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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Schedule of Real Estate Property Acquisition | The table below represents the purchase price allocations (including net closing adjustments) of acquisitions for the years ended December 31, 2024, 2023 and 2022:
Date |  | State |  | Type of Property |  | Number of Properties |  | Square Feet |  |  | Cash Paid (1) |  | Land |  | Buildings and Improvements |  |  |  | Acquired Real Estate Leases |  |  |  |  |  |
Acquisitions during the year ended December 31, 2024:
We did not acquire any properties during the year ended December 31, 2024.
Acquisitions during the year ended December 31, 2023:
We did not acquire any properties during the year ended December 31, 2023.
Acquisitions during the year ended December 31, 2022: (2)
July 2022 |  | California |  | Life Science |  | 1 |  | 88,508 |  |  |  | $ | 75,105 |  |  | $ | 15,774 |  |  | $ | 45,249 |  |  |  |  | $ | 14,082 |  |  |  |  |  |  |
(1)Cash paid includes closing costs. (2)We have accounted for our 2022 acquisition as an acquisition of assets. We funded this acquisition using cash on hand.
Schedule of Disposal Groups | The table below represents the sale prices (excluding closing costs) of dispositions for the years ended December 31, 2024, 2023 and 2022. The sales of these properties do not represent significant dispositions, individually or in the aggregate, and we do not believe these sales represent a strategic shift in our business. As a result, the results of operations for these properties are included in continuing operations through the date of sale of such properties in our consolidated statements of comprehensive income (loss).
Date of Sale |  | State |  | Type of Property |  | Number of Properties |  | Square Feet or Number of Units |  |  | Sales Price |  | Gain (Loss) on Sale
Dispositions during the year ended December 31, 2024:
March 2024 |  | Arizona |  | Medical Office |  | 1 |  | 126,084 |  | sq. ft. |  | $ | 3,600 |  |  | $ | (5,874) |
June 2024 |  | Texas |  | Medical Office |  | 1 |  | 94,137 |  | sq. ft. |  | 4,200 |  |  | (13,213) |
July 2024 |  | Illinois and Minnesota |  | Medical Office |  | 2 |  | 205,673 |  | sq. ft. |  | 21,275 |  |  | 111 |
November 2024 |  | Kansas |  | Life Science |  | 1 |  | 239,366 |  | sq. ft. |  | 6,600 |  |  | 38 |
|  |  |  |  |  | 5 |  |  |  |  | $ | 35,675 |  |  | $ | (18,938) |
Dispositions during the year ended December 31, 2023:
February 2023 |  | Pennsylvania and South Carolina |  | Senior Living |  | 3 |  | — |  | units (1) |  | $ | 2,800 |  |  | $ | 293 |
October 2023 |  | Pennsylvania |  | Medical Office |  | 1 |  | 30,866 |  | sq. ft. |  | 1,800 |  |  | 15 |
October 2023 |  | Tennessee |  | Senior Living |  | 1 |  | — |  | units (1) |  | 2,830 |  |  | 627 |
October 2023 |  | Maryland |  | Life Science |  | 1 |  | 58,880 |  | sq. ft. |  | 6,200 |  |  | (360) |
November 2023 |  | Virginia |  | Senior Living |  | 1 |  | — |  | units (1) |  | 1,800 |  |  | 945 |
December 2023 |  | South Carolina |  | Medical Office |  | 1 |  | 115,108 |  | sq. ft. |  | 3,450 |  |  | (1,255) |
|  |  |  |  |  | 8 |  |  |  |  | $ | 18,880 |  |  | $ | 265 |
Dispositions during the year ended December 31, 2022:
We did not dispose of any properties during the year ended December 31, 2022.
