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v3.25.3

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables provide information on our operating segments ($ in thousands):
| Three Months Ended September 30, 2025
| Real Estate |  |  |  | Non-Segment / |  |
| Investments |  | SHOP |  | Corporate |  | Total
Rental income | $ | 62,178 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,178 |
Resident fees and services | — |  |  | 21,177 |  |  | — |  |  | 21,177 |
Interest income and other | 6,454 |  |  | — |  |  | 38 |  |  | 6,492 |
Total revenues | 68,632 |  |  | 21,177 |  |  | 38 |  |  | 89,847 |
Utilities | — |  |  | 1,567 |  |  | — |  |  | 1,567 |
Dietary | — |  |  | 1,483 |  |  | — |  |  | 1,483 |
Labor | — |  |  | 7,168 |  |  | — |  |  | 7,168 |
Taxes and insurance | 2,610 |  |  | 2,217 |  |  | — |  |  | 4,827 |
Other senior housing operating expenses 1 | — |  |  | 3,818 |  |  | — |  |  | 3,818 |
NOI | 66,022 |  |  | 4,924 |  |  | 38 |  |  | 70,984 |
Depreciation | 16,470 |  |  | 3,733 |  |  | 13 |  |  | 20,216 |
Interest | — |  |  | — |  |  | 13,766 |  |  | 13,766 |
Legal | — |  |  | — |  |  | 134 |  |  | 134 |
Franchise, excise and other taxes, net | — |  |  | — |  |  | 244 |  |  | 244 |
General and administrative | — |  |  | — |  |  | 6,311 |  |  | 6,311 |
Loan and realty gains, net | (1,979) |  |  | — |  |  | — |  |  | (1,979) |
Gains on sales of real estate properties, net | (113) |  |  | — |  |  | — |  |  | (113) |
Gains from equity method investment | (73) |  |  | — |  |  | — |  |  | (73) |
Net income (loss) | $ | 51,717 |  |  | $ | 1,191 |  |  | $ | (20,430) |  |  | $ | 32,478 |
1 Amount includes management fees, general and administrative costs and marketing expenses.
| Three Months Ended September 30, 2024
| Real Estate |  |  |  | Non-Segment / |  |
| Investments |  | SHOP |  | Corporate |  | Total
Rental income | $ | 63,318 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,318 |
Resident fees and services | — |  |  | 13,771 |  |  | — |  |  | 13,771 |
Interest income and other | 5,743 |  |  | — |  |  | 112 |  |  | 5,855 |
Total revenues | 69,061 |  |  | 13,771 |  |  | 112 |  |  | 82,944 |
Utilities | — |  |  | 1,071 |  |  | — |  |  | 1,071 |
Dietary | — |  |  | 1,118 |  |  | — |  |  | 1,118 |
Labor | — |  |  | 4,304 |  |  | — |  |  | 4,304 |
Taxes and insurance | 2,786 |  |  | 1,611 |  |  | — |  |  | 4,397 |
Other senior housing operating expenses 1 | — |  |  | 2,640 |  |  | — |  |  | 2,640 |
NOI | 66,275 |  |  | 3,027 |  |  | 112 |  |  | 69,414 |
Depreciation | 15,168 |  |  | 2,591 |  |  | 9 |  |  | 17,768 |
Interest | 768 |  |  | — |  |  | 14,171 |  |  | 14,939 |
Legal | — |  |  | — |  |  | 240 |  |  | 240 |
Franchise, excise and other taxes, net | — |  |  | — |  |  | 83 |  |  | 83 |
General and administrative | — |  |  | — |  |  | 4,810 |  |  | 4,810 |
Loan and realty losses, net | 3,434 |  |  | — |  |  | — |  |  | 3,434 |
Gains on sales of real estate properties, net | (102) |  |  | — |  |  | — |  |  | (102) |
Net income (loss) | $ | 47,007 |  |  | $ | 436 |  |  | $ | (19,201) |  |  | $ | 28,242 |
