DIVERSIFIED HEALTHCARE TRUST, 10-Q filed on 5/4/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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, Address Line One Two Newton Place, 255 Washington Street, Suite 300,  
Entity Address, City or Town Newton  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02458-1634  
City Area Code 617  
Local Phone Number 796 - 8350  
Title of 12(b) Security Common Shares of Beneficial Interest  
Trading Symbol DHC  
Security Exchange Name NASDAQ  
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  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   242,106,926
Entity Central Index Key 0001075415  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
5.625% Senior Notes due 2042    
Entity Information    
Title of 12(b) Security 5.625% Senior Notes due 2042  
Trading Symbol DHCNI  
Security Exchange Name NASDAQ  
6.25% Senior Notes due 2046    
Entity Information    
Title of 12(b) Security 6.25% Senior Notes due 2046  
Trading Symbol DHCNL  
Security Exchange Name NASDAQ  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real estate properties:    
Land $ 542,645 $ 542,403
Buildings and improvements 5,420,371 5,406,403
Total real estate properties, gross 5,963,016 5,948,806
Accumulated depreciation (2,144,130) (2,089,906)
Total real estate properties, net 3,818,886 3,858,900
Investments in unconsolidated joint ventures 119,622 120,126
Assets of properties held for sale 0 23,085
Cash and cash equivalents 121,774 105,407
Restricted cash 18,078 [1] 16,392
Equity method investment 0 27,200
Acquired real estate leases and other intangible assets, net 19,556 20,663
Other assets, net 169,636 189,477
Total assets 4,267,552 4,361,250
LIABILITIES AND SHAREHOLDERS' EQUITY    
Secured revolving credit facility 0 0
Secured debt and finance leases, net 454,633 455,093
Liabilities of properties held for sale 0 3,426
Accrued interest 26,078 30,683
Other liabilities 219,479 260,749
Total liabilities 2,647,133 2,695,682
Commitments and contingencies
Shareholders' equity:    
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 242,108,632 and 242,121,025 shares issued and outstanding, respectively 2,421 2,421
Additional paid in capital 4,623,200 4,622,572
Cumulative net income 1,078,862 1,122,137
Cumulative other comprehensive loss (93) (12)
Cumulative distributions (4,083,971) (4,081,550)
Total shareholders' equity 1,620,419 1,665,568
Total liabilities and shareholders' equity 4,267,552 4,361,250
Secured Debts    
Real estate properties:    
Total real estate properties, net 1,391,051 1,406,755
LIABILITIES AND SHAREHOLDERS' EQUITY    
Senior notes 365,516 365,005
Unsecured Debt    
LIABILITIES AND SHAREHOLDERS' EQUITY    
Senior notes $ 1,581,427 $ 1,580,726
[1] Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties.
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
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) 242,108,632 242,121,025
Common shares of beneficial interest, shares outstanding (in shares) 242,108,632 242,121,025
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total residents fees and services $ 366,471,000 $ 386,864,000
Expenses:    
Property operating expenses 290,556,000 314,326,000
Depreciation and amortization 62,914,000 68,325,000
General and administrative 14,038,000 9,000,000
Acquisition and certain other transaction related costs 3,693,000 24,000
Impairment of assets 0 38,472,000
Total expenses 371,201,000 430,147,000
(Loss) gain on sale of real estate (1,207,000) 110,140,000
Gain on insurance recoveries 0 7,522,000
Interest and other income 233,000 2,099,000
Interest expense (including net amortization of debt discounts, premiums and issuance costs of $2,329 and $26,087, respectively) (37,045,000) (57,831,000)
Loss on modification or early extinguishment of debt 0 (29,071,000)
Loss before income taxes and equity in net earnings of investees (42,749,000) (10,424,000)
Income tax expense (622,000) (49,000)
Equity in net earnings of investees 96,000 1,487,000
Net loss (43,275,000) (8,986,000)
Other comprehensive (loss) income:    
Equity in unrealized gains of an investee 0 27,000
Unrealized loss on derivative (81,000) (6,000)
Other comprehensive (loss) income (81,000) 21,000
Comprehensive loss $ (43,356,000) $ (8,965,000)
Weighted average common shares outstanding - basic (in shares) 240,689 239,957
Weighted average common shares outstanding - diluted (in shares) 240,689 239,957
Per Common Share Amounts, Basic and Diluted [Abstract]    
Net loss per common share - basic (in dollars per share) $ (0.18) $ (0.04)
Net loss per common share - diluted (in dollars per share) $ (0.18) $ (0.04)
Affiliated Entity    
Expenses:    
Equity in net earnings of investees $ 96,000 $ 1,487,000
Rental income    
Revenues:    
Total residents fees and services 49,246,000 58,558,000
Residents fees and services    
Revenues:    
Total residents fees and services $ 317,225,000 $ 328,306,000
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net amortization of debt discounts, premiums and issuance costs $ 2,329 $ 26,087
v3.26.1
CONDENSED 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, 2024   241,271,703        
Beginning balance at Dec. 31, 2024 $ 1,958,843 $ 2,413 $ 4,620,313 $ 1,408,023 $ (17) $ (4,071,889)
Increase (Decrease) in Stockholders' Equity            
Net loss (8,986)     (8,986)    
Other comprehensive income 21       21  
Distributions (2,413)         (2,413)
Share grants (in shares)   33,582        
Share grants 605   605      
Share repurchases (in shares)   (2,035)        
Share repurchases (6)   (6)      
Share forfeitures (in shares)   (35,431)        
Share forfeitures (13)   (13)      
Ending balance (in shares) at Mar. 31, 2025   241,267,819        
Ending balance at Mar. 31, 2025 $ 1,948,051 $ 2,413 4,620,899 1,399,037 4 (4,074,302)
Beginning balance (in shares) at Dec. 31, 2025 242,121,025 242,121,025        
Beginning balance at Dec. 31, 2025 $ 1,665,568 $ 2,421 4,622,572 1,122,137 (12) (4,081,550)
Increase (Decrease) in Stockholders' Equity            
Net loss (43,275)     (43,275)    
Other comprehensive income (81)       (81)  
Distributions (2,421)         (2,421)
Share grants 716   716      
Share repurchases (in shares)   (12,393)        
Share repurchases $ (88)   (88)      
Ending balance (in shares) at Mar. 31, 2026 242,108,632 242,108,632        
Ending balance at Mar. 31, 2026 $ 1,620,419 $ 2,421 $ 4,623,200 $ 1,078,862 $ (93) $ (4,083,971)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (43,275,000) $ (8,986,000)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Depreciation and amortization 62,914,000 68,325,000
Net amortization of debt discounts, premiums and issuance costs 2,329,000 26,087,000
Payment of accreted interest on senior secured notes 0 (34,700,000)
Straight line rental income (57,000) (455,000)
Amortization of acquired real estate leases and other intangible assets, net 29,000 26,000
Loss on modification or early extinguishment of debt 0 29,071,000
Impairment of assets 0 38,472,000
Loss (gain) on sale of real estate 1,207,000 (110,140,000)
Gain on insurance recoveries 0 (7,522,000)
Other non-cash adjustments, net (226,000) (351,000)
Unconsolidated joint venture distributions 600,000 0
Equity in net earnings of investees (96,000) (1,487,000)
Change in assets and liabilities:    
Deferred leasing costs, net (1,714,000) (773,000)
Other assets 20,766,000 6,444,000
Accrued interest (4,605,000) (1,733,000)
Other liabilities (29,530,000) (5,521,000)
Net cash provided by (used in) operating activities 8,342,000 (3,243,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (35,166,000) (39,650,000)
Proceeds from sale of real estate, net 21,693,000 318,235,000
Equity method investment distributions 27,200,000 17,000,000
Contributions to unconsolidated joint ventures 0 (5,800,000)
Proceeds from insurance recoveries 0 1,308,000
Purchase of interest rate cap (147,000) 0
Net cash provided by investing activities 13,580,000 291,093,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from mortgage notes payable 0 140,000,000
Redemption of senior secured notes 0 (238,555,000)
Repayment of other debt (1,187,000) (840,000)
Early extinguishment of debt settled in cash 0 (25,903,000)
Payment of debt issuance costs (173,000) (3,332,000)
Repurchase of common shares (88,000) (6,000)
Distributions to shareholders (2,421,000) (2,413,000)
Net cash used in financing activities (3,869,000) (131,049,000)
Increase in cash and cash equivalents and restricted cash 18,053,000 156,801,000
Cash and cash equivalents and restricted cash at beginning of period 121,799,000 149,854,000
Cash and cash equivalents and restricted cash at end of period $ 139,852,000 $ 306,655,000
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest Paid [1] $ 39,321 $ 68,177
Income taxes paid 0 0
NON-CASH INVESTING ACTIVITIES:    
Real estate improvements accrued, not paid 5,915 14,383
Payment of accreted interest on senior secured notes $ 0 $ 34,700
[1] Includes $34,700 of accreted interest paid during the three months ended March 31, 2025 on our then outstanding senior secured notes due 2026.
