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Real Estate and Other Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Schedule of Disposal Groups
The table below represents the sale prices, excluding closing costs, of our dispositions for the nine months ended September 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)
July 2025WisconsinMedical Office1500 (34)
July 2025MontanaMedical Office14,300 31 
July 2025New JerseyAll Other14,000 1,554 
August 2025PennsylvaniaMedical Office11,800 (19)
September 2025GeorgiaSenior Living (SHOP)11,600 (218)
September 2025MarylandMedical Office14,250 (54)
32$353,675 $103,971 
(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 September 30, 2025, we had 50 properties classified as held for sale in our condensed consolidated balance sheet as follows:
SegmentNumber of PropertiesReal Estate Properties, Net
SHOP29$94,778 
Medical Office and Life Science21139,609 
50$234,387 
Schedule of Capital Expenditures
The following is a summary of capital expenditures, development, redevelopment and other activities for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
SHOP fixed assets and capital improvements$33,306 $27,923 $78,704 $59,637 
Medical Office and Life Science Portfolio capital expenditures:
   Lease related costs (1)
4,961 3,504 12,336 15,942 
   Building improvements (2)
2,295 1,359 5,337 4,130 
Recurring capital expenditures - Medical Office and Life Science Portfolio7,256 4,863 17,673 20,072 
Wellness centers lease related costs (1)
— 5,488 — 17,002 
Total recurring capital expenditures$40,562 $38,274 $96,377 $96,711 
Development, redevelopment and other activities - SHOP (3)
$1,865 $11,714 $12,093 $18,608 
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3)
175 537 175 2,362 
Total development, redevelopment and other activities$2,040 $12,251 $12,268 $20,970 
Capital expenditures by segment:
SHOP$35,171 $39,637 $90,797 $78,245 
Medical Office and Life Science Portfolio7,431 5,400 17,848 22,434 
All Other - wellness centers
— 5,488 — 17,002 
Total capital expenditures$42,602 $50,525 $108,645 $117,681 
(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 September 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 September 30, 2025
Number of PropertiesStateSquare Feet
Seaport Innovation LLC10%$67,060 1MA1,134,479 
The LSMD Fund REIT LLC20%45,709 10CA, MA, NY, TX, WA1,068,763 
$112,769 112,203,242 
The following table provides a summary of the mortgage debts of these joint ventures as of September 30, 2025:
Joint VentureCoupon RateMaturity Date
Principal Balance (1)
Mortgage Notes Payable (secured by one property in Massachusetts) (2) (3)
5.60%9/1/2030$1,000,000 
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)
6.14%2/9/2026266,825 
5.40%$1,456,625 
(1)Amounts are not adjusted for our minority equity interest.
(2)We provide certain limited recourse guaranties on this debt, with our liability limited to $100,000.
(3)Reflects August 2025 refinancing of the previous mortgage loan with an original principal balance of $620,000.
(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%.