DIVERSIFIED HEALTHCARE TRUST, 10-K filed on 2/24/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Entity Information      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-15319    
Entity Registrant Name DIVERSIFIED HEALTHCARE TRUST    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 04-3445278    
Entity Address, Street Two Newton Place, 255 Washington Street, Suite 300    
Entity Address, City Newton    
Entity Address, State MA    
Entity Address, Postal Zip Code 02458-1634    
City Area Code 617    
Local Phone Number 796-8350    
Title Of Each Class Common Shares of Beneficial Interest    
Trading Symbol(s) DHC    
Name Of Each Exchange On Which Registered NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Smaller Reporting Company false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 776.9
Entity Common Stock, Shares Outstanding (in shares)   242,121,025  
Documents Incorporated by Reference Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2026 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2025.    
Entity Central Index Key 0001075415    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Senior Notes Due 2042      
Entity Information      
Title Of Each Class 5.625% Senior Notes due 2042    
Trading Symbol(s) DHCNI    
Name Of Each Exchange On Which Registered NASDAQ    
Senior Notes Due 2046      
Entity Information      
Title Of Each Class 6.25% Senior Notes due 2046    
Trading Symbol(s) DHCNL    
Name Of Each Exchange On Which Registered NASDAQ    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location Boston, Massachusetts
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate properties:    
Land $ 542,403 $ 605,973
Buildings and improvements 5,406,403 5,817,279
Total real estate properties, gross 5,948,806 6,423,252
Accumulated depreciation (2,089,906) (2,082,777)
Total real estate properties, net 3,858,900 4,340,475
Investments in unconsolidated joint ventures 120,126 126,859
Assets of properties held for sale 23,085 276,270
Cash and cash equivalents 105,407 144,584
Restricted cash [1] 16,392 5,270
Equity method investment 27,200 24,590
Acquired real estate leases and other intangible assets, net 20,663 26,300
Other assets, net 185,504 188,600
Total assets 4,361,250 5,137,005
LIABILITIES AND SHAREHOLDERS' EQUITY    
Secured revolving credit facility 0 0
Secured debt and finance leases, net 455,093 126,611
Liabilities of properties held for sale 3,426 6,024
Accrued interest 30,683 23,092
Other liabilities 238,050 229,153
Total liabilities 2,695,682 3,178,162
Commitments and contingencies
Shareholders' equity:    
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 242,121,025 and 241,271,703 shares issued and outstanding, respectively 2,421 2,413
Additional paid in capital 4,622,572 4,620,313
Cumulative net income 1,122,137 1,408,023
Cumulative other comprehensive loss (12) (17)
Cumulative distributions (4,081,550) (4,071,889)
Total shareholders' equity 1,665,568 1,958,843
Total liabilities and shareholders' equity 4,361,250 5,137,005
Secured Debt    
Real estate properties:    
Total real estate properties, net 1,406,755 1,290,060
LIABILITIES AND SHAREHOLDERS' EQUITY    
Senior notes 365,005 826,974
Unsecured Debt    
LIABILITIES AND SHAREHOLDERS' EQUITY    
Senior notes 1,580,726 1,957,319
Affiliated Entity    
Real estate properties:    
Due from affiliates 3,973 4,057
LIABILITIES AND SHAREHOLDERS' EQUITY    
Due to affiliates $ 22,699 $ 8,989
[1] Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties.
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common shares of beneficial interest, par value (in dollars per share) $ 0.01 $ 0.01
Common shares of beneficial interest, shares authorized (in shares) 300,000,000 300,000,000
Common shares of beneficial interest, shares issued (in shares) 242,121,025 241,271,703
Common shares of beneficial interest, shares outstanding (in shares) 242,121,025 241,271,703
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Revenues $ 1,537,853 $ 1,495,427 $ 1,410,308
Expenses:      
Property operating expenses 1,259,340 1,236,542 1,174,151
Depreciation and amortization 261,923 284,957 284,083
General and administrative 45,502 26,518 26,131
Acquisition and certain other transaction related costs 10,356 2,510 10,853
Impairment of assets 165,702 70,734 18,380
Total expenses 1,742,823 1,621,261 1,513,598
Gain (loss) on sale of properties 117,730 (18,938) 1,205
Gains and losses on equity securities, net 0 0 8,126
Gain on insurance recoveries 7,522 0 0
Interest and other income 5,839 8,950 15,536
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $77,942, $103,437 and $11,811, respectively) (204,498) (235,239) (191,775)
Loss on modification or early extinguishment of debt (42,526) (324) (2,468)
Loss before income taxes and equity in net earnings (losses) of investees (320,903) (371,385) (272,666)
Income tax expense (1,743) (467) (445)
Equity in net earnings (losses) of investees 36,760 1,597 (20,461)
Net loss (285,886) (370,255) (293,572)
Other comprehensive loss:      
Equity in unrealized gains (losses) of an investee 17 (17) 0
Unrealized loss on derivative (12) 0 0
Other comprehensive loss 5 (17) 0
Comprehensive loss $ (285,881) $ (370,272) $ (293,572)
Weighted average common shares outstanding (basic) (in shares) 240,286 239,535 238,836
Weighted average common shares outstanding (diluted) (in shares) 240,286 239,535 238,836
Per common share amounts (basic and diluted):      
Net loss - basic (in dollars per share) $ (1.19) $ (1.55) $ (1.23)
Net loss - diluted (in dollars per share) $ (1.19) $ (1.55) $ (1.23)
Affiliated Entity      
Expenses:      
Equity in net earnings (losses) of investees $ 36,760 $ 1,597 $ (20,461)
Rental income      
Revenues:      
Revenues 225,198 251,038 258,400
Residents fees and services      
Revenues:      
Revenues $ 1,312,655 $ 1,244,389 $ 1,151,908
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Interest expense (including net amortization of debt premiums, discounts and issuance costs) $ 77,942 $ 103,437 $ 11,811
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Shares
Additional Paid In Capital
Cumulative Net Income
Cumulative Other Comprehensive Loss (Income)
Cumulative Distributions
Beginning balance (in shares) at Dec. 31, 2022   239,694,842        
Beginning balance at Dec. 31, 2022 $ 2,638,611 $ 2,397 $ 4,617,031 $ 2,071,850 $ 0 $ (4,052,667)
Increase (Decrease) in Shareholders' Equity            
Net loss (293,572)     (293,572)    
Other comprehensive income (loss) 0          
Distributions (9,595)         (9,595)
Share grants (in shares)   960,000        
Share grants 1,850 $ 9 1,841      
Share repurchases (in shares)   (184,344)        
Share repurchases (393) $ (1) (392)      
Share forfeitures (in shares)   (46,600)        
Share forfeitures (10)   (10)      
Ending balance (in shares) at Dec. 31, 2023   240,423,898        
Ending balance at Dec. 31, 2023 2,336,891 $ 2,405 4,618,470 1,778,278 0 (4,062,262)
Increase (Decrease) in Shareholders' Equity            
Net loss (370,255)     (370,255)    
Other comprehensive income (loss) (17)       (17)  
Distributions (9,627)         (9,627)
Share grants (in shares)   1,141,026        
Share grants 2,755 $ 12 2,743      
Share repurchases (in shares)   (268,221)        
Share repurchases (904) $ (4) (900)      
Share forfeitures (in shares)   (25,000)        
Share forfeitures $ 0          
Ending balance (in shares) at Dec. 31, 2024 241,271,703 241,271,703        
Ending balance at Dec. 31, 2024 $ 1,958,843 $ 2,413 4,620,313 1,408,023 (17) (4,071,889)
Increase (Decrease) in Shareholders' Equity            
Net loss (285,886)     (285,886)    
Other comprehensive income (loss) 5       5  
Distributions (9,661)         (9,661)
Share grants (in shares)   1,188,464        
Share grants 3,438 $ 12 3,426      
Share repurchases (in shares)   (276,078)        
Share repurchases (1,145) $ (3) (1,142)      
Share forfeitures (in shares)   (63,064)        
Share forfeitures $ (26) $ (1) (25)      
Ending balance (in shares) at Dec. 31, 2025 242,121,025 242,121,025        
Ending balance at Dec. 31, 2025 $ 1,665,568 $ 2,421 $ 4,622,572 $ 1,122,137 $ (12) $ (4,081,550)
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (285,886) $ (370,255) $ (293,572)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:      
Depreciation and amortization 261,923 284,957 284,083
Net amortization of debt premiums, discounts and issuance costs 77,942 103,437 11,811
Payment of accreted interest on senior secured notes (152,869) 0 0
Straight line rental income (962) (1,445) 1,095
Amortization of acquired real estate leases and other intangible assets, net 113 106 (242)
Loss on modification or early extinguishment of debt 42,526 324 2,468
Impairment of assets 165,702 70,734 18,380
(Gain) loss on sale of properties (117,730) 18,938 (1,205)
Gains on equity securities, net 0 0 (8,126)
Gain on insurance recoveries (7,522) 0 0
Other non-cash adjustments, net (359) (1,025) (1,932)
Unconsolidated joint venture distributions 1,000 1,231 5,100
Equity in net (earnings) losses of investees (36,760) (1,597) 20,461
Change in assets and liabilities:      
Deferred leasing costs, net (4,313) (3,578) (9,834)
Other assets (2,653) 16,672 10,672
Accrued interest 7,591 245 (6,570)
Other liabilities 32,639 (6,521) (22,106)
Net cash (used in) provided by operating activities (19,618) 112,223 10,483
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate improvements (146,823) (201,702) (235,007)
Proceeds from sale of properties, net 589,234 34,167 18,356
Proceeds from insurance recoveries 1,308 1,698 534
Investment in AlerisLife Inc. 0 (15,459) 0
Proceeds from AlerisLife Inc. tender offer 0 0 14,006
Equity method investment distributions 48,400 0 0
Contributions to unconsolidated joint ventures (8,500) (5,723) 0
Purchase of interest rate cap (47) 0 0
Net cash provided by (used in) investing activities 483,572 (187,019) (202,111)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of senior secured notes, net 369,375 0 750,001
Proceeds from mortgage notes payable 343,157 120,000 0
Repayments of borrowings on credit facility 0 0 (700,000)
Redemption of senior secured notes (750,001) 0 0
Redemption of senior unsecured notes (380,000) (120,000) (250,000)
Repayment of other debt (3,843) (3,218) (17,049)
Early extinguishment of debt settled in cash (37,664) 0 (978)
Payment of debt issuance costs (22,227) (8,562) (21,699)
Repurchase of common shares (1,145) (904) (393)
Distributions to shareholders (9,661) (9,627) (9,595)
Net cash used in financing activities (492,009) (22,311) (249,713)
Decrease in cash and cash equivalents and restricted cash (28,055) (97,107) (441,341)
Cash and cash equivalents and restricted cash at beginning of period 149,854 246,961 688,302
Cash and cash equivalents and restricted cash at end of period $ 121,799 $ 149,854 $ 246,961
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid [1] $ 271,834 $ 131,557 $ 186,534
Income taxes paid 1,776 484 677
NON-CASH INVESTING ACTIVITIES:      
Real estate improvements accrued, not paid 20,426 23,890 38,777
Payment of accreted interest on senior secured notes $ 152,869 $ 0 $ 0
[1] Includes $152,869 of accreted interest paid during the year ended December 31, 2025 on our senior secured notes due 2026
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - Cash and Restricted Cash (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Cash Flows [Abstract]        
Cash and cash equivalents $ 105,407 $ 144,584 $ 245,939  
Restricted cash [1] 16,392 5,270 1,022  
Total cash and cash equivalents and restricted cash shown in our consolidated statements of cash flows $ 121,799 $ 149,854 $ 246,961 $ 688,302
[1] Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties.
v3.25.4
Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Business
Diversified Healthcare Trust is a real estate investment trust, or REIT, organized under Maryland law, which owns senior living communities, medical office and life science properties and other healthcare related properties throughout the United States. As of December 31, 2025, we owned 298 properties located in 33 states and Washington, D.C.
As of December 31, 2025, our owned properties include: 221 senior living communities, including independent living (including active adult), assisted living, memory care and skilled nursing facilities, or SNFs, with approximately 24,500 living units; 67 medical office and life science properties with approximately 5.6 million rentable square feet; and 10 wellness centers with approximately 812,000 square feet of interior space plus outdoor developed facilities.
As of December 31, 2025, we also owned an equity interest in each of two unconsolidated joint ventures that own medical office and life science properties located in five states with an aggregate of approximately 2.2 million rentable square feet.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
BASIS OF PRESENTATION.  Our consolidated financial statements include the accounts of Diversified Healthcare Trust, we, us or our, and our subsidiaries, all of which are 100% owned directly or indirectly by us as of December 31, 2025. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
REAL ESTATE PROPERTIES.  We record properties at our cost and calculate depreciation on real estate investments on a straight line basis over estimated useful lives generally up to 40 years.
We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of depreciable useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate a portion of the purchase price to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine that renewal is probable. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant's lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to our consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships.
We amortize capitalized above market lease values (included in acquired real estate leases and other intangible assets, net in our consolidated balance sheets) as a reduction to rental income over the remaining non-cancelable terms of the respective leases. We amortize capitalized below market lease values (included in other liabilities in our consolidated balance sheets) as an increase to rental income over the non-cancelable periods of the respective leases. We amortize the value of in place leases exclusive of the value of above market and below market in place leases to depreciation and amortization expense over the remaining non-cancelable periods of the respective leases and during the years ended December 31, 2025, 2024 and 2023, such amortization totaled $5,249, $7,367 and $10,996, respectively. If a lease is terminated prior to its stated expiration, we fully amortize the unamortized amount relating to that lease at that time.
As of December 31, 2025 and 2024, our acquired real estate leases and assumed real estate lease obligations, excluding properties held for sale, if any, were as follows:
December 31,
20252024
Acquired real estate leases:
Capitalized above market lease values$2,728 $2,846 
Less: accumulated amortization(2,408)(2,324)
Capitalized above market lease values, net320 522 
Lease origination value48,862 66,731 
Less: accumulated amortization(28,519)(40,953)
Lease origination value, net20,343 25,778 
Acquired real estate leases and other intangible assets, net$20,663 $26,300 
Assumed real estate lease obligations:
Capitalized below market lease values$1,204 $1,600 
Less: accumulated amortization(1,011)(1,305)
Assumed real estate lease obligations, net$193 $295 

As of December 31, 2025, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 2.4 years, 5.2 years and 6.7 years, respectively. Future amortization of net acquired real estate lease assets and obligations to be recognized over the current terms of the associated leases as of December 31, 2025 is estimated to be $3,925 in 2026, $3,436 in 2027, $2,585 in 2028, $2,428 in 2029, $2,377 in 2030 and $5,719 thereafter.
CASH AND CASH EQUIVALENTS.  We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
RESTRICTED CASH.  Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties.
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES.  We account for our derivative instrument at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is not designated as a hedge or that does not meet the hedge accounting criteria is recorded as a gain or loss to operations.
EQUITY METHOD INVESTMENTS. As of December 31, 2025, we owned a 10% equity interest in an unconsolidated joint venture that owns a life science property located in Boston, Massachusetts, or the Seaport JV, and a 20% equity interest in an unconsolidated joint venture for 10 medical office and life science properties, or the LSMD JV. The properties owned by the Seaport JV and LSMD JV are encumbered by an aggregate $1,000,000 and $456,625 of mortgage debts, respectively. We do not control the activities that are most significant to these joint ventures and, as a result, we account for our investment in these joint ventures under the equity method of accounting under the fair value option. See Notes 3 and 10 for more information regarding these joint ventures.
As of December 31, 2025, we owned approximately 34.0% of the outstanding common shares of AlerisLife Inc., or AlerisLife. We do not control the activities that are most significant to AlerisLife and, as a result, we account for our non-controlling interest in AlerisLife using the equity method of accounting. See Notes 3 and 8 for more information regarding our investment in AlerisLife.
DEBT ISSUANCE COSTS.  Debt issuance costs include issuance or assumption costs related to borrowings and we amortize those costs as interest expense over the terms of the respective loans. Debt issuance costs for our senior secured and unsecured notes and other secured debt totaled $66,323 and $68,067 at December 31, 2025 and 2024, respectively, and accumulated amortization of debt issuance costs totaled $24,827 and $32,307, respectively, and are presented in our
consolidated balance sheet as a direct deduction from the associated debt liability. Future amortization of debt issuance costs to be recognized with respect to our loans as of December 31, 2025 is estimated to be $7,258 in 2026, $7,258 in 2027, $5,445 in 2028, $4,914 in 2029, $4,230 in 2030 and $12,391 thereafter.
DEFERRED LEASING COSTS.  Deferred leasing costs include capitalized brokerage costs and inducements associated with the successful negotiation of leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction in rental income, on a straight line basis over the terms of the respective leases. Deferred leasing costs are included in other assets, net in our consolidated balance sheets. Deferred leasing costs totaled $49,748 and $59,286 at December 31, 2025 and 2024, respectively, and accumulated amortization of deferred leasing costs totaled $21,453 and $22,377 at December 31, 2025 and 2024, respectively. At December 31, 2025, the remaining weighted average amortization period is approximately 7.8 years. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2025 are estimated to be $5,429 in 2026, $4,571 in 2027, $4,026 in 2028, $3,101 in 2029, $2,746 in 2030 and $8,422 thereafter.
FAIR VALUE OF FINANCIAL INSTRUMENTS.     We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by accounting principles generally accepted in the United States, or GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows:
Level 1—Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access.
Level 2—Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly.
Level 3—Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement.
REVENUE RECOGNITION.  We are a lessor of senior living communities, medical office and life science properties and other healthcare related properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the premises demised under the leases; therefore, we have determined to evaluate our leases as lease arrangements.
Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including changes in the index or market based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred.
Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all of our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply the Accounting Standards, or ASC, Codification Topic 842, Leases, to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss).
Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations.
For the years ended December 31, 2025, 2024 and 2023, we recognized the rental income from our operating leases on a straight line basis over the term of each lease agreement. We recognized percentage rents when realizable and earned, which was generally during the fourth quarter of the year. For the years ended December 31, 2025, 2024 and 2023, percentage rents earned aggregated $1,657, $3,435 and $2,949, respectively.
For leases where we are the lessee, we recognize a right of use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and the right of use asset being amortized over the term of the lease. The right of use assets and related lease liabilities are included within other assets, net and other liabilities, respectively, within our consolidated balance sheets. In addition, we lease equipment at certain of our managed senior living communities. These leases are short term in nature, are cancelable with no fee or do not result in an annual expense in excess of our capitalization policy and, as a result, are not recorded on our consolidated balance sheets.
As of December 31, 2025, we owned 212 senior living communities that are managed by third party managers for our account. We derive our revenues at these managed senior living communities primarily from services our managers provide to residents on our behalf and we record revenues when the services are provided. We use the taxable REIT subsidiary, or TRS, structure authorized by the REIT Investment Diversification and Empowerment Act for our managed senior living communities.
Under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, the U.S. Department of Health and Human Services established a Provider Relief Fund. Subsequently, the American Rescue Plan Act, or ARPA, was enacted. Retention and use of the funds received under the CARES Act and ARPA are subject to certain terms and conditions. The terms and conditions require that the funds be utilized to compensate for lost revenues that are attributable to the COVID-19 pandemic and for eligible costs to prevent, prepare for and respond to the COVID-19 pandemic that are not covered by other sources. Further, fund recipients are required to be participating in Medicare at the time of distribution and are subject to certain other terms and conditions, including quarterly reporting requirements. In addition, fund recipients are required to have billed Medicare during 2019 and to continue to provide care after January 31, 2020 for diagnosis, testing or care for individuals with possible or actual COVID-19 cases. Any funds not used in accordance with the terms and conditions must be returned. We recognize income from government grants on a systematic and rational basis over the period in which we recognize the related expenses or loss of revenues for which the grants are intended to compensate when there is reasonable assurance that we will comply with the applicable terms and conditions of the grant and there is reasonable assurance that the grant will be received. During the years ended December 31, 2025, 2024 and 2023, we received $0, $0 and $1,581, respectively, in funds to be used to support the operations of our managed senior living communities. We have recognized $0, $0 and $1,581 as interest and other income in our consolidated statements of comprehensive income (loss) with respect to our senior housing operating portfolio, or SHOP, segment for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, we have recognized all funds and no amount remained in other liabilities in our consolidated balance sheets.
PER COMMON SHARE AMOUNTS.  We calculate basic earnings per common share by dividing net income (loss) by the weighted average number of our common shares of beneficial interest, $.01 par value, or our common shares, outstanding during the period. We calculate diluted earnings per common share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share.
INCOME TAXES.  We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We do, however, lease our managed senior living communities to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated federal corporate income tax return and are subject to federal and state income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state income taxes we incur despite our taxation as a REIT. Our current income tax expense (or benefit) fluctuates from period to period based primarily on the timing of our income, including gains on the disposition of properties or losses in a particular quarter.
The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our consolidated financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated financial statements as a component of general and administrative expense.
USE OF ESTIMATES. Preparation of these consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles.
SEGMENT REPORTING. As of December 31, 2025, we operate in, and report financial information for, the following two segments: SHOP and our portfolio of medical office and life science properties, or our Medical Office and Life Science Portfolio. See Note 12 for further information regarding our reportable operating segments.
RECENT ACCOUNTING PRONOUNCEMENTS.
On December 14, 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU No. 2023-09, which requires public entities to enhance their annual income tax disclosures by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 should be applied prospectively but entities have the option to apply it retrospectively to all prior periods presented in the consolidated financial statements. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We included additional disclosures in the notes to our consolidated financial statements as a result of the implementation of ASU No. 2023-09; however, these changes did not have a material effect on our consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statements Expenses, or ASU No. 2024-03, which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to consolidated financial statements for both interim and annual reporting periods. ASU 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of ASU 2024-03 will have on our consolidated financial statements.
v3.25.4
Real Estate and Other Investments
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate and Other Investments Real Estate and Other Investments
Acquisitions:
We did not acquire any real estate properties during the years ended December 31, 2025, 2024 and 2023.
Impairment:
We regularly evaluate our assets for indicators of impairment. Impairment indicators may include declining tenant or resident occupancy, weak or declining profitability from the property, decreasing tenant cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of an asset. If indicators of impairment are present, we evaluate the carrying value of the affected assets by comparing it to the expected future undiscounted cash flows to be generated from those assets. The future cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the sum of these expected future cash flows is less than the carrying value, we reduce the net carrying value of the asset to its estimated fair value.
During 2025, we recorded impairment charges of $109,597 to adjust the carrying value of 18 medical office and life science properties to their estimated fair values. We sold all of these properties in 2025. During 2025, we also recorded impairment charges of $56,105 to adjust the carrying value of 25 senior living communities to their estimated fair values. We sold 12 of these communities in 2025. The remaining 13 communities were classified as held for sale in our consolidated balance sheet as of December 31, 2025. These impairment charges, in aggregate, are included in impairment of assets in our consolidated statements of comprehensive income (loss).
During 2024, we recorded impairment charges of $70,734 to adjust the carrying value of six medical office and life science properties to their estimated fair value. We sold three of these medical office and life science properties in 2024. Three of these medical office and life science properties were classified as held for sale in our consolidated balance sheet as of December 31, 2024 and were sold in 2025. These impairment charges, in aggregate, are included in impairment of assets in our consolidated statements of comprehensive income (loss).
During 2023, we recorded impairment charges of $14,034 to adjust the carrying value of four medical office and life science properties to their estimated fair value. We sold three of these medical office and life science properties in 2023. One of these medical office properties was classified as held for sale in our consolidated balance sheet as of December 31, 2023. During 2023, we also recorded impairment charges of $4,346 to adjust the carrying values of two senior living communities to
their aggregate estimated fair value. We sold one of these senior living communities in 2023. These impairment charges, in aggregate, are included in impairment of assets in our consolidated statements of comprehensive income (loss).
Dispositions:
The table below represents the sale prices (excluding closing costs) of our dispositions for the years ended December 31, 2025, 2024 and 2023. We do not believe these sales represent a strategic shift in our business. As a result, the results of operations for these properties are included in continuing operations through the date of sale of such properties in our consolidated statements of comprehensive income (loss).
Date of SaleStateType of PropertyNumber of PropertiesNumber of Units or Square FeetSales PriceGain (Loss) on Sale
Dispositions during the year ended December 31, 2025:
January 2025DelawareSenior Living1102 
units (1)
$2,900 $1,263 
January 2025CaliforniaLife Science3185,978 
sq. ft. (2)
159,025 9,723 
February 2025ArizonaLife Science182,266 sq. ft.16,800 65 
February 2025VariousSenior Living18876 
units (2)
135,000 97,560 
March 2025ConnecticutMedical Office164,800 
sq. ft. (2)
7,100 1,529 
May 2025TennesseeSenior Living1120 
units (1)
11,150 (5,261)
May 2025MissouriMedical Office1219,644 sq. ft.5,250 (2,168)
July 2025Missouri and Wisconsin Medical Office2244,491 sq. ft.4,800 (3)
July 2025New JerseySenior Living197 
units (1)
4,000 1,554 
August 2025PennsylvaniaMedical Office1131,945 sq. ft.1,800 (19)
September 2025GeorgiaSenior Living140 
units (1)
1,600 (218)
September 2025MarylandMedical Office192,180 sq. ft.4,250 (54)
October 2025Georgia, South Carolina and WyomingSenior Living7428 
units (1)
21,430 4,122 
October 2025MassachusettsMedical Office1124,803 
sq. ft. (2)
10,700 2,051 
November 2025Georgia and South CarolinaSenior Living4193 
units (1)
10,000 (571)
November 2025Illinois and North CarolinaMedical Office2154,041 
sq. ft. (2)
11,766 (63)
December 2025Delaware, Georgia and Indiana Senior Living5662 
units (1)
56,510 8,687 
December 2025VariousMedical Office181,094,474 
sq. ft. (2)
140,793 (467)
69$604,874 $117,730 
Dispositions during the year ended December 31, 2024:
March 2024ArizonaMedical Office1126,084 sq. ft.$3,600 $(5,874)
June 2024TexasMedical Office194,137 sq. ft.4,200 (13,213)
July 2024Illinois and MinnesotaMedical Office2205,673 sq. ft.21,275 111 
November 2024KansasLife Science1239,366 sq. ft.6,600 38 
5$35,675 $(18,938)
Dispositions during the year ended December 31, 2023:
February 2023Pennsylvania and South CarolinaSenior Living3— 
units (1)
$2,800 $293 
October 2023PennsylvaniaMedical Office130,866 sq. ft.1,800 15 
October 2023TennesseeSenior Living1— 
units (1)
2,830 627 
October 2023MarylandLife Science158,880 sq. ft.6,200 (360)
November 2023VirginiaSenior Living1— 
units (1)
1,800 945 
December 2023South CarolinaMedical Office1115,108 sq. ft.3,450 (1,255)
8$18,880 $265 
    
(1)These communities were closed prior to their respective dispositions.
(2)We used aggregate net proceeds of $402,234 from the sales of these properties to partially redeem our then outstanding senior secured notes due 2026.
During the year ended December 31, 2023, we recognized a gain of $940 related to the sales of skilled nursing bed licenses at certain of our senior living communities.
As of December 31, 2025, we had 13 properties classified as held for sale as follows:
SegmentNumber of PropertiesReal Estate Properties, Net
SHOP13$22,048 
As of February 20, 2026, these 13 properties were under agreement to sell for an aggregate sales price of $23,000, excluding closing costs. We may not complete the sales of any or all of the properties we currently plan to sell. Also, we may sell some or all of these properties at amounts that are less than currently expected and/or less than the carrying values of such properties, and we may incur losses on any such sales as a result.
Investments and Capital Expenditures:
The following is a summary of capital expenditures, development, redevelopment and other activities for the periods presented:
 For the Year Ended December 31,
202520242023
SHOP fixed assets and capital improvements$96,940 $93,043 $100,981 
Medical Office and Life Science Portfolio capital expenditures:
Lease related costs (1)
26,706 21,289 38,070 
Building improvements (2)
7,802 6,002 12,984 
Recurring capital expenditures - Medical Office and Life Science Portfolio34,508 27,291 51,054 
Wellness centers lease related costs (1)
— 20,618 9,721 
Total recurring capital expenditures$131,448 $140,952 $161,756 
Development, redevelopment and other activities - SHOP (3)
$14,194 $46,558 $82,207 
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3)
308 3,012 9,244 
Total development, redevelopment and other activities$14,502 $49,570 $91,451 
Capital expenditures by segment:
SHOP$111,134 $139,601 $183,188 
Medical Office and Life Science Portfolio34,816 30,303 60,298 
All Other - wellness centers— 20,618 9,721 
Total capital expenditures$145,950 $190,522 $253,207 
(1)Includes capital expenditures to improve tenants' space or amounts paid directly to tenants to improve their space and other leasing related costs, such as brokerage commissions and tenant inducements.
(2)Includes capital expenditures to replace obsolete building components that extend the useful life of existing assets or other improvements to increase the marketability of the property.
(3)Includes capital expenditures that reposition a property or result in change of use or new sources of revenue.
Equity Method Investments in Unconsolidated Joint Ventures:
As of December 31, 2025, we had equity investments in unconsolidated joint ventures as follows:
Equity Method Investments in Joint VenturesDHC Ownership
DHC Carrying Value of Investment at December 31, 2025
Number of PropertiesStateSquare Feet
Seaport Innovation LLC10%$73,471 1MA1,134,479 
The LSMD Fund REIT LLC20%46,655 10CA, MA, NY, TX, WA1,068,763 
$120,126 112,203,242 
The following table provides a summary of the mortgage debts of these joint ventures as of December 31, 2025:
Joint VentureCoupon RateMaturity Date
Principal Balance (1)
Mortgage Notes Payable (secured by one property in Massachusetts) (2)(3)
5.60%9/1/2030$1,000,000 
Mortgage Notes Payable (secured by nine properties in five states) (4)
3.46%2/11/2032189,800 
Mortgage Notes Payable (secured by one property in California) (4)(5)
5.65%2/9/2027266,825 
Weighted Average / Total5.33%$1,456,625 
(1)Amounts are not adjusted for our minority equity interest.
(2)We provide certain limited recourse guaranties on this debt, with our liability limited to $100,000.
(3)Reflects August 2025 refinancing of the previous mortgage loan with an original principal balance of $620,000.
(4)The debt securing these properties is non-recourse to us.
(5)The joint venture exercised its final one-year extension option for the maturity date of this mortgage loan and purchased an interest rate cap effective through February 2027 with an annual rate of secured overnight financing rate, or SOFR, strike rate of approximately 5.94%. This mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 1.90%.

