Dispositions of Real Estate

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Dispositions of Real Estate

Dispositions of Real Estate

2025 Dispositions of Real Estate

During the three months ended June 30, 2025, the Company sold one outpatient medical land parcel for $4 million, resulting in gain on sale of $3 million.

During the three months ended September 30, 2025, the Company sold two outpatient medical buildings for $27 million, resulting in total gain on sales of $12 million.

2024 Dispositions of Real Estate

During the three months ended March 31, 2024, the Company sold two outpatient medical buildings for $29 million, resulting in total gain on sales of $3 million.

During the three months ended June 30, 2024, the Company sold a portfolio of seven lab buildings for $180 million and 11 outpatient medical buildings for $179 million, resulting in total gain on sales of $122 million.

During the three months ended September 30, 2024, the Company sold a portfolio of 59 outpatient medical buildings for $674 million, resulting in total gain on sales of $60 million, and provided the buyer with a mortgage loan secured by the real estate sold for $405 million (see Note 7).

During the year ended December 31, 2024, the Company also sold: (i) one outpatient medical building for $12 million, (ii) a portfolio of two outpatient medical buildings for $23 million and provided the buyer with a mortgage loan secured by the real estate sold for $14 million (see Note 7), and (iii) a portfolio comprised of a land parcel and various vacant buildings on certain of the Company’s CCRC campuses for $12 million.

Held for Sale

As of September 30, 2025, six lab buildings were classified as held for sale, with a carrying value of $68 million, primarily comprised of net real estate assets, straight-line rent receivable, and right-of-use assets. As of September 30, 2025, liabilities related to the assets held for sale were $12 million, primarily comprised of lease liabilities and deferred revenue. As of December 31, 2024, one outpatient medical building was classified as held for sale, with a carrying value of $8 million, primarily comprised of net real estate assets. As of December 31, 2024, liabilities related to the asset held for sale were zero. This asset was sold during the three months ended September 30, 2025.

Impairments of Real Estate

During the three and nine months ended September 30, 2025 and 2024, the Company did not recognize any impairment charges on its consolidated real estate assets. See Note 8 for discussion of the Company’s other-than-temporary impairment charges.