Diversified Healthcare Trust (DHC) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 07, 2019
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-15319
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Entity Registrant Name	SENIOR HOUSING PROPERTIES TRUST
Entity Tax Identification Number	04-3445278
Entity Address, Address Line One	Two Newton Place, 255 Washington Street, Suite 300,
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
Entity Incorporation, State or Country Code	MD
City Area Code	617
Local Phone Number	796 - 8350
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	SNH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		237,737,849
Entity Central Index Key	0001075415
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Emerging Growth Company	false
Entity Smaller Reporting Company	false
Entity Shell Company	false
Senior Notes Due 2042
Document Information [Line Items]
Title of 12(b) Security	5.625% Senior Notes due 2042
Trading Symbol	SNHNI
Security Exchange Name	NASDAQ
Senior Notes Due 2046
Document Information [Line Items]
Title of 12(b) Security	6.25% Senior Notes due 2046
Trading Symbol	SNHNL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019		Dec. 31, 2018
Real estate properties:
Land	$ 842,043		$ 844,567
Buildings and improvements	7,097,545		7,031,733
Total real estate properties, gross	7,939,588		7,876,300
Accumulated depreciation	(1,615,280)		(1,534,392)
Total real estate properties, net	6,324,308		6,341,908
Cash and cash equivalents	48,033		54,976
Restricted cash	13,133	[1]	15,095
Acquired real estate leases and other intangible assets, net	383,688		419,244
Other assets, net	329,548		329,203
Total assets	7,098,710		7,160,426
LIABILITIES AND EQUITY
Unsecured revolving credit facility	690,000		139,000
Unsecured term loans, net	548,699		548,286
Senior unsecured notes, net	1,818,923		2,216,945
Secured debt and capital leases, net	699,640		744,186
Accrued interest	25,417		26,182
Assumed real estate lease obligations, net	81,534		86,304
Other liabilities	197,788		219,653
Total liabilities	4,062,001		3,980,556
Commitments and contingencies
Equity attributable to common shareholders:
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 237,740,761 and 237,729,900 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	2,377		2,377
Additional paid in capital	4,611,993		4,611,419
Cumulative net income	2,133,649		2,140,796
Cumulative other comprehensive loss	(129)		(266)
Cumulative distributions	(3,859,587)		(3,731,214)
Total equity attributable to common shareholders	2,888,303		3,023,112
Noncontrolling interest:
Total equity attributable to noncontrolling interest	148,406		156,758
Total equity	3,036,709		3,179,870
Total liabilities and equity	$ 7,098,710		$ 7,160,426
[1]	Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties, security deposits for residents of our managed senior living communities and cash held for the operations of our joint venture MOB. Restricted cash as of June 30, 2018 also includes proceeds from our sale of a senior living community in May 2018 that were being held in trust for our benefit to fund future acquisitions by us.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized (in shares)	300,000,000	300,000,000
Common shares of beneficial interest, shares issued (in shares)	237,740,761	237,729,900
Common shares of beneficial interest, shares outstanding (in shares)	237,740,761	237,729,900

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 262,003	$ 277,202	$ 528,289	$ 552,972
Expenses:
Property operating expenses	120,193	110,056	237,415	218,154
Depreciation and amortization	73,924	72,300	146,154	142,639
General and administrative	8,867	29,078	18,683	54,196
Acquisition and certain other transaction related costs	903	67	8,717	87
Impairment of assets	2,213	548	8,419	548
Total expenses	206,100	212,049	419,388	415,624
Gain on sale of properties	17,832	80,762	17,710	261,916
Dividend income	923	659	1,846	1,318
Unrealized gains and losses on equity securities, net	(64,448)	23,265	(41,516)	50,506
Interest and other income	238	60	352	114
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $1,519, $1,542, $3,171 and $2,953, respectively)	(46,412)	(44,813)	(92,023)	(88,365)
Loss on early extinguishment of debt	(17)	0	(17)	(130)
(Loss) income from continuing operations before income tax benefit (expense) and equity in earnings of an investee	(35,981)	125,086	(4,747)	362,707
Income tax benefit (expense)	35	(105)	(99)	(365)
Equity in earnings of an investee	130	7	534	51
Net (loss) income	(35,816)	124,988	(4,312)	362,393
Net income attributable to noncontrolling interest	(1,413)	(1,401)	(2,835)	(2,784)
Net income (loss) attributable to common shareholders	(37,229)	123,587	(7,147)	359,609
Other comprehensive income (loss):
Equity in unrealized gain (loss) of an investee	71	10	137	(83)
Other comprehensive income (loss)	71	10	137	(83)
Comprehensive (loss) income	(35,745)	124,998	(4,175)	362,310
Comprehensive income attributable to noncontrolling interest	(1,413)	(1,401)	(2,835)	(2,784)
Comprehensive (loss) income attributable to common shareholders	$ (37,158)	$ 123,597	$ (7,010)	$ 359,526
Weighted average common shares outstanding (basic) (in shares)	237,580	237,487	237,574	237,483
Weighted average common shares outstanding (diluted) (in shares)	237,580	237,529	237,574	237,506
Per common share amounts (basic and diluted):
Net (loss) income attributable to common shareholders (in dollars per share)	$ (0.16)	$ 0.52	$ (0.03)	$ 1.51
Rental income
Revenues:
Total revenues	$ 153,097	$ 174,585	$ 311,338	$ 348,313
Residents fees and services
Revenues:
Total revenues	$ 108,906	$ 102,617	$ 216,951	$ 204,659

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Amortization of debt issuance costs and debt discounts and premiums	$ 1,519	$ 1,542	$ 3,171	$ 2,953

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Cumulative Net Income	Cumulative Other Comprehensive Income (Loss)	Cumulative Distributions	Total Equity Attributable to Common Shareholders	Total Equity Attributable to Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative adjustment upon adoption of ASU No. 2016-01	$ 0			$ 87,429	$ (87,429)
Adjusted balance	3,277,188	$ 2,376	$ 4,609,316	1,853,924	(198)	$ (3,360,468)	$ 3,104,950	$ 172,238
Beginning balance (in shares) at Dec. 31, 2017		237,630,409
Beginning balance at Dec. 31, 2017	3,277,188	$ 2,376	4,609,316	1,766,495	87,231	(3,360,468)	3,104,950	172,238
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	237,405			236,022			236,022	1,383
Other Comprehensive Income (Loss), Net of Tax	(93)				(93)		(93)
Distributions	(92,674)					(92,674)	(92,674)
Share grants (in shares)		3,000
Share grants	47		47				47
Share repurchases (in shares)		(4,628)
Share repurchases	(89)		(89)				(89)
Distributions to noncontrolling interest	(5,667)							(5,667)
Ending balance (in shares) at Mar. 31, 2018		237,628,781
Ending balance at Mar. 31, 2018	3,416,117	$ 2,376	4,609,274	2,089,946	(291)	(3,453,142)	3,248,163	167,954
Beginning balance (in shares) at Dec. 31, 2017		237,630,409
Beginning balance at Dec. 31, 2017	3,277,188	$ 2,376	4,609,316	1,766,495	87,231	(3,360,468)	3,104,950	172,238
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	362,393
Other Comprehensive Income (Loss), Net of Tax	(83)
Ending balance (in shares) at Jun. 30, 2018		237,643,781
Ending balance at Jun. 30, 2018	3,443,573	$ 2,376	4,609,522	2,213,533	(281)	(3,545,818)	3,279,332	164,241
Beginning balance (in shares) at Mar. 31, 2018		237,628,781
Beginning balance at Mar. 31, 2018	3,416,117	$ 2,376	4,609,274	2,089,946	(291)	(3,453,142)	3,248,163	167,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	124,988			123,587			123,587	1,401
Other Comprehensive Income (Loss), Net of Tax	10				10		10
Distributions	(92,676)					(92,676)	(92,676)
Share grants (in shares)		15,000
Share grants	248		248				248
Distributions to noncontrolling interest	(5,114)							(5,114)
Ending balance (in shares) at Jun. 30, 2018		237,643,781
Ending balance at Jun. 30, 2018	$ 3,443,573	$ 2,376	4,609,522	2,213,533	(281)	(3,545,818)	3,279,332	164,241
Beginning balance (in shares) at Dec. 31, 2018	237,729,900	237,729,900
Beginning balance at Dec. 31, 2018	$ 3,179,870	$ 2,377	4,611,419	2,140,796	(266)	(3,731,214)	3,023,112	156,758
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	31,504			30,082			30,082	1,422
Other Comprehensive Income (Loss), Net of Tax	66				66		66
Distributions	(92,714)					(92,714)	(92,714)
Share grants	215		215				215
Distributions to noncontrolling interest	(5,503)							(5,503)
Ending balance (in shares) at Mar. 31, 2019		237,729,900
Ending balance at Mar. 31, 2019	$ 3,113,438	$ 2,377	4,611,634	2,170,878	(200)	(3,823,928)	2,960,761	152,677
Beginning balance (in shares) at Dec. 31, 2018	237,729,900	237,729,900
Beginning balance at Dec. 31, 2018	$ 3,179,870	$ 2,377	4,611,419	2,140,796	(266)	(3,731,214)	3,023,112	156,758
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(4,312)
Other Comprehensive Income (Loss), Net of Tax	$ 137
Ending balance (in shares) at Jun. 30, 2019	237,740,761	237,740,761
Ending balance at Jun. 30, 2019	$ 3,036,709	$ 2,377	4,611,993	2,133,649	(129)	(3,859,587)	2,888,303	148,406
Beginning balance (in shares) at Mar. 31, 2019		237,729,900
Beginning balance at Mar. 31, 2019	3,113,438	$ 2,377	4,611,634	2,170,878	(200)	(3,823,928)	2,960,761	152,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(35,816)			(37,229)			(37,229)	1,413
Other Comprehensive Income (Loss), Net of Tax	71				71		71
Distributions	(35,659)					(35,659)	(35,659)
Share grants (in shares)		15,000
Share grants	395		395				395
Share repurchases (in shares)		(4,139)
Share repurchases	(36)		(36)				(36)
Distributions to noncontrolling interest	$ (5,684)							(5,684)
Ending balance (in shares) at Jun. 30, 2019	237,740,761	237,740,761
Ending balance at Jun. 30, 2019	$ 3,036,709	$ 2,377	$ 4,611,993	$ 2,133,649	$ (129)	$ (3,859,587)	$ 2,888,303	$ 148,406

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net (loss) income	$ (4,312)	$ 362,393
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization	146,154	142,639
Amortization of debt issuance costs and debt discounts and premiums	3,171	2,953
Straight line rental income	(2,364)	(6,023)
Amortization of acquired real estate leases and other intangible assets	(3,080)	(2,797)
Loss on early extinguishment of debt	17	130
Impairment of assets	8,419	548
Gain on sale of properties	(17,710)	(261,916)
Unrealized gains and losses on equity securities, net	41,516	(50,506)
Other non-cash adjustments	(1,885)	(1,886)
Equity in earnings of an investee	(534)	(51)
Change in assets and liabilities:
Other assets	9,370	4,742
Accrued interest	(765)	8,028
Other liabilities	(52,123)	(19,130)
Net cash provided by operating activities	125,874	179,124
Cash flows from investing activities:
Real estate acquisitions and deposits	0	(129,493)
Real estate improvements	(135,750)	(41,061)
Proceeds from sale of properties	34,116	332,389
Net cash (used in) provided by investing activities	(101,634)	161,835
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, net	0	491,560
Proceeds from borrowings on revolving credit facility	730,000	429,000
Repayments of borrowings on revolving credit facility	(179,000)	(961,000)
Redemption of senior notes	(400,000)	0
Repayment of other debt	(44,552)	(7,832)
Loss on early extinguishment of debt settled in cash	0	(130)
Payment of debt issuance costs	0	(4,296)
Repurchase of common shares	(33)	(90)
Distributions to noncontrolling interest	(11,187)	(10,781)
Distributions to shareholders	(128,373)	(185,350)
Net cash used in financing activities	(33,145)	(248,919)
(Decrease) increase in cash and cash equivalents and restricted cash	(8,905)	92,040
Cash and cash equivalents and restricted cash at beginning of period	70,071	47,321
Cash and cash equivalents and restricted cash at end of period	61,166	139,361
Supplemental cash flows information:
Interest paid	90,061	77,385
Income taxes paid	431	439
Non-cash investing activities:
Acquisitions funded by assumed debt	0	(44,386)
Non-cash financing activities:
Assumption of mortgage notes payable	$ 0	$ 44,386

