XML 26 R17.htm IDEA: XBRL DOCUMENT v3.22.2
Segment Reporting
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate in, and report financial information for, the following two segments: Office Portfolio and senior housing operating portfolio, or 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.
We also report “non-segment” operations, consisting of triple net leased senior living communities and wellness centers that are leased to third party operators from which we receive rents, 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 June 30, 2022
 Office PortfolioSHOPNon-SegmentConsolidated
Revenues:    
Rental income$52,610 $— $9,912 $62,522 
Residents fees and services— 250,506 — 250,506 
Total revenues52,610 250,506 9,912 313,028 
Expenses:    
Property operating expenses22,026 244,040 — 266,066 
Depreciation and amortization17,997 37,369 2,895 58,261 
General and administrative— — 7,207 7,207 
Acquisition and certain other transaction related costs
— — 609 609 
Total expenses40,023 281,409 10,711 332,143 
(Loss) gain on sale of properties(1,226)540 — (686)
Losses on equity securities, net— — (10,157)(10,157)
Interest and other income— 760 1,506 2,266 
Interest expense(216)(491)(55,268)(55,975)
Gain (loss) on modification or early extinguishment of debt16 — (29,576)(29,560)
Income (loss) from continuing operations before income tax benefit and equity in earnings of investees11,161 (30,094)(94,294)(113,227)
Income tax benefit— — 640 640 
Equity in earnings of investees3,204 — — 3,204 
Net income (loss)$14,365 $(30,094)$(93,654)$(109,383)
 For the Six Months Ended June 30, 2022
 Office PortfolioSHOPNon-SegmentConsolidated
Revenues:    
Rental income$107,607 $— $20,200 $127,807 
Residents fees and services— 495,954 — 495,954 
Total revenues107,607 495,954 20,200 623,761 
Expenses:    
Property operating expenses45,473 489,335 — 534,808 
Depreciation and amortization36,387 73,352 5,781 115,520 
General and administrative— — 14,492 14,492 
Acquisition and certain other transaction related costs
— — 1,537 1,537 
Total expenses81,860 562,687 21,810 666,357 
Gain on sale of properties326,316 792 — 327,108 
Losses on equity securities, net— — (18,710)(18,710)
Interest and other income— 959 1,702 2,661 
Interest expense(581)(985)(111,540)(113,106)
Gain (loss) on modification or early extinguishment of debt16 — (30,059)(30,043)
Income (loss) from continuing operations before income tax expense and equity in earnings of investees351,498 (65,967)(160,217)125,314 
Income tax expense— — (832)(832)
Equity in earnings of investees6,558 — — 6,558 
Net income (loss)$358,056 $(65,967)$(161,049)$131,040 
Under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, the U.S. Department of Health and Human Services, or HHS, established a Provider Relief Fund. Retention and use of the funds received under the CARES Act are subject to certain terms and conditions. The terms and conditions require that the funds be utilized to compensate for lost revenues that are attributable to the COVID-19 pandemic and for eligible costs to prevent, prepare for and respond to the COVID-19 pandemic that are not covered by other sources. Further, fund recipients are required to be participating in Medicare at the time of distribution and are subject to certain other terms and conditions, including quarterly reporting requirements. In addition, fund recipients are required to have billed Medicare during 2019 and to continue to provide care after January 31, 2020 for diagnosis, testing or care for individuals with possible or actual COVID-19 cases. Any funds not used in accordance with the terms and conditions must be returned to HHS. We recognize income from government grants on a systematic and rational basis over the period in which we recognize the related expenses or loss of revenues for which the grants are intended to compensate when there is reasonable assurance that we will comply with the applicable terms and conditions of the grant and there is reasonable assurance that the grant will be received. We have recognized $959 and $18,181 as other income in our condensed consolidated statements of comprehensive income (loss) with respect to our SHOP segment for the six months ended June 30, 2022 and 2021, respectively.
 As of June 30, 2022
 Office PortfolioSHOP Non-SegmentConsolidated
Total assets$1,892,417 $3,001,413 $1,252,034 $6,145,864 
 For the Three Months Ended June 30, 2021
 Office PortfolioSHOPNon-SegmentConsolidated
Revenues:    
Rental income$92,804 $— $9,590 $102,394 
Residents fees and services— 243,947 — 243,947 
Total revenues92,804 243,947 9,590 346,341 
Expenses:    
Property operating expenses31,321 233,311 — 264,632 
Depreciation and amortization32,497 32,538 2,853 67,888 
General and administrative— — 9,126 9,126 
Acquisition and certain other transaction related costs
— — 12,071 12,071 
Total expenses63,818 265,849 24,050 353,717 
Gain on sale of properties30,760 — — 30,760 
Losses on equity securities, net— — (3,849)(3,849)
Interest and other income— 15,748 290 16,038 
Interest expense(5,992)(525)(61,140)(67,657)
Loss on modification or early extinguishment of debt— — (370)(370)
Income (loss) from continuing operations before income tax expense53,754 (6,679)(79,529)(32,454)
Income tax expense— — (191)(191)
Net income (loss)53,754 (6,679)(79,720)(32,645)
Net income attributable to noncontrolling interest
(1,577)— — (1,577)
Net income (loss) attributable to common shareholders
$52,177 $(6,679)$(79,720)$(34,222)
 For the Six Months Ended June 30, 2021
 Office PortfolioSHOP Non-SegmentConsolidated
Revenues:    
Rental income$186,127 $— $19,025 $205,152 
Residents fees and services— 503,913 — 503,913 
Total revenues186,127 503,913 19,025 709,065 
Expenses:    
Property operating expenses62,614 489,409 — 552,023 
Depreciation and amortization64,435 63,899 5,707 134,041 
General and administrative— — 16,668 16,668 
Acquisition and certain other transaction related costs
— — 12,071 12,071 
Impairment of assets— (174)— (174)
Total expenses127,049 553,134 34,446 714,629 
Gain on sale of properties30,638 — — 30,638 
Losses on equity securities, net— — (12,188)(12,188)
Interest and other income— 18,181 692 18,873 
Interest expense(11,931)(1,053)(114,764)(127,748)
Loss on modification or early extinguishment of debt— — (2,410)(2,410)
Income (loss) from continuing operations before income tax expense77,785 (32,093)(144,091)(98,399)
Income tax expense— — (429)(429)
Net income (loss)77,785 (32,093)(144,520)(98,828)
Net income attributable to noncontrolling interest
(2,899)— — (2,899)
Net income (loss) attributable to common shareholders
$74,886 $(32,093)$(144,520)$(101,727)
 As of December 31, 2021
Office PortfolioSHOP Non-SegmentConsolidated
Total assets$2,282,652 $2,995,819 $1,345,043 $6,623,514