1 Amount includes management fees, general and administrative costs and marketing expenses.
| Nine Months Ended September 30, 2025
| Real Estate |  |  |  | Non-Segment / |  |
| Investments |  | SHOP |  | Corporate |  | Total
Rental income | $ | 201,314 |  |  | $ | — |  |  | $ | — |  |  | $ | 201,314 |
Resident fees and services | — |  |  | 49,333 |  |  | — |  |  | 49,333 |
Interest income and other | 19,043 |  |  | — |  |  | 115 |  |  | 19,158 |
Total revenues | 220,357 |  |  | 49,333 |  |  | 115 |  |  | 269,805 |
Utilities | — |  |  | 3,604 |  |  | — |  |  | 3,604 |
Dietary | — |  |  | 3,632 |  |  | — |  |  | 3,632 |
Labor | — |  |  | 15,791 |  |  | — |  |  | 15,791 |
Taxes and insurance | 8,411 |  |  | 5,168 |  |  | — |  |  | 13,579 |
Other senior housing operating expenses 1 | — |  |  | 9,307 |  |  | — |  |  | 9,307 |
NOI | 211,946 |  |  | 11,831 |  |  | 115 |  |  | 223,892 |
Depreciation | 49,953 |  |  | 9,302 |  |  | 36 |  |  | 59,291 |
Interest | 929 |  |  | — |  |  | 42,175 |  |  | 43,104 |
Legal | — |  |  | — |  |  | 2,655 |  |  | 2,655 |
Franchise, excise and other taxes, net | — |  |  | — |  |  | 756 |  |  | 756 |
General and administrative | — |  |  | — |  |  | 19,265 |  |  | 19,265 |
Proxy contest and related expenses | — |  |  | — |  |  | 1,572 |  |  | 1,572 |
Loan and realty gains, net | (3,386) |  |  | — |  |  | — |  |  | (3,386) |
Gains on sales of real estate properties, net | (337) |  |  | — |  |  | — |  |  | (337) |
Gains from equity method investment | (2,012) |  |  | — |  |  | — |  |  | (2,012) |
Net income (loss) | $ | 166,799 |  |  | $ | 2,529 |  |  | $ | (66,344) |  |  | $ | 102,984 |
Capital expenditures 2 | $ | 145,630 |  |  | $ | 5,070 |  |  | $ | 36 |  |  | $ | 150,736 |
1 Amount includes management fees, general and administrative costs and marketing expenses. 2 Amounts include investments in acquiring, renovating and expanding real estate properties and purchases of equipment.
| Nine Months Ended September 30, 2024
| Real Estate |  |  |  | Non-Segment / |  |
| Investments |  | SHOP |  | Corporate |  | Total
Rental income | $ | 191,265 |  |  | $ | — |  |  | $ | — |  |  | $ | 191,265 |
Resident fees and services | — |  |  | 40,416 |  |  | — |  |  | 40,416 |
Interest income and other | 17,428 |  |  | — |  |  | 317 |  |  | 17,745 |
Total revenues | 208,693 |  |  | 40,416 |  |  | 317 |  |  | 249,426 |
Utilities | — |  |  | 2,917 |  |  | — |  |  | 2,917 |
Dietary | — |  |  | 3,196 |  |  | — |  |  | 3,196 |
Labor | — |  |  | 12,730 |  |  | — |  |  | 12,730 |
Taxes and insurance | 8,321 |  |  | 4,844 |  |  | — |  |  | 13,165 |
Other senior housing operating expenses 1 | — |  |  | 7,807 |  |  | — |  |  | 7,807 |
NOI | 200,372 |  |  | 8,922 |  |  | 317 |  |  | 209,611 |
Depreciation | 45,218 |  |  | 7,517 |  |  | 28 |  |  | 52,763 |
Interest | 2,292 |  |  | — |  |  | 42,371 |  |  | 44,663 |
Legal | — |  |  | — |  |  | 641 |  |  | 641 |
Franchise, excise and other taxes, net | — |  |  | — |  |  | (56) |  |  | (56) |
General and administrative | — |  |  | — |  |  | 15,318 |  |  | 15,318 |
Loan and realty losses, net | 4,550 |  |  | — |  |  | — |  |  | 4,550 |
Gains on sales of real estate properties, net | (1,718) |  |  | — |  |  | — |  |  | (1,718) |
Gains from equity method investment | (402) |  |  | — |  |  | — |  |  | (402) |
Net income (loss) | $ | 150,432 |  |  | $ | 1,405 |  |  | $ | (57,985) |  |  | $ | 93,852 |
Capital expenditures 2 | $ | 39,580 |  |  | $ | 7,512 |  |  | $ | — |  |  | $ | 47,092 |
1 Amount includes management fees, general and administrative costs and marketing expenses. 2 Amounts include investments in acquiring, renovating and expanding real estate properties and purchases of equipment. The following table provides a summary of our total assets by segment ($ in thousands):
| September 30, |  | December 31,
| 2025 |  | 2024
Real Estate Investments segment | $ | 2,190,592 |  |  | $ | 2,325,269 |
SHOP segment | 423,490 |  |  | 270,273 |
Non-segment / corporate | 75,982 |  |  | 18,829 |
Total assets | $ | 2,690,064 |  |  | $ | 2,614,371 |

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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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