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Cash and Restricted Cash (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Statement of Cash Flows [Abstract]        
Cash and cash equivalents $ 121,774 $ 105,407 $ 302,577  
Restricted cash 18,078 [1] 16,392 4,078 [1]  
Total cash and cash equivalents and restricted cash $ 139,852 $ 121,799 $ 306,655 $ 149,854
[1] Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties.
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying condensed consolidated financial statements of Diversified Healthcare Trust and its subsidiaries, or DHC, we, us, or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2025, or our Annual Report.
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
The preparation of these financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets and impairments of real estate and intangible assets.
We have been, are currently and expect in the future to be involved in claims, lawsuits and regulatory and other governmental audits, investigations and proceedings arising in the ordinary course of our business. While the outcome of any litigation is inherently uncertain, we do not believe any currently pending litigation or proceedings will have a material adverse effect on our financial condition, results of operations or cash flows.
v3.26.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 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 condensed 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 that ASU 2024-03 will have on our condensed consolidated financial statements.
v3.26.1
Real Estate and Other Investments
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Real Estate and Other Investments Real Estate and Other Investments
As of March 31, 2026, we owned 285 properties located in 33 states and Washington, D.C., and we owned an equity interest in each of two unconsolidated joint ventures that own medical office and life science properties located in five states.
Acquisitions:
In April 2026, we acquired two land parcels located in Lexington, Kentucky previously subject to our finance leases pursuant to our exercise of a purchase option for an aggregate purchase price of $14,500, excluding closing costs.
Dispositions:
The table below represents the sale prices, excluding closing costs, of our dispositions for the three months ended March 31, 2026. 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 condensed consolidated statements of comprehensive income (loss).
Number ofNumber of
Date of SaleStateType of PropertyPropertiesUnitsSales PriceLoss on Sale
March 2026VariousSenior Living (SHOP)13669$23,000 $(1,207)

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. We did not record any impairment charges on our properties during the three months ended March 31, 2026.
Investments and Capital Expenditures:
The following is a summary of capital expenditures, development, redevelopment and other activities for the periods presented:
Three Months Ended March 31,
 20262025
SHOP fixed assets and capital improvements$14,193 $21,115 
Medical Office and Life Science Portfolio capital expenditures:
Lease related costs (1)
3,532 3,847 
Building improvements (2)
1,003 1,524 
Subtotal Medical Office and Life Science Portfolio4,535 5,371 
Total recurring capital expenditures$18,728 $26,486 
Development, redevelopment and other activities - SHOP (3)
$2,981 $5,568 
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3)
121 — 
Total development, redevelopment and other activities$3,102 $5,568 
Capital expenditures by segment:
SHOP$17,174 $26,683 
Medical Office and Life Science Portfolio4,656 5,371 
Total capital expenditures$21,830 $32,054 
(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:
We own a 10% equity interest in Seaport Innovation LLC, or the Seaport JV, an unconsolidated joint venture that owns one life science property located in Boston, Massachusetts totaling 1,134,479 square feet.
We own a 20% equity interest in The LSMD Fund REIT LLC, or the LSMD JV, an unconsolidated joint venture that owns 10 medical office and life science properties located in five states totaling 1,068,763 square feet.
We account for the unconsolidated joint ventures using the equity method of accounting under the fair value option. We recognized changes in the fair value of our investments in the unconsolidated joint ventures of $96 and $1,138 during the three months ended March 31, 2026 and 2025, respectively. These amounts are included in equity in net earnings of investees in our condensed consolidated statements of comprehensive income (loss).
See Note 7 for further information regarding the valuation of our investment in these joint ventures.
Equity Method Investment in AlerisLife:
As of March 31, 2026, we owned approximately 34% of the outstanding common shares of AlerisLife Inc., or AlerisLife. We did not control the activities that were most significant to AlerisLife and, as a result, we accounted 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 business. As of March 31, 2026 and December 31, 2025, our investment in AlerisLife had a carrying value of $0 and $27,200, 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, thereby reducing the carrying value of our investment in AlerisLife to $0 as of March 31, 2026. We recognized no income or loss from our former equity method investment in AlerisLife for the three months ended March 31, 2026. We recognized income of $349 for the three months ended March 31, 2025, included in equity in net earnings of investees in our condensed consolidated statements of comprehensive income (loss). See Note 11 for more information regarding our former equity method investment in AlerisLife.
v3.26.1
Senior Living Community Management Agreements
 3 Months Ended
Mar. 31, 2026
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 senior living communities previously managed by Five Star to these managers. In December 2025, we and Five Star terminated our amended and restated master management agreement, or the Master Management Agreement, as part of the wind-down of AlerisLife’s business. We lease to our taxable REIT subsidiaries, or TRSs, nearly all of our senior living communities managed by third party managers.
We incurred management fees payable to Five Star of $0 and $11,234 for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, $0 and $10,639, respectively, of the total management fees were expensed to property operating expenses in our condensed consolidated statements of comprehensive income (loss) and $0 and $595, respectively, were capitalized in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets.
Our Senior Living Communities Managers. As of March 31, 2026 and 2025, respectively, our managers managed 199 and 231 of our senior living communities, including closed communities.
We incurred management fees payable to our managers, other than Five Star, of $18,141 and $6,334 for the three months ended March 31, 2026 and 2025, respectively. Additionally, we incurred incentive management fees payable to certain of our operators of $0 and $351 for the three months ended March 31, 2026 and 2025, respectively. These amounts are included in property operating expenses in our condensed 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:
Three Months Ended March 31,
20262025
Basic housing and support services$278,687 $252,772 
Private pay and other third party payer skilled nursing facility services
20,415 48,254 
Medicare and Medicaid programs18,123 27,280 
Total residents fees and services$317,225 $328,306 
The following table provides a summary of our managers that manage a large concentration of our senior living communities as of March 31, 2026:
% of Gross
Number ofReal Estate
CommunitiesProperties
Sinceri Senior Living3830.7%
Discovery Senior Living4423.8%
Tutera Senior Living188.9%
Phoenix Senior Living267.1%
Charter Senior Living307.0%
Remaining (1)
4322.5%
Total199100.0%
(1)Includes closed senior living communities, if any.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
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 $57 and $455 for the three months ended March 31, 2026 and 2025, respectively. Rents receivable, excluding receivables related to our properties classified as held for sale, if any, include $62,220 and $62,163 of straight line rent receivables at March 31, 2026 and December 31, 2025, respectively, and are included in other assets, net in our condensed 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 $9,512 and $10,838 for the three months ended March 31, 2026 and 2025, respectively, of which tenant reimbursements totaled $9,473 and $10,423, respectively.
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 $15,636 and $16,016, respectively, as of March 31, 2026, and $16,537 and $16,921, respectively, as of December 31, 2025. The right of use assets and related lease liabilities are included within other assets, net and other liabilities, respectively, within our condensed 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 condensed consolidated balance sheets.
v3.26.1
Indebtedness
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
At March 31, 2026 and December 31, 2025, our outstanding indebtedness consisted of the following:
Senior Unsecured Notes:
 Principal Balance as of  
March 31, 2026December 31, 2025Coupon RateMaturity
Senior unsecured notes$500,000 $500,000 4.750%February 2028
Senior unsecured notes (1)
500,000 500,000 4.375%March 2031
Senior unsecured notes350,000 350,000 5.625%August 2042
Senior unsecured notes250,000 250,000 6.250%February 2046
Total1,600,000 1,600,000 
Unamortized discount(1,585)(1,796)
Unamortized debt issuance costs(16,988)(17,478)
Senior unsecured notes, net$1,581,427 $1,580,726   
(1)These notes are fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
Secured and Other Debt:
   Net Book Value
 Number of
Principal Balance as of (1)
  of Collateral as of
PropertiesMarch 31,December 31,InterestMarch 31,December 31,
Secured by20262025RateMaturity20262025
Secured revolving credit facility14$— $— 6.28%June 2029$322,747 $326,565 
Senior secured notes (2)
36375,000 375,000 7.25%October 2030398,816 402,797 
Floating rate mortgage loan (3)
14140,000 140,000 6.17%March 2028141,531 142,947 
Mortgage note463,225 63,499 6.57%June 2030134,446 135,772 
Mortgage note8120,000 120,000 6.86%June 2034180,471 182,848 
Mortgage notes (4)
7108,873 108,873 6.22%May 2035146,645 148,477 
Mortgage notes (5)
230,284 30,284 6.36%June 203533,979 34,328 
Mortgage note15,392 5,847 6.44%July 204312,770 12,893 
Finance Leases (6)
2155 613 7.70%April 202619,646 20,128 
Total88842,929 844,116 $1,391,051 $1,406,755 
Unamortized debt issuance costs (7)
(22,780)(24,018)
Total secured and other debt, net$820,149 $820,098 
(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 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.
