| Summary information by reportable business segment |
Summary information by reportable segment is as follows (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2026 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 228,605 | | | $ | 124,856 | | | $ | — | | | $ | 353,461 | | Resident fees and services | 1,363,498 | | | — | | | — | | | — | | | 1,363,498 | | Third-party capital management revenues | — | | | 708 | | | — | | 3,537 | | | 4,245 | | Income from loans and investments | — | | | — | | | — | | | 6,632 | | | 6,632 | | Interest and other income | — | | | — | | | — | | | 1,778 | | | 1,778 | | Total revenues | $ | 1,363,498 | | | $ | 229,313 | | | $ | 124,856 | | | $ | 11,947 | | | $ | 1,729,614 | | | | | | | | | | | | Total revenues | $ | 1,363,498 | | | $ | 229,313 | | | $ | 124,856 | | | $ | 11,947 | | | $ | 1,729,614 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 1,778 | | | 1,778 | | Labor (1) | 539,311 | | | — | | | — | | | — | | | 539,311 | | Management fees | 72,986 | | | — | | | — | | | — | | | 72,986 | | Other segment expenses (2) | 347,702 | | | 77,781 | | | 3,142 | | | — | | | 428,625 | | Property-level operating expenses | 959,999 | | | 77,781 | | | 3,142 | | | — | | | 1,040,922 | | Third-party capital management expenses | — | | | — | | | — | | | 1,706 | | 1,706 | | NOI | $ | 403,499 | | | $ | 151,532 | | | $ | 121,714 | | | $ | 8,463 | | | 685,208 | | Interest and other income | | | | | | | | | 1,778 | | Interest expense | | | | | | | | | (160,034) | | Depreciation and amortization | | | | | | | | | (407,711) | | General, administrative and professional fees | | | | | | | | | (46,986) | | Loss on extinguishment of debt, net | | | | | | | | | (83) | | Transaction, transition and restructuring costs | | | | | | | | | (13,478) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (4,454) | | Loss from unconsolidated entities | | | | | | | | | (7,812) | | Gain on real estate dispositions | | | | | | | | | 176 | | Income tax benefit | | | | | | | | | 25,618 | | Net income | | | | | | | | | 72,222 | | Net income attributable to noncontrolling interests | | | | | | | | | 1,652 | | Net income attributable to common stockholders | | | | | | | | | $ | 70,570 | |
______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: •SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. •OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. •NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2025 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 220,814 | | | $ | 152,702 | | | $ | — | | | $ | 373,516 | | Resident fees and services | 1,032,714 | | | — | | | — | | | — | | | 1,032,714 | | Third-party capital management revenues | — | | | 673 | | | — | | | 3,724 | | | 4,397 | | Income from loans and investments | — | | | — | | | — | | | 4,395 | | | 4,395 | | Interest and other income | — | | | — | | | — | | | 5,871 | | | 5,871 | | Total revenues | $ | 1,032,714 | | | $ | 221,487 | | | $ | 152,702 | | | $ | 13,990 | | | $ | 1,420,893 | | | | | | | | | | | | Total revenues | $ | 1,032,714 | | | $ | 221,487 | | | $ | 152,702 | | | $ | 13,990 | | | $ | 1,420,893 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 5,871 | | | 5,871 | | Labor (1) | 420,212 | | | — | | | — | | | — | | | 420,212 | | Management fees | 54,421 | | | — | | | — | | | — | | | 54,421 | | Other segment expenses (2) | 271,669 | | | 75,001 | | | 3,966 | | | — | | | 350,636 | | Property-level operating expenses | 746,302 | | | 75,001 | | | 3,966 | | | — | | | 825,269 | | Third-party capital management expenses | — | | | — | | | — | | | 1,627 | | | 1,627 | | NOI | $ | 286,412 | | | $ | 146,486 | | | $ | 148,736 | | | $ | 6,492 | | | 588,126 | | Interest and other income | | | | | | | | | 5,871 | | Interest expense | | | | | | | | | (150,298) | | Depreciation and amortization | | | | | | | | | (347,719) | | General, administrative and professional fees | | | | | | | | | (42,856) | | | | | | | | | | | | Transaction, transition and restructuring costs | | | | | | | | | (4,627) | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (5,839) | | Loss from unconsolidated entities | | | | | | | | | (1,138) | | Gain on real estate dispositions | | | | | | | | | 33,816 | | Income tax expense | | | | | | | | | (3,874) | | Net income | | | | | | | | | 71,462 | | Net income attributable to noncontrolling interests | | | | | | | | | 3,198 | | Net income attributable to common stockholders | | | | | | | | | $ | 68,264 | |
______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: •SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. •OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. •NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2026 