v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Information related to our reportable segments is presented in the tables below ($ in thousands):

Three Months Ended June 30, 2025
Real EstateNon-Segment /
InvestmentsSHOPCorporateTotal
Rental income$70,270 $— $— $70,270 
Resident fees and services— 14,217 — 14,217 
Interest income and other6,140 — 35 6,175 
Total revenues76,410 14,217 35 90,662 
Other senior housing operating expenses1
— 2,615 — 2,615 
Utilities— 940 — 940 
Dietary— 1,104 — 1,104 
Labor— 4,324 — 4,324 
Taxes and insurance2,914 1,413 — 4,327 
NOI 73,496 3,821 35 77,352 
Depreciation17,095 2,811 12 19,918 
Interest180 — 14,821 15,001 
Legal — — 1,095 1,095 
Franchise, excise and other taxes— — 243 243 
General and administrative— — 6,125 6,125 
Proxy contest and related expenses— — 1,308 1,308 
Loan and realty gains, net(1,393)— — (1,393)
Gains on sales of real estate properties, net(110)— — (110)
Gains from equity method investment(1,524)— — (1,524)
Net income (loss)$59,248 $1,010 $(23,569)$36,689 
June 30, 2025
Total assets$2,415,832 $267,778 $12,349 $2,695,959 

1    Includes management fees, general and administrative costs and marketing expenses.
Three Months Ended June 30, 2024
Real EstateNon-Segment /
InvestmentsSHOPCorporateTotal
Rental income$65,760 $— $— $65,760 
Resident fees and services— 13,390 — 13,390 
Interest income and other5,744 — 76 5,820 
Total revenues71,504 13,390 76 84,970 
Other senior housing operating expenses1
— 2,567 — 2,567 
Utilities— 913 — 913 
Dietary— 1,075 — 1,075 
Labor— 4,200 — 4,200 
Taxes and insurance2,802 1,682 — 4,484 
 NOI 68,702 2,953 76 71,731 
Depreciation14,992 2,490 8 17,490 
Interest761 — 14,093 14,854 
Legal — — 165 165 
Franchise, excise and other taxes— — 47 47 
General and administrative— — 4,870 4,870 
Loan and realty losses, net1,106 — — 1,106 
Gains on sales of real estate properties, net(1,517)— — (1,517)
Gains from equity method investment(236)— — (236)
Net income (loss)$53,596 $463 $(19,107)$34,952 
June 30, 2024
Total assets$2,197,656 $268,187 $11,069 $2,476,912 

1    Includes management fees, general and administrative costs and marketing expenses.
Six Months Ended June 30, 2025
Real EstateNon-Segment /
InvestmentsSHOPCorporateTotal
Rental income$139,136 $— $— $139,136 
Resident fees and services— 28,156 — 28,156 
Interest income and other12,589 — 77 12,666 
Total revenues151,725 28,156 77 179,958 
Other senior housing operating expenses1
— 5,489 — 5,489 
Utilities— 2,037 — 2,037 
Dietary— 2,149 — 2,149 
Labor— 8,623 — 8,623 
Taxes and insurance5,801 2,951 — 8,752 
 NOI 145,924 6,907 77 152,908 
Depreciation33,483 5,569 23 39,075 
Interest929 — 28,409 29,338 
Legal — — 2,521 2,521 
Franchise, excise and other taxes— — 512 512 
General and administrative— — 12,954 12,954 
Proxy contest and related expenses— — 1,572 1,572 
Loan and realty gains, net(1,407)— — (1,407)
Gains on sales of real estate properties, net(224)— — (224)
Gains from equity method investment(1,939)— — (1,939)
Net income (loss)$115,082 $1,338 $(45,914)$70,506 

1 Includes management fees, general and administrative costs and marketing expenses.
Six Months Ended June 30, 2024
Real EstateNon-Segment /
InvestmentsSHOPCorporateTotal
Rental income$127,947 $— $— $127,947 
Resident fees and services— 26,645 — 26,645 
Interest income and other11,685 — 205 11,890 
Total revenues139,632 26,645 205 166,482 
Other senior housing operating expenses1
— 5,168 — 5,168 
Utilities— 1,846 — 1,846 
Dietary— 2,078 — 2,078 
Labor— 8,427 — 8,427 
Taxes and insurance 5,535 3,232 — 8,767 
NOI 134,097 5,894 205 140,196 
Depreciation30,050 4,927 18 34,995 
Interest1,524 — 28,199 29,723 
Legal — — 400 400 
Franchise, excise and other taxes— — (139)(139)
General and administrative— — 10,510 10,510 
Loan and realty losses, net1,116 — — 1,116 
Gains on sales of real estate properties, net(1,617)— — (1,617)
Gains from equity method investment(402)— — (402)
Net income (loss)$103,426 $967 $(38,783)$65,610 

1    Includes management fees, general and administrative costs and marketing expenses.