(1)These communities were closed prior to their respective dispositions. As of December 31, 2024, we had 32 properties classified as held for sale as follows:
Segment |  | Number of Properties |  | Real Estate Properties, Net |  |
Medical Office and Life Science |  | 7 |  | $ | 175,948 |  |  |
SHOP |  | 6 |  | 47,535 |  |  |
All Other - triple net leased senior living communities |  | 19 |  | 37,900 |  |  |
|  | 32 |  | $ | 261,383 |  |  |
Schedule of Capital Expenditures | The following is a summary of capital expenditures, development, redevelopment and other activities for the periods presented:
|  | For the Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Medical Office and Life Science Portfolio capital expenditures: |  |  |  |  |  |
Lease related costs (1) |  | $ | 21,289 |  |  | $ | 38,070 |  |  | $ | 25,227 |
Building improvements (2) |  | 6,002 |  |  | 12,984 |  |  | 11,955 |
Recurring capital expenditures - Medical Office and Life Science Portfolio |  | 27,291 |  |  | 51,054 |  |  | 37,182 |
SHOP fixed assets and capital improvements |  | 93,043 |  |  | 100,981 |  |  | 109,529 |
Wellness centers lease related costs (1) |  | 20,618 |  |  | 9,721 |  |  | — |
Total recurring capital expenditures |  | $ | 140,952 |  |  | $ | 161,756 |  |  | $ | 146,711 |
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3) |  | $ | 3,012 |  |  | $ | 9,244 |  |  | $ | 48,390 |
Development, redevelopment and other activities - SHOP (3) |  | 46,558 |  |  | 82,207 |  |  | 118,601 |
Total development, redevelopment and other activities |  | $ | 49,570 |  |  | $ | 91,451 |  |  | $ | 166,991 |
Capital expenditures by segment: |  |  |  |  |  |
Medical Office and Life Science Portfolio |  | $ | 30,303 |  |  | $ | 60,298 |  |  | $ | 85,572 |
SHOP |  | 139,601 |  |  | 183,188 |  |  | 228,130 |
All Other - wellness centers |  | 20,618 |  |  | 9,721 |  |  | — |
Total capital expenditures |  | $ | 190,522 |  |  | $ | 253,207 |  |  | $ | 313,702 |
(1)Includes capital expenditures to improve tenants' space or amounts paid directly to tenants to improve their space and other leasing related costs, such as brokerage commissions and tenant inducements. (2)Includes capital expenditures to replace obsolete building components that extend the useful life of existing assets or other improvements to increase the marketability of the property. (3)Includes capital expenditures that reposition a property or result in new sources of revenue
Schedule of Joint Ventures | As of December 31, 2024, we had equity investments in unconsolidated joint ventures as follows:
Equity Method Investments in Joint Venture |  | DHC Ownership |  | DHC Carrying Value of Investment at December 31, 2024 |  | Number of Properties |  | State |  | Square Feet
Seaport Innovation LLC |  | 10% |  | $ | 81,949 |  |  | 1 |  | MA |  | 1,134,479 |
The LSMD Fund REIT LLC |  | 20% |  | 44,910 |  |  | 10 |  | CA, MA, NY, TX, WA |  | 1,068,763 |
|  |  |  | $ | 126,859 |  |  | 11 |  |  |  | 2,203,242 |
The following table provides a summary of the mortgage debts of these joint ventures as of December 31, 2024:
Joint Venture |  | Coupon Rate |  | Maturity Date |  | Principal Balance (1)
Mortgage Notes Payable (secured by one property in Massachusetts) (2)(3) |  | 3.53% |  | 11/6/2028 |  | $ | 620,000 |
Mortgage Notes Payable (secured by nine properties in five states) (4) |  | 3.46% |  | 2/11/2032 |  | 189,800 |
Mortgage Notes Payable (secured by one property in California) (4)(5) |  | 6.38% |  | 2/9/2025 |  | 266,825 |
Weighted Average / Total |  | 4.22% |  |  |  | $ | 1,076,625 |
(1)Amounts are not adjusted for our minority equity interest. (2)We provide certain guaranties on this debt. (3)This mortgage loan requires interest only payments until the anticipated repayment date on August 6, 2026, at which time all accrued and unpaid interest along with the principal balance of $620,000 is expected to be repaid. This mortgage loan matures on November 6, 2028 and any unpaid principal from the anticipated repayment date through the maturity date bears interest at a variable rate of the greater of 6.53% or the then effective U.S. swap rate terminating on the maturity date plus 5.00%. (4)The debt securing these properties is non-recourse to us. (5)The joint venture has exercised its option to extend the maturity date of this mortgage loan by one year to February 9, 2026, and this mortgage loan requires interest to be paid at an annual rate of the one month term secured overnight financing rate, or SOFR, plus a premium of 1.90%. This joint venture has also purchased an interest rate cap through February 2026 with a SOFR strike rate equal to 5.74%. The maturity date of this mortgage loan is subject to one remaining one-year extension option.

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