Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2026

Summary Information for Reportable Segments

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 Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
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 income	3,960		172		811		17,801		22,744
Total revenues	3,125,101		452,073		37,551		101,052		3,715,777

Property operating expenses	2,227,359		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 amortization									706,786
Interest expense									192,655
General and administrative expenses									67,169

Loss (gain) on extinguishment of debt, net									6,822
Provision for loan losses, net									230
Impairment of assets									33,452
Other expenses									124,687
Income (loss) from continuing operations before income taxes and other items									337,950
Income tax (expense) benefit									(7,116)
Income (loss) from unconsolidated entities									(30,689)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net									114,678
Income (loss) from continuing operations									414,823
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 Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Compensation	$	1,388,118	$	11	$	1,362	$	—	$	1,389,491
Utilities	121,644		60		999		—		122,703
Food	116,792		—		—		—		116,792
Repairs and maintenance	87,771		51		572		—		88,394
Property taxes	79,760		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 Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
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 income	2,248		284		2,050		53,049		57,631
Total revenues	2,063,618		286,637		215,172		120,265		2,685,692

Property operating expenses	1,499,215		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 amortization									509,812
Interest expense									162,052
General and administrative expenses									63,124
Loss (gain) on derivatives and financial instruments, net									31,682

Provision for loan losses, net									1,088
Impairment of assets									3,081
Other expenses									44,699
Income (loss) from continuing operations before income taxes and other items									293,106
Income tax (expense) benefit									(2,335)
Income (loss) from unconsolidated entities									(12,610)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net									4,025
Income (loss) from continuing operations									282,186
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 Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Compensation	$	888,672	$	28	$	14,452	$	—	$	903,152
Utilities	91,065		83		15,248		—		106,396
Food	80,626		—		—		—		80,626
Repairs and maintenance	60,925		34		10,842		—		71,801
Property taxes	66,160		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, 2026				December 31, 2025
Assets:	Amount		%		Amount		%
Seniors Housing Operating	$	51,578,575	70.0	%	$	41,992,500	62.4	%
Triple-net	14,870,584		20.2	%	13,448,058		20.0	%
Outpatient Medical	1,829,792		2.5	%	3,322,225		4.9	%
Non-segment/Corporate	5,432,382		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 Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
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 income	10,052		456		2,721		78,325		91,554
Total revenues	8,897,015		1,259,026		154,451		301,797		10,612,289

Property operating expenses	6,370,829		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 amortization									2,067,302
Interest expense									567,284
General and administrative expenses									202,129

Loss (gain) on extinguishment of debt, net									9,533
Provision for loan losses, net									4,045
Impairment of assets									64,052
Other expenses									242,754
Income (loss) from continuing operations before income taxes and other items									1,003,621
Income tax (expense) benefit									43,230
Income (loss) from unconsolidated entities									(50,344)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net									633,615
Income (loss) from continuing operations									1,630,122
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 Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Compensation	$	3,974,553	$	39	$	6,444	$	—	$	3,981,036
Utilities	351,658		162		5,034		—		356,854
Food	330,039		—		—		—		330,039
Repairs and maintenance	250,987		241		4,648		—		255,876
Property taxes	228,447		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 Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
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 income	7,160		875		6,352		109,847		124,234
Total revenues	5,904,104		815,421		637,999		299,499		7,657,023

Property operating expenses	4,322,176		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 amortization									1,490,717
Interest expense									448,171
General and administrative expenses									191,057
Loss (gain) on derivatives and financial instruments, net									28,063
Loss (gain) on extinguishment of debt, net									6,156
Provision for loan losses, net									(2,032)
Impairment of assets									75,359
Other expenses									75,357
Income (loss) from continuing operations before income taxes and other items									790,026
Income tax (expense) benefit									2,131
Income (loss) from unconsolidated entities									(18,739)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net									70,652
Income (loss) from continuing operations									844,070
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 Operating		Triple-net		Outpatient Medical		Non-segment/Corporate		Total
Compensation	$	2,565,808	$	60	$	42,992	$	—	$	2,608,860
Utilities	259,279		292		41,742		—		301,313
Food	229,818		—		—		—		229,818
Repairs and maintenance	168,715		80		33,220		—		202,015
Property taxes	192,705		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.

Summary of Geographic Information

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


	Three Months Ended								Nine Months Ended
	September 30, 2026				September 30, 2025				September 30, 2026				September 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 Kingdom	1,157,782		31.2	%	448,018		16.7	%	3,367,898		31.7	%	1,240,334		16.2	%
Canada	294,583		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 Ended								Nine Months Ended
	September 30, 2026				September 30, 2025				September 30, 2026				September 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 Kingdom	1,023,522		32.8	%	388,021		18.8	%	2,983,501		33.6	%	1,066,789		18.1	%
Canada	287,764		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, 2026				December 31, 2025
Assets:	Amount		%		Amount		%
United States	$	47,213,396	64.1	%	$	43,536,068	64.7	%
United Kingdom	18,288,356		24.8	%	18,056,095		26.8	%
Canada	8,209,581		11.1	%	5,710,884		8.5	%
Total	$	73,711,333	100.0	%	$	67,303,047	100.0	%

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details