HEALTHCARE REALTY TRUST INC, 10-Q filed on 8/1/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-35568  
Entity Registrant Name HEALTHCARE REALTY TRUST INCORPORATED  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 20-4738467  
Entity Address, Address Line One 3310 West End Avenue  
Entity Address, Address Line Two Suite 700  
Entity Address, City or Town Nashville  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 37203  
City Area Code 615  
Local Phone Number 269-8175  
Title of 12(b) Security Class A Common Stock, $0.01 par value per share  
Trading Symbol HR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   351,606,597
Entity Central Index Key 0001360604  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate properties    
Land $ 1,105,231 $ 1,143,468
Buildings and improvements 9,199,089 9,707,066
Lease intangibles 567,244 664,867
Personal property 6,944 9,909
Investment in financing receivable, net 124,134 123,671
Financing lease right-of-use assets 76,574 77,343
Construction in progress 40,421 31,978
Land held for development 49,110 52,408
Total real estate properties 11,168,747 11,810,710
Less accumulated depreciation and amortization (2,494,169) (2,483,656)
Total real estate properties, net 8,674,578 9,327,054
Cash and cash equivalents 25,507 68,916
Assets held for sale, net 358,207 12,897
Operating lease right-of-use assets 243,910 261,438
Investments in unconsolidated joint ventures 463,430 473,122
Other assets, net 469,940 507,496
Total assets 10,235,572 10,650,923
Liabilities    
Notes and bonds payable 4,694,391 4,662,771
Accounts payable and accrued liabilities 194,076 222,510
Liabilities of assets held for sale 30,278 1,283
Operating lease liabilities 203,678 224,499
Financing lease liabilities 73,019 72,346
Other liabilities 158,704 161,640
Total liabilities 5,354,146 5,345,049
Commitments and contingencies
Redeemable non-controlling interests 4,332 4,778
Stockholders' equity    
Preferred stock, $.01 par value per share; 200,000 shares authorized; none issued and outstanding 0 0
Class A Common stock, $.01 par value per share; 1,000,000 shares authorized; 351,568 and 350,532 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 3,516 3,505
Additional paid-in capital 9,129,338 9,118,229
Accumulated other comprehensive loss (9,185) (1,168)
Cumulative net income attributable to common stockholders 171,585 374,309
Cumulative dividends (4,477,940) (4,260,014)
Total stockholders' equity 4,817,314 5,234,861
Non-controlling interest 59,780 66,235
Total equity 4,877,094 5,301,096
Total liabilities, redeemable non-controlling interests, and stockholders' equity $ 10,235,572 $ 10,650,923
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 200,000,000 200,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, issued (in shares) 351,568,000 350,532,000
Common stock, outstanding (in shares) 351,568,000 350,532,000
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Rental income $ 287,070 $ 308,135 $ 575,927 $ 626,211
Interest income 3,449 3,865 7,180 8,403
Other operating 6,983 4,322 13,371 8,513
Revenues 297,502 316,322 596,478 643,127
Expenses        
Property operating 109,924 117,719 224,887 238,798
General and administrative 23,482 14,002 37,011 28,788
Transaction costs 593 431 1,604 826
Depreciation and amortization 147,749 173,477 298,717 351,596
Expenses 281,748 305,629 562,219 620,008
Other income (expense)        
Gain on sales of real estate properties and other assets 20,004 38,338 22,907 38,360
Interest expense (53,346) (62,457) (108,157) (123,510)
Impairment of real estate properties and credit loss reserves (142,348) (132,118) (154,429) (148,055)
Impairment of goodwill 0 0 0 (250,530)
Equity income (loss) from unconsolidated joint ventures 158 (146) 159 (568)
Interest and other (expense) income, net (366) (248) (271) 27
Total other income (expense) (175,898) (156,631) (239,791) (484,276)
Net loss (160,144) (145,938) (205,532) (461,157)
Net loss attributable to non-controlling interests 2,293 2,158 2,808 6,541
Net loss attributable to common stockholders $ (157,851) $ (143,780) $ (202,724) $ (454,616)
Basic earnings per common share (in dollars per share) $ (0.45) $ (0.39) $ (0.58) $ (1.22)
Diluted earnings per common share (in dollars per share) $ (0.45) $ (0.39) $ (0.58) $ (1.22)
Weighted average common shares outstanding - basic (in shares) 349,628,307 372,477,299 349,583,900 375,962,033
Weighted average common shares outstanding - diluted (in shares) 349,628,307 372,477,299 349,583,900 375,962,033
Revenue, Product and Service [Extensible List] Service [Member] Service [Member] Service [Member] Service [Member]
v3.25.2
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net loss $ (160,144) $ (145,938) $ (205,532) $ (461,157)
Interest rate derivatives        
Reclassification adjustments for gains included in interest expense (980) (3,662) (1,921) (7,528)
(Losses) gains arising during the period on interest rate swaps (1,028) 5,891 (6,206) 25,501
Other comprehensive loss (2,008) 2,229 (8,127) 17,973
Comprehensive loss (162,152) (143,709) (213,659) (443,184)
Less: comprehensive loss attributable to non-controlling interests 2,322 2,124 3,002 6,295
Comprehensive loss attributable to common stockholders $ (159,830) $ (141,585) $ (210,657) $ (436,889)
v3.25.2
Condensed Consolidated Statements of Equity and Redeemable Non-Controlling Interests - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Cumulative Net Income
Cumulative Dividends
Non-controlling Interests
Beginning balance at Dec. 31, 2023 $ 6,918,914 $ 6,822,662 $ 3,810 $ 9,602,592 $ (10,741) $ 1,028,794 $ (3,801,793) $ 96,252
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of issuance costs 104 104   104        
Common stock redemptions (138) (138)   (138)        
Conversion of OP Units to common stock   3,412 2 3,410       (3,412)
Share-based compensation     3          
Share-based compensation 6,944 6,944   6,941        
Common stock repurchases (273,053) (273,053) (172) (272,881)        
Net loss (461,157) (454,616)       (454,616)   (6,541)
Reclassification adjustments for gains included in net income (interest expense) (7,528) (7,424)     (7,424)     (104)
(Losses) gains arising during the period on interest rate swaps 25,501 25,151     25,151     350
Dividends to common stockholders and distributions to non-controlling interest holders (238,770) (235,900)         (235,900) (2,870)
Ending balance at Jun. 30, 2024 5,970,817 5,887,142 3,643 9,340,028 6,986 574,178 (4,037,693) 83,675
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2023 3,868              
Redeemable Non-controlling Interests                
Contributions from redeemable non-controlling interests 13              
Adjustments to redemption value of redeemable non-controlling interests (6)              
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2024 3,875              
Beginning balance at Mar. 31, 2024 6,503,138 6,415,895 3,815 9,609,530 4,791 717,958 (3,920,199) 87,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock redemptions (3) (3)   (3)        
Share-based compensation 3,382 3,382   3,382        
Common stock repurchases (273,053) (273,053) (172) (272,881)        
Net loss (145,938) (143,780)       (143,780)   (2,158)
Reclassification adjustments for gains included in net income (interest expense) (3,662) (3,611)     (3,611)     (51)
(Losses) gains arising during the period on interest rate swaps 5,891 5,806     5,806     85
Dividends to common stockholders and distributions to non-controlling interest holders (118,938) (117,494)         (117,494) (1,444)
Ending balance at Jun. 30, 2024 5,970,817 5,887,142 3,643 9,340,028 6,986 574,178 (4,037,693) 83,675
Redeemable Non-controlling Interests, beginning balance at Mar. 31, 2024 3,880              
Redeemable Non-controlling Interests                
Adjustments to redemption value of redeemable non-controlling interests (5)              
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2024 3,875              
Beginning balance at Dec. 31, 2024 5,301,096 5,234,861 3,505 9,118,229 (1,168) 374,309 (4,260,014) 66,235
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock redemptions (1,543) (1,543) (1) (1,542)        
Conversion of OP Units to common stock 0 334   334       (334)
Share-based compensation     12          
Share-based compensation 11,802 11,802   11,790        
Redemption of non-controlling interest (331) 0           (331)
Net loss (205,616) (202,724)       (202,724)   (2,892)
Reclassification adjustments for gains included in net income (interest expense) (1,921) (1,894)     (1,894)     (27)
(Losses) gains arising during the period on interest rate swaps (6,206) (6,123)     (6,123)     (83)
Adjustments to redemption value of redeemable non-controlling interests 527 527   527        
Dividends to common stockholders and distributions to non-controlling interest holders (220,714) (217,926)         (217,926) (2,788)
Ending balance at Jun. 30, 2025 4,877,094 4,817,314 3,516 9,129,338 (9,185) 171,585 (4,477,940) 59,780
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2024 4,778              
Redeemable Non-controlling Interests                
Net loss 84              
Adjustments to redemption value of redeemable non-controlling interests (530)              
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2025 4,332              
Beginning balance at Mar. 31, 2025 5,142,215 5,078,270 3,510 9,121,269 (7,206) 329,436 (4,368,739) 63,945
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock redemptions (1,328) (1,328) (1) (1,327)        
Conversion of OP Units to common stock 0 334   334       (334)
Share-based compensation     7          
Share-based compensation 8,774 8,774   8,767        
Net loss (160,144) (157,851)       (157,851)   (2,293)
Reclassification adjustments for gains included in net income (interest expense) (980) (966)     (966)     (14)
(Losses) gains arising during the period on interest rate swaps (1,028) (1,013)     (1,013)     (15)
Adjustments to redemption value of redeemable non-controlling interests 295 295   295        
Dividends to common stockholders and distributions to non-controlling interest holders (110,710) (109,201)         (109,201) (1,509)
Ending balance at Jun. 30, 2025 4,877,094 $ 4,817,314 $ 3,516 $ 9,129,338 $ (9,185) $ 171,585 $ (4,477,940) $ 59,780
Redeemable Non-controlling Interests, beginning balance at Mar. 31, 2025 4,627              
Redeemable Non-controlling Interests                
Adjustments to redemption value of redeemable non-controlling interests (295)              
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2025 $ 4,332              
v3.25.2
Condensed Consolidated Statements of Equity and Redeemable Non-Controlling Interests (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Dividends to common stockholders and distributions to non-controlling interest holders (in dollars per share) $ 0.31 $ 0.31 $ 0.62 $ 0.62
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net loss $ (205,532) $ (461,157)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 298,717 351,596
Other amortization 23,901 23,390
Share-based compensation 11,802 6,944
Amortization of straight-line rent receivable (lessor) (15,613) (14,198)
Amortization of straight-line rent on operating leases (lessee) 1,724 1,998
Gain on sales of real estate properties and other assets (22,907) (38,360)
Impairment of real estate properties and credit loss reserves 154,429 148,055
Impairment of goodwill 0 250,530
Equity (income) loss from unconsolidated joint ventures (159) 568
Distributions from unconsolidated joint ventures 10,829 2,649
Non-cash interest from financing and notes receivable (395) (478)
Changes in operating assets and liabilities:    
Other assets, including right-of-use-assets (17,101) (4,257)
Accounts payable and accrued liabilities (31,051) (23,131)
Other liabilities 2,359 155
Net cash provided by operating activities 211,003 244,304
INVESTING ACTIVITIES    
Development of real estate (8,174) (31,901)
Additional long-lived assets (154,781) (117,775)
Funding of mortgages and notes receivable (2,799) (3,466)
Investments in unconsolidated joint ventures (978) 0
Proceeds from (investment in) financing receivable (194) 475
Contributions from redeemable non-controlling interests 0 13
Proceeds from sales of real estate properties and additional long-lived assets 69,805 303,475
Proceeds from insurance recovery 2,000 0
Proceeds from notes receivable repayments 53,190 567
Net cash (used in) provided by investing activities (41,931) 151,388
FINANCING ACTIVITIES    
Net borrowings on unsecured credit facility 295,000 250,000
Repayment on term loans (35,140) (100,000)
Repayments of notes and bonds payable (250,692) (17,746)
Dividends paid (217,756) (235,618)
Net proceeds from issuance of common stock 0 104
Common stock redemptions (713) (321)
Common stock repurchases 0 (273,053)
Distributions to non-controlling interest holders (2,653) (2,399)
Redemption of non-controlling interest (330) 0
Debt issuance and assumption costs 0 (563)
Payments made on finance leases (46) (30)
Net cash used in financing activities (212,330) (379,626)
(Decrease) increase in cash and cash equivalents (43,258) 16,066
Cash and cash equivalents at beginning of period 68,916 25,699
Cash and cash equivalents at end of period, including held for sale 25,658 41,765
Cash and cash equivalents held for sale (151) 0
Cash and cash equivalents at end of period 25,507 41,765
Supplemental Cash Flow Information    
Interest paid 90,251 103,708
Mortgage notes receivable taken in connection with sale of real estate 5,400 0
Invoices accrued for construction, tenant improvements and other capitalized costs 47,815 39,016
Capitalized interest 4,608 1,916
Proceeds from dispositions held in escrow 0 96,008
Contribution of real estate properties into unconsolidated joint venture $ 0 $ 66,547
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Business Overview
Healthcare Realty Trust Incorporated (the "Company") is a real estate investment trust ("REIT") that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of June 30, 2025, the Company had gross investments of approximately $11.2 billion in 559 consolidated real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development and corporate property, excluding held for sale assets. In addition, as of June 30, 2025, the Company had a weighted average ownership interest of approximately 30% in 63 real estate properties held in unconsolidated joint ventures. See Note 2 below for more details regarding the Company's unconsolidated joint ventures. The Company's consolidated real estate properties are located in 32 states and total approximately 32.2 million square feet. The Company provided leasing and property management services to 93% of its portfolio nationwide as of June 30, 2025.
The Company is structured as an umbrella partnership REIT under which substantially all of its business is conducted through the operating partnership, Healthcare Realty Holdings, L.P. (the “OP”), the day-to-day management of which is exclusively controlled by the Company. As of June 30, 2025, the Company owned 98.6% of the issued and outstanding units of the OP (“OP Units”), with other investors owning the remaining 1.4% of OP Units.
Any references to square footage or occupancy percentage, and any amounts derived from these values in these notes to the Company's Condensed Consolidated Financial Statements, are outside the scope of our independent registered public accounting firm’s review.
Basis of Presentation
The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. All material intercompany transactions and balances have been eliminated in consolidation.
This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. In addition, the interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2025 for many reasons including, but not limited to, acquisitions, dispositions, capital financing transactions, changes in interest rates and the effects of other trends, risks and uncertainties.
Principles of Consolidation
The Company’s Condensed Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Accounting Standards Codification (“ASC”) Topic 810, Consolidation broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary, with any minority interests reflected as non-controlling interests or redeemable non-controlling interests in the accompanying Condensed Consolidated Financial Statements.
The Company may change its original assessment of a VIE upon subsequent events, such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk, the disposition of all or a portion of an interest held by the primary beneficiary, or changes in facts and circumstances
that impact the power to direct activities of the VIE that most significantly impacts economic performance. The Company performs this analysis on an ongoing basis.
For property holding entities not determined to be VIEs, the Company consolidates such entities in which it owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For an entity in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entity's activities based upon the terms of the entity's ownership agreements.
The OP is 98.6% owned by the Company. Other holders of OP Units are considered to be non-controlling interest holders in the OP and their ownership interests are reflected as equity in the accompanying Condensed Consolidated Balance Sheets. Further, a portion of the earnings and losses of the OP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of the common stock issued and the carrying value of the OP Units converted to common stock is recorded as a component of equity. As of June 30, 2025, there were approximately 5.1 million OP Units, or 1.4% of OP Units issued and outstanding, held by non-controlling interest holders. Additionally, the Company is the primary beneficiary of this VIE. Accordingly, the Company consolidates its interests in the OP.
