During the three months ended March 31, 2026, the Company sold (i) four lab buildings for $68 million, (ii) two outpatient medical buildings for $15 million, and (iii) nine suites within an outpatient medical building in Atlanta, Georgia for $7 million, resulting in total gain on sales of $51 million.

During the three months ended June 30, 2026, the Company sold (i) two outpatient medical buildings for $34 million and (ii) one senior housing community for $23 million, resulting in total gain on sales of $10 million.

In July 2026, the Company formed a JV with an affiliate of Brookfield Asset Management (“Brookfield”). The Company contributed 86 outpatient medical buildings which are diversified across 11 states. Brookfield purchased a non-controlling 49% equity interest in the JV at a gross valuation of approximately $2.1 billion. Under the terms of the agreement, the Company will maintain day-to-day control and management of the assets and will retain a call right for a finite period beginning after year seven to repurchase Brookfield’s interest at a price sufficient to provide Brookfield with a 6.5% net annual rate of return excluding initial transaction expenses.

The Brookfield JV is a VIE under ASC 810, Consolidation, because the Company exercises full responsibility, discretion, and control over the day-to-day management of the Brookfield JV, and Brookfield does not have substantive participating rights or substantive kick-out rights. The Company consolidates the Brookfield JV as it is the primary beneficiary given it has both (i) the power to direct the activities that most significantly affect its economic performance and (ii) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the Brookfield JV. See Note 15 for further information.

The Brookfield JV transaction was accounted for as an issuance of a noncontrolling interest in a consolidated subsidiary without a loss of control. Brookfield’s initial capital contribution was recognized as a noncontrolling interest within the Consolidated Balance Sheets and the Consolidated Statements of Equity and Redeemable Noncontrolling Interests. Direct and incremental transaction costs are recorded as a reduction of equity offsetting the proceeds raised.

The Company allocates income and loss attributable to the noncontrolling interest taking into account the contractual terms, economic substance, any capital transactions of the Brookfield JV, and Brookfield’s net annual rate of return.

During the three months ended December 31, 2025, the Company sold (i) seven outpatient medical buildings for $133 million and (ii) a portfolio of 16 outpatient medical buildings for $182 million, resulting in total gain on sales of $57 million.

As of September 30, 2026, two lab buildings and three outpatient medical buildings were classified as held for sale, with a carrying value of $48 million, primarily comprised of net real estate assets. As of September 30, 2026, liabilities related to the assets held for sale were $1 million, primarily comprised of deferred revenue. Two of these outpatient medical buildings were sold in October 2026. As of December 31, 2025, six lab buildings and two outpatient medical buildings were classified as held for sale, with a carrying value of $81 million, primarily comprised of net real estate assets of $73 million and right-of-use assets of $7 million. As of December 31, 2025, liabilities related to the assets held for sale were $12 million, primarily comprised of lease liabilities of $9 million and deferred revenue of $3 million. Four of these lab buildings were sold during the three months ended March 31, 2026 and one of these outpatient medical buildings was sold during the three months ended June 30, 2026.