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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Our operating segments are based on our internal reporting structure and property type and are aligned with how our Chief Operating Decision Maker, or the CODM, reviews the operating results to allocate resources and assess segment performance. The CODM is our President and Chief Executive Officer. Our two reportable segments are SHOP and Medical Office and Life Science Portfolio. 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. 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. The significant expense categories and amounts presented below align with the segment-level information that is regularly provided to our CODM. The CODM reviews operating and financial results, including net income (loss) and its components, to assess performance, allocate resources and guide strategic decisions. For further information regarding the accounting policies of our reportable segments, see Note 2 to our consolidated financial statements included in Part IV, Item 15 of our Annual Report. The tables below present information about our segments.
|  | For the Three Months Ended June 30, 2025
|  | SHOP |  | Medical Office and Life Science Portfolio |  | Total
Revenues: |  |  |  |  |  |
Rental income |  | $ | — |  |  | $ | 48,056 |  |  | $ | 48,056 |
Residents fees and services |  | 327,545 |  |  | — |  |  | 327,545 |
Total segment revenues |  | 327,545 |  |  | 48,056 |  |  | 375,601 |
Reconciliation of revenue: |  |  |  |  |  |
Other revenue (1) |  |  |  |  |  | 7,111 |
Total revenues |  |  |  |  |  | 382,712 |
Less: |  |  |  |  |  |
Senior living labor and benefits |  | 165,260 |  |  | — |  |  | 165,260 |
Dietary |  | 21,285 |  |  | — |  |  | 21,285 |
Utilities |  | 17,360 |  |  | 2,788 |  |  | 20,148 |
Real estate taxes |  | 11,974 |  |  | 5,972 |  |  | 17,946 |
Insurance |  | 8,019 |  |  | 602 |  |  | 8,621 |
Other operating expenses (2) |  | 67,032 |  |  | 12,207 |  |  | 79,239 |
Interest expense |  | 4,861 |  |  | 2,271 |  |  | 7,132 |
Depreciation and amortization |  | 47,726 |  |  | 16,175 |  |  | 63,901 |
Other segment items (3) |  | 22,443 |  |  | 13,325 |  |  | 35,768 |
Segment loss |  | (38,415) |  |  | (5,284) |  |  | (43,699) |
Reconciliation of segment loss: |  |  |  |  |  |
Other income (1) |  |  |  |  |  | 4,665 |
General and administrative |  |  |  |  |  | (11,177) |
Acquisition and certain other transaction related costs |  |  |  |  |  | (75) |
Interest and other income |  |  |  |  |  | 2,982 |
Interest expense |  |  |  |  |  | (43,794) |
Loss on modification or early extinguishment of debt |  |  |  |  |  | (126) |
Income tax expense |  |  |  |  |  | (843) |
Equity in net earnings of an investee |  |  |  |  |  | 428 |
Net loss |  |  |  |  |  | $ | (91,639) |
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment. (2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties. (3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees, interest and other income and gain on insurance recoveries, as applicable.
|  | For the Six Months Ended June 30, 2025
|  | SHOP |  | Medical Office and Life Science Portfolio |  | Total
Revenues: |  |  |  |  |  |
Rental income |  | $ | — |  |  | $ | 97,819 |  |  | $ | 97,819 |
Residents fees and services |  | 655,851 |  |  | — |  |  | 655,851 |
Total segment revenues |  | 655,851 |  |  | 97,819 |  |  | 753,670 |
Reconciliation of revenue: |  |  |  |  |  |
Other revenue (1) |  |  |  |  |  | 15,906 |
Total revenues |  |  |  |  |  | 769,576 |
Less: |  |  |  |  |  |
Senior living labor and benefits |  | 327,664 |  |  | — |  |  | 327,664 |
Dietary |  | 41,531 |  |  | — |  |  | 41,531 |
Utilities |  | 36,938 |  |  | 6,390 |  |  | 43,328 |
Real estate taxes |  | 24,044 |  |  | 11,806 |  |  | 35,850 |
Insurance |  | 18,332 |  |  | 1,223 |  |  | 19,555 |
Other operating expenses (2) |  | 133,899 |  |  | 25,057 |  |  | 158,956 |
Interest expense |  | 4,927 |  |  | 4,524 |  |  | 9,451 |
Depreciation and amortization |  | 96,361 |  |  | 33,496 |  |  | 129,857 |
Other segment items (3) |  | 13,657 |  |  | 39,343 |  |  | 53,000 |
Segment loss |  | (41,502) |  |  | (24,020) |  |  | (65,522) |
Reconciliation of segment loss: |  |  |  |  |  |
Other income (1) |  |  |  |  |  | 11,150 |
General and administrative |  |  |  |  |  | (20,177) |
Acquisition and certain other transaction related costs |  |  |  |  |  | (99) |
Gain on sale of properties |  |  |  |  |  | 97,560 |
Interest and other income |  |  |  |  |  | 5,081 |
Interest expense |  |  |  |  |  | (99,306) |
Loss on modification or early extinguishment of debt |  |  |  |  |  | (29,197) |
Income tax expense |  |  |  |  |  | (892) |
Equity in net earnings of an investee |  |  |  |  |  | 777 |
Net loss |  |  |  |  |  | $ | (100,625) |
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment. (2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties. (3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees, interest and other income and gain on insurance recoveries, as applicable.