(3)This mortgage loan requires that interest be paid at an annual rate of one-month term secured overnight financing rate, or 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 effective through March 2027 with a one-month term SOFR strike rate equal to 4.50% pursuant to the terms of the applicable loan agreement.
(4)These mortgage loans require interest-only payments through May 2030.
(5)These mortgage loans require interest-only payments through June 2028.
(6)In April 2026, we acquired the land parcels at two senior living communities previously subject to our finance leases pursuant to our exercise of a purchase option for an aggregate purchase price of $14,500, excluding closing costs.
(7)Excludes unamortized debt issuance costs for our revolving credit facility as these costs are included in other assets, net in our condensed consolidated balance sheets.
As of March 31, 2026, 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 March 31, 2026.
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 daily 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 March 31, 2026. 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 March 31, 2026, the annual interest rate payable on borrowings under our revolving credit facility was 6.28%. As of March 31, 2026 and April 30, 2026, we had no borrowings under our revolving credit facility and $150,000 available for borrowings.
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 were due monthly. We included 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 March 31, 2026.
Required principal payments due in the next five years and thereafter, excluding extension options, on all of our outstanding debt as of March 31, 2026, were as follows:
Principal Payment
2026$1,076 
20272,260 
2028640,635 
20291,867 
2030435,135 
Thereafter1,361,956 
Total$2,442,929 
v3.26.1
Fair Value of Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities
The table below presents certain of our assets that are measured on a recurring basis at fair value as of March 31, 2026 and December 31, 2025, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset:
Quoted Prices in Significant OtherSignificant
Active Markets forObservableUnobservable
Identical AssetsInputsInputs
Total(Level 1)(Level 2)(Level 3)
As of March 31, 2026
Interest rate cap (1)
$52 $— $52 $— 
Investment in Seaport JV (2)
$73,217 $— $— $73,217 
Investment in LSMD JV (2)
$46,405 $— $— $46,405 
As of December 31, 2025
Interest rate cap (1)
$— $— $— $— 
Investment in Seaport JV (2)
$73,471 $— $— $73,471 
Investment in LSMD JV (2)
$46,655 $— $— $46,655 
(1)The fair values of our interest rate cap derivatives are based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date.
(2)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.
The discount rates, exit capitalization rates and holding periods used to determine the fair value of our investments in the unconsolidated joint ventures' significant unobservable inputs are shown in the table below:
Exit
Valuation Discount Capitalization Holding
TechniqueRatesRatesPeriods
As of March 31, 2026
Investment in Seaport JVDiscounted cash flow
7.00%
6.00%
10 years
Investment in LSMD JVDiscounted cash flow
6.25% - 8.75%
5.25% - 8.00%
10 years
As of December 31, 2025
Investment in Seaport JVDiscounted cash flow
7.00%
6.00%
10 years
Investment in LSMD JVDiscounted cash flow
6.25% - 8.75%
5.25% - 8.00%
10 - 12 years
The table below presents a summary of the changes in fair value for our investments in the unconsolidated joint ventures:
Three Months Ended March 31,
20262025
Beginning balance$120,126 $126,859 
Equity in earnings of unconsolidated joint ventures96 1,138 
Contributions to unconsolidated joint ventures
— 5,800 
Distributions from unconsolidated joint ventures(600)— 
Ending balance$119,622 $133,797 
In addition to the assets described in the tables above, our financial instruments at March 31, 2026 and December 31, 2025 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 condensed consolidated financial statements as of such dates, except as follows:
 As of March 31, 2026As of December 31, 2025
Carrying Estimated Carrying Estimated
Value (1)
Fair Value
Value (1)
Fair Value
Senior unsecured notes, 4.750% coupon rate, due 2028
$497,608 $480,465 $497,290 $482,635 
Senior secured notes, 7.250% coupon rate, due 2030
365,516 378,221 365,005 383,434 
Senior unsecured notes, 4.375% coupon rate, due 2031
495,775 444,350 495,561 440,000 
Senior unsecured notes, 5.625% coupon rate, due 2042
343,778 226,520 343,683 224,140 
Senior unsecured notes, 6.250% coupon rate, due 2046
244,266 171,200 244,192 175,000 
Secured debt and finance leases454,633 480,922 455,093 484,932 
Total$2,401,576 $2,181,678 $2,400,824 $2,190,141 
(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 The Nasdaq Stock Market LLC, or Nasdaq, as of March 31, 2026 and December 31, 2025 (Level 1 inputs as defined in the fair value hierarchy under GAAP). We estimated the fair values of our two issuances of senior unsecured notes due 2028 and 2031 and our issuance of senior secured notes 2030 using an average of the bid and ask price on Nasdaq on or about March 31, 2026 and December 31, 2025 (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.
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
Common Share Purchases:
During the three months ended March 31, 2026, we purchased an aggregate of 12,393 of our common shares, valued at a share price of $7.15, from certain former employees of The RMR Group LLC, or RMR, in satisfaction of tax withholding and payment obligations in connection with the vesting of prior awards of our common shares. We withheld and purchased these common shares at their fair market value based upon the trading price of our common shares at the close of trading on Nasdaq on the purchase date.
Distributions:
During the three months ended March 31, 2026, we declared and paid a quarterly distribution to common shareholders as follows:
Declaration DateRecord DatePayment DateDistribution Per ShareTotal Distributions
January 15, 2026January 26, 2026February 19, 2026$0.01 $2,421 
On April 9, 2026, we declared a quarterly distribution to common shareholders of record on April 21, 2026 of $0.01 per share, or approximately $2,421. We expect to pay this distribution on or about May 14, 2026 using cash on hand.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
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. For further information regarding the accounting policies of our reportable segments, see Note 2 to our consolidated financial statements included in Part IV, Item 15 of our Annual Report.
The tables below present information about our segments:
Three Months EndedThree Months Ended
 March 31, 2026March 31, 2025
Medical OfficeMedical Office
andand
Life ScienceLife Science
 
SHOP
PortfolioTotalSHOPPortfolioTotal
Revenues:   
Rental income$— $41,895 $41,895 $— $49,763 $49,763 
Residents fees and services317,225 — 317,225 328,306 — 328,306 
Total segment revenues317,225 41,895 359,120 328,306 49,763 378,069 
Reconciliation of revenue:
Other revenue (1)
7,351 8,795 
Total revenues366,471 386,864 
Less:   
Senior living labor and benefits151,262 — 151,262 162,404 — 162,404 
Dietary19,389 — 19,389 20,246 — 20,246 
Utilities19,191 2,763 21,954 19,578 3,602 23,180 
Real estate taxes11,296 4,508 15,804 12,070 5,834 17,904 
Insurance10,396 440 10,836 10,313 621 10,934 
Other operating expenses (2)
62,065 9,120 71,185 66,867 12,850 79,717 
Interest expense6,557 2,231 8,788 66 2,253 2,319 
Depreciation and amortization46,865 13,519 60,384 48,635 17,321 65,956 
Other segment items (3)
1,260 (150)1,110 (8,786)26,018 17,232 
Segment (loss) income(11,056)9,464 (1,592)(3,087)(18,736)(21,823)
Reconciliation of segment (loss) income:
Other income (1)
4,694 6,485 
General and administrative(14,038)(9,000)
Acquisition and certain other transaction related costs(3,693)(24)
Gain on sale of real estate— 97,560 
Interest and other income233 2,099 
Interest expense(28,257)(55,512)
Loss on modification or early extinguishment of debt— (29,071)
Income tax expense(622)(49)
Equity in net earnings of an investee— 349 
Net loss$(43,275)$(8,986)
(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 real estate, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees, interest and other income and gain on insurance recoveries, as applicable.
