v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our operating segments are based on our internal reporting structure and property type and are aligned with how our Chief Operating Decision Maker, or the CODM, reviews the operating results to allocate resources and assess segment performance. The CODM is our President and Chief Executive Officer. Our two reportable segments are Senior Housing Operating Portfolio, or SHOP, and Medical Office and Life Science Portfolio. Our SHOP segment consists of managed senior living communities that provide short term and long term residential living and, in some instances, care and other services for residents where we pay fees to managers to operate the communities on our behalf. Our Medical Office and Life Science Portfolio segment primarily consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties primarily leased to biotech laboratories and other similar tenants. The significant expense categories and amounts presented below align with the segment-level information that is regularly provided to our CODM. The CODM reviews operating and financial results, including net income (loss) and its components, to assess performance, allocate resources and guide strategic decisions. For further information regarding the accounting policies of our reportable segments, see Note 2 to our consolidated financial statements included in Part IV, Item 15 of our Annual Report.
The tables below present information about our segments:
Three Months EndedThree Months Ended
June 30, 2026
June 30, 2025
Medical Office and Life Science PortfolioMedical Office and Life Science Portfolio
SHOP
TotalSHOPTotal
Revenues:
Rental income$— $40,116 $40,116 $— $48,056 $48,056 
Residents fees and services317,921 — 317,921 327,545 — 327,545 
Total segment revenues317,921 40,116 358,037 327,545 48,056 375,601 
Reconciliation of revenue:
Other revenue (1)
7,350 7,111 
Total revenues365,387 382,712 
Less:
Senior living labor and benefits150,249 — 150,249 165,260 — 165,260 
Dietary19,229 — 19,229 21,285 — 21,285 
Utilities16,656 2,108 18,764 17,360 2,788 20,148 
Real estate taxes10,976 4,700 15,676 11,974 5,972 17,946 
Insurance9,761 438 10,199 8,019 602 8,621 
Other operating expenses (2)
57,555 9,161 66,716 67,032 12,207 79,239 
Interest expense6,602 2,252 8,854 4,861 2,271 7,132 
Depreciation and amortization46,789 13,226 60,015 47,726 16,175 63,901 
Other segment items (3)
(97)(1,123)(1,220)22,443 13,325 35,768 
Segment income (loss)$201 $9,354 9,555 $(38,415)$(5,284)(43,699)
Reconciliation of segment income (loss):
Other income (1)
4,713 4,665 
General and administrative(19,333)(11,177)
Acquisition and certain other transaction related costs(3,086)(75)
Interest and other income258 2,982 
Interest expense(28,229)(43,794)
Loss on modification or early extinguishment of debt— (126)
Income tax expense(1,297)(843)
Equity in net earnings of an investee— 428 
Net loss$(37,419)$(91,639)
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of real estate, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees, interest and other income and gain on insurance recoveries, as applicable.
Six Months EndedSix Months Ended
June 30, 2026
June 30, 2025
Medical Office and Life Science PortfolioMedical Office and Life Science Portfolio
SHOP
TotalSHOPTotal
Revenues:
Rental income$— $82,011 $82,011 $— $97,819 $97,819 
Residents fees and services635,146 — 635,146 655,851 — 655,851 
Total segment revenues635,146 82,011 717,157 655,851 97,819 753,670 
Reconciliation of revenue:
Other revenue (1)
14,701 15,906 
Total revenues731,858 769,576 
Less:
Senior living labor and benefits301,511 — 301,511 327,664 — 327,664 
Dietary38,618 — 38,618 41,531 — 41,531 
Utilities35,847 4,871 40,718 36,938 6,390 43,328 
Real estate taxes22,272 9,208 31,480 24,044 11,806 35,850 
Insurance20,157 878 21,035 18,332 1,223 19,555 
Other operating expenses (2)
119,620 18,281 137,901 133,899 25,057 158,956 
Interest expense13,159 4,483 17,642 4,927 4,524 9,451 
Depreciation and amortization93,654 26,745 120,399 96,361 33,496 129,857 
Other segment items (3)
1,163 (1,273)(110)13,657 39,343 53,000 
Segment (loss) income$(10,855)$18,818 7,963 $(41,502)$(24,020)(65,522)
Reconciliation of segment (loss) income:
Other income (1)
9,407 11,150 
General and administrative(33,371)(20,177)
Acquisition and certain other transaction related costs(6,779)(99)
Gain on sale of real estate— 97,560 
Interest and other income491 5,081 
Interest expense(56,486)(99,306)
Loss on modification or early extinguishment of debt— (29,197)
Income tax expense(1,919)(892)
Equity in net earnings of an investee— 777 
Net loss$(80,694)$(100,625)
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of real estate, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees, interest and other income and gain on insurance recoveries, as applicable.
As of
Assets: (1)
June 30, 2026December 31, 2025
SHOP$2,777,768 $2,867,025 
Medical Office and Life Science Portfolio1,176,183 1,192,731 
All Other284,747 301,494 
Total assets$4,238,698 $4,361,250 
(1)See Note 3 for further information regarding additions to long-lived assets.