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Segment Reporting | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting We operate in, and report financial information for, the following two segments: Medical Office and Life Science Portfolio and SHOP. We aggregate the operating results of our properties in these two reporting segments based on their similar operating and economic characteristics. Our Medical Office and Life Science Portfolio segment primarily consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties primarily 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 on our behalf. We also report “non-segment” operations, which consists 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, 2024
|  | Medical Office and Life Science Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |
Rental income |  | $ | 54,555 |  |  | $ | — |  |  | $ | 8,315 |  |  | $ | 62,870 |
Residents fees and services |  | — |  |  | 308,522 |  |  | — |  |  | 308,522 |
Total revenues |  | 54,555 |  |  | 308,522 |  |  | 8,315 |  |  | 371,392 |
Expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 24,282 |  |  | 279,538 |  |  | 245 |  |  | 304,065 |
Depreciation and amortization |  | 18,975 |  |  | 46,911 |  |  | 2,471 |  |  | 68,357 |
General and administrative |  | — |  |  | — |  |  | 6,262 |  |  | 6,262 |
Acquisition and certain other transaction related costs |  | — |  |  | — |  |  | 1,826 |  |  | 1,826 |
Impairment of assets |  | 6,545 |  |  | — |  |  | — |  |  | 6,545 |
Total expenses |  | 49,802 |  |  | 326,449 |  |  | 10,804 |  |  | 387,055 |
Loss on sale of properties |  | (13,213) |  |  | — |  |  | — |  |  | (13,213) |
Interest and other income |  | — |  |  | — |  |  | 2,403 |  |  | 2,403 |
Interest expense |  | (894) |  |  | (61) |  |  | (57,747) |  |  | (58,702) |
Loss on modification or early extinguishment of debt |  | — |  |  | — |  |  | (209) |  |  | (209) |
Loss before income tax expense and equity in net (losses) earnings of investees |  | (9,354) |  |  | (17,988) |  |  | (58,042) |  |  | (85,384) |
Income tax expense |  | — |  |  | — |  |  | (170) |  |  | (170) |
Equity in net (losses) earnings of investees |  | (21,493) |  |  | — |  |  | 9,186 |  |  | (12,307) |
Net loss |  | $ | (30,847) |  |  | $ | (17,988) |  |  | $ | (49,026) |  |  | $ | (97,861) |
|  | For the Six Months Ended June 30, 2024
|  | Medical Office and Life Science Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |
Rental income |  | $ | 108,704 |  |  | $ | — |  |  | $ | 16,816 |  |  | $ | 125,520 |
Residents fees and services |  | — |  |  | 616,648 |  |  | — |  |  | 616,648 |
Total revenues |  | 108,704 |  |  | 616,648 |  |  | 16,816 |  |  | 742,168 |
Expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 48,179 |  |  | 562,954 |  |  | 536 |  |  | 611,669 |
Depreciation and amortization |  | 39,715 |  |  | 93,833 |  |  | 4,942 |  |  | 138,490 |
General and administrative |  | — |  |  | — |  |  | 13,830 |  |  | 13,830 |
Acquisition and certain other transaction related costs |  | — |  |  | — |  |  | 1,912 |  |  | 1,912 |
Impairment of assets |  | 18,687 |  |  | — |  |  | — |  |  | 18,687 |
Total expenses |  | 106,581 |  |  | 656,787 |  |  | 21,220 |  |  | 784,588 |
Loss on sale of properties |  | (19,087) |  |  | — |  |  | — |  |  | (19,087) |
Interest and other income |  | — |  |  | — |  |  | 4,640 |  |  | 4,640 |
Interest expense |  | (1,116) |  |  | (129) |  |  | (115,033) |  |  | (116,278) |
Loss on modification or early extinguishment of debt |  | — |  |  | — |  |  | (209) |  |  | (209) |
Loss before income tax expense and equity in net (losses) earnings of investees |  | (18,080) |  |  | (40,268) |  |  | (115,006) |  |  | (173,354) |
Income tax expense |  | — |  |  | — |  |  | (357) |  |  | (357) |