As of
Assets: (1)
March 31, 2026December 31, 2025
SHOP$2,774,342 $2,867,025 
Medical Office and Life Science Portfolio1,185,976 1,192,731 
All Other307,234 301,494 
Total assets$4,267,552 $4,361,250 
(1)See Note 3 for further information regarding additions to long-lived assets.
v3.26.1
Business and Property Management Agreements with RMR
 3 Months Ended
Mar. 31, 2026
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 11 for further information regarding our relationship, agreements and transactions with RMR.
Business Management Agreements with RMR. Pursuant to our business management agreement and in accordance with GAAP, we accrued estimated incentive management fees during the three months ended March 31, 2026 and 2025. The actual amount of incentive management fees incurred for 2026, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2026, and will be payable to RMR in January 2027. 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.
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.
For the three months ended March 31, 2026 and 2025, the business management fees, incentive management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:
Three Months Ended March 31,
Financial Statement Line Item20262025
Pursuant to business management agreement:
Business management fees
General and administrative expenses (1)
$4,277 $3,809 
Incentive management feesGeneral and administrative expenses6,628 2,407 
Total$10,905 $6,216 
Pursuant to property management agreement (2):
Property management feesProperty operating expenses$1,014 $1,264 
Construction supervision fees
Building and improvements (3)
325 226 
Total$1,339 $1,490 
Expense Reimbursement:
Other expensesGeneral and administrative expenses$44 $50 
Property level expensesProperty operating expenses2,317 3,741 
Total$2,361 $3,791 
(1)The net business management fees we recognized for the three months ended March 31, 2026 and 2025 reflect a reduction of $744 for each of those periods for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc., as further described in Note 11.
(2)The net property management and construction supervision fees we recognized for the three months ended March 31, 2026 and 2025 reflect a reduction of $199 for each of those periods for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 11.
(3)Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related capital assets.
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.
v3.26.1
Related Person Transactions
 3 Months Ended
Mar. 31, 2026
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 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. 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 March 31, 2026, ABP Trust and Adam D. Portnoy owned 9.8% of our outstanding common shares.
AlerisLife. As of March 31, 2026, we owned approximately 34% of the outstanding AlerisLife common shares and ABP Trust owned the approximate remaining 66% of AlerisLife. As of December 31, 2025, we completed the transition of the management agreements for all of the senior living communities previously managed by Five Star to third party managers and terminated the Master Management Agreement with Five Star.
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, and our pro rata share of this cash dividend was $27,200.
See Note 4 for further information regarding our relationships, agreements and transactions with AlerisLife (including Five Star) and Note 3 for further information regarding our investment in AlerisLife.
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 March 31, 2026 and are included in other assets, net, in our condensed consolidated balance sheet. RMR provides management services to each of the Seaport JV and the LSMD JV. See Note 10 for further information regarding those management agreements with RMR.
Our Manager, RMR. We have two agreements with RMR to provide management services to us. See Note 10 for further information regarding our 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 $108 and $107 for the three months ended March 31, 2026 and 2025, respectively.
For further information about these and other such relationships and certain other related person transactions, see our Annual Report.
v3.26.1
Derivatives and Hedging Activities
 3 Months Ended
Mar. 31, 2026
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 senior living communities with interest payable at a rate equal to one-month term 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 agreement as of March 31, 2026 and December 31, 2025:
Balance
SheetUnderlying Maturity Strike NotionalFair Value as of
Line ItemInstrumentDateRateAmountMarch 31, 2026December 31, 2025
Other assets, net
Floating rate mortgage loan
3/31/20284.50%$140,000 $52 $— 
Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in cumulative other comprehensive income (loss) and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in interest expense. Amounts reported in cumulative other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made, if any, on our applicable debt.
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income (loss) for the periods shown:
Three Months Ended March 31,
20262025
Amount of loss recognized on derivative in other comprehensive income (loss)$(95)$(6)
Amount of loss reclassified from cumulative other comprehensive income (loss) into interest expense$(14)$— 
Total amount of interest expense presented in the condensed consolidated statements of comprehensive income (loss)$(37,045)$(57,831)
See Notes 6 and 7 for further information regarding the debt our interest rate cap is related to and the fair value of our interest rate cap.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We have elected to be taxed as a real estate investment trust, or REIT, under the 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. For the three months ended March 31, 2026 and 2025, we recognized income tax expense of $622 and $49, respectively.
v3.26.1
Weighted Average Common Shares
 3 Months Ended
Mar. 31, 2026
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.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Recent Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 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 condensed 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 that ASU 2024-03 will have on our condensed consolidated financial statements.
v3.26.1
Real Estate and Other Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Disposal Groups
The table below represents the sale prices, excluding closing costs, of our dispositions for the three months ended March 31, 2026. 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 condensed consolidated statements of comprehensive income (loss).
Number ofNumber of
Date of SaleStateType of PropertyPropertiesUnitsSales PriceLoss on Sale
March 2026VariousSenior Living (SHOP)13669$23,000 $(1,207)
Schedule of Capital Expenditures
The following is a summary of capital expenditures, development, redevelopment and other activities for the periods presented:
Three Months Ended March 31,
 20262025
SHOP fixed assets and capital improvements$14,193 $21,115 
Medical Office and Life Science Portfolio capital expenditures:
Lease related costs (1)
3,532 3,847 
Building improvements (2)
1,003 1,524 
Subtotal Medical Office and Life Science Portfolio4,535 5,371 
Total recurring capital expenditures$18,728 $26,486 
Development, redevelopment and other activities - SHOP (3)
$2,981 $5,568 
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3)
121 — 
Total development, redevelopment and other activities$3,102 $5,568 
Capital expenditures by segment:
SHOP$17,174 $26,683 
Medical Office and Life Science Portfolio4,656 5,371 
Total capital expenditures$21,830 $32,054 
(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.
v3.26.1
Senior Living Community Management Agreements (Tables)
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 31,
20262025
Basic housing and support services$278,687 $252,772 
Private pay and other third party payer skilled nursing facility services
20,415 48,254 
Medicare and Medicaid programs18,123 27,280 
Total residents fees and services$317,225 $328,306 
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 March 31, 2026:
% of Gross
Number ofReal Estate
CommunitiesProperties
Sinceri Senior Living3830.7%
Discovery Senior Living4423.8%
Tutera Senior Living188.9%
Phoenix Senior Living267.1%
Charter Senior Living307.0%
Remaining (1)
4322.5%
Total199100.0%
(1)Includes closed senior living communities, if any.
v3.26.1
Indebtedness (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Additional Outstanding Debt
At March 31, 2026 and December 31, 2025, our outstanding indebtedness consisted of the following:
Senior Unsecured Notes:
 Principal Balance as of  
March 31, 2026December 31, 2025Coupon RateMaturity
Senior unsecured notes$500,000 $500,000 4.750%February 2028
Senior unsecured notes (1)
500,000 500,000 4.375%March 2031
Senior unsecured notes350,000 350,000 5.625%August 2042
Senior unsecured notes250,000 250,000 6.250%February 2046
Total1,600,000 1,600,000 
Unamortized discount(1,585)(1,796)
Unamortized debt issuance costs(16,988)(17,478)
Senior unsecured notes, net$1,581,427 $1,580,726   
(1)These notes are fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes.
Schedule of Secured and Other Debt
   Net Book Value
 Number of
Principal Balance as of (1)
  of Collateral as of
PropertiesMarch 31,December 31,InterestMarch 31,December 31,
Secured by20262025RateMaturity20262025
Secured revolving credit facility14$— $— 6.28%June 2029$322,747 $326,565 
Senior secured notes (2)
36375,000 375,000 7.25%October 2030398,816 402,797 
Floating rate mortgage loan (3)
14140,000 140,000 6.17%March 2028141,531 142,947 
Mortgage note463,225 63,499 6.57%June 2030134,446 135,772 
Mortgage note8120,000 120,000 6.86%June 2034180,471 182,848 
Mortgage notes (4)
7108,873 108,873 6.22%May 2035146,645 148,477 
Mortgage notes (5)
230,284 30,284 6.36%June 203533,979 34,328 
Mortgage note15,392 5,847 6.44%July 204312,770 12,893 
Finance Leases (6)
2155 613 7.70%April 202619,646 20,128 
Total88842,929 844,116 $1,391,051 $1,406,755 
Unamortized debt issuance costs (7)
(22,780)(24,018)
Total secured and other debt, net$820,149 $820,098 
(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 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.
(3)This mortgage loan requires that interest be paid at an annual rate of one-month term secured overnight financing rate, or 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 effective through March 2027 with a one-month term SOFR strike rate equal to 4.50% pursuant to the terms of the applicable loan agreement.
(4)These mortgage loans require interest-only payments through May 2030.
(5)These mortgage loans require interest-only payments through June 2028.