As of June 30, 2025, the Company had three consolidated VIEs, in addition to the OP, consisting of joint venture investments in which the Company is the primary beneficiary of the VIE based on the combination of operational control and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs, excluding the OP, in the aggregate as of June 30, 2025 and December 31, 2024:
(dollars in thousands)June 30, 2025December 31, 2024
Assets:
Total real estate investments, net
$103,933 $103,933 
Cash and cash equivalents965 159 
Other assets, net
5,865 4,053 
Total assets
$110,763 $108,145 
Liabilities:
Notes and bonds payable
$69,302 $60,170 
Accounts payable and accrued liabilities1,828 2,786 
Other liabilities200 45 
Total liabilities
$71,330 $63,001 
As of June 30, 2025, the Company had four unconsolidated VIEs consisting of three notes receivable and one joint venture. The Company does not have the power or economic interests to direct the activities of these VIEs on a stand-alone basis, and therefore it was determined that the Company was not the primary beneficiary. As a result, the Company accounts for the three notes receivable as amortized cost and the joint venture arrangement under the equity method.
See below for additional information regarding the Company's unconsolidated VIEs.
(dollars in thousands) ORIGINATION DATELOCATIONSOURCECARRYING AMOUNTMAXIMUM EXPOSURE TO LOSS
2021Charlotte, NC Note receivable5,970 7,441 
2022
Texas 1
Equity method53,892 53,892 
2024
Texas 2
Note receivable9,690 16,729 
2024
Texas 2
Note receivable1 4,500 
1Includes investments in seven properties.
2The Company provided seller financing and entered into a mortgage loan and a mezzanine loan in connection with a property disposition.
As of June 30, 2025, the Company's unconsolidated joint venture arrangement was accounted for using the equity method of accounting as the Company exercised significant influence over but did not control this entity. See Note 2 below for more details regarding the Company's unconsolidated joint ventures.
Use of Estimates in the Condensed Consolidated Financial Statements
Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates.                                                     
Segment Reporting
The Company owns, leases, acquires, manages, finances, develops and redevelops outpatient and other healthcare-related properties. The Company is managed as one operating segment, rather than multiple operating segments, for internal reporting purposes and for internal decision-making and discloses its operating results in a single reportable segment. The Company's chief operating decision makers (“CODM”), represented by the Company's Chief Executive Officer, the Chief Financial Officer and the Chief Operating Officer, review financial information and assess the consolidated operations of the Company in order to make strategic decisions such as allocation of capital expenditures and other significant expenses. See Note 9 for additional information on segment reporting.
Redeemable Non-Controlling Interests
The Company accounts for redeemable equity securities in accordance with ASC Topic 480: Accounting for Redeemable Equity Instruments, which requires that equity securities redeemable at the option of the holder, not solely within our control, be classified outside permanent stockholders’ equity. The Company classifies redeemable equity securities as redeemable non-controlling interests in the accompanying Condensed Consolidated Balance Sheets. Accordingly, the Company records the carrying amount at the greater of the initial carrying amount (increased or decreased for the non-controlling interest’s share of net income or loss and distributions) or the redemption value. The Company measures the redemption value and records an adjustment to the carrying value of the equity securities as a component of redeemable non-controlling interest. As of June 30, 2025, the Company had redeemable non-controlling interests of $4.3 million.
Asset Impairment
The Company assesses the potential for impairment of identifiable, definite-lived, intangible assets and long-lived assets, including real estate properties, whenever the occurrence of an event or a change in circumstances indicates that the carrying value might not be fully recoverable. Indicators of impairment may include significant underperformance of an asset relative to historical or expected operating results; significant changes in the Company’s use of assets or the strategy for its overall business; plans to sell an asset before its depreciable life has ended; the expiration of a significant portion of leases in a property; or significant negative economic trends or negative industry trends for the Company or its tenants. During the three and six months ended June 30, 2025, the Company recognized real estate impairments totaling $140.9 million and $151.0 million, respectively, as a result of the indicators described above.
As of June 30, 2025, 11 real estate properties totaling $126.3 million were measured at fair value using level 3 fair value hierarchy. The level 3 fair value techniques included using discounted cash flow models, brokerage estimates, letters of intent, and unexecuted purchase and sale agreements, and less estimated closing costs. The determination of fair value using the discounted cash flow model technique requires the use of estimates and assumptions related to revenue and expense growth rates, capitalization rates, discount rates, capital expenditures and working capital levels.
Investments in Leases - Financing Receivables, Net
In accordance with ASC Topic 842: Leases, for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred when the seller-lessee has a purchase option. As a result, the Company does not recognize the underlying
real estate assets but instead recognizes a financial asset in accordance with ASC Topic 310: Receivables. See below for additional information regarding the Company's financing receivables.
(dollars in thousands) CARRYING VALUE AS OF
ORIGINATION DATELOCATIONINTEREST RATEJUNE 30, 2025DECEMBER 31, 2024
May 2021Poway, CA5.69%$116,780 $116,304 
November 2021Columbus, OH6.48%7,354 7,367 
$124,134 $123,671 
Real Estate Notes Receivable
Real estate notes receivable consists of mezzanine and other real estate loans, which are generally collateralized by a pledge of the borrower’s ownership interest in the respective real estate owner, a mortgage or deed of trust, and/or corporate guarantees. Real estate notes receivable are intended to be held to maturity and are recorded at amortized cost, net of unamortized loan origination costs and fees and allowance for credit losses. As of June 30, 2025, real estate notes receivable, net, which are included in Other assets on the Company's Condensed Consolidated Balance Sheets, totaled $81.1 million.
(dollars in thousands)ORIGINATIONMATURITYSTATED INTEREST RATEMAXIMUM LOAN COMMITMENTOUTSTANDING as of JUNE 30, 2025INTEREST RECEIVABLE (OTHER ASSETS)ALLOWANCE FOR CREDIT LOSSESFAIR VALUE DISCOUNT AND FEESCARRYING VALUE as of JUNE 30, 2025
Mezzanine loans
Arizona12/21/202312/20/20269.00 %$6,000 $6,000 $36 $— $— $6,036 
Texas
10/03/202410/02/202911.00 %4,500 1 — — — 1 
Wisconsin 3/20/20253/19/203013.00 %8,500 2,833 — — — 2,833 
19,000 8,834 36 — — 8,870 
Mortgage loans
Texas 1
6/30/202112/02/20247.00 %31,150 16,250 551 (16,801)— — 
North Carolina 2
12/22/202112/22/20248.00 %6,000 6,000 1,441 (1,471)— 5,970 
Florida 3
5/17/20222/27/20266.00 %65,000 — — — — — 
California3/30/20233/29/20266.50 %45,000 45,000 181 — — 45,181 
Florida12/28/202312/28/20269.00 %7,700 5,909 — — — 5,909 
Texas
10/03/202410/02/20297.50 %16,729 9,629 61 — — 9,690 
Texas 4
3/20/20253/19/20306.75 %5,400 5,400 30 — — 5,430 
176,979 88,188 2,264 (18,272)— 72,180 
$195,979 $97,022 $2,300 $(18,272)$— $81,050 

1In 2024, the Company determined that an allowance for credit loss of $16.8 million was needed on this mortgage loan, which included approximately $16.3 million of principal and approximately $0.5 million of interest. In January 2025, the underlying collateral for this loan was sold and the Company received $14.9 million towards the principal balance of this loan.
2Outstanding principal and interest due upon maturity. As of the date of these financial statements, the outstanding principal and interest on this loan has not been repaid. The Company has evaluated the collectibility of the amount outstanding and has determined that an allowance for credit loss of $1.5 million was needed on this loan.
3In April 2025, this loan was repaid in full.
4In March 2025, the Company provided seller financing of $5.4 million in connection with the sale of a real estate property in Houston, TX.

Allowance for Credit Losses
Pursuant to ASC Topic 326: Financial Instruments - Credit Losses, the Company adopted a policy to evaluate current expected credit losses at the inception of loans qualifying for treatment under ASC Topic 326. The Company utilizes a probability of default method approach for estimating current expected credit losses and evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers industry and economic conditions, credit enhancements, liquidity, and other factors. The determination of the credit allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. The Company evaluates the collectability of loan receivables based on a combination of credit quality
indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that the Company will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans identified as having deteriorated credit quality, the amount of credit loss is determined on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual status are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, the loan may return to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance.
In the second quarter of 2025, the Company determined the risk of credit loss on one of its mortgage notes receivable was no longer remote and recorded a credit loss reserve of $1.5 million.
The following table summarizes the Company's allowance for credit losses on real estate notes receivable:
Dollars in thousandsSIX MONTHS ENDED JUNE 30, 2025TWELVE MONTHS ENDED DECEMBER 31, 2024
Allowance for credit losses, beginning of period$16,801 $5,196 
Credit loss reserves 1,471 59,563 
Recoveries — (4,000)
Write-off — (43,958)
Allowance for credit losses, end of period$18,272 $16,801 
Interest Income
Income from Lease Financing Receivables
The Company recognized the related income from two financing receivables totaling $2.0 million and $3.9 million, respectively, for the three and six months ended June 30, 2025, and $2.1 million and $4.2 million, respectively, for the three and six months ended June 30, 2024, based on an imputed interest rate over the terms of the applicable lease. As a result, the interest recognized from the financing receivable in any particular period will not equal the cash payments from the lease agreement in that period.
Acquisition costs incurred in connection with entering into the financing receivable are treated as loan origination fees. These costs are classified with the financing receivable and are included in the balance of the net investment. Amortization of these amounts will be recognized as a reduction to interest income over the life of the lease.
Income from Real Estate Notes Receivable
The Company recognized interest income related to real estate notes receivable of $1.5 million and $3.3 million, respectively, for the three and six months ended June 30, 2025, and $1.8 million and $4.2 million, respectively, for the three and six months ended June 30, 2024. The Company recognizes interest income on an accrual basis unless the Company has determined that collectability of contractual amounts is not reasonably assured, at which point the note is placed on non-accrual status. As of June 30, 2025, the Company had two loans on non-accrual status.
Revenue from Contracts with Customers (ASC Topic 606)
The Company recognizes certain revenue under the core principle of ASC Topic 606. This topic requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Lease revenue is not within the scope of ASC Topic 606. To achieve the core principle, the Company applies the five-step model specified in the guidance.
Revenue that is accounted for under ASC Topic 606 is segregated on the Company’s Condensed Consolidated Statements of Operations in the Other operating line item. This line item includes parking income, management fee income and other miscellaneous income. Below is a detail of the amounts by category:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
in thousands2025202420252024
Type of Revenue
Parking income$2,369 $2,463 $4,231 $5,009 
Management fee income/other 1
4,614 1,859 9,140 3,504 
$6,983 $4,322 $13,371 $8,513 
1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.
The Company’s major types of revenue that are accounted for under Topic 606 that are listed above are all accounted for as the performance obligation is satisfied. The performance obligations that are identified for each of these items are satisfied over time, and the Company recognizes revenue monthly based on this principle.
New Accounting Pronouncements
On November 4, 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses, which will require entities to provide more detailed information in the notes to the financial statements related to certain expense captions on the face of the income statement. The ASU aims to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on the face of the income statement.
Under this ASU, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement — excluding earnings or losses from equity method investments — if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the adoption of this ASU on its consolidated financial statements and compliance with these new disclosure requirements will begin with the Company's Annual Report on Form 10-K for the year ended December 31, 2027.
v3.25.2
Real Estate Investments
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Real Estate Investments Real Estate Investments
2025 Acquisition Activity
The Company had no real estate acquisition activity for the six months ended June 30, 2025.

Unconsolidated Joint Ventures
The Company's investment in and income (losses) recognized for the three and six months ended June 30, 2025 and 2024 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2025202420252024
Investments in unconsolidated joint ventures, beginning of period $470,418 $309,754 $473,122 $311,511 
New investment during the period 126 66,547 978 66,547 
Equity income (loss) recognized during the period 158 (146)159 (568)
Owner distributions(7,272)(1,314)(10,829)(2,649)
Investments in unconsolidated joint ventures, end of period $463,430 $374,841 $463,430 $374,841 
2025 Real Estate Asset Dispositions
The following table details the Company's dispositions for the six months ended June 30, 2025.
Dollars in thousandsDATE DISPOSEDSALE PRICECLOSING ADJUSTMENTSCOMPANY-FINANCED MORTGAGE NOTESNET PROCEEDSNET REAL ESTATE INVESTMENTOTHER (INCLUDING RECEIVABLES) GAIN/(IMPAIRMENT)SQUARE FOOTAGE
Boston, MA2/7/25$4,500 $(135)$— $4,365 $4,325 $15 $25 30,304 
Denver, CO 1
2/14/258,600 (2,144)— 6,456 7,948 113 (1,605)69,715 
Houston, TX 3/20/2515,000 (4,087)(5,400)5,513 14,343 347 (3,777)127,933 
Boston, MA 4/30/25486 (49)— 437 60 — 377 — 
Boston, MA5/23/253,000 (48)— 2,952 2,631 15 306 33,176 
Jacksonville, FL6/26/258,100 (43)— 8,057 23,064 (561)(14,446)53,169 
Yakima, WA6/26/2531,000 (2,380)— 28,620 8,689 219 19,712 91,561 
Houston, TX 6/27/2510,500 (57)— 10,443 10,250 — 193 — 
Total dispositions$81,186 $(8,943)$(5,400)$66,843 $71,310 $148 $785 405,858 
1Includes two medical outpatient properties.
Subsequent to June 30, 2025, the Company disposed of the following properties, which were classified as held for sale as of June 30, 2025:
Dollars in thousandsDate DisposedSale PriceSquare Footage
South Bend, IN 7/15/25$43,100 205,573 
Milwaukee, WI 1
7/29/2542,000 147,406 
Naples, FL7/29/2519,250 61,359 
New York, NY7/30/2525,000 89,893 
Total$129,350 504,231 
1Includes two medical outpatient properties.
Assets Held for Sale
The Company had 25 properties and a land parcel held for development classified as assets held for sale as of June 30, 2025, and three properties classified as assets held for sale as of December 31, 2024. The table below reflects the assets and liabilities classified as held for sale as of June 30, 2025 and December 31, 2024:
Dollars in thousandsJune 30, 2025December 31, 2024
Balance Sheet data:
Land$18,330 $10,859 
Building and improvements443,895 3,410 
Lease intangibles25,768 3,286 
Personal property633 — 
Land held for development3,836 — 
492,462 17,555 
Accumulated depreciation(164,327)(5,275)
Real estate assets held for sale, net 1
328,135 12,280 
Cash and cash equivalents151 — 
Operating lease right-of-use assets15,248 — 
Other assets, net14,673 617 
Assets held for sale, net$358,207 $12,897 
Accounts payable and accrued liabilities$6,761 $694 
Operating lease liabilities19,384 — 
Other liabilities4,133 589 
Liabilities of assets held for sale$30,278 $1,283 
Redeemable noncontrolling interest held for sale$1,221 $— 
1Net real estate assets held for sale include the impact of $54.5 million of impairment charges for the six months ended June 30, 2025.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
Lessor Accounting
The Company’s properties generally are leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2052. Some leases provide tenants with fixed rent renewal terms while others have market rent renewal terms. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. The Company’s single-tenant net leases generally require the lessee to pay minimum rent and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property.
The Company's leases typically have escalators that are either based on a stated percentage or an index such as the Consumer Price Index ("CPI"). In addition, most of the Company's leases include non-lease components, such as reimbursement of operating expenses as additional rent, or include the reimbursement of expected operating expenses as part of the lease payment. The Company adopted an accounting policy to combine lease and non-lease components. Rent escalators based on indices and reimbursements of operating expenses that are not included in the lease rate are considered variable lease payments. Variable payments are recognized in the period earned. Lease income for the Company's operating leases, recognized for the three and six months ended June 30, 2025 was $287.1 million and $575.9 million, respectively. Lease income for the Company's operating leases, recognized for the three and six months ended June 30, 2024 was $308.1 million and $626.2 million, respectively.
