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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

						For the Three Months Ended September 30, 2025
						SHOP						Medical Office and Life Science Portfolio						Total
Revenues:
Rental income						$	—					$	48,201					$	48,201
Residents fees and services						333,390						—						333,390
Total segment revenues						333,390						48,201						381,591
Reconciliation of revenue:
Other revenue (1)																		7,115
Total revenues																		388,706
Less:
Senior living labor and benefits						172,422						—						172,422
Dietary						21,362						—						21,362
Utilities						19,839						3,990						23,829
Real estate taxes						10,944						5,723						16,667
Insurance						9,385						739						10,124
Other operating expenses (2)						69,818						11,074						80,892
Interest expense						6,943						2,290						9,233
Depreciation and amortization						47,113						15,840						62,953
Other segment items (3)						36,130						55,538						91,668
Segment loss						(60,566)						(46,993)						(107,559)
Reconciliation of segment loss:
Other income (1)																		4,653
General and administrative																		(12,789)
Acquisition and certain other transaction related costs																		(1,158)
Gain on sale of properties																		1,554
Interest income and other expenses																		(774)
Interest expense																		(39,653)
Loss on modification or early extinguishment of debt																		(11,191)
Income tax expense																		(337)
Equity in net earnings of an investee																		3,214
Net loss																		$	(164,040)

(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 income and other expenses and gain on insurance recoveries, as applicable.

						For the Nine Months Ended September 30, 2025
						SHOP						Medical Office and Life Science Portfolio						Total
Revenues:
Rental income						$	—					$	146,020					$	146,020
Residents fees and services						989,241						—						989,241
Total segment revenues						989,241						146,020						1,135,261
Reconciliation of revenue:
Other revenue (1)																		23,021
Total revenues																		1,158,282
Less:
Senior living labor and benefits						500,086						—						500,086
Dietary						62,893						—						62,893
Utilities						56,777						10,380						67,157
Real estate taxes						34,988						17,529						52,517
Insurance						27,717						1,962						29,679
Other operating expenses (2)						203,717						36,131						239,848
Interest expense						11,870						6,814						18,684
Depreciation and amortization						143,474						49,336						192,810
Other segment items (3)						49,787						94,881						144,668
Segment loss						(102,068)						(71,013)						(173,081)
Reconciliation of segment loss:
Other income (1)																		15,803
General and administrative																		(32,966)
Acquisition and certain other transaction related costs																		(1,257)
Gain on sale of properties																		99,114
Interest income and other expenses																		4,307
Interest expense																		(138,959)
Loss on modification or early extinguishment of debt																		(40,388)
Income tax expense																		(1,229)
Equity in net earnings of an investee																		3,991
Net loss																		$	(264,665)

(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 income and other expenses and gain on insurance recoveries, as applicable.

						For the Three Months Ended September 30, 2024
						SHOP						Medical Office and Life Science Portfolio						Total
Revenues:
Rental income						$	—					$	52,901					$	52,901
Residents fees and services						312,005						—						312,005
Total segment revenues						312,005						52,901						364,906
Reconciliation of revenue:
Other revenue (1)																		8,734
Total revenues																		373,640
Less:
Senior living labor and benefits						157,756						—						157,756
Dietary						21,786						—						21,786
Utilities						18,917						4,240						23,157
Real estate taxes						8,851						6,767						15,618
Insurance						10,899						1,040						11,939
Other operating expenses (2)						66,363						13,027						79,390
Interest expense						54						2,319						2,373
Depreciation and amortization						47,343						18,773						66,116
Other segment items (3)						—						21,213						21,213
Segment loss						(19,964)						(14,478)						(34,442)
Reconciliation of segment loss:
Other income (1)																		5,840
General and administrative																		(13,933)
Acquisition and certain other transaction related costs																		(331)
Interest income and other expenses																		2,575
Interest expense																		(57,070)
Income tax expense																		(148)
Equity in net earnings (losses) of an investee																		(1,180)
Net loss																		$	(98,689)

(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 income and other expenses and gain on insurance recoveries, as applicable.

						For the Nine Months Ended September 30, 2024
						SHOP						Medical Office and Life Science Portfolio						Total
Revenues:
Rental income						$	—					$	161,605					$	161,605
Residents fees and services						928,653						—						928,653
Total segment revenues						928,653						161,605						1,090,258
Reconciliation of revenue:
Other revenue (1)																		25,550
Total revenues																		1,115,808
Less:
Senior living labor and benefits						470,363						—						470,363
Dietary						63,282						—						63,282
Utilities						53,726						10,639						64,365
Real estate taxes						31,983						21,006						52,989
Insurance						33,446						2,820						36,266
Other operating expenses (2)						194,726						38,788						233,514
Interest expense						183						3,435						3,618
Depreciation and amortization						141,176						58,488						199,664
Other segment items (3)						—						78,867						78,867
Segment loss						(60,232)						(52,438)						(112,670)
Reconciliation of segment loss:
Other income (1)																		17,178
General and administrative																		(27,763)
Acquisition and certain other transaction related costs																		(2,243)
Interest income and other expenses																		7,215
Interest expense																		(172,103)
Loss on modification or early extinguishment of debt																		(209)
Income tax expense																		(505)
Equity in net earnings of an investee																		8,291
Net loss																		$	(282,809)

(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 income and other expenses and gain on insurance recoveries, as applicable.

			As of September 30, 2025						As of December 31, 2024
Assets (1)
SHOP			$	2,954,224					$	3,084,101
Medical Office and Life Science Portfolio			1,340,558						1,688,034
All Other			389,192						364,870
Total assets			$	4,683,974					$	5,137,005

(1)See Note 3 for further information regarding additions to long-lived assets.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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