As of June 30, 2026, we owned 285 properties located in 33 states and Washington, D.C., and we owned an equity interest in each of two unconsolidated joint ventures that own medical office and life science properties located in five states.

In April 2026, we acquired two land parcels located in Lexington, Kentucky previously subject to our finance leases pursuant to our exercise of a purchase option for an aggregate purchase price of $14,500, excluding closing costs.

The table below represents the sale prices, excluding closing costs, of our dispositions for the six months ended June 30, 2026. We do not believe these sales represent a strategic shift in our business. As a result, the results of operations for these properties are included in continuing operations through the date of sale of such properties in our condensed consolidated statements of comprehensive income (loss).

Number of

Loss on Sale

Date of Sale

State

Type of Property

Properties

Units

Sales Price

of Real Estate

March 2026

Various

Senior Living (SHOP)

669

23,000

(1,207)

We regularly evaluate our assets for indicators of impairment. Impairment indicators may include declining tenant or resident occupancy, weak or declining profitability from the property, decreasing tenant cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of an asset. If indicators of impairment are present, we evaluate the carrying value of the affected assets by comparing it to the expected future undiscounted cash flows to be generated from those assets. The future cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the sum of these expected future cash flows is less than the carrying value, we reduce the net carrying value of the asset to its estimated fair value. We did not record any impairment charges on our properties during the six months ended June 30, 2026.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
SHOP fixed assets and capital improvements	$	16,292	$	24,283	$	30,485	$	45,398
Medical Office and Life Science Portfolio recurring capital expenditures:
Lease related costs (1)	5,293		3,528		8,825		7,375
Building improvements (2)	1,343		1,518		2,346		3,042
Subtotal Medical Office and Life Science Portfolio	6,636		5,046		11,171		10,417

Total recurring capital expenditures	$	22,928	$	29,329	$	41,656	$	55,815

Development, redevelopment and other activities - SHOP (3)	$	2,812	$	4,660	$	5,793	$	10,228
Development, redevelopment and other activities - Medical Office and Life Science Portfolio (3)	63		—		184		—
Total development, redevelopment and other activities	$	2,875	$	4,660	$	5,977	$	10,228

Capital expenditures by segment:
SHOP	$	19,104	$	28,943	$	36,278	$	55,626
Medical Office and Life Science Portfolio	6,699		5,046		11,355		10,417

Total capital expenditures	$	25,803	$	33,989	$	47,633	$	66,043

(1)Includes capital expenditures to improve tenants' space or amounts paid directly to tenants to improve their space and other leasing related costs, such as brokerage commissions and tenant inducements.

We own a 10% equity interest in Seaport Innovation LLC, or the Seaport JV, an unconsolidated joint venture that owns one life science property located in Boston, Massachusetts totaling 1,134,479 square feet.

We own a 20% equity interest in The LSMD Fund REIT LLC, or the LSMD JV, an unconsolidated joint venture that owns 10 medical office and life science properties located in five states totaling 1,068,763 square feet.

We account for the unconsolidated joint ventures as equity method investments under the fair value option. We recognized changes in the fair value of our investments in the unconsolidated joint ventures of $1,850 and $2,654 for the three months ended June 30, 2026 and 2025, respectively, and $1,946 and $3,792 for the six months ended June 30, 2026 and 2025, respectively. These amounts are included in equity in net earnings of investees in our condensed consolidated statements of comprehensive income (loss).

As of June 30, 2026, we owned approximately 34% of the outstanding common shares of AlerisLife Inc., or AlerisLife. We did not control the activities that were most significant to AlerisLife and, as a result, we accounted for our non-controlling interest in AlerisLife using the equity method of accounting. As of December 31, 2025, AlerisLife had ceased operations and was in the process of winding down its business. As of June 30, 2026 and December 31, 2025, our investment in AlerisLife had a carrying value of $0 and $27,200, respectively.

In connection with the wind-down of its business, on January 9, 2026, AlerisLife paid an aggregate cash dividend of $80,000 to its stockholders. Our pro rata share of this cash dividend was $27,200, thereby reducing the carrying value of our investment in AlerisLife to $0. We recognized no income or loss from our former equity method investment in AlerisLife for the three or six months ended June 30, 2026. We recognized income of $428 and $777 for the three and six months ended June 30, 2025, respectively, included in equity in net earnings of investees in our condensed consolidated statements of comprehensive income (loss). See Note 11 for more information regarding our former equity method investment in AlerisLife.