
	Year ended December 31, 2025
	SHOP		OMF		Total
Revenue from tenants	$	225,221	$	117,058	$	342,279
Less:
Compensation related expenses (1)	107,589		—		107,589
Other segment expenses (2)	75,051		36,258		111,309
Property operating and maintenance	182,640		36,258		218,898
NOI	$	42,581	$	80,800	123,381
Impairment charges					(44,914)


Acquisition and transaction related					(516)
General and administrative					(24,190)
Depreciation and amortization					(78,261)
Gain on sale of real estate investments					27,800
Interest expense					(61,281)
Interest and other income					272
Loss on non-designated derivatives					(72)
Gain on extinguishment of debt					257
Loss before income taxes					(57,524)
Income tax expense					(161)
Net loss					(57,685)
Net loss attributable to non-controlling interests					64
Allocation for preferred stock					(13,446)
Net loss attributable to common stockholders					$	(71,067)

(2) For SHOP segment, other segment expenses include costs incurred for supplies, management fees and overhead. The expense details for the OMF segment provided to the CODM primarily consist of reimbursable expenses which are largely recoverable from our tenants. As such, the CODM focuses on monitoring NOI to evaluate performance as a significant portion of the property-level operating expenses is recovered from tenants.


	Year ended December 31, 2024
	SHOP		OMF		Total
Revenue from tenants	$	216,477	$	137,317	$	353,794
Less:
Compensation related expenses (1)	110,389		—		110,389
Other segment expenses (2)	71,558		39,505		111,063
Property operating and maintenance	181,947		39,505		221,452
NOI	$	34,530	$	97,812	132,342
Impairment charges					(24,881)
Operating fees to related parties					(19,203)
Termination fees to related parties					(106,650)
Acquisition and transaction related					(7,949)
General and administrative					(22,440)
Depreciation and amortization					(84,067)
Gain on sale of real estate investments					9,307
Interest expense					(69,447)
Interest and other income					1,051
Gain on non-designated derivatives					1,544
Gain on extinguishment of debt					392
Loss before income taxes					(190,001)
Income tax expense					(262)
Net loss					(190,263)
Net loss attributable to non-controlling interests					567
Allocation for preferred stock					(13,799)
Net loss attributable to common stockholders					$	(203,495)


	Year ended December 31, 2023
	SHOP		OMF		Total
Revenue from tenants	$	210,476	$	135,449	$	345,925
Less: Property operating and maintenance
Less:
Compensation related expenses (1)	109,281		—		109,281
Other segment expenses (2)	70,557		37,954		108,511
Property operating and maintenance	179,838		37,954		217,792
NOI	$	30,638	$	97,495	128,133
Impairment charges					(4,676)
Operating fees to related parties					(25,527)
Termination fees to related parties					—
Acquisition and transaction related					(545)
General and administrative					(18,928)
Depreciation and amortization					(82,873)
Loss on sale of real estate investments					(322)
Interest expense					(66,078)
Interest and other income					734
Loss on non-designated derivatives					(1,995)
Loss before income taxes					(72,077)
Income tax expense					(303)
Net loss					(72,380)
Net loss attributable to non-controlling interests					82
Allocation for preferred stock					(13,799)
Net loss attributable to common stockholders					$	(86,097)