
(1) | Represents rental and related revenues, resident fees and services, and income from DFLs.
(2) | Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net and termination fees.
For the three months ended March 31, 2018:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Real estate revenues(1) |  | $ | 74,289 |  |  | $ | 144,670 |  |  | $ | 99,622 |  |  | $ | 133,220 |  |  | $ | 21,031 |  |  | $ | — |  |  | $ | 472,832 |
Operating expenses |  | (1,045 | ) |  | (101,746 | ) |  | (21,809 | ) |  | (47,878 | ) |  | (74 | ) |  | — |  |  | (172,552 | )
NOI |  | 73,244 |  |  | 42,924 |  |  | 77,813 |  |  | 85,342 |  |  | 20,957 |  |  | — |  |  | 300,280 |
Adjustments to NOI(2) |  | (1,865 | ) |  | (1,607 | ) |  | (3,751 | ) |  | (1,932 | ) |  | (531 | ) |  | — |  |  | (9,686 | )
Adjusted NOI |  | 71,379 |  |  | 41,317 |  |  | 74,062 |  |  | 83,410 |  |  | 20,426 |  |  | — |  |  | 290,594 |
Addback adjustments |  | 1,865 |  |  | 1,607 |  |  | 3,751 |  |  | 1,932 |  |  | 531 |  |  | — |  |  | 9,686 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,365 |  |  | — |  |  | 6,365 |
Interest expense |  | (600 | ) |  | (988 | ) |  | (83 | ) |  | (120 | ) |  | (728 | ) |  | (72,583 | ) |  | (75,102 | )
Depreciation and amortization |  | (21,906 | ) |  | (27,628 | ) |  | (36,080 | ) |  | (47,198 | ) |  | (10,438 | ) |  | — |  |  | (143,250 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (29,175 | ) |  | (29,175 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,195 | ) |  | (2,195 | )
Gain (loss) on sales of real estate, net |  | — |  |  | 20,815 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,815 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | (40,567 | ) |  | 160 |  |  | (40,407 | )
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,336 |  |  | 5,336 |
Equity income (loss) from unconsolidated joint ventures |  | — |  |  | — |  |  | — |  |  | — |  |  | 570 |  |  | — |  |  | 570 |
Net income (loss) |  | $ | 50,738 |  |  | $ | 35,123 |  |  | $ | 41,650 |  |  | $ | 38,024 |  |  | $ | (23,841 | ) |  | $ | (98,457 | ) |  | $ | 43,237 |
_______________________________________
(1) | Represents rental and related revenues, resident fees and services, and income from DFLs.
(2) | Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net and termination fees.
Reconciliation of Company's Revenues by Segment | The following table summarizes the Company’s revenues by segment (in thousands):
|  | Three Months Ended March 31,
Segment |  | 2019 |  | 2018
Senior housing triple-net |  | $ | 58,892 |  |  | $ | 74,289 |
SHOP |  | 126,181 |  |  | 144,670 |
Life science |  | 94,473 |  |  | 99,622 |
Medical office |  | 142,195 |  |  | 133,220 |
Other non-reportable segments |  | 14,413 |  |  | 27,396 |
Total revenues |  | $ | 436,154 |  |  | $ | 479,197 |

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