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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
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 President and Chief Executive Officer serves as our Chief Operating Decision Maker (“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 compares budget to actual variances on a quarterly basis when making decisions regarding allocations of 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 either the three months ended March 31, 2025 or 2024. Capital expenditures for the three months ended March 31, 2025 were approximately $83.7 million for the Real Estate Investments segment and $1.4 million for the SHOP segment. Capital expenditures for the three months ended March 31, 2024 were approximately $1.7 million for the Real Estate Investments segment and $1.3 million for the SHOP segment. Non-segment revenue consists mainly of other income. Non-segment assets consist of corporate assets including cash and cash equivalents and corporate offices and equipment, among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI. The accounting policies of the segments are the same as those described in the significant accounting policies in Note 2. The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. Prior period segment disclosures have been recast to conform to the current period presentation. Summary information for the reportable segments during the three months ended March 31, 2025 and 2024 is as follows ($ in thousands):
For the three months ended March 31, 2025: | Real Estate Investments |  | SHOP |  | Non-segment/Corporate |  | Total
Rental income | $ | 68,866 |  |  | $ | — |  |  | $ | — |  |  | $ | 68,866 |
Resident fees and services | — |  |  | 13,939 |  |  | — |  |  | 13,939 |
Interest income and other | 6,449 |  |  | — |  |  | 42 |  |  | 6,491 |
Total revenues | 75,315 |  |  | 13,939 |  |  | 42 |  |  | 89,296 |
Other senior housing operating expenses 1 | — |  |  | 2,874 |  |  | — |  |  | 2,874 |
Utilities | — |  |  | 1,097 |  |  | — |  |  | 1,097 |
Dietary | — |  |  | 1,045 |  |  | — |  |  | 1,045 |
Labor | — |  |  | 4,299 |  |  | — |  |  | 4,299 |
Taxes and insurance | 2,887 |  |  | 1,538 |  |  | — |  |  | 4,425 |
NOI | 72,428 |  |  | 3,086 |  |  | 42 |  |  | 75,556 |
Depreciation | 16,388 |  |  | 2,758 |  |  | 11 |  |  | 19,157 |
Interest | 749 |  |  | — |  |  | 13,588 |  |  | 14,337 |
Legal | — |  |  | — |  |  | 1,426 |  |  | 1,426 |
Franchise, excise and other taxes | — |  |  | — |  |  | 269 |  |  | 269 |
General and administrative | — |  |  | — |  |  | 6,829 |  |  | 6,829 |
Proxy contest and related | — |  |  | — |  |  | 264 |  |  | 264 |
Loan and realty gains | (14) |  |  | — |  |  | — |  |  | (14) |
Gains on sales of real estate, net | (114) |  |  | — |  |  | — |  |  | (114) |
Gains from equity method investment | (415) |  |  | — |  |  | — |  |  | (415) |
Net income (loss) | $ | 55,834 |  |  | $ | 328 |  |  | $ | (22,345) |  |  | $ | 33,817 |
Total assets | $ | 2,377,107 |  |  | $ | 265,391 |  |  | $ | 140,387 |  |  | $ | 2,782,885 |
1 Includes management fees, general and administrative and marketing expenses. |  |  |  |
For the three months ended March 31, 2024: | Real Estate Investments |  | SHOP |  | Non-segment/Corporate |  | Total
Rental income | $ | 62,187 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,187 |
Resident fees and services | — |  |  | 13,256 |  |  | — |  |  | 13,256 |
Interest income and other | 5,942 |  |  | — |  |  | 128 |  |  | 6,070 |
Total revenues | 68,129 |  |  | 13,256 |  |  | 128 |  |  | 81,513 |
Other senior housing operating expenses 1 | — |  |  | 2,600 |  |  | — |  |  | 2,600 |
Utilities | — |  |  | 933 |  |  | — |  |  | 933 |
Dietary | — |  |  | 1,004 |  |  | — |  |  | 1,004 |
Labor | — |  |  | 4,227 |  |  | — |  |  | 4,227 |
Taxes and insurance | 2,733 |  |  | 1,550 |  |  | — |  |  | 4,283 |
NOI | 65,396 |  |  | 2,942 |  |  | 128 |  |  | 68,466 |
Depreciation | 15,058 |  |  | 2,437 |  |  | 10 |  |  | 17,505 |
Interest | 763 |  |  | — |  |  | 14,106 |  |  | 14,869 |
Legal | — |  |  | — |  |  | 236 |  |  | 236 |
Franchise, excise and other taxes | — |  |  | — |  |  | (187) |  |  | (187) |
General and administrative | — |  |  | — |  |  | 5,642 |  |  | 5,642 |
Loan and realty losses | 10 |  |  | — |  |  | — |  |  | 10 |
Gains on sales of real estate, net | (100) |  |  | — |  |  | — |  |  | (100) |
Gains from equity method investment | (166) |  |  | — |  |  | — |  |  | (166) |
Net income (loss) | $ | 49,831 |  |  | $ | 505 |  |  | $ | (19,679) |  |  | $ | 30,657 |
Total assets | $ | 2,202,511 |  |  | $ | 265,120 |  |  | $ | 10,494 |  |  | $ | 2,478,125 |
1 Includes management fees, general and administrative and marketing expenses. |  |  |  |

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