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Segment Reporting | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting In connection with the 2020 Restructuring Transaction, we determined to redefine our reportable segments to better reflect our current operating environment. As of December 31, 2021, we operate in, and report financial information for, the following two segments: Office Portfolio and SHOP. We aggregate each of 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 managers to operate the communities. 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 2020 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 agreements and a related omnibus agreement, which agreements were later replaced in June 2021. 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 third party operators 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 Year Ended December 31, 2021
|  | Office Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |
Rental income |  | $ | 367,597 |  |  | $ | — |  |  | $ | 40,992 |  |  | $ | 408,589 |
Residents fees and services |  | — |  |  | 974,623 |  |  | — |  |  | 974,623 |
Total revenues |  | 367,597 |  |  | 974,623 |  |  | 40,992 |  |  | 1,383,212 |
Expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 127,313 |  |  | 964,499 |  |  | — |  |  | 1,091,812 |
Depreciation and amortization |  | 127,632 |  |  | 132,044 |  |  | 11,455 |  |  | 271,131 |
General and administrative |  | — |  |  | — |  |  | 34,087 |  |  | 34,087 |
Acquisition and certain other transaction related costs |  | — |  |  | — |  |  | 17,506 |  |  | 17,506 |
Impairment of assets |  | — |  |  | (174) |  |  | — |  |  | (174) |
Total expenses |  | 254,945 |  |  | 1,096,369 |  |  | 63,048 |  |  | 1,414,362 |
Gain on sale of properties |  | 492,072 |  |  | 200 |  |  | — |  |  | 492,272 |
Losses on equity securities, net |  | — |  |  | — |  |  | (42,232) |  |  | (42,232) |
Interest and other income |  | — |  |  | 19,554 |  |  | 1,081 |  |  | 20,635 |
Interest expense |  | (23,477) |  |  | (2,089) |  |  | (230,193) |  |  | (255,759) |
Loss on early extinguishment of debt |  | — |  |  | — |  |  | (2,410) |  |  | (2,410) |
Income (loss) from continuing operations before income tax expense |  | 581,247 |  |  | (104,081) |  |  | (295,810) |  |  | 181,356 |
Income tax expense |  | — |  |  | — |  |  | (1,430) |  |  | (1,430) |
Net income (loss) |  | 581,247 |  |  | (104,081) |  |  | (297,240) |  |  | 179,926 |
Net income attributable to noncontrolling interest |  | (5,411) |  |  | — |  |  | — |  |  | (5,411) |
Net income (loss) attributable to common shareholders |  | $ | 575,836 |  |  | $ | (104,081) |  |  | $ | (297,240) |  |  | $ | 174,515 |
|  | As of December 31, 2021
|  | Office Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Total assets |  | $ | 2,282,652 |  |  | $ | 2,995,819 |  |  | $ | 1,345,043 |  |  | $ | 6,623,514 |
|  | For the Year Ended December 31, 2020
|  | Office Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |
Rental income |  | $ | 383,365 |  |  | $ | — |  |  | $ | 43,850 |  |  | $ | 427,215 |
Residents fees and services |  | — |  |  | 1,204,811 |  |  | — |  |  | 1,204,811 |
Total revenues |  | 383,365 |  |  | 1,204,811 |  |  | 43,850 |  |  | 1,632,026 |
Expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 129,756 |  |  | 1,106,601 |  |  | — |  |  | 1,236,357 |
Depreciation and amortization |  | 129,321 |  |  | 129,124 |  |  | 11,702 |  |  | 270,147 |
General and administrative |  | — |  |  | — |  |  | 30,593 |  |  | 30,593 |
