Dispositions, Real Property Held for Sale and Impairment (Tables)

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Summary of Real Property Disposition Activity

The following is a summary of our real property disposition activity for the periods presented (in thousands):

	Three Months Ended
	March 31, 2025		March 31, 2024
Real estate dispositions:(1)
Seniors Housing Operating	$	289,755	$	39,985
Triple-net	181,940		—
Total dispositions	471,695		39,985
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net	51,777		4,707
Net other assets/(liabilities) disposed	(468)		142
Non-cash consideration(2)	(205,341)		—
Cash proceeds from real estate dispositions	$	317,663	$	44,834

(1) Dispositions occurring in the three months ended March 31, 2025 include the disposition of unconsolidated equity method investments related to our Chartwell joint ventures. See discussion below for further information. Dispositions occurring in the three months ended March 31, 2024 include the disposition of an unconsolidated equity method investment that owned six Seniors Housing Operating properties.

(2) Non-cash consideration for the three months ended March 31, 2025 includes the value of the equity method investment attributed to the 16 sold Chartwell properties, as well as the value of our contribution of six consolidated properties to our seniors housing investment fund (See Note 8 for additional details).