Future lease payments under the non-cancelable operating leases, excluding any reimbursements and one sales-type lease, as of June 30, 2025, were as follows:
Dollars in thousandsOPERATING
2025$414,817 
2026794,621 
2027683,818 
2028570,959 
2029466,000 
2030 and thereafter1,734,240 
$4,664,455 
Lessee Accounting
The Company has obligations, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. As of June 30, 2025, the Company had 198 ground leases associated with properties covering 14.4 million square feet. Some of the Company's ground lease renewal terms are based on fixed rent renewal terms, and others have market rent renewal terms. These ground leases typically have initial terms of 40 to 99 years with expiration dates through 2119. Any rental increases related to the Company’s ground leases are generally stated in the lease or based on CPI. The Company had 68 prepaid ground leases as of June 30, 2025. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $0.3 million and $0.5 million of the Company's rental expense for each of the three months ended June 30, 2025 and 2024, respectively, and $0.7 million and $0.9 million for each of the six months ended June 30, 2025 and 2024, respectively.
The Company’s future lease payments (primarily for its 130 non-prepaid ground leases), excluding amounts due for held for sale properties, as of June 30, 2025, were as follows:
Dollars in thousandsOPERATINGFINANCING
2025$5,235 $957 
202611,392 2,106 
202711,581 2,145 
202811,717 2,177 
202911,776 2,209 
2030 and thereafter563,917 383,172 
Total undiscounted lease payments615,618 392,766 
Discount(411,940)(319,747)
Lease liabilities$203,678 $73,019 
The following table provides details of the Company's total lease expense for the three and six months ended June 30, 2025 and 2024:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2025202420252024
Operating lease cost
Operating lease expense$4,397 $4,599 $8,753 $9,065 
Variable lease expense1,474 1,315 2,802 2,542 
Finance lease cost
Amortization of right-of-use assets370 392 741 779 
Interest on lease liabilities921 942 1,837 1,880 
Total lease expense$7,162 $7,248 $14,133 $14,266 
Other information
Operating cash flows outflows related to operating leases$4,529 $4,889 $9,021 $8,929 
Operating cash flows outflows related to financing leases$576 $591 $1,119 $1,154 
Financing cash flows outflows related to financing leases$5 $4 $139 $30 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $2,561 $— $2,561 
Weighted-average years remaining lease term (excluding renewal options) - operating leases41.945.9
Weighted-average years remaining lease term (excluding renewal options) - finance leases57.257.4
Weighted-average discount rate - operating leases5.5 %5.7 %
Weighted-average discount rate - finance leases5.0 %5.0 %
Leases Leases
Lessor Accounting
The Company’s properties generally are leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2052. Some leases provide tenants with fixed rent renewal terms while others have market rent renewal terms. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. The Company’s single-tenant net leases generally require the lessee to pay minimum rent and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property.
The Company's leases typically have escalators that are either based on a stated percentage or an index such as the Consumer Price Index ("CPI"). In addition, most of the Company's leases include non-lease components, such as reimbursement of operating expenses as additional rent, or include the reimbursement of expected operating expenses as part of the lease payment. The Company adopted an accounting policy to combine lease and non-lease components. Rent escalators based on indices and reimbursements of operating expenses that are not included in the lease rate are considered variable lease payments. Variable payments are recognized in the period earned. Lease income for the Company's operating leases, recognized for the three and six months ended June 30, 2025 was $287.1 million and $575.9 million, respectively. Lease income for the Company's operating leases, recognized for the three and six months ended June 30, 2024 was $308.1 million and $626.2 million, respectively.
Future lease payments under the non-cancelable operating leases, excluding any reimbursements and one sales-type lease, as of June 30, 2025, were as follows:
Dollars in thousandsOPERATING
2025$414,817 
2026794,621 
2027683,818 
2028570,959 
2029466,000 
2030 and thereafter1,734,240 
$4,664,455 
Lessee Accounting
The Company has obligations, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. As of June 30, 2025, the Company had 198 ground leases associated with properties covering 14.4 million square feet. Some of the Company's ground lease renewal terms are based on fixed rent renewal terms, and others have market rent renewal terms. These ground leases typically have initial terms of 40 to 99 years with expiration dates through 2119. Any rental increases related to the Company’s ground leases are generally stated in the lease or based on CPI. The Company had 68 prepaid ground leases as of June 30, 2025. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $0.3 million and $0.5 million of the Company's rental expense for each of the three months ended June 30, 2025 and 2024, respectively, and $0.7 million and $0.9 million for each of the six months ended June 30, 2025 and 2024, respectively.
The Company’s future lease payments (primarily for its 130 non-prepaid ground leases), excluding amounts due for held for sale properties, as of June 30, 2025, were as follows:
Dollars in thousandsOPERATINGFINANCING
2025$5,235 $957 
202611,392 2,106 
202711,581 2,145 
202811,717 2,177 
202911,776 2,209 
2030 and thereafter563,917 383,172 
Total undiscounted lease payments615,618 392,766 
Discount(411,940)(319,747)
Lease liabilities$203,678 $73,019 
The following table provides details of the Company's total lease expense for the three and six months ended June 30, 2025 and 2024:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2025202420252024
Operating lease cost
Operating lease expense$4,397 $4,599 $8,753 $9,065 
Variable lease expense1,474 1,315 2,802 2,542 
Finance lease cost
Amortization of right-of-use assets370 392 741 779 
Interest on lease liabilities921 942 1,837 1,880 
Total lease expense$7,162 $7,248 $14,133 $14,266 
Other information
Operating cash flows outflows related to operating leases$4,529 $4,889 $9,021 $8,929 
Operating cash flows outflows related to financing leases$576 $591 $1,119 $1,154 
Financing cash flows outflows related to financing leases$5 $4 $139 $30 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $2,561 $— $2,561 
Weighted-average years remaining lease term (excluding renewal options) - operating leases41.945.9
Weighted-average years remaining lease term (excluding renewal options) - finance leases57.257.4
Weighted-average discount rate - operating leases5.5 %5.7 %
Weighted-average discount rate - finance leases5.0 %5.0 %
v3.25.2
Notes and Bonds Payable
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Notes and Bonds Payable Notes and Bonds Payable
The table below details the Company’s notes and bonds payable as of June 30, 2025 and December 31, 2024. 
 MATURITY DATE
BALANCE 1 AS OF
EFFECTIVE INTEREST RATE
as of 6/30/2025
Dollars in thousands6/30/202512/31/2024
$1.5 billion Unsecured Credit Facility 2
10/25$295,000 $— 5.27 %
$200 million Unsecured Term Loan 3
1/26174,879 199,896 5.36 %
$300 million Unsecured Term Loan 4
10/25289,992 299,981 5.36 %
$150 million Unsecured Term Loan
6/26149,864 149,790 5.36 %
$200 million Unsecured Term Loan
7/27199,710 199,641 5.36 %
$300 million Unsecured Term Loan
1/28298,917 298,708 5.36 %
Senior Notes due 2025 5
5/25— 249,868 4.12 %
Senior Notes due 2026
8/26590,874 586,824 4.94 %
Senior Notes due 2027 7/27490,371 488,104 4.76 %
Senior Notes due 20281/28298,338 298,029 3.85 %
Senior Notes due 2030 2/30591,535 586,028 5.30 %
Senior Notes due 20303/30297,398 297,190 2.72 %
Senior Notes due 2031 3/31296,603 296,343 2.25 %
Senior Notes due 2031 3/31676,434 667,233 5.13 %
Mortgage notes payable
12/25-12/2644,476 45,136 
3.57% - 6.88%
$4,694,391 $4,662,771 
1Balance is presented net of discounts and issuance costs and inclusive of premiums, where applicable.
2As of June 30, 2025, the Company had $1.2 billion available to be drawn on its $1.5 billion Unsecured Credit Facility.
3In January 2025, the Company repaid $25 million of the $200 million Unsecured term Loan.
4In January 2025, the Company repaid $10 million of the $300 million Unsecured term Loan due October 2025.
5In May 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.

Changes in Debt Structure
On April 8, 2025, the Company exercised its second of two options to extend the maturity date of the $200 million Unsecured Term Loan due May 2025 to January 2026 for a fee of approximately $0.1 million. The loan also was amended to include a four-month extension option, which would extend the final maturity to May 2026.
On May 1, 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.
On July 25, 2025, the Company entered into the Fifth Amended and Restated Revolving Credit and Term Loan Agreement (the “New Credit Facility”) with Wells Fargo Bank, National Association, as Administrative Agent; Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. as Joint Book Runners; Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., PNC Capital Markets LLC, U.S. Bank National Association, The Bank of Nova Scotia, and BofA Securities, Inc., as Joint Lead Arrangers; and the other lenders named therein. The New Credit Facility provides for (i) a $1.5 billion unsecured revolving credit facility (the “Revolver”) and (ii) five individual unsecured term loan tranches totaling $1.115 billion. The OP is the borrower under the New Credit Facility (in such capacity, the “Borrower”). A summary of the principal terms of the New Credit Facility and the New Credit Facility's effect on the Company's existing revolving credit term loan facilities is as follows:
•The New Credit Facility replaces the Unsecured Credit Facility. All outstanding obligations due under the Unsecured Credit Facility were reallocated to the lenders under the New Credit Facility.
•The Company’s $1.5 billion Revolver was continued with a maturity extension from October 31, 2025 to July 25, 2029, with two six-month extension options. The Revolver includes a sublimit of $120 million for letters of credit.
•The previously funded $175 million term loan was continued with a maturity date of January 31, 2026 and three extension options totaling 16 months.
•The previously funded $150 million term loan was continued with a maturity date of June 1, 2026, with two extension options of six months each.
•The previously funded $290 million term loan was continued with a maturity date of October 31, 2025, with four extension options totaling 24 months.
•The previously funded $200 million term loan was continued with a maturity date of July 20, 2027, with two extension options of 12 months each.
•The previously funded $300 million term loan was continued with a maturity date of January 20, 2028, with one extension option of 12 months.
Revolving loans outstanding under the New Credit Facility bear interest at a floating rate equal to the daily simple Secured Overnight Financing Rate ("SOFR"), term SOFR or base rates, as applicable, plus an applicable margin. The applicable margin is determined based on the Borrower’s credit ratings and ranges from 0.725% per annum to 1.40% per annum (currently 0.85% per annum). Term loans outstanding under the New Credit Facility bear interest at a rate equal to Term SOFR rates plus an applicable margin. The applicable margin is determined based on the Borrower’s credit ratings and ranges from 0.80% per annum to 1.60% per annum (currently 0.95% per annum). In addition, the Borrower pays a facility fee on the Revolver commitments at a rate per annum determined based on the Borrower’s credit ratings and ranging from 0.125% per annum to 0.30% per annum (currently 0.20% per annum).
Except as set forth above, the principal terms of the New Credit Facility are substantially consistent with the terms of the Unsecured Credit Facility. Specifically, the New Credit Facility contains representations and warranties and affirmative and negative covenants that are customary for facilities of this size and type. These covenants include, among others: limitations on the incurrence of additional indebtedness; limitations on mergers, investments and acquisitions; limitations on dividends and redemptions of capital stock; limitations on transactions with affiliates; and requirements to comply with certain financial covenants, including a maximum consolidated leverage ratio, a maximum consolidated secured leverage ratio, a maximum consolidated unencumbered leverage ratio, a minimum fixed charge coverage ratio and a minimum unsecured coverage ratio.
v3.25.2
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Risk Management Objective of Using Derivatives
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings.
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.
For derivatives designated, and that qualify, as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income (Loss) ("AOCI") and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt.
As of June 30, 2025, the Company had 15 outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk:
MATURITYAMOUNTWEIGHTED
AVERAGE RATE
May 2026$275,000 3.74 %
June 2026150,000 3.83 %
December 2026150,000 3.84 %
June 2027200,000 4.27 %
December 2027300,000 3.93 %
$1,075,000 3.92 %

Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet
The table below presents the fair value of the Company's derivative financial instruments and their classification on the Condensed Consolidated Balance Sheet as of June 30, 2025 and December 31, 2024.
AS OF JUNE 30, 2025AS OF DECEMBER 31, 2024
In thousandsBALANCE SHEET LOCATIONFAIR VALUEBALANCE SHEET LOCATIONFAIR VALUE
Interest rate swaps 2019Other Assets$1,442 Other Assets$2,493 
Interest rate swaps 2022Other Assets— Other Assets2,250 
Interest rate swaps 2022Other Liabilities(4,791)Other Liabilities(853)
Interest rate swaps 2023Other Assets156 Other Assets521 
Interest rate swaps 2023Other Liabilities(4,100)Other Liabilities(3,310)
Total derivatives designated as hedging instruments$(7,293)$1,101 

Tabular Disclosure of the Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of cash flow hedge accounting on AOCI during the three and six months ended June 30, 2025 and 2024 related to the Company's outstanding interest rate swaps.
(GAIN)/LOSS RECOGNIZED IN
AOCI ON DERIVATIVE
three months ended June 30,		(GAIN)/LOSS RECLASSIFIED FROM
AOCI INTO INCOME
three months ended June 30,
In thousands2025202420252024
Interest rate swaps$1,028 $(5,891)Interest expense$(1,098)$(3,811)
Settled treasury hedges— — Interest expense107 107 
Settled interest rate swaps— — Interest expense11 42 
 $1,028 $(5,891)Total interest expense$(980)$(3,662)
(GAIN)/LOSS RECOGNIZED IN
AOCI ON DERIVATIVE
six months ended June 30,		(GAIN)/LOSS RECLASSIFIED FROM
AOCI INTO INCOME
six months ended June 30,
In thousands2025202420252024
Interest rate swaps$6,206 $(25,501)Interest expense$(2,188)$(7,825)
Settled treasury hedges— — Interest expense214 213 
Settled interest rate swaps— — Interest expense53 84 
 $6,206 $(25,501)Total interest expense$(1,921)$(7,528)
The Company estimates that an additional $1.2 million will be reclassified from accumulated other comprehensive loss as a net decrease to interest expense over the next 12 months.
Credit-risk-related Contingent Features
The Company has agreements with each of its derivative counterparties providing that if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.
As of June 30, 2025, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $7.3 million. As of June 30, 2025, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
From time to time, the Company is involved in litigation arising in the ordinary course of business. The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.
v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock    
The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the six months ended June 30, 2025, and the twelve months ended December 31, 2024:
SIX MONTHS ENDED JUNE 30, 2025TWELVE MONTHS ENDED DECEMBER 31, 2024
Balance, beginning of period350,532,006 380,964,433 
Issuance of common stock— 8,623 
Conversion of OP units to common stock22,228 194,767 
Shares Repurchased— (30,794,250)
Non-vested share-based awards, net of withheld shares and forfeitures1,013,583 158,433 
Balance, end of period351,567,817 350,532,006 
Common Stock Dividends
During the six months ended June 30, 2025, the Company declared and paid common stock dividends totaling $0.62 per share. On July 31, 2025, the Company declared a quarterly common stock dividend in the amount of $0.24 per share payable on August 28, 2025 to stockholders of record on August 14, 2025.
Common Stock Repurchases
On October 29, 2024, the Company's Board of Directors authorized the repurchase of up to $300.0 million of outstanding shares of the Company's common stock, superseding the previous stock repurchase authorization. The Company has not repurchased shares in 2025. As of June 30, 2025, the Company had $237.0 million remaining under this authorization.
Earnings Per Common Share
The Company uses the two-class method of computing net earnings per common share. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.
