v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We invest in seniors housing and healthcare real estate. We evaluate our business and make resource allocations for our three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. Our Seniors Housing Operating properties include wellness housing, assisted living communities, independent living, continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.) and combinations thereof. Seniors Housing Operating properties that are deemed qualified healthcare properties are owned and operated through RIDEA structures (see Note 19). Our Triple-net properties include the property types described above as well as skilled nursing facilities. Under the Triple-net segment, we invest in seniors housing and healthcare real estate through acquisition of single tenant properties. Properties acquired are generally leased under triple-net leases and we are not involved in the management of the property. Prior to the Outpatient Medical Portfolio Disposition discussed in Note 5, our Outpatient Medical properties were typically leased to multiple tenants and generally required a certain level of property management. Our remaining consolidated Outpatient Medical portfolio, exclusive of held for sale properties, primarily consists of properties triple-net leased to healthcare providers.
We evaluate performance based on consolidated NOI of each segment. We define NOI as total revenues, including tenant reimbursements, less property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. The Chief Operating Decision Maker (“CODM”), who is our Vice Chairman & Chief Operating Officer, uses NOI to make decisions about resource allocations and to assess the property-level performance of our properties.
Non-segment revenue consists mainly of interest income on loans receivable balances. Additionally, it includes interest income earned on cash investments recorded in other income. Non-segment assets consist of corporate assets including loans receivable, cash, deferred loan expenses and corporate offices and equipment, among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI.
During the quarter ended September 30, 2026, we reclassified asset management services related to the Fund to Non-segment/Corporate from the Seniors Housing Operating segment to better align with the manner in which the CODM reviews results. Accordingly, the segment information provided in this Note has been updated to conform to the current presentation for all periods presented.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. All inter-segment transactions are eliminated.
The following table summarizes information for the reportable segments for the three months ended September 30, 2026 (in thousands): 
Three Months Ended September 30, 2026
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Resident fees and services$3,121,141 $— $— $— $3,121,141 
Rental income— 451,901 36,740 — 488,641 
Interest income— — — 83,251 83,251 
Other income3,960 172 811 17,801 22,744 
Total revenues3,125,101 452,073 37,551 101,052 3,715,777 
Property operating expenses2,227,359 6,206 4,947 7,514 2,246,026 
Consolidated net operating income (loss)$897,742 $445,867 $32,604 $93,538 1,469,751 
Depreciation and amortization706,786 
Interest expense192,655 
General and administrative expenses67,169 
Loss (gain) on extinguishment of debt, net6,822 
Provision for loan losses, net230 
Impairment of assets33,452 
Other expenses124,687 
Income (loss) from continuing operations before income taxes and other items337,950 
Income tax (expense) benefit(7,116)
Income (loss) from unconsolidated entities(30,689)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net114,678 
Income (loss) from continuing operations414,823 
Net income (loss)$414,823 
The following table summarizes significant expense categories by segment for the three months ended September 30, 2026 (in thousands):
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Compensation$1,388,118 $11 $1,362 $— $1,389,491 
Utilities121,644 60 999 — 122,703 
Food116,792 — — — 116,792 
Repairs and maintenance87,771 51 572 — 88,394 
Property taxes79,760 4,626 796 — 85,182 
Other segment expenses(1)
433,274 1,458 1,218 7,514 443,464 
Total property operating expenses$2,227,359 $6,206 $4,947 $7,514 $2,246,026 
(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.
The following table summarizes information for the reportable segments for the three months ended September 30, 2025 (in thousands):
Three Months Ended September 30, 2025
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Resident fees and services$2,061,370 $— $— $— $2,061,370 
Rental income— 286,353 213,122 — 499,475 
Interest income— — — 67,216 67,216 
Other income2,248 284 2,050 53,049 57,631 
Total revenues2,063,618 286,637 215,172 120,265 2,685,692 
Property operating expenses1,499,215 8,227 63,319 6,287 1,577,048 
Consolidated net operating income (loss)$564,403 $278,410 $151,853 $113,978 1,108,644 
Depreciation and amortization509,812 
Interest expense162,052 
General and administrative expenses63,124 
Loss (gain) on derivatives and financial instruments, net31,682 
Provision for loan losses, net1,088 
Impairment of assets3,081 
Other expenses44,699 
Income (loss) from continuing operations before income taxes and other items293,106 
Income tax (expense) benefit(2,335)
Income (loss) from unconsolidated entities(12,610)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net4,025 
Income (loss) from continuing operations282,186 
Net income (loss)$282,186 
The following table summarizes significant expense categories by segment for the three months ended September 30, 2025 (in thousands):
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Compensation$888,672 $28 $14,452 $— $903,152 
Utilities91,065 83 15,248 — 106,396 
Food80,626 — — — 80,626 
Repairs and maintenance60,925 34 10,842 — 71,801 
Property taxes66,160 5,903 16,784 — 88,847 
Other segment expenses(1)
311,767 2,179 5,993 6,287 326,226 
Total property operating expenses$1,499,215 $8,227 $63,319 $6,287 $1,577,048 
(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.
