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Real Estate and Other Investments (Tables)
 6 Months Ended
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 SaleStateType of PropertyNumber of PropertiesSales PriceGain (Loss) 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 
May 2025TennesseeSenior Living (SHOP)111,150 (5,261)
May 2025MissouriMedical Office15,250 (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:
SegmentNumber of PropertiesReal Estate Properties, Net
SHOP15$69,610 
Medical Office and Life Science (1)
518,734 
All Other12,246 
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,
 2025202420252024
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 Portfolio5,046 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 Portfolio5,046 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 VentureDHC Ownership
DHC Carrying Value of Investment at June 30, 2025
Number of PropertiesStateSquare Feet
Seaport Innovation LLC10%$94,415 1MA1,134,479 
The LSMD Fund REIT LLC20%44,736 10CA, MA, NY, TX, WA1,068,763 
$139,151 112,203,242 
The following table provides a summary of the mortgage debts of these joint ventures as of June 30, 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)
6.21%2/9/2026266,825 
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%.