Segment Reporting The Company conducts its business through the following five segments, which are based on how management reviews and manages its business.  Direct Investments - Net Lease - Healthcare properties operated under net leases with a tenant/operator.  Direct Investments - Operating - Healthcare properties operated pursuant to management agreements with healthcare operators/managers.  Unconsolidated Investments - Healthcare joint ventures, including properties operated under net leases or pursuant to management agreements with healthcare operators, in which the Company owns a minority interest.  Debt and Securities Investments - Mortgage loans or mezzanine loans to owners of healthcare real estate and commercial mortgage backed securities backed primarily by loans secured by healthcare properties.  Corporate - The corporate segment includes corporate level asset management and other fees - related party and general and administrative expenses. The Company primarily generates rental and resident fee income from its direct investments and interest income on real estate debt and securities investments. The following table presents the operators and tenants of the Companys properties, excluding properties owned through unconsolidated joint ventures (dollars in thousands): Three Months Ended March 31, 2020 Operator / Tenant Properties Under Management Units Under Management (1) Property and Other Revenues (2) % of Total Property and Other Revenues Watermark Retirement Communities 30 5,265 $ 37,899 52.0 % Solstice Senior Living (3) 32 4,000 25,959 35.6 % Avamere Health Services 5 453 4,564 6.3 % Arcadia Management 4 572 2,654 3.6 % Integral Senior Living (3) 3 162 1,752 2.4 % Senior Lifestyle Corporation (4) 1 63   % Other (5)   63 0.1 % Total 75 10,515 $ 72,891 100.0 % ______________________________________ (1) Represents rooms for ALFs and ILFs and beds for MCFs and SNFs, based on predominant type. (2) Includes rental income received from the Companys net lease properties as well as rental income, ancillary service fees and other related revenue earned from ILF residents and resident fee income derived from the Companys ALFs, MCFs and CCRCs, which includes resident room and care charges, ancillary fees and other resident service charges. (3) Solstice is a joint venture of which affiliates of ISL own 80% . (4) Tenant has failed to remit rental payments during the three months ended March 31, 2020 . Properties and unit counts exclude one property held for sale. (5) Consists primarily of interest income earned on corporate-level cash accounts. The following tables present segment reporting (dollars in thousands): Direct Investments Three Months Ended March 31, 2020 Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Total Property and other revenues $ 8,222 $ 64,606 $  $  $ 63 $ 72,891 Interest income on debt investments    1,905  1,905 Real estate properties - operating expenses (13 ) (45,688 )    (45,701 ) Interest expense (2,964 ) (13,715 )    (16,679 ) Transaction costs  (7 )    (7 ) Asset management and other fees - related party     (4,431 ) (4,431 ) General and administrative expenses (44 ) 14  (9 ) (2,990 ) (3,029 ) Depreciation and amortization (3,737 ) (12,752 )    (16,489 ) Realized gain (loss) on investments and other       Equity in earnings (losses) of unconsolidated ventures   (993 )   (993 ) Income tax expense  (14 )    (14 ) Net income (loss) $ 1,464 $ (7,556 ) $ (993 ) $ 1,896 $ (7,358 ) $ (12,547 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. Direct Investments Three Months Ended March 31, 2019 Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Total Property and other revenues $ 8,552 $ 63,613 $  $ 10 $ 346 $ 72,521 Interest income on debt investments    1,902  1,902 Real estate properties - operating expenses  (45,218 )    (45,218 ) Interest expense (3,276 ) (14,040 )   (80 ) (17,396 ) Transaction costs  (38 )    (38 ) Asset management and other fees - related party     (4,994 ) (4,994 ) General and administrative expenses (16 ) (11 )  (9 ) (3,018 ) (3,054 ) Depreciation and amortization (3,564 ) (18,835 )    (22,399 ) Realized gain (loss) on investments and other  237    237 Equity in earnings (losses) of unconsolidated ventures   (224 )   (224 ) Income tax expense  (6 )    (6 ) Net income (loss) $ 1,696 $ (14,298 ) $ (224 ) $ 1,903 $ (7,746 ) $ (18,669 ) _______________________________________ (1) Includes unallocated asset management fee-related party and general and administrative expenses. The following table presents total assets by segment (dollars in thousands): Direct Investments Total Assets: Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Total March 31, 2020 $ 364,043 $ 1,410,699 $ 265,307 $ 55,912 $ 24,337 $ 2,120,298 December 31, 2019 365,789 1,420,023 268,892 56,099 30,404 2,141,207 _______________________________________ (1) Represents primarily corporate cash and cash equivalents balances.