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Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Information

Schedule of segment information

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

. 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