We account for the Seaport JV and LSMD JV using the equity method of accounting under the fair value option. We recognized changes in the fair value of our investments in our unconsolidated joint ventures of $13,767, $(7,550) and $(20,461) during the years ended December 31, 2025, 2024 and 2023, respectively.
On August 21, 2025, the Seaport JV paid an aggregate cash distribution of $280,000 to its investors in connection with the refinancing of its prior mortgage loan in August 2025. Our pro rata share of this cash distribution was $28,000 and our basis in the equity method investment in the Seaport JV was reduced by such amount. For the year ended December 31, 2025, we also received $1,000 of operating distributions from the Seaport JV and made $8,500 of contributions to the Seaport JV.
Equity Method Investment in AlerisLife:
As of December 31, 2025, we owned approximately 34.0% of the outstanding common shares of AlerisLife Inc., or AlerisLife. We do not control the activities that are most significant to AlerisLife and, as a result, we account for our non-controlling interest in AlerisLife using the equity method of accounting.
As of December 31, 2025, AlerisLife had ceased operations and was in the process of winding-down its operations. We have recorded the book value of our remaining investment and fully amortized the remaining basis difference between our initial investment and the equity value of AlerisLife. As of December 31, 2025, our investment in AlerisLife had a carrying value of $27,200. We recognized income of $22,993 for the year ended December 31, 2025. This amount is included in equity in net earnings (losses) of investees in our consolidated statements of comprehensive income (loss).
On February 14, 2025, AlerisLife paid an aggregate cash dividend of $50,000 to its stockholders. Our pro rata share of this cash dividend was $17,000 and our basis in the equity method investment in AlerisLife was reduced by such amount. On July 15, 2025, AlerisLife paid an aggregate cash dividend of $10,000 to its stockholders. Our pro rata share of this cash dividend was $3,400 and our basis in the equity method investment in AlerisLife was reduced by such amount. On January 9, 2026, AlerisLife paid an aggregate cash dividend of $80,000 to its stockholders. Our pro rata share of this cash dividend was $27,200. See Notes 2 and 8 for more information regarding our investment in AlerisLife.
Other:
In September 2022, certain of our managed senior living communities located in Florida experienced hurricane related damage. We carry comprehensive property, casualty, flood and business interruption insurances which covered our losses at these senior living communities, subject to a deductible. During the year ended December 31, 2025, we recognized a gain on
insurance recoveries of $7,522 as a result of insurance proceeds received for these damaged senior living communities and the closing of the associated claim.
In January 2026, we provided notice to exercise our purchase option for the two properties securing our finance leases for $14,500, with closing expected in April 2026.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
We are a lessor of medical office and life science properties, senior living communities and other healthcare related properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the premises demised under the leases; therefore, we have determined to evaluate our leases as lease arrangements.
Our leases provide for base rent payments and, in addition, may include variable payments. Rental income from operating leases, including any payments derived by index or market based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term.
We increased rental income to record revenue on a straight line basis by $962 and $1,445 for the years ended December 31, 2025 and 2024, respectively. We decreased rental income to record revenue on a straight line basis by $1,095 for the year ended December 31, 2023. Rents receivable, excluding receivables related to our properties classified as held for sale, if any, include $62,163 and $69,814 of straight line rent receivables at December 31, 2025 and 2024, respectively, and are included in other assets, net in our consolidated balance sheets.
We do not include in our measurement of our lease receivables certain variable payments, including changes in the index or market based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $41,610, $48,873 and $51,367 for the years ended December 31, 2025, 2024 and 2023, respectively, of which tenant reimbursements totaled $39,923, $45,255 and $48,215, respectively.
The following table presents our operating lease maturity analysis, excluding lease payments from properties classified as held for sale, if any, as of December 31, 2025:
YearAmount
2026$145,437 
2027132,996 
2028118,638 
2029103,714 
203095,568 
Thereafter384,181 
Total$980,534 
Right of Use Asset and Lease Liability. For leases where we are the lessee, we recognize a right of use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and the right of use asset being amortized over the term of the lease. The values of the right of use assets and related liabilities representing our future obligation under the respective lease arrangements for which we are the lessee were $16,537 and $16,921, respectively, as of December 31, 2025, and $20,025 and $20,411, respectively, as of December 31, 2024. The right of use assets and related lease liabilities are included within other assets, net and other liabilities, respectively, within our consolidated balance sheets. In addition, we lease equipment at certain of our managed senior living communities. These leases are short term in nature, are cancelable with no fee or do not result in an annual expense in excess of our capitalization policy and, as a result, are not recorded on our consolidated balance sheets.
v3.25.4
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 SharesWeighted Average
Award Date
Fair Value
Unvested shares at December 31, 20221,116,000 $2.50 
Shares awarded in 2023960,000 $2.24 
Shares vested / forfeited in 2023(847,800)$2.53 
Unvested shares at December 31, 20231,228,200 $2.28 
Shares awarded in 20241,141,026 $3.14 
Shares vested / forfeited in 2024(1,049,225)$2.54 
Unvested shares at December 31, 20241,320,001 $2.80 
Shares awarded in 20251,188,464 $4.06 
Shares vested / forfeited in 2025(1,077,788)$3.12 
Unvested shares at December 31, 20251,430,677 $3.60 
The 1,430,677 unvested shares as of December 31, 2025 are scheduled to vest as follows:
 Unvested Shares
2026492,755
2027420,972
2028330,548
2029186,402
Total1,430,677
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 PerCharacterization of Distribution
ShareTotalOrdinaryCapitalReturn of
YearDistributionDistributionIncomeGainCapital
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.
v3.25.4
Senior Living Community Management Agreements
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Senior Living Community Management Agreements Senior Living Community Management Agreements
Our managed senior living communities are operated by third parties pursuant to management agreements. Beginning in September 2025, we transitioned the management of 116 of our senior living communities previously managed by Five Star Senior Living, or Five Star, which was an operating division of AlerisLife, to seven different third party managers in connection with AlerisLife's sale of all of its assets and the wind-down of its business. As of December 31, 2025, we completed the transition of the management agreements for all of the Five Star managed senior living communities to these managers. We lease nearly all of our senior living communities managed by third party managers, to our TRSs.
Management Arrangements with Five Star. Prior to the transition of the Five Star management agreements described above, we and Five Star were parties to an amended and restated master management agreement, or the Master Management Agreement, for the senior living communities that Five Star managed for us. Pursuant to an amended and restated guaranty agreement, AlerisLife guaranteed the payment and performance of each of its applicable subsidiary’s obligations under the applicable management agreements.
Pursuant to the Master Management Agreement, Five Star received a management fee equal to 5% of the gross revenues realized at the applicable senior living communities plus reimbursement for its direct costs and expenses related to such communities. The Master Management Agreement was scheduled to expire in 2036. In December 2025, we and Five Star terminated the Master Management Agreement as part of the wind-down of AlerisLife's operations.
In connection with ABP Trust’s acquisition of AlerisLife on March 20, 2023, we amended the Master Management Agreement to eliminate any change of control default or event of default provisions effective upon the consummation of the AlerisLife acquisition by ABP Trust. See Note 8 for further information regarding ABP Trust’s acquisition of AlerisLife.
In January 2025, we sold a closed senior living community that had previously been managed by Five Star. Additionally, in October 2025, we sold two senior living communities that had previously been managed by Five Star. We and Five Star terminated our management agreements for these senior living communities in connection with these sales. See Note 3 for further information regarding these sales.
Our Senior Living Communities Managed by Five Star. Five Star managed 0, 118 and 119 of our senior living communities as of December 31, 2025, 2024 and 2023, respectively.
We incurred management fees payable to Five Star of $36,226, $42,474 and $40,119 for the years ended December 31, 2025, 2024 and 2023, respectively. For the years ended December 31, 2025, 2024 and 2023, $34,617, $40,212 and $37,436, respectively, of the total management fees were expensed to property operating expenses in our consolidated statements of comprehensive income (loss) and $1,609, $2,262 and $2,683, respectively, were capitalized in our consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets.
Prior to the sale of their Ageility business to Fox Rehabilitation on June 17, 2024, Five Star also provided certain other services to residents at some of the senior living communities it managed for us, such as rehabilitation services. At senior living communities Five Star managed for us where Five Star provided rehabilitation services on an outpatient basis, the residents, third party payers or government programs paid Five Star for those rehabilitation services. At senior living communities Five Star managed for us where Five Star provided both inpatient and outpatient rehabilitation services, we generally paid Five Star for those rehabilitation services and charges for these services were included in amounts charged to residents, third party payers or government programs. During 2023, Five Star closed all inpatient clinics and as such we do not expect to incur these fees to Five Star in the future. We incurred fees $1,213 for the year ended December 31, 2023, with respect to rehabilitation services Five Star provided at our senior living communities that are payable by us. These amounts are included in property operating expenses in our consolidated statements of comprehensive income (loss).
Until December 31, 2025, we leased space to Five Star at certain of our senior living communities, which, prior to June 17, 2024, Five Star used to provide certain outpatient rehabilitation and wellness services through the Ageility branded business. Beginning on June 17, 2024, Five Star subleased this space to a subsidiary of Fox Rehabilitation, which acquired the Ageility branded business from AlerisLife on that date.
Our Senior Living Communities Managers. As of December 31, 2025, 2024 and 2023, respectively, our managers managed 212, 114 and 113 of our senior living communities, including closed communities. The terms of the management agreements with our third party managers are generally as follows: the managers will receive a management fee equal to 5% to 6% of the gross revenues realized at the applicable senior living communities. Certain of our management agreements also provide that the manager will receive a reimbursement for direct costs and expenses related to such communities. Additionally, the managers have the ability to earn incentive fees equal to 15% to 30% of the amount by which EBITDA of the applicable communities exceeds the target EBITDA for the applicable communities. The managers can also earn a construction supervision fee ranging between 3% and 5% of construction costs.
The initial terms of the management agreements are generally five to ten years, subject to automatic extensions of successive terms of two years each unless earlier terminated or timely notice of nonrenewal is delivered. The management agreements also generally provide us with the right to terminate the management agreements for communities that do not earn 70% to 85% of the target EBITDA for such communities, after an agreed upon stabilized period.
As a result of the transition of 116 of our senior living communities managed by Five Star to different third party managers, we incurred transition costs, including certain termination fees and other costs associated with the re-branding and marketing of these communities. For the year ended December 31, 2025, we recorded $10,356 of these costs to acquisition and certain other transaction related costs in our consolidated statements of comprehensive income (loss).
In March 2024, we terminated our management agreement with one of our managers which managed 13 of our communities located in Wisconsin and Illinois and transitioned these communities to another manager with which we have an existing relationship. The terms of the management agreement for these communities are generally consistent with the terms of the existing management agreements with our managers. We paid transition costs, including termination and other fees, of $2,228 related to the transition of these communities for the year ended December 31, 2024.
We incurred management fees payable to our managers, other than Five Star, of $32,861, $23,283 and $21,863 for the years ended December 31, 2025, 2024 and 2023, respectively. Additionally, we incurred incentive fees to certain of our operators of $637 and $241 during the years ended December 31, 2025 and 2024, respectively. These amounts are included in property operating expenses in our consolidated statements of comprehensive income (loss).
The following table presents residents fees and services revenue from all of our managed senior living communities disaggregated by the type of contract and payer:
Year Ended December 31,
Revenue from contracts with customers:202520242023
Basic housing and support services$1,040,322 $972,307 $915,528 
Private pay and other third party payer SNF services 167,709 171,741 146,767 
Medicare and Medicaid programs104,624 100,341 89,613 
Total residents fees and services$1,312,655 $1,244,389 $1,151,908 
The following table provides a summary of our managers that manage a large concentration of our senior living communities as of December 31, 2025:
ManagerNumber of Communities% of Gross Real Estate Properties
Sinceri Senior Living3830.8 %
Discovery Senior Living4423.7 %
Tutera Senior Living188.9 %
Charter Senior Living307.0 %
Phoenix Senior Living265.7 %
All other managers5523.9 %
Total (1)
211100.0 %
(1)Excludes one closed senior living community.
v3.25.4
Business and Property Management Agreements with RMR
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Business and Property Management Agreements with RMR Business and Property Management Agreements with RMR
We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to the property level operations of many of our properties, including our medical office and life science properties, and major renovation or repositioning activities at our senior living communities that we may request RMR to manage from time to time. See Note 8 for further information regarding our relationship, agreements and transactions with RMR.
Management Agreements with RMR. Our management agreements with RMR provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms:
•Base Management Fee. The annual base management fee payable to RMR by us for each applicable period is equal to the lesser of:
◦the sum of (a) 0.5% of the daily weighted average of the aggregate book value of our real estate assets owned by us or our subsidiaries as of October 12, 1999, or the Transferred Assets, plus (b) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000, plus (c) 0.5% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000; and
◦the sum of (a) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000, plus (b) 0.5% of our Average Market Capitalization exceeding $250,000.
The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves.
•Incentive Management Fee. The incentive management fee which may be earned by RMR for an annual period is calculated as follows:
•An amount, subject to a cap, based on the value of our common shares outstanding, equal to 12.0% of the product of:
◦our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and
◦the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable market index, or the benchmark return per share, for the relevant measurement period. The MSCI U.S. REIT/Health Care REIT Index is the applicable benchmark index.
For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (1) the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (2) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period.
◦The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or if our common shares are forfeited, during the measurement period.
◦No incentive management fee is payable by us unless our total return per share during the measurement period is positive.
◦The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated.
◦If our total return per share exceeds 12.0% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12.0% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable market index in any year, by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable market index in any year, determined on a cumulative basis (i.e. between 200 basis points and 500 basis point per year multiplied by the number of years in the measurement period and below the applicable market index).
◦The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period.
◦Incentive management fees we paid to RMR for any period may be subject to “clawback” if our consolidated financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated consolidated financial statements.
We incurred a $17,905 incentive management fee pursuant to our business management agreement for the year ended December 31, 2025. We paid this incentive management fee to RMR in January 2026. We did not incur any incentive management fee pursuant to our business management agreement for the years ended December 31, 2024 or 2023.
•Property Management and Construction Supervision Fees. The property management fees payable to RMR by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR by us for each applicable period are equal to 5.0% of construction costs. Pursuant to our property management agreement with RMR, RMR provides oversight of agreed upon major capital projects and repositionings at our senior living communities and RMR receives 3.0% of the cost of any such major capital project or repositioning.
•Expense Reimbursement. We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR's employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR's employees assigned to work exclusively or partly at our properties, our share of the wages,
benefits and other related costs of RMR's centralized accounting personnel, our share of RMR's costs for providing our internal audit function, or as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR.
•Term. Our management agreements with RMR have terms that end on December 31, 2045, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension.
•Termination Rights. We have the right to terminate one or both of our management agreements with RMR: (i) at any time on 60 days' written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein. RMR has the right to terminate the management agreements for good reason, as defined therein.
•Termination Fee. If we terminate one or both of our management agreements with RMR for convenience, or if RMR terminates one or both of our management agreements for good reason, we have agreed to pay RMR a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR for a performance reason, we have agreed to pay RMR the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR for cause or as a result of a change of control of RMR.
•Transition Services. RMR has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable.
•Vendors. Pursuant to our management agreements with RMR, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR or its subsidiaries provide management services for the purpose of obtaining more favorable terms from such vendors and suppliers.
•Investment Opportunities. Under our business management agreement with RMR, we acknowledge that RMR may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR.
For the years ended December 31, 2025, 2024 and 2023, the business management fees, incentive management fees, property management fees and construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows:
Financial Statement Line ItemYear Ended December 31,
202520242023
Pursuant to business management agreement:
Business management fees
General and administrative expenses (1)
$15,761 $16,468 $13,965 
Incentive management feesGeneral and administrative expenses17,905 — — 
$33,666 $16,468 $13,965 
Pursuant to property management agreement (2):
Property management feesProperty operating expenses$4,816 $5,683 $5,686 
Construction supervision fees
Building and improvements (3)
1,063 2,005 3,200 
$5,879 $7,688 $8,886 
Expense Reimbursement:
Other expensesGeneral and administrative expenses$200 $304 $288 
Property level expensesProperty operating expenses12,993 14,719 14,299 
$13,193 $15,023 $14,587 
(1)The net business management fees we recognized for the years ended December 31, 2025, 2024 and 2023 reflect a reduction of $2,974 for each of those years for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.
(2)The net property management and construction supervision fees we recognized for the years ended December 31, 2025, 2024 and 2023 reflect a reduction of $797 for each of those years for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 8.
(3)Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related capital assets.
In January 2025, in connection with a $100,000 credit agreement and related security agreement entered into by RMR and certain of its subsidiaries with Citibank, N.A., or Citibank, and the other lenders party thereto, we consented to the pledge and assignment of RMR’s interest in our management agreements under the security agreement. Pursuant to the consent, we agreed, among other things, that upon notice that an event of default under the RMR credit agreement has occurred and is continuing, we will continue to make all payments under our management agreements in accordance with the instructions of Citibank, and that if there is an event of default by RMR under our management agreements that would allow us to terminate or suspend our obligations, we will not terminate or suspend without notice to Citibank and provide Citibank 30 days to cure the default on RMR’s behalf. The consent was approved by our Independent Trustees.
Management Agreements between our Joint Ventures and RMR. We have two separate joint venture arrangements with third party institutional investors, the Seaport JV and the LSMD JV. RMR provides management services to both of these joint ventures. Our joint ventures are not our consolidated subsidiaries and, as a result, we are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding the joint ventures.
v3.25.4
Related Person Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Person Transactions Related Person Transactions
We have relationships and historical and continuing transactions with RMR, RMR Inc., AlerisLife (including Five Star) and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc., an officer and employee of RMR and, until the acquisition of AlerisLife by ABP Trust on March 20, 2023, the chair of the board of directors and a managing director of AlerisLife, and currently the sole director of AlerisLife. Christopher J. Bilotto, our other Managing Trustee and President and Chief Executive Officer is also an executive of RMR Inc., Matthew C. Brown, our Chief Financial Officer and Treasurer, is also an executive vice president and the chief financial officer and treasurer of RMR Inc. and an officer of ABP Trust, and each of our officers is also an officer and employee of RMR. Jeffrey C. Leer, the president and chief executive officer of AlerisLife,
is an executive officer of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Adam D. Portnoy serves as the chair of the board and as a managing trustee of these companies. Other officers of RMR, including Mr. Bilotto, Mr. Brown and certain of our officers, serve as managing trustees, or officers of certain of these companies. In addition, officers of RMR and RMR Inc. serve as our officers and officers of other companies to which RMR or its subsidiaries provide management services. As of December 31, 2025, ABP Trust and Adam D. Portnoy owned 9.8% of our outstanding common shares.
AlerisLife. Until March 20, 2023, we were AlerisLife’s largest stockholder, owning approximately 31.9% of AlerisLife’s outstanding common shares, and ABP Acquisition LLC, or ABP Acquisition, a subsidiary of ABP Trust, together with ABP Trust, owned approximately 6.1% of AlerisLife’s outstanding common shares. Five Star is an operating division of AlerisLife. Prior to December 31, 2025, Five Star managed certain of the senior living communities we own pursuant to the Master Management Agreement. RMR provides management services to both us and AlerisLife. AlerisLife participated in our property insurance program for the senior living communities AlerisLife owned. The premiums AlerisLife paid for this coverage were allocated pursuant to a formula based on the profiles of the properties included in the program. See Note 6 for further information regarding our relationships, agreements and transactions with AlerisLife (including Five Star) and Note 2 for further information regarding our investment in AlerisLife.
In connection with ABP Trust's acquisition of AlerisLife in 2023 pursuant to a tender offer, we tendered all of the AlerisLife common shares that we or our subsidiaries then owned at a price of $1.31 per share, or the Tender Offer Price, subject to the right to purchase AlerisLife common shares at the Tender Offer Price prior to December 31, 2023. Pursuant to an extension of this right, on February 16, 2024, we, together with our applicable TRS, exercised our right to purchase and acquired 34.0% of the then outstanding AlerisLife common shares from ABP Trust at the Tender Offer Price for a total purchase price of $15,459, including transaction related costs, and we, our applicable TRS, ABP Trust and AlerisLife entered into a stockholders agreement.
In connection with AlerisLife's sale of its Ageility branded business to a subsidiary of Fox Rehabilitation on June 17, 2024, we approved Five Star's sublease to a subsidiary of Fox Rehabilitation of space at certain of our senior living communities, which is used to provide certain outpatient rehabilitation and wellness services.
On February 14, 2025 and July 15, 2025, AlerisLife paid aggregate cash dividends of $50,000 and $10,000, respectively, to its stockholders and our pro rata share of these cash dividends was $17,000 and $3,400, respectively.
In connection with the wind-down of its business, on January 9, 2026 AlerisLife paid an aggregate cash dividend of $80,000 to its stockholders. Our pro rata share of this cash dividend was $27,200. See Note 6 for further information regarding our relationships, agreements and transactions with AlerisLife (including Five Star) and Note 2 for further information regarding our investment in AlerisLife.
Our Manager, RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to the property level operations of many of our properties, including our medical office and life science properties, and major renovation or repositioning activities at our senior living communities that we may request RMR to manage from time to time. See Note 7 for further information regarding our management agreements with RMR.
Our Joint Ventures. In connection with our entering into the LSMD JV in January 2022, we paid mortgage escrow amounts and closing costs that were payable by that joint venture. The remaining costs totaled $3,965 as of December 31, 2025 and are included in other assets, net, in our consolidated balance sheet. RMR provides management services to each of the Seaport JV and the LSMD JV. See Note 7 for further information regarding those management agreements with RMR.
Leases with RMR. We lease office space to RMR in certain of our properties for RMR's property management offices. We recognized rental income from RMR for leased office space of $423, $460 and $196 for the years ended December 31, 2025, 2024 and 2023, respectively. Our office space leases with RMR are terminable by RMR if our management agreements with RMR are terminated.
Share Awards to RMR Employees. As described in Note 5, we award shares to our officers and other employees of RMR annually. Generally, one fifth of these awards vest on the award date and one fifth vests on each of the next four anniversaries of the award dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder's retirement as an officer of us or an officer or employee of RMR. These awards to RMR employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR. See Note 5 for
information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligation on vesting share awards.
v3.25.4
Indebtedness
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
At December 31, 2025 and 2024, our outstanding indebtedness consisted of the following:
Senior Unsecured Notes:
Principal Balance as of
December 31,
   
Coupon RateMaturity20252024
Senior unsecured notes (1)
9.750%June 2025$— $380,000 
Senior unsecured notes4.750%February 2028500,000 500,000 
Senior unsecured notes (1)
4.375%March 2031500,000 500,000 
Senior unsecured notes5.625%August 2042350,000 350,000 
Senior unsecured notes6.250%February 2046250,000 250,000 
Total1,600,000 1,980,000 
Unamortized discount(1,796)(2,639)
Unamortized debt issuance costs(17,478)(20,042)
Senior unsecured notes, net  $1,580,726 $1,957,319 
(1)These notes are or were fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.

Secured and Other Debt:
 Number of
Properties Securing
Principal Balance as of
December 31, (1)
  Net Book Value of Collateral
as of December 31,
  
At December 31, 2025At December 31, 2024
2025
2024
Interest
Rate		Maturity
2025
2024
Secured revolving credit facility
14 — $— $— 6.47 %June 2029$326,565 $— 
Senior secured notes (2)
— 95 — 940,534 0.00 %January 2026— 1,064,171 
Senior secured notes (3)
36 — 375,000 — 7.25 %October 2030402,797 — 
Floating rate mortgage loan (4)
14 — 140,000 — 6.19 %March 2028142,947 — 
Mortgage note4 — 63,499 — 6.57 %June 2030135,772 — 
Mortgage note8 8 120,000 120,000 6.86 %June 2034182,848 191,186 
Mortgage notes (5)
7 — 108,873 — 6.22 %May 2035148,477 — 
Mortgage notes (6)
2 — 30,284 — 6.36 %June 203534,328 — 
Mortgage note1 1 5,847 7,464 6.44 %July 204312,893 13,097 
Finance Leases (7)
2 2 613 2,338 7.70 %April 202620,128 21,606 
Total88 106 844,116 1,070,336 $1,406,755 $1,290,060 
Unamortized discount (2)
— (101,035)
Unamortized debt issuance costs (8)
(24,018)(15,716)
Total secured and other debt, net$820,098 $953,585 
(1)The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts.
(2)These notes required no cash interest to accrue prior to maturity and accreted at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value equaled the principal amount at maturity. The unamortized discount is related to these notes. These notes were redeemed in full in December 2025.
(3)These notes are fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries that own 36 properties, or the 2030 Collateral Guarantors, and on a joint, several and unsecured basis, by all of our subsidiaries other than the 2030 Collateral Guarantors and certain excluded subsidiaries. These notes and the guarantees provided by the 2030 Collateral Guarantors are secured by a first priority lien on and security interest in 100% of the equity interests in each of the 2030 Collateral Guarantors. The unsecured guarantees related to these notes are effectively subordinated to all of the subsidiary guarantors' secured indebtedness to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
(4)This mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 2.50% with interest-only payments through April 2027, and we have two six-month extension options of the interest-only period, subject to satisfaction of certain conditions. In connection with this mortgage loan, we have purchased an interest rate cap with a SOFR strike rate equal to 4.50% pursuant to the terms of the applicable loan agreement.
(5)These mortgage loans require interest-only payments through May 2030.
(6)These mortgage loans require interest-only payments through June 2028.
(7)In January 2026, we provided notice to exercise our purchase option for these two properties for $14,500, with closing expected in April 2026.
(8)Excludes unamortized debt issuance costs for our revolving credit facility as these costs are included in other assets, net in our consolidated balance sheets.

As of December 31, 2025, all $500,000 of our 4.375% senior notes due 2031 were fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes. Our remaining $1,100,000 of senior unsecured notes do not have the benefit of any guarantees as of December 31, 2025.
Until the redemption in full thereof on December 29, 2025, our senior secured notes due 2026 were fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries, or the 2026 Collateral Guarantors, and on a joint, several and unsecured basis, by all of our subsidiaries other than the 2026 Collateral Guarantors and certain excluded subsidiaries. These notes and the guarantees provided by the 2026 Collateral Guarantors were secured by a first priority lien and security interest in each of the collateral properties and 100% of the equity interests in each of the 2026 Collateral Guarantors. No cash interest accrued on these notes prior to maturity. The accreted value of these notes increased at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value equaled the principal amount at maturity. During the years ended December 31, 2025 and 2024, we recognized discount accretion of $63,241 and $86,778, respectively, for our senior secured notes due 2026 in interest expense in our consolidated statements of comprehensive income (loss).
The table below represents our indebtedness repayments, excluding scheduled payments on amortizing debt, for the years ended December 31, 2025, 2024 and 2023:
Debt InstrumentSecured Property CountInterest RateOriginal Maturity DateOutstanding Principal BalanceRepayment AmountRemaining Principal BalanceLoss on Modification or Early Extinguishment of Debt
Date
Repayments during the year ended December 31, 2025:
March 2025Senior secured notes730.00%January 2026$940,534 $299,158 $641,376 $29,071 
April 2025Senior unsecured notes—9.75%June 2025$380,000 140,000 $240,000 82 
May 2025Senior unsecured notes—9.75%June 2025$240,000 140,000 $100,000 44 
June 2025Senior unsecured notes—9.75%June 2025$100,000 100,000 $— — 
September 2025 (1)
Senior secured notes580.00%January 2026$641,376 307,006 $334,370 11,191 
October 2025Senior secured notes570.00%January 2026$334,370 10,249 $324,121 257 
December 2025Senior secured notes—0.00%January 2026$324,121 324,121 $— 1,881 
Total$1,320,534 $42,526 
Repayments during the year ended December 31, 2024:
June 2024Senior unsecured notes—9.75%June 2025$500,000 $60,000 $440,000 $209 
November 2024Senior unsecured notes—9.75%June 2025$440,000 60,000 $380,000 115 
Total$120,000 $324 
Repayments during the year ended December 31, 2023:
January 2023
Secured credit facility (2)
616.88%January 2024$700,000 $113,627 $586,373 $— 
February 2023
Secured credit facility (2)
617.05%January 2024$586,373 136,373 $450,000 1,075 
April 2023Mortgage note16.64%June 2023$14,565 14,565 $— — 
December 2023
Secured credit facility (2)
628.36%January 2024$450,000 450,000 $— 314 
December 2023Senior unsecured notes—4.75%May 2024$250,000 250,000 $— 1,079 
Total$964,565 $2,468 
(1)In September 2025, we redeemed a portion of our senior secured notes due 2026 for a redemption price equal to the principal amount of $307,006. As a result of this partial redemption, 15 of the properties that secured these senior secured notes were released. There are now first priority liens on and security interests in 100% of the equity interests in the subsidiaries owning these 15 properties that secure our 7.25% senior secured notes due 2030.
(2)The interest rate presented for the secured credit facility reflects the interest rate at the time repayment was made.

In December 2023, we issued $940,534 in aggregate principal amount at maturity of our senior secured notes due 2026 in a private offering, raising net proceeds of $730,359, after deducting initial purchaser discounts and estimated offering costs.
In May 2024, we executed a $120,000 fixed rate, interest only mortgage loan secured by eight medical office and life science properties. This mortgage loan matures in June 2034 and requires that interest be paid at an annual rate of 6.864%.
In March 2025, we executed a $140,000 floating rate mortgage loan secured by 14 SHOP communities. This mortgage loan matures in March 2028 and requires that interest be paid at an annual rate of SOFR plus a premium of 2.50% with interest-only payments through April 2027.
In April 2025, we executed a $108,873 fixed rate mortgage financing secured by seven SHOP communities. These mortgage loans mature in May 2035 and require that interest be paid at an annual rate of 6.22% with interest-only payments through May 2030.
In May 2025, we executed a $64,000 fixed rate mortgage loan secured by four SHOP communities. This mortgage loan matures in June 2030 and requires that interest be paid at an annual rate of 6.57%.
In May 2025, we executed a $30,284 fixed rate mortgage financing secured by two SHOP communities. These mortgage loans mature in June 2035 and require that interest be paid at an annual rate of 6.36% with interest-only payments through June 2028.
From April through June 2025, we used the net proceeds from the 2025 mortgage financings, together with cash on hand, to fully redeem the remaining $380,000 principal balance of our 9.75% senior unsecured notes due June 2025.
In June 2025, we obtained a $150,000 revolving credit facility secured by 14 senior living communities in our SHOP segment. Our revolving credit facility is available for general business purposes, including acquisitions. We can borrow, repay and reborrow funds available under our revolving credit facility, and no principal repayments are due, until maturity. Availability of borrowings under the agreement governing our revolving credit facility, or our credit agreement, is subject to satisfying certain financial covenants and other credit facility conditions. Our revolving credit facility matures in June 2029 and we have two six-month extension options for the maturity date of the facility, subject to satisfaction of certain conditions and payment of an extension fee.
Interest payable on borrowings under our revolving credit facility is based on SOFR plus a premium of 2.50% to 3.00%, depending on our net leverage ratio, as defined in our credit agreement, which was 2.50% as of December 31, 2025. We also pay an unused commitment fee of 25 to 35 basis points per annum based on amounts outstanding under our revolving credit facility. As of December 31, 2025 the annual interest rate payable on borrowings under our revolving credit facility was 6.47%. As of December 31, 2025 and February 23, 2026, we had no borrowings under our revolving credit facility and $150,000 available for borrowings.
In September 2025, we issued $375,000 in aggregate principal amount of our 7.25% senior secured notes due 2030 in a private placement, raising net proceeds of $364,726, after deducting discounts and commissions to the initial purchasers and other estimated fees and expenses. These notes require semi-annual interest payments through maturity. We used $307,006 of the net proceeds from the offering to partially redeem our then outstanding $641,376 senior secured notes due 2026. As a result of this partial redemption, we recorded a loss on modification or early extinguishment of debt of $11,191 for the year ended December 31, 2025.
In addition to the September 2025 senior secured notes issuance, during the year ended December 31, 2025, we used net proceeds from the disposition of 35 encumbered properties, together with cash on hand, to redeem all amounts outstanding under our then senior secured notes due 2026. As a result of this redemption in full, 45 properties securing our then senior secured notes due 2026 were released.
Interest on our senior unsecured notes and our 7.25% senior secured notes due 2030 is payable either semi-annually or quarterly in arrears; however, no principal repayments are due until maturity. Our mortgage loan maturing in June 2034 requires monthly interest payments and no principal payment is due until maturity, while our mortgage loans maturing in March 2028, May 2035 and June 2035 require monthly interest payments and no principal payment is due for a specified amount of time. Our mortgage loans maturing in June 2030 and July 2043 require monthly principal and interest payments. Payments under our finance leases are due monthly. We include amortization of finance lease assets in depreciation and amortization expense.
Our credit agreement, our mortgage loan agreements and our senior notes indentures and their supplements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default. Our credit agreement and our senior notes indentures and their supplements also contain covenants that restrict our ability to incur debts, including debts secured by mortgages on our properties, in excess of calculated amounts and require us to maintain various financial ratios. Borrowings under our revolving credit facility are subject to satisfying certain financial covenants and other credit facility conditions. We believe we were in compliance with the terms and conditions of our debt agreements as of December 31, 2025.
Required principal payments on our outstanding debt as of December 31, 2025, were as follows:
YearPrincipal Payment
2026$1,866 
20272,273 
2028640,650 
20291,883 
2030435,151 
Thereafter1,362,293 
Total$2,444,116 
v3.25.4
Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities
The following table presents certain of our assets that are measured at fair value at December 31, 2025 and 2024, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
 
As of December 31, 2025
As of December 31, 2024
DescriptionCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Recurring Fair Value Measurements Assets:    
Investment in unconsolidated joint venture (Level 3) (1)
$73,471 $73,471 $81,949 $81,949 
Investment in unconsolidated joint venture (Level 3) (2)
$46,655 $46,655 $44,910 $44,910 
Interest rate cap (Level 2) (3)
$— $— $— $— 
Non-Recurring Fair Value Measurements Assets:
Real estate properties held for sale (Level 2) (4)
$22,048 $22,048 $— $— 
(1)The 10% equity interest we own in the Seaport JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
(2)The 20% equity interest we own in the LSMD JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
(3)The fair value of our interest rate cap derivative is based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date.
(4)We have assets in our consolidated balance sheets that are measured at fair value on a non-recurring basis. During the year ended December 31, 2025, we recorded impairment charges of $30,999 to reduce the carrying value of 13 SHOP communities that were classified as held for sale to their estimated aggregate sales price, less estimated costs to sell, of $22,048 under an agreement we have entered into with a third party. See Note 3 for further information about impairment charges and the properties we have classified as held for sale.
The discount rates, exit capitalization rates and holding periods used to determine the fair value of our investment in the unconsolidated joint venture are Level 3 significant unobservable inputs and are shown in the table below:
Valuation TechniqueDiscount RatesExit Capitalization RatesHolding Periods
As of December 31, 2025
Investment in unconsolidated joint venture (Level 3) (1)
Discounted cash flow7.00%6.00%10 years
Investment in unconsolidated joint venture (Level 3) (2)
Discounted cash flow
6.25% - 8.75%
5.25% - 8.00%
10 - 12 years
As of December 31, 2024
Investment in unconsolidated joint venture (Level 3) (1)
Discounted cash flow7.00%6.00%10 years
Investment in unconsolidated joint venture (Level 3) (2)
Discounted cash flow
6.25% - 7.75%
5.00% - 7.00%
10 years
(1)The 10% equity interest we own in the Seaport JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
(2)The 20% equity interest we own in the LSMD JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3
inputs). The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
In addition to the assets described in the tables above, our financial instruments at December 31, 2025 and December 31, 2024 included cash and cash equivalents, restricted cash, certain other assets, our revolving credit facility, senior unsecured notes, senior secured notes, secured debt and finance leases and certain other unsecured obligations and liabilities. The fair values of these financial instruments approximated their carrying values in our consolidated financial statements as of such dates, except as follows:
 As of December 31, 2025As of December 31, 2024
Description
Carrying Value (1)
Estimated Fair Value
Carrying Value (1)
Estimated Fair Value
Senior unsecured notes, 9.750% coupon rate, due 2025
$— $— $379,392 $379,970 
Senior secured notes, zero coupon rate, due 2026
— — 826,974 885,108 
Senior unsecured notes, 4.750% coupon rate, due 2028
497,290 482,635 496,018 429,170 
Senior secured notes, 7.250% coupon rate, due 2030
365,005 383,434 — — 
Senior unsecured notes, 4.375% coupon rate, due 2031
495,561 440,000 494,702 368,240 
Senior unsecured notes, 5.625% coupon rate, due 2042
343,683 224,140 343,302 218,260 
Senior unsecured notes, 6.250% coupon rate, due 2046
244,192 175,000 243,905 157,700 
Secured debt and finance leases455,093 484,932 126,611 126,001 
 $2,400,824 $2,190,141 $2,910,904 $2,564,449 
(1)Includes unamortized net discounts, premiums and debt issuance costs, if any.
We estimated the fair values of our two issuances of senior unsecured notes due 2042 and 2046 based on the closing price on Nasdaq (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of December 31, 2025 and 2024. We estimated the fair values of our three issuances of senior unsecured notes due 2025, 2028 and 2031 and our two issuances of senior secured notes due 2026 and 2030 using an average of the bid and ask price on Nasdaq on or about December 31, 2025 and 2024 (Level 2 inputs as defined in the fair value hierarchy under GAAP). We estimated the fair values of our secured debts by using discounted cash flows analyses and currently prevailing market terms as of the measurement date (Level 3 inputs as defined in the fair value hierarchy under GAAP). Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values.
v3.25.4
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
Risk Management Objective of Using Derivatives
We are exposed to certain risks relating to our ongoing business operations, including the impact of changes in interest rates. The only risk currently managed by us using derivative instruments is our interest rate risk. As required under the applicable loan agreement, we have an interest rate cap agreement to manage our interest rate risk exposure on our $140,000 floating rate mortgage loan secured by 14 SHOP communities with interest payable at a rate equal to SOFR plus a premium of 2.50%. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, we only enter into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which we or our related parties may also have other financial relationships. We do not anticipate that any of the counterparties will fail to meet their obligations.
Cash Flow Hedges of Interest Rate Risk
Our interest rate cap agreement is designated as a cash flow hedge of interest rate risk and is measured on a recurring basis at fair value. The following table summarizes the terms of our outstanding interest rate cap agreements designated as cash flow hedges of interest rate risk at December 31, 2025 and 2024:
Fair Value at December 31,
Balance Sheet Line ItemUnderlying InstrumentMaturity DateStrike RateNotional Amount20252024
Other assets, net
Floating rate mortgage loan
3/31/20284.50%$140,000 $— $— 
Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in cumulative other comprehensive income (loss) and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in interest expense. Amounts reported in cumulative other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made, if any, on our applicable debt.
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income (loss) for the periods shown:
Year Ended December 31,
202520242023
Amount of loss recognized on derivative in other comprehensive income (loss)$(47)$— $— 
Amount of loss reclassified from cumulative other comprehensive income (loss) into interest expense$(35)$— $— 
Total amount of interest expense presented in the consolidated statements of comprehensive income (loss)$(204,498)$(235,239)$(191,775)
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our operating segments are based on our internal reporting structure and property type and are aligned with how our Chief Operating Decision Maker, or the CODM, reviews the operating results to allocate resources and assess segment performance. The CODM is our President and Chief Executive Officer. Our two reportable segments are SHOP and Medical Office and Life Science Portfolio. Our SHOP segment consists of managed senior living communities that provide short term and long term residential living and, in some instances, care and other services for residents where we pay fees to managers to operate the communities on our behalf. Our Medical Office and Life Science Portfolio segment primarily consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties primarily leased to biotech laboratories and other similar tenants. The significant expense categories and amounts presented below align with the segment-level information that is regularly provided to our CODM. The CODM reviews operating and financial
results, including net income (loss) and its components, to assess performance, allocate resources and guide strategic decisions. The accounting policies of our reportable segments are the same as those described in Note 2. The tables below present information about our segments.
 For the Year Ended December 31, 2025
 
SHOP
Medical Office and Life Science PortfolioTotal
Revenues:   
Rental income$— $193,809 $193,809 
Residents fees and services1,312,655 — 1,312,655 
Total segment revenues1,312,655 193,809 1,506,464 
Reconciliation of revenue:
Other revenue (1)
31,389 
Total revenues1,537,853 
Less:   
Senior living labor and benefits663,431 — 663,431 
Dietary83,773 — 83,773 
Utilities74,742 13,127 87,869 
Real estate taxes45,877 22,811 68,688 
Insurance35,071 2,185 37,256 
Other operating expenses (2)
270,505 47,556 318,061 
Interest expense18,728 9,096 27,824 
Depreciation and amortization189,985 62,413 252,398 
Other segment items (3)
40,543 85,254 125,797 
Segment loss(110,000)(48,633)(158,633)
Reconciliation of segment loss:
Other income (1)
21,602 
General and administrative(45,502)
Acquisition and certain other transaction related costs(10,356)
Gain on sale of properties99,114 
Interest and other income5,839 
Interest expense(176,674)
Loss on modification or early extinguishment of debt(42,526)
Income tax expense(1,743)
Equity in net earnings of an investee22,993 
Net loss$(285,886)
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees and interest and other income, as applicable.
 For the Year Ended December 31, 2024
 SHOPMedical Office and Life Science PortfolioTotal
Revenues:   
Rental income$— $213,320 $213,320 
Residents fees and services1,244,389 — 1,244,389 
Total segment revenues1,244,389 213,320 1,457,709 
Reconciliation of revenue:
Other revenue (1)
37,718 
Total revenues1,495,427 
Less: 
Senior living labor and benefits630,998 — 630,998 
Dietary85,620 — 85,620 
Utilities70,616 13,687 84,303 
Real estate taxes43,624 28,483 72,107 
Insurance41,066 3,000 44,066 
Other operating expenses (2)
266,405 52,467 318,872 
Interest expense229 5,743 5,972 
Depreciation and amortization195,638 79,386 275,024 
Other segment items (3)
— 97,222 97,222 
Segment loss(89,807)(66,668)(156,475)
Reconciliation of segment loss:
Other income (1)
27,209 
General and administrative(26,518)
Acquisition and certain other transaction related costs(2,510)
Interest and other income8,950 
Interest expense(229,267)
Loss on modification or early extinguishment of debt(324)
Income tax expense(467)
Equity in net earnings of an investee9,147 
Net loss$(370,255)
(1)Revenue and net income from our triple net leased wellness center and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees and interest and other income, as applicable.
 For the Year Ended December 31, 2023
 SHOPMedical Office and Life Science PortfolioTotal
Revenues:  
Rental income$— $220,530 $220,530 
Residents fees and services1,151,908 — 1,151,908 
Total segment revenues1,151,908 220,530 1,372,438 
Reconciliation of revenue:
Other revenue (1)
37,870 
Total revenues1,410,308 
Less: 
Senior living labor and benefits603,711 — 603,711 
Dietary78,508 — 78,508 
Utilities69,280 13,918 83,198 
Real estate taxes44,476 29,445 73,921 
Insurance39,572 2,854 42,426 
Other operating expenses (2)
239,544 51,747 291,291 
Interest expense551 449 1,000 
Depreciation and amortization175,926 98,205 274,131 
Other segment items (3)
(40)36,095 36,055 
Segment loss(99,620)(12,183)(111,803)
Reconciliation of segment loss:
Other income (1)
26,822 
General and administrative(26,131)
Acquisition and certain other transaction related costs(10,853)
Gains on equity securities, net8,126 
Interest and other income13,955 
Interest expense(190,775)
Loss on modification or early extinguishment of debt(2,468)
Income tax expense(445)
Net loss$(293,572)
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees and interest and other income, as applicable.
 As of December 31,
202520242023
Assets (1)
SHOP$2,867,025 $3,084,101 $3,134,978 
Medical Office and Life Science Portfolio1,192,731 1,688,034 1,866,422 
All Other301,494 364,870 444,736 
Total assets$4,361,250 $5,137,005 $5,446,136 
(1)See Note 3 for further information regarding additions to long-lived assets.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our provision for income taxes consists of the following:
 For the Year Ended December 31,
 202520242023
Current:   
Federal$1,147 $— $(168)
State596 467 613 
 1,743 467 445 
Deferred:   
Federal— — — 
State— — — 
 — — — 
Income tax provision$1,743 $467 $445 
The table below is a reconciliation of the statutory income tax rate to the effective tax rate for 2025, in accordance with the updated requirements of ASU 2023-09. See Note 2 for further information on the adoption of ASU 2023-09:
 
