v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
The following tables provide information on our operating segments ($ in thousands):

Three Months Ended June 30, 2026
Real EstateNon-Segment /
InvestmentsSHOPCorporateTotal
Revenues:
Rental income$71,390 $— $— $71,390 
Resident fees and services— 44,779 — 44,779 
Interest and other income5,150 — — 5,150 
Total revenues76,540 44,779 — 121,319 
Utilities— 2,277 — 2,277 
Dietary— 2,667 — 2,667 
Labor— 18,297 — 18,297 
Taxes and insurance2,742 3,100 — 5,842 
Management fees— 2,172 — 2,172 
Other senior housing operating expenses1
— 5,244 — 5,244 
NOI 73,798 11,022 — 84,820 
Depreciation and amortization16,337 9,192 19 25,548 
Interest expense— — 15,814 15,814 
Legal expense— — 445 445 
Franchise, excise and other taxes— — 213 213 
General and administrative expenses— — 8,823 8,823 
Loan and realty gains, net(59)— — (59)
Gains on dispositions of real estate properties(21,967)— — (21,967)
Other non-operating income— — (86)(86)
Income tax expense— — 732 732 
Net income (loss)$79,487 $1,830 $(25,960)$55,357 

1    Amount includes general and administrative costs and marketing expenses.
Three Months Ended June 30, 2025
Real EstateNon-Segment /
InvestmentsSHOPCorporateTotal
Revenues:
Rental income$70,270 $— $— $70,270 
Resident fees and services— 14,217 — 14,217 
Interest and other income6,175 — — 6,175 
Total revenues76,445 14,217 — 90,662 
Utilities— 940 — 940 
Dietary— 1,104 — 1,104 
Labor— 4,324 — 4,324 
Taxes and insurance2,914 1,413 — 4,327 
Management fees— 710 — 710 
Other senior housing operating expenses1
— 1,905 — 1,905 
 NOI 73,531 3,821 — 77,352 
Depreciation and amortization17,095 2,811 12 19,918 
Interest expense180 — 14,821 15,001 
Legal expense— — 1,095 1,095 
Franchise, excise and other taxes— — 243 243 
General and administrative expenses— — 6,125 6,125 
Proxy contest and related expenses— — 1,308 1,308 
Loan and realty gains, net(1,393)— — (1,393)
Gains on dispositions of real estate properties(110)— — (110)
Gains from equity method investment(1,524)— — (1,524)
Net income (loss)$59,283 $1,010 $(23,604)$36,689 

1    Amount includes general and administrative costs and marketing expenses.
Six Months Ended June 30, 2026
Real EstateNon-Segment /
InvestmentsSHOPCorporateTotal
Revenues:
Rental income$144,540 $— $— $144,540 
Resident fees and services— 81,839 — 81,839 
Interest and other income10,070 — — 10,070 
Total revenues154,610 81,839 — 236,449 
Utilities— 4,749 — 4,749 
Dietary— 4,900 — 4,900 
Labor— 32,996 — 32,996 
Taxes and insurance5,546 5,996 — 11,542 
Management fees— 4,118 — 4,118 
Other senior housing operating expenses1
— 9,167 — 9,167 
NOI 149,064 19,913 — 168,977 
Depreciation and amortization32,899 16,306 34 49,239 
Interest expense— — 30,854 30,854 
Legal expense— — 750 750 
Franchise, excise and other taxes— — 428 428 
General and administrative expenses— — 16,674 16,674 
Loan and realty gains, net(109)— — (109)
Gains on dispositions of real estate properties(24,579)— — (24,579)
Other non-operating income— — (121)(121)
Income tax expense— — 732 732 
Net income (loss)$140,853 $3,607 $(49,351)$95,109 
Capital expenditures$19,453 $221,504 $390 $241,347 

1    Amount includes general and administrative costs and marketing expenses.
Six Months Ended June 30, 2025
Real EstateNon-Segment /
InvestmentsSHOPCorporateTotal
Revenues:
Rental income$139,136 $— $— $139,136 
Resident fees and services— 28,156 — 28,156 
Interest and other income12,666 — — 12,666 
Total revenues151,802 28,156 — 179,958 
Utilities— 2,037 — 2,037 
Dietary— 2,149 — 2,149 
Labor— 8,623 — 8,623 
Taxes and insurance5,801 2,951 — 8,752 
Management fees— 1,401 — 1,401 
Other senior housing operating expenses1
— 4,088 — 4,088 
 NOI 146,001 6,907 — 152,908 
Depreciation and amortization33,483 5,569 23 39,075 
Interest expense929 — 28,409 29,338 
Legal expense— — 2,521 2,521 
Franchise, excise and other taxes— — 512 512 
General and administrative expenses— — 12,954 12,954 
Proxy contest and related expenses— — 1,572 1,572 
Loan and realty gains, net(1,407)— — (1,407)
Gains on dispositions of real estate properties(224)— — (224)
Gains from equity method investment(1,939)— — (1,939)
Net income (loss)$115,159 $1,338 $(45,991)$70,506 
Capital expenditures$141,833 $2,462 $— $144,295 

1    Amount includes general and administrative costs and marketing expenses.
The following table provides a summary of our total assets by segment ($ in thousands):

June 30,December 31,
20262025
Real Estate Investments segment$2,207,329 $2,282,128 
SHOP segment719,135 503,201 
Non-segment / corporate37,738 11,558 
Total assets$2,964,202 $2,796,887