Acquisition and certain other transaction related costs |  | — |  |  | — |  |  | 814 |  |  | 814 |
Impairment of assets |  | 8,558 |  |  | 98,414 |  |  | — |  |  | 106,972 |
Total expenses |  | 267,635 |  |  | 1,334,139 |  |  | 43,109 |  |  | 1,644,883 |
Gain (loss) on sale of properties |  | 2,597 |  |  | (627) |  |  | 4,517 |  |  | 6,487 |
Gains on equity securities, net |  | — |  |  | — |  |  | 34,106 |  |  | 34,106 |
Interest and other income |  | — |  |  | 17,485 |  |  | 736 |  |  | 18,221 |
Interest expense |  | (24,188) |  |  | (2,223) |  |  | (175,072) |  |  | (201,483) |
Gain on lease termination |  | — |  |  | — |  |  | 22,896 |  |  | 22,896 |
Loss on early extinguishment of debt |  | (401) |  |  | — |  |  | (26) |  |  | (427) |
Income (loss) from continuing operations before income tax expense |  | 93,738 |  |  | (114,693) |  |  | (112,102) |  |  | (133,057) |
Income tax expense |  | — |  |  | — |  |  | (1,250) |  |  | (1,250) |
Net income (loss) |  | 93,738 |  |  | (114,693) |  |  | (113,352) |  |  | (134,307) |
Net income attributable to noncontrolling interest |  | (5,146) |  |  | — |  |  | — |  |  | (5,146) |
Net income (loss) attributable to common shareholders |  | $ | 88,592 |  |  | $ | (114,693) |  |  | $ | (113,352) |  |  | $ | (139,453) |
|  | As of December 31, 2020
|  | Office Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Total assets |  | $ | 3,092,289 |  |  | $ | 2,912,570 |  |  | $ | 471,565 |  |  | $ | 6,476,424 |
|  | For the Year Ended December 31, 2019
|  | Office Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |
Rental income |  | $ | 405,016 |  |  | $ | 137,898 |  |  | $ | 63,644 |  |  | $ | 606,558 |
Residents fees and services |  | — |  |  | 433,597 |  |  | — |  |  | 433,597 |
Total revenues |  | 405,016 |  |  | 571,495 |  |  | 63,644 |  |  | 1,040,155 |
Expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 132,348 |  |  | 356,722 |  |  | — |  |  | 489,070 |
Depreciation and amortization |  | 137,611 |  |  | 132,637 |  |  | 18,777 |  |  | 289,025 |
General and administrative |  | — |  |  | — |  |  | 37,028 |  |  | 37,028 |
Acquisition and certain other transaction related costs |  | — |  |  | — |  |  | 13,102 |  |  | 13,102 |
Impairment of assets |  | 43,035 |  |  | 65,822 |  |  | 6,344 |  |  | 115,201 |
Total expenses |  | 312,994 |  |  | 555,181 |  |  | 75,251 |  |  | 943,426 |
Gain on sale of properties |  | 6,617 |  |  | 15,207 |  |  | 17,872 |  |  | 39,696 |
Dividend income |  | — |  |  | — |  |  | 1,846 |  |  | 1,846 |
Losses on equity securities, net |  | — |  |  | — |  |  | (41,898) |  |  | (41,898) |
Interest and other income |  | — |  |  | — |  |  | 941 |  |  | 941 |
Interest expense |  | (24,399) |  |  | (3,058) |  |  | (152,655) |  |  | (180,112) |
Loss on early extinguishment of debt |  | — |  |  | (17) |  |  | (27) |  |  | (44) |
Income (loss) from continuing operations before income tax expense and equity in earnings of an investee |  | 74,240 |  |  | 28,446 |  |  | (185,528) |  |  | (82,842) |
Income tax expense |  | — |  |  | — |  |  | (436) |  |  | (436) |
Equity in earnings of an investee |  | — |  |  | — |  |  | 400 |  |  | 400 |
Net income (loss) |  | 74,240 |  |  | 28,446 |  |  | (185,564) |  |  | (82,878) |
Net income attributable to noncontrolling interest |  | (5,356) |  |  | — |  |  | — |  |  | (5,356) |
Net income (loss) attributable to common shareholders |  | $ | 68,884 |  |  | $ | 28,446 |  |  | $ | (185,564) |  |  | $ | (88,234) |
|  | 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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