For the Year Ended December 31, 2025
 AmountPercent
Taxes at statutory U.S. federal income tax rate$(59,407)21 %
Nontaxable income60,554 (21.4)%
State and local income taxes, net of federal tax benefit (1)
596 (0.2)%
Effective tax rate$1,743 (0.6)%
(1)States taxes in Texas make up a majority (greater than 50%) of the tax effect in this category.
Income taxes paid (net of refunds) for the year ended December 31, 2025 were $1,776, with the majority of payments attributable to Texas state and federal taxes, in the amount of $626 and $1,150, respectively.
As previously disclosed, for the years ended December 31, 2024 and 2023, the following table reconciles the statutory income tax rate to the effective tax rate prior to the adoption of ASU 2023-09:
 For the Year Ended December 31,
 20242023
Taxes at statutory U.S. federal income tax rate21.0 %21.0 %
Nontaxable income(21.0)%(21.0)%
Federal excise tax— %0.1 %
State and local income taxes, net of federal tax benefit(0.1)%(0.2)%
Effective tax rate(0.1)%(0.1)%
Deferred income tax balances reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities in our consolidated balance sheets and the amounts used for income tax purposes and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Significant components of our deferred tax assets
and liabilities were as follows:
 For the Year Ended December 31,
 20252024
Deferred tax assets:    
Deferred income$3,458 $2,388 
Fair market value adjustment(2,053)(1,862)
Other1,983 1,225 
Tax loss carryforwards110,013 102,940 
 113,401 104,691 
Valuation allowance(113,401)(104,691)
 — — 
Net deferred income taxes$— $— 
Because of our TRSs' history of losses, we are not able to conclude that it is more likely than not we will realize the future benefit of our deferred tax assets; thus we have provided a 100% valuation allowance as of December 31, 2025 and 2024. If and when we believe it is more likely than not that we will recover our deferred tax assets, we will reverse the valuation allowance as an income tax benefit in our consolidated statements of comprehensive income (loss). As of December 31, 2025, our consolidated TRSs had net operating loss carry forwards for federal income tax purposes of approximately $424,755, which do not expire. As of December 31, 2025, we, excluding our subsidiaries, had net operating loss carry forwards for federal income tax purposes of approximately $933,931, which do not expire. In the normal course of business, income tax authorities in various income tax jurisdictions conduct routine audits of our income tax returns filed in prior years. Income tax years subsequent to 2021 may be open to examination in some of the income tax jurisdictions in which we operate.
v3.25.4
Weighted Average Common Shares
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Weighted Average Common Shares Weighted Average Common Shares
We calculate basic earnings per common share using the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share.
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
    Initial Cost to Company Cost at December 31, 2025  
AddressCityState
Encumbrances (1)
LandBuildings,
Improvements &
Equipment		Cost
Capitalized
Subsequent to
Acquisition		Impairment
Cost Basis Adjustment (2)
LandBuildings,
Improvements &
Equipment
Total (3)
Accumulated
Depreciation (4)
Date
Acquired		Original
Construction
Date
2184 Parkway Lake DriveBirminghamAL$—$580$5,980$3,027$—$—$580$9,007$9,587$3,8848/1/20082001
2634 Valleydale RoadBirminghamAL—6007,5743,657—(206)1,55910,06611,6254,1738/1/20082000
2021 Dahlke Drive NE (6)
CullmanAL—2873,4151,243—(301)2874,3574,6442,21311/19/20041998
101 Tulip LaneDothanAL—3,54314,6193,467—(1,178)3,54316,90820,4513,80312/27/20172000
49 Hughes RoadMadisonAL—3343,9811,613—(304)3345,2905,6242,67811/19/20041998
200 Terrace LanePricevilleAL—1,3009,4472,994—(748)1,36511,62812,9934,0822/1/20122006
413 Cox Boulevard (6)
SheffieldAL—3944,6842,353—33947,0407,4343,42811/19/20041998
2435 Columbiana RoadVestavia HillsAL—84323,4725,725—(823)90228,31529,2179,0117/12/20161991
4461 N Crossover Road (6)
FayettevilleAR—73310,4322,215—1273312,65913,3923,9845/1/20152011
4210 S Caraway RoadJonesboroAR—6539,5151,373——65310,88811,5413,4605/1/20152008
672 Jones RoadSpringdaleAR—5729,3642,634—(63)57211,93512,5073,9615/1/20152007
13840 North Desert Harbor DrivePeoriaAZ—2,68715,84314,329—(6,213)2,69323,95326,64611,7841/11/20021990
3850 North US Hwy 89PrescottAZ—2,01717,51310,029—(1,461)2,01726,08128,0986,7872/1/20181986
6001 East Thomas RoadScottsdaleAZ—9418,8077,200—(1,664)94614,33815,2849,0959/1/20121990
7090 East Mescal Street (5)
ScottsdaleAZ—2,31513,65040,658—(5,144)2,34949,13051,47913,9221/11/20021984
17225 North Boswell BoulevardSun CityAZ—1,18910,5696,501—(979)1,18916,09117,2809,8429/1/20121990
2500 North Rosemont Boulevard (5)
TucsonAZ—4,42926,11914,577—(4,398)4,57636,15140,72719,4331/11/20021989
5000 Marina BoulevardBrisbaneCA—7,95713,430771——7,97614,18222,1583,19611/14/20172000
5770 Armada DriveCarlsbadCA—3,87518,5431,055——3,87519,59823,4735,0871/29/20151997
1350 South El Camino RealEncinitasCA—1,51018,0424,710—(218)1,51722,52724,0449,7483/31/20081999
47071 Bayside Parkway (8)
FremontCA40,65315,77445,2499,729——15,84854,90470,7527,0137/27/20221991
47201 Lakeview BoulevardFremontCA—3,20010,177914——3,33110,96014,2913,7659/30/20111990
47211/47215 Lakeview BoulevardFremontCA—3,75012,6563,949——3,80016,55520,3556,5589/30/20111985
577 South Peach Street (6)
FresnoCA—7382,5774,175—(211)7386,5417,2793,81112/28/19901963
6075 North Marks AvenueFresnoCA—88012,7512,230——88914,97215,8616,8333/31/20081996
1319 Brookside Avenue (6)
RedlandsCA—1,7709,9822,832—(190)1,77012,62414,3945,5043/31/20081999
110 Sterling CourtRosevilleCA—1,62010,2623,500—(50)1,62013,71215,3326,0333/31/20081998
16925 & 16916 Hierba Drive (5)
San DiegoCA—9,14253,90439,397—(10,350)9,18082,91392,09341,1591/11/20021987
3530 Deer Park Drive (6)
StocktonCA—67014,4193,404——68217,81118,4937,8773/31/20081999
877 East March Lane (8)
StocktonCA7,9431,17611,1719,645—(2,707)1,41117,87419,2858,8159/30/20031988
28515 Westinghouse PlaceValenciaCA—4,66941,4401,833——4,70043,24247,94211,6761/29/20152008
1866 San Miguel Drive (6)
Walnut CreekCA—2,0109,2907,398—(1,492)3,41713,78917,2065,62112/1/20111996
1950 South Dayton StreetAuroraCO—3,06246,19512,585—(2,497)3,12056,22559,34516,6975/1/20151987
    Initial Cost to Company Cost at December 31, 2025  
AddressCityState
Encumbrances (1)
LandBuildings,
Improvements &
Equipment		Cost
Capitalized
Subsequent to
Acquisition		Impairment
Cost Basis Adjustment (2)
LandBuildings,
Improvements &
Equipment
Total (3)
Accumulated
Depreciation (4)
Date
Acquired		Original
Construction
Date
515 Fairview AvenueCanon CityCO—2926,2284,643(3,512)(769)2996,5836,8823,7059/26/19971970
110 West Van Buren StreetColorado SpringsCO—2455,2365,737(3,031)(957)2456,9857,2303,8659/26/19971972
3920 East San Miguel StreetColorado SpringsCO—1,3808,8944,559—(1,119)1,61212,10213,7144,6087/31/20121977
2050 South Main StreetDeltaCO—1673,5703,698—(415)1676,8537,0204,0699/26/19971963
2501 Little Bookcliff DriveGrand JunctionCO—2043,8754,374—(1,064)2077,1827,3894,58712/30/19931968
2825 Patterson RoadGrand JunctionCO—1732,5835,156—(842)1736,8977,0704,53612/30/19931978
1599 Ingalls StreetLakewoodCO—2323,7669,434—(1,442)23211,75811,9906,68712/28/19901972
5555 South Elati StreetLittletonCO—1855,0437,833—(1,621)19111,24911,4407,09812/28/19901965
9005 Grant StreetThorntonCO—96110,8671,203——1,26911,76213,0314,17812/28/20122001
7809 W. 38th AvenueWheat RidgeCO—4703,37386——4753,4543,9291,3644/1/20102004
2141 K Street, NWWashingtonDC—13,7008,4007,503—(1,513)13,70014,39028,0905,48412/22/20081966
4175 Ogletown Stanton RdNewarkDE—1,50019,4473,742—(324)1,56322,80224,3659,8463/31/20081998
1912 Marsh RoadWilmingtonDE—4,36525,73911,374—(4,180)4,43132,86737,29817,8541/11/20021988
22601 Camino Del MarBoca RatonFL—3,20046,80017,004—(4,758)3,20459,04262,24619,71012/15/20111990
1325 S Congress Avenue (8)
Boynton BeachFL6,1221,6205,3412,844—(476)1,6287,7019,3292,8807/27/20121985
1425 Congress AvenueBoynton BeachFL—2,39014,7686,543—(1,649)2,39019,66222,0527,1908/9/20111994
8500 Royal Palm BoulevardCoral SpringsFL—3,41020,10439,887—(7,546)3,42152,43455,85524,4141/11/20021984
1208 South Military TrailDeerfield BeachFL—1,69014,97238,783—(7,318)1,77746,35048,12722,01310/1/20121986
3001 DC Country Club BoulevardDeerfield BeachFL—3,19618,84829,648—(5,089)3,22243,38146,60320,3151/11/20021990
12780 Kenwood LaneFort MyersFL—3692,1745,672—(1,333)8596,0236,8822,8521/11/20021990
2525 First StreetFort MyersFL—2,38521,13749,807—(16,213)2,57754,53957,11621,97410/1/20121984
1825 Ridgewood AvenueHolly HillFL—70016,7007,401(2,636)(9,232)68412,24912,9332,9137/22/20111926/2006
2480 North Park Road (8)
HollywoodFL13,3054,50040,50032,186—(7,048)4,55665,58270,13822,31312/15/20111986
8901 Tamiami Trail EastNaplesFL—3,2002,89816,707—(1,421)3,20018,18421,3848,1428/31/20061984
12780 Waterford Lakes ParkwayOrlandoFL—9773,9461,057—(96)1,0524,8325,8841,55912/18/20132002
1603 S. Hiawassee RoadOrlandoFL—4882,621606—(81)5913,0433,6341,01612/18/20132003
1825 N. Mills AvenueOrlandoFL—5191,7991,057—(117)5802,6783,25891812/22/20081997
1911 N. Mills AvenueOrlandoFL—1,9467,1976,369—(538)2,04212,93214,9743,58312/22/20081997
1925 N. Mills AvenueOrlandoFL—135532568—(107)1999291,12829412/22/20081997
250 N. Alafaya TrailOrlandoFL—9674,362490——9674,8525,8191,64712/18/20131999
45 Katherine Boulevard (5)
Palm HarborFL—3,37929,94514,214—(4,246)3,39239,90043,29228,43510/1/20121992
900 West Lake Road (8)
Palm HarborFL31,0133,44920,33617,042—(5,513)3,54031,77435,31417,3121/11/20021989
8500 West Sunrise Boulevard (8)
PlantationFL8,4574,70024,30017,427—(6,860)4,71734,85039,56711,43212/15/20111989
    Initial Cost to Company Cost at December 31, 2025  
AddressCityState
Encumbrances (1)
LandBuildings,
Improvements &
Equipment		Cost
Capitalized
Subsequent to
Acquisition		Impairment
Cost Basis Adjustment (2)
LandBuildings,
Improvements &
Equipment
Total (3)
Accumulated
Depreciation (4)
Date
Acquired		Original
Construction
Date
1371 South Ocean Boulevard (8)
Pompano BeachFL13,0732,50015,50021,539—(5,027)2,56031,95234,51211,54312/15/20111991
2701 North Course DrivePompano BeachFL—7,7002,12748,029—(4,875)7,70045,28152,98120,1138/31/20061985
20480 Veterans Boulevard (8)
Port CharlotteFL4,29240011,9345,261—(3,397)44013,75814,1984,6397/22/20111996
1699 S.E. Lyngate DrivePort St. LucieFL—1,24211,0096,559—(1,433)1,24916,12817,37710,98810/1/20121993
501 N.W. Cashmere BoulevardPort St. LucieFL—8909,3454,129—(938)1,67311,75313,4264,2647/22/20112007
900 South Harbour Island Blvd. (6)
TampaFL—4,8506,34911,507——4,85017,85622,7063,72010/30/20071986
111 Executive Center DriveWest Palm BeachFL—2,06112,15327,606—(5,506)2,07534,23936,31415,9171/11/20021988
2347 Cedarcrest RoadAcworthGA—1,674—93——1,674931,767135/1/20162008
1200 Bluegrass Lakes ParkwayAlpharettaGA—1,68915,9361,451——1,76117,31519,0764,4311/29/20152001
855 North Point Pkwy (6)
AlpharettaGA—5,39026,712———5,39026,71232,10211,6018/21/20082006
253 N. Main StreetAlpharettaGA—1,32512,3772,841—(209)1,22115,11316,3344,5135/1/20151997
1515 Sheridan Road (6)
AtlantaGA—5,8009,30518,503——5,80027,80833,6085,14911/30/20071978
240 Marietta HighwayCantonGA—8068,5554,567—(1,157)80611,96512,7713,60610/1/20131997
1501 Milstead Road (8)
ConyersGA4,8987507,7961,191—(116)7778,8449,6213,6019/30/20102008
3875 Post Road (6)
CummingGA—95412,7962,098—(56)96014,83215,7924,4565/1/20152007
4960 Jot Em Down RoadCummingGA—1,54818,66614,609—(2,094)3,41629,31332,7298,9298/1/20132011
5610 Hampton Park Drive (6)
CummingGA—3,47914,7711,575—(938)3,49815,38918,8873,8169/3/20152014
101 West Ponce De Leon AvenueDecaturGA—3,50013,17917,185——3,50030,36433,8646,8245/30/20121992
2801 North Decatur RoadDecaturGA—3,1004,4363,715—(702)3,2607,28910,5493,0757/9/20081986
3315 Thompson Bridge RoadGainesvilleGA—93430,9624,533—(743)95634,73035,68610,3985/1/20151999
5373 Thompson Mill Road (6)
HoschtonGA—94412,1712,003——95914,15915,1184,1775/1/20152011
8080 Summit Business Parkway (5)
JonesboroGA—1,80020,6649,238—(2,473)1,80027,42929,22910,1596/20/20112007
1360 Upper Hembree RoadRoswellGA—1,0806,138844——1,0956,9678,0622,6415/7/20122007
1 Savannah Square Drive (5)
SavannahGA—1,20019,09012,201(6,993)(9,468)83515,19516,0303,66410/1/20061987
475 Country Club Drive (6)
StockbridgeGA—5129,5602,117—(374)55111,26411,8153,4795/1/20151998
1100 Ward AvenueHonoluluHI—11,20055,61811,126—(1,417)11,24765,28076,52722,8876/18/20121961
2340 West Seltice WayCoeur d'AleneID—9107,1704,793—(702)1,05211,11912,1713,7667/31/20121993
850 Lincoln DriveIdaho FallsID—5106,6403,811—(554)7609,64710,4073,6247/31/20121978
1250 West Central RoadArlington HeightsIL—3,66532,58720,365—(3,834)3,78149,00252,78330,81511/1/20121986
1373 D'Adrian Professional ParkGodfreyIL—28115,0883,093—(432)28117,74918,0305,3045/1/20152010
900 43rd AvenueMolineIL—4827,6511,231—(225)4828,6579,1392,5185/1/20152003 / 2012
221 11th AvenueMolineIL—1617,2441,979—(136)1619,0879,2482,9315/1/20152008
2700 14th StreetPekinIL—17111,4751,287—(549)17212,21212,3843,7255/1/20152009
    Initial Cost to Company Cost at December 31, 2025  
AddressCityState
Encumbrances (1)
LandBuildings,
Improvements &
Equipment		Cost
Capitalized
Subsequent to
Acquisition		Impairment
Cost Basis Adjustment (2)
LandBuildings,
Improvements &
Equipment
Total (3)
Accumulated
Depreciation (4)
Date
Acquired		Original
Construction
Date
7130 Crimson Ridge DriveRockfordIL—2007,3003,469—(466)1,5968,90710,5033,2955/1/20111999
1220 Lakeview Drive (6)
RomeovilleIL—1,12019,582(61)——1,05819,58320,6418,5048/21/20082005
1201 Hartman LaneShilohIL—7437,2322,871—(797)1,2378,81210,0492,28612/8/20162003
900 Southwind RoadSpringfieldIL—3006,7443,677—(756)3009,6659,9654,5588/31/20061990
2705 Avenue E (8)
SterlingIL8,00534114,3312,321—(296)34316,35416,6974,7985/1/20152008
39 Dorothy DriveTroyIL—1,0027,0102,104—(799)1,0028,3159,3172,13412/8/20162003
100 Grand Victorian PlaceWashingtonIL—24112,046971—(176)24112,84113,0823,9565/1/20152009
1615 Lakeside DriveWaukeganIL—2,7009,5905,288—(944)3,51513,11916,6345,4489/30/20111990
1675 Lakeside DriveWaukeganIL—2,4209,3824,785—(957)2,90612,72415,6305,1629/30/20111998
6990 East County Road 100 NorthAvonIN—85011,8882,378—(580)85013,68614,5365,8929/1/20081999
2455 Tamarack Trail (5)
BloomingtonIN—5,40025,12937,877—(2,591)6,33959,47665,81521,04411/1/20081983
2460 Glebe Street (6)
CarmelIN—2,10857,7412,101—(432)2,13359,38561,51817,4895/1/20152008
701 East County Line RoadGreenwoodIN—1,83014,3031,966—(573)1,91815,60817,5265,46012/1/20112007
8505 Woodfield Crossing BoulevardIndianapolisIN—2,78516,39612,045—(3,560)2,83824,82827,66612,3031/11/20021986
2501 Friendship BoulevardKokomoIN—51213,0092,580—(613)51214,97615,4883,45912/27/20171997
603 Saint Joseph DriveKokomoIN—2205,8991,858—(372)2207,3857,6053,1389/1/20081998
1211 Longwood DriveLa PorteIN—7705,5501,976—(401)9236,9727,8953,0549/1/20081998
1590 West Timberview DriveMarionIN—4105,4091,969—(379)4106,9997,4092,8889/1/20082000
1473 East McKay RoadShelbyvilleIN—1905,3281,739—(363)1906,7046,8942,7889/1/20081999
222 South 25th StreetTerra HauteIN—30013,1151,932—(550)30014,49714,7976,1359/1/20082005
1501 Inverness DriveLawrenceKS—1,60018,5655,492—(2,136)1,75821,76323,5219,09210/1/20091988
5799 Broadmoor StreetMissionKS—1,5227,2463,412——1,58410,59612,1803,2441/17/20171986
3501 West 95th StreetOverland ParkKS—2,56815,14013,018—(3,523)2,58024,62327,20312,5321/11/20021989
6555 West 75th StreetOverland ParkKS—1,2741,12617,347—(1,853)1,48716,40717,8948,90610/25/20021985
981 Campbell LaneBowling GreenKY—3654,3452,659—(297)3656,7077,0723,09411/19/20041999
102 Leonardwood DriveFrankfortKY—5608,2824,787—(1,052)57911,99812,5775,3618/31/20061989
4190 Lafayette RoadHopkinsvilleKY—3163,7611,828—(300)3165,2895,6052,56611/19/20041999
690 Mason Headley Road (7)
LexingtonKY491—10,84819,216—(1,859)4228,16328,20515,4391/11/20021985
700 Mason Headley Road (7)
LexingtonKY122—6,39410,668—(2,081)5214,92914,9817,6181/11/20021980
200 Brookside Drive (5)
LouisvilleKY—3,52420,77913,980—(4,600)3,54930,13433,68316,4591/11/20021984
1517 West Broadway (6)
MayfieldKY—2682,7303,070—(305)2685,4955,7632,62511/19/20041999
1700 Elmdale RoadPaducahKY—4505,3582,763—(550)4517,5708,0213,68911/19/20042000
100 Neighborly WaySomersetKY—2004,9192,682—(116)2007,4857,6853,16511/6/20062000
    Initial Cost to Company Cost at December 31, 2025  
AddressCityState
Encumbrances (1)
LandBuildings,
Improvements &
Equipment		Cost
Capitalized
Subsequent to
Acquisition		Impairment
Cost Basis Adjustment (2)
LandBuildings,
Improvements &
Equipment
Total (3)
Accumulated
Depreciation (4)
Date
Acquired		Original
Construction
Date
1295 Boylston StreetBostonMA—7,60018,1403,263—(109)7,62521,26928,8948,7551/26/20111930
549 Albany StreetBostonMA—4,57645,02929——4,56945,06549,63413,8928/22/20131895
4 Maguire Road (8)
LexingtonMA24,3923,60015,55534,959(7,255)(1,003)3,88441,97245,85612,06812/22/20081994
299 Cambridge Street (8)
WinchesterMA20,7953,21818,98819,072—(3,087)3,29034,90138,19117,0131/11/20021991
2717 Riva RoadAnnapolisMD—1,29012,3734,175—(203)1,29016,34517,6356,4983/31/20082001
658 Boulton Street (6)
Bel AirMD—4,75016,5042——4,75016,50621,2567,47511/30/20071980
7600 Laurel Bowie RoadBowieMD—4083,4212,982—(568)4085,8356,2432,79510/25/20022000
8100 Connecticut AvenueChevy ChaseMD—15,17092,83022,995—(6,799)15,177109,019124,19638,50612/15/20111990
8220 Snowden River Parkway (6)
ColumbiaMD—1,39010,3032,576—(73)1,39012,80614,1965,2913/31/20082001
700 Port StreetEastonMD—3834,5554,838—(912)3948,4708,8644,26310/25/20022000
3004 North Ridge Road (8)
Ellicott CityMD15,3681,40922,69117,071—(4,529)1,61335,02936,64217,1563/1/20041997
1820 Latham DriveFrederickMD—3853,4442,344—(620)3855,1685,5532,63810/25/20021998
2100 Whittier Drive (8)
FrederickMD17,3641,2609,4644,238—(555)1,26013,14714,4075,6643/31/20081999
10116 Sharpsburg Pike (8)
HagerstownMD14,2241,0407,4716,628—(830)1,04413,26514,3095,8623/31/20081999
715 Benfield RoadSeverna ParkMD—2299,7984,483—(1,578)24612,68612,9326,55310/25/20021998
14400 Homecrest RoadSilver SpringMD—1,2009,28812,384—(2,079)1,20719,58620,7938,95110/25/20021996
8301 Golden Valley RoadGolden ValleyMN—1,2564,6803,969——1,3188,5879,9051,8062/10/20161998
8401 Golden Valley RoadGolden ValleyMN—1,5105,7423,577—(52)1,5729,20510,7773,0932/10/20161998
8501 Golden Valley RoadGolden ValleyMN—1,2634,2882,392——1,3246,6197,9432,1082/10/20161998
1201 Northland DriveMendota HeightsMN—1,22010,2081,294—(771)1,49610,45511,9514,0881/25/20111989
12700 Whitewater DriveMinnetonkaMN—5,4538,1088,578——5,45316,68622,1396,74910/2/20171998
20600 South Diamond Lake RoadRogersMN—2,76045,7895,193(20,359)(16,234)1,19515,95417,1497,0223/1/20081999
5351 Gretna Road (6)
BransonMO—74310,9732,004—(288)75412,67813,4323,8985/1/20152002
845 N New Ballas CourtCreve CoeurMO—1,58216,3284,575—(91)2,46619,92822,3944,6031/22/20182006
3828 College View DriveJoplinMO—26011,3822,601—(1,219)26012,76413,0244,3798/31/20122003
640 E Highland Avenue (6)
NevadaMO—3115,7031,018——3116,7217,0322,1845/1/20151997
2410 W Chesterfield BlvdSpringfieldMO—92412,7721,663——92414,43515,3594,4485/1/20151999
3540 East Cherokee StreetSpringfieldMO—1,08411,3391,776—(232)1,12912,83813,9674,1475/1/20151996
118 Alamance Road (8)
BurlingtonNC13,7925759,6973,625—(863)57512,45913,0344,3926/20/20111998
1050 Crescent Green DriveCaryNC—7134,6285,706—(1,586)7138,7489,4614,06810/25/20021999
2101 Runnymede LaneCharlotteNC—2,47511,4513,747—(1,615)2,45813,60016,0584,8676/20/20111999
5920 McChesney Drive & 6101 Clarke Creek ParkwayCharlotteNC—1,32021,7505,940—(1,677)1,32026,01327,33310,16511/17/20091999 / 2001
500 Penny Lane NE (8)
ConcordNC12,8071,68717,6032,580—(1,268)1,68718,91520,6024,8706/29/20161997
    Initial Cost to Company Cost at December 31, 2025  
AddressCityState
Encumbrances (1)
LandBuildings,
Improvements &
Equipment		Cost
Capitalized
Subsequent to
Acquisition		Impairment
Cost Basis Adjustment (2)
LandBuildings,
Improvements &
Equipment
Total (3)
Accumulated
Depreciation (4)
Date
Acquired		Original
Construction
Date
1002 Highway 54DurhamNC—5955,2001,892—(212)5956,8807,4752,6426/20/20111988
5213 South Alston AvenueDurhamNC—1,09331,377560——1,09331,93733,0308,7151/29/20152010
2755 Union Road (8)
GastoniaNC9,3891,10417,8343,097—(1,591)1,10419,34020,4444,7076/29/20161998
1001 Phifer RoadKings MountainNC—6558,2832,456—(574)65710,16310,8203,9066/23/20111998
128 Brawley School RoadMooresvilleNC—5957,3052,441—(467)6139,2619,8743,4746/23/20111999
1309, 1321, & 1325 McCarthy Boulevard (5)
New BernNC—1,24520,8985,383—(788)1,24525,49326,7389,1836/20/20112001/2005/2008
13150 & 13180 Dorman RoadPinevilleNC—1,18022,8006,312—(1,758)1,18027,35428,53410,72511/17/20091998
801 Dixie Trail (5)
RaleighNC—3,23317,7882,752—(1,307)3,23619,23022,4665,1756/29/20161992
2744 South 17th StreetWilmingtonNC—1,13414,7713,551—(1,621)1,13916,69617,8354,3714/18/20161998
1730 Parkwood Boulevard West (8)
WilsonNC8,74461014,7873,322—(734)61017,37517,9856,4286/20/20112004/2006
17007 Elm Plaza (6)
OmahaNE—4,68022,022———4,68022,02226,7029,5648/21/20082007
3030 South 80th StreetOmahaNE—6505,8502,706—(582)6507,9748,6243,7766/3/20051992
1400 Route 70LakewoodNJ—4,88528,80321,796—(4,486)4,90546,09350,99822,2611/11/20021987
2 Hillside DriveMt. ArlingtonNJ—1,37511,2323,054—(773)1,39313,49514,8887,15212/29/20032001
655 Pomander WalkTeaneckNJ—4,95044,55020,114—(5,283)4,98459,34764,33118,32212/15/20111989
10500 Academy Road NE (5)
AlbuquerqueNM—3,82822,57213,799—(3,286)3,82833,08536,91316,5771/11/20021986
4100 Prospect Avenue NE (6)
AlbuquerqueNM—54010,1058——54010,11310,6534,60110/30/20071977
4300 Landau Street NE (6)
AlbuquerqueNM—1,0609,8758——1,0609,88310,9434,49710/30/20071973
4411 The 25 WayAlbuquerqueNM—3,48025,2457,146—(2,194)4,27029,40733,67711,57612/22/20101970
4420 The 25 WayAlbuquerqueNM—1,4302,6091,559—(152)1,7513,6955,4461,54812/22/20101970
9190 Coors Boulevard NW (6)
AlbuquerqueNM—1,6609,1738——1,6609,18110,8414,17710/30/20071983
2200 East Long Street (8)
Carson CityNV12,13062217,9002,214—(477)62219,63720,2595,8885/1/20152009
3201 Plumas Street (8)
RenoNV26,3692,42049,58011,630—(2,193)2,42059,01761,43721,11012/15/20111989
200 Old County Road (8)
MineolaNY21,7964,92024,05618,939—(2,353)4,92040,64245,56214,9539/30/20111971
537 Riverdale AvenueYonkersNY—8,46090,56122,288—(7,479)8,465105,365113,83034,9128/31/20122000
4590 Knightsbridge BoulevardColumbusOH—3,62327,77825,274—(5,240)3,73247,70351,43523,6801/11/20021989
3929 Hoover Road (6)
Grove CityOH—3323,0811,015——3324,0964,4283,0106/4/19931965
7555 Innovation WayMasonOH—1,02512,883———1,02512,88313,9082,97810/6/20162015
8709 S.E. Causey AvenuePortlandOR—3,30377,4288,905(26,073)(10,649)2,20150,71352,9149,9415/1/20151985 / 1991
71 Darlington Road (8)
Beaver FallsPA9,5441,50013,5003,888—(1,042)1,52316,32317,8467,47310/31/20051997
950 Morgan HighwayClarks SummitPA—1,0018,2333,235—(352)1,01711,10012,1175,33712/29/20032001
600 N. Pottstown PikeExtonPA—1,0018,2334,184—(569)1,00111,84812,8495,79012/29/20032000
242 Baltimore PikeGlen MillsPA—1,0018,2334,605—(382)1,00112,45613,4575,71912/29/20032001
    Initial Cost to Company Cost at December 31, 2025  
AddressCityState
Encumbrances (1)
LandBuildings,
Improvements &
Equipment		Cost
Capitalized
Subsequent to
Acquisition		Impairment
Cost Basis Adjustment (2)
LandBuildings,
Improvements &
Equipment
Total (3)
Accumulated
Depreciation (4)
Date
Acquired		Original
Construction
Date
20 Capital DriveHarrisburgPA—3979,33336——3979,3699,7662,5591/29/20152013
210 Mall Boulevard (8)
King of PrussiaPA3,1841,5404,7432,841——1,9527,1729,1243,4448/8/20081970
800 Manor DriveNew Britain (Chalfont)PA—9798,0523,727—(695)98111,08212,0635,69912/29/20031998
5750 Centre Avenue (8)
PittsburghPA6,5143,00011,8286,056—(1,093)3,78816,00319,7917,2896/11/20081991
700 Northampton Street (8)
Tiffany Court (Kingston)PA8,097—5,6823,821—(687)—8,8168,8164,04112/29/20031997
5250 Meadowgreen DriveWhitehallPA—1,59914,4015,348—(1,613)1,59918,13619,7358,56210/31/20051987
1304 McLees RoadAndersonSC—2953,5092,256—(394)2955,3715,6662,56411/19/20041999
719 Kershaw Highway (6)
CamdenSC—3223,6972,519—(746)3245,4685,7922,79011/19/20041999
1901 West Carolina Avenue (6)
HartsvilleSC—4014,7753,243—(515)4017,5037,9043,31411/19/20041999
218 Old Chapin RoadLexingtonSC—3634,3222,233—(528)3636,0276,3903,02711/19/20041999
491 Highway 17Little RiverSC—7509,0183,455—(774)75011,69912,4494,5526/23/20112000
601 Mathis Ferry RoadMt. PleasantSC—1,68712,612706(10,794)(2,021)2,190—2,190—6/29/20161999
937 Bowman RoadMt. PleasantSC—3,89831,61316,234—(4,842)3,83043,07346,90313,3987/1/20121997 / 1983
9547 Highway 17 NorthMyrtle BeachSC—5433,20213,085(3,192)(4,490)3338,8159,1482,7351/11/20021980
2306 Riverbank DriveOrangeburgSC—3033,6072,089—(436)3035,2605,5632,69911/19/20041999
6716 Nolensville RoadBrentwoodTN—1,5286,037624—(165)1,5286,4968,0242,07411/30/20122010
207 Uffelman DriveClarksvilleTN—3202,9942,982—(222)3205,7546,0742,37012/31/20061997
51 Patel WayClarksvilleTN—80010,3229,977—(1,409)83318,85719,6906,32212/19/20122005
2900 Westside Drive NWClevelandTN—3053,6273,025—(496)3056,1566,4612,76011/19/20041998
1010 East Spring Street (6)
CookevilleTN—3223,8282,484—(540)3225,7726,0942,72411/19/20041998
105 Sunrise Circle (6)
FranklinTN—3223,8331,905—(402)3295,3295,6582,63611/19/20041997
1085 Hartsville PikeGallatinTN—2803,3272,561—(284)2825,6025,8842,62311/19/20041998
1200 North ParkwayJacksonTN—2953,5062,122—(300)2995,3245,6232,45211/19/20041999
550 Deer View WayJefferson CityTN—9408,0572,799—(626)94810,22211,1703,29210/15/20132001
10914 Kingston Pike (8)
KnoxvilleTN4,04361312,4101,876—(1,116)61713,16613,7832,7336/29/20182008
3030 Holbrook DriveKnoxvilleTN—3527,1282,660—(815)3608,9659,3251,8446/29/20181999
100 Chatuga Drive West (8)
LoudonTN13,43458016,09334,049—(1,714)1,09447,91449,0085,9371/19/20182003
350 Volunteer Drive (6)
ParisTN—11012,1002,444—(905)11013,63913,7493,5476/29/20161997
971 State Hwy 121 (6)
AllenTX—2,59017,912———2,59017,91220,5027,7798/21/20082006
6818 Austin Center BoulevardAustinTX—1,54027,4674,419—(1,017)1,70930,70032,40913,14210/31/20081994
7600 N Capital Texas HighwayAustinTX—3004,5571,784——3006,3416,6412,51012/22/20101996
4620 Bellaire BoulevardBellaireTX—1,23811,0107,519—(1,860)1,32516,58217,90711,04710/1/20121991
120 Crosspoint DriveBoerneTX—2204,9262,087—(188)2276,8187,0452,9662/7/20081990
    Initial Cost to Company Cost at December 31, 2025  
AddressCityState
Encumbrances (1)
LandBuildings,
Improvements &
Equipment		Cost
Capitalized
Subsequent to
Acquisition		Impairment
Cost Basis Adjustment (2)
LandBuildings,
Improvements &
Equipment
Total (3)
Accumulated
Depreciation (4)
Date
Acquired		Original
Construction
Date
4015 Interstate 45Conroe TX—62014,0742,524—(447)62016,15116,7716,29810/26/20102009
5455 La Sierra DriveDallasTX—2,30025,20012,701—(3,714)2,32434,16336,48712,68012/15/20111989
7831 Park Lane (5)
DallasTX—4,70927,76828,064—(4,876)5,43250,23355,66525,7721/11/20021990
1575 Belvidere StreetEl PasoTX—2,30113,56716,798—(2,201)2,31628,14930,46512,9371/11/20021987
96 Frederick Road (8)
FredericksburgTX6,5272804,8667,165—(303)28011,72812,0084,3332/7/20081999
13215 Dotson RoadHoustonTX—99013,8873,128—(852)1,23415,91917,1535,4837/17/20122007
777 North Post Oak RoadHoustonTX—5,53732,64745,313—(7,879)5,54070,07875,61831,3291/11/20021989
9812 Slide RoadLubbockTX—1,1109,7981,201——1,11010,99912,1094,0936/4/20102009
605 Gateway CentralMarble Falls TX—1,4407,1253,010—(941)1,4409,19410,6343,33312/19/20121994 / 2002
7150 N. President George Bush TurnpikeNorth GarlandTX—1,9818,5482,144(346)(1,785)1,9478,59510,5421,74612/31/20122006
500 Coit Road (6)
PlanoTX—3,46344,841838——3,46845,67449,1427,35612/20/20192016
18302 Talavera RidgeSan AntonioTX—6,85530,6302,880——6,85533,51040,3658,8541/29/20152008
21 Spurs Lane (8)
San AntonioTX12,4413,14123,1427,375—(317)3,21130,13033,3419,2794/10/20142006
311 West Nottingham Place (5)
San AntonioTX—4,28325,25619,829—(5,565)4,35939,44443,80320,3851/11/20021989
511 & 575 Knights Cross DriveSan AntonioTX—2,30020,4005,123—(1,988)2,30623,52925,8359,49811/17/20092003
5055 West Panther Creek Drive (8)
WoodlandsTX22,5423,69421,78217,930—(6,114)4,35332,93937,29217,7811/11/20021988
491 Crestwood DriveCharlottesvilleVA—6417,6333,982—(1,066)64610,54411,1905,33211/19/20041998
1005 Elysian Place (8)
ChesapeakeVA9,8822,37023,7054,523—(1,678)2,58926,33128,9209,7096/20/20112006
4027 Martinsburg Pike (6)
Clear BrookVA—3,77521,76871——3,84721,76725,6145,9431/29/20152013
20 HeartFields Lane (6)
FredericksburgVA—2878,4803,173—(1,168)28710,48510,7725,59110/25/20021998
2800 Polo ParkwayMidlothianVA—1,10313,1266,301—(1,584)1,10817,83818,9468,77711/19/20041996
655 Denbigh BoulevardNewport NewsVA—5816,9213,200—(686)5849,43210,0164,74211/19/20041998
6160 Kempsville CircleNorfolkVA—3,2637,6155,585—(285)3,37412,80416,1783,88812/22/20171987
6161 Kempsville RoadNorfolkVA—1,5309,5314,841—(686)1,53013,68615,2165,90212/22/20081999
6311 Granby Street (8)
NorfolkVA7,7421,92016,5386,046—(1,650)2,01420,84022,8548,0376/20/20112005
885 Kempsville RoadNorfolkVA—1,7808,3544,318—(1,169)2,01411,26913,2834,7465/20/20091981
531 Wythe Creek RoadPoquosonVA—2202,0411,751—(275)2203,5173,7371,6155/30/20031987
10800 Nuckols Road (8)
Glen AllenVA5,8462,86311,1051,975——2,86313,08015,9433,0503/28/20182000
3000 Skipwith RoadRichmondVA—7328,7172,501—(798)73210,42011,1525,23211/19/20041999
5620 Wesleyan Drive (8)
Virginia BeachVA7,1438937,9265,332—(783)89312,47513,3688,4019/1/20121990
4132 Longhill RoadWilliamsburgVA—2702,4682,398(945)(1,583)1622,4462,6081,0385/30/20031987
440 McLaws CircleWilliamsburgVA—1,46617,3401,195—(1,040)1,46617,49518,9614,3156/29/20161998
516 Kenosia Avenue SouthKentWA—1,3008,4583,875—(812)1,36811,45312,8214,3057/31/20121971
    Initial Cost to Company Cost at December 31, 2025  
AddressCityState
Encumbrances (1)
LandBuildings,
Improvements &
Equipment		Cost
Capitalized
Subsequent to
Acquisition		Impairment
Cost Basis Adjustment (2)
LandBuildings,
Improvements &
Equipment
Total (3)
Accumulated
Depreciation (4)
Date
Acquired		Original
Construction
Date
555 16th Avenue (6)
SeattleWA—2564,86968—(513)2564,4244,6803,55511/1/19931964
3003 West Good Hope RoadGlendaleWI—1,50033,7472,232——1,50035,97937,47913,7119/30/20091963
215 Washington StreetGraftonWI—50010,058344——50010,40210,9024,0869/30/20092009
N168W22022 Main StreetJacksonWI—1885,9621,726—(308)1927,3767,5682,30612/1/20142005
8351 Sheridan RoadKenoshaWI—7507,6691,671—(77)7589,25510,0133,8911/1/20082000
5601 Burke RoadMadisonWI—7007,4612,403—(118)7129,73410,4464,1351/1/20082000
7707 N. Brookline DriveMadisonWI—2,61535,5455,557—(1,552)2,63139,53442,16511,67812/1/20141999 / 2004
10803 North Port Washington RoadMequonWI—8008,3884,122—(279)80512,22613,0314,4941/1/20081999
701 East Puetz Road (8)
Oak CreekWI16,63365018,3964,236—(731)1,54021,01122,5519,5551/1/20082001
W231 N1440 Corporate CourtPewaukeeWI—3,90041,1402,960——3,90044,10048,00016,7159/30/20091994
8348 & 8400 Washington AvenueRacineWI—1,15022,4361,233——1,15023,66924,8199,1169/30/20091986
1221 North 26th StreetSheboyganWI—300975104——3001,0791,3793969/30/20091987
1222 North 23rd StreetSheboyganWI—1204,014150——1204,1644,2841,6319/30/20091987
2414 Kohler Memorial DriveSheboyganWI—1,40035,1682,225——1,40037,39338,79314,2899/30/20091986
1125 N Edge TrailVeronaWI—1,3659,5812,749—(821)1,37211,50212,8743,57211/1/20132001
3289 North Mayfair RoadWauwatosaWI—2,3006,245586——2,3006,8319,1312,5379/30/20091964
Total$469,116$522,369$4,016,133$1,905,063$(85,136)$(409,623)$542,403$5,406,403$5,948,806$2,089,906
Properties Held for Sale—8,90678,84523,369(47,834)(16,095)3,12244,06947,19125,140
Grand Total$469,116$531,275$4,094,978$1,928,432$(132,970)$(425,718)$545,525$5,450,472$5,995,997$2,115,046
(1)    Represents mortgage debts and finance leases.
(2)    Represents reclassifications between accumulated depreciation and buildings, improvements and equipment made to record certain properties at fair value in accordance with GAAP.
(3)    Aggregate cost for federal income tax purposes is approximately $6,904,894.
(4)    We depreciate buildings and improvements over periods ranging up to 40 years and equipment over periods ranging up to 12 years.
(5)    These properties are collateral for our undrawn $150,000 secured credit facility.
(6)    These properties are collateral for our $375,000 senior secured notes due 2030.
(7)    These properties are subject to our $613 of finance leases.
(8)    These properties are collateral for our $468,503 of mortgage notes.
Analysis of the carrying amount of real estate and equipment and accumulated depreciation during the period:
 Real Estate and
Equipment		Accumulated
Depreciation
Balance as of December 31, 2022$6,692,543 $1,828,352 
Additions241,720 264,171 
Disposals(16,750)— 
Impairment(18,380)— 
Cost basis adjustment (1)
(71,608)(71,608)
Reclassification of assets held for sale, net(9,058)(72)
Balance as of December 31, 20236,818,467 2,020,843 
Additions186,815 270,802 
Disposals(74,605)(24,183)
Impairment(70,734)— 
Cost basis adjustment (1)
(57,966)(57,966)
Reclassification of assets held for sale, net(378,725)(126,719)
Balance as of December 31, 20246,423,252 2,082,777 
Additions143,359 250,870 
Disposals(692,360)(244,457)
Impairment(165,702)— 
Cost basis adjustment (1)
(100,756)(100,756)
Reclassification of assets held for sale, net341,013 101,472 
Balance as of December 31, 2025$5,948,806 $2,089,906 
(1)    Represents reclassifications between accumulated depreciation and buildings, improvements and equipment made to record certain properties at fair value in accordance with GAAP.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] We rely on the information technology and systems maintained by our managers, including RMR, and rely on our managers to identify and manage material risks from cybersecurity threats. RMR and our senior living community managers take various actions, and incur significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We rely on the information technology and systems maintained by our managers, including RMR, and rely on our managers to identify and manage material risks from cybersecurity threats. RMR and our senior living community managers take various actions, and incur significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Role of Management [Text Block] We rely on the information technology and systems maintained by our managers, including RMR, and rely on our managers to identify and manage material risks from cybersecurity threats. RMR and our senior living community managers take various actions, and incur significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
BASIS OF PRESENTATION.  Our consolidated financial statements include the accounts of Diversified Healthcare Trust, we, us or our, and our subsidiaries, all of which are 100% owned directly or indirectly by us as of December 31, 2025. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
REAL ESTATE PROPERTIES
REAL ESTATE PROPERTIES.  We record properties at our cost and calculate depreciation on real estate investments on a straight line basis over estimated useful lives generally up to 40 years.
We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of depreciable useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate a portion of the purchase price to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine that renewal is probable. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant's lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to our consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships.
We amortize capitalized above market lease values (included in acquired real estate leases and other intangible assets, net in our consolidated balance sheets) as a reduction to rental income over the remaining non-cancelable terms of the respective leases. We amortize capitalized below market lease values (included in other liabilities in our consolidated balance sheets) as an increase to rental income over the non-cancelable periods of the respective leases. We amortize the value of in place leases exclusive of the value of above market and below market in place leases to depreciation and amortization expense over the remaining non-cancelable periods of the respective leases and during the years ended December 31, 2025, 2024 and 2023, such amortization totaled $5,249, $7,367 and $10,996, respectively. If a lease is terminated prior to its stated expiration, we fully amortize the unamortized amount relating to that lease at that time.
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS.  We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
RESTRICTED CASH
RESTRICTED CASH.  Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties.
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES.  We account for our derivative instrument at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is not designated as a hedge or that does not meet the hedge accounting criteria is recorded as a gain or loss to operations.
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS. As of December 31, 2025, we owned a 10% equity interest in an unconsolidated joint venture that owns a life science property located in Boston, Massachusetts, or the Seaport JV, and a 20% equity interest in an unconsolidated joint venture for 10 medical office and life science properties, or the LSMD JV. The properties owned by the Seaport JV and LSMD JV are encumbered by an aggregate $1,000,000 and $456,625 of mortgage debts, respectively. We do not control the activities that are most significant to these joint ventures and, as a result, we account for our investment in these joint ventures under the equity method of accounting under the fair value option. See Notes 3 and 10 for more information regarding these joint ventures.
DEBT ISSUANCE COSTS DEBT ISSUANCE COSTS.  Debt issuance costs include issuance or assumption costs related to borrowings and we amortize those costs as interest expense over the terms of the respective loans.
DEFERRED LEASING COSTS DEFERRED LEASING COSTS.  Deferred leasing costs include capitalized brokerage costs and inducements associated with the successful negotiation of leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction in rental income, on a straight line basis over the terms of the respective leases. Deferred leasing costs are included in other assets, net in our consolidated balance sheets.
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS.     We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by accounting principles generally accepted in the United States, or GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows:
Level 1—Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access.
Level 2—Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly.
Level 3—Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement.
REVENUE RECOGNITION
REVENUE RECOGNITION.  We are a lessor of senior living communities, medical office and life science properties and other healthcare related properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the premises demised under the leases; therefore, we have determined to evaluate our leases as lease arrangements.
PER COMMON SHARE AMOUNTS
PER COMMON SHARE AMOUNTS.  We calculate basic earnings per common share by dividing net income (loss) by the weighted average number of our common shares of beneficial interest, $.01 par value, or our common shares, outstanding during the period. We calculate diluted earnings per common share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share.
INCOME TAXES
INCOME TAXES.  We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We do, however, lease our managed senior living communities to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated federal corporate income tax return and are subject to federal and state income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state income taxes we incur despite our taxation as a REIT. Our current income tax expense (or benefit) fluctuates from period to period based primarily on the timing of our income, including gains on the disposition of properties or losses in a particular quarter.
The Income Taxes Topic of the Codification prescribes how we should recognize, measure and present in our consolidated financial statements uncertain tax positions that have been taken or are expected to be taken in a tax return. Tax benefits are recognized to the extent that it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that has a greater than 50% likelihood of being realized upon settlement. We classify interest and penalties related to uncertain tax positions, if any, in our consolidated financial statements as a component of general and administrative expense.
USE OF ESTIMATES
USE OF ESTIMATES. Preparation of these consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets and assessment of impairment of real estate and the related intangibles.
SEGMENT REPORTING SEGMENT REPORTING. As of December 31, 2025, we operate in, and report financial information for, the following two segments: SHOP and our portfolio of medical office and life science properties, or our Medical Office and Life Science Portfolio.
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS.
On December 14, 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU No. 2023-09, which requires public entities to enhance their annual income tax disclosures by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 should be applied prospectively but entities have the option to apply it retrospectively to all prior periods presented in the consolidated financial statements. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We included additional disclosures in the notes to our consolidated financial statements as a result of the implementation of ASU No. 2023-09; however, these changes did not have a material effect on our consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statements Expenses, or ASU No. 2024-03, which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to consolidated financial statements for both interim and annual reporting periods. ASU 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of ASU 2024-03 will have on our consolidated financial statements.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Real Estate Lease Obligations
As of December 31, 2025 and 2024, our acquired real estate leases and assumed real estate lease obligations, excluding properties held for sale, if any, were as follows:
December 31,
20252024
Acquired real estate leases:
Capitalized above market lease values$2,728 $2,846 
Less: accumulated amortization(2,408)(2,324)
Capitalized above market lease values, net320 522 
Lease origination value48,862 66,731 
Less: accumulated amortization(28,519)(40,953)
Lease origination value, net20,343 25,778 
Acquired real estate leases and other intangible assets, net$20,663 $26,300 
Assumed real estate lease obligations:
Capitalized below market lease values$1,204 $1,600 
Less: accumulated amortization(1,011)(1,305)
Assumed real estate lease obligations, net$193 $295 
v3.25.4
Real Estate and Other Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Disposal Groups
The table below represents the sale prices (excluding closing costs) of our dispositions for the years ended December 31, 2025, 2024 and 2023. We do not believe these sales represent a strategic shift in our business. As a result, the results of operations for these properties are included in continuing operations through the date of sale of such properties in our consolidated statements of comprehensive income (loss).
Date of SaleStateType of PropertyNumber of PropertiesNumber of Units or Square FeetSales PriceGain (Loss) on Sale
Dispositions during the year ended December 31, 2025:
January 2025DelawareSenior Living1102 
units (1)
$2,900 $1,263 
January 2025CaliforniaLife Science3185,978 
sq. ft. (2)
159,025 9,723 
February 2025ArizonaLife Science182,266 sq. ft.16,800 65 
February 2025VariousSenior Living18876 
units (2)
135,000 97,560 
March 2025ConnecticutMedical Office164,800 
sq. ft. (2)
7,100 1,529 
May 2025TennesseeSenior Living1120 
units (1)
11,150 (5,261)
May 2025MissouriMedical Office1219,644 sq. ft.5,250 (2,168)
July 2025Missouri and Wisconsin Medical Office2244,491 sq. ft.4,800 (3)
July 2025New JerseySenior Living197 
units (1)
4,000 1,554 
August 2025PennsylvaniaMedical Office1131,945 sq. ft.1,800 (19)
September 2025GeorgiaSenior Living140 
units (1)
1,600 (218)
September 2025MarylandMedical Office192,180 sq. ft.4,250 (54)
October 2025Georgia, South Carolina and WyomingSenior Living7428 
units (1)
21,430 4,122 
October 2025MassachusettsMedical Office1124,803 
sq. ft. (2)
10,700 2,051 
November 2025Georgia and South CarolinaSenior Living4193 
units (1)
10,000 (571)
November 2025Illinois and North CarolinaMedical Office2154,041 
sq. ft. (2)
11,766 (63)
December 2025Delaware, Georgia and Indiana Senior Living5662 
units (1)
56,510 8,687 
December 2025VariousMedical Office181,094,474 
sq. ft. (2)
140,793 (467)
69$604,874 $117,730 
Dispositions during the year ended December 31, 2024:
March 2024ArizonaMedical Office1126,084 sq. ft.$3,600 $(5,874)
June 2024TexasMedical Office194,137 sq. ft.4,200 (13,213)
July 2024Illinois and MinnesotaMedical Office2205,673 sq. ft.21,275 111 
November 2024KansasLife Science1239,366 sq. ft.6,600 38 
5$35,675 $(18,938)
Dispositions during the year ended December 31, 2023:
February 2023Pennsylvania and South CarolinaSenior Living3— 
units (1)
$2,800 $293 
October 2023PennsylvaniaMedical Office130,866 sq. ft.1,800 15 
October 2023TennesseeSenior Living1— 
units (1)
2,830 627 
October 2023MarylandLife Science158,880 sq. ft.6,200 (360)
November 2023VirginiaSenior Living1— 
units (1)
1,800 945 
December 2023South CarolinaMedical Office1115,108 sq. ft.3,450 (1,255)
8$18,880 $265 
    
