Segment Reporting

3 Months Ended

Mar. 31, 2019

As of March 31, 2019, we have four operating segments, of which three are separate reporting segments. We aggregate the reporting units in each of our MOBs, our triple net leased senior living communities and our managed senior living communities into three reporting segments, based on their similar operating and economic characteristics. The first reporting segment includes MOBs where the tenants pay us rent. The second reporting segment includes triple net leased senior living communities that provide short term and long term residential care and other services for residents and from which we receive rents from the operators. The third reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents where we pay fees to the operator to manage the communities for our account. Our fourth segment includes all of our other operations, including certain properties that offer wellness, fitness and spa services to members and with respect to which we receive rents from operators, which we do not consider to be sufficiently material to constitute a separate reporting segment.



	For the Three Months Ended March 31, 2019
	MOBs			Triple Net Leased Senior Living Communities			Managed Senior Living Communities			All Other Operations			Consolidated
Revenues:
Rental income	$	103,221		$	50,320		$	—		$	4,700		$	158,241
Residents fees and services	—			—			108,045			—			108,045
Total revenues	103,221			50,320			108,045			4,700			266,286

Expenses:
Property operating expenses	32,177			—			85,045			—			117,222
Depreciation and amortization	36,101			19,422			15,760			947			72,230
General and administrative	—			—			—			9,816			9,816
Acquisition and certain other transaction related costs	—			—			—			7,814			7,814
Impairment of assets	—			6,206			—			—			6,206
Total expenses	68,278			25,628			100,805			18,577			213,288

Loss on sale of properties	(122		)	—			—			—			(122		)
Dividend income	—			—			—			923			923
Unrealized gains on equity securities	—			—			—			22,932			22,932
Interest and other income	—			—			—			114			114
Interest expense	(6,030		)	(238		)	(820		)	(38,523		)	(45,611		)
Income (loss) from continuing operations before income tax expense and equity in earnings of an investee	28,791			24,454			6,420			(28,431		)	31,234
Income tax expense	—			—			—			(134		)	(134		)
Equity in earnings of an investee	—			—			—			404			404
Net income (loss)	28,791			24,454			6,420			(28,161		)	31,504
Net income attributable to noncontrolling interest	(1,422		)	—			—			—			(1,422		)
Net income (loss) attributable to common shareholders	$	27,369		$	24,454		$	6,420		$	(28,161	)	$	30,082



	As of March 31, 2019
	MOBs		Triple Net Leased Senior Living Communities		Managed Senior Living Communities		All Other Operations		Consolidated
Total assets	$	3,325,184	$	2,030,946	$	1,388,949	$	400,821	$	7,145,900



	For the Three Months Ended March 31, 2018
	MOBs			Triple Net Leased Senior Living Communities			Managed Senior Living Communities			All Other Operations			Consolidated
Revenues:
Rental income	$	101,151		$	67,975		$	—		$	4,602		$	173,728
Residents fees and services	—			—			102,042			—			102,042
Total revenues	101,151			67,975			102,042			4,602			275,770

Expenses:
Property operating expenses	30,938			—			77,160			—			108,098
Depreciation and amortization	34,385			20,195			14,811			948			70,339
General and administrative	—			—			—			25,118			25,118
Acquisition and certain other transaction related costs	—			—			—			20			20
Total expenses	65,323			20,195			91,971			26,086			203,575

Gain on sale of properties	—			181,154			—			—			181,154
Dividend income	—			—			—			659			659
Unrealized gains and losses on equity securities, net	—			—			—			27,241			27,241
Interest and other income	—			—			—			54			54
Interest expense	(5,909		)	(571		)	(1,327		)	(35,745		)	(43,552		)
Loss on early extinguishment of debt	—			—			(130		)	—			(130		)
Income (loss) from continuing operations before income tax expense and equity in earnings of an investee	29,919			228,363			8,614			(29,275		)	237,621
Income tax expense	—			—			—			(260		)	(260		)
Equity in earnings of an investee	—			—			—			44			44
Net income (loss)	29,919			228,363			8,614			(29,491		)	237,405
Net income attributable to noncontrolling interest	(1,383		)	—			—			—			(1,383		)
Net income (loss) attributable to common shareholders	$	28,536		$	228,363		$	8,614		$	(29,491	)	$	236,022



	As of December 31, 2018
	MOBs		Triple Net Leased Senior Living Communities		Managed Senior Living Communities		All Other Operations		Consolidated
Total assets	$	3,344,581	$	2,044,939	$	1,395,657	$	375,249	$	7,160,426