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019		Dec. 31, 2018	Jun. 30, 2018		Dec. 31, 2017
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 48,033		$ 54,976	$ 30,657
Restricted cash	13,133	[1]	15,095	108,704	[1]
Total cash and cash equivalents and restricted cash shown in the statements of cash flows	$ 61,166		$ 70,071	$ 139,361		$ 47,321
[1]	Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties, security deposits for residents of our managed senior living communities and cash held for the operations of our joint venture MOB. Restricted cash as of June 30, 2018 also includes proceeds from our sale of a senior living community in May 2018 that were being held in trust for our benefit to fund future acquisitions by us.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Senior Housing Properties Trust and its subsidiaries, or we, us, or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2018 , or our Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets and impairments of real estate and intangible assets. We have made reclassifications to the financial statements of prior periods to conform to the current period presentation. These reclassifications had no effect on net income (loss) or equity. We have a joint venture arrangement with a sovereign investor for one of our properties ( two buildings) leased to medical providers, medical related business, clinics and biotech laboratory tenants, or MOBs, located in Boston, Massachusetts. The investor owns a 45% equity interest in the joint venture, and we own the remaining 55% equity interest in the joint venture. We have determined that this joint venture is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification. We concluded that we must consolidate this VIE because we have the power to direct the activities that most significantly impact the VIE’s economic performance and we have the obligation to absorb losses of, and the right to receive benefits from, the VIE that could be significant to the VIE, and therefore are the primary beneficiary of the VIE. The assets of this VIE were $1,036,537 and $1,061,593 as of June 30, 2019 and December 31, 2018 , respectively, and consist primarily of the net real estate owned by the joint venture. The liabilities of this VIE were $707,579 and $714,226 as of June 30, 2019 and December 31, 2018 , respectively, and consist primarily of the debt securing the property. The sovereign investor's interest in this consolidated entity is reflected as noncontrolling interest in our condensed consolidated financial statements. See Note 6 for further information about this joint venture.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. ASU No. 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales type leases, direct financing leases and operating leases. These standards were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which has allowed us to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the adoption period, although we did not have an adjustment. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our condensed consolidated financial statements. Upon adoption, (i) allowances for bad debts are recognized as a direct reduction of rental income, and (ii) legal costs associated with the execution of our leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses are now included in rental income in our condensed consolidated financial statements. Provisions for credit losses prior to January 1, 2019 were previously included in property operating expenses in our condensed consolidated financial statements and prior periods were not reclassified to conform to the current presentation. We completed our assessment of predominance as it relates to our contracts with residents for housing services at properties leased to our taxable REIT subsidiaries, or TRSs, and have recognized revenue from these properties under ASC 606, Revenue from Contracts with Customers, which did not have any impact to the timing or amount of our revenue recognized. For leases in which we are the lessee, we recognized a right of use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and the right of use asset being amortized over the term of the lease. The adoption of this standard resulted in an increase in total assets and liabilities of $4,507 . The right of use asset and related lease liability are included within other assets, net and other liabilities, respectively, within our condensed consolidated balance sheets. In addition, we lease equipment at certain of our managed senior living communities. These leases are short term in nature, are cancelable with no fee or do not result in an annual expense in excess of our capitalization policy and, as a result, will not be recorded on our condensed consolidated balance sheets. The adoption of ASU No. 2016-02 and the related ASU improvements did not have a material impact in our condensed consolidated financial statements. Revenue Recognition. We are a lessor of MOBs, senior living communities and wellness centers. Our leases provide our tenants with the contractual right to use and economically benefit from all of the premises demised under the leases; therefore, we have determined to evaluate our leases as lease arrangements. Certain of our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including changes in the index or market based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $19,525 and $38,370 for the three and six months ended June 30, 2019 , respectively. Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all of our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply Accounting Standards Codification Topic 842, Leases, to the combined component. Income derived by our leases is recorded in rental income in our condensed consolidated statements of comprehensive income (loss). Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our condensed consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. The following table presents our operating lease maturity analysis as of June 30, 2019: Year Amount 2019 $ 247,329 2020 351,189 2021 327,706 2022 305,547 2023 281,707 Thereafter 1,206,130 Total $ 2,719,608 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our condensed consolidated financial statements although lease related receivables are governed by the lease standards referred to above and are not subject to ASU No. 2016-13. We currently expect to adopt this standard using the modified retrospective approach.

Real Estate Properties

Real Estate Properties	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties At June 30, 2019 , we owned 456 properties, including 22 properties classified as held for sale, located in 42 states and Washington, D.C., including one MOB ( two buildings) owned in a joint venture arrangement in which we own a 55% equity interest. Impairment: We periodically evaluate our assets for impairments. 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 net cash flows to be generated from those assets. If the sum of these expected future net cash flows is less than the carrying value, we reduce the net carrying value of the asset to its estimated fair value. During the three and six months ended June 30, 2019 , we recorded impairment charges of $2,117 and $8,323 , respectively, to adjust the carrying values of 15 skilled nursing facilities, or SNFs, to their estimated fair value. These 15 SNFs, which are located in Kansas, Iowa and Nebraska, are classified as held for sale in other assets, net in our condensed consolidated balance sheet as of June 30, 2019. During the three months ended June 30, 2019, we also recorded impairment charges of $96 for three MOBs. These three MOBs, which are located in Massachusetts, were sold in June 2019. These impairment charges, in aggregate, are included in impairment of assets in our condensed consolidated statements of comprehensive income (loss). Dispositions: During the six months ended June 30, 2019, we sold 10 MOBs with an aggregate of 244,564 rentable square feet for an aggregate sales price of $13,607 , excluding closing costs, as presented in the table below. We recognized rental income of $589 and $1,599 during the three and six months ended June 30, 2019, respectively, related to these MOBs. In May 2019, we sold three SNFs that were leased to Five Star Senior Living Inc., or Five Star, for an aggregate sales price of approximately $21,500 , excluding closing costs, as presented in the table below. In accordance with the terms of the transaction agreement with Five Star that we entered into in April 2019, or the Transaction Agreement, as further described in Note 9, our annual rental income decreased by $831 from our sale of these SNFs that were previously leased to Five Star. Date of Sale Location Type of Property Number of Properties Gross Sales Price (1) Gain (loss) on Sale February 2019 Florida MOB 1 $ 2,900 $ (64 ) March 2019 Massachusetts MOB 1 75 (58 ) May 2019 California SNF 3 21,500 15,207 May 2019 Colorado MOB 1 2,590 1,035 June 2019 Massachusetts MOB 7 8,042 1,590 13 $ 35,107 $ 17,710 (1) Gross sales price excludes closing costs. As of June 30, 2019, we had five MOBs located in Massachusetts under agreements to sell for an aggregate sales price of approximately $9,926 , excluding closing costs, which have an aggregate undepreciated carrying value of $10,072 . These five MOBs are classified as held for sale in other assets, net in our condensed consolidated balance sheet as of June 30, 2019. In July 2019, we sold three of these MOBs for an aggregate sales price of $4,955 , excluding closing costs. As of June 30, 2019, we had 17 SNFs under agreements to sell for an aggregate sales price of approximately $17,000 , excluding closing costs, which had an aggregate undepreciated carrying value of $34,246 . These 17 SNFs are classified as held for sale in other assets, net in our condensed consolidated balance sheet as of June 30, 2019. Subsequent to June 30, 2019, we entered into agreements to sell 15 senior living communities for an aggregate sales price of approximately $135,000 , excluding closing costs. These 15 senior living communities are not classified as held for sale in our condensed consolidated balance sheet as of June 30, 2019.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations at June 30, 2019 were: (1) outstanding borrowings under our $1,000,000 unsecured revolving credit facility; (2) six public issuances of senior unsecured notes, including: (a) $200,000 principal amount at an annual interest rate of 6.75% due 2020, (b) $300,000 principal amount at an annual interest rate of 6.75% due 2021, (c) $250,000 principal amount at an annual interest rate of 4.75% due 2024, (d) $500,000 principal amount at an annual interest rate of 4.75% due 2028, (e) $350,000 principal amount at an annual interest rate of 5.625% due 2042 and (f) $250,000 principal amount at an annual interest rate of 6.25% due 2046; (3) our $350,000 principal amount unsecured term loan due 2020; (4) our $200,000 principal amount unsecured term loan due 2022; and (5) $690,667 aggregate principal amount of mortgages (excluding premiums, discounts and net debt issuance costs) secured by 10 properties with maturity dates between 2022 and 2043. These 10 mortgaged properties had a carrying value (before accumulated depreciation) of $968,463 at June 30, 2019 . We also had two properties subject to capital leases with lease obligations totaling $9,361 at June 30, 2019 ; these two properties had a carrying value (before accumulated depreciation) of $35,724 at June 30, 2019 , and the capital leases expire in 2026. We have a $1,000,000 unsecured revolving credit facility that is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is January 15, 2022, and, subject to the payment of an extension fee and meeting other conditions, we have the option to extend the maturity date of the facility for an additional year. Our revolving credit facility provides that we can borrow, repay and re-borrow funds available under our revolving credit facility until maturity, and no principal repayment is due until maturity. Our revolving credit facility requires annual interest to be paid on borrowings at the rate of LIBOR plus a premium of 120 basis points, plus a facility fee of 25 basis points per annum on the total amount of lending commitments under the facility. The interest rate premium and facility fee are each subject to adjustment based upon changes to our credit ratings. The facility also includes a feature pursuant to which in certain circumstances maximum borrowings under the facility may be increased to up to $2,000,000 . As of June 30, 2019 , the annual interest rate payable on borrowings under our revolving credit facility was 3.6% . The weighted average annual interest rates for borrowings under our revolving credit facility were 3.6% and 3.0% for the three months ended June 30, 2019 and 2018 , respectively, and 3.6% and 2.7% for the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 , we had $690,000 outstanding and $310,000 available for borrowing, and as of August 7, 2019 , we had $555,000 outstanding and $445,000 available for borrowing under our revolving credit facility. We have a $350,000 term loan that matures in January 2020 and is prepayable without penalty at any time. This term loan requires annual interest to be paid at the rate of LIBOR plus a premium of 140 basis points that is subject to adjustment based upon changes to our credit ratings. At June 30, 2019 , the annual interest rate payable on amounts outstanding under this term loan was 3.8% . The weighted average annual interest rate for amounts outstanding under this term loan was 3.9% and 3.4% for the three months ended June 30, 2019 and 2018 , respectively, and 3.9% and 3.2% for the six months ended June 30, 2019 and 2018 , respectively. This term loan includes an accordion feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. We have a $200,000 term loan that matures in September 2022 and is prepayable without penalty at any time. This term loan requires annual interest to be paid at the rate of LIBOR plus a premium of 135 basis points that is subject to adjustment based upon changes to our credit ratings. At June 30, 2019 , the annual interest rate payable on amounts outstanding under this term loan was 3.8% . The weighted average annual interest rate for amounts outstanding under this term loan was 3.9% and 3.3% for the three months ended June 30, 2019 and 2018 , respectively, and 3.9% and 3.2% for the six months ended June 30, 2019 and 2018 , respectively. This term loan includes an accordion feature under which maximum borrowings may be increased to up to $400,000 in certain circumstances. In May 2019, we redeemed at par all of our outstanding 3.25% senior notes due 2019 for a redemption price equal to the principal amount of $400,000 , plus accrued and unpaid interest of $6,500 . We funded this redemption with cash on hand and borrowings under our revolving credit facility. Also in May 2019, we prepaid, at par plus accrued interest, a mortgage note secured by four of our senior living communities with an outstanding principal balance of approximately $42,211 , a maturity date in July 2019 and an annual interest rate of 3.79% . As a result of this prepayment, we recorded a loss on early extinguishment of debt of $17 for each of the three and six months ended June 30, 2019 . We prepaid this mortgage using cash on hand and borrowings under our revolving credit facility. Our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our revolving credit facility and term loan agreements, a change of control of us, as defined, which includes The RMR Group LLC, or RMR LLC, ceasing to act as our business and property manager. Our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements also contain covenants, including those that restrict our ability to incur debts, and generally require us to maintain certain financial ratios, and our revolving credit facility and term loan agreements restrict our ability to make distributions under certain circumstances. We believe we were in compliance with the terms and conditions of the respective covenants under our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements at June 30, 2019

