The following tables present segment reporting for the three months ended September 30, 2019 and 2018 (dollars in thousands): Direct Investments Three Months Ended September 30, 2019 Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Total Rental and resident fee income $ 8,204 $ 64,489 $  $  $  $ 72,693 Net interest income on debt and securities    1,946  1,946 Other revenue  7  10 68 85 Property operating expenses (5 ) (45,354 )    (45,359 ) Interest expense (3,025 ) (14,193 )    (17,218 ) Transaction costs  (29 )    (29 ) Asset management and other fees - related party     (4,994 ) (4,994 ) General and administrative expenses (47 ) 19  (10 ) (2,769 ) (2,807 ) Depreciation and amortization (3,595 ) (12,569 )    (16,164 ) Impairment loss       Realized gain (loss) on investments and other  204    204 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 1,532 (7,426 )  1,946 (7,695 ) (11,643 ) Equity in earnings (losses) of unconsolidated ventures   (3,037 )   (3,037 ) Income tax benefit (expense)  (17 )    (17 ) Net income (loss) $ 1,532 $ (7,443 ) $ (3,037 ) $ 1,946 $ (7,695 ) $ (14,697 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. Direct Investments Three Months Ended September 30, 2018 (1) Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (2) Total Rental and resident fee income $ 8,788 $ 63,667 $  $  $  $ 72,455 Net interest income on debt and securities    1,943  1,943 Other revenue  846   169 1,015 Property operating expenses (255 ) (47,100 )    (47,355 ) Interest expense (3,270 ) (14,325 )   (82 ) (17,677 ) Transaction costs       Asset management and other fees - related party     (5,951 ) (5,951 ) General and administrative expenses (14 ) (218 )  (10 ) (2,576 ) (2,818 ) Depreciation and amortization (3,468 ) (22,161 )    (25,629 ) Impairment loss       Realized gain (loss) on investments and other  726    726 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 1,781 (18,565 )  1,933 (8,440 ) (23,291 ) Equity in earnings (losses) of unconsolidated ventures   16,631   16,631 Income tax benefit (expense)  (10 )    (10 ) Net income (loss) $ 1,781 $ (18,575 ) $ 16,631 $ 1,933 $ (8,440 ) $ (6,670 ) _______________________________________ (1) For the three months ended September 30, 2018 , the Company did not own any healthcare-related securities as a result of having sold the Class B certificates of its consolidated Investing VIE in March 2018. Subsequent to the sale, the Company was not required to consolidate the related interest income and interest expense of the Investing VIE on the consolidated statements of operations. (2) Includes unallocated asset management fee-related party and general and administrative expenses. The following tables present segment reporting for the nine months ended September 30, 2019 and 2018 (dollars in thousands): Direct Investments Nine Months Ended September 30, 2019 Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Total Rental and resident fee income $ 25,202 $ 193,624 $  $  $  $ 218,826 Net interest income on debt and securities    5,771  5,771 Other revenue 1 767  29 648 1,445 Property operating expenses (5 ) (135,208 )    (135,213 ) Interest expense (9,424 ) (42,382 )   (102 ) (51,908 ) Transaction costs  (105 )    (105 ) Asset management and other fees - related party     (14,983 ) (14,983 ) General and administrative expenses (159 ) (17 )  (28 ) (8,006 ) (8,210 ) Depreciation and amortization (10,657 ) (43,868 )    (54,525 ) Impairment loss (146 ) (10,000 )    (10,146 ) Realized gain (loss) on investments and other 5,871 431   (376 ) 5,926 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 10,683 (36,758 )  5,772 (22,819 ) (43,122 ) Equity in earnings (losses) of unconsolidated ventures   (7,666 )   (7,666 ) Income tax benefit (expense)  (38 )    (38 ) Net income (loss) $ 10,683 $ (36,796 ) $ (7,666 ) $ 5,772 $ (22,819 ) $ (50,826 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. Direct Investments Nine Months Ended September 30, 2018 Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Subtotal Investing VIE (2) Total Rental and resident fee income $ 25,484 $ 192,374 $  $  $  $ 217,858 $  $ 217,858 Net interest income on debt and securities    6,591 (3) (314 ) (3) 6,277 811 7,088 Other revenue  2,228   464 2,692  2,692 Property operating expenses (1,089 ) (140,421 )    (141,510 )  (141,510 ) Interest expense (9,978 ) (42,237 )   (193 ) (52,408 )  (52,408 ) Other expenses related to securitization trust       (811 ) (811 ) Transaction costs  (762 )   (44 ) (806 )  (806 ) Asset management and other fees - related party     (17,845 ) (17,845 )  (17,845 ) General and administrative expenses (70 ) (664 )  (34 ) (9,159 ) (9,927 )  (9,927 ) Depreciation and amortization (10,187 ) (71,756 )    (81,943 )  (81,943 ) Impairment loss (2,456 ) (2,783 )    (5,239 )  (5,239 ) Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net    (314 ) 314    Realized gain (loss) on investments and other  726  3,495  4,221  4,221 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 1,704 (63,295 )  9,738 (26,777 ) (78,630 )  (78,630 ) Equity in earnings (losses) of unconsolidated ventures   3,907   3,907  3,907 Income tax benefit (expense)  (40 )    (40 )  (40 ) Net income (loss) $ 1,704 $ (63,335 ) $ 3,907 $ 9,738 $ (26,777 ) $ (74,763 ) $  $ (74,763 ) ______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. (2) Investing VIEs are not considered to be a segment that the Company conducts its business through, however, U.S. GAAP requires the Company, as the primary beneficiary, to present the assets and liabilities of the securitization trust on its consolidated balance sheets and recognize the related interest income and interest expense, as net interest income on the consolidated statements of operations. Though U.S. GAAP requires this presentation, the Company views its investment in the securitization trust as a net investment in healthcare-related securities. (3) Represents income earned from the healthcare-related securities purchased at a discount, recognized using the effective interest method had the transaction been recorded as an available for sale security, at amortized cost. During the nine months ended September 30, 2018 , $0.3 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment.