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.  Unconsolidated Investments - Healthcare joint ventures, including properties operated under net leases or pursuant to management agreements with healthcare operators, in which we own 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 net 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 as of March 31, 2019 (dollars in thousands): Three Months Ended March 31, 2019 Operator / Tenant Properties Under Management Units Under Management (1) Property and Other Revenues % of Total Property and Other Revenues Watermark Retirement Communities 30 5,265 $ 37,463 51.6 % Solstice Senior Living (2) 32 4,000 26,168 36.1 % Avamere Health Services 5 453 4,126 5.7 % Arcadia Management 4 572 2,654 3.7 % Integral Senior Living (2) 3 162 1,401 1.9 % Peregrine Senior Living (3)   353 0.5 % Senior Lifestyle Corporation (4) 1 63   % Other (5)   356 0.5 % Total 75 10,515 $ 72,521 100.0 % ______________________________________ (1) Represents rooms for ALF and ILF and beds for MCF and SNF, based on predominant type. (2) Solstice is a joint venture of which affiliates of ISL own 80% . (3) During the three months ended March 31, 2019 , the Company reclassified the two properties leased to Peregrine Senior Living as held for sale. (4) Tenant has failed to remit rental payments during the three months ended March 31, 2019 . 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 for the three months ended March 31, 2019 and 2018 (dollars in thousands): Statement of Operations: Direct Investments Three Months Ended March 31, 2019 Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Total Rental and resident fee income $ 8,552 $ 63,612 $  $  $  $ 72,164 Net interest income on debt and securities    1,902  1,902 Other revenue  1  10 346 357 Property 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 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 1,696 (14,292 )  1,903 (7,746 ) (18,439 ) Equity in earnings (losses) of unconsolidated ventures   (224 )   (224 ) Income tax benefit (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. Statement of Operations: Direct Investments Three Months Ended March 31, 2018 Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Subtotal Investing VIE (2) Total Rental and resident fee income $ 8,747 $ 64,809 $  $  $  $ 73,556 $  $ 73,556 Net interest income on debt and securities    2,727 (314 ) (3) 2,413 811 3,224 Other revenue  655   92 747  747 Property operating expenses (10 ) (46,414 )    (46,424 )  (46,424 ) Interest expense (3,401 ) (13,609 )   (28 ) (17,038 )  (17,038 ) Other expenses related to securitization trust       (811 ) (811 ) Transaction costs  (763 )    (763 )  (763 ) Asset management and other fees - related party     (5,943 ) (5,943 )  (5,943 ) General and administrative expenses (3 ) (314 )  (14 ) (3,356 ) (3,687 )  (3,687 ) Depreciation and amortization (3,352 ) (25,468 )    (28,820 )  (28,820 ) Impairment loss  (2,783 )    (2,783 )  (2,783 ) Unrealized gain (loss) on senior housing mortgage loans and debt held in securitization trust, net    (314 ) 314    Realized gain (loss) on investments and other    3,495  3,495  3,495 Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense) 1,981 (23,887 )  5,894 (9,235 ) (25,247 )  (25,247 ) Equity in earnings (losses) of unconsolidated ventures   (8,626 )   (8,626 )  (8,626 ) Income tax benefit (expense)  (15 )    (15 )  (15 ) Net income (loss) $ 1,981 $ (23,902 ) $ (8,626 ) $ 5,894 $ (9,235 ) $ (33,888 ) $  $ (33,888 ) _______________________________________ (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 three months ended March 31, 2018 , $0.3 million was attributable to discount accretion income and was eliminated in consolidation in the corporate segment. The following table presents total assets by segment as of March 31, 2019 and December 31, 2018 (dollars in thousands): Direct Investments Total Assets: Net Lease Operating Unconsolidated Investments Debt and Securities Corporate (1) Total March 31, 2019 $ 392,893 $ 1,462,687 $ 260,345 $ 59,061 $ 54,624 $ 2,229,610 December 31, 2018 394,697 1,481,522 264,317 59,620 64,260 2,264,416 _______________________________________ (1) Represents primarily corporate cash and cash equivalent balances.