(6)In April 2026, we acquired the land parcels at two senior living communities previously subject to our finance leases pursuant to our exercise of a purchase option for an aggregate purchase price of $14,500, excluding closing costs.
(7)Excludes unamortized debt issuance costs for our revolving credit facility as these costs are included in other assets, net in our condensed consolidated balance sheets.
Schedule of Required Principal Payments on Outstanding Debt
Required principal payments due in the next five years and thereafter, excluding extension options, on all of our outstanding debt as of March 31, 2026, were as follows:
Principal Payment
2026$1,076 
20272,260 
2028640,635 
20291,867 
2030435,135 
Thereafter1,361,956 
Total$2,442,929 
v3.26.1
Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Recurring and Nonrecurring Measured at Fair Value
The table below presents certain of our assets that are measured on a recurring basis at fair value as of March 31, 2026 and December 31, 2025, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset:
Quoted Prices in Significant OtherSignificant
Active Markets forObservableUnobservable
Identical AssetsInputsInputs
Total(Level 1)(Level 2)(Level 3)
As of March 31, 2026
Interest rate cap (1)
$52 $— $52 $— 
Investment in Seaport JV (2)
$73,217 $— $— $73,217 
Investment in LSMD JV (2)
$46,405 $— $— $46,405 
As of December 31, 2025
Interest rate cap (1)
$— $— $— $— 
Investment in Seaport JV (2)
$73,471 $— $— $73,471 
Investment in LSMD JV (2)
$46,655 $— $— $46,655 
(1)The fair values of our interest rate cap derivatives are based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date.
(2)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.
The discount rates, exit capitalization rates and holding periods used to determine the fair value of our investments in the unconsolidated joint ventures' significant unobservable inputs are shown in the table below:
Exit
Valuation Discount Capitalization Holding
TechniqueRatesRatesPeriods
As of March 31, 2026
Investment in Seaport JVDiscounted cash flow
7.00%
6.00%
10 years
Investment in LSMD JVDiscounted cash flow
6.25% - 8.75%
5.25% - 8.00%
10 years
As of December 31, 2025
Investment in Seaport JVDiscounted cash flow
7.00%
6.00%
10 years
Investment in LSMD JVDiscounted cash flow
6.25% - 8.75%
5.25% - 8.00%
10 - 12 years
Schedule of the Change in Fair Value of the Investment in the Unconsolidated Joint Venture
The table below presents a summary of the changes in fair value for our investments in the unconsolidated joint ventures:
Three Months Ended March 31,
20262025
Beginning balance$120,126 $126,859 
Equity in earnings of unconsolidated joint ventures96 1,138 
Contributions to unconsolidated joint ventures
— 5,800 
Distributions from unconsolidated joint ventures(600)— 
Ending balance$119,622 $133,797 
Schedule of Carrying Value and Fair Value of the Financial Instruments The fair values of these financial instruments approximated their carrying values in our condensed consolidated financial statements as of such dates, except as follows:
 As of March 31, 2026As of December 31, 2025
Carrying Estimated Carrying Estimated
Value (1)
Fair Value
Value (1)
Fair Value
Senior unsecured notes, 4.750% coupon rate, due 2028
$497,608 $480,465 $497,290 $482,635 
Senior secured notes, 7.250% coupon rate, due 2030
365,516 378,221 365,005 383,434 
Senior unsecured notes, 4.375% coupon rate, due 2031
495,775 444,350 495,561 440,000 
Senior unsecured notes, 5.625% coupon rate, due 2042
343,778 226,520 343,683 224,140 
Senior unsecured notes, 6.250% coupon rate, due 2046
244,266 171,200 244,192 175,000 
Secured debt and finance leases454,633 480,922 455,093 484,932 
Total$2,401,576 $2,181,678 $2,400,824 $2,190,141 
(1)Includes unamortized net discounts, premiums and debt issuance costs, if any.
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule of Dividends Declared and Paid
During the three months ended March 31, 2026, we declared and paid a quarterly distribution to common shareholders as follows:
Declaration DateRecord DatePayment DateDistribution Per ShareTotal Distributions
January 15, 2026January 26, 2026February 19, 2026$0.01 $2,421 
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The tables below present information about our segments:
Three Months EndedThree Months Ended
 March 31, 2026March 31, 2025
Medical OfficeMedical Office
andand
Life ScienceLife Science
 
SHOP
PortfolioTotalSHOPPortfolioTotal
Revenues:   
Rental income$— $41,895 $41,895 $— $49,763 $49,763 
Residents fees and services317,225 — 317,225 328,306 — 328,306 
Total segment revenues317,225 41,895 359,120 328,306 49,763 378,069 
Reconciliation of revenue:
Other revenue (1)
7,351 8,795 
Total revenues366,471 386,864 
Less:   
Senior living labor and benefits151,262 — 151,262 162,404 — 162,404 
Dietary19,389 — 19,389 20,246 — 20,246 
Utilities19,191 2,763 21,954 19,578 3,602 23,180 
Real estate taxes11,296 4,508 15,804 12,070 5,834 17,904 
Insurance10,396 440 10,836 10,313 621 10,934 
Other operating expenses (2)
62,065 9,120 71,185 66,867 12,850 79,717 
Interest expense6,557 2,231 8,788 66 2,253 2,319 
Depreciation and amortization46,865 13,519 60,384 48,635 17,321 65,956 
Other segment items (3)
1,260 (150)1,110 (8,786)26,018 17,232 
Segment (loss) income(11,056)9,464 (1,592)(3,087)(18,736)(21,823)
Reconciliation of segment (loss) income:
Other income (1)
4,694 6,485 
General and administrative(14,038)(9,000)
Acquisition and certain other transaction related costs(3,693)(24)
Gain on sale of real estate— 97,560 
Interest and other income233 2,099 
Interest expense(28,257)(55,512)
Loss on modification or early extinguishment of debt— (29,071)
Income tax expense(622)(49)
Equity in net earnings of an investee— 349 
Net loss$(43,275)$(8,986)
(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 real estate, gain (loss) on modification or early extinguishment of debt, equity in net earnings (losses) of investees, interest and other income and gain on insurance recoveries, as applicable.
As of
Assets: (1)
March 31, 2026December 31, 2025
SHOP$2,774,342 $2,867,025 
Medical Office and Life Science Portfolio1,185,976 1,192,731 
All Other307,234 301,494 
Total assets$4,267,552 $4,361,250 
(1)See Note 3 for further information regarding additions to long-lived assets.
v3.26.1
Business and Property Management Agreements with RMR (Tables)
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Management Fees and Expense Reimbursements
For the three months ended March 31, 2026 and 2025, the business management fees, incentive management fees, property management fees and construction supervision fees and expense reimbursements recognized in our condensed consolidated financial statements were as follows:
Three Months Ended March 31,
Financial Statement Line Item20262025
Pursuant to business management agreement:
Business management fees
General and administrative expenses (1)
$4,277 $3,809 
Incentive management feesGeneral and administrative expenses6,628 2,407 
Total$10,905 $6,216 
Pursuant to property management agreement (2):
Property management feesProperty operating expenses$1,014 $1,264 
Construction supervision fees
Building and improvements (3)
325 226 
Total$1,339 $1,490 
Expense Reimbursement:
Other expensesGeneral and administrative expenses$44 $50 
Property level expensesProperty operating expenses2,317 3,741 
Total$2,361 $3,791 
(1)The net business management fees we recognized for the three months ended March 31, 2026 and 2025 reflect a reduction of $744 for each of those periods for the amortization of the liability we recorded in connection with our former investment in The RMR Group Inc., or RMR Inc., as further described in Note 11.
(2)The net property management and construction supervision fees we recognized for the three months ended March 31, 2026 and 2025 reflect a reduction of $199 for each of those periods for the amortization of the liability we recorded in connection with our former investment in RMR Inc., as further described in Note 11.
