v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Business Segments
Summary information by reportable business segment is presented below (dollars in thousands):
Three months ended June 30, 2026
SHOPOMFTotal
Revenue from tenants$58,348 $29,182 $87,530 
Less:
Compensation related expenses (1)
26,808 — 26,808 
Other segment expenses (2)
18,527 8,784 27,311 
Property operating and maintenance45,335 8,784 54,119 
NOI$13,013 $20,398 33,411 
Impairment charges(3,780)
Acquisition and transaction related(130)
General and administrative(6,604)
Depreciation and amortization(17,811)
Interest expense(12,723)
Interest and other income, net2,345 
Loss on non-designated derivatives(47)
Loss before income taxes(5,339)
Income tax expense(47)
Net loss(5,386)
Net income attributable to non-controlling interests30 
Allocation for preferred stock(2,785)
Net loss attributable to common stockholders$(8,141)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
Three months ended June 30, 2025
SHOPOMFTotal
Revenue from tenants$56,080 $29,252 $85,332 
Less:
Compensation related expenses (1)
27,003 — 27,003 
Other segment expenses (2)
18,832 8,344 27,176 
Property operating and maintenance (3)
45,835 8,344 54,179 
NOI$10,245 $20,908 31,153 
Impairment charges(15,212)
Acquisition and transaction related(497)
General and administrative (3)
(5,075)
Depreciation and amortization(18,539)
Gain on sale of real estate investments2,652 
Interest expense(15,836)
Interest and other income, net231 
Gain on non-designated derivatives32 
Gain on extinguishment of debt257 
Loss before income taxes(20,834)
Income tax benefit— 
Net loss(20,834)
Net income attributable to non-controlling interests31 
Allocation for preferred stock(3,386)
Net loss attributable to common stockholders$(24,189)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
(3)     Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance to align with the current period presentation.
Six months ended June 30, 2026
SHOPOMFTotal
Revenue from tenants$115,979 $57,836 $173,815 
Less:
Compensation related expenses (1)
53,293 — 53,293 
Other segment expenses (2)
36,910 16,834 53,744 
Property operating and maintenance90,203 16,834 107,037 
NOI$25,776 $41,002 66,778 
Impairment charges(3,780)
Acquisition and transaction related(183)
General and administrative(12,071)
Depreciation and amortization(35,549)
Loss on sale of real estate investments(2)
Interest expense(27,394)
Interest and other income, net2,516 
Gain on non-designated derivatives142 
Loss before income taxes(9,543)
Income tax expense(124)
Net loss(9,667)
Net income attributable to non-controlling interests2 
Allocation for preferred stock(6,079)
Net loss attributable to common stockholders$(15,744)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
Six months ended June 30, 2025
SHOPOMFTotal
Revenue from tenants$111,888 $59,887 $171,775 
Less:
Compensation related expenses (1)
53,849 — 53,849 
Other segment expenses (2)
38,358 19,828 58,186 
Property operating and maintenance (3)
92,207 19,828 112,035 
NOI$19,681 $40,059 59,740 
Impairment charges(27,111)
Acquisition and transaction related(548)
General and administrative (3)
(9,971)
Depreciation and amortization(42,245)
Gain on sale of real estate investments27,641 
Interest expense(30,365)
Interest and other income, net216 
Gain on non-designated derivatives31 
Gain on extinguishment of debt257 
Loss before income taxes(22,355)
Income tax benefit6 
Net loss(22,349)
Net income attributable to non-controlling interests(23)
Allocation for preferred stock(6,836)
Net loss attributable to common stockholders$(29,208)
__________
(1)     For the SHOP segment, compensation related expenses include costs incurred for salaries, benefits and other labor related costs.
(2)     For the SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.
(3)     Certain 2025 amounts have been reclassified from general and administrative to property operating and maintenance to align with the current period presentation.