v3.26.1
SEGMENT INFORMATION - Income Statement (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Rental income $ 353,461 $ 373,516 $ 706,636 $ 750,948
Income from loans and investments 6,632 4,395 10,701 8,719
Interest and other income 1,778 5,871 4,277 8,949
Revenues 1,729,614 1,420,893 3,386,558 2,778,967
Less:        
Interest and other income 1,778 5,871 4,277 8,949
Labor 539,311 420,212 1,053,272 812,836
Management fees 72,986 54,421 140,549 105,032
Other segment expenses 428,625 350,636 848,635 691,285
Property-level operating expenses 1,040,922 825,269 2,042,456 1,609,153
Third-party capital management expenses     3,539 3,452
NOI 685,208 588,126 1,336,286 1,157,413
Interest and other income 1,778 5,871 4,277 8,949
Interest expense (160,034) (150,298) (316,176) (299,654)
Depreciation and amortization (407,711) (347,719) (790,179) (669,244)
General, administrative and professional fees (46,986) (42,856) (109,732) (96,005)
Loss on extinguishment of debt, net (83) 0 (532) 0
Transaction, transition and restructuring costs (13,478) (4,627) (20,137) (10,609)
Other expense (4,454) (5,839) (14,154) (7,251)
Income (loss) from unconsolidated entities (7,812) (1,138) (15,162) (4,449)
Gain on real estate dispositions 176 33,816 15,222 33,985
Income tax expense (benefit) (25,618) 3,874 (41,555) (6,683)
Net income 72,222 71,462 131,268 119,818
Net income attributable to noncontrolling interests 1,652 3,198 4,786 4,686
Net income attributable to common stockholders 70,570 68,264 126,482 115,132
Resident fees and services        
Revenues        
Resident fees and services 1,363,498 1,032,714 2,656,288 2,001,618
Third-party capital management expenses        
Revenues        
Other revenues 4,245 4,397 8,656 8,733
Less:        
Third-party capital management expenses 1,706 1,627 3,539 3,452
Operating Segments | SHOP        
Revenues        
Rental income 0 0 0 0
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 1,363,498 1,032,714 2,656,288 2,001,618
Less:        
Interest and other income 0 0 0 0
Labor 539,311 420,212 1,053,272 812,836
Management fees 72,986 54,421 140,549 105,032
Other segment expenses 347,702 271,669 684,510 532,834
Property-level operating expenses 959,999 746,302 1,878,331 1,450,702
Third-party capital management expenses     0 0
NOI 403,499 286,412 777,957 550,916
Interest and other income 0 0 0 0
Operating Segments | SHOP | Resident fees and services        
Revenues        
Resident fees and services 1,363,498 1,032,714 2,656,288 2,001,618
Operating Segments | SHOP | Third-party capital management expenses        
Revenues        
Other revenues 0 0 0 0
Less:        
Third-party capital management expenses 0 0    
Operating Segments | OM&R        
Revenues        
Rental income 228,605 220,814 458,709 442,133
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 229,313 221,487 460,217 443,486
Less:        
Interest and other income 0 0 0 0
Labor 0 0 0 0
Management fees 0 0 0 0
Other segment expenses 77,781 75,001 158,082 150,958
Property-level operating expenses 77,781 75,001 158,082 150,958
Third-party capital management expenses     0 0
NOI 151,532 146,486 302,135 292,528
Interest and other income 0 0 0 0
Operating Segments | OM&R | Resident fees and services        
Revenues        
Resident fees and services 0 0 0 0
Operating Segments | OM&R | Third-party capital management expenses        
Revenues        
Other revenues 708 673 1,508 1,353
Less:        
Third-party capital management expenses 0 0    
Operating Segments | NNN        
Revenues        
Rental income 124,856 152,702 247,927 308,815
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 124,856 152,702 247,927 308,815
Less:        
Interest and other income 0 0 0 0
Labor 0 0 0 0
Management fees 0 0 0 0
Other segment expenses 3,142 3,966 6,043 7,493
Property-level operating expenses 3,142 3,966 6,043 7,493
Third-party capital management expenses     0 0
NOI 121,714 148,736 241,884 301,322
Interest and other income 0 0 0 0
Operating Segments | NNN | Resident fees and services        
Revenues        
Resident fees and services 0 0 0 0
Operating Segments | NNN | Third-party capital management expenses        
Revenues        
Other revenues 0 0 0 0
Less:        
Third-party capital management expenses 0 0    
Non-Segment        
Revenues        
Rental income 0 0 0 0
Income from loans and investments 6,632 4,395 10,701 8,719
Interest and other income 1,778 5,871 4,277 8,949
Revenues 11,947 13,990 22,126 25,048
Less:        
Interest and other income 1,778 5,871 4,277 8,949
Labor 0 0 0 0
Management fees 0 0 0 0
Other segment expenses 0 0 0 0
Property-level operating expenses 0 0 0 0
Third-party capital management expenses       3,452
NOI 8,463 6,492 14,310 12,647
Interest and other income 1,778 5,871 4,277 8,949
Non-Segment | Resident fees and services        
Revenues        
Resident fees and services 0 0 0 0
Non-Segment | Third-party capital management expenses        
Revenues        
Other revenues 3,537 3,724 7,148 $ 7,380
Less:        
Third-party capital management expenses $ 1,706 $ 1,627 $ 3,539