v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We invest in seniors housing and healthcare real estate. We evaluate our business and make resource allocations for our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include wellness housing, assisted living communities, independent living, continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof. Seniors Housing Operating properties that are deemed qualified healthcare properties are owned and operated through RIDEA structures (see Note 19). Our Triple-net properties include the property types described above as well as long-term/post-acute care facilities. Under the Triple-net segment, we invest in seniors housing and healthcare real estate through acquisition of single tenant properties. Properties acquired are generally leased under triple-net leases and we are not involved in the management of the property. Prior to the Outpatient Medical Portfolio Disposition discussed in Note 5, our Outpatient Medical properties were typically leased to multiple tenants and generally required a certain level of property management. Our remaining Outpatient Medical portfolio, exclusive of held for sale properties, primarily consists of properties triple-net leased to healthcare providers.
We evaluate performance based on consolidated NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. The Chief Operating Decision Maker (“CODM”), who is our Vice Chairman & Chief Operating Officer, uses NOI to make decisions about resource allocations and to assess the property-level performance of our properties.
Non-segment revenue consists mainly of interest income on loans receivable balances. Additionally, it includes interest income earned on cash investments recorded in other income. Non-segment assets consist of corporate assets including loans receivable, cash, deferred loan expenses and corporate offices and equipment, among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. All inter-segment transactions are eliminated.
The following table summarizes information for the reportable segments for the three months ended June 30, 2026 (in thousands): 
Three Months Ended June 30, 2026
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Resident fees and services$2,984,891 $— $— $— $2,984,891 
Rental income— 414,789 44,951 — 459,740 
Interest income— — — 77,369 77,369 
Other income10,445 52 817 11,272 22,586 
Total revenues2,995,336 414,841 45,768 88,641 3,544,586 
Property operating expenses2,128,109 7,343 7,734 6,937 2,150,123 
Consolidated net operating income (loss)$867,227 $407,498 $38,034 $81,704 1,394,463 
Depreciation and amortization737,764 
Interest expense181,914 
General and administrative expenses67,486 
Loss (gain) on extinguishment of debt, net1,984 
Provision for loan losses, net2,183 
Impairment of assets25,774 
Other expenses56,930 
Income (loss) from continuing operations before income taxes and other items320,428 
Income tax (expense) benefit61,979 
Income (loss) from unconsolidated entities(17,969)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net98,537 
Income (loss) from continuing operations462,975 
Net income (loss)$462,975 
The following table summarizes significant expense categories by segment for the three months ended June 30, 2026 (in thousands):
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Compensation$1,338,206 $— $1,805 $— $1,340,011 
Utilities108,420 19 710 — 109,149 
Food110,716 — — — 110,716 
Repairs and maintenance83,544 61 1,276 — 84,881 
Property taxes75,990 5,768 2,183 — 83,941 
Other segment expenses(1)
411,233 1,495 1,760 6,937 421,425 
Total property operating expenses$2,128,109 $7,343 $7,734 $6,937 $2,150,123 
(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.
The following table summarizes information for the reportable segments for the three months ended June 30, 2025 (in thousands):
Three Months Ended June 30, 2025
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Resident fees and services$1,971,044 $— $— $— $1,971,044 
Rental income— 273,394 209,646 — 483,040 
Interest income— — — 62,057 62,057 
Other income4,688 360 2,165 24,890 32,103 
Total revenues1,975,732 273,754 211,811 86,947 2,548,244 
Property operating expenses1,438,277 8,652 62,834 4,948 1,514,711 
Consolidated net operating income (loss)$537,455 $265,102 $148,977 $81,999 1,033,533 
Depreciation and amortization495,036 
Interest expense141,157 
General and administrative expenses64,175 
Loss (gain) on derivatives and financial instruments, net(409)
Provision for loan losses, net(1,113)
Impairment of assets19,876 
Other expenses16,598 
Income (loss) from continuing operations before income taxes and other items298,213 
Income tax (expense) benefit(1,053)
Income (loss) from unconsolidated entities(7,392)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net14,850 
Income (loss) from continuing operations304,618 
Net income (loss)$304,618 
The following table summarizes significant expense categories by segment for the three months ended June 30, 2025 (in thousands):
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Compensation$858,972 $20 $14,845 $— $873,837 
Utilities78,287 115 12,613 — 91,015 
Food77,387 — — — 77,387 
Repairs and maintenance54,807 17 10,835 — 65,659 
Property taxes64,612 5,999 17,980 — 88,591 
Other segment expenses(1)
304,212 2,501 6,561 4,948 318,222 
Total property operating expenses$1,438,277 $8,652 $62,834 $4,948 $1,514,711 
(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.
