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Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We evaluate our business and make resource allocations on our two operating segments: Real Estate Investments and SHOP. Our Real Estate Investments segment includes leases, mortgages and other note investments in ILFs, ALFs, EFCs, SLCs, SNFs and a HOSP. Under the Real Estate Investments segment, we invest in senior housing and healthcare real estate through acquisition and financing of primarily single-tenant properties. Properties acquired are leased primarily under triple-net leases, and we are not involved in the management of the properties. The SHOP segment includes multi-tenant ILFs. The SHOP properties and related operations are controlled by the Company and are operated by property managers in exchange for a management fee. See Note 5 for further discussion.

Our CODM evaluates performance based upon segment net operating income (“NOI”). We define NOI as total revenues, less tenant reimbursements and property operating expenses. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties. There were no intersegment transactions for either the three or six months ended June 30, 2024 and 2023. Capital expenditures for the six months ended June 30, 2024 were approximately $35.0 million for the Real Estate Investments segment and $3.7 million for the SHOP segment. Capital expenditures for the six months ended June 30, 2023 were approximately $56.2 million for the Real Estate Investments segment and $3.0 million for the SHOP segment.

Non-segment revenue consists mainly of other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment, among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies discussed in Note 2.

Summary information for the reportable segments during the three and six months ended June 30, 2024 and 2023 is as follows ($ in thousands):
For the three months ended June 30, 2024:
Real Estate InvestmentsSHOPNon-segment/CorporateTotal
Rental income$65,760 $— $— $65,760 
Resident fees and services— 13,390 — 13,390 
Interest income and other5,744 — 76 5,820 
   Total revenues71,504 13,390 76 84,970 
Senior housing operating expenses— 10,437 — 10,437 
Taxes and insurance on leased properties2,802 — — 2,802 
   NOI 68,702 2,953 76 71,731 
Depreciation14,992 2,490 8 17,490 
Interest761 — 14,093 14,854 
Legal — — 165 165 
Franchise, excise and other taxes— — 47 47 
General and administrative— — 4,870 4,870 
Loan and realty losses1,106 — — 1,106 
Gains on sales of real estate, net(1,517)— — (1,517)
Gains from equity method investment(236)— — (236)
   Net income (loss)$53,596 $463 $(19,107)$34,952 
Total assets$2,197,656 $268,187 $11,069 $2,476,912 

For the three months ended June 30, 2023:
Real Estate InvestmentsSHOPNon-segment/CorporateTotal
Rental income$60,952 $— $— $60,952 
Resident fees and services— 11,793 — 11,793 
Interest income and other5,083 — 48 5,131 
   Total revenues66,035 11,793 48 77,876 
Senior housing operating expenses— 9,682 — 9,682 
Taxes and insurance on leased properties3,212 — — 3,212 
   NOI 62,823 2,111 48 64,982 
Depreciation15,477 2,239 14 17,730 
Interest766 — 13,428 14,194 
Legal — — 174 174 
Franchise, excise and other taxes— — 258 258 
General and administrative— — 4,306 4,306 
Loan and realty losses186 — — 186 
Gains on sales of real estate, net(11,366)— — (11,366)
Gain on operations transfer, net(20)— — (20)
Loss on early retirement of debt— — 73 73 
   Net income (loss)$57,780 $(128)$(18,205)$39,447 
Total assets$2,217,124 $271,359 $10,012 $2,498,495 
For the six months ended June 30, 2024:
Real Estate InvestmentsSHOPNon-segment/CorporateTotal
Rental income$127,947 $— $— $127,947 
Resident fees and services— 26,645 — 26,645 
Interest income and other11,685 — 205 11,890 
   Total revenues139,632 26,645 205 166,482 
Senior housing operating expenses— 20,751 — 20,751 
Taxes and insurance on leased properties5,535 — — 5,535 
   NOI 134,097 5,894 205 140,196 
Depreciation30,050 4,927 18 34,995 
Interest1,524 — 28,199 29,723 
Legal — — 400 400 
Franchise, excise and other taxes— — (139)(139)
General and administrative— — 10,510 10,510 
Loan and realty losses1,116 — — 1,116 
Gains on sales of real estate, net(1,617)— — (1,617)
Gains from equity method investment(402)— — (402)
    Net income (loss)$103,426 $967 $(38,783)$65,610 


For the six months ended June 30, 2023:
Real Estate InvestmentsSHOPNon-segment/CorporateTotal
Rental income$126,250 $— $— $126,250 
Resident fees and services— 23,493 — 23,493 
Interest income and other10,391 — 130 10,521 
   Total revenues136,641 23,493 130 160,264 
Senior housing operating expenses— 19,481 — 19,481 
Taxes and insurance on leased properties5,830 — — 5,830 
   NOI 130,811 4,012 130 134,953 
Depreciation30,854 4,466 27 35,347 
Interest1,525 — 26,696 28,221 
Legal — — 297 297 
Franchise, excise and other taxes— — 441 441 
General and administrative— — 9,959 9,959 
Loan and realty losses(232)— — (232)
Gains on sales of real estate, net(12,763)— — (12,763)
Loss on operations transfer, net(20)— — (20)
Loss on early retirement of debt— — 73 73 
   Net income (loss)$111,447 $(454)$(37,363)$73,630