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Segment Reporting | 9 Months Ended
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Sep. 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 HOSPs. 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 nine months ended September 30, 2024 and 2023. Capital expenditures for the nine months ended September 30, 2024 were approximately $39.6 million for the Real Estate Investments segment and $7.5 million for the SHOP segment. Capital expenditures for the nine months ended September 30, 2023 were approximately $56.5 million for the Real Estate Investments segment and $6.3 million for the SHOP segment. Non-segment revenue consists mainly of other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment, among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2. Summary information for the reportable segments during the three and nine months ended September 30, 2024 and 2023 is as follows ($ in thousands):
For the three months ended September 30, 2024: | Real Estate Investments |  | SHOP |  | Non-segment/Corporate |  | Total
Rental income | $ | 63,318 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,318 |
Resident fees and services | — |  |  | 13,771 |  |  | — |  |  | 13,771 |
Interest income and other | 5,743 |  |  | — |  |  | 112 |  |  | 5,855 |
Total revenues | 69,061 |  |  | 13,771 |  |  | 112 |  |  | 82,944 |
Senior housing operating expenses | — |  |  | 10,744 |  |  | — |  |  | 10,744 |
Taxes and insurance on leased properties | 2,786 |  |  | — |  |  | — |  |  | 2,786 |
NOI | 66,275 |  |  | 3,027 |  |  | 112 |  |  | 69,414 |
Depreciation | 15,168 |  |  | 2,591 |  |  | 9 |  |  | 17,768 |
Interest | 768 |  |  | — |  |  | 14,171 |  |  | 14,939 |
Legal | — |  |  | — |  |  | 240 |  |  | 240 |
Franchise, excise and other taxes | — |  |  | — |  |  | 83 |  |  | 83 |
General and administrative | — |  |  | — |  |  | 4,810 |  |  | 4,810 |
Loan and realty losses | 3,434 |  |  | — |  |  | — |  |  | 3,434 |
Gains on sales of real estate, net | (102) |  |  | — |  |  | — |  |  | (102) |
Net income (loss) | $ | 47,007 |  |  | $ | 436 |  |  | $ | (19,201) |  |  | $ | 28,242 |
Total assets | $ | 2,180,153 |  |  | $ | 266,789 |  |  | $ | 13,148 |  |  | $ | 2,460,090 |
For the three months ended September 30, 2023: | Real Estate Investments |  | SHOP |  | Non-segment/Corporate |  | Total
Rental income | $ | 62,255 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,255 |
Resident fees and services | — |  |  | 12,367 |  |  | — |  |  | 12,367 |
Interest income and other | 5,337 |  |  | — |  |  | 147 |  |  | 5,484 |
Total revenues | 67,592 |  |  | 12,367 |  |  | 147 |  |  | 80,106 |
Senior housing operating expenses | — |  |  | 10,045 |  |  | — |  |  | 10,045 |
Taxes and insurance on leased properties | 2,908 |  |  | — |  |  | — |  |  | 2,908 |
NOI | 64,684 |  |  | 2,322 |  |  | 147 |  |  | 67,153 |
Depreciation | 15,211 |  |  | 2,292 |  |  | 12 |  |  | 17,515 |
Interest | 773 |  |  | — |  |  | 14,313 |  |  | 15,086 |
Legal | — |  |  | — |  |  | 67 |  |  | 67 |
Franchise, excise and other taxes | — |  |  | — |  |  | 2 |  |  | 2 |
General and administrative | — |  |  | — |  |  | 4,430 |  |  | 4,430 |
Loan and realty losses | 1,959 |  |  | — |  |  | — |  |  | 1,959 |
Gains on sales of real estate, net | (737) |  |  | — |  |  | — |  |  | (737) |
Other non-operating income | (202) |  |  | — |  |  | — |  |  | (202) |
Net income (loss) | $ | 47,680 |  |  | $ | 30 |  |  | $ | (18,677) |  |  | $ | 29,033 |
Total assets | $ | 2,218,699 |  |  | $ | 277,014 |  |  | $ | 3,377 |  |  | $ | 2,499,090 |
For the nine months ended September 30, 2024: | Real Estate Investments |  | SHOP |  | Non-segment/Corporate |  | Total
Rental income | $ | 191,265 |  |  | $ | — |  |  | $ | — |  |  | $ | 191,265 |
Resident fees and services | — |  |  | 40,416 |  |  | — |  |  | 40,416 |
Interest income and other | 17,428 |  |  | — |  |  | 317 |  |  | 17,745 |
Total revenues | 208,693 |  |  | 40,416 |  |  | 317 |  |  | 249,426 |
Senior housing operating expenses | — |  |  | 31,494 |  |  | — |  |  | 31,494 |
Taxes and insurance on leased properties | 8,321 |  |  | — |  |  | — |  |  | 8,321 |
NOI | 200,372 |  |  | 8,922 |  |  | 317 |  |  | 209,611 |
Depreciation | 45,218 |  |  | 7,517 |  |  | 28 |  |  | 52,763 |
Interest | 2,292 |  |  | — |  |  | 42,371 |  |  | 44,663 |
Legal | — |  |  | — |  |  | 641 |  |  | 641 |
Franchise, excise and other taxes | — |  |  | — |  |  | (56) |  |  | (56) |
General and administrative | — |  |  | — |  |  | 15,318 |  |  | 15,318 |
Loan and realty losses | 4,550 |  |  | — |  |  | — |  |  | 4,550 |
Gains on sales of real estate, net | (1,718) |  |  | — |  |  | — |  |  | (1,718) |
Gains from equity method investment | (402) |  |  | — |  |  | — |  |  | (402) |
Net income (loss) | $ | 150,432 |  |  | $ | 1,405 |  |  | $ | (57,985) |  |  | $ | 93,852 |
For the nine months ended September 30, 2023: | Real Estate Investments |  | SHOP |  | Non-segment/Corporate |  | Total
Rental income | $ | 188,505 |  |  | $ | — |  |  | $ | — |  |  | $ | 188,505 |
Resident fees and services | — |  |  | 35,860 |  |  | — |  |  | 35,860 |
Interest income and other | 15,727 |  |  | — |  |  | 278 |  |  | 16,005 |
Total revenues | 204,232 |  |  | 35,860 |  |  | 278 |  |  | 240,370 |
Senior housing operating expenses | — |  |  | 29,525 |  |  | — |  |  | 29,525 |
Taxes and insurance on leased properties | 8,738 |  |  | — |  |  | — |  |  | 8,738 |
NOI | 195,494 |  |  | 6,335 |  |  | 278 |  |  | 202,107 |
Depreciation | 46,064 |  |  | 6,757 |  |  | 41 |  |  | 52,862 |
Interest | 2,298 |  |  | — |  |  | 41,010 |  |  | 43,308 |
Legal | — |  |  | — |  |  | 364 |  |  | 364 |
Franchise, excise and other taxes | — |  |  | — |  |  | 443 |  |  | 443 |
General and administrative | — |  |  | — |  |  | 14,390 |  |  | 14,390 |
Loan and realty losses | 1,727 |  |  | — |  |  | — |  |  | 1,727 |
Gains on sales of real estate, net | (13,500) |  |  | — |  |  | — |  |  | (13,500) |
Gain on operations transfer, net | (20) |  |  | — |  |  | — |  |  | (20) |
Other non-operating income | (202) |  |  | — |  |  | — |  |  | (202) |
Loss on early retirement of debt | — |  |  | — |  |  | 73 |  |  | 73 |
Net income (loss) | $ | 159,127 |  |  | $ | (422) |  |  | $ | (56,043) |  |  | $ | 102,662 |

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