v3.26.3
SEGMENT INFORMATION - Income Statement (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues        
Rental income $ 362,723 $ 386,250 $ 1,069,359 $ 1,137,198
Income from loans and investments 12,165 5,524 22,866 14,243
Interest and other income 1,961 4,184 6,238 13,133
Revenues 1,831,791 1,488,996 5,218,349 4,267,963
Less:        
Interest and other income 1,961 4,184 6,238 13,133
Labor 571,830 442,551 1,625,102 1,255,387
Management fees 76,389 56,978 216,938 162,010
Other segment expenses 456,343 368,869 1,304,978 1,060,154
Property-level operating expenses 1,104,562 868,398 3,147,018 2,477,551
Third-party capital management expenses     5,333 4,969
NOI 723,474 614,897 2,059,760 1,772,310
Interest and other income 1,961 4,184 6,238 13,133
Interest expense (161,388) (158,124) (477,564) (457,778)
Depreciation and amortization (446,013) (357,173) (1,236,192) (1,026,417)
General, administrative and professional fees (47,698) (40,387) (157,430) (136,392)
Loss on extinguishment of debt, net (14) (119) (546) (119)
Transaction, transition and restructuring costs (7,872) (5,472) (28,009) (16,081)
Other expense (9,821) (13,370) (23,975) (20,621)
Income (loss) from unconsolidated entities (5,464) 16,644 (20,626) 12,195
Gain on real estate dispositions 815 1,283 16,037 35,268
Income tax expense (benefit) (19,301) (6,345) (60,856) (13,028)
Net income 67,281 68,708 198,549 188,526
Net income attributable to noncontrolling interests 1,901 2,661 6,687 7,347
Net income attributable to common stockholders 65,380 66,047 191,862 181,179
Resident fees and services        
Revenues        
Resident fees and services 1,450,802 1,088,546 4,107,090 3,090,164
Third-party capital management expenses        
Revenues        
Other revenues 4,140 4,492 12,796 13,225
Less:        
Third-party capital management expenses 1,794 1,517 5,333 4,969
Operating Segments | SHOP        
Revenues        
Rental income 0 0 0 0
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 1,450,802 1,088,546 4,107,090 3,090,164
Less:        
Interest and other income 0 0 0 0
Labor 571,830 442,551 1,625,102 1,255,387
Management fees 76,389 56,978 216,938 162,010
Other segment expenses 372,613 286,721 1,057,123 819,555
Property-level operating expenses 1,020,832 786,250 2,899,163 2,236,952
Third-party capital management expenses     0 0
NOI 429,970 302,296 1,207,927 853,212
Interest and other income 0 0 0 0
Operating Segments | SHOP | Resident fees and services        
Revenues        
Resident fees and services 1,450,802 1,088,546 4,107,090 3,090,164
Operating Segments | SHOP | Third-party capital management expenses        
Revenues        
Other revenues 0 0 0 0
Less:        
Third-party capital management expenses 0 0    
Operating Segments | OM&R        
Revenues        
Rental income 233,239 226,200 691,948 668,333
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 233,962 226,881 694,179 670,367
Less:        
Interest and other income 0 0 0 0
Labor 0 0 0 0
Management fees 0 0 0 0
Other segment expenses 80,529 79,136 238,611 230,094
Property-level operating expenses 80,529 79,136 238,611 230,094
Third-party capital management expenses     0 0
NOI 153,433 147,745 455,568 440,273
Interest and other income 0 0 0 0
Operating Segments | OM&R | Resident fees and services        
Revenues        
Resident fees and services 0 0 0 0
Operating Segments | OM&R | Third-party capital management expenses        
Revenues        
Other revenues 723 681 2,231 2,034
Less:        
Third-party capital management expenses 0 0    
Operating Segments | NNN        
Revenues        
Rental income 129,484 160,050 377,411 468,865
Income from loans and investments 0 0 0 0
Interest and other income 0 0 0 0
Revenues 129,484 160,050 377,411 468,865
Less:        
Interest and other income 0 0 0 0
Labor 0 0 0 0
Management fees 0 0 0 0
Other segment expenses 3,201 3,012 9,244 10,505
Property-level operating expenses 3,201 3,012 9,244 10,505
Third-party capital management expenses     0 0
NOI 126,283 157,038 368,167 458,360
Interest and other income 0 0 0 0
Operating Segments | NNN | Resident fees and services        
Revenues        
Resident fees and services 0 0 0 0
Operating Segments | NNN | Third-party capital management expenses        
Revenues        
Other revenues 0 0 0 0
Less:        
Third-party capital management expenses 0 0    
Non-Segment        
Revenues        
Rental income 0 0 0 0
Income from loans and investments 12,165 5,524 22,866 14,243
Interest and other income 1,961 4,184 6,238 13,133
Revenues 17,543 13,519 39,669 38,567
Less:        
Interest and other income 1,961 4,184 6,238 13,133
Labor 0 0 0 0
Management fees 0 0 0 0
Other segment expenses 0 0 0 0
Property-level operating expenses 0 0 0 0
Third-party capital management expenses       4,969
NOI 13,788 7,818 28,098 20,465
Interest and other income 1,961 4,184 6,238 13,133
Non-Segment | Resident fees and services        
Revenues        
Resident fees and services 0 0 0 0
Non-Segment | Third-party capital management expenses        
Revenues        
Other revenues 3,417 3,811 10,565 $ 11,191
Less:        
Third-party capital management expenses $ 1,794 $ 1,517 $ 5,333