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities The following table presents certain of our assets and liabilities that are measured at fair value at June 30, 2019 , categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset or liability. Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investment in RMR Inc. (1) $ 123,905 $ 123,905 $ — $ — Investment in Five Star (2) $ 1,953 $ 1,953 $ — $ — Non-Recurring Fair Value Measurements Assets: Real estate properties held for sale (3) $ 7,613 $ — $ 7,613 $ — Non-Recurring Fair Value Measurements Liabilities: Other Liability (1) $ 18,409 $ — $ 18,409 $ — (1) Our 2,637,408 shares of class A common stock of The RMR Group Inc., or RMR Inc., are included in other assets, net in our condensed consolidated balance sheets and had a fair value at June 30, 2019 of $123,905 , based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP). On June 26, 2019, we entered into an agreement to sell all of our shares of RMR Inc. class A common stock in an underwritten public offering at a price to the public of $40.00 per share. We completed this sale on July 1, 2019 in accordance with the terms of the underwriting agreement. See Note 11 for additional information regarding this sale. We have elected to account for the contract to sell our shares of RMR Inc. class A common stock using the fair value option, based upon the difference between the contractual offering price (Level 2 inputs as defined in the fair value hierarchy under GAAP) and the fair value of the underlying assets at June 30, 2019 . Our historical cost basis for these shares is $69,826 as of June 30, 2019 . During the three and six months ended June 30, 2019 , we recorded unrealized losses of $36,925 and $16,089 , respectively, to adjust the carrying value of our investment in RMR Inc. class A common shares to their fair value. In addition, during the three and six months ended June 30, 2019, we recorded a loss of $18,409 and estimated expenses of $6,938 related to the agreement to sell our shares of RMR Inc. class A common stock, both of which are included in unrealized gains and losses on equity securities, net in our condensed consolidated statements of comprehensive income (loss). (2) Our 4,235,000 shares of Five Star common stock are included in other assets, net in our condensed consolidated balance sheets, and are reported at fair value, which is based upon quoted market prices (Level 1 inputs). Our adjusted cost basis for these shares is $6,353 as of June 30, 2019 . During the three and six months ended June 30, 2019 , we recorded unrealized losses of $2,176 and $80 , respectively, which are included in unrealized gains and losses on equity securities, net in our condensed consolidated statements of comprehensive income (loss), to adjust the carrying value of our investment in Five Star common shares to their fair value. (3) We also have assets in our condensed consolidated balance sheets that are measured at fair value on a nonrecurring basis. During the three and six months ended June 30, 2019, we recorded impairment charges of $2,117 and $8,323 , respectively, to reduce the carrying value of 15 SNFs that are classified as held for sale to their estimated sales price, based on a purchase and sale agreement that we have entered into with a third party buyer for these SNFs , less estimated costs to sell of $7,613 . See Note 3 for further information about impairment charges and these and other properties we have classified as held for sale. In addition to the assets and liabilities described in the tables above, our financial instruments at June 30, 2019 and December 31, 2018 included cash and cash equivalents, restricted cash, other assets, our revolving credit facility, term loans, senior unsecured notes, secured debt and capital leases and other unsecured obligations and liabilities. The fair values of these financial instruments approximated their carrying values in our condensed consolidated financial statements as of such dates, except as follows: As of June 30, 2019 As of December 31, 2018 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes $ 1,818,923 $ 1,813,227 $ 2,216,945 $ 2,138,202 Secured debts (2) 699,640 699,684 744,186 723,003 $ 2,518,563 $ 2,512,911 $ 2,961,131 $ 2,861,205 (1) Includes unamortized debt issuance costs, premiums and discounts. (2) We assumed certain of these secured debts in connection with our acquisition of certain properties. We recorded the assumed mortgage notes at estimated fair value on the date of acquisition and we are amortizing the fair value adjustments, if any, to interest expense over the respective terms of the mortgage notes to adjust interest expense to the estimated market interest rates as of the date of acquisition. We estimated the fair value of our two issuances of senior unsecured notes due 2042 and 2046 based on the closing price on The Nasdaq Stock Market LLC, or Nasdaq, (a Level 1 input) as of June 30, 2019 . We estimated the fair values of our four issuances of senior unsecured notes due 2020, 2021, 2024 and 2028 using an average of the bid and ask price on Nasdaq on or about June 30, 2019 (Level 2 inputs as defined in the fair value hierarchy under GAAP). We estimated the fair values of our secured debts by using discounted cash flows analyses and currently prevailing market terms as of the measurement date (Level 3 inputs as defined in the fair value hierarchy under GAAP). Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values.

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest We have a joint venture arrangement with a sovereign investor for one of our MOBs ( two buildings) located in Boston, Massachusetts. The investor owns a 45% equity interest in the joint venture, and we own the remaining 55% equity interest in the joint venture. We continue to control this property and therefore continue to account for this property on a consolidated basis in our condensed consolidated financial statements under the VIE model. The portion of the joint venture's net income and comprehensive income not attributable to us, or $1,413 and $1,401 for the three months ended June 30, 2019 and 2018 , respectively, and $2,835 and $2,784 for the six months ended June 30, 2019 and 2018 , respectively, is reported as noncontrolling interest in our condensed consolidated statements of comprehensive income (loss). We made aggregate cash distributions to our joint venture partner of $5,684 and $5,114 for the three months ended June 30, 2019 and 2018 , respectively, and $11,187 and $10,781 for the six months ended June 30, 2019 and 2018 , respectively, which are reflected as a decrease in total equity attributable to noncontrolling interest in our condensed consolidated balance sheets. As of June 30, 2019 , this joint venture held real estate assets with an aggregate net book value of $735,133 , subject to mortgage notes of $620,000 . In assessing whether we have a controlling interest in this joint venture arrangement and are required to consolidate the accounts of the joint venture entity, we considered the members' rights to residual gains and obligations to absorb losses, which activities most significantly impact the economic performance of the entity and which member has the power to direct those activities.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Awards: On May 21, 2019, in accordance with our Trustee compensation arrangements, we granted 3,000 of our common shares, valued at $7.95 per share, the closing price of our common shares on Nasdaq on that day, to each of our five Trustees as part of their annual compensation. Share Purchases: On April 5, 2019, we purchased 3,529 of our common shares, valued at $9.47 per share, the closing price of our common shares on Nasdaq on that day, from a former employee of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. On July 3, 2019, we purchased 2,912 of our common shares, valued at $8.64 per share, the closing price of our common shares on Nasdaq on that day, from a former employee of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. Distributions: On February 21, 2019 , we paid a regular quarterly distribution to common shareholders of $0.39 per share, or approximately $92,714 , that was declared on January 18, 2019 and was payable to shareholders of record on January 28, 2019. On May 16, 2019, we paid a regular quarterly distribution to common shareholders of $0.15 per share, or approximately $35,659 , that was declared on April 18, 2019 and was payable to shareholders of record on April 29, 2019. On July 18, 2019, we declared a regular quarterly distribution payable to common shareholders of record on July 29, 2019, of $0.15 per share, or approximately $35,661 . We expect to pay this distribution on or about August 15, 2019.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We have four operating segments, of which three are separate reporting segments. We aggregate the reporting units in each of our MOBs, our triple net leased senior living communities and our managed senior living communities into three reporting segments, based on their similar operating and economic characteristics. The first reporting segment includes MOBs where the tenants pay us rent. The second reporting segment includes triple net leased senior living communities that provide short term and long term residential care and other services for residents and from which we receive rents from the operators. The third reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents where we pay fees to the operator to manage the communities for our account. Our fourth segment includes all of our other operations, including certain properties that offer wellness, fitness and spa services to members and with respect to which we receive rents from operators, which we do not consider to be sufficiently material to constitute a separate reporting segment. For the Three Months Ended June 30, 2019 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Revenues: Rental income $ 104,385 $ 44,037 $ — $ 4,675 $ 153,097 Residents fees and services — — 108,906 — 108,906 Total revenues 104,385 44,037 108,906 4,675 262,003 Expenses: Property operating expenses 32,525 — 87,668 — 120,193 Depreciation and amortization 35,037 21,457 16,483 947 73,924 General and administrative — — — 8,867 8,867 Acquisition and certain other transaction related costs — — — 903 903 Impairment of assets 96 2,117 — — 2,213 Total expenses 67,658 23,574 104,151 10,717 206,100 Gain on sale of properties 2,625 15,207 — — 17,832 Dividend income — — — 923 923 Unrealized gains and losses on equity securities, net — — — (64,448 ) (64,448 ) Interest and other income — — — 238 238 Interest expense (5,988 ) (170 ) (730 ) (39,524 ) (46,412 ) Loss on early extinguishment of debt — — (17 ) — (17 ) Income (loss) from continuing operations before income tax benefit and equity in earnings of an investee 33,364 35,500 4,008 (108,853 ) (35,981 ) Income tax benefit — — — 35 35 Equity in earnings of an investee — — — 130 130 Net income (loss) 33,364 35,500 4,008 (108,688 ) (35,816 ) Net income attributable to noncontrolling interest (1,413 ) — — — (1,413 ) Net income (loss) attributable to common shareholders $ 31,951 $ 35,500 $ 4,008 $ (108,688 ) $ (37,229 ) For the Six Months Ended June 30, 2019 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Revenues: Rental income $ 207,606 $ 94,357 $ — $ 9,375 $ 311,338 Residents fees and services — — 216,951 — 216,951 Total revenues 207,606 94,357 216,951 9,375 528,289 Expenses: Property operating expenses 64,702 — 172,713 — 237,415 Depreciation and amortization 71,138 40,879 32,243 1,894 146,154 General and administrative — — — 18,683 18,683 Acquisition and certain other transaction related costs — — — 8,717 8,717 Impairment of assets 96 8,323 — — 8,419 Total expenses 135,936 49,202 204,956 29,294 419,388 Gain on sale of properties 2,503 15,207 — — 17,710 Dividend income — — — 1,846 1,846 Unrealized gains and losses on equity securities, net — — — (41,516 ) (41,516 ) Interest and other income — — — 352 352 Interest expense (12,018 ) (408 ) (1,550 ) (78,047 ) (92,023 ) Loss on early extinguishment of debt — — (17 ) — (17 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 62,155 59,954 10,428 (137,284 ) (4,747 ) Income tax expense — — — (99 ) (99 ) Equity in earnings of an investee — — — 534 534 Net income (loss) 62,155 59,954 10,428 (136,849 ) (4,312 ) Net income attributable to noncontrolling interest (2,835 ) — — — (2,835 ) Net income (loss) attributable to common shareholders $ 59,320 $ 59,954 $ 10,428 $ (136,849 ) $ (7,147 ) As of June 30, 2019 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Total assets $ 3,294,265 $ 1,968,936 $ 1,454,742 $ 380,767 $ 7,098,710 For the Three Months Ended June 30, 2018 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Revenues: Rental income $ 103,854 $ 66,113 $ — $ 4,618 $ 174,585 Residents fees and services — — 102,617 — 102,617 Total revenues 103,854 66,113 102,617 4,618 277,202 Expenses: Property operating expenses 31,183 — 78,873 — 110,056 Depreciation and amortization 36,326 20,186 14,841 947 72,300 General and administrative — — — 29,078 29,078 Acquisition and certain other transaction related costs — — — 67 67 Impairment of assets — 548 — — 548 Total expenses 67,509 20,734 93,714 30,092 212,049 Gain on sale of properties — 80,762 — — 80,762 Dividend income — — — 659 659 Unrealized gains and losses on equity securities, net — — — 23,265 23,265 Interest and other income — — — 60 60 Interest expense (6,113 ) (565 ) (1,256 ) (36,879 ) (44,813 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 30,232 125,576 7,647 (38,369 ) 125,086 Income tax expense — — — (105 ) (105 ) Equity in earnings of an investee — — — 7 7 Net income (loss) 30,232 125,576 7,647 (38,467 ) 124,988 Net income attributable to noncontrolling interest (1,401 ) — — — (1,401 ) Net income (loss) attributable to common shareholders $ 28,831 $ 125,576 $ 7,647 $ (38,467 ) $ 123,587 For the Six Months Ended June 30, 2018 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Revenues: Rental income $ 205,005 $ 134,088 $ — $ 9,220 $ 348,313 Residents fees and services — — 204,659 — 204,659 Total revenues 205,005 134,088 204,659 9,220 552,972 Expenses: Property operating expenses 62,121 — 156,033 — 218,154 Depreciation and amortization 70,711 40,381 29,652 1,895 142,639 General and administrative — — — 54,196 54,196 Acquisition and certain other transaction related costs — — — 87 87 Impairment of assets — 548 — — 548 Total expenses 132,832 40,929 185,685 56,178 415,624 Gain on sale of properties — 261,916 — — 261,916 Dividend income — — — 1,318 1,318 Unrealized gains and losses on equity securities, net — — — 50,506 50,506 Interest and other income — — — 114 114 Interest expense (12,022 ) (1,136 ) (2,583 ) (72,624 ) (88,365 ) Loss on early extinguishment of debt — — (130 ) — (130 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 60,151 353,939 16,261 (67,644 ) 362,707 Income tax expense — — — (365 ) (365 ) Equity in earnings of an investee — — — 51 51 Net income (loss) 60,151 353,939 16,261 (67,958 ) 362,393 Net income attributable to noncontrolling interest (2,784 ) — — — (2,784 ) Net income (loss) attributable to common shareholders $ 57,367 $ 353,939 $ 16,261 $ (67,958 ) $ 359,609 As of December 31, 2018 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Total assets $ 3,344,581 $ 2,044,939 $ 1,395,657 $ 375,249 $ 7,160,426