(1)These communities were closed prior to their respective dispositions.
(2)We used aggregate net proceeds of $402,234 from the sales of these properties to partially redeem our then outstanding senior secured notes due 2026.
As of December 31, 2025, we had 13 properties classified as held for sale as follows:
SegmentNumber of PropertiesReal Estate Properties, Net
SHOP13$22,048 
Schedule of Capital Expenditures
The following is a summary of capital expenditures, development, redevelopment and other activities for the periods presented:
 For the Year Ended December 31,
202520242023
SHOP fixed assets and capital improvements$96,940 $93,043 $100,981 
Medical Office and Life Science Portfolio capital expenditures:
Lease related costs (1)
26,706 21,289 38,070 
Building improvements (2)
7,802 6,002 12,984 
Recurring capital expenditures - Medical Office and Life Science Portfolio34,508 27,291 51,054 
Wellness centers lease related costs (1)
— 20,618 9,721 
Total recurring capital expenditures$131,448 $140,952 $161,756 
Development, redevelopment and other activities - SHOP (3)
$14,194 $46,558 $82,207 
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3)
308 3,012 9,244 
Total development, redevelopment and other activities$14,502 $49,570 $91,451 
Capital expenditures by segment:
SHOP$111,134 $139,601 $183,188 
Medical Office and Life Science Portfolio34,816 30,303 60,298 
All Other - wellness centers— 20,618 9,721 
Total capital expenditures$145,950 $190,522 $253,207 
(1)Includes capital expenditures to improve tenants' space or amounts paid directly to tenants to improve their space and other leasing related costs, such as brokerage commissions and tenant inducements.
(2)Includes capital expenditures to replace obsolete building components that extend the useful life of existing assets or other improvements to increase the marketability of the property.
(3)Includes capital expenditures that reposition a property or result in change of use or new sources of revenue
Schedule of Joint Ventures
As of December 31, 2025, we had equity investments in unconsolidated joint ventures as follows:
Equity Method Investments in Joint VenturesDHC Ownership
DHC Carrying Value of Investment at December 31, 2025
Number of PropertiesStateSquare Feet
Seaport Innovation LLC10%$73,471 1MA1,134,479 
The LSMD Fund REIT LLC20%46,655 10CA, MA, NY, TX, WA1,068,763 
$120,126 112,203,242 
The following table provides a summary of the mortgage debts of these joint ventures as of December 31, 2025:
Joint VentureCoupon RateMaturity Date
Principal Balance (1)
Mortgage Notes Payable (secured by one property in Massachusetts) (2)(3)
5.60%9/1/2030$1,000,000 
Mortgage Notes Payable (secured by nine properties in five states) (4)
3.46%2/11/2032189,800 
Mortgage Notes Payable (secured by one property in California) (4)(5)
5.65%2/9/2027266,825 
Weighted Average / Total5.33%$1,456,625 
(1)Amounts are not adjusted for our minority equity interest.
(2)We provide certain limited recourse guaranties on this debt, with our liability limited to $100,000.
(3)Reflects August 2025 refinancing of the previous mortgage loan with an original principal balance of $620,000.
(4)The debt securing these properties is non-recourse to us.
(5)The joint venture exercised its final one-year extension option for the maturity date of this mortgage loan and purchased an interest rate cap effective through February 2027 with an annual rate of secured overnight financing rate, or SOFR, strike rate of approximately 5.94%. This mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 1.90%.
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Maturities of Operating Lease Liabilities
The following table presents our operating lease maturity analysis, excluding lease payments from properties classified as held for sale, if any, as of December 31, 2025:
YearAmount
2026$145,437 
2027132,996 
2028118,638 
2029103,714 
203095,568 
Thereafter384,181 
Total$980,534 
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Shares Granted and Vested
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 SharesWeighted Average
Award Date
Fair Value
Unvested shares at December 31, 20221,116,000 $2.50 
Shares awarded in 2023960,000 $2.24 
Shares vested / forfeited in 2023(847,800)$2.53 
Unvested shares at December 31, 20231,228,200 $2.28 
Shares awarded in 20241,141,026 $3.14 
Shares vested / forfeited in 2024(1,049,225)$2.54 
Unvested shares at December 31, 20241,320,001 $2.80 
Shares awarded in 20251,188,464 $4.06 
Shares vested / forfeited in 2025(1,077,788)$3.12 
Unvested shares at December 31, 20251,430,677 $3.60 
Schedule Of Unvested Shares Vesting Schedule
The 1,430,677 unvested shares as of December 31, 2025 are scheduled to vest as follows:
 Unvested Shares
2026492,755
2027420,972
2028330,548
2029186,402
Total1,430,677
Schedule of Dividends Declared and Paid
A summary of cash distributions paid to common shareholders, for federal income tax purposes, are as follows for the periods presented:
Annual PerCharacterization of Distribution
ShareTotalOrdinaryCapitalReturn of
YearDistributionDistributionIncomeGainCapital
2025$0.04 $9,661 — %— %100.0 %
2024$0.04 $9,627 — %— %100.0 %
2023$0.04 $9,595 — %— %100.0 %
v3.25.4
Senior Living Community Management Agreements (Tables)
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents residents fees and services revenue from all of our managed senior living communities disaggregated by the type of contract and payer:
Year Ended December 31,
Revenue from contracts with customers:202520242023
Basic housing and support services$1,040,322 $972,307 $915,528 
Private pay and other third party payer SNF services 167,709 171,741 146,767 
Medicare and Medicaid programs104,624 100,341 89,613 
Total residents fees and services$1,312,655 $1,244,389 $1,151,908 
Schedule of Large Concentration of Senior Living Communities
The following table provides a summary of our managers that manage a large concentration of our senior living communities as of December 31, 2025:
ManagerNumber of Communities% of Gross Real Estate Properties
Sinceri Senior Living3830.8 %
Discovery Senior Living4423.7 %
Tutera Senior Living188.9 %
Charter Senior Living307.0 %
Phoenix Senior Living265.7 %
All other managers5523.9 %
Total (1)
211100.0 %
(1)Excludes one closed senior living community.
v3.25.4
Business and Property Management Agreements with RMR (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Summary of Management Fees and Expense Reimbursements
For the years ended December 31, 2025, 2024 and 2023, the business management fees, incentive management fees, property management fees and construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows:
Financial Statement Line ItemYear Ended December 31,
202520242023
Pursuant to business management agreement:
Business management fees
General and administrative expenses (1)
$15,761 $16,468 $13,965 
Incentive management feesGeneral and administrative expenses17,905 — — 
$33,666 $16,468 $13,965 
Pursuant to property management agreement (2):
Property management feesProperty operating expenses$4,816 $5,683 $5,686 
Construction supervision fees
Building and improvements (3)
1,063 2,005 3,200 
$5,879 $7,688 $8,886 
Expense Reimbursement:
Other expensesGeneral and administrative expenses$200 $304 $288 
Property level expensesProperty operating expenses12,993 14,719 14,299 
$13,193 $15,023 $14,587 
(1)The net business management fees we recognized for the years ended December 31, 2025, 2024 and 2023 reflect a reduction of $2,974 for each of those years for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc.
(2)The net property management and construction supervision fees we recognized for the years ended December 31, 2025, 2024 and 2023 reflect a reduction of $797 for each of those years for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 8.
(3)Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related capital assets.
v3.25.4
Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Additional Outstanding Debt
At December 31, 2025 and 2024, our outstanding indebtedness consisted of the following:
Senior Unsecured Notes:
Principal Balance as of
December 31,
   
Coupon RateMaturity20252024
Senior unsecured notes (1)
9.750%June 2025$— $380,000 
Senior unsecured notes4.750%February 2028500,000 500,000 
Senior unsecured notes (1)
4.375%March 2031500,000 500,000 
Senior unsecured notes5.625%August 2042350,000 350,000 
Senior unsecured notes6.250%February 2046250,000 250,000 
Total1,600,000 1,980,000 
Unamortized discount(1,796)(2,639)
Unamortized debt issuance costs(17,478)(20,042)
Senior unsecured notes, net  $1,580,726 $1,957,319 
(1)These notes are or were fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
The table below represents our indebtedness repayments, excluding scheduled payments on amortizing debt, for the years ended December 31, 2025, 2024 and 2023:
Debt InstrumentSecured Property CountInterest RateOriginal Maturity DateOutstanding Principal BalanceRepayment AmountRemaining Principal BalanceLoss on Modification or Early Extinguishment of Debt
Date
Repayments during the year ended December 31, 2025:
March 2025Senior secured notes730.00%January 2026$940,534 $299,158 $641,376 $29,071 
April 2025Senior unsecured notes—9.75%June 2025$380,000 140,000 $240,000 82 
May 2025Senior unsecured notes—9.75%June 2025$240,000 140,000 $100,000 44 
June 2025Senior unsecured notes—9.75%June 2025$100,000 100,000 $— — 
September 2025 (1)
Senior secured notes580.00%January 2026$641,376 307,006 $334,370 11,191 
October 2025Senior secured notes570.00%January 2026$334,370 10,249 $324,121 257 
December 2025Senior secured notes—0.00%January 2026$324,121 324,121 $— 1,881 
Total$1,320,534 $42,526 
Repayments during the year ended December 31, 2024:
June 2024Senior unsecured notes—9.75%June 2025$500,000 $60,000 $440,000 $209 
November 2024Senior unsecured notes—9.75%June 2025$440,000 60,000 $380,000 115 
Total$120,000 $324 
Repayments during the year ended December 31, 2023:
January 2023
Secured credit facility (2)
616.88%January 2024$700,000 $113,627 $586,373 $— 
February 2023
Secured credit facility (2)
617.05%January 2024$586,373 136,373 $450,000 1,075 
April 2023Mortgage note16.64%June 2023$14,565 14,565 $— — 
December 2023
Secured credit facility (2)
628.36%January 2024$450,000 450,000 $— 314 
December 2023Senior unsecured notes—4.75%May 2024$250,000 250,000 $— 1,079 
Total$964,565 $2,468 
(1)In September 2025, we redeemed a portion of our senior secured notes due 2026 for a redemption price equal to the principal amount of $307,006. As a result of this partial redemption, 15 of the properties that secured these senior secured notes were released. There are now first priority liens on and security interests in 100% of the equity interests in the subsidiaries owning these 15 properties that secure our 7.25% senior secured notes due 2030.
(2)The interest rate presented for the secured credit facility reflects the interest rate at the time repayment was made.
Schedule of Secured and Other Debt
 Number of
Properties Securing
Principal Balance as of
December 31, (1)
  Net Book Value of Collateral
as of December 31,
  
At December 31, 2025At December 31, 2024
2025
2024
Interest
Rate		Maturity
2025
2024
Secured revolving credit facility
14 — $— $— 6.47 %June 2029$326,565 $— 
Senior secured notes (2)
— 95 — 940,534 0.00 %January 2026— 1,064,171 
Senior secured notes (3)
36 — 375,000 — 7.25 %October 2030402,797 — 
Floating rate mortgage loan (4)
14 — 140,000 — 6.19 %March 2028142,947 — 
Mortgage note4 — 63,499 — 6.57 %June 2030135,772 — 
Mortgage note8 8 120,000 120,000 6.86 %June 2034182,848 191,186 
Mortgage notes (5)
7 — 108,873 — 6.22 %May 2035148,477 — 
Mortgage notes (6)
2 — 30,284 — 6.36 %June 203534,328 — 
Mortgage note1 1 5,847 7,464 6.44 %July 204312,893 13,097 
Finance Leases (7)
2 2 613 2,338 7.70 %April 202620,128 21,606 
Total88 106 844,116 1,070,336 $1,406,755 $1,290,060 
Unamortized discount (2)
— (101,035)
Unamortized debt issuance costs (8)
(24,018)(15,716)
Total secured and other debt, net$820,098 $953,585 
(1)The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts.
(2)These notes required no cash interest to accrue prior to maturity and accreted at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value equaled the principal amount at maturity. The unamortized discount is related to these notes. These notes were redeemed in full in December 2025.
(3)These notes are fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries that own 36 properties, or the 2030 Collateral Guarantors, and on a joint, several and unsecured basis, by all of our subsidiaries other than the 2030 Collateral Guarantors and certain excluded subsidiaries. These notes and the guarantees provided by the 2030 Collateral Guarantors are secured by a first priority lien on and security interest in 100% of the equity interests in each of the 2030 Collateral Guarantors. The unsecured guarantees related to these notes are effectively subordinated to all of the subsidiary guarantors' secured indebtedness to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
(4)This mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 2.50% with interest-only payments through April 2027, and we have two six-month extension options of the interest-only period, subject to satisfaction of certain conditions. In connection with this mortgage loan, we have purchased an interest rate cap with a SOFR strike rate equal to 4.50% pursuant to the terms of the applicable loan agreement.
(5)These mortgage loans require interest-only payments through May 2030.
(6)These mortgage loans require interest-only payments through June 2028.
(7)In January 2026, we provided notice to exercise our purchase option for these two properties for $14,500, with closing expected in April 2026.
(8)Excludes unamortized debt issuance costs for our revolving credit facility as these costs are included in other assets, net in our consolidated balance sheets.
Schedule of Required Principal Payments on Outstanding Debt
Required principal payments on our outstanding debt as of December 31, 2025, were as follows:
YearPrincipal Payment
2026$1,866 
20272,273 
2028640,650 
20291,883 
2030435,151 
Thereafter1,362,293 
Total$2,444,116 
v3.25.4
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Recurring and Nonrecurring Measured at Fair Value
The following table presents certain of our assets that are measured at fair value at December 31, 2025 and 2024, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
 
As of December 31, 2025
As of December 31, 2024
DescriptionCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Recurring Fair Value Measurements Assets:    
Investment in unconsolidated joint venture (Level 3) (1)
$73,471 $73,471 $81,949 $81,949 
Investment in unconsolidated joint venture (Level 3) (2)
$46,655 $46,655 $44,910 $44,910 
Interest rate cap (Level 2) (3)
$— $— $— $— 
Non-Recurring Fair Value Measurements Assets:
Real estate properties held for sale (Level 2) (4)
$22,048 $22,048 $— $— 
(1)The 10% equity interest we own in the Seaport JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
(2)The 20% equity interest we own in the LSMD JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
(3)The fair value of our interest rate cap derivative is based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date.
(4)We have assets in our consolidated balance sheets that are measured at fair value on a non-recurring basis. During the year ended December 31, 2025, we recorded impairment charges of $30,999 to reduce the carrying value of 13 SHOP communities that were classified as held for sale to their estimated aggregate sales price, less estimated costs to sell, of $22,048 under an agreement we have entered into with a third party. See Note 3 for further information about impairment charges and the properties we have classified as held for sale.
The discount rates, exit capitalization rates and holding periods used to determine the fair value of our investment in the unconsolidated joint venture are Level 3 significant unobservable inputs and are shown in the table below:
Valuation TechniqueDiscount RatesExit Capitalization RatesHolding Periods
As of December 31, 2025
Investment in unconsolidated joint venture (Level 3) (1)
Discounted cash flow7.00%6.00%10 years
Investment in unconsolidated joint venture (Level 3) (2)
Discounted cash flow
6.25% - 8.75%
5.25% - 8.00%
10 - 12 years
As of December 31, 2024
Investment in unconsolidated joint venture (Level 3) (1)
Discounted cash flow7.00%6.00%10 years
Investment in unconsolidated joint venture (Level 3) (2)
Discounted cash flow
6.25% - 7.75%
5.00% - 7.00%
10 years
(1)The 10% equity interest we own in the Seaport JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
(2)The 20% equity interest we own in the LSMD JV is included in investments in unconsolidated joint ventures in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3
inputs). The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture.
Schedule of Carrying Value and Fair Value of the Financial Instruments The fair values of these financial instruments approximated their carrying values in our consolidated financial statements as of such dates, except as follows:
 As of December 31, 2025As of December 31, 2024
Description
Carrying Value (1)
Estimated Fair Value
Carrying Value (1)
Estimated Fair Value
Senior unsecured notes, 9.750% coupon rate, due 2025
$— $— $379,392 $379,970 
Senior secured notes, zero coupon rate, due 2026
— — 826,974 885,108 
Senior unsecured notes, 4.750% coupon rate, due 2028
497,290 482,635 496,018 429,170 
Senior secured notes, 7.250% coupon rate, due 2030
365,005 383,434 — — 
Senior unsecured notes, 4.375% coupon rate, due 2031
495,561 440,000 494,702 368,240 
Senior unsecured notes, 5.625% coupon rate, due 2042
343,683 224,140 343,302 218,260 
Senior unsecured notes, 6.250% coupon rate, due 2046
244,192 175,000 243,905 157,700 
Secured debt and finance leases455,093 484,932 126,611 126,001 
 $2,400,824 $2,190,141 $2,910,904 $2,564,449 
(1)Includes unamortized net discounts, premiums and debt issuance costs, if any.
v3.25.4
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Agreement The following table summarizes the terms of our outstanding interest rate cap agreements designated as cash flow hedges of interest rate risk at December 31, 2025 and 2024:
Fair Value at December 31,
Balance Sheet Line ItemUnderlying InstrumentMaturity DateStrike RateNotional Amount20252024
Other assets, net
Floating rate mortgage loan
3/31/20284.50%$140,000 $— $— 
Schedule of Activity Related to our Cash Flow Hedges
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income (loss) for the periods shown:
Year Ended December 31,
202520242023
Amount of loss recognized on derivative in other comprehensive income (loss)$(47)$— $— 
Amount of loss reclassified from cumulative other comprehensive income (loss) into interest expense$(35)$— $— 
Total amount of interest expense presented in the consolidated statements of comprehensive income (loss)$(204,498)$(235,239)$(191,775)
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information The tables below present information about our segments.
 For the Year Ended December 31, 2025
 
SHOP
Medical Office and Life Science PortfolioTotal
Revenues:   
Rental income$— $193,809 $193,809 
Residents fees and services1,312,655 — 1,312,655 
Total segment revenues1,312,655 193,809 1,506,464 
Reconciliation of revenue:
Other revenue (1)
31,389 
Total revenues1,537,853 
Less:   
Senior living labor and benefits663,431 — 663,431 
Dietary83,773 — 83,773 
Utilities74,742 13,127 87,869 
Real estate taxes45,877 22,811 68,688 
Insurance35,071 2,185 37,256 
Other operating expenses (2)
270,505 47,556 318,061 
Interest expense18,728 9,096 27,824 
Depreciation and amortization189,985 62,413 252,398 
Other segment items (3)
40,543 85,254 125,797 
Segment loss(110,000)(48,633)(158,633)
Reconciliation of segment loss:
Other income (1)
21,602 
General and administrative(45,502)
Acquisition and certain other transaction related costs(10,356)
Gain on sale of properties99,114 
Interest and other income5,839 
Interest expense(176,674)
Loss on modification or early extinguishment of debt(42,526)
Income tax expense(1,743)
Equity in net earnings of an investee22,993 
Net loss$(285,886)
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees and interest and other income, as applicable.
 For the Year Ended December 31, 2024
 SHOPMedical Office and Life Science PortfolioTotal
Revenues:   
Rental income$— $213,320 $213,320 
Residents fees and services1,244,389 — 1,244,389 
Total segment revenues1,244,389 213,320 1,457,709 
Reconciliation of revenue:
Other revenue (1)
37,718 
Total revenues1,495,427 
Less: 
Senior living labor and benefits630,998 — 630,998 
Dietary85,620 — 85,620 
Utilities70,616 13,687 84,303 
Real estate taxes43,624 28,483 72,107 
Insurance41,066 3,000 44,066 
Other operating expenses (2)
266,405 52,467 318,872 
Interest expense229 5,743 5,972 
Depreciation and amortization195,638 79,386 275,024 
Other segment items (3)
— 97,222 97,222 
Segment loss(89,807)(66,668)(156,475)
Reconciliation of segment loss:
Other income (1)
27,209 
General and administrative(26,518)
Acquisition and certain other transaction related costs(2,510)
Interest and other income8,950 
Interest expense(229,267)
Loss on modification or early extinguishment of debt(324)
Income tax expense(467)
Equity in net earnings of an investee9,147 
Net loss$(370,255)
(1)Revenue and net income from our triple net leased wellness center and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees and interest and other income, as applicable.
 For the Year Ended December 31, 2023
 SHOPMedical Office and Life Science PortfolioTotal
Revenues:  
Rental income$— $220,530 $220,530 
Residents fees and services1,151,908 — 1,151,908 
Total segment revenues1,151,908 220,530 1,372,438 
Reconciliation of revenue:
Other revenue (1)
37,870 
Total revenues1,410,308 
Less: 
Senior living labor and benefits603,711 — 603,711 
Dietary78,508 — 78,508 
Utilities69,280 13,918 83,198 
Real estate taxes44,476 29,445 73,921 
Insurance39,572 2,854 42,426 
Other operating expenses (2)
239,544 51,747 291,291 
Interest expense551 449 1,000 
Depreciation and amortization175,926 98,205 274,131 
Other segment items (3)
(40)36,095 36,055 
Segment loss(99,620)(12,183)(111,803)
Reconciliation of segment loss:
Other income (1)
26,822 
General and administrative(26,131)
Acquisition and certain other transaction related costs(10,853)
Gains on equity securities, net8,126 
Interest and other income13,955 
Interest expense(190,775)
Loss on modification or early extinguishment of debt(2,468)
Income tax expense(445)
Net loss$(293,572)
(1)Revenue and net income from our triple net leased wellness centers and senior living communities that are leased to third party operators, which we do not consider to be sufficiently material to constitute a separate reportable segment.
(2)Other operating expenses for each reportable segment include expenses such as management fees, repairs and maintenance, cleaning and other costs incurred in connection with the operation of our properties.
(3)Other segment items for each reportable segment include impairment of assets, gain (loss) on sale of properties, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees and interest and other income, as applicable.
 As of December 31,
202520242023
Assets (1)
SHOP$2,867,025 $3,084,101 $3,134,978 
Medical Office and Life Science Portfolio1,192,731 1,688,034 1,866,422 
All Other301,494 364,870 444,736 
Total assets$4,361,250 $5,137,005 $5,446,136 
(1)See Note 3 for further information regarding additions to long-lived assets.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
Our provision for income taxes consists of the following:
 For the Year Ended December 31,
 202520242023
Current:   
Federal$1,147 $— $(168)
State596 467 613 
 1,743 467 445 
Deferred:   
Federal— — — 
State— — — 
 — — — 
Income tax provision$1,743 $467 $445 
Schedule of Reconciliation of Effective Tax Rate and the U.S. Federal Statutory Income Tax Rate
The table below is a reconciliation of the statutory income tax rate to the effective tax rate for 2025, in accordance with the updated requirements of ASU 2023-09. See Note 2 for further information on the adoption of ASU 2023-09:
 
