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Segment Reporting
 12 Months Ended
Dec. 31, 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.

Effective April 1, 2022, the operations and properties of 15 ILFs were transferred from a triple-net lease to two separate ventures, as discussed further in Notes 5 and 10. The results associated with the prior triple-net lease structure for these properties are included in the Real Estate Investments segment and the results from operating these SHOP properties after the transition are included in our SHOP segment.

Our President and Chief Executive Officer serves as our CODM. Our CODM reviews financial and performance information quarterly based upon segment net operating income (“NOI”). We define NOI as total revenues, less tenant reimbursements and property operating expenses. Our CODM evaluates NOI to make decisions about resource allocations and to assess the property level performance of our properties. For both segments, the CODM considers revenue and operating expenses on a comparative basis (i.e., sequential or year over year) and budget to actual variances on a quarterly basis when making decisions about allocating resources to the segments. In addition, for the SHOP segment, the CODM reviews key performance indicators, including revenues and operating expenses per occupied unit or available unit and resident revenues and related functional expenses. There were no intersegment transactions for years ended December 31, 2024, 2023 and 2022. Capital expenditures for the years ended December 31, 2024, 2023 and 2022, were approximately $169.2 million, $56.9 million and $30.8 million for the Real Estate Investments segment, respectively, and $11.0 million, $9.3 million and $3.3 million for the SHOP segment, respectively.
Non-segment revenue consists mainly of other income. Non-segment assets consist of corporate assets including cash and cash equivalents, 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. The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. Prior period segment disclosures have been recast to conform to the current period presentation.

Summary information for the reportable segments during the years ended December 31, 2024, 2023 and 2022 are as follows ($ in thousands):

For the year ended December 31, 2024:Real Estate InvestmentsSHOPNon-segment/CorporateTotal
Rental income$257,049 $— $— $257,049 
Resident fees and services— 54,421 — 54,421 
Interest income and other23,243 — 468 23,711 
   Total revenues280,292 54,421 468 335,181 
Labor— 17,166 — 17,166 
Dietary— 4,287 — 4,287 
Utilities— 3,887 — 3,887 
Taxes and insurance11,165 6,412 — 17,577 
Other senior housing operating expenses1
— 10,499 — 10,499 
   NOI 269,127 12,170 468 281,765 
Depreciation61,249 10,157 37 71,443 
Interest3,060 — 56,843 59,903 
Legal — — 1,052 1,052 
Franchise, excise and other taxes— — 38 38 
General and administrative— — 20,736 20,736 
Loan and realty losses, net5,295 — — 5,295 
Gains on sales of real estate(6,678)— — (6,678)
Gains from equity method investment(402)— — (402)
Gain on forward equity sale agreement, net— — (6,261)(6,261)
    Net income (loss)$206,603 $2,013 $(71,977)$136,639 
Total assets$2,325,269 $270,273 $18,829 $2,614,371 
1Includes management fees, general and administrative and marketing expenses.
For the year ended December 31, 2023:Real Estate InvestmentsSHOPNon-segment/CorporateTotal
Rental income$249,227 $— $— $249,227 
Resident fees and services— 48,809 — 48,809 
Interest income and other21,448 — 351 21,799 
   Total revenues270,675 48,809 351 319,835 
Labor— 16,165 — 16,165 
Dietary— 3,763 — 3,763 
Utilities— 3,537 — 3,537 
Taxes and insurance 11,513 5,889 — 17,402 
Other senior housing operating expenses1
— 10,233 — 10,233 
   NOI 259,162 9,222 351 268,735 
Depreciation60,764 9,158 51 69,973 
Interest3,071 — 55,089 58,160 
Legal — — 507 507 
Franchise, excise and other taxes— — 449 449 
General and administrative— — 19,314 19,314 
Loan and realty losses, net1,376 — — 1,376 
Gains on sales of real estate(14,721)— — (14,721)
Gain on operations transfer, net(20)— — (20)
Other income(202)— — (202)
Loss on early retirement of debt— — 73 73 
Gains from equity method investment(555)— — (555)
    Net income (loss)$209,449 $64 $(75,132)$134,381 
Total assets$2,202,647 $270,051 $15,782 $2,488,480 
1Includes management fees, general and administrative and marketing expenses.
For the year ended December 31, 2022:Real Estate InvestmentsSHOPNon-segment/CorporateTotal
Rental income$217,700 $— $— $217,700 
Resident fees and services— 35,796 — 35,796 
Interest income and other24,383 — 315 24,698 
   Total revenues242,083 35,796 315 278,194 
Labor— 11,184 — 11,184 
Dietary— 2,749 — 2,749 
Utilities— 2,633 — 2,633 
Taxes and insurance 9,788 4,183 — 13,971 
Other senior housing operating expenses1
— 7,444 — 7,444 
   NOI 232,295 7,603 315 240,213 
Depreciation64,407 6,408 65 70,880 
Interest3,089 — 41,828 44,917 
Legal — — 2,555 2,555 
Franchise, excise and other taxes— — 844 844 
General and administrative— — 22,768 22,768 
Loan and realty losses, net61,911 — — 61,911 
Gains on sales of real estate(28,342)— — (28,342)
Loss on operations transfer, net710 — — 710 
Gain on note receivable payoff(1,113)— — (1,113)
Loss on early retirement of debt— — 151 151 
Gains from equity method investment(569)— — (569)
    Net income (loss)$132,202 $1,195 $(67,896)$65,501 
Total assets$2,225,176 $274,135 $8,113 $2,507,424 
1Includes management fees, general and administrative and marketing expenses.