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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Information |
Segment Information |
16. | Segment Information
We use the management approach in determining the reportable operating segments. The management approach considers the internal organization and reporting used by our chief operating decision maker (“CODM”) for making operating decisions, allocating resources and assessing performance as the source for determining our reportable segments. In making this determination, we:
| i. | Determine our CODM;
| ii. | identify and analyze our potential business components;
| iii. | identify our operating segments; and
| iv. | determine whether there are multiple operating segments requiring presentation as separate reportable segments.
During the six months ended June 30, 2025 and 2024, the CODM has been collectively identified as our Executive Chairman and Co-Presidents, who share the responsibility for allocating resources and assessing segment performance. During the second quarter of 2025, we began utilizing the RIDEA structure and established our SHOP segment. Accordingly, as of June 30, 2025, we conduct and manage our business as two operating segments: real estate investments and SHOP and our CODM evaluated the performance of our investments based on net operating income (“NOI”). For more information and reconciliation of NOI see Item 2. Non-GAAP Financial Measures. Summary information by reportable segment for the three and six months ended June 30, 2025 is as follows (unaudited, in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, 2025
​ | ​ | Real estate | ​ | ​ | ​ | ​ | Non-segment | ​ | ​ | ​
​ |  | investment portfolio |  | SHOP |  | /corporate |  | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental income | ​ | $ | 30,177 | ​ | $ | — | ​ | $ | — | ​ | $ | 30,177
Resident fees and services | ​ | ​ | — | ​ | ​ | 11,950 | ​ | ​ | — | ​ | ​ | 11,950
Interest income from financing receivables | ​ | ​ | 7,084 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,084
Interest income from mortgage loans | ​ | ​ | 9,680 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,680
Interest and other income | ​ | ​ | 1,224 | ​ | ​ | — | ​ | ​ | 125 | ​ | ​ | 1,349
Total revenues | ​ | ​ | 48,165 | ​ | ​ | 11,950 | ​ | ​ | 125 | ​ | ​ | 60,240
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from unconsolidated joint ventures | ​ | ​ | 439 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 439
Property level expenses | ​ | ​ | (2,795) | ​ | ​ | (9,419) | ​ | ​ | — | ​ | ​ | (12,214)
NOI | ​ | ​ | 45,809 | ​ | ​ | 2,531 | ​ | ​ | 125 | ​ | ​ | 48,465
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (8,014)
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (8,776)
Provision for credit losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (387)
Transaction costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6,706)
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (8,447)
Gain on sale of real estate, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 332
Income tax benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 81
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 16,548
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, 2025
​ | ​ | Real estate | ​ | ​ | ​ | Non-segment | ​ | ​ | ​
​ |  | investment portfolio |  | SHOP |  | /Corporate |  | Total
Revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Rental income | ​ | $ | 61,621 | ​ | $ | — | ​ | $ | — | ​ | $ | 61,621
Resident fees and services | ​ | ​ | — | ​ | ​ | 11,950 | ​ | ​ | — | ​ | ​ | 11,950
Interest income from financing receivables | ​ | ​ | 14,086 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,086
Interest income from mortgage loans | ​ | ​ | 18,859 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,859
Interest and other income | ​ | ​ | 2,451 | ​ | ​ | — | ​ | ​ | 304 | ​ | ​ | 2,755
Total revenues | ​ | ​ | 97,017 | ​ | ​ | 11,950 | ​ | ​ | 304 | ​ | ​ | 109,271
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from unconsolidated joint ventures | ​ | ​ | 4,104 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,104
Property level expenses | ​ | ​ | (5,902) | ​ | ​ | (9,419) | ​ | ​ | — | ​ | ​ | (15,321)
NOI | ​ | ​ | 95,219 | ​ | ​ | 2,531 | ​ | ​ | 304 | ​ | ​ | 98,054
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (15,927)
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (17,938)
Provision for credit losses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (3,439)
Transaction costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (7,147)
General and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (15,418)
Gain on sale of real estate, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 503
Income tax benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 81
Net income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 38,769
​ ​ ​ ​ During the six months ended June 30, 2024, we operated under one reportable segment and our CODM evaluated the performance of our investments based on net income. Summary information by reportable segment for the three and six months ended June 30, 2024 is as follows (unaudited, in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
Three and Six Months Ended June 30, 2024 | ​ | June 30, 2024
Revenues: | ​ | ​ | ​ | ​ | ​ | ​
Rental income | ​ | $ | 31,657 | ​ | $ | 65,206
Interest income from financing receivables | ​ | ​ | 3,830 | ​ | ​ | 7,660
Interest income from mortgage loans | ​ | ​ | 12,661 | ​ | ​ | 25,109
Interest and other income | ​ | ​ | 1,968 | ​ | ​ | 3,507
Total revenues | ​ | ​ | 50,116 | ​ | ​ | 101,482
Expenses: | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | 10,903 | ​ | ​ | 21,948
Depreciation and amortization | ​ | ​ | 9,024 | ​ | ​ | 18,119
Provision for credit losses | ​ | ​ | 703 | ​ | ​ | 727
Transaction costs | ​ | ​ | 380 | ​ | ​ | 646
Property tax expense | ​ | ​ | 3,247 | ​ | ​ | 6,630
General and administrative expenses | ​ | ​ | 6,760 | ​ | ​ | 13,251
Total expenses | ​ | ​ | 31,017 | ​ | ​ | 61,321
​ | ​ | ​ | ​ | ​ | ​ | ​
Income before unconsolidated joint ventures, real estate dispositions and other items | ​ | ​ | 19,099 | ​ | ​ | 40,161
​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) gain on sale of real estate, net | ​ | ​ | (32) | ​ | ​ | 3,219
Income from unconsolidated joint ventures | ​ | ​ | 671 | ​ | ​ | 1,047
Net income | ​ | $ | 19,738 | ​ | $ | 44,427
​

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- Definition The entire disclosure for reporting segments including data and tables. 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