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Segment Reporting
 9 Months Ended
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 InvestmentsSHOPNon-segment/CorporateTotal
Rental income$63,318 $— $— $63,318 
Resident fees and services— 13,771 — 13,771 
Interest income and other5,743 — 112 5,855 
   Total revenues69,061 13,771 112 82,944 
Senior housing operating expenses— 10,744 — 10,744 
Taxes and insurance on leased properties2,786 — — 2,786 
   NOI 66,275 3,027 112 69,414 
Depreciation15,168 2,591 9 17,768 
Interest768 — 14,171 14,939 
Legal — — 240 240 
Franchise, excise and other taxes— — 83 83 
General and administrative— — 4,810 4,810 
Loan and realty losses3,434 — — 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 InvestmentsSHOPNon-segment/CorporateTotal
Rental income$62,255 $— $— $62,255 
Resident fees and services— 12,367 — 12,367 
Interest income and other5,337 — 147 5,484 
   Total revenues67,592 12,367 147 80,106 
Senior housing operating expenses— 10,045 — 10,045 
Taxes and insurance on leased properties2,908 — — 2,908 
   NOI 64,684 2,322 147 67,153 
Depreciation15,211 2,292 12 17,515 
Interest773 — 14,313 15,086 
Legal — — 67 67 
Franchise, excise and other taxes— — 2 2 
General and administrative— — 4,430 4,430 
Loan and realty losses1,959 — — 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 InvestmentsSHOPNon-segment/CorporateTotal
Rental income$191,265 $— $— $191,265 
Resident fees and services— 40,416 — 40,416 
Interest income and other17,428 — 317 17,745 
   Total revenues208,693 40,416 317 249,426 
Senior housing operating expenses— 31,494 — 31,494 
Taxes and insurance on leased properties8,321 — — 8,321 
   NOI 200,372 8,922 317 209,611 
Depreciation45,218 7,517 28 52,763 
Interest2,292 — 42,371 44,663 
Legal — — 641 641 
Franchise, excise and other taxes— — (56)(56)
General and administrative— — 15,318 15,318 
Loan and realty losses4,550 — — 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 InvestmentsSHOPNon-segment/CorporateTotal
Rental income$188,505 $— $— $188,505 
Resident fees and services— 35,860 — 35,860 
Interest income and other15,727 — 278 16,005 
   Total revenues204,232 35,860 278 240,370 
Senior housing operating expenses— 29,525 — 29,525 
Taxes and insurance on leased properties8,738 — — 8,738 
   NOI 195,494 6,335 278 202,107 
Depreciation46,064 6,757 41 52,862 
Interest2,298 — 41,010 43,308 
Legal — — 364 364 
Franchise, excise and other taxes— — 443 443 
General and administrative— — 14,390 14,390 
Loan and realty losses1,727 — — 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