Leases and Management Agreement

Leases and Management Agreements with Five Star	6 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
Leases and Management Agreements with Five Star	Leases and Management Agreements with Five Star We are Five Star’s largest landlord and Five Star is our largest tenant. As of June 30, 2019 and 2018 , we leased 181 and 184 senior living communities to Five Star, respectively. We lease senior living communities to Five Star pursuant to five master leases. Five Star also manages senior living communities for our account pursuant to management and pooling agreements under which Five Star earns management fees. As of June 30, 2019 and 2018 , Five Star managed 77 and 75 senior living communities, respectively, for our account. Five Star had previously announced that a substantial doubt existed regarding its ability to continue as a going concern because of, among other things: challenging current senior living industry conditions had and may continue to negatively impact Five Star’s operating results; Five Star has incurred recurring operating losses in each of the last three fiscal years; Five Star did not expect to be able to pay its full rent obligations in the first quarter of 2019 absent rent relief from us; and Five Star’s credit facility was fully drawn and scheduled to expire on June 28, 2019. On April 1, 2019, we entered into the Transaction Agreement, pursuant to which we agreed to modify our existing business arrangements with Five Star, subject to certain conditions and the receipt of various approvals, as further described below. In addition, in June 2019, Five Star amended and extended the term of its credit facility. Five Star has recently announced that, even though the challenging conditions in the senior living industry continue to exist, it believes that there no longer exists a substantial doubt about its ability to continue as a going concern as a result of actions it has taken since March 31, 2019. We cannot be sure whether the transactions contemplated by the Transaction Agreement will be completed or whether Five Star will be able to continue as a going concern. The April 2019 Transaction Agreement with Five Star . Among other things, the Transaction Agreement provides that, subject to the satisfaction of certain conditions, effective January 1, 2020 (or January 1, 2021 if extended under the Transaction Agreement), or the Conversion Time: • our five existing master leases with Five Star for all of our senior living communities that are leased by Five Star, as well as our existing management agreements and pooling agreements with Five Star for our senior living communities that are operated by Five Star, will be terminated and replaced, or the Conversion, with new management agreements for all of these senior living communities, or collectively, the New Management Agreements; • Five Star will issue to us such number of Five Star common shares as is necessary to cause us to own, when considered together with our then owned Five Star common shares, approximately 34% of the then outstanding Five Star common shares, and we will declare a pro rata distribution to holders of our common shares of beneficial interest of the right to receive, and Five Star will issue on a pro rata basis to such holders, a number of Five Star common shares which equals approximately 51% of the then outstanding Five Star common shares, or, together, the Five Star Share Issuances; the noted percentage ownership amounts are post-issuance, giving effect to the Five Star Share Issuances; and • as consideration for the Five Star Share Issuances, we will provide to Five Star $75,000 of additional consideration, or, collectively with the Conversion and the Five Star Share Issuances, the Five Star Restructuring Transactions. Also pursuant to the Transaction Agreement: (1) commencing February 1, 2019 through December 31, 2019, the aggregate amount of monthly minimum rent payable to us by Five Star under our master leases with Five Star is $11,000 , subject to adjustment and extension, and no additional rent is payable to us by Five Star from such date to the Conversion Time; and (2) on April 1, 2019, we purchased from Five Star $49,155 of unencumbered Qualifying PP&E (as defined in the Transaction Agreement) related to our senior living communities leased and operated by Five Star, which amount remains subject to possible additional adjustment but will not exceed $60,000 . In accordance with the Transaction Agreement, the aggregate amount of monthly minimum rent payable to us by Five Star under our master leases with Five Star was subsequently reduced to $10,931 as a result of dispositions. At its annual meeting of stockholders held on June 11, 2019, Five Star’s stockholders approved the Five Star Share Issuances. The Five Star Restructuring Transactions remain subject to conditions, including, among others: (1) the receipt of all Required Licenses (as defined in the Transaction Agreement) and any other third party consent or approval required for the consummation of the Five Star Restructuring Transactions; (2) the effectiveness of the registration statement on Form S-1 to be filed by Five Star with the Securities and Exchange Commission, or SEC, to register the Five Star common shares to be issued pursuant to the Five Star Share Issuances; and (3) approval by Nasdaq of the listing of the Five Star common shares to be issued pursuant to the Five Star Share Issuances, subject to official notice of issuance. If any required approval is not obtained by December 31, 2019, and the failure to obtain such approval is not the result of a breach or default by Five Star under the Transaction Agreement, we and Five Star have agreed to work in good faith to determine an alternative to allow the Restructuring Transactions to occur on January 1, 2020; provided we are not required to agree to any alternative that would adversely affect our qualification for taxation as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. If we and Five Star do not agree to any such alternative, and, as of January 1, 2020, the failure to obtain a required approval is the only remaining condition under the Transaction Agreement, the Conversion Time will be automatically extended to January 1, 2021. Pursuant to the Transaction Agreement, since Five Star’s stockholders approved the Five Star Share Issuance, monthly minimum rent payable by Five Star to us under our existing master leases with Five Star will remain at $11,000 , subject to adjustment, regardless of whether the Transaction Agreement is extended and/or is terminated. Five Star has agreed to expand its board of directors within six months following the Conversion Time to add an independent director (as defined in Five Star’s bylaws) reasonably satisfactory to us. Pursuant to the New Management Agreements, Five Star will receive a management fee equal to 5% of the gross revenues realized at the applicable senior living communities plus reimbursement for its direct costs and expenses related to such communities, as well as an annual incentive fee equal to 15% of the amount by which the annual earnings before interest, taxes, depreciation and amortization, or EBITDA, of all communities on a combined basis exceeds the target EBITDA for all communities on a combined basis for such calendar year, provided that in no event shall the incentive fee be greater than 1.5% of the gross revenues realized at all communities on a combined basis for such calendar year. The New Management Agreements provide for 15 year terms, subject to Five Star’s right to extend for two consecutive five year terms if it achieves certain performance targets for the combined managed communities portfolio. The New Management Agreements also provide us with the right to terminate the New Management Agreement for any community that does not earn 90% of the target EBITDA for such community for two consecutive calendar years or in any two of three consecutive calendar years, with the measurement period commencing January 1, 2021 (and the first termination not possible until the beginning of calendar year 2023), provided we may not in any calendar year terminate communities representing more than 20% of the combined revenues for all communities for the calendar year prior to such termination. In connection with the Transaction Agreement, we entered into a credit agreement with Five Star, pursuant to which we extended to Five Star a $25,000 line of credit, or the Five Star credit facility. The Five Star credit facility matures on January 1, 2020, or January 1, 2021 if the Conversion Time is extended pursuant to the Transaction Agreement. The Five Star credit facility provides for interest to be paid on borrowed amounts at a rate of 6% per year and is secured by real estate mortgages on six senior living communities owned by certain of Five Star’s subsidiaries that guarantee Five Star’s obligations under the Five Star credit facility, and certain personal property owned by those and certain other Five Star subsidiaries. The Five Star credit facility provides for acceleration of payment of all amounts outstanding under the Five Star credit facility upon the occurrence and continuation of certain events of default, including a default by Five Star under the Transaction Agreement and certain other agreements. The agreement governing the Five Star credit facility contains covenants, including those that restrict Five Star’s ability to incur debt or to pay dividends or make other distributions to its stockholders in certain circumstances. As of August 7, 2019, Five Star has not made any borrowings under the Five Star credit facility. We determined that the Five Star Restructuring Transactions constituted a reconsideration event requiring us to assess whether we held a controlling financial interest in Five Star. As a result of this assessment, we determined that Five Star is a VIE as of the signing of the Transaction Agreement. We determined not to consolidate Five Star in our condensed consolidated financial statements, as we do not have the power to direct the activities of Five Star that most significantly impact Five Star’s economic performance and therefore are not the primary beneficiary of Five Star. Our Senior Living Communities Leased by Five Star . We recognized rental income payable by Five Star of $33,400 and $51,692 for the three months ended June 30, 2019 and 2018 , respectively, and $72,713 and $103,450 for the six months ended June 30, 2019 and 2018 , respectively. Rental income for each of the three and six months ended June 30, 2019 includes $538 of variable payments we received from Five Star. Rental income for the three and six months ended June 30, 2018 excludes $1,289 and $2,664 , respectively, of variable payments we received from Five Star. As of June 30, 2019 and December 31, 2018 , we had receivables from Five Star of $14,786 and $18,697 , respectively, which amounts are included in other assets, net in our condensed consolidated balance sheets. Rental income from Five Star represented 12.7% and 13.8% of our total revenues for the three and six months ended June 30, 2019 , respectively. The properties Five Star leases from us represented 26.4% , excluding properties held for sale, if any, of our real estate investments, at cost, as of June 30, 2019 . Pursuant to the terms of our leases with Five Star, for the six months ended June 30, 2018 , we funded $8,529 of improvements to communities leased to Five Star. As a result, the annual minimum rent payable to us by Five Star increased by approximately $680 , as of June 30, 2018 . Pursuant to the Transaction Agreement, the $86,288 of improvements to communities leased to Five Star, including $49,155 of fixed assets and improvements that were purchased pursuant to the Transaction Agreement as discussed above, that we funded during the six months ended June 30, 2019 did not result in increased rent payable by Five Star. Our Senior Living Communities Managed by Five Star . Five Star manages certain senior living communities that we lease to our TRSs. As described above, pursuant to the Transaction Agreement, we have agreed to replace our long term management and pooling agreements with Five Star with new management agreements effective January 1, 2020 (or January 1, 2021 if the Conversion Time is extended under the Transaction Agreement), subject to certain conditions and the receipt of various approvals. We incurred management fees payable to Five Star of $3,871 and $3,533 for the three months ended June 30, 2019 and 2018 , respectively, and $7,660 and $7,027 for the six months ended June 30, 2019 and 2018 , respectively. These amounts are included in property operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. The following table presents residents fees and services revenue disaggregated by type of contract and payer: Revenue from contracts with customers: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Basic housing and support services $ 89,082 $ 176,494 Medicare and Medicaid programs 7,686 16,431 Private pay and other third party payer SNF services 12,138 24,026 Total residents fees and services $ 108,906 $ 216,951 Five Star also provides certain other services directly to residents at some of the senior living communities it manages for our account, such as rehabilitation services. At senior living communities Five Star manages for us where Five Star provides rehabilitation services on an outpatient basis, the residents, third party payers or government programs pay Five Star directly for those rehabilitation services. At senior living communities Five Star manages for us where Five Star provides both inpatient and outpatient rehabilitation services, we generally pay Five Star for these services and charges for these services are included in amounts charged to residents, third party payers or government programs. We incurred fees payable to Five Star of $1,513 and $1,660 for the three months ended June 30, 2019 and 2018 , respectively, and $3,188 and $3,359 for the six months ended June 30, 2019 and 2018 , respectively, for rehabilitation services Five Star provided at senior living communities it manages for us; we include these amounts in property operating expenses in our condensed consolidated statements of comprehensive income (loss). In April 2019, Five Star began managing for our account a senior living community we own located in Oregon with 318 living units, pursuant to a management agreement with Five Star on terms substantially similar to those of existing management agreements between us and Five Star, after the previous tenant defaulted on its lease with us.