The following table summarizes our total assets by segment for the periods presented (in thousands):
As of
September 30, 2026December 31, 2025
Assets:Amount%Amount%
Seniors Housing Operating$51,578,575 70.0 %$41,992,500 62.4 %
Triple-net14,870,584 20.2 %13,448,058 20.0 %
Outpatient Medical1,829,792 2.5 %3,322,225 4.9 %
Non-segment/Corporate5,432,382 7.4 %8,540,264 12.7 %
Total$73,711,333 100.0 %$67,303,047 100.0 %
The following table summarizes information for the reportable segments for the nine months ended September 30, 2026 (in thousands): 
Nine Months Ended September 30, 2026
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Resident fees and services$8,886,963 $— $— $— $8,886,963 
Rental income— 1,250,493 151,730 — 1,402,223 
Interest income— 8,077 — 223,472 231,549 
Other income10,052 456 2,721 78,325 91,554 
Total revenues8,897,015 1,259,026 154,451 301,797 10,612,289 
Property operating expenses6,370,829 21,355 30,514 28,871 6,451,569 
Consolidated net operating income (loss)$2,526,186 $1,237,671 $123,937 $272,926 4,160,720 
Depreciation and amortization2,067,302 
Interest expense567,284 
General and administrative expenses202,129 
Loss (gain) on extinguishment of debt, net9,533 
Provision for loan losses, net4,045 
Impairment of assets64,052 
Other expenses242,754 
Income (loss) from continuing operations before income taxes and other items1,003,621 
Income tax (expense) benefit43,230 
Income (loss) from unconsolidated entities(50,344)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net633,615 
Income (loss) from continuing operations1,630,122 
Net income (loss)$1,630,122 
The following table summarizes significant expense categories by segment for the nine months ended September 30, 2026 (in thousands):
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Compensation$3,974,553 $39 $6,444 $— $3,981,036 
Utilities351,658 162 5,034 — 356,854 
Food330,039 — — — 330,039 
Repairs and maintenance250,987 241 4,648 — 255,876 
Property taxes228,447 16,197 8,210 — 252,854 
Other segment expenses(1)
1,235,145 4,716 6,178 28,871 1,274,910 
Total property operating expenses$6,370,829 $21,355 $30,514 $28,871 $6,451,569 
(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.
The following table summarizes information for the reportable segments for the nine months ended September 30, 2025 (in thousands): 
Nine Months Ended September 30, 2025
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Resident fees and services$5,896,944 $— $— $— $5,896,944 
Rental income— 812,435 631,647 — 1,444,082 
Interest income— 2,111 — 189,652 191,763 
Other income7,160 875 6,352 109,847 124,234 
Total revenues5,904,104 815,421 637,999 299,499 7,657,023 
Property operating expenses4,322,176 25,697 190,759 15,517 4,554,149 
Consolidated net operating income (loss)$1,581,928 $789,724 $447,240 $283,982 3,102,874 
Depreciation and amortization1,490,717 
Interest expense448,171 
General and administrative expenses191,057 
Loss (gain) on derivatives and financial
instruments, net		28,063 
Loss (gain) on extinguishment of debt, net6,156 
Provision for loan losses, net(2,032)
Impairment of assets75,359 
Other expenses75,357 
Income (loss) from continuing operations before income taxes and other items790,026 
Income tax (expense) benefit2,131 
Income (loss) from unconsolidated entities(18,739)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net70,652 
Income (loss) from continuing operations844,070 
Net income (loss)$844,070 

The following table summarizes significant expense categories by segment for the nine months ended September 30, 2025 (in thousands):
Seniors Housing OperatingTriple-netOutpatient MedicalNon-segment/CorporateTotal
Compensation$2,565,808 $60 $42,992 $— $2,608,860 
Utilities259,279 292 41,742 — 301,313 
Food229,818 — — — 229,818 
Repairs and maintenance168,715 80 33,220 — 202,015 
Property taxes192,705 17,869 53,008 — 263,582 
Other segment expenses(1)
905,851 7,396 19,797 15,517 948,561 
Total property operating expenses$4,322,176 $25,697 $190,759 $15,517 $4,554,149 
(1) Other segment expenses for Seniors Housing Operating include management fees, insurance expense, marketing, supplies, other miscellaneous expenses and right of use asset amortization for properties subject to lease. Triple-net other segment expenses include right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Outpatient Medical other segment expenses include insurance expense, right of use asset amortization for properties subject to ground leases and other miscellaneous expenses. Non-segment/Corporate other segment expenses primarily represent insurance costs related to our captive insurance program.
Our portfolio of properties and other investments is located in the United States, the United Kingdom and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for the periods presented (dollars in thousands): 
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Revenues:Amount%Amount%Amount%Amount%
United States$2,263,412 60.9 %$2,044,666 76.1 %$6,462,523 60.9 %$5,878,406 76.8 %
United Kingdom1,157,782 31.2 %448,018 16.7 %3,367,898 31.7 %1,240,334 16.2 %
Canada294,583 7.9 %193,008 7.2 %781,868 7.4 %538,283 7.0 %
Total$3,715,777 100.0 %$2,685,692 100.0 %$10,612,289 100.0 %$7,657,023 100.0 %
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Resident Fees and Services:Amount%Amount%Amount%Amount%
United States$1,809,855 58.0 %$1,499,789 72.8 %$5,149,432 57.9 %$4,340,445 73.6 %
United Kingdom1,023,522 32.8 %388,021 18.8 %2,983,501 33.6 %1,066,789 18.1 %
Canada287,764 9.2 %173,560 8.4 %754,030 8.5 %489,710 8.3 %
Total$3,121,141 100.0 %$2,061,370 100.0 %$8,886,963 100.0 %$5,896,944 100.0 %
As of
September 30, 2026December 31, 2025
Assets:Amount%Amount%
United States$47,213,396 64.1 %$43,536,068 64.7 %
United Kingdom18,288,356 24.8 %18,056,095 26.8 %
Canada8,209,581 11.1 %5,710,884 8.5 %
Total$73,711,333 100.0 %$67,303,047 100.0 %