The following table summarizes our total assets by segment for the periods presented (in thousands):
As of
June 30, 2026December 31, 2025
Assets:Amount%Amount%
Seniors Housing Operating$48,706,368 69.7 %$42,014,932 62.4 %
Triple-net14,241,534 20.4 %13,448,058 20.0 %
Outpatient Medical1,914,978 2.7 %3,322,225 4.9 %
Non-segment/Corporate5,012,300 7.2 %8,517,832 12.7 %
Total$69,875,180 100.0 %$67,303,047 100.0 %
The following table summarizes information for the reportable segments for the six months ended June 30, 2026 (in thousands): 
Six Months Ended June 30, 2026
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$5,765,822 $— $— $— $5,765,822 
Rental income— 798,592 114,990 — 913,582 
Interest income— 8,077 — 140,221 148,298 
Other income19,888 284 1,910 46,728 68,810 
Total revenues5,785,710 806,953 116,900 186,949 6,896,512 
Property operating expenses4,143,470 15,149 25,567 21,357 4,205,543 
Consolidated net operating income (loss)$1,642,240 $791,804 $91,333 $165,592 2,690,969 
Depreciation and amortization1,360,516 
Interest expense374,629 
General and administrative expenses134,960 
Loss (gain) on extinguishment of debt, net2,711 
Provision for loan losses, net3,815 
Impairment of assets30,600 
Other expenses118,067 
Income (loss) from continuing operations before income taxes and other items665,671 
Income tax (expense) benefit50,346 
Income (loss) from unconsolidated entities(19,655)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net518,937 
Income (loss) from continuing operations1,215,299 
Net income (loss)$1,215,299 
The following table summarizes significant expense categories by segment for the six months ended June 30, 2026 (in thousands):
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Compensation$2,586,435 $28 $5,082 $— $2,591,545 
Utilities230,014 102 4,035 — 234,151 
Food213,247 — — — 213,247 
Repairs and maintenance163,216 190 4,076 — 167,482 
Property taxes148,687 11,571 7,414 — 167,672 
Other segment expenses(1)
801,871 3,258 4,960 21,357 831,446 
Total property operating expenses$4,143,470 $15,149 $25,567 $21,357 $4,205,543 
(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.
The following table summarizes information for the reportable segments for the six months ended June 30, 2025 (in thousands): 
Six Months Ended June 30, 2025
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment / CorporateTotal
Resident fees and services$3,835,574 $— $— $— $3,835,574 
Rental income— 526,082 418,525 — 944,607 
Interest income— 2,111 — 122,436 124,547 
Other income8,029 591 4,302 53,681 66,603 
Total revenues3,843,603 528,784 422,827 176,117 4,971,331 
Property operating expenses2,822,961 17,470 127,440 9,230 2,977,101 
Consolidated net operating income (loss)$1,020,642 $511,314 $295,387 $166,887 1,994,230 
Depreciation and amortization980,905 
Interest expense286,119 
General and administrative expenses127,933 
Loss (gain) on derivatives and financial
instruments, net		(3,619)
Loss (gain) on extinguishment of debt, net6,156 
Provision for loan losses, net(3,120)
Impairment of assets72,278 
Other expenses30,658 
Income (loss) from continuing operations before income taxes and other items496,920 
Income tax (expense) benefit4,466 
Income (loss) from unconsolidated entities(6,129)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net66,627 
Income (loss) from continuing operations561,884 
Net income (loss)$561,884 

The following table summarizes significant expense categories by segment for the six months ended June 30, 2025 (in thousands):
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Compensation$1,677,136 $32 $28,540 $— $1,705,708 
Utilities168,214 209 26,494 — 194,917 
Food149,192 — — — 149,192 
Repairs and maintenance107,790 46 22,378 — 130,214 
Property taxes126,545 11,966 36,224 — 174,735 
Other segment expenses(1)
594,084 5,217 13,804 9,230 622,335 
Total property operating expenses$2,822,961 $17,470 $127,440 $9,230 $2,977,101 
(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.
Our portfolio of properties and other investments are located in the United States, the United Kingdom and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for the periods presented (dollars in thousands): 
 Three Months EndedSix Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Revenues:Amount%Amount%Amount%Amount%
United States$2,131,987 60.1 %$1,944,405 76.3 %$4,199,111 60.9 %$3,833,740 77.2 %
United Kingdom1,126,930 31.8 %416,809 16.4 %2,210,116 32.0 %792,316 15.9 %
Canada285,669 8.1 %187,030 7.3 %487,285 7.1 %345,275 6.9 %
Total$3,544,586 100.0 %$2,548,244 100.0 %$6,896,512 100.0 %$4,971,331 100.0 %
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Resident Fees and Services:Amount%Amount%Amount%Amount%
United States$1,705,020 57.2 %$1,446,648 73.4 %$3,339,577 57.9 %$2,840,656 74.1 %
United Kingdom998,165 33.4 %356,939 18.1 %1,959,979 34.0 %678,768 17.7 %
Canada281,706 9.4 %167,457 8.5 %466,266 8.1 %316,150 8.2 %
Total$2,984,891 100.0 %$1,971,044 100.0 %$5,765,822 100.0 %$3,835,574 100.0 %
 As of
 June 30, 2026December 31, 2025
Assets:Amount%Amount%
United States$44,645,290 63.9 %$43,536,068 64.7 %
United Kingdom18,120,480 25.9 %18,056,095 26.8 %
Canada7,109,410 10.2 %5,710,884 8.5 %
Total$69,875,180 100.0 %$67,303,047 100.0 %