| Summary information by reportable business segment |
Summary information by reportable segment is as follows (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended March 31, 2026 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 230,104 | | | $ | 123,071 | | | $ | — | | | $ | 353,175 | | Resident fees and services | 1,292,790 | | | — | | | — | | | — | | | 1,292,790 | | Third-party capital management revenues | — | | | 800 | | | — | | 3,611 | | | 4,411 | | Income from loans and investments | — | | | — | | | — | | | 4,069 | | | 4,069 | | Interest and other income | — | | | — | | | — | | | 2,499 | | | 2,499 | | Total revenues | $ | 1,292,790 | | | $ | 230,904 | | | $ | 123,071 | | | $ | 10,179 | | | $ | 1,656,944 | | | | | | | | | | | | Total revenues | $ | 1,292,790 | | | $ | 230,904 | | | $ | 123,071 | | | $ | 10,179 | | | $ | 1,656,944 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 2,499 | | | 2,499 | | Labor (1) | 513,961 | | | — | | | — | | | — | | | 513,961 | | Management fees | 67,563 | | | — | | | — | | | — | | | 67,563 | | Other segment expenses (2) | 336,808 | | | 80,301 | | | 2,901 | | | — | | | 420,010 | | Property-level operating expenses | 918,332 | | | 80,301 | | | 2,901 | | | — | | | 1,001,534 | | Third-party capital management expenses | — | | | — | | | — | | | 1,833 | | 1,833 | | NOI | $ | 374,458 | | | $ | 150,603 | | | $ | 120,170 | | | $ | 5,847 | | | 651,078 | | Interest and other income | | | | | | | | | 2,499 | | Interest expense | | | | | | | | | (156,142) | | Depreciation and amortization | | | | | | | | | (382,468) | | General, administrative and professional fees | | | | | | | | | (62,746) | | Loss on extinguishment of debt, net | | | | | | | | | (449) | | Transaction, transition and restructuring costs | | | | | | | | | (6,659) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (9,700) | | Loss from unconsolidated entities | | | | | | | | | (7,350) | | Gain on real estate dispositions | | | | | | | | | 15,046 | | Income tax benefit | | | | | | | | | 15,937 | | Net income | | | | | | | | | 59,046 | | Net income attributable to noncontrolling interests | | | | | | | | | 3,134 | | Net income attributable to common stockholders | | | | | | | | | $ | 55,912 | |
______________________________ (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 March 31, 2025 | | SHOP | | OM&R | | NNN | | Non-Segment | | Total | Revenues | | | | | | | | | | Rental income | $ | — | | | $ | 221,319 | | | $ | 156,113 | | | $ | — | | | $ | 377,432 | | Resident fees and services | 968,904 | | | — | | | — | | | — | | | 968,904 | | Third-party capital management revenues | — | | | 680 | | | — | | | 3,656 | | | 4,336 | | Income from loans and investments | — | | | — | | | — | | | 4,324 | | | 4,324 | | Interest and other income | — | | | — | | | — | | | 3,078 | | | 3,078 | | Total revenues | $ | 968,904 | | | $ | 221,999 | | | $ | 156,113 | | | $ | 11,058 | | | $ | 1,358,074 | | | | | | | | | | | | Total revenues | $ | 968,904 | | | $ | 221,999 | | | $ | 156,113 | | | $ | 11,058 | | | $ | 1,358,074 | | Less: | | | | | | | | | | Interest and other income | — | | | — | | | — | | | 3,078 | | | 3,078 | | Labor (1) | 392,624 | | | — | | | — | | | — | | | 392,624 | | Management fees | 50,611 | | | — | | | — | | | — | | | 50,611 | | Other segment expenses (2) | 261,165 | | | 75,957 | | | 3,527 | | | — | | | 340,649 | | Property-level operating expenses | 704,400 | | | 75,957 | | | 3,527 | | | — | | | 783,884 | | Third-party capital management expenses | — | | | — | | | — | | | 1,825 | | | 1,825 | | NOI | $ | 264,504 | | | $ | 146,042 | | | $ | 152,586 | | | $ | 6,155 | | | 569,287 | | Interest and other income | | | | | | | | | 3,078 | | Interest expense | | | | | | | | | (149,356) | | Depreciation and amortization | | | | | | | | | (321,525) | | General, administrative and professional fees | | | | | | | | | (53,149) | | | | | | | | | | | | Transaction, transition and restructuring costs | | | | | | | | | (5,982) | | | | | | | | | | | | | | | | | | | | | | Other expense | | | | | | | | | (1,412) | | Loss from unconsolidated entities | | | | | | | | | (3,311) | | Gain on real estate dispositions | | | | | | | | | 169 | | Income tax benefit | | | | | | | | | 10,557 | | Net income | | | | | | | | | 48,356 | | Net income attributable to noncontrolling interests | | | | | | | | | 1,488 | | Net income attributable to common stockholders | | | | | | | | | $ | 46,868 | |
______________________________ (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.
|