v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents the operating financial information for the Company’s two business segments for the three months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
OMFs(1):
Revenue from tenants$29,252 $34,671 $59,887 $69,270 
Less: Property operating and maintenance8,013 9,727 19,181 19,427 
NOI$21,239 $24,944 $40,706 $49,843 
SHOPs:
Revenue from tenants$56,080 $54,146 $111,888 $107,846 
Less: Property operating and maintenance
Compensation related expenses(2)
27,003 27,983 53,849 55,731 
Other property operating and maintenance(3)
18,832 17,295 38,358 34,992 
NOI$10,245 $8,868 $19,681 $17,123 
(1) The CODM uses NOI to evaluate performance of the OMF segment as a large portion of the property-level operating expenses is recovered from tenants.
(2) Includes costs incurred for salaries, benefits and other labor related costs.
(3) Includes costs incurred for supplies, management fees, taxes, insurance and overhead.
Reconciliation to Consolidated Financial Information
A reconciliation of the total reportable segments’ NOI to consolidated net loss attributable to common stockholders is presented below:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Net loss attributable to common stockholders:
Net Operating Income:
OMFs$21,239 24,944 $40,706 49,843 
SHOPs10,245 8,868 19,681 17,123 
Total NOI
31,484 33,812 60,387 66,966 
Impairment charges(15,212)(2,409)(27,111)(2,669)
Operating fees to related parties
— (6,424)— (12,790)
Termination fees to related parties
— (98,241)— (98,241)
Acquisition and transaction related(497)(357)(548)(499)
General and administrative(5,406)(4,668)(10,618)(11,436)
Depreciation and amortization(18,539)(21,928)(42,245)(42,666)
Gain (loss) on sale of real estate investment
2,652 (225)27,641 (225)
Interest expense(15,836)(17,752)(30,365)(34,135)
Interest and other income
231 457 216 529 
Gain on extinguishment of debt
257 — 257 — 
Gain on non-designated derivatives
32 882 31 2,833 
Loss before income taxes
(20,834)(116,853)(22,355)(132,333)
Income tax expense (benefit)
— (65)6 (135)
Net loss
(20,834)(116,918)(22,349)(132,468)
Net loss (gain) attributable to non-controlling interests
31 452 (23)452 
Preferred stock distributions
(3,386)(3,450)(6,836)(6,900)
Net loss attributable to common stockholders$(24,189)$(119,916)$(29,208)$(138,916)
The following table reconciles investments in real estate, net by segment to consolidated total assets as of the periods presented:
(In thousands)June 30, 2025December 31, 2024
ASSETS
Investments in real estate, net:
OMF Segment$847,346 $1,010,323 
SHOP Segment717,924 758,643 
Total investments in real estate, net1,565,270 1,768,966 
Assets held for sale1,725 — 
Cash and cash equivalents47,123 21,652 
Restricted cash56,047 52,443 
Derivative assets, at fair value11,208 19,206 
Straight-line rent receivable, net20,315 22,841 
Operating lease right-of-use assets6,841 7,480 
Prepaid expenses and other assets22,591 26,316 
Deferred costs, net18,465 21,269 
Accounts receivable, net
9,311 5,850 
Total assets$1,758,896 $1,946,023