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Real Estate and Other Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Schedule of Disposal Groups
The table below represents the sale prices, excluding closing costs, of our dispositions for the three months ended March 31, 2025. 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 condensed consolidated statements of comprehensive income (loss).
Date of SaleStateType of PropertyNumber of PropertiesSales PriceGain on Sale
January 2025DelawareSenior Living (SHOP)1$2,900 $1,263 
January 2025California
Life Science (1)
3159,025 9,723 
February 2025ArizonaLife Science116,800 65 
February 2025Various
Senior Living (1)
18135,000 97,560 
March 2025Connecticut
Medical Office (1)
17,100 1,529 
24$320,825 $110,140 
(1)We used aggregate net proceeds of $299,158 from the sales of these properties to partially redeem our outstanding senior secured notes due 2026.

As of March 31, 2025, we had 11 properties classified as held for sale in our condensed consolidated balance sheet as follows:
SegmentNumber of PropertiesReal Estate Properties, Net
Medical Office and Life Science (1)
5$25,368 
SHOP545,813 
All Other12,240 
11$73,421 
(1)The net proceeds from the sale of one of these properties are required to be used to partially redeem our outstanding senior secured notes due 2026, if the sale of that property is completed. We expect to sell that property during the fourth quarter of 2025 for a sales price of $6,500, excluding closing costs.
Schedule of Capital Expenditures
The following is a summary of capital expenditures, development, redevelopment and other activities for the periods presented:
 Three Months Ended March 31,
 20252024
Medical Office and Life Science Portfolio capital expenditures:
   Lease related costs (1)
$3,847 $6,029 
   Building improvements (2)
1,524 919 
Recurring capital expenditures - Medical Office and Life Science Portfolio5,371 6,948 
Wellness centers lease related costs (1)
— 6,923 
SHOP fixed assets and capital improvements21,115 10,091 
Total recurring capital expenditures$26,486 $23,962 
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3)
$— $713 
Development, redevelopment and other activities - SHOP (3)
5,568 1,189 
Total development, redevelopment and other activities$5,568 $1,902 
Capital expenditures by segment:
Medical Office and Life Science Portfolio$5,371 $7,661 
SHOP26,683 11,280 
All Other - wellness centers
— 6,923 
Total capital expenditures$32,054 $25,864 
(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 change of use or new sources of revenue.
Schedule of Joint Ventures
As of March 31, 2025, we had equity investments in unconsolidated joint ventures as follows:
Equity Method Investments in Joint VentureDHC Ownership
DHC Carrying Value of Investment at March 31, 2025
Number of PropertiesStateSquare Feet
Seaport Innovation LLC10%$89,870 1MA1,134,479 
The LSMD Fund REIT LLC20%43,927 10CA, MA, NY, TX, WA1,068,763 
$133,797 112,203,242 
The following table provides a summary of the mortgage debts of these joint ventures as of March 31, 2025:
Joint VentureCoupon RateMaturity 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%2/11/2032189,800 
Mortgage Notes Payable (secured by one property in California) (4) (5)
7.64%2/9/2026266,825 
4.54%$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 one remaining one-year extension option for the maturity date of this mortgage loan, subject to satisfaction of certain conditions, and this mortgage loan requires that interest be paid at an annual rate of the one month term secured overnight financing rate, or SOFR, plus a premium of 1.90%. The joint venture has purchased an interest rate cap through February 2026 with a SOFR strike rate equal to 5.74%.