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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 15—SEGMENT INFORMATION

As of March 31, 2023, we operated through three reportable business segments: triple-net leased properties, SHOP and office operations. In our triple-net leased properties reportable business 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 SHOP reportable business 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 reportable business segment, we primarily acquire, own, develop, lease and manage MOBs and life science, research and innovation centers throughout the United States. Information provided for “non-segment” includes management fees and promote revenues, net of expenses related to our third-party institutional capital management business, income from loans and investments and various corporate-level expenses not directly attributable to any of our three reportable business segments. Assets included in “non-segment” consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments, and miscellaneous accounts receivable.

Our chief operating decision maker evaluates performance of the combined properties in each reportable business segment and determines how to allocate resources to those segments, in significant part, based on NOI and related measures for each segment. We define NOI as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses. We consider 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, 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. See “Non-GAAP Financial Measures” included elsewhere in this Quarterly Report on Form 10-Q for additional disclosure and reconciliations of net income attributable to common stockholders, as computed in accordance with GAAP, to NOI.

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 (dollars in thousands):
For the Three Months Ended March 31, 2023
SHOPOffice
Operations		Triple-Net
Leased
Properties		Non-SegmentTotal
Revenues:     
Rental income$— $203,004 $149,739 $— $352,743 
Resident fees and services704,993 — — — 704,993 
Third party capital management revenues— 628 — 3,549 4,177 
Income from loans and investments— — — 13,589 13,589 
Interest and other income— — — 1,743 1,743 
Total revenues$704,993 $203,632 $149,739 $18,881 $1,077,245 
Total revenues$704,993 $203,632 $149,739 $18,881 $1,077,245 
Less:     
Interest and other income— — — 1,743 1,743 
Property-level operating expenses537,222 66,913 3,796 — 607,931 
Third party capital management expenses— — — 1,7061,706 
NOI$167,771 $136,719 $145,943 $15,432 465,865 
Interest and other income    1,743 
Interest expense    (128,075)
Depreciation and amortization    (282,119)
General, administrative and professional fees    (44,798)
Transaction expenses and deal costs    (1,386)
Allowance on loans receivable and investments8,064 
Other    (7,762)
Loss from unconsolidated entities(5,623)
Gain on real estate dispositions10,201 
Income tax benefit    2,802 
Income from continuing operations    18,912 
Net income18,912 
Net income attributable to noncontrolling interests1,395 
Net income attributable to common stockholders$17,517 
For the Three Months Ended March 31, 2022
SHOPOffice
Operations		Triple-Net
Leased
Properties		Non-SegmentTotal
Revenues:     
Rental income$— $200,540 $151,561 $— $352,101 
Resident fees and services651,121 — — — 651,121 
Third party capital management revenues— 617 — 3,332 3,949 
Income from loans and investments— — — 9,847 9,847 
Interest and other income— — — 536 536 
Total revenues$651,121 $201,157 $151,561 $13,715 $1,017,554 
Total revenues$651,121 $201,157 $151,561 $13,715 $1,017,554 
Less:     
Interest and other income— — — 536 536 
Property-level operating expenses475,530 63,183 4,008 — 542,721 
Third party capital management expenses— — — 1,313 1,313 
NOI$175,591 $137,974 $147,553 $11,866 472,984 
Interest and other income    536 
Interest expense    (110,794)
Depreciation and amortization    (289,064)
General, administrative and professional fees    (42,998)
Transaction expenses and deal costs    (19,992)
Allowance on loans receivable and investments54 
Other    27,190 
Loss from unconsolidated entities(4,269)
Gain on real estate dispositions2,455 
Income tax benefit    4,490 
Income from continuing operations    40,592 
Net income40,592 
Net income attributable to noncontrolling interests1,860 
Net income attributable to common stockholders$38,732 
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows (dollars in thousands):
 For the Three Months Ended March 31,
20232022
Capital Expenditures:
SHOP$68,132 $143,403 
Office operations40,804 274,074 
Triple-net leased properties3,720 634 
Total capital expenditures$112,656 $418,111 
Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows (dollars in thousands):
 For the Three Months Ended March 31,
20232022
Revenues:
United States$958,126 $897,933 
Canada112,122 112,144 
United Kingdom6,997 7,477 
Total revenues$1,077,245 $1,017,554 

As of March 31, 2023As of December 31, 2022
Net Real Estate Property:
United States$18,002,715 $18,168,224 
Canada2,785,433 2,782,350 
United Kingdom211,161 209,876 
Total net real estate property$20,999,309 $21,160,450