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Real Estate and Other Investments
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate and Other Investments Real Estate and Other Investments
Acquisitions:
We did not acquire any real estate properties during the years ended December 31, 2025, 2024 and 2023.
Impairment:
We regularly evaluate our assets for indicators of impairment. Impairment indicators may include declining tenant or resident occupancy, weak or declining profitability from the property, decreasing tenant cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of an asset. If indicators of impairment are present, we evaluate the carrying value of the affected assets by comparing it to the expected future undiscounted cash flows to be generated from those assets. The future cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the sum of these expected future cash flows is less than the carrying value, we reduce the net carrying value of the asset to its estimated fair value.
During 2025, we recorded impairment charges of $109,597 to adjust the carrying value of 18 medical office and life science properties to their estimated fair values. We sold all of these properties in 2025. During 2025, we also recorded impairment charges of $56,105 to adjust the carrying value of 25 senior living communities to their estimated fair values. We sold 12 of these communities in 2025. The remaining 13 communities were classified as held for sale in our consolidated balance sheet as of December 31, 2025. These impairment charges, in aggregate, are included in impairment of assets in our consolidated statements of comprehensive income (loss).
During 2024, we recorded impairment charges of $70,734 to adjust the carrying value of six medical office and life science properties to their estimated fair value. We sold three of these medical office and life science properties in 2024. Three of these medical office and life science properties were classified as held for sale in our consolidated balance sheet as of December 31, 2024 and were sold in 2025. These impairment charges, in aggregate, are included in impairment of assets in our consolidated statements of comprehensive income (loss).
During 2023, we recorded impairment charges of $14,034 to adjust the carrying value of four medical office and life science properties to their estimated fair value. We sold three of these medical office and life science properties in 2023. One of these medical office properties was classified as held for sale in our consolidated balance sheet as of December 31, 2023. During 2023, we also recorded impairment charges of $4,346 to adjust the carrying values of two senior living communities to
their aggregate estimated fair value. We sold one of these senior living communities in 2023. These impairment charges, in aggregate, are included in impairment of assets in our consolidated statements of comprehensive income (loss).
Dispositions:
The table below represents the sale prices (excluding closing costs) of our dispositions for the years ended December 31, 2025, 2024 and 2023. 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 SaleStateType of PropertyNumber of PropertiesNumber of Units or Square FeetSales PriceGain (Loss) on Sale
Dispositions during the year ended December 31, 2025:
January 2025DelawareSenior Living1102 
units (1)
$2,900 $1,263 
January 2025CaliforniaLife Science3185,978 
sq. ft. (2)
159,025 9,723 
February 2025ArizonaLife Science182,266 sq. ft.16,800 65 
February 2025VariousSenior Living18876 
units (2)
135,000 97,560 
March 2025ConnecticutMedical Office164,800 
sq. ft. (2)
7,100 1,529 
May 2025TennesseeSenior Living1120 
units (1)
11,150 (5,261)
May 2025MissouriMedical Office1219,644 sq. ft.5,250 (2,168)
July 2025Missouri and Wisconsin Medical Office2244,491 sq. ft.4,800 (3)
July 2025New JerseySenior Living197 
units (1)
4,000 1,554 
August 2025PennsylvaniaMedical Office1131,945 sq. ft.1,800 (19)
September 2025GeorgiaSenior Living140 
units (1)
1,600 (218)
September 2025MarylandMedical Office192,180 sq. ft.4,250 (54)
October 2025Georgia, South Carolina and WyomingSenior Living7428 
units (1)
21,430 4,122 
October 2025MassachusettsMedical Office1124,803 
sq. ft. (2)
10,700 2,051 
November 2025Georgia and South CarolinaSenior Living4193 
units (1)
10,000 (571)
November 2025Illinois and North CarolinaMedical Office2154,041 
sq. ft. (2)
11,766 (63)
December 2025Delaware, Georgia and Indiana Senior Living5662 
units (1)
56,510 8,687 
December 2025VariousMedical Office181,094,474 
sq. ft. (2)
140,793 (467)
69$604,874 $117,730 
Dispositions during the year ended December 31, 2024:
March 2024ArizonaMedical Office1126,084 sq. ft.$3,600 $(5,874)
June 2024TexasMedical Office194,137 sq. ft.4,200 (13,213)
July 2024Illinois and MinnesotaMedical Office2205,673 sq. ft.21,275 111 
November 2024KansasLife Science1239,366 sq. ft.6,600 38 
5$35,675 $(18,938)
Dispositions during the year ended December 31, 2023:
February 2023Pennsylvania and South CarolinaSenior Living3— 
units (1)
$2,800 $293 
October 2023PennsylvaniaMedical Office130,866 sq. ft.1,800 15 
October 2023TennesseeSenior Living1— 
units (1)
2,830 627 
October 2023MarylandLife Science158,880 sq. ft.6,200 (360)
November 2023VirginiaSenior Living1— 
units (1)
1,800 945 
December 2023South CarolinaMedical Office1115,108 sq. ft.3,450 (1,255)
8$18,880 $265 
    
(1)These communities were closed prior to their respective dispositions.
(2)We used aggregate net proceeds of $402,234 from the sales of these properties to partially redeem our then outstanding senior secured notes due 2026.
