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Segment Reporting | 3 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We report under the following two segments: Office Portfolio and SHOP. We aggregate these two reporting segments based on their similar operating and economic characteristics. Our Office Portfolio segment consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties leased to biotech laboratories and other similar tenants. Our SHOP segment consists of managed senior living communities that provide short term and long term residential living and in some instances care and other services for residents where we pay fees to the operator to manage the communities for our account. In addition, prior to January 1, 2020, our SHOP segment included triple net leased senior living communities that provided short term and long term residential living and in some instances care and other services for residents and from which we received rents from Five Star. Pursuant to the Restructuring Transaction, effective January 1, 2020, our previously existing master leases and management and pooling agreements with Five Star were terminated and replaced with new management and related agreements, or collectively, the New Management Agreements, for all of our senior living communities operated by Five Star. Prior periods have been recast to reflect these reportable segments for all periods presented. We also report “non-segment” operations, which consists of triple net leased senior living communities that are leased to operators other than Five Star from which we receive rents and wellness centers, which we do not consider to be sufficiently material to constitute a separate reporting segment, and any other income or expenses that are not attributable to a specific reporting segment.
|  | For the Three Months Ended March 31, 2020
|  | Office Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 98,770 |  |  | $ | — |  |  | $ | 11,728 |  |  | $ | 110,498 |
Residents fees and services |  | — |  |  | 331,969 |  |  | — |  |  | 331,969 |
Total revenues |  | 98,770 |  |  | 331,969 |  |  | 11,728 |  |  | 442,467 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | 32,706 |  |  | 283,879 |  |  | — |  |  | 316,585 |
Depreciation and amortization |  | 32,163 |  |  | 33,042 |  |  | 3,225 |  |  | 68,430 |
General and administrative |  | — |  |  | — |  |  | 8,832 |  |  | 8,832 |
Acquisition and certain other transaction related costs |  | — |  |  | — |  |  | 663 |  |  | 663 |
Impairment of assets |  | 6,218 |  |  | 5,016 |  |  | — |  |  | 11,234 |
Total expenses |  | 71,087 |  |  | 321,937 |  |  | 12,720 |  |  | 405,744 |
Gain on sale of properties |  | 2,782 |  |  | — |  |  | — |  |  | 2,782 |
Losses on equity securities, net |  | — |  |  | — |  |  | (9,943 | ) |  | (9,943 | )
Interest and other income |  | — |  |  | — |  |  | 138 |  |  | 138 |
Interest expense |  | (6,052 | ) |  | (564 | ) |  | (35,034 | ) |  | (41,650 | )
Gain on lease termination |  | — |  |  | — |  |  | 22,896 |  |  | 22,896 |
Loss on early extinguishment of debt |  | (246 | ) |  | — |  |  | — |  |  | (246 | )
Income (loss) from continuing operations before income tax expense |  | 24,167 |  |  | 9,468 |  |  | (22,935 | ) |  | 10,700 |
Income tax expense |  | — |  |  | — |  |  | 443 |  |  | 443 |
Net income (loss) |  | 24,167 |  |  | 9,468 |  |  | (22,492 | ) |  | 11,143 |
Net income attributable to noncontrolling interest |  | (1,408 | ) |  | — |  |  | — |  |  | (1,408 | )
Net income (loss) attributable to common shareholders |  | $ | 22,759 |  |  | $ | 9,468 |  |  | $ | (22,492 | ) |  | $ | 9,735 |
|  | As of March 31, 2020
|  | Office Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Total assets |  | $ | 3,133,881 |  |  | $ | 3,080,002 |  |  | $ | 489,840 |  |  | $ | 6,703,723 |
|  | For the Three Months Ended March 31, 2019
|  | Office Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 103,221 |  |  | $ | 39,313 |  |  | $ | 15,707 |  |  | $ | 158,241 |
Residents fees and services |  | — |  |  | 108,045 |  |  | — |  |  | 108,045 |
Total revenues |  | 103,221 |  |  | 147,358 |  |  | 15,707 |  |  | 266,286 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | 32,177 |  |  | 85,045 |  |  | — |  |  | 117,222 |
Depreciation and amortization |  | 36,101 |  |  | 30,953 |  |  | 5,176 |  |  | 72,230 |
General and administrative |  | — |  |  | — |  |  | 9,816 |  |  | 9,816 |
Acquisition and certain other transaction related costs |  | — |  |  | — |  |  | 7,814 |  |  | 7,814 |
Impairment of assets |  | — |  |  | 6,206 |  |  | — |  |  | 6,206 |
Total expenses |  | 68,278 |  |  | 122,204 |  |  | 22,806 |  |  | 213,288 |
Loss on sale of properties |  | (122 | ) |  | — |  |  | — |  |  | (122 | )
Dividend income |  | — |  |  | — |  |  | 923 |  |  | 923 |
Gains on equity securities, net |  | — |  |  | — |  |  | 22,932 |  |  | 22,932 |
Interest and other income |  | — |  |  | — |  |  | 114 |  |  | 114 |
Interest expense |  | (6,030 | ) |  | (994 | ) |  | (38,587 | ) |  | (45,611 | )
Income (loss) from continuing operations before income tax expense and equity in earnings of an investee |  | 28,791 |  |  | 24,160 |  |  | (21,717 | ) |  | 31,234 |
Income tax expense |  | — |  |  | — |  |  | (134 | ) |  | (134 | )
Equity in earnings of an investee |  | — |  |  | — |  |  | 404 |  |  | 404 |
Net income (loss) |  | 28,791 |  |  | 24,160 |  |  | (21,447 | ) |  | 31,504 |
Net income attributable to noncontrolling interest |  | (1,422 | ) |  | — |  |  | — |  |  | (1,422 | )
Net income (loss) attributable to common shareholders |  | $ | 27,369 |  |  | $ | 24,160 |  |  | $ | (21,447 | ) |  | $ | 30,082 |
| As of December 31, 2019
| Office Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Total assets | $ | 3,165,577 |  |  | $ | 3,044,989 |  |  | $ | 443,260 |  |  | $ | 6,653,826 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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