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Real Estate and Other Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Schedule of Disposal Groups | The table below represents the sale prices, excluding closing costs, of our dispositions for the six months ended June 30, 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 Sale |  | State |  | Type of Property |  | Number of Properties |  |  |  |  | Sales Price |  | Gain (Loss) on Sale |  |
January 2025 |  | Delaware |  | Senior Living (SHOP) |  | 1 |  |  |  |  | $ | 2,900 |  |  | $ | 1,263 |  |  |
January 2025 |  | California |  | Life Science (1) |  | 3 |  |  |  |  | 159,025 |  |  | 9,723 |  |  |
February 2025 |  | Arizona |  | Life Science |  | 1 |  |  |  |  | 16,800 |  |  | 65 |  |  |
February 2025 |  | Various |  | Senior Living (1) |  | 18 |  |  |  |  | 135,000 |  |  | 97,560 |  |  |
March 2025 |  | Connecticut |  | Medical Office (1) |  | 1 |  |  |  |  | 7,100 |  |  | 1,529 |  |  |
May 2025 |  | Tennessee |  | Senior Living (SHOP) |  | 1 |  |  |  |  | 11,150 |  |  | (5,261) |  |  |
May 2025 |  | Missouri |  | Medical Office |  | 1 |  |  |  |  | 5,250 |  |  | (2,168) |  |  |
|  |  |  |  |  | 26 |  |  |  |  | $ | 337,225 |  |  | $ | 102,711 |  |  |
(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 June 30, 2025, we had 21 properties classified as held for sale in our condensed consolidated balance sheet as follows:
Segment |  | Number of Properties |  | Real Estate Properties, Net |  |
SHOP |  | 15 |  | $ | 69,610 |  |  |
Medical Office and Life Science (1) |  | 5 |  | 18,734 |  |  |
All Other |  | 1 |  | 2,246 |  |  |
|  | 21 |  | $ | 90,590 |  |  |
(1)The net proceeds from the sale of two of these properties are required to be used to partially redeem our outstanding senior secured notes due 2026, if the sales of those properties are completed. We expect to sell these properties during the fourth quarter of 2025 for an aggregate sales price of $13,118, 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 June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
SHOP fixed assets and capital improvements |  | $ | 24,283 |  |  | $ | 21,623 |  |  | $ | 45,398 |  |  | $ | 31,714 |
Medical Office and Life Science Portfolio capital expenditures: |  |  |  |  |  |  |  |
Lease related costs (1) |  | 3,528 |  |  | 6,409 |  |  | 7,375 |  |  | 12,438 |
Building improvements (2) |  | 1,518 |  |  | 1,852 |  |  | 3,042 |  |  | 2,771 |
Recurring capital expenditures - Medical Office and Life Science Portfolio |  | 5,046 |  |  | 8,261 |  |  | 10,417 |  |  | 15,209 |
Wellness centers lease related costs (1) |  | — |  |  | 4,591 |  |  | — |  |  | 11,514 |
Total recurring capital expenditures |  | $ | 29,329 |  |  | $ | 34,475 |  |  | $ | 55,815 |  |  | $ | 58,437 |
Development, redevelopment and other activities - SHOP (3) |  | $ | 4,660 |  |  | $ | 5,705 |  |  | $ | 10,228 |  |  | $ | 6,894 |
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3) |  | — |  |  | 1,112 |  |  | — |  |  | 1,825 |
Total development, redevelopment and other activities |  | $ | 4,660 |  |  | $ | 6,817 |  |  | $ | 10,228 |  |  | $ | 8,719 |
Capital expenditures by segment: |  |  |  |  |  |  |  |
SHOP |  | $ | 28,943 |  |  | $ | 27,328 |  |  | $ | 55,626 |  |  | $ | 38,608 |
Medical Office and Life Science Portfolio |  | 5,046 |  |  | 9,373 |  |  | 10,417 |  |  | 17,034 |
All Other - wellness centers |  | — |  |  | 4,591 |  |  | — |  |  | 11,514 |
Total capital expenditures |  | $ | 33,989 |  |  | $ | 41,292 |  |  | $ | 66,043 |  |  | $ | 67,156 |
(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 June 30, 2025, we had equity investments in unconsolidated joint ventures as follows:
Equity Method Investments in Joint Venture |  | DHC Ownership |  | DHC Carrying Value of Investment at June 30, 2025 |  | Number of Properties |  | State |  | Square Feet
Seaport Innovation LLC |  | 10% |  | $ | 94,415 |  |  | 1 |  | MA |  | 1,134,479 |
The LSMD Fund REIT LLC |  | 20% |  | 44,736 |  |  | 10 |  | CA, MA, NY, TX, WA |  | 1,068,763 |
|  |  |  | $ | 139,151 |  |  | 11 |  |  |  | 2,203,242 |
The following table provides a summary of the mortgage debts of these joint ventures as of June 30, 2025:
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) |  | 6.21% |  | 2/9/2026 |  | 266,825 |
|  | 4.18% |  |  |  | $ | 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%.

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