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Business and Property Management Agreements with RMR LLC	Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to the property level operations of our properties that are not senior living communities or wellness centers. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $6,582 and $26,489 for the three months ended June 30, 2019 and 2018 , respectively, and $14,301 and $49,813 for the six months ended June 30, 2019 and 2018 , respectively. The net business management fees we recognized for the three and six months ended June 30, 2019 include $725 and $1,450 , respectively, of management fees related to our subsidiary level management agreement with RMR LLC entered in connection with our joint venture arrangement. Based on our common share total return, as defined in our business management agreement, as of June 30, 2019 , no estimated 2019 incentive fees are included in the net business management fees we recognized for the three and six months ended June 30, 2019 . The actual amount of annual incentive fees for 2019, if any, will be based on our common share total return as defined in our business management agreement, for the three-year period ending December 31, 2019, and will be payable in 2020. The net business management fees for the three and six months ended June 30, 2018 included $725 and $1,450 , respectively, of management fees related to our subsidiary level management agreement with RMR LLC and $17,610 and $31,957 , respectively, of estimated 2018 incentive fees based on our common share total return, as defined in our business management agreement, as of June 30, 2018 . In January 2019, we paid RMR LLC an incentive fee of $40,642 for 2018. We include business management fee amounts in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). Pursuant to our property management agreement with RMR LLC, we recognized aggregate net property management and construction supervision fees of $3,491 and $2,984 for the three months ended June 30, 2019 and 2018 , respectively, and $6,555 and $5,805 for the six months ended June 30, 2019 and 2018 , respectively. These amounts are included in property operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC’s employees assigned to work exclusively or partly at our MOBs, our share of the wages, benefits and other related costs of RMR LLC's centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function, or as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC $3,352 and $3,172 for these expenses and costs for the three months ended June 30, 2019 and 2018 , respectively, and $6,726 and $5,951 for the six months ended June 30, 2019 and 2018

Related Person Transactions

Related Person Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with Five Star, RMR LLC, RMR Inc., Affiliates Insurance Company, or AIC, and others related to them, including other companies to which RMR LLC provides management services and which have trustees, directors and officers who are also our Trustees or officers. Five Star. We are currently one of Five Star’s largest stockholders. As of June 30, 2019 , we owned 4,235,000 of Five Star’s common shares, or approximately 8.3% of Five Star’s outstanding common shares. Five Star is our largest tenant and the manager of our managed senior living communities. RMR LLC provides management services to both us and Five Star. As of June 30, 2019 , ABP Acquisition LLC, a subsidiary of ABP Trust, the controlling shareholder of RMR Inc., owned 35.4% of Five Star's outstanding common shares. Adam D. Portnoy, the Chair of our Board of Trustees and one of our Managing Trustees, is the sole trustee, an officer and the controlling shareholder of ABP Trust and a managing director of Five Star. Five Star’s president and chief executive officer and chief financial officer and treasurer are officers and employees of RMR LLC. On April 1, 2019, we entered into the Transaction Agreement, pursuant to which we agreed to modify our existing business arrangements with Five Star, subject to certain conditions and the receipt of various approvals. See Note 9 for further information regarding our relationships, agreements and transactions with Five Star and Note 5 for further information regarding our investment in Five Star. Our Manager, RMR LLC. We have two agreements with RMR LLC to provide management services to us. See Note 10 for further information regarding our management agreements with RMR LLC. RMR Inc. RMR LLC is a majority owned subsidiary of RMR Inc. and RMR Inc. is the managing member of RMR LLC. Adam D. Portnoy, the Chair of our Board of Trustees and one of our Managing Trustees, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., a managing director, president and chief executive officer of RMR Inc., and an officer and employee of RMR LLC. Jennifer B. Clark, our other Managing Trustee and our Secretary, also serves as a managing director and as executive vice president, general counsel and secretary of RMR Inc., an officer of ABP Trust, an officer and employee of RMR LLC and the secretary of Five Star. Other officers and employees of RMR LLC also serve as our officers. As of June 30, 2019 , we owned 2,637,408 shares of class A common stock of RMR Inc. On July 1, 2019, we sold the shares of class A common stock of RMR Inc. we owned in an underwritten public offering at a price to the public of $40.00 per share pursuant to the underwriting agreement among us, RMR Inc., certain other REITs managed by RMR LLC that also sold their class A common stock of RMR Inc. in the offering, and the underwriters named therein. We received net proceeds of $98,903 from this sale, after deducting the underwriting discounts and commissions and before other offering expenses. See Note 5 for further information regarding our investment in RMR Inc. AIC. We, ABP Trust, Five Star and four other companies to which RMR LLC provides management services currently own AIC in equal amounts. We and the other AIC shareholders historically participated in a combined property insurance program arranged and reinsured in part by AIC. The policies under that program expired on June 30, 2019, and we and the other AIC shareholders elected not to renew the AIC property insurance program; we have instead purchased standalone property insurance coverage with unrelated third party insurance providers. As of June 30, 2019 and December 31, 2018 , our investment in AIC had a carrying value of $9,303 and $8,632 , respectively. These amounts are included in other assets, net in our condensed consolidated balance sheets. We recognized income related to our investment in AIC, which is presented as equity in earnings of an investee in our condensed consolidated statements of comprehensive income (loss). Our other comprehensive income includes our proportionate part of unrealized gains (losses) on fixed income securities that are owned by AIC related to our investment in AIC. For further information about these and other such relationships and certain other related person transactions, refer to our Annual Report.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We do, however, lease certain managed senior living communities to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated federal corporate income tax return and are subject to federal and state income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state income taxes we incur despite our taxation as a REIT. During the three months ended June 30, 2019 and 2018 , we recognized income tax benefit of $35 and expense of $105 , respectively, and during the six months ended June 30, 2019 and 2018 , we recognized income tax expense of $99 and $365 , respectively.

Weighted Average Common Shares

Weighted Average Common Shares	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average common shares for basic earnings per share 237,580 237,487 237,574 237,483 Effect of dilutive securities: unvested share awards — 42 — 23 Weighted average common shares for diluted earnings per share (1) 237,580 237,529 237,574 237,506 (1) For the three and six months ended June 30, 2019 , 68 and 18 , respectively, of unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. ASU No. 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales type leases, direct financing leases and operating leases. These standards were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which has allowed us to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the adoption period, although we did not have an adjustment. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our condensed consolidated financial statements. Upon adoption, (i) allowances for bad debts are recognized as a direct reduction of rental income, and (ii) legal costs associated with the execution of our leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses are now included in rental income in our condensed consolidated financial statements. Provisions for credit losses prior to January 1, 2019 were previously included in property operating expenses in our condensed consolidated financial statements and prior periods were not reclassified to conform to the current presentation. We completed our assessment of predominance as it relates to our contracts with residents for housing services at properties leased to our taxable REIT subsidiaries, or TRSs, and have recognized revenue from these properties under ASC 606, Revenue from Contracts with Customers, which did not have any impact to the timing or amount of our revenue recognized. For leases in which we are the lessee, we recognized a right of use asset and a lease liability equal to the present value of the minimum lease payments with rental payments being applied to the lease liability and the right of use asset being amortized over the term of the lease. The adoption of this standard resulted in an increase in total assets and liabilities of $4,507 . The right of use asset and related lease liability are included within other assets, net and other liabilities, respectively, within our condensed consolidated balance sheets. In addition, we lease equipment at certain of our managed senior living communities. These leases are short term in nature, are cancelable with no fee or do not result in an annual expense in excess of our capitalization policy and, as a result, will not be recorded on our condensed consolidated balance sheets. The adoption of ASU No. 2016-02 and the related ASU improvements did not have a material impact in our condensed consolidated financial statements. Revenue Recognition. We are a lessor of MOBs, senior living communities and wellness centers. Our leases provide our tenants with the contractual right to use and economically benefit from all of the premises demised under the leases; therefore, we have determined to evaluate our leases as lease arrangements. Certain of our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including changes in the index or market based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $19,525 and $38,370 for the three and six months ended June 30, 2019 , respectively. Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all of our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply Accounting Standards Codification Topic 842, Leases, to the combined component. Income derived by our leases is recorded in rental income in our condensed consolidated statements of comprehensive income (loss). Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our condensed consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. The following table presents our operating lease maturity analysis as of June 30, 2019: Year Amount 2019 $ 247,329 2020 351,189 2021 327,706 2022 305,547 2023 281,707 Thereafter 1,206,130 Total $ 2,719,608 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our condensed consolidated financial statements although lease related receivables are governed by the lease standards referred to above and are not subject to ASU No. 2016-13. We currently expect to adopt this standard using the modified retrospective approach.

