Real Estate Investments (Tables)

12 Months Ended

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.