For the Year Ended December 31, 2025
 AmountPercent
Taxes at statutory U.S. federal income tax rate$(59,407)21 %
Nontaxable income60,554 (21.4)%
State and local income taxes, net of federal tax benefit (1)
596 (0.2)%
Effective tax rate$1,743 (0.6)%
(1)States taxes in Texas make up a majority (greater than 50%) of the tax effect in this category.
 For the Year Ended December 31,
 20242023
Taxes at statutory U.S. federal income tax rate21.0 %21.0 %
Nontaxable income(21.0)%(21.0)%
Federal excise tax— %0.1 %
State and local income taxes, net of federal tax benefit(0.1)%(0.2)%
Effective tax rate(0.1)%(0.1)%
Schedule of Significant Components of our Deferred Tax Assets and Liabilities Significant components of our deferred tax assets
and liabilities were as follows:
 For the Year Ended December 31,
 20252024
Deferred tax assets:    
Deferred income$3,458 $2,388 
Fair market value adjustment(2,053)(1,862)
Other1,983 1,225 
Tax loss carryforwards110,013 102,940 
 113,401 104,691 
Valuation allowance(113,401)(104,691)
 — — 
Net deferred income taxes$— $— 
v3.25.4
Business (Details)
Dec. 31, 2025
ft²
property
jointVenture
unit
state
Real Estate Properties [Line Items]  
Number of properties owned (property) 298
Number of states in which properties are located | state 33
Corporate Joint Venture  
Real Estate Properties [Line Items]  
Number of properties owned (property) 11
Number of states in which properties are located | state 5
Area of real estate properties (in square feet) | ft² 2,203,242
Number of unconsolidated joint ventures | jointVenture 2
Senior Living Communities, Independent Living, Assisted Living, and Skilled Nursing Facility  
Real Estate Properties [Line Items]  
Number of properties owned (property) 221
Senior Living Communities  
Real Estate Properties [Line Items]  
Number of units in real estate property | unit 24,500
Medical Office Building and Life Science Building  
Real Estate Properties [Line Items]  
Number of properties owned (property) 67
Area of real estate properties (in square feet) | ft² 5,600,000
Wellness Centers  
Real Estate Properties [Line Items]  
Number of properties owned (property) 10
Area of real estate properties (in square feet) | ft² 812,000
v3.25.4
Summary of Significant Accounting Policies - Basis of Presentation and Real Estate Properties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate Properties      
Ownership interest in subsidiaries (as a percent) 100.00%    
Amortization of acquired real estate leases and other intangible assets $ 5,249 $ 7,367 $ 10,996
Above market lease, weighted average amortization period, lease term 2 years 4 months 24 days    
Lease, weighted average amortization period, lease term 5 years 2 months 12 days    
Below market lease, weighted average amortization period, lease term 6 years 8 months 12 days    
Finite lived intangible asset, future amortization      
2026 $ 3,925    
2027 3,436    
2028 2,585    
2029 2,428    
2030 2,377    
Thereafter $ 5,719    
Maximum | Land and Building      
Real Estate Properties      
Estimated useful lives (up to) 40 years    
v3.25.4
Summary of Significant Accounting Policies - Real Estate Lease Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Acquired real estate leases:    
Capitalized above market lease values $ 2,728 $ 2,846
Less: accumulated amortization (2,408) (2,324)
Capitalized above market lease values, net 320 522
Lease, net    
Lease origination value 48,862 66,731
Less: accumulated amortization (28,519) (40,953)
Lease origination value, net 20,343 25,778
Acquired real estate leases and other intangible assets, net 20,663 26,300
Assumed real estate lease obligations:    
Capitalized below market lease values 1,204 1,600
Less: accumulated amortization (1,011) (1,305)
Assumed real estate lease obligations, net $ 193 $ 295
v3.25.4
Summary of Significant Accounting Policies - Equity Method Investments (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Investment in available for sale securities  
Number of medical office and life science properties | property 10
Corporate Joint Venture  
Investment in available for sale securities  
Principal amount of debt $ 1,456,625,000
Seaport Innovation LLC | Corporate Joint Venture  
Investment in available for sale securities  
Equity method investment ownership percentage 10.00%
Principal amount of debt $ 1,000,000,000
LSMD Fund REIT LLC | Corporate Joint Venture  
Investment in available for sale securities  
Equity method investment ownership percentage 20.00%
Principal amount of debt $ 456,625,000
AlerisLife Inc  
Investment in available for sale securities  
Equity method investment ownership percentage 34.00%
v3.25.4
Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument    
Amortization expense in 2026 $ 7,258  
Amortization expense in 2027 7,258  
Amortization expense in 2028 5,445  
Amortization expense in 2029 4,914  
Amortization expense in 2030 4,230  
Amortization expense thereafter 12,391  
Senior Secured and Unsecured Notes and Other Secured Debt    
Debt Instrument    
Deb issuance costs, gross 66,323 $ 68,067
Accumulated amortization, debt issuance costs gross $ 24,827 $ 32,307
v3.25.4
Summary of Significant Accounting Policies - Deferred Leasing Costs and Revenue Recognition (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
community
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
DEFERRED LEASING COSTS      
Unamortized gross balance of deferred leasing costs $ 49,748,000 $ 59,286,000  
Accumulated amortization $ 21,453,000 22,377,000  
Weighted average amortization period for deferred leasing cost 7 years 9 months 18 days    
Expected amortization expense for the five years      
Expected amortization expense, 2026 $ 5,429,000    
Expected amortization expense, 2027 4,571,000    
Expected amortization expense, 2028 4,026,000    
Expected amortization expense, 2029 3,101,000    
Expected amortization expense, 2030 2,746,000    
Expected amortization expense, thereafter 8,422,000    
Percentage rents earned 1,657,000 3,435,000 $ 2,949,000
Proceeds from the relief fund amount 0 0 1,581,000
Interest and other income 5,839,000 8,950,000 15,536,000
Provider relief fund other liabilities 0    
Operating Segments | SHOP      
Expected amortization expense for the five years      
Interest and other income $ 0 $ 0 $ 1,581,000
Senior Living Communities | Third Party Managers      
Expected amortization expense for the five years      
Number of Communities | community 212    
v3.25.4
Summary of Significant Accounting Policies - Per Common Share Amounts and Segment Reporting (Details)
 12 Months Ended
Dec. 31, 2025
segment
$ / shares
Dec. 31, 2024
$ / shares
Accounting Policies [Abstract]    
Common shares, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01
Number of operating segments | segment 2  
v3.25.4
Real Estate and Other Investments - Narrative (Details)
 1 Months Ended 12 Months Ended
Feb. 20, 2026
USD ($)
property
Jan. 09, 2026
USD ($)
Aug. 21, 2025
USD ($)
Jul. 15, 2025
USD ($)
Feb. 14, 2025
USD ($)
Jan. 31, 2026
USD ($)
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Real Estate                  
Impairment of assets             $ 165,702,000 $ 70,734,000 $ 18,380,000
Number of properties owned (property) | property             298    
Equity in net earnings (losses) of investees             $ 36,760,000 1,597,000 (20,461,000)
Unconsolidated joint venture distributions             1,000,000 1,231,000 5,100,000
Equity method investment             27,200,000 24,590,000  
Equity method investment distributions             48,400,000 0 0
Gain on insurance recoveries             $ 7,522,000 $ 0 0
Secured Debt                  
Real Estate                  
Number of properties secured | property             88 106  
Secured Debt | Financial Leases 7.70 Percent Due April 2026                  
Real Estate                  
Number of properties secured | property             2 2  
AlerisLife Inc                  
Real Estate                  
Equity in net earnings (losses) of investees             $ 22,993,000    
Equity method investment ownership percentage             34.00%    
Equity method investment             $ 27,200,000    
Equity method investment distributions       $ 3,400,000 $ 17,000,000        
AlerisLife Inc                  
Real Estate                  
Payments of dividend       $ 10,000,000 $ 50,000,000        
Corporate Joint Venture                  
Real Estate                  
Number of properties owned (property) | property             11    
Equity in net earnings (losses) of investees             $ 13,767,000 $ (7,550,000) $ (20,461,000)
Principal amount of debt             $ 1,456,625,000    
Corporate Joint Venture | Seaport Innovation LLC                  
Real Estate                  
Number of properties owned (property) | property             1    
Cash distribution, pro rata amount     $ 28,000,000            
Unconsolidated joint venture distributions             $ 1,000,000    
Equity method investment, contribution             $ 8,500,000    
Equity method investment ownership percentage             10.00%    
Principal amount of debt             $ 1,000,000,000    
Corporate Joint Venture | Seaport Innovation LLC                  
Real Estate                  
Cash distribution     $ 280,000,000            
Subsequent Event | Secured Debt | Financial Leases 7.70 Percent Due April 2026                  
Real Estate                  
Number of properties secured | property           2      
Finance lease purchase option           $ 14,500,000      
Subsequent Event | AlerisLife Inc                  
Real Estate                  
Equity method investment distributions   $ 27,200,000              
Subsequent Event | AlerisLife Inc                  
Real Estate                  
Payments of dividend   $ 80,000,000              
Disposal Group, Disposed of by Sale, Not Discontinued Operations                  
Real Estate                  
Number of properties owned (property) | property             69 5 8
Sales Price             $ 604,874,000 $ 35,675,000 $ 18,880,000
Held for sale                  
Real Estate                  
Number of properties owned (property) | property             13    
Held for sale | Subsequent Event                  
Real Estate                  
Number of real estate properties under agreement | property 13                
Sales Price $ 23,000,000                
Medical Office Building and Life Science Building                  
Real Estate                  
Impairment of assets             $ 109,597,000 $ 70,734,000 $ 14,034,000
Number of properties impaired | property             18 6 4
Number of properties owned (property) | property             67    
Medical Office Building and Life Science Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations                  
Real Estate                  
Number of properties impaired | property               3  
Number of properties owned (property) | property                 3
Medical Office Building and Life Science Building | Held for sale                  
Real Estate                  
Number of properties owned (property) | property               3 1
Senior Living Communities                  
Real Estate                  
Impairment of assets             $ 56,105,000   $ 4,346,000
Number of properties impaired | property             25   2
Senior Living Communities | Disposal Group, Disposed of by Sale, Not Discontinued Operations                  
Real Estate                  
Number of properties owned (property) | property             12   1
Senior Living Communities | Held for sale                  
Real Estate                  
Number of properties owned (property) | property             13    
Skilled Nursing Bed Licenses                  
Real Estate                  
Gain on transaction                 $ 940,000
v3.25.4
Real Estate and Other Investments - Schedule of Disposal Groups (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
property
unit
Nov. 30, 2025
USD ($)
ft²
property
unit
Oct. 31, 2025
USD ($)
ft²
property
unit
Sep. 30, 2025
USD ($)
ft²
property
unit
Aug. 31, 2025
USD ($)
ft²
property
Jul. 31, 2025
USD ($)
ft²
property
unit
May 31, 2025
USD ($)
ft²
property
unit
Mar. 31, 2025
USD ($)
ft²
property
Feb. 28, 2025
USD ($)
ft²
property
unit
Jan. 31, 2025
USD ($)
ft²
unit
property
Nov. 30, 2024
USD ($)
ft²
property
Jul. 31, 2024
USD ($)
ft²
property
Jun. 30, 2024
USD ($)
ft²
property
Mar. 31, 2024
USD ($)
ft²
property
Dec. 31, 2023
USD ($)
ft²
property
Nov. 30, 2023
USD ($)
property
unit
Oct. 31, 2023
USD ($)
ft²
property
unit
Feb. 28, 2023
USD ($)
property
unit
Dec. 31, 2025
USD ($)
ft²
property
unit
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
ft²
property
Real Estate                                          
Number of Properties | property 298                                   298    
Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property 69                           8       69 5 8
Sales Price                                     $ 604,874 $ 35,675 $ 18,880
Gain (Loss) on Sale                                     $ 117,730 $ (18,938) $ 265
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Senior Secured Note Due 2026                                          
Real Estate                                          
Sales Price                   $ 402,234                      
Held for sale                                          
Real Estate                                          
Number of Properties | property 13                                   13    
Held for sale | Operating Segments | SHOP                                          
Real Estate                                          
Number of Properties | property 13                                   13    
Real Estate Properties, Net $ 22,048                                   $ 22,048    
Senior Living | Delaware | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                   1                      
Number of units in real estate property | unit                   102                      
Sales Price                   $ 2,900                      
Gain (Loss) on Sale                   $ 1,263                      
Senior Living | Various | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                 18                        
Number of units in real estate property | unit                 876                        
Sales Price                 $ 135,000                        
Gain (Loss) on Sale                 $ 97,560                        
Senior Living | Tennessee | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property             1                   1        
Number of units in real estate property | unit             120                   0        
Sales Price             $ 11,150                   $ 2,830        
Gain (Loss) on Sale             $ (5,261)                   $ 627        
Senior Living | New Jersey | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property           1                              
Number of units in real estate property | unit           97                              
Sales Price           $ 4,000                              
Gain (Loss) on Sale           $ 1,554                              
Senior Living | Georgia | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property       1                                  
Number of units in real estate property | unit       40                                  
Sales Price       $ 1,600                                  
Gain (Loss) on Sale       $ (218)                                  
Senior Living | Georgia, South Carolina and Wyoming | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property     7                                    
Number of units in real estate property | unit     428                                    
Sales Price     $ 21,430                                    
Gain (Loss) on Sale     $ 4,122                                    
Senior Living | Georgia and South Carolina | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property   4                                      
Number of units in real estate property | unit   193                                      
Sales Price   $ 10,000                                      
Gain (Loss) on Sale   $ (571)                                      
Senior Living | Delaware, Georgia and Indiana | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property 5                                   5    
Number of units in real estate property | unit 662                                   662    
Sales Price $ 56,510                                        
Gain (Loss) on Sale $ 8,687                                        
Senior Living | Pennsylvania and South Carolina | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                                   3      
Number of units in real estate property | unit                                   0      
Sales Price                                   $ 2,800      
Gain (Loss) on Sale                                   $ 293      
Senior Living | Virginia | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                               1          
Number of units in real estate property | unit                               0          
Sales Price                               $ 1,800          
Gain (Loss) on Sale                               $ 945          
Life Science | California | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                   3                      
Area of real estate properties (in square feet) | ft²                   185,978                      
Sales Price                   $ 159,025                      
Gain (Loss) on Sale                   $ 9,723                      
Life Science | Arizona | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                 1                        
Area of real estate properties (in square feet) | ft²                 82,266                        
Sales Price                 $ 16,800                        
Gain (Loss) on Sale                 $ 65                        
Life Science | Maryland | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                                 1        
Area of real estate properties (in square feet) | ft²                                 58,880        
Sales Price                                 $ 6,200        
Gain (Loss) on Sale                                 $ (360)        
Life Science | Kansas | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                     1                    
Area of real estate properties (in square feet) | ft²                     239,366                    
Sales Price                     $ 6,600                    
Gain (Loss) on Sale                     $ 38                    
Medical Office | Arizona | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                           1              
Area of real estate properties (in square feet) | ft²                           126,084              
Sales Price                           $ 3,600              
Gain (Loss) on Sale                           $ (5,874)              
Medical Office | Various | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property 18                                   18    
Area of real estate properties (in square feet) | ft² 1,094,474                                   1,094,474    
Sales Price $ 140,793                                        
Gain (Loss) on Sale $ (467)                                        
Medical Office | Connecticut | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property               1                          
Area of real estate properties (in square feet) | ft²               64,800                          
Sales Price               $ 7,100                          
Gain (Loss) on Sale               $ 1,529                          
Medical Office | Missouri | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property             1                            
Area of real estate properties (in square feet) | ft²             219,644                            
Sales Price             $ 5,250                            
Gain (Loss) on Sale             $ (2,168)                            
Medical Office | Missouri and Wisconsin | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property           2                              
Area of real estate properties (in square feet) | ft²           244,491                              
Sales Price           $ 4,800                              
Gain (Loss) on Sale           $ (3)                              
Medical Office | Pennsylvania | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property         1                       1        
Area of real estate properties (in square feet) | ft²         131,945                       30,866        
Sales Price         $ 1,800                       $ 1,800        
Gain (Loss) on Sale         $ (19)                       $ 15        
Medical Office | Maryland | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property       1                                  
Area of real estate properties (in square feet) | ft²       92,180                                  
Sales Price       $ 4,250                                  
Gain (Loss) on Sale       $ (54)                                  
Medical Office | Massachusetts | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property     1                                    
Area of real estate properties (in square feet) | ft²     124,803                                    
Sales Price     $ 10,700                                    
Gain (Loss) on Sale     $ 2,051                                    
Medical Office | Illinois and North Carolina | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property   2                                      
Area of real estate properties (in square feet) | ft²   154,041                                      
Sales Price   $ 11,766                                      
Gain (Loss) on Sale   $ (63)                                      
Medical Office | Texas | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                         1                
Area of real estate properties (in square feet) | ft²                         94,137                
Sales Price                         $ 4,200                
Gain (Loss) on Sale                         $ (13,213)                
Medical Office | Illinois and Minnesota | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                       2                  
Area of real estate properties (in square feet) | ft²                       205,673                  
Sales Price                       $ 21,275                  
Gain (Loss) on Sale                       $ 111                  
Medical Office | South Carolina | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Real Estate                                          
Number of Properties | property                             1           1
Area of real estate properties (in square feet) | ft²                             115,108           115,108
Sales Price                             $ 3,450            
Gain (Loss) on Sale                             $ (1,255)            
v3.25.4
Real Estate and Other Investments - Schedule of Capital Expenditures, Development, Redevelopment and Other Activities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate      
Total recurring capital expenditures $ 131,448 $ 140,952 $ 161,756
Total development, redevelopment and other activities 14,502 49,570 91,451
Total capital expenditures 145,950 190,522 253,207
Operating Segments | SHOP      
Real Estate      
Total recurring capital expenditures 96,940 93,043 100,981
Total development, redevelopment and other activities 14,194 46,558 82,207
Total capital expenditures 111,134 139,601 183,188
Operating Segments | Medical Office and Life Science Portfolio      
Real Estate      
Total recurring capital expenditures 34,508 27,291 51,054
Total development, redevelopment and other activities 308 3,012 9,244
Total capital expenditures 34,816 30,303 60,298
Operating Segments | Medical Office and Life Science Portfolio | Lease related costs      
Real Estate      
Total recurring capital expenditures 26,706 21,289 38,070
Operating Segments | Medical Office and Life Science Portfolio | Building improvements      
Real Estate      
Total recurring capital expenditures 7,802 6,002 12,984
All Other - triple net leased senior living communities      
Real Estate      
Total recurring capital expenditures 0 20,618 9,721
Total capital expenditures $ 0 $ 20,618 $ 9,721
v3.25.4
Real Estate and Other Investments - Schedule of Equity Method Investments in Unconsolidated Joint Ventures (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
ft²
property
Dec. 31, 2024
USD ($)
Real Estate    
DHC Carrying Value of Investment | $ $ 120,126 $ 126,859
Number of Properties | property 298  
Corporate Joint Venture    
Real Estate    
DHC Carrying Value of Investment | $ $ 120,126  
Number of Properties | property 11  
Area of real estate properties (in square feet) | ft² 2,203,242  
Seaport Innovation LLC | Corporate Joint Venture    
Real Estate    
DHC Ownership 10.00%  
DHC Carrying Value of Investment | $ $ 73,471  
Number of Properties | property 1  
Area of real estate properties (in square feet) | ft² 1,134,479  
The LSMD Fund REIT LLC | Corporate Joint Venture    
Real Estate    
DHC Ownership 20.00%  
DHC Carrying Value of Investment | $ $ 46,655  
Number of Properties | property 10  
Area of real estate properties (in square feet) | ft² 1,068,763  
v3.25.4
Real Estate and Other Investments - Schedule of Mortgage Debt Joint Venture (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
property
state
Aug. 31, 2025
USD ($)
Real Estate    
Number of states in which properties are located | state 33  
Corporate Joint Venture    
Real Estate    
Number of states in which properties are located | state 5  
Interest rate (as a percent) 5.33%  
Principal balance $ 1,456,625,000  
Seaport Innovation LLC | Corporate Joint Venture    
Real Estate    
Principal balance $ 1,000,000,000  
Seaport Innovation LLC | Massachusetts | Corporate Joint Venture    
Real Estate    
Encumbered properties (property) | property 1  
Interest rate (as a percent) 5.60%  
Principal balance $ 1,000,000,000 $ 620,000,000
Liability limited amount $ 100,000,000  
The LSMD Fund REIT LLC | Corporate Joint Venture    
Real Estate    
Encumbered properties (property) | property 9  
Number of states in which properties are located | state 5  
Interest rate (as a percent) 3.46%  
Principal balance $ 189,800,000  
The LSMD Fund REIT LLC | California | Corporate Joint Venture    
Real Estate    
Encumbered properties (property) | property 1  
Interest rate (as a percent) 5.65%  
Principal balance $ 266,825,000  
Extension term 1 year  
Basis points per annum (as a percent) 1.90%  
The LSMD Fund REIT LLC | California | Corporate Joint Venture | Interest Rate Cap    
Real Estate    
Basis points per annum (as a percent) 5.94%  
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Increase (decrease) in straight line rental income $ 962 $ 1,445 $ (1,095)
Straight line rental income, excluding properties held-for-sale 62,163 69,814  
Variable lease, payment 41,610 48,873 51,367
Reimbursement revenue lease 39,923 45,255 $ 48,215
Operating lease, right-of-use asset 16,537 20,025  
Operating lease, liability $ 16,921 $ 20,411  
Operating Lease, Right-of-Use Asset, Statement of Financial Position Other assets, net Other assets, net  
Operating Lease, Liability, Statement of Financial Position Other liabilities Other liabilities  
v3.25.4
Leases - Schedule of Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Year  
2026 $ 145,437
2027 132,996
2028 118,638
2029 103,714
2030 95,568
Thereafter 384,181
Total $ 980,534
v3.25.4
Shareholders' Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jan. 15, 2026
USD ($)
$ / shares
Mar. 31, 2025
USD ($)
trustee
shares
Sep. 30, 2023
USD ($)
trustee
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award            
Share-based compensation expense       $ 3,411 $ 2,747 $ 1,840
Distributions       $ 9,661 $ 9,627 $ 9,595
Subsequent Event            
Share-based Compensation Arrangement by Share-based Payment Award            
Common distributions declared (in dollars per share) | $ / shares $ 0.01          
Distributions $ 2,421          
RMR LLC            
Share-based Compensation Arrangement by Share-based Payment Award            
Shares purchased from certain of our officers and other employees of RMR LLC (in shares) | shares       276,078 268,221 184,344
Share Award Plans            
Share-based Compensation Arrangement by Share-based Payment Award            
Remaining common shares available for issuance (in shares) | shares       3,493,033    
Estimated future compensation for the unvested shares       $ 4,670    
Weighted average period over which the compensation expense will be recorded       1 year 10 months 24 days    
Share Award Plans | RMR LLC            
Share-based Compensation Arrangement by Share-based Payment Award            
Number of trustees elected | trustee   1 1      
Officers and Other Employees | Share Award Plans | RMR LLC            
Share-based Compensation Arrangement by Share-based Payment Award            
Common shares awarded (in shares) | shares       950,895 881,767 800,000
Aggregate market value of shares awarded       $ 4,070 $ 2,954 $ 1,864
Award vesting period       5 years    
Trustees | Share Award Plans | RMR LLC            
Share-based Compensation Arrangement by Share-based Payment Award            
Common shares awarded (in shares) | shares   33,582 20,000 29,141 37,037,000 20,000
Aggregate market value of shares awarded   $ 90 $ 45 $ 665 $ 630 $ 244
Market value of shares awarded to each Trustee       $ 95 $ 90 $ 35
v3.25.4
Shareholders' Equity - Schedule of Shares Granted and Vested (Details) - Share Award Plans - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Shares      
Unvested shares at the beginning of the year (in shares) 1,320,001 1,228,200 1,116,000
Shares awarded (in shares) 1,188,464 1,141,026 960,000
Shares vested/forfeited (in shares) (1,077,788) (1,049,225) (847,800)
Unvested shares at the end of the year (in shares) 1,430,677 1,320,001 1,228,200
Weighted Average Award Date Fair Value      
Unvested shares at the beginning of the year (in dollars per share) $ 2.80 $ 2.28 $ 2.50
Shares awarded (in dollars per share) 4.06 3.14 2.24
Shares vested/forfeited (in dollars per share) 3.12 2.54 2.53
Unvested shares at the end of the year (in dollars per share) $ 3.60 $ 2.80 $ 2.28
v3.25.4
Shareholders' Equity - Schedule of Vest Shares (Details) - Share Award Plans - shares
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award        
2026 (in shares) 492,755      
2027 (in shares) 420,972      
2028 (in shares) 330,548      
2029 (in shares) 186,402      
Number of unvested shares (in shares) 1,430,677 1,320,001 1,228,200 1,116,000
v3.25.4
Shareholders' Equity - Schedule of Dividends Declared and Paid (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]      
Annual Per Share Distribution (in dollars per share) $ 0.04 $ 0.04 $ 0.04
Total Distribution $ 9,661 $ 9,627 $ 9,595
Ordinary Income 0.00% 0.00% 0.00%
Capital Gain 0.00% 0.00% 0.00%
Return of Capital 100.00% 100.00% 100.00%
v3.25.4
Senior Living Community Management Agreements - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 31, 2024
community
Dec. 31, 2025
USD ($)
property
community
Dec. 31, 2024
USD ($)
community
property
Dec. 31, 2023
USD ($)
community
property
Oct. 31, 2025
property
Sep. 30, 2025
community
Concentration Risk            
Number of properties owned (property) | property   298        
Property operating expenses   $ 1,259,340 $ 1,236,542 $ 1,174,151    
Acquisition and certain other transaction related costs   $ 10,356 $ 2,510 $ 10,853    
Disposal Group, Disposed of by Sale, Not Discontinued Operations            
Concentration Risk            
Number of properties owned (property) | property   69 5 8    
Senior Living Communities | Disposal Group, Disposed of by Sale, Not Discontinued Operations            
Concentration Risk            
Number of properties owned (property) | property   12   1    
Senior Living Communities | Affiliated Entity            
Concentration Risk            
Number of Communities | community   211        
Five Star Senior Living | Senior Living Communities | Affiliated Entity            
Concentration Risk            
Number of properties agreed to transition | community           116
Third Party Managers | Affiliated Entity            
Concentration Risk            
Number of operators | community           7
Third Party Managers | Senior Living Communities | Affiliated Entity            
Concentration Risk            
Number of Communities | community   212 114 113    
Property management agreement expense   $ 32,861 $ 23,283 $ 21,863    
Management agreement, extension term   2 years        
Termination and other fees     2,228      
Incentive fee   $ 637 241      
Third Party Managers | Senior Living Communities | Affiliated Entity | Wisconsin And Illinois            
Concentration Risk            
Number of Communities | community 13          
Third Party Managers | Senior Living Communities | Affiliated Entity | Minimum            
Concentration Risk            
Management fees as a percentage of gross revenues   5.00%        
Percentage of annual incentive fee   15.00%        
Construction supervision fee   3.00%        
Management agreement, term   5 years        
Property management agreement, management fees   70.00%        
Third Party Managers | Senior Living Communities | Affiliated Entity | Maximum            
Concentration Risk            
Management fees as a percentage of gross revenues   6.00%        
Percentage of annual incentive fee   30.00%        
Construction supervision fee   5.00%        
Management agreement, term   10 years        
Property management agreement, management fees   85.00%        
Five Star | Affiliated Entity            
Concentration Risk            
Management fees as a percentage of gross revenues   5.00%        
Property management agreement expense   $ 36,226 42,474 40,119    
Related party transaction capitalized amount   1,609 2,262 2,683    
Five Star | Affiliated Entity | Operating Expense            
Concentration Risk            
Property management agreement expense   $ 34,617 $ 40,212 37,436    
Five Star | Affiliated Entity | Rehabilitation Services            
Concentration Risk            
Property operating expenses       $ 1,213    
Five Star | Senior Living Communities | Disposal Group, Disposed of by Sale, Not Discontinued Operations            
Concentration Risk            
Number of properties owned (property) | property         2  
Five Star | Senior Living Communities | Affiliated Entity            
Concentration Risk            
Number of Communities | community   0 118 119    
v3.25.4
Senior Living Community Management Agreements - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue      
Total residents fees and services $ 1,537,853 $ 1,495,427 $ 1,410,308
Residents fees and services      
Disaggregation of Revenue      
Total residents fees and services 1,312,655 1,244,389 1,151,908
Residents fees and services | Basic housing and support services      
Disaggregation of Revenue      
Total residents fees and services 1,040,322 972,307 915,528
Residents fees and services | Private pay and other third party payer SNF services      
Disaggregation of Revenue      
Total residents fees and services 167,709 171,741 146,767
Residents fees and services | Medicare and Medicaid programs      
Disaggregation of Revenue      
Total residents fees and services $ 104,624 $ 100,341 $ 89,613
v3.25.4
Senior Living Community Management Agreements - Schedule of Our Senior Living Communities (Details) - Senior Living Communities - Affiliated Entity
 12 Months Ended
Dec. 31, 2025
community
Real Estate  
Number of Communities 211
Communities closed 1
Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 100.00%
Sinceri Senior Living  
Real Estate  
Number of Communities 38
Sinceri Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 30.80%
Discovery Senior Living  
Real Estate  
Number of Communities 44
Discovery Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 23.70%
Tutera Senior Living  
Real Estate  
Number of Communities 18
Tutera Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 8.90%
Charter Senior Living  
Real Estate  
Number of Communities 30
Charter Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 7.00%
Phoenix Senior Living  
Real Estate  
Number of Communities 26
Phoenix Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 5.70%
All other managers  
Real Estate  
Number of Communities 55
All other managers | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 23.90%
v3.25.4
Business and Property Management Agreements with RMR - Narrative (Details)
 1 Months Ended 12 Months Ended
Jan. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
employee
agreement
jointVenture
property
lease
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Related Party Transaction        
Number of employees | employee   0    
Incentive management fees   $ 17,905,000 $ 0 $ 0
Number of medical office and life science properties | property   10    
RMR LLC        
Related Party Transaction        
Incentive management fees   $ 17,905,000 $ 0 $ 0
Percentage of property management fees payable   3.00%    
Construction supervision fees payable under property management agreement as a percentage of construction costs   5.00%    
Period over which transition services will be provided by the related party after termination of the agreement   120 days    
Credit agreement and related security agreement amount $ 100,000,000      
Period to cure default 30 days      
RMR LLC | Maximum        
Related Party Transaction        
Threshold amount of real estate investments for payment of base management fee   $ 250,000,000    
Base management fee payable, average market capitalization   $ 250,000,000    
RMR LLC | Amended Agreement        
Related Party Transaction        
Base management fee payable as a percentage of average historical cost of real estate investments, excluding transferred assets for investments exceeding specified amount   0.50%    
Base management fee payable as a percentage of average historical cost of real estate investments, excluding transferred assets for investments up to specified amount   0.70%    
Threshold amount of other real estate investments for payment of base management fee   $ 250,000,000    
Base management fee payable as a percentage of average market capitalization exceeding specified amount   0.50%    
Threshold amount of average market capitalization for payment of base management fee   $ 250,000,000    
Base management fee payable as a percentage of average closing price per share of common shares on NYSE   0.70%    
Base management fee payable as a percentage of aggregate book value of real estate assets or transferred assets   0.50%    
Incentive management fee payable (as a percent)   12.00%    
Period of measurement   3 years    
Top consecutive trading days   10 days    
Consecutive trading days   30 days    
Management agreement incentive fee payable   $ 0    
Incentive management fee cap on common shares   1.50%    
RMR LLC | Amended Agreement | Up C Transaction        
Related Party Transaction        
Number of business days notice for termination of property management agreement for convenience by the related party   60 days    
Window for providing notice of termination of property management agreement for performance by the related party   60 days    
Window for providing notice of termination of property management agreement for change of control by the related party   12 months    
Number of terminated management agreements for convenience before termination fee is incurred | lease   1    
Number of RMR LLC terminated management agreements for good cause before termination fee is incurred | lease   1    
Number of terminated management agreements for a performance reason before termination fee is incurred | lease   1    
Termination fee remaining term assumption   10 years    
RMR LLC | Amended Agreement | Minimum        
Related Party Transaction        
Incentive management fee reduction, basis spread   2.00%    
RMR LLC | Amended Agreement | Minimum | Up C Transaction        
Related Party Transaction        
Termination fee term   19 years    
RMR LLC | Amended Agreement | Maximum        
Related Party Transaction        
Incentive management fee reduction, basis spread   5.00%    
RMR LLC | Amended Agreement | Maximum | Up C Transaction        
Related Party Transaction        
Termination fee term   20 years    
RMR        
Related Party Transaction        
Number of joint venture arrangements | jointVenture   2    
Senior Living Communities | RMR        
Related Party Transaction        
Number of consecutive renewal terms of agreement | agreement   2    
v3.25.4
Business and Property Management Agreements with RMR-Schedule of Business Management Fees, Property Management Fees and Construction Supervision Fees Recognized (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pursuant to business management agreement:      
Incentive management fees $ 17,905,000 $ 0 $ 0
RMR LLC      
Pursuant to business management agreement:      
Business management fees 15,761,000 16,468,000 13,965,000
Incentive management fees 17,905,000 0 0
Total business management fees and incentive management fees 33,666,000 16,468,000 13,965,000
Pursuant to property management agreement      
Property management fees 4,816,000 5,683,000 5,686,000
Construction supervision fees 1,063,000 2,005,000 3,200,000
Total property management and construction supervision fees 5,879,000 7,688,000 8,886,000
Expense Reimbursement:      
Property level expenses 13,193,000 15,023,000 14,587,000
Recognized amortization of the liability 2,974,000 2,974,000 2,974,000
Amortization of liability related to property management and construction supervision fees 797,000 797,000 797,000
RMR LLC | General and administrative expenses      
Expense Reimbursement:      
Other expenses 200,000 304,000 288,000
RMR LLC | Property operating expenses      
Expense Reimbursement:      
Property level expenses $ 12,993,000 $ 14,719,000 $ 14,299,000
v3.25.4
Related Person Transactions (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 09, 2026
USD ($)
Jul. 15, 2025
USD ($)
Feb. 14, 2025
USD ($)
Feb. 16, 2024
USD ($)
Dec. 31, 2025
USD ($)
agreement
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
Mar. 20, 2023
Related Party Transaction                
Equity method investment distributions         $ 48,400 $ 0 $ 0  
Revenues         1,537,853 1,495,427 1,410,308  
Rental income                
Related Party Transaction                
Revenues         225,198 251,038 258,400  
RMR LLC | Rental income                
Related Party Transaction                
Revenues         $ 423 $ 460 $ 196  
AlerisLife Inc                
Related Party Transaction                
Step acquisition, ownership percentage including subsequent acquisition       34.00%        
Purchase price       $ 15,459        
Related Party | RMR LLC                
Related Party Transaction                
Number of management agreements | agreement         2      
Related party transaction, closing cost         $ 3,965      
AlerisLife Inc                
Related Party Transaction                
Investment owned balance per shares (in dollars per share) | $ / shares             $ 1.31  
Equity method investment distributions   $ 3,400 $ 17,000          
AlerisLife Inc | Subsequent Event                
Related Party Transaction                
Equity method investment distributions $ 27,200              
AlerisLife Inc | Related Party                
Related Party Transaction                
Investment owned, percentage of total shares outstanding               31.90%
AlerisLife Inc                
Related Party Transaction                
Payments of dividend   $ 10,000 $ 50,000          
AlerisLife Inc | Subsequent Event                
Related Party Transaction                
Payments of dividend $ 80,000              
RMR LLC | Year one                
Related Party Transaction                
Award vesting rights, percentage         20.00%      
RMR LLC | Year two                
Related Party Transaction                
Award vesting rights, percentage         20.00%      
RMR LLC | Year three                
Related Party Transaction                
Award vesting rights, percentage         20.00%      
RMR LLC | Year four                
Related Party Transaction                
Award vesting rights, percentage         20.00%      
RMR LLC | Year five                
Related Party Transaction                
Award vesting rights, percentage         20.00%      
Diversified Healthcare Trusts | ABP Trust and Adam D. Portnoy                
Related Party Transaction                
Noncontrolling interest, ownership percentage by parent         9.80%      
AlerisLife Inc | ABP Acquisition LLC And ABP Trust                
Related Party Transaction                
Noncontrolling interest, ownership percentage by parent               6.10%
v3.25.4
Indebtedness - Schedule of Outstanding Debts (Details) - USD ($)
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
May 31, 2025
Apr. 30, 2025
Dec. 31, 2024
Nov. 30, 2024
Jun. 30, 2024
Debt Instrument                
Senior unsecured notes, net $ 2,444,116,000              
Senior Unsecured Notes                
Debt Instrument                
Principal amount of debt 1,600,000,000         $ 1,980,000,000    
Unamortized discount (1,796,000)         (2,639,000)    
Unamortized debt issuance costs (17,478,000)         (20,042,000)    
Senior unsecured notes, net 1,580,726,000         1,957,319,000    
Secured Debt                
Debt Instrument                
Unamortized discount 0         (101,035,000)    
Unamortized debt issuance costs (24,018,000)         (15,716,000)    
Senior unsecured notes, net $ 820,098,000         953,585,000    
Senior Unsecured Notes 9.750 Percent Due 2025 | Senior Unsecured Notes                
Debt Instrument                
Interest rate (as a percent) 9.75%   9.75% 9.75% 9.75%   9.75% 9.75%
Principal amount of debt $ 0         380,000,000    
Senior unsecured notes, net     $ 0 $ 100,000,000 $ 240,000,000   $ 380,000,000 $ 440,000,000
Senior Unsecured Notes 4.750 Percent Due 2028 | Senior Unsecured Notes                
Debt Instrument                
Interest rate (as a percent) 4.75%              
Principal amount of debt $ 500,000,000         500,000,000    
Senior Unsecured Notes 4.375 Percent Due 2031 | Senior Unsecured Notes                
Debt Instrument                
Interest rate (as a percent) 4.375%              
Principal amount of debt $ 500,000,000         500,000,000    
Senior Unsecured Notes 5.625 Percent Due 2042 | Senior Unsecured Notes                
Debt Instrument                
Interest rate (as a percent) 5.625%              
Principal amount of debt $ 350,000,000         350,000,000    
Senior Unsecured Notes 6.25 Percent Due 2046 | Senior Unsecured Notes                
Debt Instrument                
Interest rate (as a percent) 6.25%              
Principal amount of debt $ 250,000,000         $ 250,000,000    
Senior secured notes, 7.250% coupon rate, due 2030 | Secured Debt                
Debt Instrument                
Interest rate (as a percent) 7.25% 7.25%            
Principal amount of debt   $ 375,000,000            
v3.25.4
Indebtedness - Schedule of Secured and Other Debt (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2026
USD ($)
property
Jun. 30, 2025
option
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
property
option
Oct. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
May 31, 2025
Apr. 30, 2025
Dec. 31, 2024
USD ($)
property
May 31, 2024
Debt Instrument                    
Net book value of collateral       $ 3,858,900         $ 4,340,475  
Senior unsecured notes, net       $ 2,444,116            
Secured Debt                    
Debt Instrument                    
Number of properties secured | property       88         106  
Principal balance       $ 844,116         $ 1,070,336  
Net book value of collateral       1,406,755         1,290,060  
Unamortized discount       0         (101,035)  
Unamortized debt issuance costs       (24,018)         (15,716)  
Senior unsecured notes, net       820,098         953,585  
Senior Unsecured Notes                    
Debt Instrument                    
Unamortized discount       (1,796)         (2,639)  
Unamortized debt issuance costs       (17,478)         (20,042)  
Senior unsecured notes, net       $ 1,580,726         $ 1,957,319  
Secured Revolving Credit Facility Due 2029 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       14         0  
Principal balance       $ 0         $ 0  
Interest rate (as a percent)       6.47%            
Net book value of collateral       $ 326,565         $ 0  
Number of extension options | option   2                
Extension term   6 months                
Senior secured notes, zero coupon rate, due 2026 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       0         95  
Principal balance       $ 0         $ 940,534  
Interest rate (as a percent)     0.00% 0.00% 0.00% 0.00%        
Net book value of collateral       $ 0         $ 1,064,171  
Senior unsecured notes, net     $ 641,376 $ 0 $ 324,121 $ 334,370        
Accreted value increase rate       11.25%            
Equity interest in each collateral guarantee       100.00%            
Senior secured notes, 7.250% coupon rate, due 2030 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       36         0  
Principal balance       $ 375,000         $ 0  
Interest rate (as a percent)       7.25%   7.25%        
Net book value of collateral       $ 402,797         $ 0  
Equity interest in each collateral guarantee       100.00%            
Floating Rate Mortgage Loan 6.82 Percent Due March 2028 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       14         0  
Principal balance       $ 140,000         $ 0  
Interest rate (as a percent)       6.19%            
Net book value of collateral       $ 142,947         $ 0  
Basis points per annum (as a percent)     2.50% 2.50%            
Number of extension options | option       2            
Extension term       6 months            
Floating Rate Mortgage Loan 6.82 Percent Due March 2028 | Secured Debt | Interest Rate Cap                    
Debt Instrument                    
Basis spread on variable rate (in percent)       4.50%            
Mortgage Notes 6.57 Percent Due June 2030 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       4         0  
Principal balance       $ 63,499         $ 0  
Interest rate (as a percent)       6.57%     6.57%      
Net book value of collateral       $ 135,772         $ 0  
Mortgage Notes 6.86 Percent Due June 2034 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       8         8  
Principal balance       $ 120,000         $ 120,000  
Interest rate (as a percent)       6.86%           6.864%
Net book value of collateral       $ 182,848         $ 191,186  
Mortgage Notes 6.22 Percent Due May 2035 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       7         0  
Principal balance       $ 108,873         $ 0  
Interest rate (as a percent)       6.22%       6.22%    
Net book value of collateral       $ 148,477         $ 0  
Mortgage Notes 6.36 Percent Due June 2035 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       2         0  
Principal balance       $ 30,284         $ 0  
Interest rate (as a percent)       6.36%     6.36%      
Net book value of collateral       $ 34,328         $ 0  
Mortgage Notes 6.44 Percent Due July 2043 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       1         1  
Principal balance       $ 5,847         $ 7,464  
Interest rate (as a percent)       6.44%            
Net book value of collateral       $ 12,893         $ 13,097  
Financial Leases 7.70 Percent Due April 2026 | Secured Debt                    
Debt Instrument                    
Number of properties secured | property       2         2  
Principal balance       $ 613         $ 2,338  
Interest rate (as a percent)       7.70%            
Net book value of collateral       $ 20,128         $ 21,606  
Financial Leases 7.70 Percent Due April 2026 | Secured Debt | Subsequent Event                    
Debt Instrument                    
Number of properties secured | property 2                  