The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands, except per share data2025202420252024
Weighted average common shares outstanding351,411,541 374,498,770 351,086,883 377,916,989 
Non-vested shares(1,783,234)(2,021,471)(1,502,983)(1,954,956)
Weighted average common shares outstanding - basic349,628,307 372,477,299 349,583,900 375,962,033 
Weighted average common shares outstanding - basic349,628,307 372,477,299 349,583,900 375,962,033 
Dilutive effect of OP Units— — — — 
Weighted average common shares outstanding - diluted349,628,307 372,477,299 349,583,900 375,962,033 
Net loss$(160,144)$(145,938)$(205,532)$(461,157)
Income allocated to participating securities(783)(917)(1,212)(1,819)
Loss attributable to non-controlling interest2,293 2,158 2,808 6,541 
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units(395)(717)(492)(2,047)
Net loss applicable to common stockholders - basic and diluted$(159,029)$(145,414)$(204,428)$(458,482)
Basic earnings per common share - net loss$(0.45)$(0.39)$(0.58)$(1.22)
Diluted earnings per common share - net loss$(0.45)$(0.39)$(0.58)$(1.22)
The effect of OP Units redeemable for 4,161,628 shares and 3,914,997 shares of common stock for the three and six months ended June 30, 2025, respectively, were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive due to the loss from continuing operations incurred during those periods.
Stock Incentive Plan
The Company's stock incentive plan (the "Incentive Plan") permits the grant of incentive awards to its employees and directors in any of the following forms: options, stock appreciation rights, restricted stock, restricted or deferred stock units, performance awards, dividend equivalents, or other stock-based awards, including units in the OP.
Equity Incentive Plans
During the six months ended June 30, 2025, the Company made the following equity awards under the Incentive Plan:
Restricted Stock
During the first quarter of 2025, the Company granted non-vested stock awards to its named executive officers and other members of senior management with an aggregate grant date fair value of $7.9 million, which consisted of an aggregate of 477,226 non-vested shares of common stock with vesting periods ranging from three to eight years.
During the second quarter of 2025, the Company granted non-vested stock awards to its named executive officers and other members of senior management with an aggregate grant date fair value of $7.8 million, which consisted of an aggregate of 499,323 non-vested shares of common stock with vesting periods ranging from three to four years. The Company also granted to independent directors an aggregate of 72,144 shares of non-vested stock with a grant date fair value of $1.1 million, and an aggregate of 34,586 LTIP Series D units in the OP with a grant date fair value of $0.5 million.
Restricted Stock Units ("RSUs")
On February 11, 2025, the Company granted an aggregate of 275,735 RSUs to members of senior management, subject to a three-year performance period, with an aggregate grant date fair value of $5.4 million.
During the second quarter of 2025, the Company granted an aggregate of 16,038 RSUs to members of senior management, subject to a three-year performance period, with an aggregate grant date fair value of $0.3 million.
The RSUs vest based on relative total shareholder return ("TSR") performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $19.47 for the RSU grants using the following assumptions:
Volatility28.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate4.35 %
Stock price (per share)$16.17
LTIP Series C Units ("LTIP-C units")
On February 11, 2025, the Company granted an aggregate of 166,976 LTIP-C units in the OP to its named executive officers with three-year forward-looking performance targets, a three-year vesting period and an aggregate grant date fair value of $1.6 million.
The LTIP-C units in the OP vest based on relative TSR performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.88 for the February 2025 grant using the following assumptions:
Volatility28.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate4.35 %
Stock price (per share)$16.17
The Company records amortization expense based on the Monte Carlo simulation throughout the performance period.
On April 15, 2025, the Company granted 347,770 LTIP-C units in the OP to its newly appointed Chief Executive Officer with three-year forward-looking performance targets, a three-year vesting period and an aggregate grant date fair value of $3.4 million.
The LTIP-C units in the OP vest based on relative TSR performance and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.83 for the April 2025 grant using the following assumptions:
Volatility27.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate3.80 %
Stock price (per share)$15.70
The Company records amortization expense based on the Monte Carlo simulation throughout the performance period.
The following table represents the summary of non-vested share-based awards under the Incentive Plan for the three and six months ended June 30, 2025, and 2024:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2025202420252024
Share-based awards, beginning of period2,619,942 4,043,154 1,799,737 2,615,562 
Granted 1
969,861 135,767 1,889,798 1,611,578 
Vested(311,301)(46,660)(351,271)(75,074)
Change in awards based on performance assessment22,656 (47,202)(37,106)(47,202)
Forfeited(14,027)— (14,027)(19,805)
Share-based awards, end of period3,287,131 4,085,059 3,287,131 4,085,059 
1LTIP-C units in the OP are issued at the maximum number of units of the award and are reflected as such in this table until the performance conditions have been satisfied, and the exact number of awards are determinable.

During the three months ended June 30, 2025, and 2024, the Company withheld 72,853 and 8,228 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.
The following table represents expected amortization of the Company's non-vested awards issued as of June 30, 2025:
Dollars in millionsFUTURE AMORTIZATION
of non-vested shares
2025$7.5 
202613.1 
202710.7 
20283.0 
2029 and thereafter0.9 
Total$35.2 
v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practical to estimate that value.
•Cash and cash equivalents - The carrying amount approximates fair value (level 1 inputs) due to the short-term maturity of these investments.
•Real estate notes receivable - Real estate notes receivable are recorded in other assets on the Company's Condensed Consolidated Balance Sheets. Fair value is estimated using cash flow analyses, based on current interest rates for similar types of arrangements using level 2 inputs in the hierarchy. However, the fair value of one note receivable was determined utilizing the fair value of the receivable's collateral, which was determined based on an executed purchase and sale agreement of the underlying collateral and therefore was classified as level 1 inputs in the hierarchy.
•Borrowings under the Unsecured Credit Facility and the Term Loans Due 2024 and 2026 - The carrying amount approximates fair value because the borrowings are based on variable market interest rates.
•Senior Notes and Mortgage Notes payable - The fair value of notes and bonds payable is estimated using cash flow analyses, based on the Company’s current interest rates for similar types of borrowing arrangements.
•Interest rate swap agreements - Interest rate swap agreements are recorded in other assets/liabilities on the Company's Condensed Consolidated Balance Sheets at fair value. Fair value is estimated by utilizing pricing models, level 2 inputs, which consider forward yield curves and discount rates. See Note 5 for additional information.
The table below details the fair values and carrying values for notes and bonds payable and real estate notes receivable as of June 30, 2025, and December 31, 2024:
 June 30, 2025December 31, 2024
Dollars in millionsCARRYING VALUEFAIR VALUECARRYING VALUEFAIR VALUE
Notes and bonds payable 1, 2
$4,694.4 $4,672.4 $4,662.8 $4,578.4 
Real estate notes receivable$81.1 $79.7 $127.2 $122.4 
1Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets.
2Fair value for senior notes includes accrued interest as of June 30, 2025.
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting
Note 9. Segment Reporting
The Company is a REIT that owns, leases, acquires, invests in joint ventures, manages, finances, develops and redevelops its medical outpatient properties and reports the operating results in the accompanying Condensed Consolidated Financial Statements as one reportable segment. The CODM assesses performance and allocates resources based on consolidated net income (loss) as reported on the Company's Condensed Consolidated Statements of Operations. The Company uses net income (loss) to monitor expected versus actual results to assess the segment's performance. The measure of the Company's reportable segment assets is reported on the Company's Condensed Consolidated Balance Sheets as total assets.
Pursuant to ASU 2023-07, Segment Reporting (Topic 280), public entities are required to disclose more detailed information about significant reportable segment expenses that are regularly provided to the CODM.
The table below details the significant expenses for the three and six months ended June 30, 2025, and 2024.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands2025202420252024
Significant Segment Expenses:
Property taxes$29,029 $32,487 $57,839 $65,416 
Personnel24,221 22,686 48,600 47,305 
Utilities22,189 23,411 44,140 47,492 
Maintenance24,746 27,082 53,493 56,721 
Totals$100,185 $105,666 $204,072 $216,934 
The following schedule reconciles net loss to segment expenses for the three and six months ended June 30, 2025, and 2024.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands2025202420252024
Revenue$297,502 $316,322 $596,478 $643,127 
Property taxes(29,029)(32,487)(57,839)(65,416)
Personnel(24,221)(22,686)(48,600)(47,305)
Utilities(22,189)(23,411)(44,140)(47,492)
Maintenance(24,746)(27,082)(53,493)(56,721)
Other segment expenses 1
(33,221)(26,055)(57,826)(50,652)
Transaction costs(593)(431)(1,604)(826)
Depreciation and amortization(147,749)(173,477)(298,717)(351,596)
Gain on sales of real estate properties and other assets20,004 38,338 22,907 38,360 
Interest expense(53,346)(62,457)(108,157)(123,510)
Impairment of real estate properties and credit loss reserves(142,348)(132,118)(154,429)(148,055)
Impairment of goodwill— — — (250,530)
Equity income (loss) from unconsolidated joint ventures158 (146)159 (568)
Interest and other (expense) income, net(366)(248)(271)27 
Net loss$(160,144)$(145,938)$(205,532)$(461,157)
1    Other segment expenses are primarily related to administrative costs, travel, legal, technology, and insurance.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income (loss) $ (157,851) $ (143,780) $ (202,724) $ (454,616)
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Business Overview
Business Overview
Healthcare Realty Trust Incorporated (the "Company") is a real estate investment trust ("REIT") that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of June 30, 2025, the Company had gross investments of approximately $11.2 billion in 559 consolidated real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development and corporate property, excluding held for sale assets. In addition, as of June 30, 2025, the Company had a weighted average ownership interest of approximately 30% in 63 real estate properties held in unconsolidated joint ventures. See Note 2 below for more details regarding the Company's unconsolidated joint ventures. The Company's consolidated real estate properties are located in 32 states and total approximately 32.2 million square feet. The Company provided leasing and property management services to 93% of its portfolio nationwide as of June 30, 2025.
The Company is structured as an umbrella partnership REIT under which substantially all of its business is conducted through the operating partnership, Healthcare Realty Holdings, L.P. (the “OP”), the day-to-day management of which is exclusively controlled by the Company. As of June 30, 2025, the Company owned 98.6% of the issued and outstanding units of the OP (“OP Units”), with other investors owning the remaining 1.4% of OP Units.
Any references to square footage or occupancy percentage, and any amounts derived from these values in these notes to the Company's Condensed Consolidated Financial Statements, are outside the scope of our independent registered public accounting firm’s review.
Basis of Presentation
Basis of Presentation
The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. All material intercompany transactions and balances have been eliminated in consolidation.
This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. In addition, the interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2025 for many reasons including, but not limited to, acquisitions, dispositions, capital financing transactions, changes in interest rates and the effects of other trends, risks and uncertainties.
Principles of Consolidation
Principles of Consolidation
The Company’s Condensed Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Accounting Standards Codification (“ASC”) Topic 810, Consolidation broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary, with any minority interests reflected as non-controlling interests or redeemable non-controlling interests in the accompanying Condensed Consolidated Financial Statements.
The Company may change its original assessment of a VIE upon subsequent events, such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk, the disposition of all or a portion of an interest held by the primary beneficiary, or changes in facts and circumstances
that impact the power to direct activities of the VIE that most significantly impacts economic performance. The Company performs this analysis on an ongoing basis.
For property holding entities not determined to be VIEs, the Company consolidates such entities in which it owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For an entity in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entity's activities based upon the terms of the entity's ownership agreements.
The OP is 98.6% owned by the Company. Other holders of OP Units are considered to be non-controlling interest holders in the OP and their ownership interests are reflected as equity in the accompanying Condensed Consolidated Balance Sheets. Further, a portion of the earnings and losses of the OP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of the common stock issued and the carrying value of the OP Units converted to common stock is recorded as a component of equity. As of June 30, 2025, there were approximately 5.1 million OP Units, or 1.4% of OP Units issued and outstanding, held by non-controlling interest holders. Additionally, the Company is the primary beneficiary of this VIE. Accordingly, the Company consolidates its interests in the OP.
Variable Interest Entities As of June 30, 2025, the Company's unconsolidated joint venture arrangement was accounted for using the equity method of accounting as the Company exercised significant influence over but did not control this entity.
Use of Estimates in the Condensed Consolidated Financial Statements
Use of Estimates in the Condensed Consolidated Financial Statements
Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates.
Segment Reporting
Segment Reporting
The Company owns, leases, acquires, manages, finances, develops and redevelops outpatient and other healthcare-related properties. The Company is managed as one operating segment, rather than multiple operating segments, for internal reporting purposes and for internal decision-making and discloses its operating results in a single reportable segment. The Company's chief operating decision makers (“CODM”), represented by the Company's Chief Executive Officer, the Chief Financial Officer and the Chief Operating Officer, review financial information and assess the consolidated operations of the Company in order to make strategic decisions such as allocation of capital expenditures and other significant expenses. See Note 9 for additional information on segment reporting.
Redeemable Non-Controlling Interests
Redeemable Non-Controlling Interests
The Company accounts for redeemable equity securities in accordance with ASC Topic 480: Accounting for Redeemable Equity Instruments, which requires that equity securities redeemable at the option of the holder, not solely within our control, be classified outside permanent stockholders’ equity. The Company classifies redeemable equity securities as redeemable non-controlling interests in the accompanying Condensed Consolidated Balance Sheets. Accordingly, the Company records the carrying amount at the greater of the initial carrying amount (increased or decreased for the non-controlling interest’s share of net income or loss and distributions) or the redemption value. The Company measures the redemption value and records an adjustment to the carrying value of the equity securities as a component of redeemable non-controlling interest.
Asset Impairment
Asset Impairment
The Company assesses the potential for impairment of identifiable, definite-lived, intangible assets and long-lived assets, including real estate properties, whenever the occurrence of an event or a change in circumstances indicates that the carrying value might not be fully recoverable. Indicators of impairment may include significant underperformance of an asset relative to historical or expected operating results; significant changes in the Company’s use of assets or the strategy for its overall business; plans to sell an asset before its depreciable life has ended; the expiration of a significant portion of leases in a property; or significant negative economic trends or negative industry trends for the Company or its tenants.
Investments in Leases - Financing Receivables, Net and Real Estate Notes Receivable and Interest Income
Investments in Leases - Financing Receivables, Net
In accordance with ASC Topic 842: Leases, for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred when the seller-lessee has a purchase option. As a result, the Company does not recognize the underlying
real estate assets but instead recognizes a financial asset in accordance with ASC Topic 310: Receivables.
Real Estate Notes Receivable
Real estate notes receivable consists of mezzanine and other real estate loans, which are generally collateralized by a pledge of the borrower’s ownership interest in the respective real estate owner, a mortgage or deed of trust, and/or corporate guarantees. Real estate notes receivable are intended to be held to maturity and are recorded at amortized cost, net of unamortized loan origination costs and fees and allowance for credit losses.
Allowance for Credit Losses
Pursuant to ASC Topic 326: Financial Instruments - Credit Losses, the Company adopted a policy to evaluate current expected credit losses at the inception of loans qualifying for treatment under ASC Topic 326. The Company utilizes a probability of default method approach for estimating current expected credit losses and evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers industry and economic conditions, credit enhancements, liquidity, and other factors. The determination of the credit allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. The Company evaluates the collectability of loan receivables based on a combination of credit quality
indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that the Company will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans identified as having deteriorated credit quality, the amount of credit loss is determined on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual status are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, the loan may return to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance.
Interest Income
Income from Lease Financing Receivables
The Company recognized the related income from two financing receivables totaling $2.0 million and $3.9 million, respectively, for the three and six months ended June 30, 2025, and $2.1 million and $4.2 million, respectively, for the three and six months ended June 30, 2024, based on an imputed interest rate over the terms of the applicable lease. As a result, the interest recognized from the financing receivable in any particular period will not equal the cash payments from the lease agreement in that period.
