| Summary information by reportable business segment |
Summary information by reportable segment is as follows (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, 2026 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 233,239 | | | $ | 129,484 | | | $ | — | | | $ | 362,723 | | Resident fees and services | 1,450,802 | | | — | | | — | | | — | | | 1,450,802 | | Third-party capital management revenues | — | | | 723 | | | — | | 3,417 | | | 4,140 | | Income from loans and investments | — | | | — | | | — | | | 12,165 | | | 12,165 | | Interest and other income | — | | | — | | | — | | | 1,961 | | | 1,961 | | Total revenues | $ | 1,450,802 | | | $ | 233,962 | | | $ | 129,484 | | | $ | 17,543 | | | $ | 1,831,791 | | | | | | | | | | | | Total revenues | $ | 1,450,802 | | | $ | 233,962 | | | $ | 129,484 | | | $ | 17,543 | | | $ | 1,831,791 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 1,961 | | | 1,961 | | Labor (1) | 571,830 | | | — | | | — | | | — | | | 571,830 | | Management fees | 76,389 | | | — | | | — | | | — | | | 76,389 | | Other segment expenses (2) | 372,613 | | | 80,529 | | | 3,201 | | | — | | | 456,343 | | Property-level operating expenses | 1,020,832 | | | 80,529 | | | 3,201 | | | — | | | 1,104,562 | | Third-party capital management expenses | — | | | — | | | — | | | 1,794 | | 1,794 | | NOI | $ | 429,970 | | | $ | 153,433 | | | $ | 126,283 | | | $ | 13,788 | | | 723,474 | | Interest and other income | | | | | | | | | 1,961 | | Interest expense | | | | | | | | | (161,388) | | Depreciation and amortization | | | | | | | | | (446,013) | | General, administrative and professional fees | | | | | | | | | (47,698) | | Loss on extinguishment of debt, net | | | | | | | | | (14) | | Transaction, transition and restructuring costs | | | | | | | | | (7,872) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (9,821) | | Loss from unconsolidated entities | | | | | | | | | (5,464) | | Gain on real estate dispositions | | | | | | | | | 815 | | Income tax benefit | | | | | | | | | 19,301 | | Net income | | | | | | | | | 67,281 | | Net income attributable to noncontrolling interests | | | | | | | | | 1,901 | | Net income attributable to common stockholders | | | | | | | | | $ | 65,380 | |
______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: •SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. •OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. •NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, 2025 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 226,200 | | | $ | 160,050 | | | $ | — | | | $ | 386,250 | | Resident fees and services | 1,088,546 | | | — | | | — | | | — | | | 1,088,546 | | Third-party capital management revenues | — | | | 681 | | | — | | | 3,811 | | | 4,492 | | Income from loans and investments | — | | | — | | | — | | | 5,524 | | | 5,524 | | Interest and other income | — | | | — | | | — | | | 4,184 | | | 4,184 | | Total revenues | $ | 1,088,546 | | | $ | 226,881 | | | $ | 160,050 | | | $ | 13,519 | | | $ | 1,488,996 | | | | | | | | | | | | Total revenues | $ | 1,088,546 | | | $ | 226,881 | | | $ | 160,050 | | | $ | 13,519 | | | $ | 1,488,996 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 4,184 | | | 4,184 | | Labor (1) | 442,551 | | | — | | | — | | | — | | | 442,551 | | Management fees | 56,978 | | | — | | | — | | | — | | | 56,978 | | Other segment expenses (2) | 286,721 | | | 79,136 | | | 3,012 | | | — | | | 368,869 | | Property-level operating expenses | 786,250 | | | 79,136 | | | 3,012 | | | — | | | 868,398 | | Third-party capital management expenses | — | | | — | | | — | | | 1,517 | | | 1,517 | | NOI | $ | 302,296 | | | $ | 147,745 | | | $ | 157,038 | | | $ | 7,818 | | | 614,897 | | Interest and other income | | | | | | | | | 4,184 | | Interest expense | | | | | | | | | (158,124) | | Depreciation and amortization | | | | | | | | | (357,173) | | General, administrative and professional fees | | | | | | | | | (40,387) | | Loss on extinguishment of debt, net | | | | | | | | | (119) | | Transaction, transition and restructuring costs | | | | | | | | | (5,472) | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (13,370) | | Income from unconsolidated entities | | | | | | | | | 16,644 | | Gain on real estate dispositions | | | | | | | | | 1,283 | | Income tax benefit | | | | | | | | | 6,345 | | Net income | | | | | | | | | 68,708 | | Net income attributable to noncontrolling interests | | | | | | | | | 2,661 | | Net income attributable to common stockholders | | | | | | | | | $ | 66,047 | |
______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: •SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. •OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. •NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Nine Months Ended September 30, 2026 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 691,948 | | | $ | 377,411 | | | $ | — | | | $ | 1,069,359 | | Resident fees and services | 4,107,090 | | | — | | | — | | | — | | | 4,107,090 | | Third-party capital management revenues | — | | | 2,231 | | | — | | | 10,565 | | | 12,796 | | Income from loans and investments | — | | | — | | | — | | | 22,866 | | | 22,866 | | Interest and other income | — | | | — | | | — | | | 6,238 | | | 6,238 | | Total revenues | $ | 4,107,090 | | | $ | 694,179 | | | $ | 377,411 | | | $ | 39,669 | | | $ | 5,218,349 | | | | | | | | | | | | Total revenues | $ | 4,107,090 | | | $ | 694,179 | | | $ | 377,411 | | | $ | 39,669 | | | $ | 5,218,349 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 6,238 | | | 6,238 | | Labor (1) | 1,625,102 | | | — | | | — | | | — | | | 1,625,102 | | Management fees | 216,938 | | | — | | | — | | | — | | | 216,938 | | Other segment expenses (2) | 1,057,123 | | | 238,611 | | | 9,244 | | | — | | | 1,304,978 | | Property-level operating expenses | 2,899,163 | | | 238,611 | | | 9,244 | | | — | | | 3,147,018 | | Third-party capital management expenses | — | | | — | | | — | | | 5,333 | | | 5,333 | | NOI | $ | 1,207,927 | | | $ | 455,568 | | | $ | 368,167 | | | $ | 28,098 | | | 2,059,760 | | Interest and other income | | | | | | | | | 6,238 | | Interest expense | | | | | | | | | (477,564) | | Depreciation and amortization | | | | | | | | | (1,236,192) | | General, administrative and professional fees | | | | | | | | | (157,430) | | Loss on extinguishment of debt, net | | | | | | | | | (546) | | Transaction, transition and restructuring costs | | | | | | | | | (28,009) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (23,975) | | Loss from unconsolidated entities | | | | | | | | | (20,626) | | Gain on real estate dispositions | | | | | | | | | 16,037 | | Income tax benefit | | | | | | | | | 60,856 | | Net income | | | | | | | | | 198,549 | | Net income attributable to noncontrolling interests | | | | | | | | | 6,687 | | Net income attributable to common stockholders | | | | | | | | | $ | 191,862 | |
______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: •SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. •OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. •NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Nine Months Ended September 30, 2025 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 668,333 | | | $ | 468,865 | | | $ | — | | | $ | 1,137,198 | | Resident fees and services | 3,090,164 | | | — | | | — | | | — | | | 3,090,164 | | Third-party capital management revenues | — | | | 2,034 | | | — | | | 11,191 | | | 13,225 | | Income from loans and investments | — | | | — | | | — | | | 14,243 | | | 14,243 | | Interest and other income | — | | | — | | | — | | | 13,133 | | | 13,133 | | Total revenues | $ | 3,090,164 | | | $ | 670,367 | | | $ | 468,865 | | | $ | 38,567 | | | $ | 4,267,963 | | | | | | | | | | | | Total revenues | $ | 3,090,164 | | | $ | 670,367 | | | $ | 468,865 | | | $ | 38,567 | | | $ | 4,267,963 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 13,133 | | | 13,133 | | Labor (1) | 1,255,387 | | | — | | | — | | | — | | | 1,255,387 | | Management fees | 162,010 | | | — | | | — | | | — | | | 162,010 | | Other segment expenses (2) | 819,555 | | | 230,094 | | | 10,505 | | | — | | | 1,060,154 | | Property-level operating expenses | 2,236,952 | | | 230,094 | | | 10,505 | | | — | | | 2,477,551 | | Third-party capital management expenses | — | | | — | | | — | | | 4,969 | | | 4,969 | | NOI | $ | 853,212 | | | $ | 440,273 | | | $ | 458,360 | | | $ | 20,465 | | | 1,772,310 | | Interest and other income | | | | | | | | | 13,133 | | Interest expense | | | | | | | | | (457,778) | | Depreciation and amortization | | | | | | | | | (1,026,417) | | General, administrative and professional fees | | | | | | | | | (136,392) | | Loss on extinguishment of debt, net | | | | | | | | | (119) | | Transaction, transition and restructuring costs | | | | | | | | | (16,081) | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (20,621) | | Income from unconsolidated entities | | | | | | | | | 12,195 | | Gain on real estate dispositions | | | | | | | | | 35,268 | | Income tax benefit | | | | | | | | | 13,028 | | Net income | | | | | | | | | 188,526 | | Net income attributable to noncontrolling interests | | | | | | | | | 7,347 | | Net income attributable to common stockholders | | | | | | | | | $ | 181,179 | |
______________________________ (1) Labor expense primarily includes salaries, benefits and related taxes. (2) Other segment expenses include: •SHOP — food, utilities, real estate taxes, insurance, repairs and maintenance, marketing, supplies and other expenses. •OM&R — utilities, real estate taxes, insurance, repairs and maintenance, cleaning, roads and grounds expense and other expenses. •NNN — real estate taxes and insurance. The CODM does not regularly receive significant expense details for the OM&R or the NNN segments and focuses on monitoring revenues and NOI because a significant majority or all of the property-level operating expenses are recovered from the tenants.
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