Equity in net (losses) earnings of investees |  | (19,880) |  |  | — |  |  | 9,471 |  |  | (10,409) |
Net loss |  | $ | (37,960) |  |  | $ | (40,268) |  |  | $ | (105,892) |  |  | $ | (184,120) |
|  | As of June 30, 2024
|  | Medical Office and Life Science Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Total assets |  | $ | 1,778,781 |  |  | $ | 3,103,090 |  |  | $ | 451,576 |  |  | $ | 5,333,447 |
|  | For the Three Months Ended June 30, 2023
|  | Medical Office and Life Science Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |
Rental income |  | $ | 53,368 |  |  | $ | — |  |  | $ | 8,005 |  |  | $ | 61,373 |
Residents fees and services |  | — |  |  | 284,846 |  |  | — |  |  | 284,846 |
Total revenues |  | 53,368 |  |  | 284,846 |  |  | 8,005 |  |  | 346,219 |
Expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 23,938 |  |  | 261,959 |  |  | 331 |  |  | 286,228 |
Depreciation and amortization |  | 22,855 |  |  | 43,152 |  |  | 2,387 |  |  | 68,394 |
General and administrative |  | — |  |  | — |  |  | 7,284 |  |  | 7,284 |
Acquisition and certain other transaction related costs |  | — |  |  | — |  |  | 6,043 |  |  | 6,043 |
Impairment of assets |  | 11,299 |  |  | — |  |  | — |  |  | 11,299 |
Total expenses |  | 58,092 |  |  | 305,111 |  |  | 16,045 |  |  | 379,248 |
Interest and other income |  | — |  |  | 1,466 |  |  | 3,668 |  |  | 5,134 |
Interest expense |  | (116) |  |  | (152) |  |  | (47,116) |  |  | (47,384) |
Loss before income tax expense and equity in net earnings of investees |  | (4,840) |  |  | (18,951) |  |  | (51,488) |  |  | (75,279) |
Income tax expense |  | — |  |  | — |  |  | (221) |  |  | (221) |
Equity in net earnings of investees |  | 2,929 |  |  | — |  |  | — |  |  | 2,929 |
Net loss |  | $ | (1,911) |  |  | $ | (18,951) |  |  | $ | (51,709) |  |  | $ | (72,571) |
|  | For the Six Months Ended June 30, 2023
|  | Medical Office and Life Science Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Revenues: |  |  |  |  |  |  |  |
Rental income |  | $ | 110,390 |  |  | $ | — |  |  | $ | 17,421 |  |  | $ | 127,811 |
Residents fees and services |  | — |  |  | 564,438 |  |  | — |  |  | 564,438 |
Total revenues |  | 110,390 |  |  | 564,438 |  |  | 17,421 |  |  | 692,249 |
Expenses: |  |  |  |  |  |  |  |
Property operating expenses |  | 47,453 |  |  | 524,288 |  |  | 567 |  |  | 572,308 |
Depreciation and amortization |  | 42,890 |  |  | 85,304 |  |  | 5,000 |  |  | 133,194 |
General and administrative |  | — |  |  | — |  |  | 13,157 |  |  | 13,157 |
Acquisition and certain other transaction related costs |  | — |  |  | — |  |  | 6,136 |  |  | 6,136 |
Impairment of assets |  | 13,607 |  |  | 3,617 |  |  | — |  |  | 17,224 |
Total expenses |  | 103,950 |  |  | 613,209 |  |  | 24,860 |  |  | 742,019 |
Gain on sale of properties |  | — |  |  | 1,233 |  |  | — |  |  | 1,233 |
Gains on equity securities, net |  | — |  |  | — |  |  | 8,126 |  |  | 8,126 |
Interest and other income |  | — |  |  | 1,466 |  |  | 7,863 |  |  | 9,329 |
Interest expense |  | (225) |  |  | (423) |  |  | (94,516) |  |  | (95,164) |
Loss on modification or early extinguishment of debt |  | — |  |  | — |  |  | (1,075) |  |  | (1,075) |
Income (loss) before income tax expense and equity in net earnings of investees |  | 6,215 |  |  | (46,495) |  |  | (87,041) |  |  | (127,321) |
Income tax expense |  | — |  |  | — |  |  | (190) |  |  | (190) |
Equity in net earnings of investees |  | 2,282 |  |  | — |  |  | — |  |  | 2,282 |
Net income (loss) |  | $ | 8,497 |  |  | $ | (46,495) |  |  | $ | (87,231) |  |  | $ | (125,229) |
| As of December 31, 2023
| Medical Office and Life Science Portfolio |  | SHOP |  | Non-Segment |  | Consolidated
Total assets | $ | 1,866,422 |  |  | $ | 3,134,978 |  |  | $ | 444,736 |  |  | $ | 5,446,136 |

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