Acquisition costs incurred in connection with entering into the financing receivable are treated as loan origination fees. These costs are classified with the financing receivable and are included in the balance of the net investment. Amortization of these amounts will be recognized as a reduction to interest income over the life of the lease.
Revenue from Contracts with Customers (ASC Topic 606)
Revenue from Contracts with Customers (ASC Topic 606)
The Company recognizes certain revenue under the core principle of ASC Topic 606. This topic requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Lease revenue is not within the scope of ASC Topic 606. To achieve the core principle, the Company applies the five-step model specified in the guidance.
Revenue that is accounted for under ASC Topic 606 is segregated on the Company’s Condensed Consolidated Statements of Operations in the Other operating line item. This line item includes parking income, management fee income and other miscellaneous income.
The Company’s major types of revenue that are accounted for under Topic 606 that are listed above are all accounted for as the performance obligation is satisfied. The performance obligations that are identified for each of these items are satisfied over time, and the Company recognizes revenue monthly based on this principle.
New Accounting Pronouncements
New Accounting Pronouncements
On November 4, 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses, which will require entities to provide more detailed information in the notes to the financial statements related to certain expense captions on the face of the income statement. The ASU aims to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on the face of the income statement.
Under this ASU, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement — excluding earnings or losses from equity method investments — if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the adoption of this ASU on its consolidated financial statements and compliance with these new disclosure requirements will begin with the Company's Annual Report on Form 10-K for the year ended December 31, 2027.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Condensed Balance Sheet Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs, excluding the OP, in the aggregate as of June 30, 2025 and December 31, 2024:
(dollars in thousands)June 30, 2025December 31, 2024
Assets:
Total real estate investments, net
$103,933 $103,933 
Cash and cash equivalents965 159 
Other assets, net
5,865 4,053 
Total assets
$110,763 $108,145 
Liabilities:
Notes and bonds payable
$69,302 $60,170 
Accounts payable and accrued liabilities1,828 2,786 
Other liabilities200 45 
Total liabilities
$71,330 $63,001 
Schedule of Variable Interest Entities As a result, the Company accounts for the three notes receivable as amortized cost and the joint venture arrangement under the equity method.
See below for additional information regarding the Company's unconsolidated VIEs.
(dollars in thousands) ORIGINATION DATELOCATIONSOURCECARRYING AMOUNTMAXIMUM EXPOSURE TO LOSS
2021Charlotte, NC Note receivable5,970 7,441 
2022
Texas 1
Equity method53,892 53,892 
2024
Texas 2
Note receivable9,690 16,729 
2024
Texas 2
Note receivable1 4,500 
1Includes investments in seven properties.
2The Company provided seller financing and entered into a mortgage loan and a mezzanine loan in connection with a property disposition.
Schedule of Accounts, Notes, Loans and Financing Receivable See below for additional information regarding the Company's financing receivables.
(dollars in thousands) CARRYING VALUE AS OF
ORIGINATION DATELOCATIONINTEREST RATEJUNE 30, 2025DECEMBER 31, 2024
May 2021Poway, CA5.69%$116,780 $116,304 
November 2021Columbus, OH6.48%7,354 7,367 
$124,134 $123,671 
(dollars in thousands)ORIGINATIONMATURITYSTATED INTEREST RATEMAXIMUM LOAN COMMITMENTOUTSTANDING as of JUNE 30, 2025INTEREST RECEIVABLE (OTHER ASSETS)ALLOWANCE FOR CREDIT LOSSESFAIR VALUE DISCOUNT AND FEESCARRYING VALUE as of JUNE 30, 2025
Mezzanine loans
Arizona12/21/202312/20/20269.00 %$6,000 $6,000 $36 $— $— $6,036 
Texas
10/03/202410/02/202911.00 %4,500 1 — — — 1 
Wisconsin 3/20/20253/19/203013.00 %8,500 2,833 — — — 2,833 
19,000 8,834 36 — — 8,870 
Mortgage loans
Texas 1
6/30/202112/02/20247.00 %31,150 16,250 551 (16,801)— — 
North Carolina 2
12/22/202112/22/20248.00 %6,000 6,000 1,441 (1,471)— 5,970 
Florida 3
5/17/20222/27/20266.00 %65,000 — — — — — 
California3/30/20233/29/20266.50 %45,000 45,000 181 — — 45,181 
Florida12/28/202312/28/20269.00 %7,700 5,909 — — — 5,909 
Texas
10/03/202410/02/20297.50 %16,729 9,629 61 — — 9,690 
Texas 4
3/20/20253/19/20306.75 %5,400 5,400 30 — — 5,430 
176,979 88,188 2,264 (18,272)— 72,180 
$195,979 $97,022 $2,300 $(18,272)$— $81,050 

1In 2024, the Company determined that an allowance for credit loss of $16.8 million was needed on this mortgage loan, which included approximately $16.3 million of principal and approximately $0.5 million of interest. In January 2025, the underlying collateral for this loan was sold and the Company received $14.9 million towards the principal balance of this loan.
2Outstanding principal and interest due upon maturity. As of the date of these financial statements, the outstanding principal and interest on this loan has not been repaid. The Company has evaluated the collectibility of the amount outstanding and has determined that an allowance for credit loss of $1.5 million was needed on this loan.
3In April 2025, this loan was repaid in full.
4In March 2025, the Company provided seller financing of $5.4 million in connection with the sale of a real estate property in Houston, TX.
Schedule of Company's Allowance For Credit Losses
The following table summarizes the Company's allowance for credit losses on real estate notes receivable:
Dollars in thousandsSIX MONTHS ENDED JUNE 30, 2025TWELVE MONTHS ENDED DECEMBER 31, 2024
Allowance for credit losses, beginning of period$16,801 $5,196 
Credit loss reserves 1,471 59,563 
Recoveries — (4,000)
Write-off — (43,958)
Allowance for credit losses, end of period$18,272 $16,801 
Schedule of Disaggregation of revenue Below is a detail of the amounts by category:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
in thousands2025202420252024
Type of Revenue
Parking income$2,369 $2,463 $4,231 $5,009 
Management fee income/other 1
4,614 1,859 9,140 3,504 
$6,983 $4,322 $13,371 $8,513 
1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.
v3.25.2
Real Estate Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Equity Method Investments
The Company's investment in and income (losses) recognized for the three and six months ended June 30, 2025 and 2024 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2025202420252024
Investments in unconsolidated joint ventures, beginning of period $470,418 $309,754 $473,122 $311,511 
New investment during the period 126 66,547 978 66,547 
Equity income (loss) recognized during the period 158 (146)159 (568)
Owner distributions(7,272)(1,314)(10,829)(2,649)
Investments in unconsolidated joint ventures, end of period $463,430 $374,841 $463,430 $374,841 
Schedule of dispositions
The following table details the Company's dispositions for the six months ended June 30, 2025.
Dollars in thousandsDATE DISPOSEDSALE PRICECLOSING ADJUSTMENTSCOMPANY-FINANCED MORTGAGE NOTESNET PROCEEDSNET REAL ESTATE INVESTMENTOTHER (INCLUDING RECEIVABLES) GAIN/(IMPAIRMENT)SQUARE FOOTAGE
Boston, MA2/7/25$4,500 $(135)$— $4,365 $4,325 $15 $25 30,304 
Denver, CO 1
2/14/258,600 (2,144)— 6,456 7,948 113 (1,605)69,715 
Houston, TX 3/20/2515,000 (4,087)(5,400)5,513 14,343 347 (3,777)127,933 
Boston, MA 4/30/25486 (49)— 437 60 — 377 — 
Boston, MA5/23/253,000 (48)— 2,952 2,631 15 306 33,176 
Jacksonville, FL6/26/258,100 (43)— 8,057 23,064 (561)(14,446)53,169 
Yakima, WA6/26/2531,000 (2,380)— 28,620 8,689 219 19,712 91,561 
Houston, TX 6/27/2510,500 (57)— 10,443 10,250 — 193 — 
Total dispositions$81,186 $(8,943)$(5,400)$66,843 $71,310 $148 $785 405,858 
1Includes two medical outpatient properties.
Subsequent to June 30, 2025, the Company disposed of the following properties, which were classified as held for sale as of June 30, 2025:
Dollars in thousandsDate DisposedSale PriceSquare Footage
South Bend, IN 7/15/25$43,100 205,573 
Milwaukee, WI 1
7/29/2542,000 147,406 
Naples, FL7/29/2519,250 61,359 
New York, NY7/30/2525,000 89,893 
Total$129,350 504,231 
1Includes two medical outpatient properties.
Schedule of Assets and Liabilities Held for Sale The table below reflects the assets and liabilities classified as held for sale as of June 30, 2025 and December 31, 2024:
Dollars in thousandsJune 30, 2025December 31, 2024
Balance Sheet data:
Land$18,330 $10,859 
Building and improvements443,895 3,410 
Lease intangibles25,768 3,286 
Personal property633 — 
Land held for development3,836 — 
492,462 17,555 
Accumulated depreciation(164,327)(5,275)
Real estate assets held for sale, net 1
328,135 12,280 
Cash and cash equivalents151 — 
Operating lease right-of-use assets15,248 — 
Other assets, net14,673 617 
Assets held for sale, net$358,207 $12,897 
Accounts payable and accrued liabilities$6,761 $694 
Operating lease liabilities19,384 — 
Other liabilities4,133 589 
Liabilities of assets held for sale$30,278 $1,283 
Redeemable noncontrolling interest held for sale$1,221 $— 
1Net real estate assets held for sale include the impact of $54.5 million of impairment charges for the six months ended June 30, 2025.
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Future Minimum Operating Lease Payments Receivable
Future lease payments under the non-cancelable operating leases, excluding any reimbursements and one sales-type lease, as of June 30, 2025, were as follows:
Dollars in thousandsOPERATING
2025$414,817 
2026794,621 
2027683,818 
2028570,959 
2029466,000 
2030 and thereafter1,734,240 
$4,664,455 
Schedule of Future Minimum Operating Lease Payments
The Company’s future lease payments (primarily for its 130 non-prepaid ground leases), excluding amounts due for held for sale properties, as of June 30, 2025, were as follows:
Dollars in thousandsOPERATINGFINANCING
2025$5,235 $957 
202611,392 2,106 
202711,581 2,145 
202811,717 2,177 
202911,776 2,209 
2030 and thereafter563,917 383,172 
Total undiscounted lease payments615,618 392,766 
Discount(411,940)(319,747)
Lease liabilities$203,678 $73,019 
Schedule of Future Minimum Financing Lease Payments
The Company’s future lease payments (primarily for its 130 non-prepaid ground leases), excluding amounts due for held for sale properties, as of June 30, 2025, were as follows:
Dollars in thousandsOPERATINGFINANCING
2025$5,235 $957 
202611,392 2,106 
202711,581 2,145 
202811,717 2,177 
202911,776 2,209 
2030 and thereafter563,917 383,172 
Total undiscounted lease payments615,618 392,766 
Discount(411,940)(319,747)
Lease liabilities$203,678 $73,019 
Schedule of Lease Cost
The following table provides details of the Company's total lease expense for the three and six months ended June 30, 2025 and 2024:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2025202420252024
Operating lease cost
Operating lease expense$4,397 $4,599 $8,753 $9,065 
Variable lease expense1,474 1,315 2,802 2,542 
Finance lease cost
Amortization of right-of-use assets370 392 741 779 
Interest on lease liabilities921 942 1,837 1,880 
Total lease expense$7,162 $7,248 $14,133 $14,266 
Other information
Operating cash flows outflows related to operating leases$4,529 $4,889 $9,021 $8,929 
Operating cash flows outflows related to financing leases$576 $591 $1,119 $1,154 
Financing cash flows outflows related to financing leases$5 $4 $139 $30 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $2,561 $— $2,561 
Weighted-average years remaining lease term (excluding renewal options) - operating leases41.945.9
Weighted-average years remaining lease term (excluding renewal options) - finance leases57.257.4
Weighted-average discount rate - operating leases5.5 %5.7 %
Weighted-average discount rate - finance leases5.0 %5.0 %
v3.25.2
Notes and Bonds Payable (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The table below details the Company’s notes and bonds payable as of June 30, 2025 and December 31, 2024. 
 MATURITY DATE
BALANCE 1 AS OF
EFFECTIVE INTEREST RATE
as of 6/30/2025
Dollars in thousands6/30/202512/31/2024
$1.5 billion Unsecured Credit Facility 2
10/25$295,000 $— 5.27 %
$200 million Unsecured Term Loan 3
1/26174,879 199,896 5.36 %
$300 million Unsecured Term Loan 4
10/25289,992 299,981 5.36 %
$150 million Unsecured Term Loan
6/26149,864 149,790 5.36 %
$200 million Unsecured Term Loan
7/27199,710 199,641 5.36 %
$300 million Unsecured Term Loan
1/28298,917 298,708 5.36 %
Senior Notes due 2025 5
5/25— 249,868 4.12 %
Senior Notes due 2026
8/26590,874 586,824 4.94 %
Senior Notes due 2027 7/27490,371 488,104 4.76 %
Senior Notes due 20281/28298,338 298,029 3.85 %
Senior Notes due 2030 2/30591,535 586,028 5.30 %
Senior Notes due 20303/30297,398 297,190 2.72 %
Senior Notes due 2031 3/31296,603 296,343 2.25 %
Senior Notes due 2031 3/31676,434 667,233 5.13 %
Mortgage notes payable
12/25-12/2644,476 45,136 
3.57% - 6.88%
$4,694,391 $4,662,771 
1Balance is presented net of discounts and issuance costs and inclusive of premiums, where applicable.
2As of June 30, 2025, the Company had $1.2 billion available to be drawn on its $1.5 billion Unsecured Credit Facility.
3In January 2025, the Company repaid $25 million of the $200 million Unsecured term Loan.
4In January 2025, the Company repaid $10 million of the $300 million Unsecured term Loan due October 2025.
5In May 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.
v3.25.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
As of June 30, 2025, the Company had 15 outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk:
MATURITYAMOUNTWEIGHTED
AVERAGE RATE
May 2026$275,000 3.74 %
June 2026150,000 3.83 %
December 2026150,000 3.84 %
June 2027200,000 4.27 %
December 2027300,000 3.93 %
$1,075,000 3.92 %
The table below presents the effect of cash flow hedge accounting on AOCI during the three and six months ended June 30, 2025 and 2024 related to the Company's outstanding interest rate swaps.
(GAIN)/LOSS RECOGNIZED IN
AOCI ON DERIVATIVE
three months ended June 30,		(GAIN)/LOSS RECLASSIFIED FROM
AOCI INTO INCOME
three months ended June 30,
In thousands2025202420252024
Interest rate swaps$1,028 $(5,891)Interest expense$(1,098)$(3,811)
Settled treasury hedges— — Interest expense107 107 
Settled interest rate swaps— — Interest expense11 42 
 $1,028 $(5,891)Total interest expense$(980)$(3,662)
(GAIN)/LOSS RECOGNIZED IN
AOCI ON DERIVATIVE
six months ended June 30,		(GAIN)/LOSS RECLASSIFIED FROM
AOCI INTO INCOME
six months ended June 30,
In thousands2025202420252024
Interest rate swaps$6,206 $(25,501)Interest expense$(2,188)$(7,825)
Settled treasury hedges— — Interest expense214 213 
Settled interest rate swaps— — Interest expense53 84 
 $6,206 $(25,501)Total interest expense$(1,921)$(7,528)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below presents the fair value of the Company's derivative financial instruments and their classification on the Condensed Consolidated Balance Sheet as of June 30, 2025 and December 31, 2024.
