v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The tables below present information about our segments:
Three Months EndedThree Months Ended
 March 31, 2026March 31, 2025
Medical OfficeMedical Office
andand
Life ScienceLife Science
 
SHOP
PortfolioTotalSHOPPortfolioTotal
Revenues:   
Rental income$— $41,895 $41,895 $— $49,763 $49,763 
Residents fees and services317,225 — 317,225 328,306 — 328,306 
Total segment revenues317,225 41,895 359,120 328,306 49,763 378,069 
Reconciliation of revenue:
Other revenue (1)
7,351 8,795 
Total revenues366,471 386,864 
Less:   
Senior living labor and benefits151,262 — 151,262 162,404 — 162,404 
Dietary19,389 — 19,389 20,246 — 20,246 
Utilities19,191 2,763 21,954 19,578 3,602 23,180 
Real estate taxes11,296 4,508 15,804 12,070 5,834 17,904 
Insurance10,396 440 10,836 10,313 621 10,934 
Other operating expenses (2)
62,065 9,120 71,185 66,867 12,850 79,717 
Interest expense6,557 2,231 8,788 66 2,253 2,319 
Depreciation and amortization46,865 13,519 60,384 48,635 17,321 65,956 
Other segment items (3)
1,260 (150)1,110 (8,786)26,018 17,232 
Segment (loss) income(11,056)9,464 (1,592)(3,087)(18,736)(21,823)
Reconciliation of segment (loss) income:
Other income (1)
4,694 6,485 
General and administrative(14,038)(9,000)
Acquisition and certain other transaction related costs(3,693)(24)
Gain on sale of real estate— 97,560 
Interest and other income233 2,099 
Interest expense(28,257)(55,512)
Loss on modification or early extinguishment of debt— (29,071)
Income tax expense(622)(49)
Equity in net earnings of an investee— 349 
Net loss$(43,275)$(8,986)
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of real estate, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees, interest and other income and gain on insurance recoveries, as applicable.
As of
Assets: (1)
March 31, 2026December 31, 2025
SHOP$2,774,342 $2,867,025 
Medical Office and Life Science Portfolio1,185,976 1,192,731 
All Other307,234 301,494 
Total assets$4,267,552 $4,361,250 
(1)See Note 3 for further information regarding additions to long-lived assets.