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Lessee, Operating Lease, Liability, Maturity	The following table presents our operating lease maturity analysis as of June 30, 2019: Year Amount 2019 $ 247,329 2020 351,189 2021 327,706 2022 305,547 2023 281,707 Thereafter 1,206,130 Total $ 2,719,608

Real Estate Properties Real Est

Real Estate Properties Real Estate Properties (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Real Estate Properties	Date of Sale Location Type of Property Number of Properties Gross Sales Price (1) Gain (loss) on Sale February 2019 Florida MOB 1 $ 2,900 $ (64 ) March 2019 Massachusetts MOB 1 75 (58 ) May 2019 California SNF 3 21,500 15,207 May 2019 Colorado MOB 1 2,590 1,035 June 2019 Massachusetts MOB 7 8,042 1,590 13 $ 35,107 $ 17,710 (1) Gross sales price excludes closing costs.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Assets and liabilities recurring and nonrecurring measured at fair value	The following table presents certain of our assets and liabilities that are measured at fair value at June 30, 2019 , categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset or liability. Fair Value at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description Total (Level 1) (Level 2) (Level 3) Recurring Fair Value Measurements Assets: Investment in RMR Inc. (1) $ 123,905 $ 123,905 $ — $ — Investment in Five Star (2) $ 1,953 $ 1,953 $ — $ — Non-Recurring Fair Value Measurements Assets: Real estate properties held for sale (3) $ 7,613 $ — $ 7,613 $ — Non-Recurring Fair Value Measurements Liabilities: Other Liability (1) $ 18,409 $ — $ 18,409 $ — (1) Our 2,637,408 shares of class A common stock of The RMR Group Inc., or RMR Inc., are included in other assets, net in our condensed consolidated balance sheets and had a fair value at June 30, 2019 of $123,905 , based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP). On June 26, 2019, we entered into an agreement to sell all of our shares of RMR Inc. class A common stock in an underwritten public offering at a price to the public of $40.00 per share. We completed this sale on July 1, 2019 in accordance with the terms of the underwriting agreement. See Note 11 for additional information regarding this sale. We have elected to account for the contract to sell our shares of RMR Inc. class A common stock using the fair value option, based upon the difference between the contractual offering price (Level 2 inputs as defined in the fair value hierarchy under GAAP) and the fair value of the underlying assets at June 30, 2019 . Our historical cost basis for these shares is $69,826 as of June 30, 2019 . During the three and six months ended June 30, 2019 , we recorded unrealized losses of $36,925 and $16,089 , respectively, to adjust the carrying value of our investment in RMR Inc. class A common shares to their fair value. In addition, during the three and six months ended June 30, 2019, we recorded a loss of $18,409 and estimated expenses of $6,938 related to the agreement to sell our shares of RMR Inc. class A common stock, both of which are included in unrealized gains and losses on equity securities, net in our condensed consolidated statements of comprehensive income (loss). (2) Our 4,235,000 shares of Five Star common stock are included in other assets, net in our condensed consolidated balance sheets, and are reported at fair value, which is based upon quoted market prices (Level 1 inputs). Our adjusted cost basis for these shares is $6,353 as of June 30, 2019 . During the three and six months ended June 30, 2019 , we recorded unrealized losses of $2,176 and $80 , respectively, which are included in unrealized gains and losses on equity securities, net in our condensed consolidated statements of comprehensive income (loss), to adjust the carrying value of our investment in Five Star common shares to their fair value. (3) We also have assets in our condensed consolidated balance sheets that are measured at fair value on a nonrecurring basis. During the three and six months ended June 30, 2019, we recorded impairment charges of $2,117 and $8,323 , respectively, to reduce the carrying value of 15 SNFs that are classified as held for sale to their estimated sales price, based on a purchase and sale agreement that we have entered into with a third party buyer for these SNFs , less estimated costs to sell of $7,613 . See Note 3 for further information about impairment charges and these and other properties we have classified as held for sale.
Schedule of carrying value and fair value of the financial instruments	The fair values of these financial instruments approximated their carrying values in our condensed consolidated financial statements as of such dates, except as follows: As of June 30, 2019 As of December 31, 2018 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes $ 1,818,923 $ 1,813,227 $ 2,216,945 $ 2,138,202 Secured debts (2) 699,640 699,684 744,186 723,003 $ 2,518,563 $ 2,512,911 $ 2,961,131 $ 2,861,205 (1) Includes unamortized debt issuance costs, premiums and discounts. (2) We assumed certain of these secured debts in connection with our acquisition of certain properties. We recorded the assumed mortgage notes at estimated fair value on the date of acquisition and we are amortizing the fair value adjustments, if any, to interest expense over the respective terms of the mortgage notes to adjust interest expense to the estimated market interest rates as of the date of acquisition.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of segment reporting information	For the Three Months Ended June 30, 2019 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Revenues: Rental income $ 104,385 $ 44,037 $ — $ 4,675 $ 153,097 Residents fees and services — — 108,906 — 108,906 Total revenues 104,385 44,037 108,906 4,675 262,003 Expenses: Property operating expenses 32,525 — 87,668 — 120,193 Depreciation and amortization 35,037 21,457 16,483 947 73,924 General and administrative — — — 8,867 8,867 Acquisition and certain other transaction related costs — — — 903 903 Impairment of assets 96 2,117 — — 2,213 Total expenses 67,658 23,574 104,151 10,717 206,100 Gain on sale of properties 2,625 15,207 — — 17,832 Dividend income — — — 923 923 Unrealized gains and losses on equity securities, net — — — (64,448 ) (64,448 ) Interest and other income — — — 238 238 Interest expense (5,988 ) (170 ) (730 ) (39,524 ) (46,412 ) Loss on early extinguishment of debt — — (17 ) — (17 ) Income (loss) from continuing operations before income tax benefit and equity in earnings of an investee 33,364 35,500 4,008 (108,853 ) (35,981 ) Income tax benefit — — — 35 35 Equity in earnings of an investee — — — 130 130 Net income (loss) 33,364 35,500 4,008 (108,688 ) (35,816 ) Net income attributable to noncontrolling interest (1,413 ) — — — (1,413 ) Net income (loss) attributable to common shareholders $ 31,951 $ 35,500 $ 4,008 $ (108,688 ) $ (37,229 ) For the Six Months Ended June 30, 2019 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Revenues: Rental income $ 207,606 $ 94,357 $ — $ 9,375 $ 311,338 Residents fees and services — — 216,951 — 216,951 Total revenues 207,606 94,357 216,951 9,375 528,289 Expenses: Property operating expenses 64,702 — 172,713 — 237,415 Depreciation and amortization 71,138 40,879 32,243 1,894 146,154 General and administrative — — — 18,683 18,683 Acquisition and certain other transaction related costs — — — 8,717 8,717 Impairment of assets 96 8,323 — — 8,419 Total expenses 135,936 49,202 204,956 29,294 419,388 Gain on sale of properties 2,503 15,207 — — 17,710 Dividend income — — — 1,846 1,846 Unrealized gains and losses on equity securities, net — — — (41,516 ) (41,516 ) Interest and other income — — — 352 352 Interest expense (12,018 ) (408 ) (1,550 ) (78,047 ) (92,023 ) Loss on early extinguishment of debt — — (17 ) — (17 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 62,155 59,954 10,428 (137,284 ) (4,747 ) Income tax expense — — — (99 ) (99 ) Equity in earnings of an investee — — — 534 534 Net income (loss) 62,155 59,954 10,428 (136,849 ) (4,312 ) Net income attributable to noncontrolling interest (2,835 ) — — — (2,835 ) Net income (loss) attributable to common shareholders $ 59,320 $ 59,954 $ 10,428 $ (136,849 ) $ (7,147 ) As of June 30, 2019 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Total assets $ 3,294,265 $ 1,968,936 $ 1,454,742 $ 380,767 $ 7,098,710 For the Three Months Ended June 30, 2018 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Revenues: Rental income $ 103,854 $ 66,113 $ — $ 4,618 $ 174,585 Residents fees and services — — 102,617 — 102,617 Total revenues 103,854 66,113 102,617 4,618 277,202 Expenses: Property operating expenses 31,183 — 78,873 — 110,056 Depreciation and amortization 36,326 20,186 14,841 947 72,300 General and administrative — — — 29,078 29,078 Acquisition and certain other transaction related costs — — — 67 67 Impairment of assets — 548 — — 548 Total expenses 67,509 20,734 93,714 30,092 212,049 Gain on sale of properties — 80,762 — — 80,762 Dividend income — — — 659 659 Unrealized gains and losses on equity securities, net — — — 23,265 23,265 Interest and other income — — — 60 60 Interest expense (6,113 ) (565 ) (1,256 ) (36,879 ) (44,813 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 30,232 125,576 7,647 (38,369 ) 125,086 Income tax expense — — — (105 ) (105 ) Equity in earnings of an investee — — — 7 7 Net income (loss) 30,232 125,576 7,647 (38,467 ) 124,988 Net income attributable to noncontrolling interest (1,401 ) — — — (1,401 ) Net income (loss) attributable to common shareholders $ 28,831 $ 125,576 $ 7,647 $ (38,467 ) $ 123,587 For the Six Months Ended June 30, 2018 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Revenues: Rental income $ 205,005 $ 134,088 $ — $ 9,220 $ 348,313 Residents fees and services — — 204,659 — 204,659 Total revenues 205,005 134,088 204,659 9,220 552,972 Expenses: Property operating expenses 62,121 — 156,033 — 218,154 Depreciation and amortization 70,711 40,381 29,652 1,895 142,639 General and administrative — — — 54,196 54,196 Acquisition and certain other transaction related costs — — — 87 87 Impairment of assets — 548 — — 548 Total expenses 132,832 40,929 185,685 56,178 415,624 Gain on sale of properties — 261,916 — — 261,916 Dividend income — — — 1,318 1,318 Unrealized gains and losses on equity securities, net — — — 50,506 50,506 Interest and other income — — — 114 114 Interest expense (12,022 ) (1,136 ) (2,583 ) (72,624 ) (88,365 ) Loss on early extinguishment of debt — — (130 ) — (130 ) Income (loss) from continuing operations before income tax expense and equity in earnings of an investee 60,151 353,939 16,261 (67,644 ) 362,707 Income tax expense — — — (365 ) (365 ) Equity in earnings of an investee — — — 51 51 Net income (loss) 60,151 353,939 16,261 (67,958 ) 362,393 Net income attributable to noncontrolling interest (2,784 ) — — — (2,784 ) Net income (loss) attributable to common shareholders $ 57,367 $ 353,939 $ 16,261 $ (67,958 ) $ 359,609 As of December 31, 2018 MOBs Triple Net Leased Senior Living Communities Managed Senior Living Communities All Other Operations Consolidated Total assets $ 3,344,581 $ 2,044,939 $ 1,395,657 $ 375,249 $ 7,160,426

Leases and Management Agreeme_2

Leases and Management Agreements with Five Star Leases and Management Agreements with Five Star (Tables)	6 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
Disaggregation of Revenue	The following table presents residents fees and services revenue disaggregated by type of contract and payer: Revenue from contracts with customers: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Basic housing and support services $ 89,082 $ 176,494 Medicare and Medicaid programs 7,686 16,431 Private pay and other third party payer SNF services 12,138 24,026 Total residents fees and services $ 108,906 $ 216,951

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of weighted average number of shares	The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average common shares for basic earnings per share 237,580 237,487 237,574 237,483 Effect of dilutive securities: unvested share awards — 42 — 23 Weighted average common shares for diluted earnings per share (1) 237,580 237,529 237,574 237,506 (1) For the three and six months ended June 30, 2019 , 68 and 18 , respectively, of unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)buildingproperty	Dec. 31, 2018USD ($)
Basis Of Presentation [Line Items]
Variable interest entity, consolidated, carrying amount, assets	$ 1,036,537	$ 1,061,593
Variable interest entity, consolidated, carrying amount, liabilities	$ (707,579)	$ (714,226)
Joint Venture
Basis Of Presentation [Line Items]
Noncontrolling interest, ownership percentage by parent	45.00%
Ownership percentage	55.00%
Massachusetts | MOBs | Joint Venture
Basis Of Presentation [Line Items]
Number of properties included in joint venture agreement | property	1
Number of buildings included in joint venture agreement | building	2

Recent Accounting Pronounceme_4

Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable lease, payment	$ 19,525	$ 38,370
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset			$ 4,507
Operating lease, liability			$ 4,507

