Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Summary Information by Reportable Segment

Summary information for our reportable segments, including a summary of segment operating expenses, during the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


		ISHC				SHOP				OM				Triple-Net Leased Properties				Three Months Ended June 30, 2026
Revenues:
Resident fees and services		$	512,878			$	121,641			$	—			$	—			$	634,519
Real estate revenue			—				—				29,985				9,746				39,731
Total revenues			512,878				121,641				29,985				9,746				674,250
Less(1):
Compensation expense			260,203				53,142				—				—
Controllable expenses(2)			154,737				31,118				—				—
Non-controllable expenses(3)			13,027				5,859				—				—
Facility rental expense(4)			6,752				—				—				—
Other segment items(5)			—				—				11,493				680
Segment net operating income		$	78,159			$	31,522			$	18,492			$	9,066			$	137,239

General and administrative																		$	19,891
Transaction, transition and restructuring costs																			2,786
Depreciation and amortization																			72,125
Interest expense:
Interest expense, net																			(18,626	)
Gain in fair value of derivative financial instruments																			357
Gain on dispositions of real estate investments, net																			5,647
Impairment of real estate investment																			(1,719	)
Income from unconsolidated entities																			892
Foreign currency gain																			75
Other income, net																			1,914
Income before income taxes																			30,977
Income tax benefit																			3
Net income																		$	30,980


		ISHC				SHOP				OM				Triple-Net Leased Properties				Three Months Ended June 30, 2025
Revenues:
Resident fees and services		$	429,350			$	71,935			$	—			$	—			$	501,285
Real estate revenue			—				—				31,254				9,964				41,218
Total revenues			429,350				71,935				31,254				9,964				542,503
Less(1):
Compensation expense			217,588				34,982				—				—
Controllable expenses(2)			133,079				19,536				—				—
Non-controllable expenses(3)			10,471				3,351				—				—
Facility rental expense(4)			7,278				—				—				—
Other segment items(5)			—				—				12,192				798
Segment net operating income		$	60,934			$	14,066			$	19,062			$	9,166			$	103,228

General and administrative																		$	14,943
Transaction, transition and restructuring costs																			(79	)
Depreciation and amortization																			41,941
Interest expense:
Interest expense, net																			(22,632	)
Loss in fair value of derivative financial instruments																			(629	)
Loss on disposition of real estate investments, net																			(2,676	)
Impairment of real estate investments																			(12,659	)
Loss from unconsolidated entities																			(1,238	)
Foreign currency gain																			2,742
Other income, net																			1,480
Income before income taxes																			10,811
Income tax expense																			(732	)
Net income																		$	10,079


		ISHC				SHOP				OM				Triple-Net Leased Properties				Six Months Ended June 30, 2026
Revenues:
Resident fees and services		$	1,015,621			$	228,665			$	—			$	—			$	1,244,286
Real estate revenue			—				—				60,827				19,911				80,738
Total revenues			1,015,621				228,665				60,827				19,911				1,325,024
Less(1):
Compensation expense			517,576				100,795				—				—
Controllable expenses(2)			309,010				59,628				—				—
Non-controllable expenses(3)			25,604				10,883				—				—
Facility rental expense(4)			13,513				—				—				—
Other segment items(5)			—				—				23,617				1,656
Segment net operating income		$	149,918			$	57,359			$	37,210			$	18,255			$	262,742

General and administrative																		$	37,496
Transaction, transition and restructuring costs																			4,757
Depreciation and amortization																			139,187
Interest expense:
Interest expense, net																			(37,422	)
Gain in fair value of derivative financial instruments																			1,884
Gain on dispositions of real estate investments, net																			5,647
Impairment of real estate investments																			(2,137	)
Income from unconsolidated entities																			1,684
Foreign currency loss																			(744	)
Other income, net																			4,249
Income before income taxes																			54,463
Income tax benefit																			528
Net income																		$	54,991


		ISHC				SHOP				OM				Triple-Net Leased Properties				Six Months Ended June 30, 2025
Revenues:
Resident fees and services		$	858,042			$	140,419			$	—			$	—			$	998,461
Real estate revenue			—				—				64,448				20,197				84,645
Total revenues			858,042				140,419				64,448				20,197				1,083,106
Less(1):
Compensation expense			436,367				68,988				—				—
Controllable expenses(2)			270,239				38,727				—				—
Non-controllable expenses(3)			22,734				6,876				—				—
Facility rental expense(4)			14,777				—				—				—
Other segment items(5)			—				—				24,877				1,756
Segment net operating income		$	113,925			$	25,828			$	39,571			$	18,441			$	197,765

General and administrative																		$	28,098
Transaction, transition and restructuring costs																			1,758
Depreciation and amortization																			83,055
Interest expense:
Interest expense, net																			(45,577	)
Loss in fair value of derivative financial instruments																			(1,379	)
Loss on dispositions of real estate investments, net																			(3,035	)
Impairment of real estate investments																			(34,365	)
Loss from unconsolidated entities																			(3,086	)
Foreign currency gain																			4,158
Other income, net																			3,005
Income before income taxes																			4,575
Income tax expense																			(1,336	)
Net income																		$	3,239

(1)

The significant expense categories and amounts below align with the segment-level information that is regularly provided to our CODM.

(2)

Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses.

(3)

Non-controllable expenses include property taxes and insurance.

(4)

Facility rental expense relates to properties operated, but not owned.

(5)

Other segment items for the following reportable segments primarily include:

•

OM — property taxes, insurance, utilities, management fees and certain overhead expenses.

•

Triple-Net Leased Properties — property taxes and insurance.

Assets by Reportable Segment

Total assets by reportable segment as of June 30, 2026 and December 31, 2025 were as follows (in thousands):


		June 30, 2026				December 31, 2025
ISHC		$	2,705,525			$	2,686,143
SHOP			1,547,014				1,273,714
OM			1,029,510				1,048,810
Triple-Net Leased Properties			386,540				393,952
Other			35,329				23,607
Total assets		$	5,703,918			$	5,426,226

Revenues and Real Estate Investments by Geographical Areas

The following is a summary of geographic information for our operations for the periods presented below (in thousands):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Revenues:
United States		$	672,590			$	540,854			$	1,321,697			$	1,079,903
International			1,660				1,649				3,327				3,203
Total		$	674,250			$	542,503			$	1,325,024			$	1,083,106

The following is a summary of real estate investments, net by geographic regions as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30, 2026				December 31, 2025
Real estate investments, net:
United States		$	4,376,744			$	4,140,169
International			41,757				43,250
Total		$	4,418,501			$	4,183,419