DESCRIPTION OF BUSINESS (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reportable Business Segments And Non-Segment Assets

The following table summarizes information for our portfolio for the three months ended March 31, 2026 (dollars in thousands):


Segment	NOI (1)		Percentage of Total NOI		Segment Properties
Senior housing operating portfolio (SHOP)	$	374,458	57.5	%	783
Outpatient medical and research portfolio (OM&R)	150,603		23.1		407
Triple-net leased properties (NNN)	120,170		18.5		200
Non-segment (2)	5,847		0.9		n/a
	$	651,078	100.0	%	1,390

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(1) Net Operating Income (“NOI”) is defined as total revenues, less interest and other income, property-level operating expenses and third-party capital management expenses. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and a reconciliation to Net income attributable to common stockholders, as computed in accordance with U.S. generally accepted accounting principles (“GAAP”), to NOI.

(2) NOI for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable segments.

n/a—not applicable