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

3 Months Ended

Mar. 31, 2026

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, 2026		March 31, 2025
Real estate dispositions:(1)
Seniors Housing Operating	$	14,288	$	289,755
Triple-net(2)	518,326		181,940
Outpatient Medical	831,763		—
Total dispositions	1,364,377		471,695
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net(3)	445,824		51,777
Net other assets/(liabilities) disposed	21,070		(468)
Non-cash consideration(4)	(113,395)		(205,341)
Cash proceeds from real estate dispositions	$	1,717,876	$	317,663

(1) Dispositions occurring during the three months ended March 31, 2025 included the disposition of unconsolidated equity method investments related to our Chartwell joint ventures. See disclosure below for further information.

(2) The three months ended March 31, 2026 excludes $77,274,000 of net real property derecognized related to six properties upon the reclassification from operating to sales-type leases (see Note 6 for additional details). During the three months ended March 31, 2025, includes $172,260,000 related to four properties previously classified as sales-type leases for which the underlying properties were sold and the sales-type leases terminated.

(3) The three months ended March 31, 2026 excludes the $25,424,000 loss recognized as a result of the reclassification of leases from operating to sales-type for six properties. The three months ended March 31, 2025 includes a $2,564,000 gain recognized for four properties previously classified as sales-type leases for which the underlying properties were sold.

(4) Non-cash consideration for the three months ended March 31, 2026 relates to the retained preferred interest for our Outpatient Medical portfolio disposition. Non-cash consideration for the three months ended March 31, 2025 includes the fair 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 further details).