(3)Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related capital assets.
v3.26.1
Derivatives and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Agreement The following table summarizes the terms of our outstanding interest rate cap agreement as of March 31, 2026 and December 31, 2025:
Balance
SheetUnderlying Maturity Strike NotionalFair Value as of
Line ItemInstrumentDateRateAmountMarch 31, 2026December 31, 2025
Other assets, net
Floating rate mortgage loan
3/31/20284.50%$140,000 $52 $— 
Schedule of Activity Related to our Cash Flow Hedges
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income (loss) for the periods shown:
Three Months Ended March 31,
20262025
Amount of loss recognized on derivative in other comprehensive income (loss)$(95)$(6)
Amount of loss reclassified from cumulative other comprehensive income (loss) into interest expense$(14)$— 
Total amount of interest expense presented in the condensed consolidated statements of comprehensive income (loss)$(37,045)$(57,831)
v3.26.1
Real Estate and Other Investments - Narrative (Details)
 1 Months Ended 3 Months Ended
Jan. 09, 2026
USD ($)
Jul. 15, 2025
USD ($)
Feb. 14, 2025
USD ($)
Apr. 30, 2026
USD ($)
property
Mar. 31, 2026
USD ($)
ft²
property
state
jointVenture
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Real Estate              
Number of properties owned (property) | property         285    
Number of states in which properties are located | state         33    
Number of states | state         5    
Impairment of assets         $ 0 $ 38,472,000  
Equity in net earnings (losses) of an investee         96,000 1,487,000  
Equity method investment         0   $ 27,200,000
Equity method investment distributions         27,200,000 17,000,000  
AlerisLife Inc              
Real Estate              
Payments of dividends $ 80,000,000 $ 10,000,000 $ 50,000,000        
Corporate Joint Venture              
Real Estate              
Equity in net earnings (losses) of an investee         $ 96,000 1,138,000  
Seaport Innovation LLC | Corporate Joint Venture              
Real Estate              
Number of properties owned (property) | property         1    
Equity method investment ownership percentage         10.00%    
Area of real estate properties (in square feet) | ft²         1,134,479    
The LSMD Fund REIT LLC | Corporate Joint Venture              
Real Estate              
Number of properties owned (property) | property         10    
Number of states | state         5    
Equity method investment ownership percentage         20.00%    
Area of real estate properties (in square feet) | ft²         1,068,763    
AlerisLife Inc              
Real Estate              
Equity method investment ownership percentage         34.00%    
Equity in net earnings (losses) of an investee         $ 0 $ 349,000  
Equity method investment         $ 0   $ 27,200,000
Equity method investment distributions $ 27,200,000 $ 3,400,000 $ 17,000,000        
KENTUCKY | Subsequent Event              
Real Estate              
Number of properties acquired (property) | property       2      
Finance lease purchase option       $ 14,500,000      
Joint Venture              
Real Estate              
Number of unconsolidated joint ventures | jointVenture         2    
v3.26.1
Real Estate and Other Investments - Schedule of Disposal Groups (Details)
$ in Thousands
 1 Months Ended
Mar. 31, 2026
USD ($)
property
unit
Real Estate  
Properties | property 285
Senior Living (SHOP) | Disposed of by sale | Various  
Real Estate  
Properties | property 13
Units | unit 669
Sales Price | $ $ 23,000
Loss on Sale | $ $ (1,207)
v3.26.1
Real Estate and Other Investments - Schedule of Capital Expenditures (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Real Estate    
Total recurring capital expenditures $ 18,728 $ 26,486
Total development, redevelopment and other activities 3,102 5,568
Total capital expenditures 21,830 32,054
Operating Segments | SHOP    
Real Estate    
Total recurring capital expenditures 14,193 21,115
Total development, redevelopment and other activities 2,981 5,568
Total capital expenditures 17,174 26,683
Operating Segments | Medical Office and Life Science Portfolio    
Real Estate    
Total recurring capital expenditures 4,535 5,371
Total development, redevelopment and other activities 121 0
Total capital expenditures 4,656 5,371
Operating Segments | Medical Office and Life Science Portfolio | Lease related costs    
Real Estate    
Total recurring capital expenditures 3,532 3,847
Operating Segments | Medical Office and Life Science Portfolio | Building improvements    
Real Estate    
Total recurring capital expenditures $ 1,003 $ 1,524
v3.26.1
Senior Living Community Management Agreements - Narrative (Details) - Affiliated Entity
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
community
Mar. 31, 2025
USD ($)
community
Sep. 30, 2025
community
Five Star      
Property management agreement expense $ 0 $ 11,234  
Related party transaction capitalized amount 0 595  
Five Star | Property operating expenses      
Property management agreement expense $ 0 10,639  
Third Party Managers      
Number of operators | community     7
Senior Living Communities      
Number of communities managed | community 199    
Senior Living Communities | Five Star      
Number of properties agreed to transition | community     116
Senior Living Communities | Third Party Managers      
Property management agreement expense $ 18,141 $ 6,334  
Number of communities managed | community 199 231  
Incentive fee expense $ 0 $ 351  
v3.26.1
Senior Living Community Management Agreements - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue    
Total residents fees and services $ 366,471 $ 386,864
Residents fees and services    
Disaggregation of Revenue    
Total residents fees and services 317,225 328,306
Residents fees and services | Basic housing and support services    
Disaggregation of Revenue    
Total residents fees and services 278,687 252,772
Residents fees and services | Private pay and other third party payer skilled nursing facility services    
Disaggregation of Revenue    
Total residents fees and services 20,415 48,254
Residents fees and services | Medicare and Medicaid programs    
Disaggregation of Revenue    
Total residents fees and services $ 18,123 $ 27,280
v3.26.1
Senior Living Community Management Agreements - Schedule of Our Senior Living Communities (Details) - Senior Living Communities - Affiliated Entity
 3 Months Ended
Mar. 31, 2026
community
Real Estate  
Number of communities managed 199
Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 100.00%
Sinceri Senior Living  
Real Estate  
Number of communities managed 38
Sinceri Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 30.70%
Discovery Senior Living  
Real Estate  
Number of communities managed 44
Discovery Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 23.80%
Tutera Senior Living  
Real Estate  
Number of communities managed 18
Tutera Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 8.90%
Phoenix Senior Living  
Real Estate  
Number of communities managed 26
Phoenix Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 7.10%
Charter Senior Living  
Real Estate  
Number of communities managed 30
Charter Senior Living | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 7.00%
Remaining  
Real Estate  
Number of communities managed 43
Remaining | Gross Real Estate Properties | Manager Concentration Risk  
Real Estate  
% of Gross Real Estate Properties 22.50%
v3.26.1
Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Leases [Abstract]      
Increase in straight line rental income $ 57 $ 455  
Straight line rental income, excluding properties held-for-sale 62,220   $ 62,163
Variable lease, payment 9,512 10,838  
Reimbursement revenue lease 9,473 $ 10,423  
Operating lease, right-of-use asset 15,636   16,537
Operating lease, liability $ 16,016   $ 16,921
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
v3.26.1
Indebtedness - Schedule of Outstanding Debts (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Indebtedness    
Senior unsecured notes, net $ 2,442,929,000  
Senior Unsecured Notes    
Indebtedness    
Debt face amount 1,600,000,000 $ 1,600,000,000
Unamortized discount (1,585,000) (1,796,000)
Unamortized debt issuance costs (16,988,000) (17,478,000)
Senior unsecured notes, net 1,581,427,000 1,580,726,000
Senior unsecured notes, 4.750% coupon rate, due 2028 | Senior Unsecured Notes    
Indebtedness    
Debt face amount $ 500,000,000 500,000,000
Interest rate 4.75%  
Senior unsecured notes, 4.375% coupon rate, due 2031 | Senior Unsecured Notes    
Indebtedness    
Debt face amount $ 500,000,000 500,000,000
Interest rate 4.375%  
Senior unsecured notes, 5.625% coupon rate, due 2042 | Senior Unsecured Notes    
Indebtedness    
Debt face amount $ 350,000,000 350,000,000
Interest rate 5.625%  
Senior unsecured notes, 6.250% coupon rate, due 2046 | Senior Unsecured Notes    
Indebtedness    
Debt face amount $ 250,000,000 $ 250,000,000
Interest rate 6.25%  
v3.26.1
Indebtedness - Schedule of Secured and Other Debt (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Apr. 30, 2026
USD ($)
property
Mar. 31, 2025
Mar. 31, 2026
USD ($)
property
option
Dec. 31, 2025
USD ($)
Indebtedness        
Net book value of collateral     $ 3,818,886 $ 3,858,900
Senior unsecured notes, net     $ 2,442,929  
Secured Debts        
Indebtedness        
Number of properties secured | property     88  
Principal balance     $ 842,929 844,116
Net book value of collateral     1,391,051 1,406,755
Unamortized debt issuance costs     (22,780) (24,018)
Senior unsecured notes, net     $ 820,149 820,098