Finance lease purchase option $ 14,500                  
v3.25.4
Indebtedness - Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
option
property
Oct. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
property
Jun. 30, 2025
USD ($)
property
option
May 31, 2025
USD ($)
property
Apr. 30, 2025
USD ($)
property
Mar. 31, 2025
USD ($)
property
Nov. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
property
option
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Feb. 23, 2026
USD ($)
May 31, 2024
USD ($)
property
Debt Instrument                                
Number of properties owned (property) | property 298                     298        
Secured revolving credit facility $ 0                     $ 0 $ 0      
Proceeds from issuance of senior secured notes, net                       369,375,000 0 $ 750,001,000    
Loss on modification or early extinguishment of debt                       $ 42,526,000 324,000 2,468,000    
Number of encumbered properties disposed | property                       35        
Senior Unsecured Notes                                
Debt Instrument                                
Principal amount of debt 1,600,000,000                     $ 1,600,000,000 1,980,000,000      
Unsecured Debt, Not Guaranteed                                
Debt Instrument                                
Principal amount of debt 1,100,000,000                     1,100,000,000        
Senior Unsecured Notes 4.375 Percent Due 2031 | Senior Unsecured Notes                                
Debt Instrument                                
Principal amount of debt $ 500,000,000                     $ 500,000,000 500,000,000      
Interest rate (as a percent) 4.375%                     4.375%        
Senior secured notes, zero coupon rate, due 2026 | Secured Debt                                
Debt Instrument                                
Principal amount of debt                   $ 940,534,000       $ 940,534,000    
Interest rate (as a percent) 0.00% 0.00% 0.00%       0.00%       0.00% 0.00%        
Equity interest in each collateral guarantee                       100.00%        
Accreted value increase rate 11.25%                     11.25%        
Amortization of debt discount                       $ 63,241,000 86,778,000      
Proceeds from debt                   $ 730,359,000            
Redemption of senior notes     $ 307,006,000                          
Outstanding Principal Balance $ 324,121,000 $ 334,370,000 641,376,000       $ 940,534,000       $ 641,376,000 $ 324,121,000        
Loss on modification or early extinguishment of debt $ 1,881,000 $ 257,000 11,191,000       29,071,000       11,191,000          
Number of real estate properties released | property                       45        
Mortgage Notes 6.86 Percent Due June 2034 | Secured Debt                                
Debt Instrument                                
Principal amount of debt                               $ 120,000,000
Interest rate (as a percent) 6.86%                     6.86%       6.864%
Mortgage Notes 6.86 Percent Due June 2034 | Secured Debt | Medical Office And Life Science                                
Debt Instrument                                
Number of properties owned (property) | property                               8
Floating Rate Mortgage Note 6.82 Percent Due March 2028 | Secured Debt                                
Debt Instrument                                
Principal amount of debt             $ 140,000,000                  
Interest rate (as a percent) 6.19%                     6.19%        
Basis points per annum (as a percent)             2.50%         2.50%        
Number of extension options | option 2                     2        
Extension term                       6 months        
Floating Rate Mortgage Note 6.82 Percent Due March 2028 | Secured Debt | Senior Living Communities                                
Debt Instrument                                
Number of properties owned (property) | property             14                  
Mortgage Notes 6.22 Percent Due May 2035 | Secured Debt                                
Debt Instrument                                
Principal amount of debt           $ 108,873,000                    
Interest rate (as a percent) 6.22%         6.22%           6.22%        
Mortgage Notes 6.22 Percent Due May 2035 | Secured Debt | Senior Living Communities                                
Debt Instrument                                
Number of properties owned (property) | property           7                    
Mortgage Notes 6.57 Percent Due June 2030 | Secured Debt                                
Debt Instrument                                
Principal amount of debt         $ 64,000,000                      
Interest rate (as a percent) 6.57%       6.57%             6.57%        
Mortgage Notes 6.57 Percent Due June 2030 | Secured Debt | Senior Living Communities                                
Debt Instrument                                
Number of properties owned (property) | property         4                      
Mortgage Notes 6.36 Percent Due June 2035 | Secured Debt                                
Debt Instrument                                
Principal amount of debt         $ 30,284,000                      
Interest rate (as a percent) 6.36%       6.36%             6.36%        
Mortgage Notes 6.36 Percent Due June 2035 | Secured Debt | Senior Living Communities                                
Debt Instrument                                
Number of properties owned (property) | property         2                      
Senior unsecured notes, 9.750% coupon rate, due 2025 | Senior Unsecured Notes                                
Debt Instrument                                
Principal amount of debt $ 0                     $ 0 $ 380,000,000      
Interest rate (as a percent) 9.75%     9.75% 9.75% 9.75%   9.75% 9.75%     9.75%        
Outstanding Principal Balance       $ 100,000,000 $ 240,000,000 $ 380,000,000   $ 440,000,000 $ 500,000,000              
Loss on modification or early extinguishment of debt       0 $ 44,000 $ 82,000   $ 115,000 $ 209,000              
Secured Revolving Credit Facility Due 2029 | Secured Debt                                
Debt Instrument                                
Interest rate (as a percent) 6.47%                     6.47%        
Unsecured revolving credit facility, maximum borrowing capacity $ 150,000,000     $ 150,000,000               $ 150,000,000        
Number of extension options | option       2                        
Extension term       6 months                        
Net leverage ratio 2.50%                     2.50%        
Secured revolving credit facility $ 0                     $ 0        
Remaining borrowing capacity $ 150,000,000                     $ 150,000,000        
Secured Revolving Credit Facility Due 2029 | Secured Debt | Subsequent Event                                
Debt Instrument                                
Secured revolving credit facility                             $ 0  
Remaining borrowing capacity                             $ 150,000,000  
Secured Revolving Credit Facility Due 2029 | Secured Debt | Minimum                                
Debt Instrument                                
Basis points per annum (as a percent)       2.50%                        
Unused commitment fee percentage       0.25%                        
Secured Revolving Credit Facility Due 2029 | Secured Debt | Maximum                                
Debt Instrument                                
Basis points per annum (as a percent)       3.00%                        
Unused commitment fee percentage       0.35%                        
Secured Revolving Credit Facility Due 2029 | Secured Debt | Senior Living Communities                                
Debt Instrument                                
Number of properties owned (property) | property       14                        
Senior secured notes, 7.250% coupon rate, due 2030 | Secured Debt                                
Debt Instrument                                
Principal amount of debt     $ 375,000,000               $ 375,000,000          
Interest rate (as a percent) 7.25%   7.25%               7.25% 7.25%        
Equity interest in each collateral guarantee                       100.00%        
Proceeds from issuance of senior secured notes, net     $ 364,726,000                          
Number of real estate properties released | property     15                          
v3.25.4
Indebtedness - Schedule of Indebtedness Repayments (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
property
Oct. 31, 2025
USD ($)
property
Sep. 30, 2025
USD ($)
property
Jun. 30, 2025
USD ($)
property
May 31, 2025
USD ($)
property
Apr. 30, 2025
USD ($)
property
Mar. 31, 2025
USD ($)
property
Nov. 30, 2024
USD ($)
property
Jun. 30, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Apr. 30, 2023
USD ($)
property
Feb. 28, 2023
USD ($)
property
Jan. 31, 2023
USD ($)
property
Sep. 30, 2025
USD ($)
property
Jun. 30, 2025
USD ($)
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
property
Debt Instrument                                    
Repayment Amount                               $ 1,320,534 $ 120,000 $ 964,565
Remaining Principal Balance $ 2,444,116                             2,444,116    
Loss on Modification or Early Extinguishment of Debt                               42,526 324 $ 2,468
Secured Debt                                    
Debt Instrument                                    
Remaining Principal Balance 820,098                             820,098 953,585  
Senior Unsecured Notes                                    
Debt Instrument                                    
Remaining Principal Balance $ 1,580,726                             $ 1,580,726 $ 1,957,319  
Senior secured notes, zero coupon rate, due 2026 | Secured Debt                                    
Debt Instrument                                    
Secured Property Count | property 0 57 58       73             58   0    
Interest Rate 0.00% 0.00% 0.00%       0.00%             0.00%   0.00%    
Outstanding Principal Balance $ 324,121 $ 334,370 $ 641,376       $ 940,534             $ 641,376   $ 324,121    
Repayment Amount 324,121 10,249 307,006       299,158                      
Remaining Principal Balance 0 324,121 334,370       641,376             334,370   $ 0    
Loss on Modification or Early Extinguishment of Debt $ 1,881 $ 257 $ 11,191       $ 29,071             $ 11,191        
Number of real estate properties released | property                               45    
Equity interest in each collateral guarantee                               100.00%    
Senior unsecured notes, 9.750% coupon rate, due 2025 | Senior Unsecured Notes                                    
Debt Instrument                                    
Secured Property Count | property       0 0 0   0 0           0      
Interest Rate 9.75%     9.75% 9.75% 9.75%   9.75% 9.75%           9.75% 9.75%    
Outstanding Principal Balance       $ 100,000 $ 240,000 $ 380,000   $ 440,000 $ 500,000           $ 100,000      
Repayment Amount       100,000 140,000 140,000   60,000 60,000           380,000      
Remaining Principal Balance       0 100,000 240,000   380,000 440,000           $ 0      
Loss on Modification or Early Extinguishment of Debt       $ 0 $ 44 $ 82   $ 115 $ 209                  
Secured Credit Facility Due January 2024 | Credit Facility                                    
Debt Instrument                                    
Secured Property Count | property                   62   61 61         62
Interest Rate                   8.36%   7.05% 6.88%         8.36%
Outstanding Principal Balance                   $ 450,000   $ 586,373 $ 700,000         $ 450,000
Repayment Amount                   450,000   136,373 113,627          
Remaining Principal Balance                   0   450,000 586,373         $ 0
Loss on Modification or Early Extinguishment of Debt                   $ 314   $ 1,075 $ 0          
Mortgage notes 6.64% maturing June 2023 | Secured Debt                                    
Debt Instrument                                    
Secured Property Count | property                     1              
Interest Rate                     6.64%              
Outstanding Principal Balance                     $ 14,565              
Repayment Amount                     14,565              
Remaining Principal Balance                     0              
Loss on Modification or Early Extinguishment of Debt                     $ 0              
Senior unsecured notes 4.75% due 2024 | Senior Unsecured Notes                                    
Debt Instrument                                    
Secured Property Count | property                   0               0
Interest Rate                   4.75%               4.75%
Outstanding Principal Balance                   $ 250,000               $ 250,000
Repayment Amount                   250,000                
Remaining Principal Balance                   0               $ 0
Loss on Modification or Early Extinguishment of Debt                   $ 1,079                
Senior secured notes, 7.250% coupon rate, due 2030 | Secured Debt                                    
Debt Instrument                                    
Interest Rate 7.25%   7.25%                     7.25%   7.25%    
Number of real estate properties released | property     15                              
Equity interest in each collateral guarantee                               100.00%    
Number of real estate properties allocated for collateral | property     15                              
v3.25.4
Indebtedness - Schedule of Principal Payments of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Oct. 31, 2025
Sep. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument            
2026 $ 1,866          
2027 2,273          
2028 640,650          
2029 1,883          
2030 435,151          
Thereafter 1,362,293          
Senior unsecured notes, net 2,444,116          
Secured Debt            
Debt Instrument            
Senior unsecured notes, net 820,098       $ 953,585  
Senior secured notes, zero coupon rate, due 2026 | Secured Debt            
Debt Instrument            
Senior unsecured notes, net $ 0 $ 324,121 $ 334,370 $ 641,376    
Principal amount of debt           $ 940,534
v3.25.4
Fair Value of Assets and Liabilities - Assets and Liabilities (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Impairment of assets $ 165,702,000 $ 70,734,000 $ 18,380,000
Number of properties owned (property) | property 298    
Held for sale      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Number of properties owned (property) | property 13    
Operating Segments | Held for sale | SHOP      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Real Estate Properties, Net $ 22,048,000    
Impairment of assets $ 30,999,000    
Number of properties owned (property) | property 13    
Corporate Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Number of properties owned (property) | property 11    
Level 2 | Carrying Value | Non-Recurring Fair Value Measurements Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Real estate properties held for sale $ 22,048,000 0  
Level 2 | Carrying Value | Recurring Fair Value Measurements Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Derivative asset 0    
Level 2 | Estimated Fair Value | Non-Recurring Fair Value Measurements Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Real estate properties held for sale 22,048,000 $ 0  
Level 2 | Estimated Fair Value | Recurring Fair Value Measurements Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Derivative asset $ 0    
Seaport Innovation LLC | Corporate Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Equity method investment ownership percentage 10.00%    
Number of properties owned (property) | property 1    
Seaport Innovation LLC | Level 3 | Corporate Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Holding period 10 years 10 years  
Seaport Innovation LLC | Level 3 | Corporate Joint Venture | Discount Rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Measurement input 0.0700 0.0700  
Seaport Innovation LLC | Level 3 | Corporate Joint Venture | Exit Capitalization Rates      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Measurement input 0.0600 0.0600  
Seaport Innovation LLC | Level 3 | Carrying Value | Corporate Joint Venture | Recurring Fair Value Measurements Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Investments in affiliates, fair value $ 73,471,000 $ 81,949,000  
Seaport Innovation LLC | Level 3 | Estimated Fair Value | Corporate Joint Venture | Recurring Fair Value Measurements Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Investments in affiliates, fair value $ 73,471,000 $ 81,949,000  
The LSMD Fund REIT LLC | Corporate Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Equity method investment ownership percentage 20.00%    
Number of properties owned (property) | property 10    
The LSMD Fund REIT LLC | Level 3 | Corporate Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Holding period   10 years  
The LSMD Fund REIT LLC | Level 3 | Corporate Joint Venture | Minimum      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Holding period 10 years    
The LSMD Fund REIT LLC | Level 3 | Corporate Joint Venture | Maximum      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Holding period 12 years    
The LSMD Fund REIT LLC | Level 3 | Corporate Joint Venture | Discount Rate | Minimum      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Measurement input 0.0625 0.0625  
The LSMD Fund REIT LLC | Level 3 | Corporate Joint Venture | Discount Rate | Maximum      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Measurement input 0.0875 0.0775  
The LSMD Fund REIT LLC | Level 3 | Corporate Joint Venture | Exit Capitalization Rates | Minimum      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Measurement input 0.0525 0.0500  
The LSMD Fund REIT LLC | Level 3 | Corporate Joint Venture | Exit Capitalization Rates | Maximum      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Measurement input 0.0800 0.0700  
The LSMD Fund REIT LLC | Level 3 | Carrying Value | Corporate Joint Venture | Recurring Fair Value Measurements Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Investments in affiliates, fair value $ 46,655,000 $ 44,910,000  
The LSMD Fund REIT LLC | Level 3 | Estimated Fair Value | Corporate Joint Venture | Recurring Fair Value Measurements Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Investments in affiliates, fair value $ 46,655,000 $ 44,910,000  
v3.25.4
Fair Value of Assets and Liabilities - Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
May 31, 2025
Apr. 30, 2025
Dec. 31, 2024
Nov. 30, 2024
Jun. 30, 2024
Carrying Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 2,400,824       $ 2,910,904    
Estimated Fair Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure 2,190,141       2,564,449    
Secured Debts and Finance Leases | Carrying Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure 455,093       126,611    
Secured Debts and Finance Leases | Estimated Fair Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 484,932       126,001    
Senior unsecured notes, 9.750% coupon rate, due 2025 | Senior Unsecured Notes              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Coupon rate 9.75% 9.75% 9.75% 9.75%   9.75% 9.75%
Senior unsecured notes, 9.750% coupon rate, due 2025 | Senior Unsecured Notes | Carrying Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 0       379,392    
Senior unsecured notes, 9.750% coupon rate, due 2025 | Senior Unsecured Notes | Estimated Fair Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 0       379,970    
Senior secured notes, zero coupon rate, due 2026 | Senior Secured Notes              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Coupon rate 0.00%            
Senior secured notes, zero coupon rate, due 2026 | Senior Secured Notes | Carrying Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 0       826,974    
Senior secured notes, zero coupon rate, due 2026 | Senior Secured Notes | Estimated Fair Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 0       885,108    
Senior unsecured notes, 4.750% coupon rate, due 2028 | Senior Unsecured Notes              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Coupon rate 4.75%            
Senior unsecured notes, 4.750% coupon rate, due 2028 | Senior Unsecured Notes | Carrying Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 497,290       496,018    
Senior unsecured notes, 4.750% coupon rate, due 2028 | Senior Unsecured Notes | Estimated Fair Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 482,635       429,170    
Senior secured notes, 7.250% coupon rate, due 2030 | Senior Secured Notes              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Coupon rate 7.25%            
Senior secured notes, 7.250% coupon rate, due 2030 | Senior Secured Notes | Carrying Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 365,005       0    
Senior secured notes, 7.250% coupon rate, due 2030 | Senior Secured Notes | Estimated Fair Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 383,434       0    
Senior unsecured notes, 4.375% coupon rate, due 2031 | Senior Unsecured Notes              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Coupon rate 4.375%            
Senior unsecured notes, 4.375% coupon rate, due 2031 | Senior Unsecured Notes | Carrying Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 495,561       494,702    
Senior unsecured notes, 4.375% coupon rate, due 2031 | Senior Unsecured Notes | Estimated Fair Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 440,000       368,240    
Senior unsecured notes, 5.625% coupon rate, due 2042 | Senior Unsecured Notes              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Coupon rate 5.625%            
Senior unsecured notes, 5.625% coupon rate, due 2042 | Senior Unsecured Notes | Carrying Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 343,683       343,302    
Senior unsecured notes, 5.625% coupon rate, due 2042 | Senior Unsecured Notes | Estimated Fair Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 224,140       218,260    
Senior unsecured notes, 6.250% coupon rate, due 2046 | Senior Unsecured Notes              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Coupon rate 6.25%            
Senior unsecured notes, 6.250% coupon rate, due 2046 | Senior Unsecured Notes | Carrying Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 244,192       243,905    
Senior unsecured notes, 6.250% coupon rate, due 2046 | Senior Unsecured Notes | Estimated Fair Value              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis              
Fair value disclosure $ 175,000       $ 157,700    
v3.25.4
Fair Value of Assets and Liabilities - Narrative (Details) - security
Dec. 31, 2025
Dec. 31, 2024
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value measurement, number of debt securities 2 2
Level 2 | Senior Unsecured Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value measurement, number of debt securities 3 3
Level 2 | Senior Secured Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value measurement, number of debt securities 2 2
v3.25.4
Derivatives and Hedging Activities - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
property
Dec. 31, 2025
property
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of properties owned (property)   298
Floating Rate Mortgage Note 6.82 Percent Due March 2028 | Secured Debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Principal amount of debt | $ $ 140,000  
Basis points per annum (as a percent) 2.50% 2.50%
Floating Rate Mortgage Note 6.82 Percent Due March 2028 | Secured Debt | Senior Living Communities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of properties owned (property) 14  
v3.25.4
Derivatives and Hedging Activities - Schedule of Interest Rate Agreement (Details) - Floating Rate Mortgage Note 6.82 Percent Due March 2028 - Interest Rate Cap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Strike Rate 4.50%  
Notional Amount $ 140,000  
Fair value $ 0 $ 0
v3.25.4
Derivatives and Hedging Activities - Schedule of Activity Related To Our Cash Flow Hedges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Amount of loss recognized on derivative in other comprehensive income (loss) $ (47) $ 0 $ 0
Amount of loss reclassified from cumulative other comprehensive income (loss) into interest expense (35) 0 0
Total amount of interest expense presented in the consolidated statements of comprehensive income (loss) $ (204,498) $ (235,239) $ (191,775)
v3.25.4
Segment Reporting - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reporting segments 2
v3.25.4
Segment Reporting - Income Statements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 1,537,853 $ 1,495,427 $ 1,410,308
Less:      
Interest expense 204,498 235,239 191,775
Depreciation and amortization 261,923 284,957 284,083
Segment loss (285,886) (370,255) (293,572)
Reconciliation of segment loss:      
General and administrative (45,502) (26,518) (26,131)
Acquisition and certain other transaction related costs (10,356) (2,510) (10,853)
Gain (loss) on sale of properties 117,730 (18,938) 1,205
Gains on equity securities, net 0 0 8,126
Interest and other income 5,839 8,950 15,536
Interest expense (204,498) (235,239) (191,775)
Loss on modification or early extinguishment of debt (42,526) (324) (2,468)
Income tax expense (1,743) (467) (445)
Equity in net earnings (losses) of investees 36,760 1,597 (20,461)
Net loss (285,886) (370,255) (293,572)
Rental income      
Revenues:      
Total revenues 225,198 251,038 258,400
Residents fees and services      
Revenues:      
Total revenues 1,312,655 1,244,389 1,151,908
Operating Segments      
Revenues:      
Total revenues 1,506,464 1,457,709 1,372,438
Less:      
Senior living labor and benefits 663,431 630,998 603,711
Dietary 83,773 85,620 78,508
Utilities 87,869 84,303 83,198
Real estate taxes 68,688 72,107 73,921
Insurance 37,256 44,066 42,426
Other operating expenses 318,061 318,872 291,291
Interest expense 27,824 5,972 1,000
Depreciation and amortization 252,398 275,024 274,131
Other segment items 125,797 97,222 36,055
Segment loss (158,633) (156,475) (111,803)
Reconciliation of segment loss:      
Interest expense (27,824) (5,972) (1,000)
Net loss (158,633) (156,475) (111,803)
Operating Segments | SHOP      
Revenues:      
Total revenues 1,312,655 1,244,389 1,151,908
Less:      
Senior living labor and benefits 663,431 630,998 603,711
Dietary 83,773 85,620 78,508
Utilities 74,742 70,616 69,280
Real estate taxes 45,877 43,624 44,476
Insurance 35,071 41,066 39,572
Other operating expenses 270,505 266,405 239,544
Interest expense 18,728 229 551
Depreciation and amortization 189,985 195,638 175,926
Other segment items 40,543 0 (40)
Segment loss (110,000) (89,807) (99,620)
Reconciliation of segment loss:      
Interest and other income 0 0 1,581
Interest expense (18,728) (229) (551)
Net loss (110,000) (89,807) (99,620)
Operating Segments | Medical Office and Life Science Portfolio      
Revenues:      
Total revenues 193,809 213,320 220,530
Less:      
Senior living labor and benefits 0 0 0
Dietary 0 0 0
Utilities 13,127 13,687 13,918
Real estate taxes 22,811 28,483 29,445
Insurance 2,185 3,000 2,854
Other operating expenses 47,556 52,467 51,747
Interest expense 9,096 5,743 449
Depreciation and amortization 62,413 79,386 98,205
Other segment items 85,254 97,222 36,095
Segment loss (48,633) (66,668) (12,183)
Reconciliation of segment loss:      
Interest expense (9,096) (5,743) (449)
Net loss (48,633) (66,668) (12,183)
Operating Segments | Rental income      
Revenues:      
Total revenues 193,809 213,320 220,530
Operating Segments | Rental income | SHOP      
Revenues:      
Total revenues 0 0 0
Operating Segments | Rental income | Medical Office and Life Science Portfolio      
Revenues:      
Total revenues 193,809 213,320 220,530
Operating Segments | Residents fees and services      
Revenues:      
Total revenues 1,312,655 1,244,389 1,151,908
Operating Segments | Residents fees and services | SHOP      
Revenues:      
Total revenues 1,312,655 1,244,389 1,151,908
Operating Segments | Residents fees and services | Medical Office and Life Science Portfolio      
Revenues:      
Total revenues 0 0 0
All Other      
Revenues:      
Total revenues 31,389 37,718 37,870
Less:      
Interest expense 176,674 229,267 190,775
Reconciliation of segment loss:      
Other income 21,602 27,209 26,822
General and administrative (45,502) (26,518) (26,131)
Acquisition and certain other transaction related costs (10,356) (2,510) (10,853)
Gain (loss) on sale of properties 99,114    
Gains on equity securities, net     8,126
Interest and other income 5,839 8,950 13,955
Interest expense (176,674) (229,267) (190,775)
Loss on modification or early extinguishment of debt (42,526) (324) (2,468)
Income tax expense (1,743) (467) $ (445)
Equity in net earnings (losses) of investees $ 22,993 $ (9,147)  
v3.25.4
Segment Reporting - Assets and Capital Expenditure (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment reporting      
Total assets $ 4,361,250 $ 5,137,005 $ 5,446,136
Operating Segments | SHOP      
Segment reporting      
Total assets 2,867,025 3,084,101 3,134,978
Operating Segments | Medical Office and Life Science Portfolio      
Segment reporting      
Total assets 1,192,731 1,688,034 1,866,422
All Other      
Segment reporting      
Total assets $ 301,494 $ 364,870 $ 444,736
v3.25.4
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 1,147 $ 0 $ (168)
State 596 467 613
Current income tax expense (benefit) 1,743 467 445
Deferred:      
Federal 0 0 0
State 0 0 0
Deferred tax expense (benefit) 0 0 0
Income tax provision $ 1,743 $ 467 $ 445
v3.25.4
Income Taxes - Reconciliation of Effective Tax Rate (Current Year) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Tax Jurisdiction of Domicile [Extensible Enumeration] UNITED STATES    
Amount      
Taxes at statutory U.S. federal income tax rate $ (59,407)    
Nontaxable income 60,554    
State and local income taxes, net of federal tax benefit 596    
Income tax provision $ 1,743 $ 467 $ 445
Percent      
Taxes at statutory U.S. federal income tax rate 21.00% 21.00% 21.00%
Nontaxable income (21.40%) (21.00%) (21.00%)
State and local income taxes, net of federal tax benefit (0.20%) (0.10%) (0.20%)
Effective tax rate (0.60%) (0.10%) (0.10%)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Income taxes paid, net $ 1,776  
Income tax paid, state and local, after refund received 626  
Income tax paid, federal, after refund received $ 1,150  
Percentage of valuation allowance provided 100.00% 100.00%
TRSs operating loss carryforwards $ 424,755  
Operating loss carry forwards not subject to expiration $ 933,931  
v3.25.4
Income Taxes - Reconciliation of Effective Tax Rate (Previous Year) (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Percent      
Taxes at statutory U.S. federal income tax rate 21.00% 21.00% 21.00%
Nontaxable income (21.40%) (21.00%) (21.00%)
Federal excise tax   0.00% 0.10%
State and local income taxes, net of federal tax benefit (0.20%) (0.10%) (0.20%)
Effective tax rate (0.60%) (0.10%) (0.10%)
v3.25.4
Income Taxes - Deferred Income Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Deferred income $ 3,458 $ 2,388
Fair market value adjustment (2,053) (1,862)
Other 1,983 1,225
Tax loss carryforwards 110,013 102,940
Deferred tax assets, gross 113,401 104,691
Valuation allowance (113,401) (104,691)
Deferred tax assets, net of valuation allowance 0 0
Net deferred income taxes $ 0 $ 0
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Properties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate And Accumulated Depreciation        
Encumbrances $ 469,116      
Initial Cost to Company        
Land 531,275      
Buildings, Improvements & Equipment 4,094,978      
Cost Capitalized Subsequent to Acquisition 1,928,432      
Impairment (132,970)      
Cost Basis Adjustment (425,718)      
Cost at the end of the period        
Land 545,525      
Buildings, Improvements & Equipment 5,450,472      
Total 5,995,997      
Accumulated Depreciation 2,115,046      
Discontinued Operations, Held-for-sale        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 8,906      
Buildings, Improvements & Equipment 78,845      
Cost Capitalized Subsequent to Acquisition 23,369      
Impairment (47,834)      
Cost Basis Adjustment (16,095)      
Cost at the end of the period        
Land 3,122      
Buildings, Improvements & Equipment 44,069      
Total 47,191      
Accumulated Depreciation 25,140      
Continuing Operations        
Real Estate And Accumulated Depreciation        
Encumbrances 469,116      
Initial Cost to Company        
Land 522,369      
Buildings, Improvements & Equipment 4,016,133      
Cost Capitalized Subsequent to Acquisition 1,905,063      
Impairment (85,136)      
Cost Basis Adjustment (409,623)      
Cost at the end of the period        
Land 542,403      
Buildings, Improvements & Equipment 5,406,403      
Total 5,948,806 $ 6,423,252 $ 6,818,467 $ 6,692,543
Accumulated Depreciation 2,089,906 $ 2,082,777 $ 2,020,843 $ 1,828,352
Continuing Operations | Parkway Lake Drive2184 Birmingham A L        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 580      
Buildings, Improvements & Equipment 5,980      
Cost Capitalized Subsequent to Acquisition 3,027      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 580      
Buildings, Improvements & Equipment 9,007      
Total 9,587      
Accumulated Depreciation 3,884      
Continuing Operations | Valleydale Road2634 Birmingham A L        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 600      
Buildings, Improvements & Equipment 7,574      
Cost Capitalized Subsequent to Acquisition 3,657      
Impairment 0      
Cost Basis Adjustment (206)      
Cost at the end of the period        
Land 1,559      
Buildings, Improvements & Equipment 10,066      
Total 11,625      
Accumulated Depreciation 4,173      
Continuing Operations | Dahike Drive N E2021 Cullman A L        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 287      
Buildings, Improvements & Equipment 3,415      
Cost Capitalized Subsequent to Acquisition 1,243      
Impairment 0      
Cost Basis Adjustment (301)      
Cost at the end of the period        
Land 287      
Buildings, Improvements & Equipment 4,357      
Total 4,644      
Accumulated Depreciation 2,213      
Continuing Operations | 101 Tulip Lane, Dothan, AL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,543      
Buildings, Improvements & Equipment 14,619      
Cost Capitalized Subsequent to Acquisition 3,467      
Impairment 0      
Cost Basis Adjustment (1,178)      
Cost at the end of the period        
Land 3,543      
Buildings, Improvements & Equipment 16,908      
Total 20,451      
Accumulated Depreciation 3,803      
Continuing Operations | 49 Hughes Road, Madison, AL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 334      
Buildings, Improvements & Equipment 3,981      
Cost Capitalized Subsequent to Acquisition 1,613      
Impairment 0      
Cost Basis Adjustment (304)      
Cost at the end of the period        
Land 334      
Buildings, Improvements & Equipment 5,290      
Total 5,624      
Accumulated Depreciation 2,678      
Continuing Operations | 200 Terrace Lane, Priceville, AL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,300      
Buildings, Improvements & Equipment 9,447      
Cost Capitalized Subsequent to Acquisition 2,994      
Impairment 0      
Cost Basis Adjustment (748)      
Cost at the end of the period        
Land 1,365      
Buildings, Improvements & Equipment 11,628      
Total 12,993      
Accumulated Depreciation 4,082      
Continuing Operations | 413 Cox Boulevard, Sheffield, AL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 394      
Buildings, Improvements & Equipment 4,684      
Cost Capitalized Subsequent to Acquisition 2,353      
Impairment 0      
Cost Basis Adjustment 3      
Cost at the end of the period        
Land 394      
Buildings, Improvements & Equipment 7,040      
Total 7,434      
Accumulated Depreciation 3,428      
Continuing Operations | 2435 Columbiana Road, Vestavia Hills, AL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 843      
Buildings, Improvements & Equipment 23,472      
Cost Capitalized Subsequent to Acquisition 5,725      
Impairment 0      
Cost Basis Adjustment (823)      
Cost at the end of the period        
Land 902      
Buildings, Improvements & Equipment 28,315      
Total 29,217      
Accumulated Depreciation 9,011      
Continuing Operations | 4461 N Crossover Road, Fayetteville, AR        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 733      
Buildings, Improvements & Equipment 10,432      
Cost Capitalized Subsequent to Acquisition 2,215      
Impairment 0      
Cost Basis Adjustment 12      
Cost at the end of the period        
Land 733      
Buildings, Improvements & Equipment 12,659      
Total 13,392      
Accumulated Depreciation 3,984      
Continuing Operations | 4210 S Caraway Road, Jonesboro, AR        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 653      
Buildings, Improvements & Equipment 9,515      
Cost Capitalized Subsequent to Acquisition 1,373      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 653      
Buildings, Improvements & Equipment 10,888      
Total 11,541      
Accumulated Depreciation 3,460      
Continuing Operations | 672 Jones Road, Springdale, AR        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 572      
Buildings, Improvements & Equipment 9,364      
Cost Capitalized Subsequent to Acquisition 2,634      
Impairment 0      
Cost Basis Adjustment (63)      
Cost at the end of the period        
Land 572      
Buildings, Improvements & Equipment 11,935      
Total 12,507      
Accumulated Depreciation 3,961      
Continuing Operations | 13840 North Desert Harbor Drive Peoria A Z        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,687      
Buildings, Improvements & Equipment 15,843      
Cost Capitalized Subsequent to Acquisition 14,329      
Impairment 0      
Cost Basis Adjustment (6,213)      
Cost at the end of the period        
Land 2,693      
Buildings, Improvements & Equipment 23,953      
Total 26,646      
Accumulated Depreciation 11,784      
Continuing Operations | 3850 N US Hwy 89 Prescott, AZ        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,017      
Buildings, Improvements & Equipment 17,513      
Cost Capitalized Subsequent to Acquisition 10,029      
Impairment 0      
Cost Basis Adjustment (1,461)      
Cost at the end of the period        
Land 2,017      
Buildings, Improvements & Equipment 26,081      
Total 28,098      
Accumulated Depreciation 6,787      
Continuing Operations | 6001 East Thomas Road, Scottsdale, AZ        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 941      
Buildings, Improvements & Equipment 8,807      
Cost Capitalized Subsequent to Acquisition 7,200      
Impairment 0      
Cost Basis Adjustment (1,664)      
Cost at the end of the period        
Land 946      
Buildings, Improvements & Equipment 14,338      
Total 15,284      
Accumulated Depreciation 9,095      
Continuing Operations | 7090 East Mescal Street Scottsdale A Z        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,315      
Buildings, Improvements & Equipment 13,650      
Cost Capitalized Subsequent to Acquisition 40,658      
Impairment 0      
Cost Basis Adjustment (5,144)      
Cost at the end of the period        
Land 2,349      
Buildings, Improvements & Equipment 49,130      
Total 51,479      
Accumulated Depreciation 13,922      
Continuing Operations | 17225 Boswell Blvd Sun City A Z        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,189      
Buildings, Improvements & Equipment 10,569      
Cost Capitalized Subsequent to Acquisition 6,501      
Impairment 0      
Cost Basis Adjustment (979)      
Cost at the end of the period        
Land 1,189      
Buildings, Improvements & Equipment 16,091      
Total 17,280      
Accumulated Depreciation 9,842      
Continuing Operations | 2500 North Rosemont Boulevard Tucson A Z        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,429      
Buildings, Improvements & Equipment 26,119      
Cost Capitalized Subsequent to Acquisition 14,577      
Impairment 0      
Cost Basis Adjustment (4,398)      
Cost at the end of the period        
Land 4,576      
Buildings, Improvements & Equipment 36,151      
Total 40,727      
Accumulated Depreciation 19,433      
Continuing Operations | 5000 Marina Boulevard, Brisbane, CA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 7,957      
Buildings, Improvements & Equipment 13,430      
Cost Capitalized Subsequent to Acquisition 771      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 7,976      
Buildings, Improvements & Equipment 14,182      
Total 22,158      
Accumulated Depreciation 3,196      
Continuing Operations | 5770 Armada Drive, Carlsbad, CA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,875      
Buildings, Improvements & Equipment 18,543      
Cost Capitalized Subsequent to Acquisition 1,055      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 3,875      
Buildings, Improvements & Equipment 19,598      
Total 23,473      
Accumulated Depreciation 5,087      
Continuing Operations | 1350 S El Camino Real Encinitas C A        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,510      
Buildings, Improvements & Equipment 18,042      
Cost Capitalized Subsequent to Acquisition 4,710      
Impairment 0      
Cost Basis Adjustment (218)      
Cost at the end of the period        
Land 1,517      
Buildings, Improvements & Equipment 22,527      
Total 24,044      
Accumulated Depreciation 9,748      
Continuing Operations | 47071 Bayside Parkway Fremont C A        
Real Estate And Accumulated Depreciation        
Encumbrances 40,653      
Initial Cost to Company        
Land 15,774      
Buildings, Improvements & Equipment 45,249      
Cost Capitalized Subsequent to Acquisition 9,729      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 15,848      
Buildings, Improvements & Equipment 54,904      
Total 70,752      
Accumulated Depreciation 7,013      
Continuing Operations | 47201 Lakeview Boulevard Fremont C A        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,200      
Buildings, Improvements & Equipment 10,177      
Cost Capitalized Subsequent to Acquisition 914      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 3,331      
Buildings, Improvements & Equipment 10,960      
Total 14,291      
Accumulated Depreciation 3,765      
Continuing Operations | 47211 And47215 Lakeview Boulevard Fremont C A        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,750      
Buildings, Improvements & Equipment 12,656      
Cost Capitalized Subsequent to Acquisition 3,949      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 3,800      
Buildings, Improvements & Equipment 16,555      
Total 20,355      
Accumulated Depreciation 6,558      
Continuing Operations | 577 South Peach Street Fresno C A        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 738      
Buildings, Improvements & Equipment 2,577      
Cost Capitalized Subsequent to Acquisition 4,175      
Impairment 0      
Cost Basis Adjustment (211)      
Cost at the end of the period        
Land 738      
Buildings, Improvements & Equipment 6,541      
Total 7,279      
Accumulated Depreciation 3,811      
Continuing Operations | 6075 N Marks Avenue Fresno C A        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 880      
Buildings, Improvements & Equipment 12,751      
Cost Capitalized Subsequent to Acquisition 2,230      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 889      
Buildings, Improvements & Equipment 14,972      
Total 15,861      
Accumulated Depreciation 6,833      
Continuing Operations | 1319 Brookside Avenue, Redlands, CA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,770      
Buildings, Improvements & Equipment 9,982      
Cost Capitalized Subsequent to Acquisition 2,832      
Impairment 0      
Cost Basis Adjustment (190)      
Cost at the end of the period        
Land 1,770      
Buildings, Improvements & Equipment 12,624      
Total 14,394      
Accumulated Depreciation 5,504      
Continuing Operations | 110 Sterling Court Roseville C A        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,620      
Buildings, Improvements & Equipment 10,262      
Cost Capitalized Subsequent to Acquisition 3,500      
Impairment 0      
Cost Basis Adjustment (50)      
Cost at the end of the period        
Land 1,620      
Buildings, Improvements & Equipment 13,712      
Total 15,332      
Accumulated Depreciation 6,033      
Continuing Operations | 16925 And16916 Hierba Drive San Diego C A        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 9,142      
Buildings, Improvements & Equipment 53,904      
Cost Capitalized Subsequent to Acquisition 39,397      
Impairment 0      
Cost Basis Adjustment (10,350)      
Cost at the end of the period        
Land 9,180      
Buildings, Improvements & Equipment 82,913      
Total 92,093      
Accumulated Depreciation 41,159      
Continuing Operations | 3530 Deer Park DriveStockton C A        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 670      
Buildings, Improvements & Equipment 14,419      
Cost Capitalized Subsequent to Acquisition 3,404      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 682      
Buildings, Improvements & Equipment 17,811      
Total 18,493      
Accumulated Depreciation 7,877      
Continuing Operations | 877 East March Lane Stockton C A        
Real Estate And Accumulated Depreciation        
Encumbrances 7,943      
Initial Cost to Company        
Land 1,176      
Buildings, Improvements & Equipment 11,171      
Cost Capitalized Subsequent to Acquisition 9,645      
Impairment 0      
Cost Basis Adjustment (2,707)      
Cost at the end of the period        
Land 1,411      
Buildings, Improvements & Equipment 17,874      
Total 19,285      
Accumulated Depreciation 8,815      
Continuing Operations | 28515 Westinghouse Place Westinghouse Place        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,669      
Buildings, Improvements & Equipment 41,440      
Cost Capitalized Subsequent to Acquisition 1,833      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 4,700      
Buildings, Improvements & Equipment 43,242      
Total 47,942      
Accumulated Depreciation 11,676      
Continuing Operations | 1866 San Miguel Drive Walnut Creek C A        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,010      
Buildings, Improvements & Equipment 9,290      
Cost Capitalized Subsequent to Acquisition 7,398      
Impairment 0      
Cost Basis Adjustment (1,492)      
Cost at the end of the period        
Land 3,417      
Buildings, Improvements & Equipment 13,789      
Total 17,206      
Accumulated Depreciation 5,621      
Continuing Operations | 1950 South Dayton Street Aurora CO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,062      
Buildings, Improvements & Equipment 46,195      
Cost Capitalized Subsequent to Acquisition 12,585      
Impairment 0      
Cost Basis Adjustment (2,497)      
Cost at the end of the period        
Land 3,120      
Buildings, Improvements & Equipment 56,225      
Total 59,345      
Accumulated Depreciation 16,697      
Continuing Operations | 515 Fairview Avenue, Canon City, CO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 292      
Buildings, Improvements & Equipment 6,228      
Cost Capitalized Subsequent to Acquisition 4,643      
Impairment (3,512)      
Cost Basis Adjustment (769)      
Cost at the end of the period        
Land 299      
Buildings, Improvements & Equipment 6,583      
Total 6,882      
Accumulated Depreciation 3,705      
Continuing Operations | 110 West Van Buren Street, Colorado Springs, CO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 245      
Buildings, Improvements & Equipment 5,236      
Cost Capitalized Subsequent to Acquisition 5,737      
Impairment (3,031)      
Cost Basis Adjustment (957)      
Cost at the end of the period        
Land 245      
Buildings, Improvements & Equipment 6,985      
Total 7,230      
Accumulated Depreciation 3,865      
Continuing Operations | 3920 East San Miguel Street Colorado Springs C O        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,380      
Buildings, Improvements & Equipment 8,894      
Cost Capitalized Subsequent to Acquisition 4,559      
Impairment 0      
Cost Basis Adjustment (1,119)      
Cost at the end of the period        
Land 1,612      
Buildings, Improvements & Equipment 12,102      
Total 13,714      
Accumulated Depreciation 4,608      
Continuing Operations | 2050 South Main Street, Delta, CO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 167      
Buildings, Improvements & Equipment 3,570      
Cost Capitalized Subsequent to Acquisition 3,698      
Impairment 0      
Cost Basis Adjustment (415)      
Cost at the end of the period        
Land 167      
Buildings, Improvements & Equipment 6,853      
Total 7,020      
Accumulated Depreciation 4,069      
Continuing Operations | 2501 Little Bookcliff Drive, Grand Junction, CO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 204      
Buildings, Improvements & Equipment 3,875      
Cost Capitalized Subsequent to Acquisition 4,374      
Impairment 0      
Cost Basis Adjustment (1,064)      
Cost at the end of the period        
Land 207      
Buildings, Improvements & Equipment 7,182      
Total 7,389      
Accumulated Depreciation 4,587      
Continuing Operations | 2825 Patterson Road, Grand Junction, CO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 173      
Buildings, Improvements & Equipment 2,583      
Cost Capitalized Subsequent to Acquisition 5,156      
Impairment 0      
Cost Basis Adjustment (842)      
Cost at the end of the period        
Land 173      
Buildings, Improvements & Equipment 6,897      
Total 7,070      
Accumulated Depreciation 4,536      
Continuing Operations | 1599 Ingalls Street, Lakewood, CO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 232      
Buildings, Improvements & Equipment 3,766      
Cost Capitalized Subsequent to Acquisition 9,434      
Impairment 0      
Cost Basis Adjustment (1,442)      
Cost at the end of the period        
Land 232      
Buildings, Improvements & Equipment 11,758      
Total 11,990      
Accumulated Depreciation 6,687      
Continuing Operations | 5555 South Elati Street, Littleton, CO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 185      
Buildings, Improvements & Equipment 5,043      
Cost Capitalized Subsequent to Acquisition 7,833      
Impairment 0      
Cost Basis Adjustment (1,621)      
Cost at the end of the period        
Land 191      
Buildings, Improvements & Equipment 11,249      
Total 11,440      
Accumulated Depreciation 7,098      
Continuing Operations | 9005 Grant Street, Thornton, CO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 961      
Buildings, Improvements & Equipment 10,867      
Cost Capitalized Subsequent to Acquisition 1,203      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,269      
Buildings, Improvements & Equipment 11,762      
Total 13,031      
Accumulated Depreciation 4,178      
Continuing Operations | 7809 W38th Avenue Wheat Ridge C O        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 470      
Buildings, Improvements & Equipment 3,373      
Cost Capitalized Subsequent to Acquisition 86      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 475      
Buildings, Improvements & Equipment 3,454      
Total 3,929      
Accumulated Depreciation 1,364      
Continuing Operations | 2141 K Street Washington D C        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 13,700      
Buildings, Improvements & Equipment 8,400      
Cost Capitalized Subsequent to Acquisition 7,503      
Impairment 0      
Cost Basis Adjustment (1,513)      
Cost at the end of the period        
Land 13,700      
Buildings, Improvements & Equipment 14,390      
Total 28,090      
Accumulated Depreciation 5,484      
Continuing Operations | 4175 Ogletown Stanton Rd, Newark, DE        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,500      
Buildings, Improvements & Equipment 19,447      
Cost Capitalized Subsequent to Acquisition 3,742      
Impairment 0      
Cost Basis Adjustment (324)      
Cost at the end of the period        
Land 1,563      