AS OF JUNE 30, 2025AS OF DECEMBER 31, 2024
In thousandsBALANCE SHEET LOCATIONFAIR VALUEBALANCE SHEET LOCATIONFAIR VALUE
Interest rate swaps 2019Other Assets$1,442 Other Assets$2,493 
Interest rate swaps 2022Other Assets— Other Assets2,250 
Interest rate swaps 2022Other Liabilities(4,791)Other Liabilities(853)
Interest rate swaps 2023Other Assets156 Other Assets521 
Interest rate swaps 2023Other Liabilities(4,100)Other Liabilities(3,310)
Total derivatives designated as hedging instruments$(7,293)$1,101 
v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Reconciliation of Common Stock Outstanding
The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the six months ended June 30, 2025, and the twelve months ended December 31, 2024:
SIX MONTHS ENDED JUNE 30, 2025TWELVE MONTHS ENDED DECEMBER 31, 2024
Balance, beginning of period350,532,006 380,964,433 
Issuance of common stock— 8,623 
Conversion of OP units to common stock22,228 194,767 
Shares Repurchased— (30,794,250)
Non-vested share-based awards, net of withheld shares and forfeitures1,013,583 158,433 
Balance, end of period351,567,817 350,532,006 
Schedule of Earnings (Loss) per Share
The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands, except per share data2025202420252024
Weighted average common shares outstanding351,411,541 374,498,770 351,086,883 377,916,989 
Non-vested shares(1,783,234)(2,021,471)(1,502,983)(1,954,956)
Weighted average common shares outstanding - basic349,628,307 372,477,299 349,583,900 375,962,033 
Weighted average common shares outstanding - basic349,628,307 372,477,299 349,583,900 375,962,033 
Dilutive effect of OP Units— — — — 
Weighted average common shares outstanding - diluted349,628,307 372,477,299 349,583,900 375,962,033 
Net loss$(160,144)$(145,938)$(205,532)$(461,157)
Income allocated to participating securities(783)(917)(1,212)(1,819)
Loss attributable to non-controlling interest2,293 2,158 2,808 6,541 
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units(395)(717)(492)(2,047)
Net loss applicable to common stockholders - basic and diluted$(159,029)$(145,414)$(204,428)$(458,482)
Basic earnings per common share - net loss$(0.45)$(0.39)$(0.58)$(1.22)
Diluted earnings per common share - net loss$(0.45)$(0.39)$(0.58)$(1.22)
Schedule of Stock Options, Valuation Assumptions The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $19.47 for the RSU grants using the following assumptions:
Volatility28.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate4.35 %
Stock price (per share)$16.17
The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.88 for the February 2025 grant using the following assumptions:
Volatility28.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate4.35 %
Stock price (per share)$16.17
The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.83 for the April 2025 grant using the following assumptions:
Volatility27.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate3.80 %
Stock price (per share)$15.70
Schedule of the Activity Under the Incentive Plan and RSU Activity
The following table represents the summary of non-vested share-based awards under the Incentive Plan for the three and six months ended June 30, 2025, and 2024:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2025202420252024
Share-based awards, beginning of period2,619,942 4,043,154 1,799,737 2,615,562 
Granted 1
969,861 135,767 1,889,798 1,611,578 
Vested(311,301)(46,660)(351,271)(75,074)
Change in awards based on performance assessment22,656 (47,202)(37,106)(47,202)
Forfeited(14,027)— (14,027)(19,805)
Share-based awards, end of period3,287,131 4,085,059 3,287,131 4,085,059 
1LTIP-C units in the OP are issued at the maximum number of units of the award and are reflected as such in this table until the performance conditions have been satisfied, and the exact number of awards are determinable.
Schedule of Unrecognized Compensation Cost, Nonvested Awards
The following table represents expected amortization of the Company's non-vested awards issued as of June 30, 2025:
Dollars in millionsFUTURE AMORTIZATION
of non-vested shares
2025$7.5 
202613.1 
202710.7 
20283.0 
2029 and thereafter0.9 
Total$35.2 
v3.25.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value And Carrying Values For Notes And Bonds Payable, Real Estate Notes Receivable, And Notes Receivable
The table below details the fair values and carrying values for notes and bonds payable and real estate notes receivable as of June 30, 2025, and December 31, 2024:
 June 30, 2025December 31, 2024
Dollars in millionsCARRYING VALUEFAIR VALUECARRYING VALUEFAIR VALUE
Notes and bonds payable 1, 2
$4,694.4 $4,672.4 $4,662.8 $4,578.4 
Real estate notes receivable$81.1 $79.7 $127.2 $122.4 
1Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets.
2Fair value for senior notes includes accrued interest as of June 30, 2025.
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of significant expenses
The table below details the significant expenses for the three and six months ended June 30, 2025, and 2024.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands2025202420252024
Significant Segment Expenses:
Property taxes$29,029 $32,487 $57,839 $65,416 
Personnel24,221 22,686 48,600 47,305 
Utilities22,189 23,411 44,140 47,492 
Maintenance24,746 27,082 53,493 56,721 
Totals$100,185 $105,666 $204,072 $216,934 
The following schedule reconciles net loss to segment expenses for the three and six months ended June 30, 2025, and 2024.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands2025202420252024
Revenue$297,502 $316,322 $596,478 $643,127 
Property taxes(29,029)(32,487)(57,839)(65,416)
Personnel(24,221)(22,686)(48,600)(47,305)
Utilities(22,189)(23,411)(44,140)(47,492)
Maintenance(24,746)(27,082)(53,493)(56,721)
Other segment expenses 1
(33,221)(26,055)(57,826)(50,652)
Transaction costs(593)(431)(1,604)(826)
Depreciation and amortization(147,749)(173,477)(298,717)(351,596)
Gain on sales of real estate properties and other assets20,004 38,338 22,907 38,360 
Interest expense(53,346)(62,457)(108,157)(123,510)
Impairment of real estate properties and credit loss reserves(142,348)(132,118)(154,429)(148,055)
Impairment of goodwill— — — (250,530)
Equity income (loss) from unconsolidated joint ventures158 (146)159 (568)
Interest and other (expense) income, net(366)(248)(271)27 
Net loss$(160,144)$(145,938)$(205,532)$(461,157)
1    Other segment expenses are primarily related to administrative costs, travel, legal, technology, and insurance.
v3.25.2
Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands, shares in Millions, ft² in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
ft²
property
variable_interest_entity
financing_receivable
state
loan
note_receivable
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
ft²
property
segment
variable_interest_entity
financing_receivable
state
loan
note_receivable
joint_venture
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Overview:                
Gross investment amount, total $ 11,200,000   $ 11,200,000          
Number of real estate properties | property 559   559          
Number of properties held in unconsolidated joint ventures | property 63   63          
Number of states that the company owns real estate in, whole units | state 32   32          
Approximate square feet invested in by company | ft² 32.2   32.2          
Nationwide portfolio (percent) 93.00%   93.00%          
Principles of Consolidation:                
Equity ownership for consolidation (percent) 100.00%   100.00%          
Number of variable interest entities | variable_interest_entity 3   3          
Segment Reporting:                
Number of operating segments | segment     1          
Redeemable Non-Controlling Interests:                
Redeemable non-controlling interests $ 4,332 $ 3,875 $ 4,332 $ 3,875 $ 4,778 $ 4,627 $ 3,880 $ 3,868
Asset Impairment:                
Impairment of real estate assets 140,900   151,000          
Real Estate Notes Receivable:                
Investment in financing receivable, net 81,100   81,100          
Allowance for Credit Losses, Interest Income, Income from Real Estate Notes Receivable:                
Credit loss reserves $ 1,500   $ 1,471   $ 59,563      
Number of recognized lease financial receivables | financing_receivable 2   2          
Income from financing receivables $ 2,000 2,100 $ 3,900 4,200        
Number of loans on non-accrual status | loan 2   2          
Fair Value, Inputs, Level 3                
Asset Impairment:                
Number of properties measured at fair value | property 11   11          
Properties measured at fair value $ 126,300   $ 126,300          
Notes Receivable                
Allowance for Credit Losses, Interest Income, Income from Real Estate Notes Receivable:                
Interest income $ 1,500 $ 1,800 $ 3,300 $ 4,200        
Variable Interest Entity                
Principles of Consolidation:                
Number of variable interest entities | variable_interest_entity 4   4          
Number of notes receivable | note_receivable 3   3          
Number of joint ventures | joint_venture     1          
HealthCare Realty Trust Incorporated | Other Investors                
Business Overview:                
Subsidiary, ownership percentage, noncontrolling owner 1.40%   1.40%          
Non-Controlling Interest Holders | Healthcare Trust of America Holdings L P                
Principles of Consolidation:                
Limited partner's capital, units outstanding (in shares) | shares 5.1   5.1          
Healthcare Trust of America Holdings L P                
Business Overview:                
Equity interest owned (percent) 98.60%   98.60%          
Property Entities Not Determined to be VIEs                
Business Overview:                
Equity interest owned (percent) 100.00%   100.00%          
Real Estate Properties Held in Joint Ventures                
Business Overview:                
Joint venture ownership (percent) 30.00%   30.00%          
v3.25.2
Summary of Significant Accounting Policies - Consolidated balance sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Total real estate investments, net $ 8,674,578 $ 9,327,054
Cash and cash equivalents 25,507 68,916
Other assets, net 469,940 507,496
Total assets 10,235,572 10,650,923
Liabilities:    
Other liabilities 30,278 1,283
Total liabilities 5,354,146 5,345,049
Variable interest entity    
Assets:    
Total real estate investments, net 103,933 103,933
Cash and cash equivalents 965 159
Other assets, net 5,865 4,053
Total assets 110,763 108,145
Liabilities:    
Notes and bonds payable 69,302 60,170
Accounts payable and accrued liabilities 1,828 2,786
Other liabilities 200 45
Total liabilities $ 71,330 $ 63,001
v3.25.2
Summary of Significant Accounting Policies - Variable interest entity (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
note_receivable
property
Variable Interest Entity  
Variable Interest Entity [Line Items]  
Number of notes receivable | note_receivable 3
North Carolina | Variable Interest Entity, Not Primary Beneficiary  
Variable Interest Entity [Line Items]  
Notes receivable, carrying amount $ 5,970
MAXIMUM EXPOSURE TO LOSS 7,441
Texas | Variable Interest Entity, Not Primary Beneficiary  
Variable Interest Entity [Line Items]  
Joint venture, carrying amount 53,892
MAXIMUM EXPOSURE TO LOSS $ 53,892
Number of owned real estate properties | property 7
Texas | Variable Interest Entity, Not Primary Beneficiary  
Variable Interest Entity [Line Items]  
Notes receivable, carrying amount $ 9,690
MAXIMUM EXPOSURE TO LOSS 16,729
Texas | Variable Interest Entity, Not Primary Beneficiary  
Variable Interest Entity [Line Items]  
Notes receivable, carrying amount 1
MAXIMUM EXPOSURE TO LOSS $ 4,500
v3.25.2
Summary of Significant Accounting Policies - Schedule of Notes Receivable (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 31, 2025
Jun. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Mar. 31, 2025
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Financing receivable, carrying value   $ 124,134 $ 124,134 $ 123,671    
MAXIMUM LOAN COMMITMENT   195,979 195,979      
Outstanding   97,022 97,022      
INTEREST RECEIVABLE (OTHER ASSETS)   2,300 2,300      
ALLOWANCE FOR CREDIT LOSSES   (18,272) (18,272) (16,801)   $ (5,196)
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   81,050 81,050      
Write-off   1,500 1,471 59,563    
Mezzanine loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
MAXIMUM LOAN COMMITMENT   19,000 19,000      
Outstanding   8,834 8,834      
INTEREST RECEIVABLE (OTHER ASSETS)   36 36      
ALLOWANCE FOR CREDIT LOSSES   0 0      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   8,870 8,870      
Mortgage loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
MAXIMUM LOAN COMMITMENT   176,979 176,979      
Outstanding   88,188 88,188      
INTEREST RECEIVABLE (OTHER ASSETS)   2,264 2,264      
ALLOWANCE FOR CREDIT LOSSES   (18,272) (18,272)      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 72,180 $ 72,180      
Poway, CA            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   5.69% 5.69%      
Financing receivable, carrying value   $ 116,780 $ 116,780 116,304    
Columbus, OH            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   6.48% 6.48%      
Financing receivable, carrying value   $ 7,354 $ 7,354 7,367    
Arizona | Mezzanine loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   9.00% 9.00%      
MAXIMUM LOAN COMMITMENT   $ 6,000 $ 6,000      
Outstanding   6,000 6,000      
INTEREST RECEIVABLE (OTHER ASSETS)   36 36      
ALLOWANCE FOR CREDIT LOSSES   0 0      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 6,036 $ 6,036      
Texas | Mezzanine loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   11.00% 11.00%      
MAXIMUM LOAN COMMITMENT   $ 4,500 $ 4,500      
Outstanding   1 1      
INTEREST RECEIVABLE (OTHER ASSETS)   0 0      
ALLOWANCE FOR CREDIT LOSSES   0 0      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 1 $ 1      
Sale of real estate property         $ 5,400  
Texas | Mortgage loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   7.00% 7.00%      
MAXIMUM LOAN COMMITMENT   $ 31,150 $ 31,150      
Outstanding   16,250 16,250      
INTEREST RECEIVABLE (OTHER ASSETS)   551 551      
ALLOWANCE FOR CREDIT LOSSES   (16,801) (16,801)      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 0 $ 0      
Wisconsin | Mezzanine loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   13.00% 13.00%      
MAXIMUM LOAN COMMITMENT   $ 8,500 $ 8,500      
Outstanding   2,833 2,833      
INTEREST RECEIVABLE (OTHER ASSETS)   0 0      
ALLOWANCE FOR CREDIT LOSSES   0 0      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 2,833 $ 2,833      
North Carolina | Mortgage loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   8.00% 8.00%      
MAXIMUM LOAN COMMITMENT   $ 6,000 $ 6,000      
Outstanding   6,000 6,000      
INTEREST RECEIVABLE (OTHER ASSETS)   1,441 1,441      
ALLOWANCE FOR CREDIT LOSSES   (1,471) (1,471)      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 5,970 5,970      
Write-off     $ 1,500      
Florida | Mortgage loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   6.00% 6.00%      
MAXIMUM LOAN COMMITMENT   $ 65,000 $ 65,000      
Outstanding   0 0      
INTEREST RECEIVABLE (OTHER ASSETS)   0 0      
ALLOWANCE FOR CREDIT LOSSES   0 0      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 0 $ 0      
California | Mortgage loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   6.50% 6.50%      
MAXIMUM LOAN COMMITMENT   $ 45,000 $ 45,000      
Outstanding   45,000 45,000      
INTEREST RECEIVABLE (OTHER ASSETS)   181 181      
ALLOWANCE FOR CREDIT LOSSES   0 0      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 45,181 $ 45,181      
Florida | Mortgage loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   9.00% 9.00%      
MAXIMUM LOAN COMMITMENT   $ 7,700 $ 7,700      
Outstanding   5,909 5,909      
INTEREST RECEIVABLE (OTHER ASSETS)   0 0      
ALLOWANCE FOR CREDIT LOSSES   0 0      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 5,909 $ 5,909      
Texas | Mortgage loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   7.50% 7.50%      