Recent Accounting Pronounceme_5

Recent Accounting Pronouncements Recent Accounting Pronouncements - Schedule of Operating Lease Maturity (Details) $ in Thousands	Jun. 30, 2019USD ($)
Accounting Changes and Error Corrections [Abstract]
2019	$ 247,329
2020	351,189
2021	327,706
2022	305,547
2023	281,707
Thereafter	1,206,130
Total	$ 2,719,608

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	Aug. 08, 2019USD ($)property	Jun. 30, 2019USD ($)statebuildingproperty	May 31, 2019USD ($)buildingcommunity	Mar. 31, 2019USD ($)building	Jun. 30, 2019USD ($)statebuildingproperty	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ft²statebuildingproperty	Jun. 30, 2018USD ($)
Real Estate Properties
Impairment of assets					$ 2,213	$ 548	$ 8,419	$ 548
Skilled Nursing Facility
Real Estate Properties
Number of real estate properties held for sale | property		15			15		15
Impairment of assets					$ 2,117		$ 8,323
Discontinued Operations, Held-for-sale
Real Estate Properties
Number of real estate properties | property		456			456		456
Number of real estate properties held for sale | property		22			22		22
Number of states in which properties are located | state		42			42		42
Discontinued Operations, Held-for-sale | MOBs
Real Estate Properties
Number of real estate properties held for sale | property		5			5		5
Aggregate purchase price							$ 9,926
Amount under agreement to sell		$ 10,072			$ 10,072		$ 10,072
Discontinued Operations, Held-for-sale | Skilled Nursing Facility
Real Estate Properties
Number of real estate properties held for sale | property		17			17		17
Aggregate purchase price							$ 17,000
Amount under agreement to sell		$ 34,246			$ 34,246		$ 34,246
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties
Number of real estate properties | building		13			13		13
Aggregate purchase price							$ 35,107
Gain on disposal of assets							$ 17,710
Disposal Group, Disposed of by Sale, Not Discontinued Operations | MOBs
Real Estate Properties
Number of properties sold | property							10
Rentable space (in sqft) | ft²							244,564
Aggregate purchase price							$ 13,607
Decrease in annual rental income					$ (589)		$ (1,599)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Skilled Nursing Facility
Real Estate Properties
Number of communities sold | community			3
Aggregate purchase price			$ 21,500
Decrease in annual rental income			$ 831
Senior Housing Properties
Real Estate Properties
Number of buildings | building		2			2		2
Senior Housing Properties | MOBs
Real Estate Properties
Number of properties included in joint venture | property		1			1		1
Joint Venture
Real Estate Properties
Ownership percentage		55.00%			55.00%		55.00%
California | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Skilled Nursing Facility
Real Estate Properties
Number of real estate properties | building			3
Aggregate purchase price			$ 21,500
Gain on disposal of assets			$ 15,207
Massachusetts | MOBs
Real Estate Properties
Impairment of assets					$ 96
Number of properties sold | property					3
Massachusetts | Discontinued Operations, Held-for-sale | MOBs
Real Estate Properties
Number of properties sold | property		3
Aggregate purchase price		$ 4,955
Massachusetts | Disposal Group, Disposed of by Sale, Not Discontinued Operations | MOBs
Real Estate Properties
Number of real estate properties | building		7		1	7		7
Aggregate purchase price		$ 8,042		$ 75
Gain on disposal of assets		$ 1,590		$ (58)
Subsequent Event | Massachusetts | Discontinued Operations, Held-for-sale | Senior Living Communities
Real Estate Properties
Aggregate purchase price	$ 135,000
Number of real estate properties under agreement | property	15

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	1 Months Ended				6 Months Ended
	Jun. 30, 2019USD ($)building	May 31, 2019USD ($)building	Mar. 31, 2019USD ($)building	Feb. 28, 2019USD ($)building	Jun. 30, 2019USD ($)building
Real Estate [Line Items]
Number of Properties | building	13				13
Gross Sales Price					$ 35,107
Gain (loss) on Sale					17,710
MOBs
Real Estate [Line Items]
Gross Sales Price					$ 13,607
MOBs | Florida
Real Estate [Line Items]
Number of Properties | building				1
Gross Sales Price				$ 2,900
Gain (loss) on Sale				$ (64)
MOBs | Massachusetts
Real Estate [Line Items]
Number of Properties | building	7		1		7
Gross Sales Price	$ 8,042		$ 75
Gain (loss) on Sale	$ 1,590		$ (58)
MOBs | Colorado
Real Estate [Line Items]
Number of Properties | building		1
Gross Sales Price		$ 2,590
Gain (loss) on Sale		1,035
SNF
Real Estate [Line Items]
Gross Sales Price		$ 21,500
SNF | California
Real Estate [Line Items]
Number of Properties | building		3
Gross Sales Price		$ 21,500
Gain (loss) on Sale		$ 15,207

Indebtedness (Details)

Indebtedness (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2019USD ($)community	Jun. 30, 2019USD ($)buildingnoteproperty	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)buildingnoteproperty	Jun. 30, 2018USD ($)	Aug. 07, 2019USD ($)	Dec. 31, 2018USD ($)
Indebtedness
Total real estate properties, gross		$ 7,939,588,000		$ 7,939,588,000			$ 7,876,300,000
Unsecured revolving credit facility		690,000,000		690,000,000			$ 139,000,000
Loss on early extinguishment of debt		17,000	$ 0	17,000	$ 130,000
Unsecured revolving credit facility
Indebtedness
Unsecured revolving credit facility, maximum borrowing capacity		$ 1,000,000,000		$ 1,000,000,000
Number of public issues of unsecured senior notes | note		6		6
Line of credit facility, periodic payment, principal				$ 0
Revolving credit facility, interest rate payable (as a percent)		3.60%		3.60%
Weighted average interest rate on debt (as a percent)		3.60%	3.00%
Average interest rate during period		3.60%	2.70%	3.60%	2.70%
Unsecured revolving credit facility		$ 690,000,000		$ 690,000,000
Revolving credit facility, available amount		310,000,000		310,000,000
Maximum borrowing capacity that may be increased (up to)		2,000,000,000		$ 2,000,000,000
Unsecured revolving credit facility | LIBOR
Indebtedness
Interest rate added to the base rate (as a percent)				1.20%
Debt instrument, facility fee (as a percent)				0.25%
Unsecured revolving credit facility | Subsequent Event
Indebtedness
Unsecured revolving credit facility						$ 555,000,000
Revolving credit facility, available amount						$ 445,000,000
Senior unsecured notes due 2020
Indebtedness
Debt face amount		$ 200,000,000		$ 200,000,000
Interest rate (as a percent)		6.75%		6.75%
Senior unsecured notes due 2021
Indebtedness
Debt face amount		$ 300,000,000		$ 300,000,000
Interest rate (as a percent)		6.75%		6.75%
Senior unsecured notes due 2024
Indebtedness
Debt face amount		$ 250,000,000		$ 250,000,000
Interest rate (as a percent)		4.75%		4.75%
Senior unsecured notes due 2028
Indebtedness
Debt face amount		$ 500,000,000		$ 500,000,000
Interest rate (as a percent)		4.75%		4.75%
Senior unsecured notes due 2042
Indebtedness
Debt face amount		$ 350,000,000		$ 350,000,000
Interest rate (as a percent)		5.625%		5.625%
Senior unsecured notes due 2046
Indebtedness
Debt face amount		$ 250,000,000		$ 250,000,000
Interest rate (as a percent)		6.25%		6.25%
Term loan due 2020
Indebtedness
Debt face amount		$ 350,000,000		$ 350,000,000
Interest rate (as a percent)		3.80%		3.80%
Weighted average interest rate on debt (as a percent)		3.90%	3.40%	3.90%	3.20%
Maximum borrowing capacity that may be increased (up to)		$ 700,000,000		$ 700,000,000
Term loan due 2020 | LIBOR
Indebtedness
Interest rate added to the base rate (as a percent)				1.40%
Term loan due 2022
Indebtedness
Debt face amount		$ 200,000,000		$ 200,000,000
Interest rate (as a percent)		3.80%		3.80%
Weighted average interest rate on debt (as a percent)		3.90%	3.30%
Term loan due 2022 | LIBOR
Indebtedness
Interest rate added to the base rate (as a percent)				1.35%
Mortgages
Indebtedness
Aggregate principal amount of mortgage debt		$ 690,667,000		$ 690,667,000
Number of buildings mortgaged | building		10		10
Total real estate properties, gross		$ 968,463,000		$ 968,463,000
Capital leases
Indebtedness
Total real estate properties, gross		$ 35,724,000		$ 35,724,000
Number of real estate properties | property		2		2
Lease obligations		$ 9,361,000		$ 9,361,000
Senior Unsecured Notes Due 2019
Indebtedness
Interest rate (as a percent)	3.25%
Maximum borrowing capacity that may be increased (up to)		400,000,000		400,000,000
Principal amount plus accrued and unpaid interest	$ 400,000,000
Extinguishment of debt, accrued and interest payable	6,500,000
Loss on early extinguishment of debt		$ 17,000		$ 17,000
Senior Unsecured Note Due July 2019
Indebtedness
Debt face amount	$ 42,211,000
Interest rate (as a percent)	3.79%
Number Of communities | community	4

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Assets and Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 26, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Liability	$ 197,788		$ 197,788			$ 219,653
Unrealized gain (loss) on equity securities	$ (64,448)	$ 23,265	$ (41,516)	$ 50,506
Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities investment (in shares)	4,235,000		4,235,000
Recurring | RMR Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in affiliates, fair value	$ 123,905		$ 123,905
Share price (in dollars per share)					$ 40
Recurring | Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in affiliates, fair value	1,953		1,953
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | RMR Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in affiliates, fair value	123,905		123,905
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in affiliates, fair value	1,953		1,953
Recurring | Significant Other Observable Inputs (Level 2) | RMR Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in affiliates, fair value	0		0
Recurring | Significant Other Observable Inputs (Level 2) | Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in affiliates, fair value	0		0
Recurring | Significant Unobservable Inputs (Level 3) | RMR Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in affiliates, fair value	0		0
Recurring | Significant Unobservable Inputs (Level 3) | Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in affiliates, fair value	0		0
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties held for sale	7,613		7,613
Other Liability	18,409		18,409
Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties held for sale	0		0
Other Liability	0		0
Nonrecurring | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties held for sale	7,613		7,613
Other Liability	18,409		18,409
Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate properties held for sale	0		0
Other Liability	$ 0		$ 0
Class A common shares | RMR Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities investment (in shares)	2,637,408		2,637,408
Historical cost basis for shares owned	$ 69,826		$ 69,826
Unrealized gain (loss) on equity securities	$ (36,925)		$ (16,089)
Common Shares | Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities investment (in shares)	4,235,000		4,235,000
Historical cost basis for shares owned	$ 6,353		$ 6,353
Unrealized gain (loss) on equity securities	(2,176)		(80)
Disposal Group, Held-for-sale, Not Discontinued Operations | Class A common shares | RMR Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on equity securities	(18,409)		(18,409)
Expense related to sale of investment	$ 6,938		$ 6,938

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)debt_securityproperty	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)debt_securityproperty	Jun. 30, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets	$ 2,213	$ 548	$ 8,419	$ 548
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement, number of debt securities | debt_security	2		2
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement, number of debt securities | debt_security	4		4
Discontinued Operations, Held-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of real estate properties held for sale | property	22		22
Discontinued Operations, Held-for-sale | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets	$ 2,117		$ 8,323
Number of real estate properties held for sale | property	15		15
Sale price less estimated cost to sell	$ 7,613		$ 7,613

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 2,518,563	$ 2,961,131
Carrying Amount | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	1,818,923	2,216,945
Carrying Amount | Secured debts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	699,640	744,186
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	2,512,911	2,861,205
Estimated Fair Value | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	1,813,227	2,138,202
Estimated Fair Value | Secured debts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 699,684	$ 723,003

