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v3.25.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Information related to our reportable segments is presented in the tables below ($ in thousands):
| Three Months Ended June 30, 2025
| Real Estate |  |  |  | Non-Segment / |  |
| Investments |  | SHOP |  | Corporate |  | Total
Rental income | $ | 70,270 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,270 |
Resident fees and services | — |  |  | 14,217 |  |  | — |  |  | 14,217 |
Interest income and other | 6,140 |  |  | — |  |  | 35 |  |  | 6,175 |
Total revenues | 76,410 |  |  | 14,217 |  |  | 35 |  |  | 90,662 |
Other senior housing operating expenses 1 | — |  |  | 2,615 |  |  | — |  |  | 2,615 |
Utilities | — |  |  | 940 |  |  | — |  |  | 940 |
Dietary | — |  |  | 1,104 |  |  | — |  |  | 1,104 |
Labor | — |  |  | 4,324 |  |  | — |  |  | 4,324 |
Taxes and insurance | 2,914 |  |  | 1,413 |  |  | — |  |  | 4,327 |
NOI | 73,496 |  |  | 3,821 |  |  | 35 |  |  | 77,352 |
Depreciation | 17,095 |  |  | 2,811 |  |  | 12 |  |  | 19,918 |
Interest | 180 |  |  | — |  |  | 14,821 |  |  | 15,001 |
Legal | — |  |  | — |  |  | 1,095 |  |  | 1,095 |
Franchise, excise and other taxes | — |  |  | — |  |  | 243 |  |  | 243 |
General and administrative | — |  |  | — |  |  | 6,125 |  |  | 6,125 |
Proxy contest and related expenses | — |  |  | — |  |  | 1,308 |  |  | 1,308 |
Loan and realty gains, net | (1,393) |  |  | — |  |  | — |  |  | (1,393) |
Gains on sales of real estate properties, net | (110) |  |  | — |  |  | — |  |  | (110) |
Gains from equity method investment | (1,524) |  |  | — |  |  | — |  |  | (1,524) |
Net income (loss) | $ | 59,248 |  |  | $ | 1,010 |  |  | $ | (23,569) |  |  | $ | 36,689 |
| June 30, 2025
Total assets | $ | 2,415,832 |  |  | $ | 267,778 |  |  | $ | 12,349 |  |  | $ | 2,695,959 |
1 Includes management fees, general and administrative costs and marketing expenses.
| Three Months Ended June 30, 2024
| Real Estate |  |  |  | Non-Segment / |  |
| Investments |  | SHOP |  | Corporate |  | Total
Rental income | $ | 65,760 |  |  | $ | — |  |  | $ | — |  |  | $ | 65,760 |
Resident fees and services | — |  |  | 13,390 |  |  | — |  |  | 13,390 |
Interest income and other | 5,744 |  |  | — |  |  | 76 |  |  | 5,820 |
Total revenues | 71,504 |  |  | 13,390 |  |  | 76 |  |  | 84,970 |
Other senior housing operating expenses 1 | — |  |  | 2,567 |  |  | — |  |  | 2,567 |
Utilities | — |  |  | 913 |  |  | — |  |  | 913 |
Dietary | — |  |  | 1,075 |  |  | — |  |  | 1,075 |
Labor | — |  |  | 4,200 |  |  | — |  |  | 4,200 |
Taxes and insurance | 2,802 |  |  | 1,682 |  |  | — |  |  | 4,484 |
NOI | 68,702 |  |  | 2,953 |  |  | 76 |  |  | 71,731 |
Depreciation | 14,992 |  |  | 2,490 |  |  | 8 |  |  | 17,490 |
Interest | 761 |  |  | — |  |  | 14,093 |  |  | 14,854 |
Legal | — |  |  | — |  |  | 165 |  |  | 165 |
Franchise, excise and other taxes | — |  |  | — |  |  | 47 |  |  | 47 |
General and administrative | — |  |  | — |  |  | 4,870 |  |  | 4,870 |
Loan and realty losses, net | 1,106 |  |  | — |  |  | — |  |  | 1,106 |
Gains on sales of real estate properties, net | (1,517) |  |  | — |  |  | — |  |  | (1,517) |
Gains from equity method investment | (236) |  |  | — |  |  | — |  |  | (236) |
Net income (loss) | $ | 53,596 |  |  | $ | 463 |  |  | $ | (19,107) |  |  | $ | 34,952 |
| June 30, 2024
Total assets | $ | 2,197,656 |  |  | $ | 268,187 |  |  | $ | 11,069 |  |  | $ | 2,476,912 |