Secured Revolving Credit Facility Due 2029 | Secured Debts        
Indebtedness        
Number of properties secured | property     14  
Principal balance     $ 0 0
Interest rate     6.28%  
Net book value of collateral     $ 322,747 326,565
Number of extension options | option     2  
Extension term     6 months  
Senior Secured Note Due 2030 | Secured Debts        
Indebtedness        
Number of properties secured | property     36  
Principal balance     $ 375,000 375,000
Interest rate     7.25%  
Net book value of collateral     $ 398,816 402,797
Equity interest in each collateral guarantee     100.00%  
Floating Rate Mortgage Note 6.17 Percent Due March 2028 | Secured Debts        
Indebtedness        
Number of properties secured | property     14  
Principal balance     $ 140,000 140,000
Interest rate     6.17%  
Net book value of collateral     $ 141,531 142,947
Basis spread on variable rate   2.50% 2.50%  
Number of extension options | option     2  
Extension term     6 months  
Floating Rate Mortgage Note 6.17 Percent Due March 2028 | Secured Debts | Interest Rate Cap        
Indebtedness        
Derivative basis spread on variable rate     4.50%  
Mortgage Notes 6.57 Percent Due June 2030 | Secured Debts        
Indebtedness        
Number of properties secured | property     4  
Principal balance     $ 63,225 63,499
Interest rate     6.57%  
Net book value of collateral     $ 134,446 135,772
Mortgage Notes 6.86 Percent Due June 2034 | Secured Debts        
Indebtedness        
Number of properties secured | property     8  
Principal balance     $ 120,000 120,000
Interest rate     6.86%  
Net book value of collateral     $ 180,471 182,848
Mortgage Notes 6.22 Percent Due May 2035 | Secured Debts        
Indebtedness        
Number of properties secured | property     7  
Principal balance     $ 108,873 108,873
Interest rate     6.22%  
Net book value of collateral     $ 146,645 148,477
Mortgage Notes 6.36 Percent Due June 2035 | Secured Debts        
Indebtedness        
Number of properties secured | property     2  
Principal balance     $ 30,284 30,284
Interest rate     6.36%  
Net book value of collateral     $ 33,979 34,328
Mortgage Notes 6.44 Percent Due July 2043 | Secured Debts        
Indebtedness        
Number of properties secured | property     1  
Principal balance     $ 5,392 5,847
Interest rate     6.44%  
Net book value of collateral     $ 12,770 12,893
Financial Leases 7.70 Percent Due April 2026 | Secured Debts        
Indebtedness        
Number of properties secured | property     2  
Principal balance     $ 155 613
Interest rate     7.70%  
Net book value of collateral     $ 19,646 $ 20,128
Financial Leases 7.70 Percent Due April 2026 | Secured Debts | Subsequent Event        
Indebtedness        
Number of properties secured | property 2      
Finance lease purchase option $ 14,500      
v3.26.1
Indebtedness - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
option
Apr. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Indebtedness      
Secured revolving credit facility $ 0   $ 0
Senior Unsecured Notes      
Indebtedness      
Debt face amount 1,600,000,000   1,600,000,000
Unsecured Debt, Not Guaranteed      
Indebtedness      
Debt face amount 1,100,000,000    
Senior unsecured notes, 4.375% coupon rate, due 2031 | Senior Unsecured Notes      
Indebtedness      
Debt face amount $ 500,000,000   $ 500,000,000
Interest rate 4.375%    
Secured Revolving Credit Facility Due 2029 | Secured Debts      
Indebtedness      
Interest rate 6.28%    
Number of extension options | option 2    
Extension term 6 months    
Net leverage ratio 2.50%    
Secured revolving credit facility $ 0    
Remaining borrowing capacity $ 150,000,000    
Secured Revolving Credit Facility Due 2029 | Secured Debts | Subsequent Event      
Indebtedness      
Secured revolving credit facility   $ 0  
Remaining borrowing capacity   $ 150,000,000  
Secured Revolving Credit Facility Due 2029 | Secured Debts | Minimum      
Indebtedness      
Basis spread on variable rate 2.50%    
Unused commitment fee percentage 0.25%    
Secured Revolving Credit Facility Due 2029 | Secured Debts | Maximum      
Indebtedness      
Basis spread on variable rate 3.00%    
Unused commitment fee percentage 0.35%    
Senior Secured Note Due 2030 | Secured Debts      
Indebtedness      
Interest rate 7.25%    
v3.26.1
Indebtedness - Schedule of Principal Payments of Debt (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Debt Disclosure [Abstract]  
2026 $ 1,076
2027 2,260
2028 640,635
2029 1,867
2030 435,135
Thereafter 1,361,956
Senior unsecured notes, net $ 2,442,929
v3.26.1
Fair Value of Assets and Liabilities - Assets and Liabilities (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value $ 52,000 $ 0
(Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value 0 0
(Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value 52,000 0
(Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value 0 0
Seaport Innovation LLC | Corporate Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments in affiliates, fair value 73,217,000 73,471,000
Seaport Innovation LLC | (Level 1) | Corporate Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments in affiliates, fair value 0 0
Seaport Innovation LLC | (Level 2) | Corporate Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments in affiliates, fair value 0 0
Seaport Innovation LLC | (Level 3) | Corporate Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments in affiliates, fair value $ 73,217,000 $ 73,471,000
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
The LSMD Fund REIT LLC | Corporate Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments in affiliates, fair value $ 46,405,000 $ 46,655,000
The LSMD Fund REIT LLC | (Level 1) | Corporate Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments in affiliates, fair value 0 0
The LSMD Fund REIT LLC | (Level 2) | Corporate Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments in affiliates, fair value 0 0
The LSMD Fund REIT LLC | (Level 3) | Corporate Joint Venture    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Investments in affiliates, fair value $ 46,405,000 $ 46,655,000
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 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 0.0875
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 0.0525
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 0.0800
v3.26.1
Fair Value of Assets and Liabilities - Schedule of the Change in Fair Value of the Investment in the Unconsolidated Joint Venture (Details) - Equity Method Investments - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 120,126 $ 126,859
Equity in earnings of unconsolidated joint ventures 96 1,138
Contributions to unconsolidated joint ventures 0 5,800
Distributions from unconsolidated joint ventures (600) 0
Ending balance $ 119,622 $ 133,797
v3.26.1
Fair Value of Assets and Liabilities - Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Senior Unsecured Notes | Senior unsecured notes, 4.750% coupon rate, due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Coupon rate 4.75%  
Senior Unsecured Notes | Senior unsecured notes, 4.375% coupon rate, due 2031    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Coupon rate 4.375%  
Senior Unsecured Notes | Senior unsecured notes, 5.625% coupon rate, due 2042    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Coupon rate 5.625%  
Senior Unsecured Notes | Senior unsecured notes, 6.250% coupon rate, due 2046    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Coupon rate 6.25%  
Senior Secured Notes | Senior secured notes, 7.250% coupon rate, due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Coupon rate 7.25%  
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure $ 2,401,576 $ 2,400,824
Carrying Value | Senior Unsecured Notes | Senior unsecured notes, 4.750% coupon rate, due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 497,608 497,290
Carrying Value | Senior Unsecured Notes | Senior unsecured notes, 4.375% coupon rate, due 2031    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 495,775 495,561
Carrying Value | Senior Unsecured Notes | Senior unsecured notes, 5.625% coupon rate, due 2042    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 343,778 343,683
Carrying Value | Senior Unsecured Notes | Senior unsecured notes, 6.250% coupon rate, due 2046    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 244,266 244,192
Carrying Value | Senior Secured Notes | Senior secured notes, 7.250% coupon rate, due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 365,516 365,005
Carrying Value | Secured debt and finance leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 454,633 455,093
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 2,181,678 2,190,141
Fair Value | Senior Unsecured Notes | Senior unsecured notes, 4.750% coupon rate, due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 480,465 482,635
Fair Value | Senior Unsecured Notes | Senior unsecured notes, 4.375% coupon rate, due 2031    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 444,350 440,000
Fair Value | Senior Unsecured Notes | Senior unsecured notes, 5.625% coupon rate, due 2042    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 226,520 224,140
Fair Value | Senior Unsecured Notes | Senior unsecured notes, 6.250% coupon rate, due 2046    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 171,200 175,000
Fair Value | Senior Secured Notes | Senior secured notes, 7.250% coupon rate, due 2030    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure 378,221 383,434
