XML 133 R24.htm IDEA: XBRL DOCUMENT v3.25.3

Segment Information

9 Months Ended

Sep. 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 nine months ended September 30, 2025 and 2024, the CODM has been collectively identified as our Executive Chairman and Co-CEOs, 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, 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 nine months ended September 30, 2025 is as follows (unaudited, in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

​

​

Real estate

​

​

​

​

Non-segment

​

​

​

​

investment portfolio

SHOP

/corporate

Total

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

Rental income

​

$

27,842

​

$

—

​

$

—

​

$

27,842

Resident fees and services

​

​

—

​

​

22,203

​

​

—

​

​

22,203

Interest income from financing receivables

​

​

7,096

​

​

—

​

​

—

​

​

7,096

Interest income from mortgage loans

​

​

9,856

​

​

—

​

​

—

​

​

9,856

Interest and other income

​

​

2,191

​

​

—

​

​

102

​

​

2,293

Total revenues

​

​

46,985

​

​

22,203

​

​

102

​

​

69,290

​

​

​

​

​

​

​

​

​

​

​

​

​

Income from unconsolidated joint ventures

​

​

439

​

​

—

​

​

—

​

​

439

Property level expenses

​

​

(2,581)

​

​

(17,362)

​

​

—

​

​

(19,943)

NOI

​

​

44,843

​

​

4,841

​

​

102

​

​

49,786

Interest expense

​

​

​

​

​

​

​

​

​

​

​

(8,791)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

(8,987)

Write-off of effective interest receivable

​

​

​

​

​

​

​

​

​

​

​

(41,455)

Provision for credit losses

​

​

​

​

​

​

​

​

​

​

​

(203)

Transaction costs

​

​

​

​

​

​

​

​

​

​

​

(587)

General and administrative expenses

​

​

​

​

​

​

​

​

​

​

​

(7,523)

Loss on sale of real estate, net

​

​

​

​

​

​

​

​

​

​

​

(738)

Income tax expense

​

​

​

​

​

​

​

​

​

​

​

(42)

Net loss

​

​

​

​

​

​

​

​

​

​

$

(18,540)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

​

Real estate

​

​

​

Non-segment

​

​

​

​

investment portfolio

SHOP

/Corporate

Total

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

Rental income

​

$

89,463

​

$

—

​

$

—

​

$

89,463

Resident fees and services

​

​

—

​

​

34,153

​

​

—

​

​

34,153

Interest income from financing receivables

​

​

21,182

​

​

—

​

​

—

​

​

21,182

Interest income from mortgage loans

​

​

28,715

​

​

—

​

​

—

​

​

28,715

Interest and other income

​

​

4,642

​

​

—

​

​

406

​

​

5,048

Total revenues

​

​

144,002

​

​

34,153

​

​

406

​

​

178,561

​

​

​

​

​

​

​

​

​

​

​

​

​

Income from unconsolidated joint ventures

​

​

4,543

​

​

—

​

​

—

​

​

4,543

Property level expenses

​

​

(8,483)

​

​

(26,781)

​

​

—

​

​

(35,264)

NOI

​

​

140,062

​

​

7,372

​

​

406

​

​

147,840

Interest expense

​

​

​

​

​

​

​

​

​

​

​

(24,718)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

(26,925)

Write-off of effective interest receivable

​

​

​

​

​

​

​

​

​

​

​

(41,455)

Provision for credit losses

​

​

​

​

​

​

​

​

​

​

​

(3,642)

Transaction costs

​

​

​

​

​

​

​

​

​

​

​

(7,734)

General and administrative expenses

​

​

​

​

​

​

​

​

​

​

​

(22,941)

Loss on sale of real estate, net

​

​

​

​

​

​

​

​

​

​

​

(235)

Income tax benefit

​

​

​

​

​

​

​

​

​

​

​

39

Net income

​

​

​

​

​

​

​

​

​

​

$

20,229

​

​

During the three and nine months ended September 30, 2024, we operated under one reportable segment. Summary information by reportable segment for the three and nine months ended September 30, 2024 is as follows (unaudited, in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

