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Segment Reporting
 3 Months Ended
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 InvestmentsSHOPNon-segment/CorporateTotal
Rental income$68,866 $— $— $68,866 
Resident fees and services— 13,939 — 13,939 
Interest income and other6,449 — 42 6,491 
   Total revenues75,315 13,939 42 89,296 
Other senior housing operating expenses1
— 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 
Depreciation16,388 2,758 11 19,157 
Interest749 — 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 InvestmentsSHOPNon-segment/CorporateTotal
Rental income$62,187 $— $— $62,187 
Resident fees and services— 13,256 — 13,256 
Interest income and other5,942 — 128 6,070 
   Total revenues68,129 13,256 128 81,513 
Other senior housing operating expenses1
— 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 
Depreciation15,058 2,437 10 17,505 
Interest763 — 14,106 14,869 
Legal — — 236 236 
Franchise, excise and other taxes— — (187)(187)
General and administrative— — 5,642 5,642 
Loan and realty losses10 — — 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.