Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Information

Schedule of segment information

The following tables summarize information by reportable segment for the three and six months ended June 30, 2026 and 2025 (unaudited, in thousands):


		Three Months Ended June 30, 2026
		Real estate						Non-segment
		investment portfolio			SHOP			/corporate ⁽¹⁾			Total
Revenues:
Rental income		$	25,990		$	—		$	—		$	25,990
Resident fees and services			—			56,132			—			56,132
Interest income from financing receivables			5,640			—			—			5,640
Interest income from mortgage loans			10,315			—			—			10,315
Interest and other income			639			—			143			782
Total revenues			42,584			56,132			143			98,859

Income from unconsolidated joint ventures			101			—			—			101
Property level expenses			(2,101)			(42,208)			—			(44,309)
NOI			40,584			13,924			143			54,651
Interest expense												(9,484)
Depreciation and amortization												(12,371)
Provision for credit losses												(27)
Transaction costs												(1,189)
General and administrative expenses												(8,161)
Gain on sale of real estate, net												7,562
Income tax provision												(166)
Net income											$	30,815


		Six Months Ended June 30, 2026
		Real estate						Non-segment
		investment portfolio			SHOP			/corporate ⁽¹⁾			Total
Revenues:
Rental income		$	52,329		$	—		$	—		$	52,329
Resident fees and services			—			105,717			—			105,717
Interest income from financing receivables			13,895			—			—			13,895
Interest income from mortgage loans			20,544			—			—			20,544
Interest and other income			1,278			—			507			1,785
Total revenues			88,046			105,717			507			194,270

Income from unconsolidated joint ventures			396			—			—			396
Property level expenses			(4,495)			(79,097)			—			(83,592)
NOI			83,947			26,620			507			111,074
Interest expense												(20,266)
Depreciation and amortization												(24,350)
Write-off of effective interest receivable												—
Recovery for credit losses												657
Transaction costs												(1,877)
General and administrative expenses												(16,743)
Gain on sale of real estate, net												7,552
Income tax provision												(276)
Net income											$	55,771


		Three Months Ended June 30, 2025
		Real estate						Non-segment
		investment portfolio			SHOP			/corporate ⁽¹⁾			Total
Revenues:
Rental income		$	30,177		$	—		$	—		$	30,177
Resident fees and services			—			11,950			—			11,950
Interest income from financing receivables			7,084			—			—			7,084
Interest income from mortgage loans			9,680			—			—			9,680
Interest and other income			1,224			—			125			1,349
Total revenues			48,165			11,950			125			60,240

Income from unconsolidated joint ventures			439			—			—			439
Property level expenses			(2,795)			(9,419)			—			(12,214)
NOI			45,809			2,531			125			48,465
Interest expense												(8,014)
Depreciation and amortization												(8,776)
Provision for credit losses												(387)
Transaction costs												(6,706)
General and administrative expenses												(8,447)
Gain on sale of real estate, net												332
Income tax benefit												81
Net income											$	16,548


		Six Months Ended June 30, 2025
		Real estate						Non-segment
		investment portfolio			SHOP			/corporate ⁽¹⁾			Total
Revenues:
Rental income		$	61,621		$	—		$	—		$	61,621
Resident fees and services			—			11,950			—			11,950
Interest income from financing receivables			14,086			—			—			14,086
Interest income from mortgage loans			18,859			—			—			18,859
Interest and other income			2,451			—			304			2,755
Total revenues			97,017			11,950			304			109,271

Income from unconsolidated joint ventures			4,104			—			—			4,104
Property level expenses			(5,902)			(9,419)			—			(15,321)
NOI			95,219			2,531			304			98,054
Interest Expense												(15,927)
Depreciation and Amortization												(17,938)
Provision for credit losses												(3,439)
Transaction costs												(7,147)
General and administrative expenses												(15,418)
Gain on sale of real estate, net												503
Income tax benefit												81
Net income											$	38,769

(1)	The non-segment/corporate category includes income from temporary investments and other corporate-level income not attributable to a reportable segment.