Buildings, Improvements & Equipment 22,802      
Total 24,365      
Accumulated Depreciation 9,846      
Continuing Operations | Marsh Road1912 Wilmington D E        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,365      
Buildings, Improvements & Equipment 25,739      
Cost Capitalized Subsequent to Acquisition 11,374      
Impairment 0      
Cost Basis Adjustment (4,180)      
Cost at the end of the period        
Land 4,431      
Buildings, Improvements & Equipment 32,867      
Total 37,298      
Accumulated Depreciation 17,854      
Continuing Operations | 22601 Camino Del Mar, Boca Raton, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,200      
Buildings, Improvements & Equipment 46,800      
Cost Capitalized Subsequent to Acquisition 17,004      
Impairment 0      
Cost Basis Adjustment (4,758)      
Cost at the end of the period        
Land 3,204      
Buildings, Improvements & Equipment 59,042      
Total 62,246      
Accumulated Depreciation 19,710      
Continuing Operations | 1325 S Congress Avenue, Boynton Beach, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 6,122      
Initial Cost to Company        
Land 1,620      
Buildings, Improvements & Equipment 5,341      
Cost Capitalized Subsequent to Acquisition 2,844      
Impairment 0      
Cost Basis Adjustment (476)      
Cost at the end of the period        
Land 1,628      
Buildings, Improvements & Equipment 7,701      
Total 9,329      
Accumulated Depreciation 2,880      
Continuing Operations | 1425 Congress Avenue, Boynton Beach, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,390      
Buildings, Improvements & Equipment 14,768      
Cost Capitalized Subsequent to Acquisition 6,543      
Impairment 0      
Cost Basis Adjustment (1,649)      
Cost at the end of the period        
Land 2,390      
Buildings, Improvements & Equipment 19,662      
Total 22,052      
Accumulated Depreciation 7,190      
Continuing Operations | 8500 Royal Palm Boulevard, Coral Springs, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,410      
Buildings, Improvements & Equipment 20,104      
Cost Capitalized Subsequent to Acquisition 39,887      
Impairment 0      
Cost Basis Adjustment (7,546)      
Cost at the end of the period        
Land 3,421      
Buildings, Improvements & Equipment 52,434      
Total 55,855      
Accumulated Depreciation 24,414      
Continuing Operations | 1208 South Military Trail, Deerfield Beach, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,690      
Buildings, Improvements & Equipment 14,972      
Cost Capitalized Subsequent to Acquisition 38,783      
Impairment 0      
Cost Basis Adjustment (7,318)      
Cost at the end of the period        
Land 1,777      
Buildings, Improvements & Equipment 46,350      
Total 48,127      
Accumulated Depreciation 22,013      
Continuing Operations | 3001 DC Country Club Boulevard, Deerfield Beach, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,196      
Buildings, Improvements & Equipment 18,848      
Cost Capitalized Subsequent to Acquisition 29,648      
Impairment 0      
Cost Basis Adjustment (5,089)      
Cost at the end of the period        
Land 3,222      
Buildings, Improvements & Equipment 43,381      
Total 46,603      
Accumulated Depreciation 20,315      
Continuing Operations | 12780 Kenwood Lane, Fort Myers, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 369      
Buildings, Improvements & Equipment 2,174      
Cost Capitalized Subsequent to Acquisition 5,672      
Impairment 0      
Cost Basis Adjustment (1,333)      
Cost at the end of the period        
Land 859      
Buildings, Improvements & Equipment 6,023      
Total 6,882      
Accumulated Depreciation 2,852      
Continuing Operations | 2525 First Street, Fort Myers, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,385      
Buildings, Improvements & Equipment 21,137      
Cost Capitalized Subsequent to Acquisition 49,807      
Impairment 0      
Cost Basis Adjustment (16,213)      
Cost at the end of the period        
Land 2,577      
Buildings, Improvements & Equipment 54,539      
Total 57,116      
Accumulated Depreciation 21,974      
Continuing Operations | 1825 Ridgewood Avenue, Holly Hill, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 700      
Buildings, Improvements & Equipment 16,700      
Cost Capitalized Subsequent to Acquisition 7,401      
Impairment (2,636)      
Cost Basis Adjustment (9,232)      
Cost at the end of the period        
Land 684      
Buildings, Improvements & Equipment 12,249      
Total 12,933      
Accumulated Depreciation 2,913      
Continuing Operations | 2480 North Park Road, Hollywood, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 13,305      
Initial Cost to Company        
Land 4,500      
Buildings, Improvements & Equipment 40,500      
Cost Capitalized Subsequent to Acquisition 32,186      
Impairment 0      
Cost Basis Adjustment (7,048)      
Cost at the end of the period        
Land 4,556      
Buildings, Improvements & Equipment 65,582      
Total 70,138      
Accumulated Depreciation 22,313      
Continuing Operations | 8901 Tamiami Trail East, Naples, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,200      
Buildings, Improvements & Equipment 2,898      
Cost Capitalized Subsequent to Acquisition 16,707      
Impairment 0      
Cost Basis Adjustment (1,421)      
Cost at the end of the period        
Land 3,200      
Buildings, Improvements & Equipment 18,184      
Total 21,384      
Accumulated Depreciation 8,142      
Continuing Operations | 12780 Waterford Lakes Parkway, Orlando, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 977      
Buildings, Improvements & Equipment 3,946      
Cost Capitalized Subsequent to Acquisition 1,057      
Impairment 0      
Cost Basis Adjustment (96)      
Cost at the end of the period        
Land 1,052      
Buildings, Improvements & Equipment 4,832      
Total 5,884      
Accumulated Depreciation 1,559      
Continuing Operations | 1603 S. Hiawassee Road, Orlando, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 488      
Buildings, Improvements & Equipment 2,621      
Cost Capitalized Subsequent to Acquisition 606      
Impairment 0      
Cost Basis Adjustment (81)      
Cost at the end of the period        
Land 591      
Buildings, Improvements & Equipment 3,043      
Total 3,634      
Accumulated Depreciation 1,016      
Continuing Operations | 1825 N. Mills Avenue, Orlando, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 519      
Buildings, Improvements & Equipment 1,799      
Cost Capitalized Subsequent to Acquisition 1,057      
Impairment 0      
Cost Basis Adjustment (117)      
Cost at the end of the period        
Land 580      
Buildings, Improvements & Equipment 2,678      
Total 3,258      
Accumulated Depreciation 918      
Continuing Operations | 1911 N. Mills Avenue, Orlando, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,946      
Buildings, Improvements & Equipment 7,197      
Cost Capitalized Subsequent to Acquisition 6,369      
Impairment 0      
Cost Basis Adjustment (538)      
Cost at the end of the period        
Land 2,042      
Buildings, Improvements & Equipment 12,932      
Total 14,974      
Accumulated Depreciation 3,583      
Continuing Operations | 1925 N. Mills Avenue, Orlando, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 135      
Buildings, Improvements & Equipment 532      
Cost Capitalized Subsequent to Acquisition 568      
Impairment 0      
Cost Basis Adjustment (107)      
Cost at the end of the period        
Land 199      
Buildings, Improvements & Equipment 929      
Total 1,128      
Accumulated Depreciation 294      
Continuing Operations | 250 N. Alafaya Trail, Orlando, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 967      
Buildings, Improvements & Equipment 4,362      
Cost Capitalized Subsequent to Acquisition 490      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 967      
Buildings, Improvements & Equipment 4,852      
Total 5,819      
Accumulated Depreciation 1,647      
Continuing Operations | 45 Katherine Boulevard, Palm Harbor, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,379      
Buildings, Improvements & Equipment 29,945      
Cost Capitalized Subsequent to Acquisition 14,214      
Impairment 0      
Cost Basis Adjustment (4,246)      
Cost at the end of the period        
Land 3,392      
Buildings, Improvements & Equipment 39,900      
Total 43,292      
Accumulated Depreciation 28,435      
Continuing Operations | 900 West Lake Road, Palm Harbor, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 31,013      
Initial Cost to Company        
Land 3,449      
Buildings, Improvements & Equipment 20,336      
Cost Capitalized Subsequent to Acquisition 17,042      
Impairment 0      
Cost Basis Adjustment (5,513)      
Cost at the end of the period        
Land 3,540      
Buildings, Improvements & Equipment 31,774      
Total 35,314      
Accumulated Depreciation 17,312      
Continuing Operations | 8500 West Sunrise Boulevard, Plantation, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 8,457      
Initial Cost to Company        
Land 4,700      
Buildings, Improvements & Equipment 24,300      
Cost Capitalized Subsequent to Acquisition 17,427      
Impairment 0      
Cost Basis Adjustment (6,860)      
Cost at the end of the period        
Land 4,717      
Buildings, Improvements & Equipment 34,850      
Total 39,567      
Accumulated Depreciation 11,432      
Continuing Operations | 1371 South Ocean Boulevard, Pompano Beach, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 13,073      
Initial Cost to Company        
Land 2,500      
Buildings, Improvements & Equipment 15,500      
Cost Capitalized Subsequent to Acquisition 21,539      
Impairment 0      
Cost Basis Adjustment (5,027)      
Cost at the end of the period        
Land 2,560      
Buildings, Improvements & Equipment 31,952      
Total 34,512      
Accumulated Depreciation 11,543      
Continuing Operations | 2701 North Course Drive, Pompano Beach, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 7,700      
Buildings, Improvements & Equipment 2,127      
Cost Capitalized Subsequent to Acquisition 48,029      
Impairment 0      
Cost Basis Adjustment (4,875)      
Cost at the end of the period        
Land 7,700      
Buildings, Improvements & Equipment 45,281      
Total 52,981      
Accumulated Depreciation 20,113      
Continuing Operations | 20480 Veterans Boulevard, Port Charlotte, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 4,292      
Initial Cost to Company        
Land 400      
Buildings, Improvements & Equipment 11,934      
Cost Capitalized Subsequent to Acquisition 5,261      
Impairment 0      
Cost Basis Adjustment (3,397)      
Cost at the end of the period        
Land 440      
Buildings, Improvements & Equipment 13,758      
Total 14,198      
Accumulated Depreciation 4,639      
Continuing Operations | 1699 S.E. Lyngate Drive, Port St. Lucie, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,242      
Buildings, Improvements & Equipment 11,009      
Cost Capitalized Subsequent to Acquisition 6,559      
Impairment 0      
Cost Basis Adjustment (1,433)      
Cost at the end of the period        
Land 1,249      
Buildings, Improvements & Equipment 16,128      
Total 17,377      
Accumulated Depreciation 10,988      
Continuing Operations | 501 N.W. Cashmere Boulevard, Port St. Lucie, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 890      
Buildings, Improvements & Equipment 9,345      
Cost Capitalized Subsequent to Acquisition 4,129      
Impairment 0      
Cost Basis Adjustment (938)      
Cost at the end of the period        
Land 1,673      
Buildings, Improvements & Equipment 11,753      
Total 13,426      
Accumulated Depreciation 4,264      
Continuing Operations | 900 South Harbour Island Blvd, Tampa, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,850      
Buildings, Improvements & Equipment 6,349      
Cost Capitalized Subsequent to Acquisition 11,507      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 4,850      
Buildings, Improvements & Equipment 17,856      
Total 22,706      
Accumulated Depreciation 3,720      
Continuing Operations | 111 Executive Center Drive, West Palm Beach, FL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,061      
Buildings, Improvements & Equipment 12,153      
Cost Capitalized Subsequent to Acquisition 27,606      
Impairment 0      
Cost Basis Adjustment (5,506)      
Cost at the end of the period        
Land 2,075      
Buildings, Improvements & Equipment 34,239      
Total 36,314      
Accumulated Depreciation 15,917      
Continuing Operations | 2347 Cedarcrest Road, Acworth, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,674      
Buildings, Improvements & Equipment 0      
Cost Capitalized Subsequent to Acquisition 93      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,674      
Buildings, Improvements & Equipment 93      
Total 1,767      
Accumulated Depreciation 13      
Continuing Operations | 1200 Bluegrass Lakes Parkway, Alpharetta, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,689      
Buildings, Improvements & Equipment 15,936      
Cost Capitalized Subsequent to Acquisition 1,451      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,761      
Buildings, Improvements & Equipment 17,315      
Total 19,076      
Accumulated Depreciation 4,431      
Continuing Operations | 855 North Point Pkwy, Alpharetta, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 5,390      
Buildings, Improvements & Equipment 26,712      
Cost Capitalized Subsequent to Acquisition 0      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 5,390      
Buildings, Improvements & Equipment 26,712      
Total 32,102      
Accumulated Depreciation 11,601      
Continuing Operations | 253 N. Main Street, Alpharetta, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,325      
Buildings, Improvements & Equipment 12,377      
Cost Capitalized Subsequent to Acquisition 2,841      
Impairment 0      
Cost Basis Adjustment (209)      
Cost at the end of the period        
Land 1,221      
Buildings, Improvements & Equipment 15,113      
Total 16,334      
Accumulated Depreciation 4,513      
Continuing Operations | 1515 Sheridan Road, Atlanta, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 5,800      
Buildings, Improvements & Equipment 9,305      
Cost Capitalized Subsequent to Acquisition 18,503      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 5,800      
Buildings, Improvements & Equipment 27,808      
Total 33,608      
Accumulated Depreciation 5,149      
Continuing Operations | 240 Marietta Highway, Canton, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 806      
Buildings, Improvements & Equipment 8,555      
Cost Capitalized Subsequent to Acquisition 4,567      
Impairment 0      
Cost Basis Adjustment (1,157)      
Cost at the end of the period        
Land 806      
Buildings, Improvements & Equipment 11,965      
Total 12,771      
Accumulated Depreciation 3,606      
Continuing Operations | 1501 Milstead Road, Conyers, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 4,898      
Initial Cost to Company        
Land 750      
Buildings, Improvements & Equipment 7,796      
Cost Capitalized Subsequent to Acquisition 1,191      
Impairment 0      
Cost Basis Adjustment (116)      
Cost at the end of the period        
Land 777      
Buildings, Improvements & Equipment 8,844      
Total 9,621      
Accumulated Depreciation 3,601      
Continuing Operations | 3875 Post Road, Cumming, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 954      
Buildings, Improvements & Equipment 12,796      
Cost Capitalized Subsequent to Acquisition 2,098      
Impairment 0      
Cost Basis Adjustment (56)      
Cost at the end of the period        
Land 960      
Buildings, Improvements & Equipment 14,832      
Total 15,792      
Accumulated Depreciation 4,456      
Continuing Operations | 4960 Jot Em Down Road, Cumming, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,548      
Buildings, Improvements & Equipment 18,666      
Cost Capitalized Subsequent to Acquisition 14,609      
Impairment 0      
Cost Basis Adjustment (2,094)      
Cost at the end of the period        
Land 3,416      
Buildings, Improvements & Equipment 29,313      
Total 32,729      
Accumulated Depreciation 8,929      
Continuing Operations | 5610 Hampton Park Dr., Cumming, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,479      
Buildings, Improvements & Equipment 14,771      
Cost Capitalized Subsequent to Acquisition 1,575      
Impairment 0      
Cost Basis Adjustment (938)      
Cost at the end of the period        
Land 3,498      
Buildings, Improvements & Equipment 15,389      
Total 18,887      
Accumulated Depreciation 3,816      
Continuing Operations | 101 West Ponce De Leon Avenue, Decatur, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,500      
Buildings, Improvements & Equipment 13,179      
Cost Capitalized Subsequent to Acquisition 17,185      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 3,500      
Buildings, Improvements & Equipment 30,364      
Total 33,864      
Accumulated Depreciation 6,824      
Continuing Operations | 2801 N. Decatur Road, Decatur, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,100      
Buildings, Improvements & Equipment 4,436      
Cost Capitalized Subsequent to Acquisition 3,715      
Impairment 0      
Cost Basis Adjustment (702)      
Cost at the end of the period        
Land 3,260      
Buildings, Improvements & Equipment 7,289      
Total 10,549      
Accumulated Depreciation 3,075      
Continuing Operations | 3315 Thompson Bridge Road, Gainesville, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 934      
Buildings, Improvements & Equipment 30,962      
Cost Capitalized Subsequent to Acquisition 4,533      
Impairment 0      
Cost Basis Adjustment (743)      
Cost at the end of the period        
Land 956      
Buildings, Improvements & Equipment 34,730      
Total 35,686      
Accumulated Depreciation 10,398      
Continuing Operations | 5373 Thompson Mill Road, Hoschton, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 944      
Buildings, Improvements & Equipment 12,171      
Cost Capitalized Subsequent to Acquisition 2,003      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 959      
Buildings, Improvements & Equipment 14,159      
Total 15,118      
Accumulated Depreciation 4,177      
Continuing Operations | 8080 Summit Business Parkway, Jonesboro, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,800      
Buildings, Improvements & Equipment 20,664      
Cost Capitalized Subsequent to Acquisition 9,238      
Impairment 0      
Cost Basis Adjustment (2,473)      
Cost at the end of the period        
Land 1,800      
Buildings, Improvements & Equipment 27,429      
Total 29,229      
Accumulated Depreciation 10,159      
Continuing Operations | 1360 Upper Hembree Road, Roswell, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,080      
Buildings, Improvements & Equipment 6,138      
Cost Capitalized Subsequent to Acquisition 844      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,095      
Buildings, Improvements & Equipment 6,967      
Total 8,062      
Accumulated Depreciation 2,641      
Continuing Operations | 1 Savannah Square Drive 1        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,200      
Buildings, Improvements & Equipment 19,090      
Cost Capitalized Subsequent to Acquisition 12,201      
Impairment (6,993)      
Cost Basis Adjustment (9,468)      
Cost at the end of the period        
Land 835      
Buildings, Improvements & Equipment 15,195      
Total 16,030      
Accumulated Depreciation 3,664      
Continuing Operations | 475 Country Club Drive, Stockbridge, GA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 512      
Buildings, Improvements & Equipment 9,560      
Cost Capitalized Subsequent to Acquisition 2,117      
Impairment 0      
Cost Basis Adjustment (374)      
Cost at the end of the period        
Land 551      
Buildings, Improvements & Equipment 11,264      
Total 11,815      
Accumulated Depreciation 3,479      
Continuing Operations | 1100 Ward Avenue, Honolulu, HI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 11,200      
Buildings, Improvements & Equipment 55,618      
Cost Capitalized Subsequent to Acquisition 11,126      
Impairment 0      
Cost Basis Adjustment (1,417)      
Cost at the end of the period        
Land 11,247      
Buildings, Improvements & Equipment 65,280      
Total 76,527      
Accumulated Depreciation 22,887      
Continuing Operations | 2340 West Seltice Way, Coeur d'Alene, ID        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 910      
Buildings, Improvements & Equipment 7,170      
Cost Capitalized Subsequent to Acquisition 4,793      
Impairment 0      
Cost Basis Adjustment (702)      
Cost at the end of the period        
Land 1,052      
Buildings, Improvements & Equipment 11,119      
Total 12,171      
Accumulated Depreciation 3,766      
Continuing Operations | 850 Lincoln Drive, Idaho Falls, ID        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 510      
Buildings, Improvements & Equipment 6,640      
Cost Capitalized Subsequent to Acquisition 3,811      
Impairment 0      
Cost Basis Adjustment (554)      
Cost at the end of the period        
Land 760      
Buildings, Improvements & Equipment 9,647      
Total 10,407      
Accumulated Depreciation 3,624      
Continuing Operations | 1250 West Central Road, Arlington Heights, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,665      
Buildings, Improvements & Equipment 32,587      
Cost Capitalized Subsequent to Acquisition 20,365      
Impairment 0      
Cost Basis Adjustment (3,834)      
Cost at the end of the period        
Land 3,781      
Buildings, Improvements & Equipment 49,002      
Total 52,783      
Accumulated Depreciation 30,815      
Continuing Operations | 1373 D'Ardian Professional Park, Godfrey, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 281      
Buildings, Improvements & Equipment 15,088      
Cost Capitalized Subsequent to Acquisition 3,093      
Impairment 0      
Cost Basis Adjustment (432)      
Cost at the end of the period        
Land 281      
Buildings, Improvements & Equipment 17,749      
Total 18,030      
Accumulated Depreciation 5,304      
Continuing Operations | 900 43rd Avenue, Moline, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 482      
Buildings, Improvements & Equipment 7,651      
Cost Capitalized Subsequent to Acquisition 1,231      
Impairment 0      
Cost Basis Adjustment (225)      
Cost at the end of the period        
Land 482      
Buildings, Improvements & Equipment 8,657      
Total 9,139      
Accumulated Depreciation 2,518      
Continuing Operations | 221 11th Avenue, Moline, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 161      
Buildings, Improvements & Equipment 7,244      
Cost Capitalized Subsequent to Acquisition 1,979      
Impairment 0      
Cost Basis Adjustment (136)      
Cost at the end of the period        
Land 161      
Buildings, Improvements & Equipment 9,087      
Total 9,248      
Accumulated Depreciation 2,931      
Continuing Operations | 2700 14th Street, Pekin, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 171      
Buildings, Improvements & Equipment 11,475      
Cost Capitalized Subsequent to Acquisition 1,287      
Impairment 0      
Cost Basis Adjustment (549)      
Cost at the end of the period        
Land 172      
Buildings, Improvements & Equipment 12,212      
Total 12,384      
Accumulated Depreciation 3,725      
Continuing Operations | 7130 Crimson Ridge Drive, Rockford, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 200      
Buildings, Improvements & Equipment 7,300      
Cost Capitalized Subsequent to Acquisition 3,469      
Impairment 0      
Cost Basis Adjustment (466)      
Cost at the end of the period        
Land 1,596      
Buildings, Improvements & Equipment 8,907      
Total 10,503      
Accumulated Depreciation 3,295      
Continuing Operations | 1220 Lakeview Drive, Romeoville, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,120      
Buildings, Improvements & Equipment 19,582      
Cost Capitalized Subsequent to Acquisition (61)      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,058      
Buildings, Improvements & Equipment 19,583      
Total 20,641      
Accumulated Depreciation 8,504      
Continuing Operations | 1201 Hartman Lane, Shiloh, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 743      
Buildings, Improvements & Equipment 7,232      
Cost Capitalized Subsequent to Acquisition 2,871      
Impairment 0      
Cost Basis Adjustment (797)      
Cost at the end of the period        
Land 1,237      
Buildings, Improvements & Equipment 8,812      
Total 10,049      
Accumulated Depreciation 2,286      
Continuing Operations | 900 Southwind Road, Springfield, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 300      
Buildings, Improvements & Equipment 6,744      
Cost Capitalized Subsequent to Acquisition 3,677      
Impairment 0      
Cost Basis Adjustment (756)      
Cost at the end of the period        
Land 300      
Buildings, Improvements & Equipment 9,665      
Total 9,965      
Accumulated Depreciation 4,558      
Continuing Operations | 2705 Avenue E, Sterling, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 8,005      
Initial Cost to Company        
Land 341      
Buildings, Improvements & Equipment 14,331      
Cost Capitalized Subsequent to Acquisition 2,321      
Impairment 0      
Cost Basis Adjustment (296)      
Cost at the end of the period        
Land 343      
Buildings, Improvements & Equipment 16,354      
Total 16,697      
Accumulated Depreciation 4,798      
Continuing Operations | 39 Dorothy Drive, Troy, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,002      
Buildings, Improvements & Equipment 7,010      
Cost Capitalized Subsequent to Acquisition 2,104      
Impairment 0      
Cost Basis Adjustment (799)      
Cost at the end of the period        
Land 1,002      
Buildings, Improvements & Equipment 8,315      
Total 9,317      
Accumulated Depreciation 2,134      
Continuing Operations | 100 Grand Victorian Place, Washington, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 241      
Buildings, Improvements & Equipment 12,046      
Cost Capitalized Subsequent to Acquisition 971      
Impairment 0      
Cost Basis Adjustment (176)      
Cost at the end of the period        
Land 241      
Buildings, Improvements & Equipment 12,841      
Total 13,082      
Accumulated Depreciation 3,956      
Continuing Operations | 1615 Lakeside Drive, Waukegan, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,700      
Buildings, Improvements & Equipment 9,590      
Cost Capitalized Subsequent to Acquisition 5,288      
Impairment 0      
Cost Basis Adjustment (944)      
Cost at the end of the period        
Land 3,515      
Buildings, Improvements & Equipment 13,119      
Total 16,634      
Accumulated Depreciation 5,448      
Continuing Operations | 1675 Lakeside Drive, Waukegan, IL        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,420      
Buildings, Improvements & Equipment 9,382      
Cost Capitalized Subsequent to Acquisition 4,785      
Impairment 0      
Cost Basis Adjustment (957)      
Cost at the end of the period        
Land 2,906      
Buildings, Improvements & Equipment 12,724      
Total 15,630      
Accumulated Depreciation 5,162      
Continuing Operations | 6990 East County Road 100 North, Avon, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 850      
Buildings, Improvements & Equipment 11,888      
Cost Capitalized Subsequent to Acquisition 2,378      
Impairment 0      
Cost Basis Adjustment (580)      
Cost at the end of the period        
Land 850      
Buildings, Improvements & Equipment 13,686      
Total 14,536      
Accumulated Depreciation 5,892      
Continuing Operations | 2455 Tamarack Trail, Bloomington, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 5,400      
Buildings, Improvements & Equipment 25,129      
Cost Capitalized Subsequent to Acquisition 37,877      
Impairment 0      
Cost Basis Adjustment (2,591)      
Cost at the end of the period        
Land 6,339      
Buildings, Improvements & Equipment 59,476      
Total 65,815      
Accumulated Depreciation 21,044      
Continuing Operations | 2460 Glebe Street, Carmel IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,108      
Buildings, Improvements & Equipment 57,741      
Cost Capitalized Subsequent to Acquisition 2,101      
Impairment 0      
Cost Basis Adjustment (432)      
Cost at the end of the period        
Land 2,133      
Buildings, Improvements & Equipment 59,385      
Total 61,518      
Accumulated Depreciation 17,489      
Continuing Operations | 701 East County Line Road, Greenwood, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,830      
Buildings, Improvements & Equipment 14,303      
Cost Capitalized Subsequent to Acquisition 1,966      
Impairment 0      
Cost Basis Adjustment (573)      
Cost at the end of the period        
Land 1,918      
Buildings, Improvements & Equipment 15,608      
Total 17,526      
Accumulated Depreciation 5,460      
Continuing Operations | 8505 Woodfield Crossing Boulevard, Indianapolis, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,785      
Buildings, Improvements & Equipment 16,396      
Cost Capitalized Subsequent to Acquisition 12,045      
Impairment 0      
Cost Basis Adjustment (3,560)      
Cost at the end of the period        
Land 2,838      
Buildings, Improvements & Equipment 24,828      
Total 27,666      
Accumulated Depreciation 12,303      
Continuing Operations | 2501 Friendship Boulevard, Kokomo, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 512      
Buildings, Improvements & Equipment 13,009      
Cost Capitalized Subsequent to Acquisition 2,580      
Impairment 0      
Cost Basis Adjustment (613)      
Cost at the end of the period        
Land 512      
Buildings, Improvements & Equipment 14,976      
Total 15,488      
Accumulated Depreciation 3,459      
Continuing Operations | 603 Saint Joseph Drive, Kokomo, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 220      
Buildings, Improvements & Equipment 5,899      
Cost Capitalized Subsequent to Acquisition 1,858      
Impairment 0      
Cost Basis Adjustment (372)      
Cost at the end of the period        
Land 220      
Buildings, Improvements & Equipment 7,385      
Total 7,605      
Accumulated Depreciation 3,138      
Continuing Operations | 1211 Longwood Drive, La Porte, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 770      
Buildings, Improvements & Equipment 5,550      
Cost Capitalized Subsequent to Acquisition 1,976      
Impairment 0      
Cost Basis Adjustment (401)      
Cost at the end of the period        
Land 923      
Buildings, Improvements & Equipment 6,972      
Total 7,895      
Accumulated Depreciation 3,054      
Continuing Operations | 1590 West Timberview Drive, Marion, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 410      
Buildings, Improvements & Equipment 5,409      
Cost Capitalized Subsequent to Acquisition 1,969      
Impairment 0      
Cost Basis Adjustment (379)      
Cost at the end of the period        
Land 410      
Buildings, Improvements & Equipment 6,999      
Total 7,409      
Accumulated Depreciation 2,888      
Continuing Operations | 1473 East McKay Road, Shelbyville, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 190      
Buildings, Improvements & Equipment 5,328      
Cost Capitalized Subsequent to Acquisition 1,739      
Impairment 0      
Cost Basis Adjustment (363)      
Cost at the end of the period        
Land 190      
Buildings, Improvements & Equipment 6,704      
Total 6,894      
Accumulated Depreciation 2,788      
Continuing Operations | 222 South 25th Street, Terra Haute, IN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 300      
Buildings, Improvements & Equipment 13,115      
Cost Capitalized Subsequent to Acquisition 1,932      
Impairment 0      
Cost Basis Adjustment (550)      
Cost at the end of the period        
Land 300      
Buildings, Improvements & Equipment 14,497      
Total 14,797      
Accumulated Depreciation 6,135      
Continuing Operations | 1501 Inverness Drive, Lawrence, KS        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,600      
Buildings, Improvements & Equipment 18,565      
Cost Capitalized Subsequent to Acquisition 5,492      
Impairment 0      
Cost Basis Adjustment (2,136)      
Cost at the end of the period        
Land 1,758      
Buildings, Improvements & Equipment 21,763      
Total 23,521      
Accumulated Depreciation 9,092      
Continuing Operations | 5799 Broadmoor Street, Mission, KS        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,522      
Buildings, Improvements & Equipment 7,246      
Cost Capitalized Subsequent to Acquisition 3,412      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,584      
Buildings, Improvements & Equipment 10,596      
Total 12,180      
Accumulated Depreciation 3,244      
Continuing Operations | 3501 West 95th Street, Overland Park, KS        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,568      
Buildings, Improvements & Equipment 15,140      
Cost Capitalized Subsequent to Acquisition 13,018      
Impairment 0      
Cost Basis Adjustment (3,523)      
Cost at the end of the period        
Land 2,580      
Buildings, Improvements & Equipment 24,623      
Total 27,203      
Accumulated Depreciation 12,532      
Continuing Operations | 6555 West 75th Street , Overland Park, KS        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,274      
Buildings, Improvements & Equipment 1,126      
Cost Capitalized Subsequent to Acquisition 17,347      
Impairment 0      
Cost Basis Adjustment (1,853)      
Cost at the end of the period        
Land 1,487      
Buildings, Improvements & Equipment 16,407      
Total 17,894      
Accumulated Depreciation 8,906      
Continuing Operations | 981 Campbell Lane, Bowling Green, KY        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 365      
Buildings, Improvements & Equipment 4,345      
Cost Capitalized Subsequent to Acquisition 2,659      
Impairment 0      
Cost Basis Adjustment (297)      
Cost at the end of the period        
Land 365      
Buildings, Improvements & Equipment 6,707      
Total 7,072      
Accumulated Depreciation 3,094      
Continuing Operations | 102 Leonardwood Drive Frankfort, KY        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 560      
Buildings, Improvements & Equipment 8,282      
Cost Capitalized Subsequent to Acquisition 4,787      
Impairment 0      
Cost Basis Adjustment (1,052)      
Cost at the end of the period        
Land 579      
Buildings, Improvements & Equipment 11,998      
Total 12,577      
Accumulated Depreciation 5,361      
Continuing Operations | 4190 Lafayette Road Hopkinsville, KY        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 316      
Buildings, Improvements & Equipment 3,761      
Cost Capitalized Subsequent to Acquisition 1,828      
Impairment 0      
Cost Basis Adjustment (300)      
Cost at the end of the period        
Land 316      
Buildings, Improvements & Equipment 5,289      
Total 5,605      
Accumulated Depreciation 2,566      
Continuing Operations | 690 Mason Headley Road Lexington, KY        
Real Estate And Accumulated Depreciation        
Encumbrances 491      
Initial Cost to Company        
Land 0      
Buildings, Improvements & Equipment 10,848      
Cost Capitalized Subsequent to Acquisition 19,216      
Impairment 0      
Cost Basis Adjustment (1,859)      
Cost at the end of the period        
Land 42      
Buildings, Improvements & Equipment 28,163      
Total 28,205      
Accumulated Depreciation 15,439      
Continuing Operations | 700 Mason Headley Road Lexington, KY        
Real Estate And Accumulated Depreciation        
Encumbrances 122      
Initial Cost to Company        
Land 0      
Buildings, Improvements & Equipment 6,394      
Cost Capitalized Subsequent to Acquisition 10,668      
Impairment 0      
Cost Basis Adjustment (2,081)      
Cost at the end of the period        
Land 52      
Buildings, Improvements & Equipment 14,929      
Total 14,981      
Accumulated Depreciation 7,618      
Continuing Operations | 200 Brookside Drive Louisville, KY        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,524      
Buildings, Improvements & Equipment 20,779      
Cost Capitalized Subsequent to Acquisition 13,980      
Impairment 0      
Cost Basis Adjustment (4,600)      
Cost at the end of the period        
Land 3,549      
Buildings, Improvements & Equipment 30,134      
Total 33,683      
Accumulated Depreciation 16,459      
Continuing Operations | 1517 West Broadway Mayfield, KY        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 268      
Buildings, Improvements & Equipment 2,730      
Cost Capitalized Subsequent to Acquisition 3,070      
Impairment 0      
Cost Basis Adjustment (305)      
Cost at the end of the period        
Land 268      
Buildings, Improvements & Equipment 5,495      
Total 5,763      
Accumulated Depreciation 2,625      
Continuing Operations | 1700 Elmdale Road, Paducah, KY        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 450      
Buildings, Improvements & Equipment 5,358      
Cost Capitalized Subsequent to Acquisition 2,763      
Impairment 0      
Cost Basis Adjustment (550)      
Cost at the end of the period        
Land 451      
Buildings, Improvements & Equipment 7,570      
Total 8,021      
Accumulated Depreciation 3,689      
Continuing Operations | 100 Neighborly Way, Somerset, KY        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 200      
Buildings, Improvements & Equipment 4,919      
Cost Capitalized Subsequent to Acquisition 2,682      
Impairment 0      
Cost Basis Adjustment (116)      
Cost at the end of the period        
Land 200      
Buildings, Improvements & Equipment 7,485      
Total 7,685      
Accumulated Depreciation 3,165      
Continuing Operations | 1295 Boylston Street, Boston, MA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 7,600      
Buildings, Improvements & Equipment 18,140      
Cost Capitalized Subsequent to Acquisition 3,263      
Impairment 0      
Cost Basis Adjustment (109)      
Cost at the end of the period        
Land 7,625      
Buildings, Improvements & Equipment 21,269      
Total 28,894      
Accumulated Depreciation 8,755      
Continuing Operations | 549 Albany Street, Boston, MA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,576      
Buildings, Improvements & Equipment 45,029      
Cost Capitalized Subsequent to Acquisition 29      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 4,569      
Buildings, Improvements & Equipment 45,065      
Total 49,634      
Accumulated Depreciation 13,892      
Continuing Operations | 4 Maguire Road, Lexington, MA        
Real Estate And Accumulated Depreciation        
Encumbrances 24,392      
Initial Cost to Company        
Land 3,600      
Buildings, Improvements & Equipment 15,555      
Cost Capitalized Subsequent to Acquisition 34,959      
Impairment (7,255)      
Cost Basis Adjustment (1,003)      
Cost at the end of the period        
Land 3,884      
Buildings, Improvements & Equipment 41,972      
Total 45,856      
Accumulated Depreciation 12,068      
Continuing Operations | 299 Cambridge Street, Winchester, MA        
Real Estate And Accumulated Depreciation        
Encumbrances 20,795      
Initial Cost to Company        
Land 3,218      
Buildings, Improvements & Equipment 18,988      
Cost Capitalized Subsequent to Acquisition 19,072      
Impairment 0      
Cost Basis Adjustment (3,087)      
Cost at the end of the period        
Land 3,290      
Buildings, Improvements & Equipment 34,901      
Total 38,191      
Accumulated Depreciation 17,013      
Continuing Operations | 2717 Riva Road, Annapolis, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,290      
Buildings, Improvements & Equipment 12,373      
Cost Capitalized Subsequent to Acquisition 4,175      
Impairment 0      
Cost Basis Adjustment (203)      
Cost at the end of the period        
Land 1,290      
Buildings, Improvements & Equipment 16,345      
Total 17,635      
Accumulated Depreciation 6,498      
Continuing Operations | 658 Boulton Street, Bel Air, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,750      
Buildings, Improvements & Equipment 16,504      
Cost Capitalized Subsequent to Acquisition 2      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 4,750      
Buildings, Improvements & Equipment 16,506      
Total 21,256      
Accumulated Depreciation 7,475      
Continuing Operations | 7600 Laurel Bowie Road, Bowie, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 408      
Buildings, Improvements & Equipment 3,421      
Cost Capitalized Subsequent to Acquisition 2,982      
Impairment 0      
Cost Basis Adjustment (568)      
Cost at the end of the period        
Land 408      
Buildings, Improvements & Equipment 5,835      
Total 6,243      
Accumulated Depreciation 2,795      
Continuing Operations | 8100 Connecticut Avenue Chevy Chase, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 15,170      
Buildings, Improvements & Equipment 92,830      
Cost Capitalized Subsequent to Acquisition 22,995      
Impairment 0      
Cost Basis Adjustment (6,799)      
Cost at the end of the period        
Land 15,177      
Buildings, Improvements & Equipment 109,019      
Total 124,196      
Accumulated Depreciation 38,506      
Continuing Operations | 8220 Snowden River Parkway, Columbia, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,390      
Buildings, Improvements & Equipment 10,303      
Cost Capitalized Subsequent to Acquisition 2,576      
Impairment 0      
Cost Basis Adjustment (73)      
Cost at the end of the period        
Land 1,390      
Buildings, Improvements & Equipment 12,806      
Total 14,196      
Accumulated Depreciation 5,291      
Continuing Operations | 700 Port Street , Easton, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 383      
Buildings, Improvements & Equipment 4,555      
Cost Capitalized Subsequent to Acquisition 4,838      
Impairment 0      
Cost Basis Adjustment (912)      
Cost at the end of the period        
Land 394      
Buildings, Improvements & Equipment 8,470      
Total 8,864      
Accumulated Depreciation 4,263      
Continuing Operations | 3004 North Ridge Road , Ellicott City, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 15,368      
Initial Cost to Company        
Land 1,409      
Buildings, Improvements & Equipment 22,691      
Cost Capitalized Subsequent to Acquisition 17,071      
Impairment 0      
Cost Basis Adjustment (4,529)      
Cost at the end of the period        
Land 1,613      
Buildings, Improvements & Equipment 35,029      
Total 36,642      
Accumulated Depreciation 17,156      
Continuing Operations | 1820 Latham Drive , Frederick, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 385      
Buildings, Improvements & Equipment 3,444      
Cost Capitalized Subsequent to Acquisition 2,344      
Impairment 0      
Cost Basis Adjustment (620)      
Cost at the end of the period        
Land 385      
Buildings, Improvements & Equipment 5,168      
Total 5,553      
Accumulated Depreciation 2,638      
Continuing Operations | 2100 Whittier Drive, Frederick, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 17,364      
Initial Cost to Company        
Land 1,260      
Buildings, Improvements & Equipment 9,464      
Cost Capitalized Subsequent to Acquisition 4,238      
Impairment 0      
Cost Basis Adjustment (555)      
Cost at the end of the period        
Land 1,260      
Buildings, Improvements & Equipment 13,147      
Total 14,407      
Accumulated Depreciation 5,664      
Continuing Operations | 10116 Sharpsburg Pike, Hagerstown, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 14,224      
Initial Cost to Company        
Land 1,040      
Buildings, Improvements & Equipment 7,471      
Cost Capitalized Subsequent to Acquisition 6,628      
Impairment 0      
Cost Basis Adjustment (830)      
Cost at the end of the period        
Land 1,044      
Buildings, Improvements & Equipment 13,265      
Total 14,309      
Accumulated Depreciation 5,862      
Continuing Operations | 715 Benfield Road, Severna Park, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 229      
Buildings, Improvements & Equipment 9,798      
Cost Capitalized Subsequent to Acquisition 4,483      
Impairment 0      
Cost Basis Adjustment (1,578)      
Cost at the end of the period        
Land 246      
Buildings, Improvements & Equipment 12,686      
Total 12,932      
Accumulated Depreciation 6,553      
Continuing Operations | 14400 Homecrest Road , Silver Spring, MD        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,200      
Buildings, Improvements & Equipment 9,288      
Cost Capitalized Subsequent to Acquisition 12,384      
Impairment 0      
Cost Basis Adjustment (2,079)      
Cost at the end of the period        
Land 1,207      
Buildings, Improvements & Equipment 19,586      
Total 20,793      
Accumulated Depreciation 8,951      
Continuing Operations | 8301 Golden Valley Road, Golden Valley, MN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,256      
Buildings, Improvements & Equipment 4,680      
Cost Capitalized Subsequent to Acquisition 3,969      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,318      
Buildings, Improvements & Equipment 8,587      
Total 9,905      
Accumulated Depreciation 1,806      
Continuing Operations | 8401 Golden Valley Road, Golden Valley, MN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,510      
Buildings, Improvements & Equipment 5,742      
Cost Capitalized Subsequent to Acquisition 3,577      
Impairment 0      
Cost Basis Adjustment (52)      
Cost at the end of the period        
Land 1,572      
Buildings, Improvements & Equipment 9,205      
Total 10,777      
Accumulated Depreciation 3,093      
Continuing Operations | 8501 Golden Valley Road, Golden Valley, MN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,263      
Buildings, Improvements & Equipment 4,288      
Cost Capitalized Subsequent to Acquisition 2,392      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,324      
Buildings, Improvements & Equipment 6,619      
Total 7,943      
Accumulated Depreciation 2,108      
Continuing Operations | 1201 Northland Drive, Mendota Heights, MN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,220      
Buildings, Improvements & Equipment 10,208      
Cost Capitalized Subsequent to Acquisition 1,294      
Impairment 0      
Cost Basis Adjustment (771)      
Cost at the end of the period        
Land 1,496      
Buildings, Improvements & Equipment 10,455      
Total 11,951      
Accumulated Depreciation 4,088      
Continuing Operations | 12700 Whitewater Drive, Minnetonka, MN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 5,453      
Buildings, Improvements & Equipment 8,108      
Cost Capitalized Subsequent to Acquisition 8,578      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 5,453      
Buildings, Improvements & Equipment 16,686      
Total 22,139      
Accumulated Depreciation 6,749      
Continuing Operations | 20600 South Diamond Lake Road, Rogers, MN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,760      
Buildings, Improvements & Equipment 45,789      
Cost Capitalized Subsequent to Acquisition 5,193      
Impairment (20,359)      
Cost Basis Adjustment (16,234)      
Cost at the end of the period        
Land 1,195      
Buildings, Improvements & Equipment 15,954      
Total 17,149      
Accumulated Depreciation 7,022      
Continuing Operations | 5351 Gretna Road, Branson, MO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 743      
Buildings, Improvements & Equipment 10,973      
Cost Capitalized Subsequent to Acquisition 2,004      
Impairment 0      
Cost Basis Adjustment (288)      
Cost at the end of the period        
Land 754      
Buildings, Improvements & Equipment 12,678      
Total 13,432      
Accumulated Depreciation 3,898      
Continuing Operations | 845 N New Ballas Court, Creve Coeur, MO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,582      
Buildings, Improvements & Equipment 16,328      
Cost Capitalized Subsequent to Acquisition 4,575      
Impairment 0      
Cost Basis Adjustment (91)      
Cost at the end of the period        
Land 2,466      
Buildings, Improvements & Equipment 19,928      
Total 22,394      
Accumulated Depreciation 4,603      
Continuing Operations | 3828 College View Drive, Joplin, MO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 260      
Buildings, Improvements & Equipment 11,382      
Cost Capitalized Subsequent to Acquisition 2,601      
Impairment 0      
Cost Basis Adjustment (1,219)      
Cost at the end of the period        
Land 260      
Buildings, Improvements & Equipment 12,764      
Total 13,024      
Accumulated Depreciation 4,379      
Continuing Operations | 640 E Highland Avenue, Nevada, MO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 311      
Buildings, Improvements & Equipment 5,703      
Cost Capitalized Subsequent to Acquisition 1,018      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 311      
Buildings, Improvements & Equipment 6,721      
Total 7,032      
Accumulated Depreciation 2,184      
Continuing Operations | 2410 W. Chesterfield Blvd, Springfield, MO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 924      
Buildings, Improvements & Equipment 12,772      
Cost Capitalized Subsequent to Acquisition 1,663      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 924      
Buildings, Improvements & Equipment 14,435      
Total 15,359      
Accumulated Depreciation 4,448      
Continuing Operations | 3540 East Cherokee Street, Springfield, MO        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,084      
Buildings, Improvements & Equipment 11,339      
Cost Capitalized Subsequent to Acquisition 1,776      
Impairment 0      
Cost Basis Adjustment (232)      
Cost at the end of the period        
Land 1,129      
Buildings, Improvements & Equipment 12,838      
Total 13,967      
Accumulated Depreciation 4,147      
Continuing Operations | 118 Alamance Road, Burlington, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 13,792      
Initial Cost to Company        
Land 575      
Buildings, Improvements & Equipment 9,697      
Cost Capitalized Subsequent to Acquisition 3,625      
Impairment 0      
Cost Basis Adjustment (863)      
Cost at the end of the period        
Land 575      
Buildings, Improvements & Equipment 12,459      
Total 13,034      
Accumulated Depreciation 4,392      
Continuing Operations | 1050 Crescent Green Drive, Cary, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 713      
Buildings, Improvements & Equipment 4,628      
Cost Capitalized Subsequent to Acquisition 5,706      
Impairment 0      
Cost Basis Adjustment (1,586)      
Cost at the end of the period        
Land 713      
Buildings, Improvements & Equipment 8,748      
Total 9,461      
Accumulated Depreciation 4,068      
Continuing Operations | 2101 Runnymede Lane, Charlotte, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,475      
Buildings, Improvements & Equipment 11,451      
Cost Capitalized Subsequent to Acquisition 3,747      
Impairment 0      
Cost Basis Adjustment (1,615)      
Cost at the end of the period        
Land 2,458      
Buildings, Improvements & Equipment 13,600      
Total 16,058      
Accumulated Depreciation 4,867      
Continuing Operations | 5920 McChesney Drive & 6101 Clarke Creek Parkway, Charlotte, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,320      
Buildings, Improvements & Equipment 21,750      
Cost Capitalized Subsequent to Acquisition 5,940      
Impairment 0      
Cost Basis Adjustment (1,677)      
Cost at the end of the period        
Land 1,320      
Buildings, Improvements & Equipment 26,013      
Total 27,333      
Accumulated Depreciation 10,165      
Continuing Operations | 500 Penny Lane, Concord, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 12,807      
Initial Cost to Company        
Land 1,687      
Buildings, Improvements & Equipment 17,603      
Cost Capitalized Subsequent to Acquisition 2,580      
Impairment 0      
Cost Basis Adjustment (1,268)      
Cost at the end of the period        
Land 1,687      
Buildings, Improvements & Equipment 18,915      
Total 20,602      
