Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Equity

We have common shares available for issuance under the terms of our equity compensation plan adopted in 2012, as amended, or the 2012 Plan. During the years ended December 31, 2025, 2024 and 2023, we awarded to our officers and certain other employees of The RMR Group LLC, or RMR, and certain current and former employees of AlerisLife annual share

awards of 950,895, 881,767 and 800,000 of our common shares, respectively, valued at $4,070, $2,954 and $1,864, in aggregate, respectively. In accordance with our Trustee compensation arrangements, we also awarded each of our then Trustees 29,141 common shares with an aggregate value of $665 ($95 per Trustee), 37,037 common shares with an aggregate value of $630 ($90 per Trustee) and 20,000 common shares with an aggregate value of $244 ($35 per Trustee) in 2025, 2024 and 2023, respectively. In March 2025, in connection with the election of one of our Trustees, we awarded 33,582 of our common shares to this Trustee with a value of $90. In September 2023, in connection with the election of another one of our Trustees, we awarded 20,000 of our common shares to this Trustee with a value of $45. The values or numbers, as applicable, of the share awards were based upon the closing price of our common shares trading on The Nasdaq Stock Market LLC, or Nasdaq, on the dates of awards. The common shares awarded to our Trustees vested immediately. The common shares awarded to our officers and certain other employees of RMR and certain employees of AlerisLife vest in five equal annual installments beginning on the date of award. We recognize share forfeitures as they occur and include the value of awarded shares in general and administrative expenses in our consolidated statements of comprehensive income (loss) ratably over the vesting period. At December 31, 2025, 3,493,033 of our common shares remain available for issuance under the 2012 Plan.

A summary of shares awarded, forfeited, vested and unvested under the terms of the 2012 Plan from January 1, 2023 to December 31, 2025 is as follows:

	Number of Shares	Weighted Average Award Date Fair Value
Unvested shares at December 31, 2022	1,116,000	$	2.50
Shares awarded in 2023	960,000	$	2.24
Shares vested / forfeited in 2023	(847,800)	$	2.53
Unvested shares at December 31, 2023	1,228,200	$	2.28
Shares awarded in 2024	1,141,026	$	3.14
Shares vested / forfeited in 2024	(1,049,225)	$	2.54
Unvested shares at December 31, 2024	1,320,001	$	2.80
Shares awarded in 2025	1,188,464	$	4.06
Shares vested / forfeited in 2025	(1,077,788)	$	3.12
Unvested shares at December 31, 2025	1,430,677	$	3.60

The 1,430,677 unvested shares as of December 31, 2025 are scheduled to vest as follows:

	Unvested Shares
2026	492,755
2027	420,972
2028	330,548
2029	186,402
Total	1,430,677

As of December 31, 2025, the estimated future compensation for the unvested shares was $4,670 based on the adjusted award date fair value of these shares. At December 31, 2025, the weighted average period over which the compensation expense will be recorded is approximately 1.9 years.

During the years ended December 31, 2025, 2024 and 2023, we recorded share based compensation expense of $3,411, $2,747 and $1,840, respectively.

During the years ended December 31, 2025, 2024 and 2023, we purchased an aggregate of 276,078, 268,221 and 184,344 of our common shares, respectively, from certain of our Trustees and officers and certain other current and former officers and employees of RMR and certain current and former employees of AlerisLife, in satisfaction of tax withholding and payment obligations in connection with the vesting of prior awards of our common shares.

A summary of cash distributions paid to common shareholders, for federal income tax purposes, are as follows for the periods presented:

	Annual Per				Characterization of Distribution
	Share		Total		Ordinary		Capital		Return of
Year	Distribution		Distribution		Income		Gain		Capital
2025	$	0.04	$	9,661	—	%	—	%	100.0	%
2024	$	0.04	$	9,627	—	%	—	%	100.0	%
2023	$	0.04	$	9,595	—	%	—	%	100.0	%

On January 15, 2026, we declared a quarterly distribution to common shareholders of record on January 26, 2026 of $0.01 per share, or approximately $2,421. We paid this distribution on February 19, 2026 using cash on hand.