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Segment Reporting | 6 Months Ended
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Jun. 30, 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. In our Real Estate Investments segment, we invest in senior housing and healthcare real estate assets 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. Our Real Estate Investments segment includes leases, mortgage and other note investments in ILFs, ALFs, EFCs, SLCs, SNFs and HOSPs. Our SHOP segment includes multi-tenant ILFs. The SHOP properties and related operations are controlled by us and operated by property managers in exchange for a management fee. Reference Note 5 for additional information on our SHOP segment activities. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker (“CODM”). Our CODM reviews financial and other 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 our property level performance. For both segments, the CODM considers revenue and operating expenses on a comparative basis, both sequentially and year-over-year, and evaluates 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 revenues and related functional expenses by resident. There were no intersegment transactions during the six months ended June 30, 2025 and 2024. Capital expenditures for the six months ended June 30, 2025 and 2024 were $141.8 million and $35.0 million, respectively, for our Real Estate Investments segment and $2.5 million and $3.7 million, respectively, for our SHOP segment. Non-segment revenue consists primarily of other income. Non-segment assets primarily consist of corporate assets, including cash and cash equivalents and corporate offices and equipment, among others. Non-property specific revenues and expenses are not allocated to our operating segments in determining NOI. The accounting policies of our segments are the same as those described in the significant accounting policies included in Note 2 in these condensed consolidated financial statements and in Note 2 to the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations of our acquisitions, as described in Note 3, are included in our condensed consolidated statements of income beginning on the respective acquisition date and are included in the applicable operating segment on the same basis. In the tables below, we recasted prior period segment disclosures to conform with the current period presentation to reflect our segment expense disclosures in greater detail as required by ASU 2023-07 - Segment Reporting (TOPIC 280): Improvements to Reportable Segment Disclosures, which we adopted effective December 31, 2024. Information related to our reportable segments is presented in the tables below ($ 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 |
| 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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