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 458,709 | | | $ | 247,927 | | | $ | — | | | $ | 706,636 | | Resident fees and services | 2,656,288 | | | — | | | — | | | — | | | 2,656,288 | | Third-party capital management revenues | — | | | 1,508 | | | — | | | 7,148 | | | 8,656 | | Income from loans and investments | — | | | — | | | — | | | 10,701 | | | 10,701 | | Interest and other income | — | | | — | | | — | | | 4,277 | | | 4,277 | | Total revenues | $ | 2,656,288 | | | $ | 460,217 | | | $ | 247,927 | | | $ | 22,126 | | | $ | 3,386,558 | | | | | | | | | | | | Total revenues | $ | 2,656,288 | | | $ | 460,217 | | | $ | 247,927 | | | $ | 22,126 | | | $ | 3,386,558 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 4,277 | | | 4,277 | | Labor (1) | 1,053,272 | | | — | | | — | | | — | | | 1,053,272 | | Management fees | 140,549 | | | — | | | — | | | — | | | 140,549 | | Other segment expenses (2) | 684,510 | | | 158,082 | | | 6,043 | | | — | | | 848,635 | | Property-level operating expenses | 1,878,331 | | | 158,082 | | | 6,043 | | | — | | | 2,042,456 | | Third-party capital management expenses | — | | | — | | | — | | | 3,539 | | | 3,539 | | NOI | $ | 777,957 | | | $ | 302,135 | | | $ | 241,884 | | | $ | 14,310 | | | 1,336,286 | | Interest and other income | | | | | | | | | 4,277 | | Interest expense | | | | | | | | | (316,176) | | Depreciation and amortization | | | | | | | | | (790,179) | | General, administrative and professional fees | | | | | | | | | (109,732) | | Loss on extinguishment of debt, net | | | | | | | | | (532) | | Transaction, transition and restructuring costs | | | | | | | | | (20,137) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (14,154) | | Loss from unconsolidated entities | | | | | | | | | (15,162) | | Gain on real estate dispositions | | | | | | | | | 15,222 | | Income tax benefit | | | | | | | | | 41,555 | | Net income | | | | | | | | | 131,268 | | Net income attributable to noncontrolling interests | | | | | | | | | 4,786 | | Net income attributable to common stockholders | | | | | | | | | $ | 126,482 | |
______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: •SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. •OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. •NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2025 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 442,133 | | | $ | 308,815 | | | $ | — | | | $ | 750,948 | | Resident fees and services | 2,001,618 | | | — | | | — | | | — | | | 2,001,618 | | Third-party capital management revenues | — | | | 1,353 | | | — | | | 7,380 | | | 8,733 | | Income from loans and investments | — | | | — | | | — | | | 8,719 | | | 8,719 | | Interest and other income | — | | | — | | | — | | | 8,949 | | | 8,949 | | Total revenues | $ | 2,001,618 | | | $ | 443,486 | | | $ | 308,815 | | | $ | 25,048 | | | $ | 2,778,967 | | | | | | | | | | | | Total revenues | $ | 2,001,618 | | | $ | 443,486 | | | $ | 308,815 | | | $ | 25,048 | | | $ | 2,778,967 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 8,949 | | | 8,949 | | Labor (1) | 812,836 | | | — | | | — | | | — | | | 812,836 | | Management fees | 105,032 | | | — | | | — | | | — | | | 105,032 | | Other segment expenses (2) | 532,834 | | | 150,958 | | | 7,493 | | | — | | | 691,285 | | Property-level operating expenses | 1,450,702 | | | 150,958 | | | 7,493 | | | — | | | 1,609,153 | | Third-party capital management expenses | — | | | — | | | — | | | 3,452 | | | 3,452 | | NOI | $ | 550,916 | | | $ | 292,528 | | | $ | 301,322 | | | $ | 12,647 | | | 1,157,413 | | Interest and other income | | | | | | | | | 8,949 | | Interest expense | | | | | | | | | (299,654) | | Depreciation and amortization | | | | | | | | | (669,244) | | General, administrative and professional fees | | | | | | | | | (96,005) | | | | | | | | | | | | Transaction, transition and restructuring costs | | | | | | | | | (10,609) | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (7,251) | | Loss from unconsolidated entities | | | | | | | | | (4,449) | | Gain on real estate dispositions | | | | | | | | | 33,985 | | Income tax benefit | | | | | | | | | 6,683 | | Net income | | | | | | | | | 119,818 | | Net income attributable to noncontrolling interests | | | | | | | | | 4,686 | | Net income attributable to common stockholders | | | | | | | | | $ | 115,132 | |
______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: •SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. •OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. •NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
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