​

Real estate

​

​

​

​

Non-segment

​

​

​

​

investment portfolio

SHOP

/corporate

Total

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

Rental income

​

$

32,258

​

$

—

​

$

—

​

$

32,258

Resident fees and services

​

​

—

​

​

—

​

​

—

​

​

—

Interest income from financing receivables

​

​

7,001

​

​

—

​

​

—

​

​

7,001

Interest income from mortgage loans

​

​

10,733

​

​

—

​

​

—

​

​

10,733

Interest and other income

​

​

5,640

​

​

—

​

​

151

​

​

5,791

Total revenues

​

​

55,632

​

​

—

​

​

151

​

​

55,783

​

​

​

​

​

​

​

​

​

​

​

​

​

Income from unconsolidated joint ventures

​

​

692

​

​

—

​

​

—

​

​

692

Property level expenses

​

​

(3,186)

​

​

—

​

​

—

​

​

(3,186)

NOI

​

​

53,138

​

​

—

​

​

151

​

​

53,289

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Interest Expense

​

​

​

​

​

​

​

​

​

​

​

(10,023)

Depreciation and Amortization

​

​

​

​

​

​

​

​

​

​

​

(9,054)

Impairment Loss

​

​

​

​

​

​

​

​

​

​

​

—

Transaction costs

​

​

​

​

​

​

​

​

​

​

​

(33)

Recovery for credit losses

​

​

​

​

​

​

​

​

​

​

​

(215)

General and administrative expenses

​

​

​

​

​

​

​

​

​

​

​

(6,765)

Gain on sale of real estate, net

​

​

​

​

​

​

​

​

​

​

​

3,663

Income tax benefit

​

​

​

​

​

​

​

​

​

​

​

—

Net income

​

​

​

​

​

​

​

​

​

​

$

30,862

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

​

Real estate

​

​

​

​

Non-segment

​

​

​

​

investment portfolio

SHOP

/corporate

Total

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

Rental income

​

$

97,464

​

$

—

​

$

—

​

$

97,464

Resident fees and services

​

​

—

​

​

—

​

​

—

​

​

—

Interest income from financing receivables

​

​

14,661

​

​

—

​

​

—

​

​

14,661

Interest income from mortgage loans

​

​

35,842

​

​

—

​

​

—

​

​

35,842

Interest and other income

​

​

8,389

​

​

—

​

​

909

​

​

9,298

Total revenues

​

​

156,356

​

​

—

​

​

909

​

​

157,265

​

​

​

​

​

​

​

​

​

​

​

​

​

Income from unconsolidated joint ventures

​

​

1,739

​

​

—

​

​

—

​

​

1,739

Property level expenses

​

​

(9,816)

​

​

—

​

​

—

​

​

(9,816)

NOI

​

​

148,279

​

​

—

​

​

909

​

​

149,188

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Interest Expense

​

​

​

​

​

​

​

​

​

​

​

(31,971)

Depreciation and Amortization

​

​

​

​

​

​

​

​

​

​

​

(27,173)

Impairment Loss

​

​

​

​

​

​

​

​

​

​

​

—

Transaction costs

​

​

​

​

​

​

​

​

​

​

​

(679)

Recovery for credit losses

​

​

​

​

​

​

​

​

​

​

​

(942)

General and administrative expenses

​

​

​

​

​

​

​

​

​

​

​

(20,016)

Gain on sale of real estate, net

​

​

​

​

​

​

​

​

​

​

​

6,882

Income tax benefit

​

​

​

​

​

​

​

​

​

​

​

—

Net income

​

​

​

​

​

​

​

​

​

​

$

75,289

​

Total assets by reportable business segment and segment-level significant expense categories are not disclosed as our CODM do not review such information to evaluate business performance and allocate resources.

X

- References

No definition available.

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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 Accounting Standards Codification
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