Dispositions of Real Estate

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

2026 Dispositions of Real Estate

In January 2026, the Company sold four lab buildings for $68 million.

2025 Dispositions of Real Estate

During the year ended December 31, 2025, the Company sold (i) one outpatient medical land parcel for $4 million, (ii) nine outpatient medical buildings for $160 million, and (iii) a portfolio of 16 outpatient medical buildings for $182 million, resulting in total net gain on sales of $72 million.

2024 Dispositions of Real Estate

During the year ended December 31, 2024, the Company sold: (i) a portfolio of 59 outpatient medical buildings for $674 million and provided the buyer with a mortgage loan secured by the real estate sold for $405 million (see Note 8), (ii) 14 outpatient medical buildings for $220 million, (iii) a portfolio of seven lab buildings for $180 million, (iv) 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 8), and (v) a portfolio comprised of a land parcel and various vacant buildings on certain of the Company’s senior housing campuses for $12 million, resulting in total net gain on sales of $179 million.

2023 Dispositions of Real Estate

During the year ended December 31, 2023, the Company sold two lab buildings for $113 million and two outpatient medical buildings for $32 million, resulting in total gain on sales of $81 million.

Held for Sale

As of December 31, 2025, six lab buildings and two outpatient medical buildings were classified as held for sale, with a carrying value of $81 million, primarily comprised of net real estate assets of $73 million and right-of-use assets of $7 million. As of December 31, 2025, liabilities related to the assets held for sale were $12 million, primarily comprised of lease liabilities of $9 million and deferred revenue of $3 million. Four of these lab buildings were sold in January 2026. 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 year ended December 31, 2025.