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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 16—SEGMENT INFORMATION

As of March 31, 2024, we operated through three reportable business segments: SHOP, outpatient medical and research portfolio and triple-net leased properties. In our SHOP segment, we invest in senior housing communities throughout the United States and Canada and engage operators to operate those communities. In our outpatient medical and research portfolio segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers throughout the United States. In our triple-net leased properties segment, we invest in and own senior housing communities, skilled nursing facilities (“SNFs”), long-term acute care facilities (“LTACs”), freestanding inpatient rehabilitation facilities (“IRFs”) and other healthcare facilities throughout the United States and the United Kingdom and lease those properties to tenants under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. 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. Non-segment assets consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments and miscellaneous accounts receivable as well as investments in unconsolidated entities including VIM.

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, 2024
SHOPOutpatient Medical and Research PortfolioTriple-Net
Leased
Properties		Non-SegmentTotal
Revenues     
Rental income$— $218,877 $155,368 $— $374,245 
Resident fees and services813,304 — — — 813,304 
Third party capital management revenues— 631 — 3,665 4,296 
Income from loans and investments— — — 1,289 1,289 
Interest and other income— — — 6,780 6,780 
Total revenues$813,304 $219,508 $155,368 $11,734 $1,199,914 
Total revenues$813,304 $219,508 $155,368 $11,734 $1,199,914 
Less:     
Interest and other income— — — 6,780 6,780 
Property-level operating expenses609,821 73,938 3,738 — 687,497 
Third party capital management expenses— — — 1,7531,753 
NOI$203,483 $145,570 $151,630 $3,201 503,884 
Interest and other income    6,780 
Interest expense    (149,933)
Depreciation and amortization    (300,255)
General, administrative and professional fees    (48,737)
Loss on extinguishment of debt, net(252)
Transaction, transition and restructuring costs    (4,677)
Allowance on loans receivable and investments68 
Shareholder relations matters(15,714)
Other income    1,334 
Loss from unconsolidated entities(8,383)
Gain on real estate dispositions341 
Income tax benefit    3,004 
Loss from continuing operations    (12,540)
Net loss(12,540)
Net income attributable to noncontrolling interests1,772 
Net loss attributable to common stockholders$(14,312)
For the Three Months Ended March 31, 2023
SHOPOutpatient Medical and Research PortfolioTriple-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— — — 1,706 1,706 
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, transition and restructuring costs    (1,386)
Allowance on loans receivable and investments8,064 
Other expense    (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 
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,
20242023
Capital Expenditures:
SHOP$106,540 $68,132 
Outpatient medical and research portfolio62,770 40,804 
Triple-net leased properties906 3,720 
Total capital expenditures$170,216 $112,656 
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,
20242023
Revenues:
United States$1,063,384 $958,126 
Canada128,959 112,122 
United Kingdom7,571 6,997 
Total revenues$1,199,914 $1,077,245 

As of March 31, 2024As of December 31, 2023
Net Real Estate Property:
United States$18,425,569 $18,702,960 
Canada2,921,702 2,837,858 
United Kingdom203,535 208,132 
Total net real estate property$21,550,806 $21,748,950