During the year ended December 31, 2023, we recognized a gain of $940 related to the sales of skilled nursing bed licenses at certain of our senior living communities.
As of December 31, 2025, we had 13 properties classified as held for sale as follows:
SegmentNumber of PropertiesReal Estate Properties, Net
SHOP13$22,048 
As of February 20, 2026, these 13 properties were under agreement to sell for an aggregate sales price of $23,000, excluding closing costs. We may not complete the sales of any or all of the properties we currently plan to sell. Also, we may sell some or all of these properties at amounts that are less than currently expected and/or less than the carrying values of such properties, and we may incur losses on any such sales as a result.
Investments and 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,
202520242023
SHOP fixed assets and capital improvements$96,940 $93,043 $100,981 
Medical Office and Life Science Portfolio capital expenditures:
Lease related costs (1)
26,706 21,289 38,070 
Building improvements (2)
7,802 6,002 12,984 
Recurring capital expenditures - Medical Office and Life Science Portfolio34,508 27,291 51,054 
Wellness centers lease related costs (1)
— 20,618 9,721 
Total recurring capital expenditures$131,448 $140,952 $161,756 
Development, redevelopment and other activities - SHOP (3)
$14,194 $46,558 $82,207 
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3)
308 3,012 9,244 
Total development, redevelopment and other activities$14,502 $49,570 $91,451 
Capital expenditures by segment:
SHOP$111,134 $139,601 $183,188 
Medical Office and Life Science Portfolio34,816 30,303 60,298 
All Other - wellness centers— 20,618 9,721 
Total capital expenditures$145,950 $190,522 $253,207 
(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.
Equity Method Investments in Unconsolidated Joint Ventures:
As of December 31, 2025, we had equity investments in unconsolidated joint ventures as follows:
Equity Method Investments in Joint VenturesDHC Ownership
DHC Carrying Value of Investment at December 31, 2025
Number of PropertiesStateSquare Feet
Seaport Innovation LLC10%$73,471 1MA1,134,479 
The LSMD Fund REIT LLC20%46,655 10CA, MA, NY, TX, WA1,068,763 
$120,126 112,203,242 
The following table provides a summary of the mortgage debts of these joint ventures as of December 31, 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)
5.65%2/9/2027266,825 
Weighted Average / Total5.33%$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 exercised its final one-year extension option for the maturity date of this mortgage loan and purchased an interest rate cap effective through February 2027 with an annual rate of secured overnight financing rate, or SOFR, strike rate of approximately 5.94%. This mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 1.90%.

We account for the Seaport JV and LSMD JV using the equity method of accounting under the fair value option. We recognized changes in the fair value of our investments in our unconsolidated joint ventures of $13,767, $(7,550) and $(20,461) during the years ended December 31, 2025, 2024 and 2023, respectively.
On August 21, 2025, the Seaport JV paid an aggregate cash distribution of $280,000 to its investors in connection with the refinancing of its prior mortgage loan in August 2025. Our pro rata share of this cash distribution was $28,000 and our basis in the equity method investment in the Seaport JV was reduced by such amount. For the year ended December 31, 2025, we also received $1,000 of operating distributions from the Seaport JV and made $8,500 of contributions to the Seaport JV.
Equity Method Investment in AlerisLife:
As of December 31, 2025, we owned approximately 34.0% of the outstanding common shares of AlerisLife Inc., or AlerisLife. We do not control the activities that are most significant to AlerisLife and, as a result, we account for our non-controlling interest in AlerisLife using the equity method of accounting.
As of December 31, 2025, AlerisLife had ceased operations and was in the process of winding-down its operations. We have recorded the book value of our remaining investment and fully amortized the remaining basis difference between our initial investment and the equity value of AlerisLife. As of December 31, 2025, our investment in AlerisLife had a carrying value of $27,200. We recognized income of $22,993 for the year ended December 31, 2025. This amount is included in equity in net earnings (losses) of investees in our consolidated statements of comprehensive income (loss).
On February 14, 2025, AlerisLife paid an aggregate cash dividend of $50,000 to its stockholders. Our pro rata share of this cash dividend was $17,000 and our basis in the equity method investment in AlerisLife was reduced by such amount. On July 15, 2025, AlerisLife paid an aggregate cash dividend of $10,000 to its stockholders. Our pro rata share of this cash dividend was $3,400 and our basis in the equity method investment in AlerisLife was reduced by such amount. On January 9, 2026, AlerisLife paid an aggregate cash dividend of $80,000 to its stockholders. Our pro rata share of this cash dividend was $27,200. See Notes 2 and 8 for more information regarding our investment in AlerisLife.
Other:
In September 2022, certain of our managed senior living communities located in Florida experienced hurricane related damage. We carry comprehensive property, casualty, flood and business interruption insurances which covered our losses at these senior living communities, subject to a deductible. During the year ended December 31, 2025, we recognized a gain on
insurance recoveries of $7,522 as a result of insurance proceeds received for these damaged senior living communities and the closing of the associated claim.
In January 2026, we provided notice to exercise our purchase option for the two properties securing our finance leases for $14,500, with closing expected in April 2026.