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Net Operating Income by Segment
Measures property-level income after direct operating costs but before interest, taxes, depreciation, and corporate overhead (NOI). Rising NOI signals strong tenant demand and efficient property management; falling NOI often precedes weaker cash flow or the need for capital expenditures.Outpatient Medical is the primary growth driver—roughly doubling from pre‑merger levels and sustaining >$200M quarters thanks to the Physicians portfolio, strong re‑leasing spreads and in‑house renewals—providing cash to fund buybacks and recaps. Lab NOI is flat-to-soft, mirroring the quarter’s weaker re‑leasing spreads and vacancy risk that could limit upside. Senior Housing shows a clear step-up after on‑balance investments and the Janus Living IPO, creating near‑term monetization optionality, while small “Other” NOI fell; refinancing and higher interest expense remain the key near‑term risks to FFO.
Date | Outpatient Medical | Lab | Senior Housing | Other |
|---|---|---|---|---|
Jun 30, 2026 | $206.59M | $154.60M | $45.85M | $3.23M |
Mar 31, 2026 | $208.85M | $150.11M | $55.42M | $3.29M |
Dec 31, 2025 | $215.22M | $161.95M | $43.51M | $5.27M |
Sep 30, 2025 | $210.77M | $153.58M | $36.55M | $5.64M |
Jun 30, 2025 | $212.42M | $155.26M | $37.41M | $6.02M |
Mar 31, 2025 | $212.39M | $161.07M | $38.67M | $6.13M |
Dec 31, 2024 | $197.05M | $146.59M | $36.05M | $5.62M |
Sep 30, 2024 | $197.50M | $148.05M | $33.22M | $5.59M |
Jun 30, 2024 | $208.09M | $147.07M | $33.68M | $5.81M |
Mar 31, 2024 | $146.09M | $148.90M | $33.16M | $5.39M |