SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 15—SEGMENT INFORMATION

As of June 30, 2021, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. In our triple-net leased properties segment, we invest in and own senior housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in senior housing communities throughout the United States and Canada and engage independent operators, such as Atria and Sunrise, to manage those communities. In our office operations segment, we primarily acquire, own, develop, lease and manage MOBs and life science, research and innovation centers throughout the United States. Information provided for “all other” includes income from loans and investments and other miscellaneous income and various corporate-level expenses not directly attributable to any of our three reportable business segments. Assets included in “all other” consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments, and miscellaneous accounts receivable.

Our chief operating decision makers evaluate performance of the combined properties in each reportable business segment and determine how to allocate resources to those segments, in significant part, based on segment NOI and related measures. We define segment NOI as total revenues, less interest and other income, property-level operating expenses and office building services costs. We consider segment NOI useful because it allows investors, analysts and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies between periods on a consistent basis. In order to facilitate a clear understanding of our historical consolidated operating results, segment NOI should be examined in conjunction with net income attributable to common stockholders as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q.

Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers.

Summary information by reportable business segment is as follows:

	For the Three Months Ended June 30, 2021
	Triple-Net Leased Properties		Senior Living Operations		Office Operations		All Other		Total
	(In thousands)
Revenues:
Rental income	$	159,223	$	—	$	200,388	$	—	$	359,611
Resident fees and services	—		535,952		—		—		535,952
Office building and other services revenue	—		—		2,540		2,841		5,381
Income from loans and investments	—		—		—		17,665		17,665
Interest and other income	—		—		—		585		585
Total revenues	$	159,223	$	535,952	$	202,928	$	21,091	$	919,194
Total revenues	$	159,223	$	535,952	$	202,928	$	21,091	$	919,194
Less:
Interest and other income	—		—		—		585		585
Property-level operating expenses	4,432		424,813		64,950		—		494,195
Office building services costs	—		—		658		—		658
Segment NOI	$	154,791	$	111,139	$	137,320	$	20,506	423,756
Interest and other income									585
Interest expense									(110,051)
Depreciation and amortization									(250,700)
General, administrative and professional fees									(30,588)
Gain on extinguishment of debt, net									74
Merger-related expenses and deal costs									(721)
Allowance on loans receivable and investments									59
Other									13,490
Income from unconsolidated entities									4,767
Gain on real estate dispositions									41,258
Income tax expense									(3,641)
Income from continuing operations									88,288
Net income									88,288
Net income attributable to noncontrolling interests									1,897
Net income attributable to common stockholders									$	86,391

	For the Three Months Ended June 30, 2020
	Triple-Net Leased Properties		Senior Living Operations		Office Operations		All Other		Total
	(In thousands)
Revenues:
Rental income	$	176,240	$	—	$	192,925	$	—	$	369,165
Resident fees and services	—		549,329		—		—		549,329
Office building and other services revenue	—		—		2,257		1,416		3,673
Income from loans and investments	—		—		—		19,491		19,491
Interest and other income	—		—		—		1,540		1,540
Total revenues	$	176,240	$	549,329	$	195,182	$	22,447	$	943,198
Total revenues	$	176,240	$	549,329	$	195,182	$	22,447	$	943,198
Less:
Interest and other income	—		—		—		1,540		1,540
Property-level operating expenses	5,275		432,578		60,752		—		498,605
Office building services costs	—		—		543		—		543
Segment NOI	$	170,965	$	116,751	$	133,887	$	20,907	442,510
Interest and other income									1,540
Interest expense									(123,132)
Depreciation and amortization									(349,594)
General, administrative and professional fees									(28,080)
Merger-related expenses and deal costs									(6,586)
Allowance on loans receivable and investments									(29,655)
Other									(5,286)
Loss from unconsolidated entities									(5,850)
Gain on real estate dispositions									1,254
Income tax expense									(56,356)
Loss from continuing operations									(159,235)
Net loss									(159,235)
Net loss attributable to noncontrolling interests									(2,065)
Net loss attributable to common stockholders									$	(157,170)