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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Information |
Schedule of segment information | 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
​ 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 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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