MAXIMUM LOAN COMMITMENT   $ 16,729 $ 16,729      
Outstanding   9,629 9,629      
INTEREST RECEIVABLE (OTHER ASSETS)   61 61      
ALLOWANCE FOR CREDIT LOSSES   0 0      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 9,690 $ 9,690      
Texas | Mortgage loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
INTEREST RATE   6.75% 6.75%      
MAXIMUM LOAN COMMITMENT   $ 5,400 $ 5,400      
Outstanding   5,400 5,400      
INTEREST RECEIVABLE (OTHER ASSETS)   30 30      
ALLOWANCE FOR CREDIT LOSSES   0 0      
FAIR VALUE DISCOUNT AND FEES   0 0      
CARRYING VALUE   $ 5,430 $ 5,430      
Write-off       16,800    
Allowance for credit loss       16,300    
Allowance for credit loss, interest       $ 500    
Proceeds from sale of collateral $ 14,900          
v3.25.2
Summary of Significant Accounting Policies - Schedule of Company's Allowance For Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Allowance for credit losses, beginning of period   $ 16,801 $ 5,196
Credit loss reserves $ 1,500 1,471 59,563
Recoveries   0 (4,000)
Write-off   0 (43,958)
Allowance for credit losses, end of period $ 18,272 $ 18,272 $ 16,801
v3.25.2
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Type of Revenue $ 6,983 $ 4,322 $ 13,371 $ 8,513
Parking income        
Disaggregation of Revenue [Line Items]        
Type of Revenue 2,369 2,463 4,231 5,009
Management fee income/other        
Disaggregation of Revenue [Line Items]        
Type of Revenue $ 4,614 $ 1,859 $ 9,140 $ 3,504
v3.25.2
Real Estate Investments - Unconsolidated Joint Venture Acquisitions (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity Method Investments [Roll Forward]        
Equity income (loss) recognized during the period $ 158 $ (146) $ 159 $ (568)
Parking Garages        
Equity Method Investments [Roll Forward]        
Investments in unconsolidated joint ventures, beginning of period 470,418 309,754 473,122 311,511
New investment during the period 126 66,547 978 66,547
Equity income (loss) recognized during the period 158 (146) 159 (568)
Owner distributions (7,272) (1,314) (10,829) (2,649)
Investments in unconsolidated joint ventures, end of period $ 463,430 $ 374,841 $ 463,430 $ 374,841
v3.25.2
Real Estate Investments - Dispositions (Details)
$ in Thousands
 6 Months Ended
Jun. 27, 2025
USD ($)
ft²
Jun. 26, 2025
USD ($)
ft²
May 23, 2025
USD ($)
ft²
Apr. 30, 2025
USD ($)
ft²
Mar. 20, 2025
USD ($)
ft²
Feb. 14, 2025
USD ($)
ft²
Feb. 07, 2025
USD ($)
ft²
Jun. 30, 2025
USD ($)
ft²
property
Aug. 01, 2025
USD ($)
ft²
property
Jul. 30, 2025
USD ($)
ft²
Jul. 29, 2025
USD ($)
ft²
Jul. 15, 2025
USD ($)
ft²
Joint Venture                        
Real Estate Dispositions [Line Items]                        
Number of owned real estate properties | property               2        
Joint Venture | Subsequent event                        
Real Estate Dispositions [Line Items]                        
Number of owned real estate properties | property                 2      
Real Estate Dispositions                        
Real Estate Dispositions [Line Items]                        
SALE PRICE               $ 81,186        
CLOSING ADJUSTMENTS               (8,943)        
COMPANY-FINANCED MORTGAGE NOTES               (5,400)        
NET PROCEEDS               66,843        
NET REAL ESTATE INVESTMENT               71,310        
OTHER (INCLUDING RECEIVABLES)               148        
GAIN/(IMPAIRMENT)               $ 785        
SQUARE FOOTAGE | ft²               405,858        
Real Estate Dispositions | Subsequent event                        
Real Estate Dispositions [Line Items]                        
SALE PRICE                 $ 129,350      
SQUARE FOOTAGE | ft²                 504,231      
Boston, MA | Real Estate Dispositions                        
Real Estate Dispositions [Line Items]                        
SALE PRICE     $ 3,000 $ 486     $ 4,500          
CLOSING ADJUSTMENTS     (48) (49)     (135)          
COMPANY-FINANCED MORTGAGE NOTES     0 0     0          
NET PROCEEDS     2,952 437     4,365          
NET REAL ESTATE INVESTMENT     2,631 60     4,325          
OTHER (INCLUDING RECEIVABLES)     15 0     15          
GAIN/(IMPAIRMENT)     $ 306 $ 377     $ 25          
SQUARE FOOTAGE | ft²     33,176 0     30,304          
Denver, CO | Real Estate Dispositions                        
Real Estate Dispositions [Line Items]                        
SALE PRICE           $ 8,600            
CLOSING ADJUSTMENTS           (2,144)            
COMPANY-FINANCED MORTGAGE NOTES           0            
NET PROCEEDS           6,456            
NET REAL ESTATE INVESTMENT           7,948            
OTHER (INCLUDING RECEIVABLES)           113            
GAIN/(IMPAIRMENT)           $ (1,605)            
SQUARE FOOTAGE | ft²           69,715            
Houston, TX | Real Estate Dispositions                        
Real Estate Dispositions [Line Items]                        
SALE PRICE $ 10,500       $ 15,000              
CLOSING ADJUSTMENTS (57)       (4,087)              
COMPANY-FINANCED MORTGAGE NOTES 0       (5,400)              
NET PROCEEDS 10,443       5,513              
NET REAL ESTATE INVESTMENT 10,250       14,343              
OTHER (INCLUDING RECEIVABLES) 0       347              
GAIN/(IMPAIRMENT) $ 193       $ (3,777)              
SQUARE FOOTAGE | ft² 0       127,933              
Jacksonville, FL | Real Estate Dispositions                        
Real Estate Dispositions [Line Items]                        
SALE PRICE   $ 8,100                    
CLOSING ADJUSTMENTS   (43)                    
COMPANY-FINANCED MORTGAGE NOTES   0                    
NET PROCEEDS   8,057                    
NET REAL ESTATE INVESTMENT   23,064                    
OTHER (INCLUDING RECEIVABLES)   (561)                    
GAIN/(IMPAIRMENT)   $ (14,446)                    
SQUARE FOOTAGE | ft²   53,169                    
Yakima, WA | Real Estate Dispositions                        
Real Estate Dispositions [Line Items]                        
SALE PRICE   $ 31,000                    
CLOSING ADJUSTMENTS   (2,380)                    
COMPANY-FINANCED MORTGAGE NOTES   0                    
NET PROCEEDS   28,620                    
NET REAL ESTATE INVESTMENT   8,689                    
OTHER (INCLUDING RECEIVABLES)   219                    
GAIN/(IMPAIRMENT)   $ 19,712                    
SQUARE FOOTAGE | ft²   91,561                    
South Bend, IN | Real Estate Dispositions | Subsequent event                        
Real Estate Dispositions [Line Items]                        
SALE PRICE                       $ 43,100
SQUARE FOOTAGE | ft²                       205,573
Milwaukee, WI | Real Estate Dispositions | Subsequent event                        
Real Estate Dispositions [Line Items]                        
SALE PRICE                     $ 42,000  
SQUARE FOOTAGE | ft²                     147,406  
Naples, FL | Real Estate Dispositions | Subsequent event                        
Real Estate Dispositions [Line Items]                        
SALE PRICE                     $ 19,250  
SQUARE FOOTAGE | ft²                     61,359  
New York, NY | Real Estate Dispositions | Subsequent event                        
Real Estate Dispositions [Line Items]                        
SALE PRICE                   $ 25,000    
SQUARE FOOTAGE | ft²                   89,893    
v3.25.2
Real Estate Investments - Narrative (Details) - property
Jun. 30, 2025
Dec. 31, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Number of owned real estate properties 25 3
v3.25.2
Real Estate Investments - Assets Held for Sale (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Long Lived Assets Held-for-sale [Line Items]    
Land $ 1,105,231 $ 1,143,468
Building and improvements 9,199,089 9,707,066
Personal property 6,944 9,909
Land held for development 49,110 52,408
Total real estate properties 11,168,747 11,810,710
Accumulated depreciation (2,494,169) (2,483,656)
Real estate assets held for sale, net 8,674,578 9,327,054
Assets held for sale, net 358,207 12,897
Liabilities of assets held for sale 30,278 1,283
Redeemable noncontrolling interest held for sale 1,221 0
Impairment charges on net real estate assets held for sale 54,500  
Disposal Group, Held-for-sale, Not Discontinued Operations    
Long Lived Assets Held-for-sale [Line Items]    
Land 18,330 10,859
Building and improvements 443,895 3,410
Lease intangibles 25,768 3,286
Personal property 633 0
Land held for development 3,836 0
Total real estate properties 492,462 17,555
Accumulated depreciation (164,327) (5,275)
Real estate assets held for sale, net 328,135 12,280
Cash and cash equivalents 151 0
Operating lease right-of-use assets 15,248 0
Other assets, net 14,673 617
Assets held for sale, net 358,207 12,897
Accounts payable and accrued liabilities 6,761 694
Operating lease liabilities 19,384 0
Other liabilities 4,133 589
Liabilities of assets held for sale $ 30,278 $ 1,283
v3.25.2
Leases - Lease Income - (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Rental income $ 287,070 $ 308,135 $ 575,927 $ 626,211
v3.25.2
Leases - Lessor Accounting (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
OPERATING  
2025 $ 414,817
2026 794,621
2027 683,818
2028 570,959
2029 466,000
2030 and thereafter 1,734,240
Total $ 4,664,455
v3.25.2
Leases - Ground Leases (Details)
ft² in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
property
lease
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
ft²
property
lease
Jun. 30, 2024
USD ($)
Lessee, Lease, Description [Line Items]        
Number of properties subject to ground leases | property 198   198  
Square feet subject to ground leases | ft²     14.4  
Number of prepaid ground leases     68  
Amortization of prepaid rent | $ $ 0.3 $ 0.5 $ 0.7 $ 0.9
Number of non-prepaid ground leases 130   130  
Minimum        
Lessee, Lease, Description [Line Items]        
Ground lease, initial term 40 years   40 years  
Maximum        
Lessee, Lease, Description [Line Items]        
Ground lease, initial term 99 years   99 years  
v3.25.2
Leases - Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
OPERATING    
2025 $ 5,235  
2026 11,392  
2027 11,581  
2028 11,717  
2029 11,776  
2030 and thereafter 563,917  
Total undiscounted lease payments 615,618  
Discount (411,940)  
Lease liabilities 203,678 $ 224,499
FINANCING    
2025 957  
2026 2,106  
2027 2,145  
2028 2,177  
2029 2,209  
2030 and thereafter 383,172  
Total undiscounted lease payments 392,766  
Discount (319,747)  
Lease liabilities $ 73,019 $ 72,346
v3.25.2
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating lease cost        
Operating lease expense $ 4,397 $ 4,599 $ 8,753 $ 9,065
Variable lease expense 1,474 1,315 2,802 2,542
Finance lease cost        
Amortization of right-of-use assets 370 392 741 779
Interest on lease liabilities 921 942 1,837 1,880
Total lease expense 7,162 7,248 14,133 14,266
Other information        
Operating cash flows outflows related to operating leases 4,529 4,889 9,021 8,929
Operating cash flows outflows related to financing leases 576 591 1,119 1,154
Financing cash flows outflows related to financing leases 5 4 139 30
Right-of-use assets obtained in exchange for new operating lease liabilities $ 0 $ 2,561 $ 0 $ 2,561
Weighted-average years remaining lease term (excluding renewal options) - operating leases 41 years 10 months 24 days 45 years 10 months 24 days 41 years 10 months 24 days 45 years 10 months 24 days
Weighted-average years remaining lease term (excluding renewal options) - finance leases 57 years 2 months 12 days 57 years 4 months 24 days 57 years 2 months 12 days 57 years 4 months 24 days
Weighted-average discount rate - operating leases 5.50% 5.70% 5.50% 5.70%
Weighted-average discount rate - finance leases 5.00% 5.00% 5.00% 5.00%
v3.25.2
Notes and Bonds Payable - Schedule of Debt (Details) - USD ($)
 1 Months Ended
May 31, 2025
Jan. 31, 2025
Jun. 30, 2025
Apr. 08, 2025
Dec. 31, 2024
Debt Instrument [Line Items]          
Notes and bonds payable     $ 4,694,391,000   $ 4,662,771,000
Line of credit | $1.5 billion Unsecured Credit Facility          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 295,000,000   0
Effective interest rate     5.27%    
Available to be drawn debt amount     $ 1,200,000,000    
Credit facility     1,500,000,000    
Medium-term notes | $200 million Unsecured Term Loan          
Debt Instrument [Line Items]          
Face amount   $ 200,000,000 200,000,000 $ 200,000,000  
Notes and bonds payable     $ 174,879,000   199,896,000
Effective interest rate     5.36%    
Repayments of debt   25,000,000      
Medium-term notes | $300 million Unsecured Term Loan          
Debt Instrument [Line Items]          
Face amount   300,000,000 $ 300,000,000    
Notes and bonds payable     $ 289,992,000   299,981,000
Effective interest rate     5.36%    
Repayments of debt   $ 10,000,000      
Medium-term notes | $150 million Unsecured Term Loan          
Debt Instrument [Line Items]          
Face amount     $ 150,000,000    
Notes and bonds payable     $ 149,864,000   149,790,000
Effective interest rate     5.36%    
Medium-term notes | $200 million Unsecured Term Loan          
Debt Instrument [Line Items]          
Face amount     $ 200,000,000    
Notes and bonds payable     $ 199,710,000   199,641,000
Effective interest rate     5.36%    
Medium-term notes | $300 million Unsecured Term Loan          
Debt Instrument [Line Items]          
Face amount     $ 300,000,000    
Notes and bonds payable     $ 298,917,000   298,708,000
Effective interest rate     5.36%    
Senior notes | Senior Notes due 2025          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 0   249,868,000
Effective interest rate     4.12%    
Repayments of debt $ 250,000,000        
Accrued interest $ 4,800,000        
Senior notes | Senior Notes due 2026          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 590,874,000   586,824,000
Effective interest rate     4.94%    
Senior notes | Senior Notes due 2027          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 490,371,000   488,104,000
Effective interest rate     4.76%    
Senior notes | Senior Notes due 2028          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 298,338,000   298,029,000
Effective interest rate     3.85%    
Senior notes | Senior Notes due 2030          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 591,535,000   586,028,000
Effective interest rate     5.30%    
Senior notes | Senior Notes due 2030          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 297,398,000   297,190,000
Effective interest rate     2.72%    
Senior notes | Senior Notes due 2031          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 296,603,000   296,343,000
Effective interest rate     2.25%    
Senior notes | Senior Notes due 2031          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 676,434,000   667,233,000
Effective interest rate     5.13%    
Mortgages | Mortgage notes payable          
Debt Instrument [Line Items]          
Notes and bonds payable     $ 44,476,000   $ 45,136,000
Mortgages | Mortgage notes payable | Minimum          
Debt Instrument [Line Items]          
Effective interest rate     3.57%    
Mortgages | Mortgage notes payable | Maximum          
Debt Instrument [Line Items]          
Effective interest rate     6.88%    
v3.25.2
Notes and Bonds Payable - Narrative (Details)
Jul. 25, 2025
USD ($)
tranche
option
May 01, 2025
USD ($)
Apr. 08, 2025
USD ($)
option
Jun. 30, 2025
USD ($)
Jan. 31, 2025
USD ($)
$200 million Unsecured Term Loan | Medium-term notes          
Debt Instrument [Line Items]          
Number of options | option     2    
Face amount     $ 200,000,000 $ 200,000,000 $ 200,000,000
Debt fees     $ 100,000    
Extension period for maturity date     4 months    
Senior Notes due 2025 5 | Senior notes          
Debt Instrument [Line Items]          
Outstanding principal repaid   $ 250,000,000      
Payment of accrued interest   $ 4,800,000      
$1.5 billion Unsecured Credit Facility | Line of credit          
Debt Instrument [Line Items]          
Credit facility       $ 1,500,000,000  
