Segment Reporting

As of March 31, 2018, we have four operating segments, of which three are separate reporting segments. We aggregate the reporting units in each of our triple net leased senior living communities, our managed senior living communities and our MOBs into three reporting segments, based on their similar operating and economic characteristics. The first reporting segment includes triple net leased senior living communities that provide short term and long term residential care and other services for residents and with respect to which we receive rents from the operators. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents where we pay fees to the operator to manage the communities for our account. The third reporting segment includes MOBs where the tenants pay us rent. Our fourth segment includes all of our other operations, including certain properties that offer wellness, fitness and spa services to members and with respect to which we receive rents from operators, which we do not consider to be sufficiently material to constitute a separate reporting segment.



	For the Three Months Ended March 31, 2018
	Triple Net Leased Senior Living Communities			Managed Senior Living Communities			MOBs			All Other Operations			Consolidated
Revenues:
Rental income	$	67,975		$	—		$	101,151		$	4,602		$	173,728
Residents fees and services	—			102,087			—			—			102,087
Total revenues	67,975			102,087			101,151			4,602			275,815

Expenses:
Property operating expenses	—			77,205			30,938			—			108,143
Depreciation and amortization	20,195			14,811			34,385			948			70,339
General and administrative	—			—			—			25,118			25,118
Acquisition and certain other transaction related costs	—			—			—			20			20
Total expenses	20,195			92,016			65,323			26,086			203,620

Operating income (loss)	47,780			10,071			35,828			(21,484		)	72,195

Dividend income	—			—			—			659			659
Unrealized gains and losses on equity securities, net	—			—			—			27,241			27,241
Interest and other income	—			—			—			54			54
Interest expense	(571		)	(1,327		)	(5,909		)	(35,745		)	(43,552		)
Loss on early extinguishment of debt	—			(130		)	—			—			(130		)
Income (loss) from continuing operations before income tax expense and equity in earnings of an investee	47,209			8,614			29,919			(29,275		)	56,467
Income tax expense	—			—			—			(260		)	(260		)
Equity in earnings of an investee	—			—			—			44			44
Income (loss) before gain on sale of properties	47,209			8,614			29,919			(29,491		)	56,251
Gain on sale of properties	181,154			—			—			—			181,154
Net income (loss)	228,363			8,614			29,919			(29,491		)	237,405
Net income attributable to noncontrolling interest	—			—			(1,383		)	—			(1,383		)
Net income (loss) attributable to common shareholders	$	228,363		$	8,614		$	28,536		$	(29,491	)	$	236,022

	As of March 31, 2018
	Triple Net Leased Senior Living Communities			Managed Senior Living Communities			MOBs			All Other Operations			Consolidated
Total assets	$	2,199,708		$	1,313,777		$	3,454,428		$	416,151		$	7,384,064



	For the Three Months Ended March 31, 2017
	Triple Net Leased Senior Living Communities			Managed Senior Living Communities			MOBs			All Other Operations			Consolidated
Revenues:
Rental income	$	67,252		$	—		$	94,646		$	4,545		$	166,443
Residents fees and services	—			98,118			—			—			98,118
Total revenues	67,252			98,118			94,646			4,545			264,561

Expenses:
Property operating expenses	—			73,880			27,177			—			101,057
Depreciation and amortization	20,334			20,215			31,678			948			73,175
General and administrative	—			—			—			15,083			15,083
Acquisition and certain other transaction related costs	—			—			—			292			292
Total expenses	20,334			94,095			58,855			16,323			189,607

Operating income (loss)	46,918			4,023			35,791			(11,778		)	74,954

Dividend income	—			—			—			659			659
Interest and other income	—			—			—			120			120
Interest expense	(5,339		)	(1,176		)	(6,321		)	(30,652		)	(43,488		)
Income (loss) from continuing operations before income tax expense and equity in earnings of an investee	41,579			2,847			29,470			(41,651		)	32,245
Income tax expense	—			—			—			(92		)	(92		)
Equity in earnings of an investee	—			—			—			128			128
Net income (loss)	41,579			2,847			29,470			(41,615		)	32,281
Net income attributable to noncontrolling interest	—			—			(126		)	—			(126		)
Net income (loss) attributable to common shareholders	$	41,579		$	2,847		$	29,344		$	(41,615	)	$	32,155

	As of December 31, 2017
	Triple Net Leased Senior Living Communities			Managed Senior Living Communities			MOBs			All Other Operations			Consolidated
Total assets	$	2,251,756		$	1,273,757		$	3,367,485		$	401,021		$	7,294,019