1 Includes management fees, general and administrative costs and marketing expenses.
| Six Months Ended June 30, 2025
| Real Estate |  |  |  | Non-Segment / |  |
| Investments |  | SHOP |  | Corporate |  | Total
Rental income | $ | 139,136 |  |  | $ | — |  |  | $ | — |  |  | $ | 139,136 |
Resident fees and services | — |  |  | 28,156 |  |  | — |  |  | 28,156 |
Interest income and other | 12,589 |  |  | — |  |  | 77 |  |  | 12,666 |
Total revenues | 151,725 |  |  | 28,156 |  |  | 77 |  |  | 179,958 |
Other senior housing operating expenses 1 | — |  |  | 5,489 |  |  | — |  |  | 5,489 |
Utilities | — |  |  | 2,037 |  |  | — |  |  | 2,037 |
Dietary | — |  |  | 2,149 |  |  | — |  |  | 2,149 |
Labor | — |  |  | 8,623 |  |  | — |  |  | 8,623 |
Taxes and insurance | 5,801 |  |  | 2,951 |  |  | — |  |  | 8,752 |
NOI | 145,924 |  |  | 6,907 |  |  | 77 |  |  | 152,908 |
Depreciation | 33,483 |  |  | 5,569 |  |  | 23 |  |  | 39,075 |
Interest | 929 |  |  | — |  |  | 28,409 |  |  | 29,338 |
Legal | — |  |  | — |  |  | 2,521 |  |  | 2,521 |
Franchise, excise and other taxes | — |  |  | — |  |  | 512 |  |  | 512 |
General and administrative | — |  |  | — |  |  | 12,954 |  |  | 12,954 |
Proxy contest and related expenses | — |  |  | — |  |  | 1,572 |  |  | 1,572 |
Loan and realty gains, net | (1,407) |  |  | — |  |  | — |  |  | (1,407) |
Gains on sales of real estate properties, net | (224) |  |  | — |  |  | — |  |  | (224) |
Gains from equity method investment | (1,939) |  |  | — |  |  | — |  |  | (1,939) |
Net income (loss) | $ | 115,082 |  |  | $ | 1,338 |  |  | $ | (45,914) |  |  | $ | 70,506 |
1 Includes management fees, general and administrative costs and marketing expenses.
| Six Months Ended June 30, 2024
| Real Estate |  |  |  | Non-Segment / |  |
| Investments |  | SHOP |  | Corporate |  | Total
Rental income | $ | 127,947 |  |  | $ | — |  |  | $ | — |  |  | $ | 127,947 |
Resident fees and services | — |  |  | 26,645 |  |  | — |  |  | 26,645 |
Interest income and other | 11,685 |  |  | — |  |  | 205 |  |  | 11,890 |
Total revenues | 139,632 |  |  | 26,645 |  |  | 205 |  |  | 166,482 |
Other senior housing operating expenses 1 | — |  |  | 5,168 |  |  | — |  |  | 5,168 |
Utilities | — |  |  | 1,846 |  |  | — |  |  | 1,846 |
Dietary | — |  |  | 2,078 |  |  | — |  |  | 2,078 |
Labor | — |  |  | 8,427 |  |  | — |  |  | 8,427 |
Taxes and insurance | 5,535 |  |  | 3,232 |  |  | — |  |  | 8,767 |
NOI | 134,097 |  |  | 5,894 |  |  | 205 |  |  | 140,196 |
Depreciation | 30,050 |  |  | 4,927 |  |  | 18 |  |  | 34,995 |
Interest | 1,524 |  |  | — |  |  | 28,199 |  |  | 29,723 |
Legal | — |  |  | — |  |  | 400 |  |  | 400 |
Franchise, excise and other taxes | — |  |  | — |  |  | (139) |  |  | (139) |
General and administrative | — |  |  | — |  |  | 10,510 |  |  | 10,510 |
Loan and realty losses, net | 1,116 |  |  | — |  |  | — |  |  | 1,116 |
Gains on sales of real estate properties, net | (1,617) |  |  | — |  |  | — |  |  | (1,617) |
Gains from equity method investment | (402) |  |  | — |  |  | — |  |  | (402) |
Net income (loss) | $ | 103,426 |  |  | $ | 967 |  |  | $ | (38,783) |  |  | $ | 65,610 |
1 Includes management fees, general and administrative costs and marketing expenses.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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