$1.5 billion Unsecured Credit Facility | Line of credit | Revolving Credit Facility | Subsequent event          
Debt Instrument [Line Items]          
Number of options | option 2        
Extension period for maturity date 6 months        
Credit facility $ 1,500,000,000        
Number of individual term loan tranches | tranche 5        
Letters of credit $ 120,000,000        
Term Loan Agreement | Line of credit | Subsequent event          
Debt Instrument [Line Items]          
Bear interest rate 0.95%        
Term Loan Agreement | Line of credit | Subsequent event | Minimum          
Debt Instrument [Line Items]          
Bear interest rate 0.80%        
Term Loan Agreement | Line of credit | Subsequent event | Maximum          
Debt Instrument [Line Items]          
Bear interest rate 1.60%        
Term Loan Agreement | Line of credit | Revolving Credit Facility | Subsequent event          
Debt Instrument [Line Items]          
Credit facility $ 1,115,000,000        
Term Loan Due January 31, 2026 | Line of credit | Subsequent event          
Debt Instrument [Line Items]          
Number of options | option 3        
Extension period for maturity date 16 months        
Credit facility $ 175,000,000        
Term Loan Due June 1, 2026 | Line of credit | Subsequent event          
Debt Instrument [Line Items]          
Number of options | option 2        
Extension period for maturity date 6 months        
Credit facility $ 150,000,000        
Term Loan Due October 31, 2025 | Line of credit | Subsequent event          
Debt Instrument [Line Items]          
Number of options | option 4        
Extension period for maturity date 24 months        
Credit facility $ 290,000,000        
Term Loan Due July 20, 2027 | Line of credit | Subsequent event          
Debt Instrument [Line Items]          
Number of options | option 2        
Extension period for maturity date 12 months        
Credit facility $ 200,000,000        
Term Loan Due January 20, 2028 | Line of credit | Subsequent event          
Debt Instrument [Line Items]          
Number of options | option 1        
Extension period for maturity date 12 months        
Credit facility $ 300,000,000        
New Credit Facility | Line of credit | Revolving Credit Facility | Subsequent event          
Debt Instrument [Line Items]          
Bear interest rate 0.85%        
Facility commitment fee percentage 0.20%        
New Credit Facility | Line of credit | Revolving Credit Facility | Subsequent event | Minimum          
Debt Instrument [Line Items]          
Bear interest rate 0.725%        
Facility commitment fee percentage 0.125%        
New Credit Facility | Line of credit | Revolving Credit Facility | Subsequent event | Maximum          
Debt Instrument [Line Items]          
Bear interest rate 1.40%        
Facility commitment fee percentage 0.30%        
v3.25.2
Derivative Financial Instruments - Cash Flow Hedges of Interest Rate Risk (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
derivative
Derivative [Line Items]  
Number of instruments | derivative 15
Interest Rate Swaps | Cash flow hedging | Designated as hedging instrument  
Derivative [Line Items]  
AMOUNT $ 1,075,000
WEIGHTED AVERAGE RATE 3.92%
Interest Rate Swap, Expiring May 1, 2026 | Cash flow hedging | Designated as hedging instrument  
Derivative [Line Items]  
AMOUNT $ 275,000
WEIGHTED AVERAGE RATE 3.74%
Interest Rate Swap, Expiring June 1, 2026 | Cash flow hedging | Designated as hedging instrument  
Derivative [Line Items]  
AMOUNT $ 150,000
WEIGHTED AVERAGE RATE 3.83%
Interest Rate Swap, Expiring December 1, 2026 | Cash flow hedging | Designated as hedging instrument  
Derivative [Line Items]  
AMOUNT $ 150,000
WEIGHTED AVERAGE RATE 3.84%
Interest Rate Swap, Expiring June 1, 2027 | Cash flow hedging | Designated as hedging instrument  
Derivative [Line Items]  
AMOUNT $ 200,000
WEIGHTED AVERAGE RATE 4.27%
Interest Rate Swap, Expiring December 1, 2027 | Cash flow hedging | Designated as hedging instrument  
Derivative [Line Items]  
AMOUNT $ 300,000
WEIGHTED AVERAGE RATE 3.93%
v3.25.2
Derivative Financial Instruments - Fair Value of Derivative Instruments on the Balance Sheet (Details) - Designated as hedging instrument - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Interest Rate Swaps    
Derivative [Line Items]    
Total derivatives designated as hedging instruments $ (7,293) $ 1,101
Other Assets | Interest rate swaps 2019    
Derivative [Line Items]    
Gross amounts of recognized assets 1,442 2,493
Other Assets | Interest rate swaps 2022    
Derivative [Line Items]    
Gross amounts of recognized assets 0 2,250
Other Assets | Interest rate swaps 2023    
Derivative [Line Items]    
Gross amounts of recognized assets 156 521
Other Liabilities | Interest rate swaps 2022    
Derivative [Line Items]    
Gross amounts of recognized liabilities (4,791) (853)
Other Liabilities | Interest rate swaps 2023    
Derivative [Line Items]    
Gross amounts of recognized liabilities $ (4,100) $ (3,310)
v3.25.2
Derivative Financial Instruments - Effect of Cash Flow Hedging on AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative [Line Items]        
(Gain)/loss recognized in AOCI on derivative $ 1,028 $ (5,891) $ 6,206 $ (25,501)
(Gain) Loss reclassified from AOCI into income (980) (3,662) (1,921) (7,528)
Interest expense        
Derivative [Line Items]        
(Gain) Loss reclassified from AOCI into income (980) (3,662) (1,921) (7,528)
Interest rate swaps        
Derivative [Line Items]        
(Gain)/loss recognized in AOCI on derivative 1,028 (5,891) 6,206 (25,501)
Interest rate swaps | Interest expense        
Derivative [Line Items]        
(Gain) Loss reclassified from AOCI into income (1,098) (3,811) (2,188) (7,825)
Settled treasury hedges        
Derivative [Line Items]        
(Gain)/loss recognized in AOCI on derivative 0 0 0 0
Settled treasury hedges | Interest expense        
Derivative [Line Items]        
(Gain) Loss reclassified from AOCI into income 107 107 214 213
Settled interest rate swaps        
Derivative [Line Items]        
(Gain)/loss recognized in AOCI on derivative 0 0 0 0
Settled interest rate swaps | Interest expense        
Derivative [Line Items]        
(Gain) Loss reclassified from AOCI into income $ 11 $ 42 $ 53 $ 84
v3.25.2
Derivative Financial Instruments (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest rate cash flow hedge gain (loss) to be reclassified to interest expense during the next 12 months $ 1.2
Derivatives in net liability position $ 7.3
v3.25.2
Stockholders' Equity - Reconciliation of Beginning and Ending Common Stock Outstanding (Details) - shares
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Reconciliation of the beginning and ending common stock outstanding    
Balance, beginning of period (in shares) 350,532,000  
Shares Repurchased (in shares) 0 (30,794,250)
Balance, end of period (in shares) 351,568,000 350,532,000
Common Stock    
Reconciliation of the beginning and ending common stock outstanding    
Balance, beginning of period (in shares) 350,532,006 380,964,433
Issuance of common stock (in shares) 0 8,623
Conversion of OP units to common stock (in shares) 22,228 194,767
Non-vested share-based awards, net of withheld shares and forfeitures (in shares) 1,013,583 158,433
Balance, end of period (in shares) 351,567,817 350,532,006
v3.25.2
Stockholders' Equity - Stock Transactions - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 15, 2025
Feb. 11, 2025
Apr. 30, 2025
Feb. 28, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Oct. 29, 2024
Class of Stock [Line Items]                      
Dividends paid per common share, during the period (in dollars per share)           $ 0.31   $ 0.31 $ 0.62 $ 0.62  
Stock repurchase program, authorized amount                     $ 300.0
Share repurchase program, remaining authorized amount           $ 237.0     $ 237.0    
Shares withheld for tax withholding obligation (in shares)           72,853   8,228      
Subsequent event                      
Class of Stock [Line Items]                      
Dividends declared per common share, during the period (in dollars per share)         $ 0.24            
LTIP Series C Units | Directors | Share-Based Payment Arrangement, Nonemployee                      
Class of Stock [Line Items]                      
Grant date fair value $ 3.4 $ 1.6                  
Granted (in shares) 347,770 166,976                  
Award performance period 3 years                    
Operating Partnership Performance Units                      
Class of Stock [Line Items]                      
Award vesting period   3 years                  
Award performance period   3 years                  
Operating Partnership Performance Units | Relative TSR Component                      
Class of Stock [Line Items]                      
Weighted average grant date fair value (in dollars per share)     $ 9.83 $ 9.88              
Non-vested Stock Award | Executive Incentive Program                      
Class of Stock [Line Items]                      
Grant date fair value           $ 7.8 $ 7.9        
Granted (in shares)           499,323 477,226        
Non-vested Stock Award | Executive Incentive Program | Minimum                      
Class of Stock [Line Items]                      
Award vesting period           3 years 3 years        
Non-vested Stock Award | Executive Incentive Program | Maximum                      
Class of Stock [Line Items]                      
Award vesting period           4 years 8 years        
Non-vested Stock Award | Independent Directors Program                      
Class of Stock [Line Items]                      
Grant date fair value           $ 1.1          
Granted (in shares)           72,144          
Non-vested Stock Award | LTIP Series D Units                      
Class of Stock [Line Items]                      
Grant date fair value           $ 0.5          
Granted (in shares)           34,586          
Restricted Stock Units (RSUs) | Relative TSR Component                      
Class of Stock [Line Items]                      
Weighted average grant date fair value (in dollars per share)       $ 19.47              
Restricted Stock Units (RSUs) | Executive Incentive Program                      
Class of Stock [Line Items]                      
Grant date fair value   $ 5.4       $ 0.3          
Granted (in shares)   275,735       16,038          
Award performance period   3 years       3 years          
Options under the Employee Stock Option Plan | Operating Partnership Performance Units                      
Class of Stock [Line Items]                      
Weighted-average incremental shares of common stock excluded from the computation (in shares)           4,161,628     3,914,997    
v3.25.2
Stockholders' Equity - Computation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Weighted Average Number of Shares Outstanding        
Weighted average common shares outstanding (in shares) 351,411,541 374,498,770 351,086,883 377,916,989
Non-vested shares (in shares) (1,783,234) (2,021,471) (1,502,983) (1,954,956)
Weighted average common shares outstanding - basic (in shares) 349,628,307 372,477,299 349,583,900 375,962,033
Dilutive effect of OP Units (in shares) 0 0 0 0
Weighted average common shares outstanding - diluted (in shares) 349,628,307 372,477,299 349,583,900 375,962,033
Net loss $ (160,144) $ (145,938) $ (205,532) $ (461,157)
Income allocated to participating securities (783) (917) (1,212) (1,819)
Loss attributable to non-controlling interest 2,293 2,158 2,808 6,541
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units (395) (717) (492) (2,047)
Net loss applicable to common stockholders - basic (159,029) (145,414) (204,428) (458,482)
Net loss applicable to common stockholders - diluted $ (159,029) $ (145,414)
Basic earnings per common share - net loss (in dollars per share) $ (0.45) $ (0.39) $ (0.58) $ (1.22)
Diluted earnings per common share- net loss (in dollars per share) $ (0.45) $ (0.39) $ (0.58) $ (1.22)
v3.25.2
Stockholders' Equity - Schedule of Stock Options, Valuation Assumptions (Details) - $ / shares
 1 Months Ended
Apr. 30, 2025
Feb. 28, 2025
Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Volatility   28.00%
Expected term   3 years
Risk-free rate   4.35%
Stock price (in dollar per share)   $ 16.17
Operating Partnership Performance Units    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Volatility 27.00% 28.00%
Expected term 3 years 3 years
Risk-free rate 3.80% 4.35%
Stock price (in dollar per share) $ 15.70 $ 16.17
v3.25.2
Stockholders' Equity - Schedule of the Activity Under the Incentive Plan and RSU Activity (Details) - Stock incentive plan - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Summary of the activity under the incentive plans          
Share-based awards, beginning of period (in shares) 2,619,942 1,799,737 4,043,154 1,799,737 2,615,562
Granted (in shares) 969,861   135,767 1,889,798 1,611,578
Vested (in shares) (311,301)   (46,660) (351,271) (75,074)
Change in awards based on performance assessment (in shares) 22,656   (47,202) (37,106) (47,202)
Forfeited (in shares) (14,027)   0 (14,027) (19,805)
Share-based awards, ending of period (in shares) 3,287,131 2,619,942 4,085,059 3,287,131 4,085,059
v3.25.2
Stockholders' Equity - Amortization of Compensation for Nonvested Shares (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Equity [Abstract]  
2025 $ 7.5
2026 13.1
2027 10.7
2028 3.0
2029 and thereafter 0.9
Total $ 35.2
v3.25.2
Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
CARRYING VALUE    
Derivative [Line Items]    
Notes and bonds payable $ 4,694.4 $ 4,662.8
Real estate notes receivable 81.1 127.2
FAIR VALUE    
Derivative [Line Items]    
Notes and bonds payable 4,672.4 4,578.4
Real estate notes receivable $ 79.7 $ 122.4
v3.25.2
Segment Reporting (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Segment Reporting [Abstract]        
Number of reportable segments | segment     1  
Segment Reporting Information [Line Items]        
Revenue $ 297,502 $ 316,322 $ 596,478 $ 643,127
Depreciation and amortization (147,749) (173,477) (298,717) (351,596)
Gain on sales of real estate properties and other assets 20,004 38,338 22,907 38,360
Interest expense (53,346) (62,457) (108,157) (123,510)
Impairment of real estate properties and credit loss reserves (142,348) (132,118) (154,429) (148,055)
Impairment of goodwill 0 0 0 (250,530)
Equity income (loss) from unconsolidated joint ventures 158 (146) 159 (568)
Interest and other (expense) income, net (366) (248) (271) 27
Net loss (160,144) (145,938) (205,532) (461,157)
Medial Outpatient Properties Segment        
Segment Reporting Information [Line Items]        
Totals 100,185 105,666 204,072 216,934
Revenue 297,502 316,322 596,478 643,127
Property taxes (29,029) (32,487) (57,839) (65,416)
Personnel (24,221) (22,686) (48,600) (47,305)
Utilities (22,189) (23,411) (44,140) (47,492)
Maintenance (24,746) (27,082) (53,493) (56,721)
Other segment expenses (33,221) (26,055) (57,826) (50,652)
Transaction costs (593) (431) (1,604) (826)
Depreciation and amortization (147,749) (173,477) (298,717) (351,596)
Gain on sales of real estate properties and other assets 20,004 38,338 22,907 38,360
Interest expense (53,346) (62,457) (108,157) (123,510)
Impairment of real estate properties and credit loss reserves (142,348) (132,118) (154,429) (148,055)
Impairment of goodwill 0 0 0 (250,530)
Equity income (loss) from unconsolidated joint ventures 158 (146) 159 (568)
Interest and other (expense) income, net (366) (248) (271) 27
Net loss (160,144) (145,938) (205,532) (461,157)
Property taxes | Medial Outpatient Properties Segment        
Segment Reporting Information [Line Items]        
Totals 29,029 32,487 57,839 65,416
Personnel | Medial Outpatient Properties Segment        
Segment Reporting Information [Line Items]        
Totals 24,221 22,686 48,600 47,305
Utilities | Medial Outpatient Properties Segment        
Segment Reporting Information [Line Items]        
Totals 22,189 23,411 44,140 47,492
Maintenance | Medial Outpatient Properties Segment        
Segment Reporting Information [Line Items]        
Totals $ 24,746 $ 27,082 $ 53,493 $ 56,721