Accumulated Depreciation 4,870      
Continuing Operations | 1002 State Highway 54, Durham, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 595      
Buildings, Improvements & Equipment 5,200      
Cost Capitalized Subsequent to Acquisition 1,892      
Impairment 0      
Cost Basis Adjustment (212)      
Cost at the end of the period        
Land 595      
Buildings, Improvements & Equipment 6,880      
Total 7,475      
Accumulated Depreciation 2,642      
Continuing Operations | 5213 South Alston Avenue, Durham, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,093      
Buildings, Improvements & Equipment 31,377      
Cost Capitalized Subsequent to Acquisition 560      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,093      
Buildings, Improvements & Equipment 31,937      
Total 33,030      
Accumulated Depreciation 8,715      
Continuing Operations | 2755 Union Road, Gastonia, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 9,389      
Initial Cost to Company        
Land 1,104      
Buildings, Improvements & Equipment 17,834      
Cost Capitalized Subsequent to Acquisition 3,097      
Impairment 0      
Cost Basis Adjustment (1,591)      
Cost at the end of the period        
Land 1,104      
Buildings, Improvements & Equipment 19,340      
Total 20,444      
Accumulated Depreciation 4,707      
Continuing Operations | 1001 Phifer Road, Kings Mountain, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 655      
Buildings, Improvements & Equipment 8,283      
Cost Capitalized Subsequent to Acquisition 2,456      
Impairment 0      
Cost Basis Adjustment (574)      
Cost at the end of the period        
Land 657      
Buildings, Improvements & Equipment 10,163      
Total 10,820      
Accumulated Depreciation 3,906      
Continuing Operations | 128 Brawley School, Mooresville, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 595      
Buildings, Improvements & Equipment 7,305      
Cost Capitalized Subsequent to Acquisition 2,441      
Impairment 0      
Cost Basis Adjustment (467)      
Cost at the end of the period        
Land 613      
Buildings, Improvements & Equipment 9,261      
Total 9,874      
Accumulated Depreciation 3,474      
Continuing Operations | 1309 , 1321 and 1325 McCarthy Boulevard, New Bern, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,245      
Buildings, Improvements & Equipment 20,898      
Cost Capitalized Subsequent to Acquisition 5,383      
Impairment 0      
Cost Basis Adjustment (788)      
Cost at the end of the period        
Land 1,245      
Buildings, Improvements & Equipment 25,493      
Total 26,738      
Accumulated Depreciation 9,183      
Continuing Operations | 13150 & 13180 Dorman Road, Pineville, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,180      
Buildings, Improvements & Equipment 22,800      
Cost Capitalized Subsequent to Acquisition 6,312      
Impairment 0      
Cost Basis Adjustment (1,758)      
Cost at the end of the period        
Land 1,180      
Buildings, Improvements & Equipment 27,354      
Total 28,534      
Accumulated Depreciation 10,725      
Continuing Operations | 801 Dixie Trail, Raleigh, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,233      
Buildings, Improvements & Equipment 17,788      
Cost Capitalized Subsequent to Acquisition 2,752      
Impairment 0      
Cost Basis Adjustment (1,307)      
Cost at the end of the period        
Land 3,236      
Buildings, Improvements & Equipment 19,230      
Total 22,466      
Accumulated Depreciation 5,175      
Continuing Operations | 2744 South 17th Street, Wilmington, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,134      
Buildings, Improvements & Equipment 14,771      
Cost Capitalized Subsequent to Acquisition 3,551      
Impairment 0      
Cost Basis Adjustment (1,621)      
Cost at the end of the period        
Land 1,139      
Buildings, Improvements & Equipment 16,696      
Total 17,835      
Accumulated Depreciation 4,371      
Continuing Operations | 1730 Parkwood Boulevard West, Wilson, NC        
Real Estate And Accumulated Depreciation        
Encumbrances 8,744      
Initial Cost to Company        
Land 610      
Buildings, Improvements & Equipment 14,787      
Cost Capitalized Subsequent to Acquisition 3,322      
Impairment 0      
Cost Basis Adjustment (734)      
Cost at the end of the period        
Land 610      
Buildings, Improvements & Equipment 17,375      
Total 17,985      
Accumulated Depreciation 6,428      
Continuing Operations | 17007 Elm Plaza, Omaha, NE        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,680      
Buildings, Improvements & Equipment 22,022      
Cost Capitalized Subsequent to Acquisition 0      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 4,680      
Buildings, Improvements & Equipment 22,022      
Total 26,702      
Accumulated Depreciation 9,564      
Continuing Operations | 3030 South 80th Street, Omaha, NE        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 650      
Buildings, Improvements & Equipment 5,850      
Cost Capitalized Subsequent to Acquisition 2,706      
Impairment 0      
Cost Basis Adjustment (582)      
Cost at the end of the period        
Land 650      
Buildings, Improvements & Equipment 7,974      
Total 8,624      
Accumulated Depreciation 3,776      
Continuing Operations | 1400 Route 70, Lakewood, NJ        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,885      
Buildings, Improvements & Equipment 28,803      
Cost Capitalized Subsequent to Acquisition 21,796      
Impairment 0      
Cost Basis Adjustment (4,486)      
Cost at the end of the period        
Land 4,905      
Buildings, Improvements & Equipment 46,093      
Total 50,998      
Accumulated Depreciation 22,261      
Continuing Operations | 2 Hillside Drive, Mt. Arlington, NJ        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,375      
Buildings, Improvements & Equipment 11,232      
Cost Capitalized Subsequent to Acquisition 3,054      
Impairment 0      
Cost Basis Adjustment (773)      
Cost at the end of the period        
Land 1,393      
Buildings, Improvements & Equipment 13,495      
Total 14,888      
Accumulated Depreciation 7,152      
Continuing Operations | 655 Pomander Walk, Teaneck, NJ        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,950      
Buildings, Improvements & Equipment 44,550      
Cost Capitalized Subsequent to Acquisition 20,114      
Impairment 0      
Cost Basis Adjustment (5,283)      
Cost at the end of the period        
Land 4,984      
Buildings, Improvements & Equipment 59,347      
Total 64,331      
Accumulated Depreciation 18,322      
Continuing Operations | 10500 Academy Road NE, Albuquerque, NM        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,828      
Buildings, Improvements & Equipment 22,572      
Cost Capitalized Subsequent to Acquisition 13,799      
Impairment 0      
Cost Basis Adjustment (3,286)      
Cost at the end of the period        
Land 3,828      
Buildings, Improvements & Equipment 33,085      
Total 36,913      
Accumulated Depreciation 16,577      
Continuing Operations | 4100 Prospect Avenue NE, Albuquerque, NM        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 540      
Buildings, Improvements & Equipment 10,105      
Cost Capitalized Subsequent to Acquisition 8      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 540      
Buildings, Improvements & Equipment 10,113      
Total 10,653      
Accumulated Depreciation 4,601      
Continuing Operations | 4300 Landau Street NE, Albuquerque, NM        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,060      
Buildings, Improvements & Equipment 9,875      
Cost Capitalized Subsequent to Acquisition 8      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,060      
Buildings, Improvements & Equipment 9,883      
Total 10,943      
Accumulated Depreciation 4,497      
Continuing Operations | 4411 The 25 Way, Albuquerque, NM        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,480      
Buildings, Improvements & Equipment 25,245      
Cost Capitalized Subsequent to Acquisition 7,146      
Impairment 0      
Cost Basis Adjustment (2,194)      
Cost at the end of the period        
Land 4,270      
Buildings, Improvements & Equipment 29,407      
Total 33,677      
Accumulated Depreciation 11,576      
Continuing Operations | 4420 The 25 Way, Albuquerque, NM        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,430      
Buildings, Improvements & Equipment 2,609      
Cost Capitalized Subsequent to Acquisition 1,559      
Impairment 0      
Cost Basis Adjustment (152)      
Cost at the end of the period        
Land 1,751      
Buildings, Improvements & Equipment 3,695      
Total 5,446      
Accumulated Depreciation 1,548      
Continuing Operations | 9190 Coors Boulevard NW, Albuquerque, NM        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,660      
Buildings, Improvements & Equipment 9,173      
Cost Capitalized Subsequent to Acquisition 8      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,660      
Buildings, Improvements & Equipment 9,181      
Total 10,841      
Accumulated Depreciation 4,177      
Continuing Operations | 2200 East Long Street, Carson City, NV        
Real Estate And Accumulated Depreciation        
Encumbrances 12,130      
Initial Cost to Company        
Land 622      
Buildings, Improvements & Equipment 17,900      
Cost Capitalized Subsequent to Acquisition 2,214      
Impairment 0      
Cost Basis Adjustment (477)      
Cost at the end of the period        
Land 622      
Buildings, Improvements & Equipment 19,637      
Total 20,259      
Accumulated Depreciation 5,888      
Continuing Operations | 3201 Plumas Street, Reno, NV        
Real Estate And Accumulated Depreciation        
Encumbrances 26,369      
Initial Cost to Company        
Land 2,420      
Buildings, Improvements & Equipment 49,580      
Cost Capitalized Subsequent to Acquisition 11,630      
Impairment 0      
Cost Basis Adjustment (2,193)      
Cost at the end of the period        
Land 2,420      
Buildings, Improvements & Equipment 59,017      
Total 61,437      
Accumulated Depreciation 21,110      
Continuing Operations | 200 Old County Road, Mineola, NY        
Real Estate And Accumulated Depreciation        
Encumbrances 21,796      
Initial Cost to Company        
Land 4,920      
Buildings, Improvements & Equipment 24,056      
Cost Capitalized Subsequent to Acquisition 18,939      
Impairment 0      
Cost Basis Adjustment (2,353)      
Cost at the end of the period        
Land 4,920      
Buildings, Improvements & Equipment 40,642      
Total 45,562      
Accumulated Depreciation 14,953      
Continuing Operations | 537 Riverdale Avenue, Yonkers, NY        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 8,460      
Buildings, Improvements & Equipment 90,561      
Cost Capitalized Subsequent to Acquisition 22,288      
Impairment 0      
Cost Basis Adjustment (7,479)      
Cost at the end of the period        
Land 8,465      
Buildings, Improvements & Equipment 105,365      
Total 113,830      
Accumulated Depreciation 34,912      
Continuing Operations | 4590 Knightsbridge Boulevard, Columbus, OH        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,623      
Buildings, Improvements & Equipment 27,778      
Cost Capitalized Subsequent to Acquisition 25,274      
Impairment 0      
Cost Basis Adjustment (5,240)      
Cost at the end of the period        
Land 3,732      
Buildings, Improvements & Equipment 47,703      
Total 51,435      
Accumulated Depreciation 23,680      
Continuing Operations | 3929 Hoover Road, Grove City, OH        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 332      
Buildings, Improvements & Equipment 3,081      
Cost Capitalized Subsequent to Acquisition 1,015      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 332      
Buildings, Improvements & Equipment 4,096      
Total 4,428      
Accumulated Depreciation 3,010      
Continuing Operations | 7555 Innovation Way, Mason, OH        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,025      
Buildings, Improvements & Equipment 12,883      
Cost Capitalized Subsequent to Acquisition 0      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,025      
Buildings, Improvements & Equipment 12,883      
Total 13,908      
Accumulated Depreciation 2,978      
Continuing Operations | 8709 S.E. Causey Avenue, Portland, OR        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,303      
Buildings, Improvements & Equipment 77,428      
Cost Capitalized Subsequent to Acquisition 8,905      
Impairment (26,073)      
Cost Basis Adjustment (10,649)      
Cost at the end of the period        
Land 2,201      
Buildings, Improvements & Equipment 50,713      
Total 52,914      
Accumulated Depreciation 9,941      
Continuing Operations | 71 Darlington Road, Beaver Falls, PA        
Real Estate And Accumulated Depreciation        
Encumbrances 9,544      
Initial Cost to Company        
Land 1,500      
Buildings, Improvements & Equipment 13,500      
Cost Capitalized Subsequent to Acquisition 3,888      
Impairment 0      
Cost Basis Adjustment (1,042)      
Cost at the end of the period        
Land 1,523      
Buildings, Improvements & Equipment 16,323      
Total 17,846      
Accumulated Depreciation 7,473      
Continuing Operations | 950 Morgan Highway, Clarks Summit, PA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,001      
Buildings, Improvements & Equipment 8,233      
Cost Capitalized Subsequent to Acquisition 3,235      
Impairment 0      
Cost Basis Adjustment (352)      
Cost at the end of the period        
Land 1,017      
Buildings, Improvements & Equipment 11,100      
Total 12,117      
Accumulated Depreciation 5,337      
Continuing Operations | 600 N. Pottstown Pike, Exton, PA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,001      
Buildings, Improvements & Equipment 8,233      
Cost Capitalized Subsequent to Acquisition 4,184      
Impairment 0      
Cost Basis Adjustment (569)      
Cost at the end of the period        
Land 1,001      
Buildings, Improvements & Equipment 11,848      
Total 12,849      
Accumulated Depreciation 5,790      
Continuing Operations | 242 Baltimore Pike, Glen Mills, PA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,001      
Buildings, Improvements & Equipment 8,233      
Cost Capitalized Subsequent to Acquisition 4,605      
Impairment 0      
Cost Basis Adjustment (382)      
Cost at the end of the period        
Land 1,001      
Buildings, Improvements & Equipment 12,456      
Total 13,457      
Accumulated Depreciation 5,719      
Continuing Operations | 20 Capital Drive, Harrisburg, PA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 397      
Buildings, Improvements & Equipment 9,333      
Cost Capitalized Subsequent to Acquisition 36      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 397      
Buildings, Improvements & Equipment 9,369      
Total 9,766      
Accumulated Depreciation 2,559      
Continuing Operations | 210 Mall Boulevard, King of Prussia, PA        
Real Estate And Accumulated Depreciation        
Encumbrances 3,184      
Initial Cost to Company        
Land 1,540      
Buildings, Improvements & Equipment 4,743      
Cost Capitalized Subsequent to Acquisition 2,841      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,952      
Buildings, Improvements & Equipment 7,172      
Total 9,124      
Accumulated Depreciation 3,444      
Continuing Operations | 800 Manor Drive, New Britain (Chalfont), PA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 979      
Buildings, Improvements & Equipment 8,052      
Cost Capitalized Subsequent to Acquisition 3,727      
Impairment 0      
Cost Basis Adjustment (695)      
Cost at the end of the period        
Land 981      
Buildings, Improvements & Equipment 11,082      
Total 12,063      
Accumulated Depreciation 5,699      
Continuing Operations | 5750 Centre Avenue, Pittsburgh, PA        
Real Estate And Accumulated Depreciation        
Encumbrances 6,514      
Initial Cost to Company        
Land 3,000      
Buildings, Improvements & Equipment 11,828      
Cost Capitalized Subsequent to Acquisition 6,056      
Impairment 0      
Cost Basis Adjustment (1,093)      
Cost at the end of the period        
Land 3,788      
Buildings, Improvements & Equipment 16,003      
Total 19,791      
Accumulated Depreciation 7,289      
Continuing Operations | 700 Northampton Street, Tiffany Court (Kingston), PA        
Real Estate And Accumulated Depreciation        
Encumbrances 8,097      
Initial Cost to Company        
Land 0      
Buildings, Improvements & Equipment 5,682      
Cost Capitalized Subsequent to Acquisition 3,821      
Impairment 0      
Cost Basis Adjustment (687)      
Cost at the end of the period        
Land 0      
Buildings, Improvements & Equipment 8,816      
Total 8,816      
Accumulated Depreciation 4,041      
Continuing Operations | 5250 Meadowgreen Drive, Whitehall, PA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,599      
Buildings, Improvements & Equipment 14,401      
Cost Capitalized Subsequent to Acquisition 5,348      
Impairment 0      
Cost Basis Adjustment (1,613)      
Cost at the end of the period        
Land 1,599      
Buildings, Improvements & Equipment 18,136      
Total 19,735      
Accumulated Depreciation 8,562      
Continuing Operations | 1304 McLees Road, Anderson, SC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 295      
Buildings, Improvements & Equipment 3,509      
Cost Capitalized Subsequent to Acquisition 2,256      
Impairment 0      
Cost Basis Adjustment (394)      
Cost at the end of the period        
Land 295      
Buildings, Improvements & Equipment 5,371      
Total 5,666      
Accumulated Depreciation 2,564      
Continuing Operations | 719 Kershaw Highway, Camden, SC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 322      
Buildings, Improvements & Equipment 3,697      
Cost Capitalized Subsequent to Acquisition 2,519      
Impairment 0      
Cost Basis Adjustment (746)      
Cost at the end of the period        
Land 324      
Buildings, Improvements & Equipment 5,468      
Total 5,792      
Accumulated Depreciation 2,790      
Continuing Operations | 1901 West Carolina, Hartsville, SC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 401      
Buildings, Improvements & Equipment 4,775      
Cost Capitalized Subsequent to Acquisition 3,243      
Impairment 0      
Cost Basis Adjustment (515)      
Cost at the end of the period        
Land 401      
Buildings, Improvements & Equipment 7,503      
Total 7,904      
Accumulated Depreciation 3,314      
Continuing Operations | 218 Old Chapin Road, Lexington, SC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 363      
Buildings, Improvements & Equipment 4,322      
Cost Capitalized Subsequent to Acquisition 2,233      
Impairment 0      
Cost Basis Adjustment (528)      
Cost at the end of the period        
Land 363      
Buildings, Improvements & Equipment 6,027      
Total 6,390      
Accumulated Depreciation 3,027      
Continuing Operations | 491 Highway 17, Little River, SC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 750      
Buildings, Improvements & Equipment 9,018      
Cost Capitalized Subsequent to Acquisition 3,455      
Impairment 0      
Cost Basis Adjustment (774)      
Cost at the end of the period        
Land 750      
Buildings, Improvements & Equipment 11,699      
Total 12,449      
Accumulated Depreciation 4,552      
Continuing Operations | 601 Mathis Ferry Road        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,687      
Buildings, Improvements & Equipment 12,612      
Cost Capitalized Subsequent to Acquisition 706      
Impairment (10,794)      
Cost Basis Adjustment (2,021)      
Cost at the end of the period        
Land 2,190      
Buildings, Improvements & Equipment 0      
Total 2,190      
Accumulated Depreciation 0      
Continuing Operations | 937 Bowman road, Mt. Pleasant, SC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,898      
Buildings, Improvements & Equipment 31,613      
Cost Capitalized Subsequent to Acquisition 16,234      
Impairment 0      
Cost Basis Adjustment (4,842)      
Cost at the end of the period        
Land 3,830      
Buildings, Improvements & Equipment 43,073      
Total 46,903      
Accumulated Depreciation 13,398      
Continuing Operations | Highway17 North9547 Myrtle Beach S C 1        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 543      
Buildings, Improvements & Equipment 3,202      
Cost Capitalized Subsequent to Acquisition 13,085      
Impairment (3,192)      
Cost Basis Adjustment (4,490)      
Cost at the end of the period        
Land 333      
Buildings, Improvements & Equipment 8,815      
Total 9,148      
Accumulated Depreciation 2,735      
Continuing Operations | 2306 Riverbank Drive, Orangeburg, SC        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 303      
Buildings, Improvements & Equipment 3,607      
Cost Capitalized Subsequent to Acquisition 2,089      
Impairment 0      
Cost Basis Adjustment (436)      
Cost at the end of the period        
Land 303      
Buildings, Improvements & Equipment 5,260      
Total 5,563      
Accumulated Depreciation 2,699      
Continuing Operations | 6716 Nolensville Road, Brentwood, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,528      
Buildings, Improvements & Equipment 6,037      
Cost Capitalized Subsequent to Acquisition 624      
Impairment 0      
Cost Basis Adjustment (165)      
Cost at the end of the period        
Land 1,528      
Buildings, Improvements & Equipment 6,496      
Total 8,024      
Accumulated Depreciation 2,074      
Continuing Operations | 207 Uffelman Drive, Clarksville, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 320      
Buildings, Improvements & Equipment 2,994      
Cost Capitalized Subsequent to Acquisition 2,982      
Impairment 0      
Cost Basis Adjustment (222)      
Cost at the end of the period        
Land 320      
Buildings, Improvements & Equipment 5,754      
Total 6,074      
Accumulated Depreciation 2,370      
Continuing Operations | 51 Patel Way, Clarksville, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 800      
Buildings, Improvements & Equipment 10,322      
Cost Capitalized Subsequent to Acquisition 9,977      
Impairment 0      
Cost Basis Adjustment (1,409)      
Cost at the end of the period        
Land 833      
Buildings, Improvements & Equipment 18,857      
Total 19,690      
Accumulated Depreciation 6,322      
Continuing Operations | 2900 Westside Drive, Cleveland, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 305      
Buildings, Improvements & Equipment 3,627      
Cost Capitalized Subsequent to Acquisition 3,025      
Impairment 0      
Cost Basis Adjustment (496)      
Cost at the end of the period        
Land 305      
Buildings, Improvements & Equipment 6,156      
Total 6,461      
Accumulated Depreciation 2,760      
Continuing Operations | 1010 East Spring Street, Cookeville, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 322      
Buildings, Improvements & Equipment 3,828      
Cost Capitalized Subsequent to Acquisition 2,484      
Impairment 0      
Cost Basis Adjustment (540)      
Cost at the end of the period        
Land 322      
Buildings, Improvements & Equipment 5,772      
Total 6,094      
Accumulated Depreciation 2,724      
Continuing Operations | 105 Sunrise Circle, Franklin, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 322      
Buildings, Improvements & Equipment 3,833      
Cost Capitalized Subsequent to Acquisition 1,905      
Impairment 0      
Cost Basis Adjustment (402)      
Cost at the end of the period        
Land 329      
Buildings, Improvements & Equipment 5,329      
Total 5,658      
Accumulated Depreciation 2,636      
Continuing Operations | 1085 Hartsville Pike, Gallatin, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 280      
Buildings, Improvements & Equipment 3,327      
Cost Capitalized Subsequent to Acquisition 2,561      
Impairment 0      
Cost Basis Adjustment (284)      
Cost at the end of the period        
Land 282      
Buildings, Improvements & Equipment 5,602      
Total 5,884      
Accumulated Depreciation 2,623      
Continuing Operations | 1200 North Parkway, Jackson, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 295      
Buildings, Improvements & Equipment 3,506      
Cost Capitalized Subsequent to Acquisition 2,122      
Impairment 0      
Cost Basis Adjustment (300)      
Cost at the end of the period        
Land 299      
Buildings, Improvements & Equipment 5,324      
Total 5,623      
Accumulated Depreciation 2,452      
Continuing Operations | 550 Deer View Way, Jefferson City, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 940      
Buildings, Improvements & Equipment 8,057      
Cost Capitalized Subsequent to Acquisition 2,799      
Impairment 0      
Cost Basis Adjustment (626)      
Cost at the end of the period        
Land 948      
Buildings, Improvements & Equipment 10,222      
Total 11,170      
Accumulated Depreciation 3,292      
Continuing Operations | 10914 Kingston Pike, Knoxville, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 4,043      
Initial Cost to Company        
Land 613      
Buildings, Improvements & Equipment 12,410      
Cost Capitalized Subsequent to Acquisition 1,876      
Impairment 0      
Cost Basis Adjustment (1,116)      
Cost at the end of the period        
Land 617      
Buildings, Improvements & Equipment 13,166      
Total 13,783      
Accumulated Depreciation 2,733      
Continuing Operations | 3030 Holbrook Drive, Knoxville, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 352      
Buildings, Improvements & Equipment 7,128      
Cost Capitalized Subsequent to Acquisition 2,660      
Impairment 0      
Cost Basis Adjustment (815)      
Cost at the end of the period        
Land 360      
Buildings, Improvements & Equipment 8,965      
Total 9,325      
Accumulated Depreciation 1,844      
Continuing Operations | 100 Chatuga Drive West, Loudon, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 13,434      
Initial Cost to Company        
Land 580      
Buildings, Improvements & Equipment 16,093      
Cost Capitalized Subsequent to Acquisition 34,049      
Impairment 0      
Cost Basis Adjustment (1,714)      
Cost at the end of the period        
Land 1,094      
Buildings, Improvements & Equipment 47,914      
Total 49,008      
Accumulated Depreciation 5,937      
Continuing Operations | 350 Volunteer Drive, Paris, TN        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 110      
Buildings, Improvements & Equipment 12,100      
Cost Capitalized Subsequent to Acquisition 2,444      
Impairment 0      
Cost Basis Adjustment (905)      
Cost at the end of the period        
Land 110      
Buildings, Improvements & Equipment 13,639      
Total 13,749      
Accumulated Depreciation 3,547      
Continuing Operations | 971 State Hwy 121, Allen, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,590      
Buildings, Improvements & Equipment 17,912      
Cost Capitalized Subsequent to Acquisition 0      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 2,590      
Buildings, Improvements & Equipment 17,912      
Total 20,502      
Accumulated Depreciation 7,779      
Continuing Operations | 6818 Austin Center Blvd, Austin, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,540      
Buildings, Improvements & Equipment 27,467      
Cost Capitalized Subsequent to Acquisition 4,419      
Impairment 0      
Cost Basis Adjustment (1,017)      
Cost at the end of the period        
Land 1,709      
Buildings, Improvements & Equipment 30,700      
Total 32,409      
Accumulated Depreciation 13,142      
Continuing Operations | 7600 Capital Texas Highway, Austin, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 300      
Buildings, Improvements & Equipment 4,557      
Cost Capitalized Subsequent to Acquisition 1,784      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 300      
Buildings, Improvements & Equipment 6,341      
Total 6,641      
Accumulated Depreciation 2,510      
Continuing Operations | 4620 Bellaire Boulevard, Bellaire, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,238      
Buildings, Improvements & Equipment 11,010      
Cost Capitalized Subsequent to Acquisition 7,519      
Impairment 0      
Cost Basis Adjustment (1,860)      
Cost at the end of the period        
Land 1,325      
Buildings, Improvements & Equipment 16,582      
Total 17,907      
Accumulated Depreciation 11,047      
Continuing Operations | 120 Crosspoint Drive, Boerne, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 220      
Buildings, Improvements & Equipment 4,926      
Cost Capitalized Subsequent to Acquisition 2,087      
Impairment 0      
Cost Basis Adjustment (188)      
Cost at the end of the period        
Land 227      
Buildings, Improvements & Equipment 6,818      
Total 7,045      
Accumulated Depreciation 2,966      
Continuing Operations | 4015 Interstate 45, Conroe , TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 620      
Buildings, Improvements & Equipment 14,074      
Cost Capitalized Subsequent to Acquisition 2,524      
Impairment 0      
Cost Basis Adjustment (447)      
Cost at the end of the period        
Land 620      
Buildings, Improvements & Equipment 16,151      
Total 16,771      
Accumulated Depreciation 6,298      
Continuing Operations | 5455 La Sierra Drive, Dallas, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,300      
Buildings, Improvements & Equipment 25,200      
Cost Capitalized Subsequent to Acquisition 12,701      
Impairment 0      
Cost Basis Adjustment (3,714)      
Cost at the end of the period        
Land 2,324      
Buildings, Improvements & Equipment 34,163      
Total 36,487      
Accumulated Depreciation 12,680      
Continuing Operations | 7831 Park Lane, Dallas, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,709      
Buildings, Improvements & Equipment 27,768      
Cost Capitalized Subsequent to Acquisition 28,064      
Impairment 0      
Cost Basis Adjustment (4,876)      
Cost at the end of the period        
Land 5,432      
Buildings, Improvements & Equipment 50,233      
Total 55,665      
Accumulated Depreciation 25,772      
Continuing Operations | 1575 Belvidere, El Paso, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,301      
Buildings, Improvements & Equipment 13,567      
Cost Capitalized Subsequent to Acquisition 16,798      
Impairment 0      
Cost Basis Adjustment (2,201)      
Cost at the end of the period        
Land 2,316      
Buildings, Improvements & Equipment 28,149      
Total 30,465      
Accumulated Depreciation 12,937      
Continuing Operations | 96 Frederick Road, Fredericksburg, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 6,527      
Initial Cost to Company        
Land 280      
Buildings, Improvements & Equipment 4,866      
Cost Capitalized Subsequent to Acquisition 7,165      
Impairment 0      
Cost Basis Adjustment (303)      
Cost at the end of the period        
Land 280      
Buildings, Improvements & Equipment 11,728      
Total 12,008      
Accumulated Depreciation 4,333      
Continuing Operations | 13215 Dotson Road, Houston, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 990      
Buildings, Improvements & Equipment 13,887      
Cost Capitalized Subsequent to Acquisition 3,128      
Impairment 0      
Cost Basis Adjustment (852)      
Cost at the end of the period        
Land 1,234      
Buildings, Improvements & Equipment 15,919      
Total 17,153      
Accumulated Depreciation 5,483      
Continuing Operations | 777 North Post Oak Road, Houston, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 5,537      
Buildings, Improvements & Equipment 32,647      
Cost Capitalized Subsequent to Acquisition 45,313      
Impairment 0      
Cost Basis Adjustment (7,879)      
Cost at the end of the period        
Land 5,540      
Buildings, Improvements & Equipment 70,078      
Total 75,618      
Accumulated Depreciation 31,329      
Continuing Operations | 9812 Slide Road, Lubbock, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,110      
Buildings, Improvements & Equipment 9,798      
Cost Capitalized Subsequent to Acquisition 1,201      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,110      
Buildings, Improvements & Equipment 10,999      
Total 12,109      
Accumulated Depreciation 4,093      
Continuing Operations | 605 Gateway Central, Marbel Falls, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,440      
Buildings, Improvements & Equipment 7,125      
Cost Capitalized Subsequent to Acquisition 3,010      
Impairment 0      
Cost Basis Adjustment (941)      
Cost at the end of the period        
Land 1,440      
Buildings, Improvements & Equipment 9,194      
Total 10,634      
Accumulated Depreciation 3,333      
Continuing Operations | 7150 N. President George Bush Turnpike, North Garland, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,981      
Buildings, Improvements & Equipment 8,548      
Cost Capitalized Subsequent to Acquisition 2,144      
Impairment (346)      
Cost Basis Adjustment (1,785)      
Cost at the end of the period        
Land 1,947      
Buildings, Improvements & Equipment 8,595      
Total 10,542      
Accumulated Depreciation 1,746      
Continuing Operations | 500 Coit Road, Plano, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,463      
Buildings, Improvements & Equipment 44,841      
Cost Capitalized Subsequent to Acquisition 838      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 3,468      
Buildings, Improvements & Equipment 45,674      
Total 49,142      
Accumulated Depreciation 7,356      
Continuing Operations | 18302 Talavera Ridge San Antonio, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 6,855      
Buildings, Improvements & Equipment 30,630      
Cost Capitalized Subsequent to Acquisition 2,880      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 6,855      
Buildings, Improvements & Equipment 33,510      
Total 40,365      
Accumulated Depreciation 8,854      
Continuing Operations | 21 Spurs Lane, Antonio, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 12,441      
Initial Cost to Company        
Land 3,141      
Buildings, Improvements & Equipment 23,142      
Cost Capitalized Subsequent to Acquisition 7,375      
Impairment 0      
Cost Basis Adjustment (317)      
Cost at the end of the period        
Land 3,211      
Buildings, Improvements & Equipment 30,130      
Total 33,341      
Accumulated Depreciation 9,279      
Continuing Operations | 311 Nottingham West Place, San Antonio, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 4,283      
Buildings, Improvements & Equipment 25,256      
Cost Capitalized Subsequent to Acquisition 19,829      
Impairment 0      
Cost Basis Adjustment (5,565)      
Cost at the end of the period        
Land 4,359      
Buildings, Improvements & Equipment 39,444      
Total 43,803      
Accumulated Depreciation 20,385      
Continuing Operations | 511 & 575 Knights Cross Drive, San Antonio, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,300      
Buildings, Improvements & Equipment 20,400      
Cost Capitalized Subsequent to Acquisition 5,123      
Impairment 0      
Cost Basis Adjustment (1,988)      
Cost at the end of the period        
Land 2,306      
Buildings, Improvements & Equipment 23,529      
Total 25,835      
Accumulated Depreciation 9,498      
Continuing Operations | 5055 West Panther Creek Drive, Woodlands, TX        
Real Estate And Accumulated Depreciation        
Encumbrances 22,542      
Initial Cost to Company        
Land 3,694      
Buildings, Improvements & Equipment 21,782      
Cost Capitalized Subsequent to Acquisition 17,930      
Impairment 0      
Cost Basis Adjustment (6,114)      
Cost at the end of the period        
Land 4,353      
Buildings, Improvements & Equipment 32,939      
Total 37,292      
Accumulated Depreciation 17,781      
Continuing Operations | 491 Crestwood Drive, Charlottesville, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 641      
Buildings, Improvements & Equipment 7,633      
Cost Capitalized Subsequent to Acquisition 3,982      
Impairment 0      
Cost Basis Adjustment (1,066)      
Cost at the end of the period        
Land 646      
Buildings, Improvements & Equipment 10,544      
Total 11,190      
Accumulated Depreciation 5,332      
Continuing Operations | 1005 Elysian Place, Chesapeake, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 9,882      
Initial Cost to Company        
Land 2,370      
Buildings, Improvements & Equipment 23,705      
Cost Capitalized Subsequent to Acquisition 4,523      
Impairment 0      
Cost Basis Adjustment (1,678)      
Cost at the end of the period        
Land 2,589      
Buildings, Improvements & Equipment 26,331      
Total 28,920      
Accumulated Depreciation 9,709      
Continuing Operations | 4027 Martinsburg Pike Clear brook VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,775      
Buildings, Improvements & Equipment 21,768      
Cost Capitalized Subsequent to Acquisition 71      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 3,847      
Buildings, Improvements & Equipment 21,767      
Total 25,614      
Accumulated Depreciation 5,943      
Continuing Operations | 20 HeartFields Lane , Fredericksburg, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 287      
Buildings, Improvements & Equipment 8,480      
Cost Capitalized Subsequent to Acquisition 3,173      
Impairment 0      
Cost Basis Adjustment (1,168)      
Cost at the end of the period        
Land 287      
Buildings, Improvements & Equipment 10,485      
Total 10,772      
Accumulated Depreciation 5,591      
Continuing Operations | 2800 Polo Parkway, Midlothian, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,103      
Buildings, Improvements & Equipment 13,126      
Cost Capitalized Subsequent to Acquisition 6,301      
Impairment 0      
Cost Basis Adjustment (1,584)      
Cost at the end of the period        
Land 1,108      
Buildings, Improvements & Equipment 17,838      
Total 18,946      
Accumulated Depreciation 8,777      
Continuing Operations | 655 Denbigh Boulevard, Newport News, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 581      
Buildings, Improvements & Equipment 6,921      
Cost Capitalized Subsequent to Acquisition 3,200      
Impairment 0      
Cost Basis Adjustment (686)      
Cost at the end of the period        
Land 584      
Buildings, Improvements & Equipment 9,432      
Total 10,016      
Accumulated Depreciation 4,742      
Continuing Operations | 6160 Kempsville Circle, Norfolk, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,263      
Buildings, Improvements & Equipment 7,615      
Cost Capitalized Subsequent to Acquisition 5,585      
Impairment 0      
Cost Basis Adjustment (285)      
Cost at the end of the period        
Land 3,374      
Buildings, Improvements & Equipment 12,804      
Total 16,178      
Accumulated Depreciation 3,888      
Continuing Operations | 6161 Kempsville Road, Norfolk, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,530      
Buildings, Improvements & Equipment 9,531      
Cost Capitalized Subsequent to Acquisition 4,841      
Impairment 0      
Cost Basis Adjustment (686)      
Cost at the end of the period        
Land 1,530      
Buildings, Improvements & Equipment 13,686      
Total 15,216      
Accumulated Depreciation 5,902      
Continuing Operations | 6311 Granby Street, Norfolk, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 7,742      
Initial Cost to Company        
Land 1,920      
Buildings, Improvements & Equipment 16,538      
Cost Capitalized Subsequent to Acquisition 6,046      
Impairment 0      
Cost Basis Adjustment (1,650)      
Cost at the end of the period        
Land 2,014      
Buildings, Improvements & Equipment 20,840      
Total 22,854      
Accumulated Depreciation 8,037      
Continuing Operations | 885 Kempsville Road, Norfolk, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,780      
Buildings, Improvements & Equipment 8,354      
Cost Capitalized Subsequent to Acquisition 4,318      
Impairment 0      
Cost Basis Adjustment (1,169)      
Cost at the end of the period        
Land 2,014      
Buildings, Improvements & Equipment 11,269      
Total 13,283      
Accumulated Depreciation 4,746      
Continuing Operations | 531 Wythe Creek Road, Poquoson, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 220      
Buildings, Improvements & Equipment 2,041      
Cost Capitalized Subsequent to Acquisition 1,751      
Impairment 0      
Cost Basis Adjustment (275)      
Cost at the end of the period        
Land 220      
Buildings, Improvements & Equipment 3,517      
Total 3,737      
Accumulated Depreciation 1,615      
Continuing Operations | 10800 Nuckols Road, Glen Allen, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 5,846      
Initial Cost to Company        
Land 2,863      
Buildings, Improvements & Equipment 11,105      
Cost Capitalized Subsequent to Acquisition 1,975      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 2,863      
Buildings, Improvements & Equipment 13,080      
Total 15,943      
Accumulated Depreciation 3,050      
Continuing Operations | 3000 Skipwith Road, Richmond, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 732      
Buildings, Improvements & Equipment 8,717      
Cost Capitalized Subsequent to Acquisition 2,501      
Impairment 0      
Cost Basis Adjustment (798)      
Cost at the end of the period        
Land 732      
Buildings, Improvements & Equipment 10,420      
Total 11,152      
Accumulated Depreciation 5,232      
Continuing Operations | 5620 Wesleyan Drive, Virginia Beach, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 7,143      
Initial Cost to Company        
Land 893      
Buildings, Improvements & Equipment 7,926      
Cost Capitalized Subsequent to Acquisition 5,332      
Impairment 0      
Cost Basis Adjustment (783)      
Cost at the end of the period        
Land 893      
Buildings, Improvements & Equipment 12,475      
Total 13,368      
Accumulated Depreciation 8,401      
Continuing Operations | Longhill Road4132 Williamsburg V A 1        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 270      
Buildings, Improvements & Equipment 2,468      
Cost Capitalized Subsequent to Acquisition 2,398      
Impairment (945)      
Cost Basis Adjustment (1,583)      
Cost at the end of the period        
Land 162      
Buildings, Improvements & Equipment 2,446      
Total 2,608      
Accumulated Depreciation 1,038      
Continuing Operations | 440 McLaws Circle, Williamsburg, VA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,466      
Buildings, Improvements & Equipment 17,340      
Cost Capitalized Subsequent to Acquisition 1,195      
Impairment 0      
Cost Basis Adjustment (1,040)      
Cost at the end of the period        
Land 1,466      
Buildings, Improvements & Equipment 17,495      
Total 18,961      
Accumulated Depreciation 4,315      
Continuing Operations | 516 Kenosia Avenue South, Kent, WA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,300      
Buildings, Improvements & Equipment 8,458      
Cost Capitalized Subsequent to Acquisition 3,875      
Impairment 0      
Cost Basis Adjustment (812)      
Cost at the end of the period        
Land 1,368      
Buildings, Improvements & Equipment 11,453      
Total 12,821      
Accumulated Depreciation 4,305      
Continuing Operations | 555 16th Avenue, Seattle, WA        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 256      
Buildings, Improvements & Equipment 4,869      
Cost Capitalized Subsequent to Acquisition 68      
Impairment 0      
Cost Basis Adjustment (513)      
Cost at the end of the period        
Land 256      
Buildings, Improvements & Equipment 4,424      
Total 4,680      
Accumulated Depreciation 3,555      
Continuing Operations | 3003 West Good Hope Road, Glendale, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,500      
Buildings, Improvements & Equipment 33,747      
Cost Capitalized Subsequent to Acquisition 2,232      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,500      
Buildings, Improvements & Equipment 35,979      
Total 37,479      
Accumulated Depreciation 13,711      
Continuing Operations | 215 Washington Street, Grafton, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 500      
Buildings, Improvements & Equipment 10,058      
Cost Capitalized Subsequent to Acquisition 344      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 500      
Buildings, Improvements & Equipment 10,402      
Total 10,902      
Accumulated Depreciation 4,086      
Continuing Operations | N168W22022 Main Street, Jackson, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 188      
Buildings, Improvements & Equipment 5,962      
Cost Capitalized Subsequent to Acquisition 1,726      
Impairment 0      
Cost Basis Adjustment (308)      
Cost at the end of the period        
Land 192      
Buildings, Improvements & Equipment 7,376      
Total 7,568      
Accumulated Depreciation 2,306      
Continuing Operations | 8351 Sheridan Road, Kenosha, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 750      
Buildings, Improvements & Equipment 7,669      
Cost Capitalized Subsequent to Acquisition 1,671      
Impairment 0      
Cost Basis Adjustment (77)      
Cost at the end of the period        
Land 758      
Buildings, Improvements & Equipment 9,255      
Total 10,013      
Accumulated Depreciation 3,891      
Continuing Operations | 5601 Burke Road, Madison, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 700      
Buildings, Improvements & Equipment 7,461      
Cost Capitalized Subsequent to Acquisition 2,403      
Impairment 0      
Cost Basis Adjustment (118)      
Cost at the end of the period        
Land 712      
Buildings, Improvements & Equipment 9,734      
Total 10,446      
Accumulated Depreciation 4,135      
Continuing Operations | 7707 N. Brookline Drive, Madison, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,615      
Buildings, Improvements & Equipment 35,545      
Cost Capitalized Subsequent to Acquisition 5,557      
Impairment 0      
Cost Basis Adjustment (1,552)      
Cost at the end of the period        
Land 2,631      
Buildings, Improvements & Equipment 39,534      
Total 42,165      
Accumulated Depreciation 11,678      
Continuing Operations | 10803 N. Port Washington Rd, Mequon, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 800      
Buildings, Improvements & Equipment 8,388      
Cost Capitalized Subsequent to Acquisition 4,122      
Impairment 0      
Cost Basis Adjustment (279)      
Cost at the end of the period        
Land 805      
Buildings, Improvements & Equipment 12,226      
Total 13,031      
Accumulated Depreciation 4,494      
Continuing Operations | 701 East Puetz Rd, Oak Creek, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 16,633      
Initial Cost to Company        
Land 650      
Buildings, Improvements & Equipment 18,396      
Cost Capitalized Subsequent to Acquisition 4,236      
Impairment 0      
Cost Basis Adjustment (731)      
Cost at the end of the period        
Land 1,540      
Buildings, Improvements & Equipment 21,011      
Total 22,551      
Accumulated Depreciation 9,555      
Continuing Operations | W231 N1440 Corporate Court, Pewaukee, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 3,900      
Buildings, Improvements & Equipment 41,140      
Cost Capitalized Subsequent to Acquisition 2,960      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 3,900      
Buildings, Improvements & Equipment 44,100      
Total 48,000      
Accumulated Depreciation 16,715      
Continuing Operations | 8348 & 8400 Washington Avenue, Racine, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,150      
Buildings, Improvements & Equipment 22,436      
Cost Capitalized Subsequent to Acquisition 1,233      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,150      
Buildings, Improvements & Equipment 23,669      
Total 24,819      
Accumulated Depreciation 9,116      
Continuing Operations | 1221 North 26th Street, Sheboygan, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 300      
Buildings, Improvements & Equipment 975      
Cost Capitalized Subsequent to Acquisition 104      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 300      
Buildings, Improvements & Equipment 1,079      
Total 1,379      
Accumulated Depreciation 396      
Continuing Operations | 1222 North 23rd Street, Sheboygan, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 120      
Buildings, Improvements & Equipment 4,014      
Cost Capitalized Subsequent to Acquisition 150      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 120      
Buildings, Improvements & Equipment 4,164      
Total 4,284      
Accumulated Depreciation 1,631      
Continuing Operations | 2414 Kohler Memorial Drive, Sheboygan, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,400      
Buildings, Improvements & Equipment 35,168      
Cost Capitalized Subsequent to Acquisition 2,225      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 1,400      
Buildings, Improvements & Equipment 37,393      
Total 38,793      
Accumulated Depreciation 14,289      
Continuing Operations | 1125 N Edge Trail, Verona, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 1,365      
Buildings, Improvements & Equipment 9,581      
Cost Capitalized Subsequent to Acquisition 2,749      
Impairment 0      
Cost Basis Adjustment (821)      
Cost at the end of the period        
Land 1,372      
Buildings, Improvements & Equipment 11,502      
Total 12,874      
Accumulated Depreciation 3,572      
Continuing Operations | 3289 North Mayfair Road, Wauwatosa, WI        
Real Estate And Accumulated Depreciation        
Encumbrances 0      
Initial Cost to Company        
Land 2,300      
Buildings, Improvements & Equipment 6,245      
Cost Capitalized Subsequent to Acquisition 586      
Impairment 0      
Cost Basis Adjustment 0      
Cost at the end of the period        
Land 2,300      
Buildings, Improvements & Equipment 6,831      
Total 9,131      
Accumulated Depreciation $ 2,537      
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Footnotes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Real Estate And Accumulated Depreciation      
Aggregate cost for federal income tax purposes $ 6,904,894    
Finance leases $ 613    
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Secured debt and finance leases, net    
Remaining Principal Balance $ 2,444,116    
Buildings and Improvements | Maximum      
Real Estate And Accumulated Depreciation      
Period over which real estate assets are depreciated 40 years    
Equipment | Maximum      
Real Estate And Accumulated Depreciation      
Period over which real estate assets are depreciated 12 years    
Secured Debt      
Real Estate And Accumulated Depreciation      
Secured debt and finance leases, net $ 844,116   $ 1,070,336
Remaining Principal Balance 820,098   953,585
Secured Debt | Secured Revolving Credit Facility Due 2029      
Real Estate And Accumulated Depreciation      
Unsecured revolving credit facility, maximum borrowing capacity 150,000 $ 150,000  
Secured debt and finance leases, net 0   0
Secured Debt | Senior secured notes, 7.250% coupon rate, due 2030      
Real Estate And Accumulated Depreciation      
Secured debt and finance leases, net 375,000   $ 0
Mortgages      
Real Estate And Accumulated Depreciation      
Remaining Principal Balance $ 468,503    
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate and Equipment      
Balance at the end of the period $ 5,995,997    
Accumulated Depreciation      
Balance at the end of the period 2,115,046    
Continuing Operations      
Real Estate and Equipment      
Balance at the beginning of the period 6,423,252 $ 6,818,467 $ 6,692,543
Additions 143,359 186,815 241,720
Disposals (692,360) (74,605) (16,750)
Impairment (165,702) (70,734) (18,380)
Cost basis adjustment (100,756) (57,966) (71,608)
Reclassification of assets held for sale, net 341,013 (378,725) (9,058)
Balance at the end of the period 5,948,806 6,423,252 6,818,467
Accumulated Depreciation      
Balance at the beginning of the period 2,082,777 2,020,843 1,828,352
Additions 250,870 270,802 264,171
Disposals (244,457) (24,183) 0
Impairment 0 0 0
Cost basis adjustment (100,756) (57,966) (71,608)
Reclassification of assets held for sale, net 101,472 (126,719) (72)
Balance at the end of the period $ 2,089,906 $ 2,082,777 $ 2,020,843