|  | For the Three Months Ended June 30, 2024 |  |
|  | SHOP |  | Medical Office and Life Science Portfolio |  | Total |  |
Revenues: |  |  |  |  |  |  |  |
Rental income |  | $ | — |  |  | $ | 54,555 |  |  | $ | 54,555 |  |  |
Residents fees and services |  | 308,522 |  |  | — |  |  | 308,522 |  |  |
Total segment revenues |  | 308,522 |  |  | 54,555 |  |  | 363,077 |  |  |
Reconciliation of revenue: |  |  |  |  |  |  |  |
Other revenue (1) |  |  |  |  |  | 8,315 |  |  |
Total revenues |  |  |  |  |  | 371,392 |  |  |
Less: |  |  |  |  |  |  |  |
Senior living labor and benefits |  | 154,726 |  |  | — |  |  | 154,726 |  |  |
Dietary |  | 20,977 |  |  | — |  |  | 20,977 |  |  |
Utilities |  | 16,555 |  |  | 2,990 |  |  | 19,545 |  |  |
Real estate taxes |  | 11,669 |  |  | 7,059 |  |  | 18,728 |  |  |
Insurance |  | 11,340 |  |  | 1,046 |  |  | 12,386 |  |  |
Other operating expenses (2) |  | 64,271 |  |  | 13,187 |  |  | 77,458 |  |  |
Interest expense |  | 61 |  |  | 894 |  |  | 955 |  |  |
Depreciation and amortization |  | 46,911 |  |  | 18,975 |  |  | 65,886 |  |  |
Other segment items (3) |  | — |  |  | 41,251 |  |  | 41,251 |  |  |
Segment loss |  | (17,988) |  |  | (30,847) |  |  | (48,835) |  |  |
Reconciliation of segment loss: |  |  |  |  |  |  |  |
Other income (1) |  |  |  |  |  | 5,599 |  |  |
General and administrative |  |  |  |  |  | (6,262) |  |  |
Acquisition and certain other transaction related costs |  |  |  |  |  | (1,826) |  |  |
Interest and other income |  |  |  |  |  | 2,403 |  |  |
Interest expense |  |  |  |  |  | (57,747) |  |  |
Loss on modification or early extinguishment of debt |  |  |  |  |  | (209) |  |  |
Income tax expense |  |  |  |  |  | (170) |  |  |
Equity in net earnings of an investee |  |  |  |  |  | 9,186 |  |  |
Net loss |  |  |  |  |  | $ | (97,861) |  |  |
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment. (2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties. (3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees, interest and other income and gain on insurance recoveries, as applicable.
|  | For the Six Months Ended June 30, 2024 |  |
|  | SHOP |  | Medical Office and Life Science Portfolio |  | Total |  |
Revenues: |  |  |  |  |  |  |  |
Rental income |  | $ | — |  |  | $ | 108,704 |  |  | $ | 108,704 |  |  |
Residents fees and services |  | 616,648 |  |  | — |  |  | 616,648 |  |  |
Total segment revenues |  | 616,648 |  |  | 108,704 |  |  | 725,352 |  |  |
Reconciliation of revenue: |  |  |  |  |  |  |  |
Other revenue (1) |  |  |  |  |  | 16,816 |  |  |
Total revenues |  |  |  |  |  | 742,168 |  |  |
Less: |  |  |  |  |  |  |  |
Senior living labor and benefits |  | 312,607 |  |  | — |  |  | 312,607 |  |  |
Dietary |  | 41,496 |  |  | — |  |  | 41,496 |  |  |
Utilities |  | 34,809 |  |  | 6,399 |  |  | 41,208 |  |  |
Real estate taxes |  | 23,132 |  |  | 14,239 |  |  | 37,371 |  |  |
Insurance |  | 22,547 |  |  | 1,780 |  |  | 24,327 |  |  |
Other operating expenses (2) |  | 128,363 |  |  | 25,761 |  |  | 154,124 |  |  |
Interest expense |  | 129 |  |  | 1,116 |  |  | 1,245 |  |  |
Depreciation and amortization |  | 93,833 |  |  | 39,715 |  |  | 133,548 |  |  |
Other segment items (3) |  | — |  |  | 57,654 |  |  | 57,654 |  |  |
Segment loss |  | (40,268) |  |  | (37,960) |  |  | (78,228) |  |  |
Reconciliation of segment loss: |  |  |  |  |  |  |  |
Other income (1) |  |  |  |  |  | 11,338 |  |  |
General and administrative |  |  |  |  |  | (13,830) |  |  |
Acquisition and certain other transaction related costs |  |  |  |  |  | (1,912) |  |  |
Interest and other income |  |  |  |  |  | 4,640 |  |  |
Interest expense |  |  |  |  |  | (115,033) |  |  |
Loss on modification or early extinguishment of debt |  |  |  |  |  | (209) |  |  |
Income tax expense |  |  |  |  |  | (357) |  |  |
Equity in net earnings of an investee |  |  |  |  |  | 9,471 |  |  |
Net loss |  |  |  |  |  | $ | (184,120) |  |  |
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment. (2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties. (3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees, interest and other income and gain on insurance recoveries, as applicable.
| As of June 30, 2025 |  | As of December 31, 2024
Assets (1) |  |  |
SHOP | $ | 3,004,547 |  |  | $ | 3,084,101 |
Medical Office and Life Science Portfolio | 1,441,873 |  |  | 1,688,034 |
All Other | 310,021 |  |  | 364,870 |
Total assets | $ | 4,756,441 |  |  | $ | 5,137,005 |
(1)See Note 3 for further information regarding additions to long-lived assets.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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