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Segment Reporting (Tables)

9 Months Ended

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 expenses1			—						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 expenses1			—						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 expenses1			—						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 expenditures2			$	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 expenses1			—						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 expenditures2			$	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

X

- 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

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X

- References

No definition available.

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