Real Estate Investments

9 Months Ended

Sep. 30, 2026

2026 Real Estate Investment Acquisitions

SWF JV Buyout

In January 2026, the Company acquired its JV partner’s 46.5% interest in the Sovereign Wealth Fund Senior Housing JV (“SWF SH JV”) for $312 million (the “SWF JV Buyout”). As a result of the SWF JV Buyout, the Company began consolidating the 19 senior housing communities, derecognized its investment in the SWF SH JV, and recognized a gain upon change of control of $46 million, which is recorded in other income (expense), net in the Consolidated Statements of Operations. See Note 7 for further information. The fair value of the senior housing communities was based on a market approach, utilizing an agreed-upon contractual sales price, which is considered to be a Level 3 measurement within the fair value hierarchy.

Subsequent to the completion of this acquisition, the Company entered into agreements to transition the management of certain of these senior housing communities from Brookdale Senior Living (“Brookdale”) to Ciel Senior Living and Pegasus Senior Living (the “operator transition”). In connection with the operator transition, during the three months ended March 31, 2026, the Company incurred a termination fee of $2.5 million to Brookdale, which is recognized within transaction costs on the Consolidated Statements of Operations.

Senior Housing Acquisitions

The following table summarizes senior housing communities acquired during the nine months ended September 30, 2026, excluding the JV Buyout discussed above:


Acquisitions Closed During the Three Months Ended	State	Number of Properties	Purchase Price (in millions)
March 31, 2026
	Georgia	2	$	240
	Florida	3	119
	Washington	1	41
June 30, 2026
	Washington	1	53
	Arizona	1	52
September 30, 2026
	Georgia	3	425
	Various(1)	9	398
	Florida	4	190
	Various(2)	8	150
	Florida	1	149
	Various(3)	3	123
	Illinois	1	105
	South Carolina	1	81
	Kentucky	1	50
	Colorado	1	47
	Colorado	1	35

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(1)Includes communities located in Illinois, Indiana, Kentucky, Missouri, Nebraska, and South Carolina.

(2)Includes communities located in New Mexico and Texas.

(3)Includes communities located in Kentucky and Missouri.

The Company completed $432 million of acquisitions subsequent to September 30, 2026, which included seven senior housing communities.

Lab Land Parcel Acquisitions

During the three months ended March 31, 2026, the Company acquired two lab land parcels in Cambridge, Massachusetts for $28 million.

HQ Point Acquisition

In September 2026, the Company paid $105 million to acquire the senior construction loan secured by a two-building lab campus in San Diego, California (“HQ Point”) and subsequently obtained 100% ownership of HQ Point (the “HQ Point Buyout”). Prior to the HQ Point Buyout, the Company held an interest in HQ Point through a preferred equity investment (the “HQ Point Preferred Equity Investment”). As a result of the HQ Point Buyout, during the three months ended September 30, 2026, the Company began consolidating HQ Point and derecognized the HQ Point Preferred Equity Investment. See Note 7 for further information. The fair value of HQ Point was determined using standard valuation methodologies, including market and income approaches, including market comparable data, which are considered to be a Level 3 measurement within the fair value hierarchy.

Westway One Acquisition

Subsequent to September 30, 2026, the Company acquired an outpatient medical building in Houston, Texas for $38 million.

2025 Real Estate Investment Acquisitions

Middletown Medical Portfolio

In February 2025, the Company acquired a portfolio of three outpatient medical buildings in New York for $17 million.

100 Smith Land Parcel

In February 2025, the Company acquired a lab land parcel in Cambridge, Massachusetts for $20 million.

Gateway Crossing Acquisition

In December 2025, the Company completed the acquisition of (i) a lab building for consideration paid, net of discounts and closing costs, of $295 million and (ii) a 50% interest in a JV owning five lab buildings and one other property on the same campus in South San Francisco, California (the “Gateway Crossing JV”) for consideration paid, net of discounts and closing costs, of $132 million. As of December 31, 2025, the Company consolidated the Gateway Crossing JV as it was the managing member and had the ability to control the activities that most significantly impacted the JV’s economic performance (see Note 15). The noncontrolling JV partner had the ability to put its equity interest to the Company after the passage of a predetermined period of time. As such, the noncontrolling interest as of December 31, 2025 was recognized within redeemable noncontrolling interests on the Consolidated Balance Sheets (see Note 11). In January 2026, the Company acquired the remaining 50% interest in the Gateway Crossing JV for consideration paid, net of discounts and closing costs, of $132 million, bringing the Company’s equity ownership in these six buildings to 100%.

Other Outpatient Medical Acquisitions

During the year ended December 31, 2025, the Company acquired nine suites within an outpatient medical building in Atlanta, Georgia for $7 million and acquired an outpatient medical land parcel in Huntsville, Alabama for $7 million.

Development Activities

The Company’s commitments, which are primarily related to development and redevelopment projects and Company-owned tenant improvements, decreased by $23 million to $199 million at September 30, 2026, when compared to December 31, 2025, primarily as a result of construction spend on projects in development and redevelopment, partially offset by commitments on projects placed into redevelopment during the period.