Fair Value | Secured debt and finance leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value disclosure $ 480,922 $ 484,932
v3.26.1
Fair Value of Assets and Liabilities - Narrative (Details) - Senior Unsecured Notes - security
Mar. 31, 2026
Dec. 31, 2025
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
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value measurement, number of debt securities 2 2
v3.26.1
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Apr. 09, 2026
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award      
Distributions to common shareholders declared (in dollars per share)   $ 0.01  
Common stock distributions   $ 2,421 $ 2,413
Subsequent Event      
Share-based Compensation Arrangement by Share-based Payment Award      
Distributions to common shareholders declared (in dollars per share) $ 0.01    
Common stock distributions $ 2,421    
RMR LLC      
Share-based Compensation Arrangement by Share-based Payment Award      
Number of shares (in shares)   12,393  
Weighted average share price (in dollars per share)   $ 7.15  
v3.26.1
Shareholders' Equity - Schedule of Dividends Declared and Paid (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stockholders' Equity Note [Abstract]    
Distribution per share (in dollars per share) $ 0.01  
Total Distributions $ 2,421 $ 2,413
v3.26.1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reporting segments 2
v3.26.1
Segment Reporting - Income Statements (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total segment revenues $ 366,471 $ 386,864
Expenses:    
Interest expense 37,045 57,831
Depreciation and amortization 62,914 68,325
Net loss (43,275) (8,986)
Reconciliation of segment (loss) income:    
General and administrative (14,038) (9,000)
Acquisition and certain other transaction related costs (3,693) (24)
Gain on sale of real estate (1,207) 110,140
Interest and other income 233 2,099
Interest expense (37,045) (57,831)
Loss on modification or early extinguishment of debt 0 (29,071)
Income tax expense (622) (49)
Equity in net earnings (losses) of an investee 96 1,487
Net loss (43,275) (8,986)
Rental income    
Revenues:    
Total segment revenues 49,246 58,558
Residents fees and services    
Revenues:    
Total segment revenues 317,225 328,306
Operating Segments    
Revenues:    
Total segment revenues 359,120 378,069
Expenses:    
Senior living labor and benefits 151,262 162,404
Dietary 19,389 20,246
Utilities 21,954 23,180
Real estate taxes 15,804 17,904
Insurance 10,836 10,934
Other operating expenses 71,185 79,717
Interest expense 8,788 2,319
Depreciation and amortization 60,384 65,956
Other segment items 1,110 17,232
Net loss (1,592) (21,823)
Reconciliation of segment (loss) income:    
Interest expense (8,788) (2,319)
Net loss (1,592) (21,823)
Operating Segments | SHOP    
Revenues:    
Total segment revenues 317,225 328,306
Expenses:    
Senior living labor and benefits 151,262 162,404
Dietary 19,389 20,246
Utilities 19,191 19,578
Real estate taxes 11,296 12,070
Insurance 10,396 10,313
Other operating expenses 62,065 66,867
Interest expense 6,557 66
Depreciation and amortization 46,865 48,635
Other segment items 1,260 (8,786)
Net loss (11,056) (3,087)
Reconciliation of segment (loss) income:    
Interest expense (6,557) (66)
Net loss (11,056) (3,087)
Operating Segments | Medical Office and Life Science Portfolio    
Revenues:    
Total segment revenues 41,895 49,763
Expenses:    
Senior living labor and benefits 0 0
Dietary 0 0
Utilities 2,763 3,602
Real estate taxes 4,508 5,834
Insurance 440 621
Other operating expenses 9,120 12,850
Interest expense 2,231 2,253
Depreciation and amortization 13,519 17,321
Other segment items (150) 26,018
Net loss 9,464 (18,736)
Reconciliation of segment (loss) income:    
Interest expense (2,231) (2,253)
Net loss 9,464 (18,736)
Operating Segments | Rental income    
Revenues:    
Total segment revenues 41,895 49,763
Operating Segments | Rental income | SHOP    
Revenues:    
Total segment revenues 0 0
Operating Segments | Rental income | Medical Office and Life Science Portfolio    
Revenues:    
Total segment revenues 41,895 49,763
Operating Segments | Residents fees and services    
Revenues:    
Total segment revenues 317,225 328,306
Operating Segments | Residents fees and services | SHOP    
Revenues:    
Total segment revenues 317,225 328,306
Operating Segments | Residents fees and services | Medical Office and Life Science Portfolio    
Revenues:    
Total segment revenues 0 0
All Other    
Revenues:    
Total segment revenues 7,351 8,795
Expenses:    
Interest expense 28,257 55,512
Reconciliation of segment (loss) income:    
Other income 4,694 6,485
General and administrative (14,038) (9,000)
Acquisition and certain other transaction related costs (3,693) (24)
Gain on sale of real estate 0 97,560
Interest and other income 233 2,099
Interest expense (28,257) (55,512)
Loss on modification or early extinguishment of debt 0 (29,071)
Income tax expense (622) (49)
Equity in net earnings (losses) of an investee $ 0 $ 349
v3.26.1
Segment Reporting - Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Segment reporting    
Total assets $ 4,267,552 $ 4,361,250
Operating Segments | SHOP    
Segment reporting    
Total assets 2,774,342 2,867,025
Operating Segments | Medical Office and Life Science Portfolio    
Segment reporting    
Total assets 1,185,976 1,192,731
All Other    
Segment reporting    
Total assets $ 307,234 $ 301,494
v3.26.1
Business and Property Management Agreements with RMR - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
employee
jointVenture_arrangement
agreement
Dec. 31, 2025
USD ($)
Related person transactions    
Number of employees | employee 0  
Incentive management fees | $   $ 17,905
RMR    
Related person transactions    
Number joint venture arrangements | jointVenture_arrangement 2  
Senior Living Communities | RMR    
Related person transactions    
Number of consecutive renewal terms of agreement | agreement 2  
v3.26.1
Business and Property Management Agreements with RMR-Schedule of Business Management Fees, Property Management Fees and Construction Supervision Fees Recognized (Details) - RMR LLC - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pursuant to business management agreement:    
Business management fees $ 4,277 $ 3,809
Incentive management fees 6,628 2,407
Total 10,905 6,216
Pursuant to property management agreement    
Property management fees 1,014 1,264
Construction supervision fees 325 226
Total 1,339 1,490
Expense Reimbursement:    
Total 2,361 3,791
Recognized amortization of the liability 744 744
Amortization of liability related to property management and construction supervision fees 199 199
General and administrative expenses    
Expense Reimbursement:    
Other expenses 44 50
Property operating expenses    
Expense Reimbursement:    
Property level expenses $ 2,317 $ 3,741
v3.26.1
Related Person Transactions (Details)
$ in Thousands
 3 Months Ended
Jan. 09, 2026
USD ($)
Jul. 15, 2025
USD ($)
Feb. 14, 2025
USD ($)
Mar. 31, 2026
USD ($)
agreement
Mar. 31, 2025
USD ($)
Related person transactions          
Equity method investment distributions       $ 27,200 $ 17,000
Total residents fees and services       $ 366,471 386,864
AlerisLife Inc          
Related person transactions          
Equity method investment ownership percentage       34.00%  
Equity method investment distributions $ 27,200 $ 3,400 $ 17,000    
Rental income          
Related person transactions          
Total residents fees and services       $ 49,246 58,558
RMR LLC | Rental income          
Related person transactions          
Total residents fees and services       108 $ 107
RMR LLC | Related Party          
Related person transactions          
Related party transaction, closing cost       $ 3,965  
Number of management agreements | agreement       2  
ABP Trust | AlerisLife Inc          
Related person transactions          
Equity method investment ownership percentage       66.00%  
AlerisLife Inc          
Related person transactions          
Payments of dividends $ 80,000 $ 10,000 $ 50,000    
Diversified Healthcare Trust | ABP Trust And Adam D. Portnoy          
Related person transactions          
Noncontrolling interest, ownership percentage by parent       9.80%  
v3.26.1
Derivative and Hedging Activities - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 31, 2025
USD ($)
property
Mar. 31, 2026
property
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of properties owned (property)   285
Floating Rate Mortgage Note 6.17 Percent Due March 2028 | Secured Debts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Debt face amount | $ $ 140,000  
Basis spread on variable rate 2.50% 2.50%
Floating Rate Mortgage Note 6.17 Percent Due March 2028 | Secured Debts | Senior Living Communities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of properties owned (property) 14  
v3.26.1
Derivatives and Hedging Activities - Schedule of Interest Rate Agreement (Details) - Floating Rate Mortgage Note 6.17 Percent Due March 2028 - Interest Rate Cap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Rate 4.50%  
Amount $ 140,000  
Fair value $ 52 $ 0
v3.26.1
Derivative and Hedging Activities - Schedule of Activity Related To Our Cash Flow Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Amount of loss recognized on derivative in other comprehensive income (loss) $ (95) $ (6)
Amount of loss reclassified from cumulative other comprehensive income (loss) into interest expense (14) 0
Total amount of interest expense presented in the condensed consolidated statements of comprehensive income (loss) $ (37,045) $ (57,831)
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 622 $ 49