v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Business Segments
Summary information by reportable business segment is presented below (dollars in thousands):
Three months ended March 31, 2026
SHOPOMFTotal
Revenue from tenants$57,631 $28,654 $86,285 
Less:
Compensation related expenses (1)
26,485 — 26,485 
Other segment expenses (2)
18,383 8,050 26,433 
Property operating and maintenance44,868 8,050 52,918 
NOI$12,763 $20,604 33,367 
Acquisition and transaction related(53)
General and administrative(5,467)
Depreciation and amortization(17,738)
Loss on sale of real estate investments(2)
Interest expense(14,671)
Interest and other income, net171 
Gain on non-designated derivatives189 
Loss before income taxes(4,204)
Income tax expense(77)
Net loss(4,281)
Net income attributable to non-controlling interests(28)
Allocation for preferred stock(3,294)
Net loss attributable to common stockholders$(7,603)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
Three months ended March 31, 2025
SHOPOMFTotal
Revenue from tenants$55,808 $30,635 $86,443 
Less:
Compensation related expenses (1)
27,003 — 27,003 
Other segment expenses (2)
19,368 11,485 30,853 
Property operating and maintenance (3)
46,371 11,485 57,856 
NOI$9,437 $19,150 28,587 
Impairment charges(11,899)
Acquisition and transaction related(51)
General and administrative (3)
(4,896)
Depreciation and amortization(23,706)
Gain on sale of real estate investments24,989 
Interest expense(14,529)
Interest and other expense, net(15)
Loss on non-designated derivatives(1)
Loss before income taxes(1,521)
Income tax benefit6 
Net loss(1,515)
Net income attributable to non-controlling interests(54)
Allocation for preferred stock(3,450)
Net loss attributable to common stockholders$(5,019)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
(3)     Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance to align with the current period presentation.