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Segment Reporting
 6 Months Ended
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 PortfolioTotal
Revenues:   
Rental income$— $48,056 $48,056 
Residents fees and services327,545 — 327,545 
Total segment revenues327,545 48,056 375,601 
Reconciliation of revenue:
Other revenue (1)
7,111 
Total revenues382,712 
Less:   
Senior living labor and benefits165,260 — 165,260 
Dietary21,285 — 21,285 
Utilities17,360 2,788 20,148 
Real estate taxes11,974 5,972 17,946 
Insurance8,019 602 8,621 
Other operating expenses (2)
67,032 12,207 79,239 
Interest expense4,861 2,271 7,132 
Depreciation and amortization47,726 16,175 63,901 
Other segment items (3)
22,443 13,325 35,768 
Segment loss(38,415)(5,284)(43,699)
Reconciliation of segment loss:
Other income (1)
4,665 
General and administrative(11,177)
Acquisition and certain other transaction related costs(75)
Interest and other income2,982 
Interest expense(43,794)
Loss on modification or early extinguishment of debt(126)
Income tax expense(843)
Equity in net earnings of an investee428 
Net loss$(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 PortfolioTotal
Revenues:   
Rental income$— $97,819 $97,819 
Residents fees and services655,851 — 655,851 
Total segment revenues655,851 97,819 753,670 
Reconciliation of revenue:
Other revenue (1)
15,906 
Total revenues769,576 
Less:  
Senior living labor and benefits327,664 — 327,664 
Dietary41,531 — 41,531 
Utilities36,938 6,390 43,328 
Real estate taxes24,044 11,806 35,850 
Insurance18,332 1,223 19,555 
Other operating expenses (2)
133,899 25,057 158,956 
Interest expense4,927 4,524 9,451 
Depreciation and amortization96,361 33,496 129,857 
Other segment items (3)
13,657 39,343 53,000 
Segment loss(41,502)(24,020)(65,522)
Reconciliation of segment loss:
Other income (1)
11,150 
General and administrative(20,177)
Acquisition and certain other transaction related costs(99)
Gain on sale of properties97,560 
Interest and other income5,081 
Interest expense(99,306)
Loss on modification or early extinguishment of debt(29,197)
Income tax expense(892)
Equity in net earnings of an investee777 
Net loss$(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
 SHOPMedical Office and Life Science PortfolioTotal
Revenues:   
Rental income$— $54,555 $54,555 
Residents fees and services308,522 — 308,522 
Total segment revenues308,522 54,555 363,077 
Reconciliation of revenue:
Other revenue (1)
8,315 
Total revenues371,392 
Less:   
Senior living labor and benefits154,726 — 154,726 
Dietary20,977 — 20,977 
Utilities16,555 2,990 19,545 
Real estate taxes11,669 7,059 18,728 
Insurance11,340 1,046 12,386 
Other operating expenses (2)
64,271 13,187 77,458 
Interest expense61 894 955 
Depreciation and amortization46,911 18,975 65,886 
Other segment items (3)
— 41,251 41,251 
Segment loss(17,988)(30,847)(48,835)
Reconciliation of segment loss:
Other income (1)
5,599 
General and administrative(6,262)
Acquisition and certain other transaction related costs(1,826)
Interest and other income2,403 
Interest expense(57,747)
Loss on modification or early extinguishment of debt(209)
Income tax expense(170)
Equity in net earnings of an investee9,186 
Net loss$(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
 SHOPMedical Office and Life Science PortfolioTotal
Revenues:   
Rental income$— $108,704 $108,704 
Residents fees and services616,648 — 616,648 
Total segment revenues616,648 108,704 725,352 
Reconciliation of revenue:
Other revenue (1)
16,816 
Total revenues742,168 
Less:   
Senior living labor and benefits312,607 — 312,607 
Dietary41,496 — 41,496 
Utilities34,809 6,399 41,208 
Real estate taxes23,132 14,239 37,371 
Insurance22,547 1,780 24,327 
Other operating expenses (2)
128,363 25,761 154,124 
Interest expense129 1,116 1,245 
Depreciation and amortization93,833 39,715 133,548 
Other segment items (3)
— 57,654 57,654 
Segment loss(40,268)(37,960)(78,228)
Reconciliation of segment loss:
Other income (1)
11,338 
General and administrative(13,830)
Acquisition and certain other transaction related costs(1,912)
Interest and other income4,640 
Interest expense(115,033)
Loss on modification or early extinguishment of debt(209)
Income tax expense(357)
Equity in net earnings of an investee9,471 
Net loss$(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, 2025As of December 31, 2024
Assets (1)
SHOP$3,004,547 $3,084,101 
Medical Office and Life Science Portfolio1,441,873 1,688,034 
All Other310,021 364,870 
Total assets$4,756,441 $5,137,005 
(1)See Note 3 for further information regarding additions to long-lived assets.