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)buildingproperty	Jun. 30, 2018USD ($)
Noncontrolling Interest [Line Items]
Comprehensive income attributable to noncontrolling interest	$ (1,413)	$ (1,401)	$ (2,835)	$ (2,784)
Cash distribution for joint venture partners	5,684	$ 5,114	11,187	$ 10,781
Variable interest entity, consolidated, carrying amount, real estate assets	735,133		735,133
Variable interest entity, consolidated, carrying amount, mortgage debt	$ 620,000		$ 620,000
Joint Venture
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	45.00%		45.00%
Ownership percentage	55.00%		55.00%
Massachusetts | MOBs | Joint Venture
Noncontrolling Interest [Line Items]
Number of properties included in joint venture agreement | property			1
Number of buildings included in joint venture agreement | building			2

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands	Jul. 18, 2019USD ($)$ / shares	Jul. 03, 2019$ / sharesshares	May 21, 2019trustee$ / sharesshares	May 16, 2019USD ($)$ / shares	Apr. 05, 2019$ / sharesshares	Feb. 21, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares) | shares			3,000
Common shares granted (in dollars per share)			$ 7.95
Number of independent trustees | trustee			5
Dividends paid (in dollars per share)				$ 0.15		$ 0.39
Distributions to shareholders | $				$ 35,659		$ 92,714	$ 128,373	$ 185,350
Former Employees Of RMR LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased for tax withholding and payment obligations | shares					3,529
Stock repurchased during period (in dollars per share)					$ 9.47
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions to common shareholders declared (in dollars per share)	$ 0.15
Distributions to shareholders | $	$ 35,661
Subsequent Event | Former Employees Of RMR LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased for tax withholding and payment obligations | shares		2,912
Stock repurchased during period (in dollars per share)		$ 8.64

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment					4
Number of reportable segments | segment					3
Revenues:
Total revenues	$ 262,003		$ 277,202		$ 528,289	$ 552,972
Expenses:
Property operating expenses	120,193		110,056		237,415	218,154
Depreciation and amortization	73,924		72,300		146,154	142,639
General and administrative	8,867		29,078		18,683	54,196
Acquisition and certain other transaction related costs	903		67		8,717	87
Impairment of assets	2,213		548		8,419	548
Total expenses	206,100		212,049		419,388	415,624
Gain on sale of properties	17,832		80,762		17,710	261,916
Dividend income	923		659		1,846	1,318
Unrealized gain (loss) on equity securities	(64,448)		23,265		(41,516)	50,506
Interest and other income	238		60		352	114
Interest expense	(46,412)		(44,813)		(92,023)	(88,365)
Loss on early extinguishment of debt	(17)		0		(17)	(130)
(Loss) income from continuing operations before income tax benefit (expense) and equity in earnings of an investee	(35,981)		125,086		(4,747)	362,707
Income tax benefit	35		(105)		(99)	(365)
Equity in earnings of an investee	130		7		534	51
Net (loss) income	(35,816)	$ 31,504	124,988	$ 237,405	(4,312)	362,393
Net income attributable to noncontrolling interest	(1,413)		(1,401)		(2,835)	(2,784)
Net income (loss) attributable to common shareholders	(37,229)		123,587		(7,147)	359,609
Assets	7,098,710				7,098,710		$ 7,160,426
MOBs
Revenues:
Total revenues	104,385		103,854		207,606	205,005
Expenses:
Property operating expenses	32,525		31,183		64,702	62,121
Depreciation and amortization	35,037		36,326		71,138	70,711
General and administrative	0		0		0	0
Acquisition and certain other transaction related costs	0		0		0	0
Impairment of assets	96		0		96	0
Total expenses	67,658		67,509		135,936	132,832
Gain on sale of properties	2,625		0		2,503	0
Dividend income	0		0		0	0
Unrealized gain (loss) on equity securities	0		0		0	0
Interest and other income	0		0		0	0
Interest expense	(5,988)		(6,113)		(12,018)	(12,022)
Loss on early extinguishment of debt	0				0	0
(Loss) income from continuing operations before income tax benefit (expense) and equity in earnings of an investee	33,364		30,232		62,155	60,151
Income tax benefit	0		0		0	0
Equity in earnings of an investee	0		0		0	0
Net (loss) income	33,364		30,232		62,155	60,151
Net income attributable to noncontrolling interest	(1,413)		(1,401)		(2,835)	(2,784)
Net income (loss) attributable to common shareholders	31,951		28,831		59,320	57,367
Assets	3,294,265				3,294,265		3,344,581
Triple Net Leased Senior Living Communities
Revenues:
Total revenues	44,037		66,113		94,357	134,088
Expenses:
Property operating expenses	0		0		0	0
Depreciation and amortization	21,457		20,186		40,879	40,381
General and administrative	0		0		0	0
Acquisition and certain other transaction related costs	0		0		0	0
Impairment of assets	2,117		548		8,323	548
Total expenses	23,574		20,734		49,202	40,929
Gain on sale of properties	15,207		80,762		15,207	261,916
Dividend income	0		0		0	0
Unrealized gain (loss) on equity securities	0		0		0	0
Interest and other income	0		0		0	0
Interest expense	(170)		(565)		(408)	(1,136)
Loss on early extinguishment of debt	0				0	0
(Loss) income from continuing operations before income tax benefit (expense) and equity in earnings of an investee	35,500		125,576		59,954	353,939
Income tax benefit	0		0		0	0
Equity in earnings of an investee	0		0		0	0
Net (loss) income	35,500		125,576		59,954	353,939
Net income attributable to noncontrolling interest	0		0		0	0
Net income (loss) attributable to common shareholders	35,500		125,576		59,954	353,939
Assets	1,968,936				1,968,936		2,044,939
Managed Senior Living Communities
Revenues:
Total revenues	108,906		102,617		216,951	204,659
Expenses:
Property operating expenses	87,668		78,873		172,713	156,033
Depreciation and amortization	16,483		14,841		32,243	29,652
General and administrative	0		0		0	0
Acquisition and certain other transaction related costs	0		0		0	0
Impairment of assets	0		0		0	0
Total expenses	104,151		93,714		204,956	185,685
Gain on sale of properties	0		0		0	0
Dividend income	0		0		0	0
Unrealized gain (loss) on equity securities	0		0		0	0
Interest and other income	0		0		0	0
Interest expense	(730)		(1,256)		(1,550)	(2,583)
Loss on early extinguishment of debt	(17)				(17)	(130)
(Loss) income from continuing operations before income tax benefit (expense) and equity in earnings of an investee	4,008		7,647		10,428	16,261
Income tax benefit	0		0		0	0
Equity in earnings of an investee	0		0		0	0
Net (loss) income	4,008		7,647		10,428	16,261
Net income attributable to noncontrolling interest	0		0		0	0
Net income (loss) attributable to common shareholders	4,008		7,647		10,428	16,261
Assets	1,454,742				1,454,742		1,395,657
All Other Operations
Revenues:
Total revenues	4,675		4,618		9,375	9,220
Expenses:
Property operating expenses	0		0		0	0
Depreciation and amortization	947		947		1,894	1,895
General and administrative	8,867		29,078		18,683	54,196
Acquisition and certain other transaction related costs	903		67		8,717	87
Impairment of assets	0		0		0	0
Total expenses	10,717		30,092		29,294	56,178
Gain on sale of properties	0		0		0	0
Dividend income	923		659		1,846	1,318
Unrealized gain (loss) on equity securities	(64,448)		23,265		(41,516)	50,506
Interest and other income	238		60		352	114
Interest expense	(39,524)		(36,879)		(78,047)	(72,624)
Loss on early extinguishment of debt	0				0	0
(Loss) income from continuing operations before income tax benefit (expense) and equity in earnings of an investee	(108,853)		(38,369)		(137,284)	(67,644)
Income tax benefit	35		(105)		(99)	(365)
Equity in earnings of an investee	130		7		534	51
Net (loss) income	(108,688)		(38,467)		(136,849)	(67,958)
Net income attributable to noncontrolling interest	0		0		0	0
Net income (loss) attributable to common shareholders	(108,688)		(38,467)		(136,849)	(67,958)
Assets	380,767				380,767		$ 375,249
Rental income
Revenues:
Total revenues	153,097		174,585		311,338	348,313
Rental income | MOBs
Revenues:
Total revenues	104,385		103,854		207,606	205,005
Rental income | Triple Net Leased Senior Living Communities
Revenues:
Total revenues	44,037		66,113		94,357	134,088
Rental income | Managed Senior Living Communities
Revenues:
Total revenues	0		0		0	0
Rental income | All Other Operations
Revenues:
Total revenues	4,675		4,618		9,375	9,220
Residents fees and services
Revenues:
Total revenues	108,906		102,617		216,951	204,659
Residents fees and services | MOBs
Revenues:
Total revenues	0		0		0	0
Residents fees and services | Triple Net Leased Senior Living Communities
Revenues:
Total revenues	0		0		0	0
Residents fees and services | Managed Senior Living Communities
Revenues:
Total revenues	108,906		102,617		216,951	204,659
Residents fees and services | All Other Operations
Revenues:
Total revenues	$ 0		$ 0		$ 0	$ 0

Leases and Management Agreeme_3

Leases and Management Agreements with Five Star - Narrative (Details) $ in Thousands	Apr. 01, 2019USD ($)	Apr. 30, 2019living_unit	Jun. 30, 2019USD ($)community	Jun. 30, 2018USD ($)community	Jun. 30, 2019USD ($)communitylease_agreementrenewal_option	Jun. 30, 2018USD ($)community	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Line of credit			$ 690,000		$ 690,000			$ 139,000
Senior Living Communities
Monthly minimum rent payable	$ 10,931
Payments to acquire assets	49,155
Five Star
Total rental income recognized					75,000
Annual minimum rent payable			$ 680		680
Amount of improvements to communities					$ 86,288
Investment owned, percentage of total shares outstanding			34.00%		34.00%
Percentage of total outstanding share issuances			51.00%		51.00%
Property management agreement, renewal term					5 years
Management fees as percentage of gross revenues			5.00%		5.00%
Percentage of gross revenues realized at all communities			1.50%		1.50%
Property management agreement, initial term					15 years
Number of consecutive renewal terms of agreement | renewal_option					2
Percentage target EBITDA of new management agreement not earned					90.00%
Percentage target EBITDA of new Management agreement not earned for all communities					20.00%
Line of credit			$ 25,000		$ 25,000
Interest rate (as a percent)			6.00%		6.00%
Percentage of annual incentive fee			15.00%		15.00%
Payments to acquire assets					$ 49,155
Five Star
Number of communities leased by the Company | community			181	184	181	184
Number of leases with related party | lease_agreement					5
Total rental income recognized			$ 33,400	$ 51,692	$ 72,713	$ 103,450
Variable rent payment included in rental income			538		538
Variable rent payment excluded from rental income			1,289		2,664
Receivables			$ 14,786		$ 14,786			$ 18,697
Real estate improvements purchased						8,529
Investment owned, percentage of total shares outstanding			8.30%		8.30%
Property management agreement expense			$ 3,871	3,533	$ 7,660	$ 7,027
Five Star | Rents from significant lessee | Investment
Percentage of rental income					26.40%
Five Star | Senior Living Communities
Number of communities managed by related party | community					77	75
Rehabilitation Services | Five Star
Expenses from transactions with related party			$ 1,513	$ 1,660	$ 3,188	$ 3,359
Rental income | Five Star | Rents from significant lessee | Investment
Percentage of rental income			12.70%		13.80%
Scenario, Forecast | Five Star
Monthly minimum rent payable							$ 11,000
Maximum | Senior Living Communities
Payments to acquire assets	$ 60,000
Oregon | Senior Living Communities
Number of living units | living_unit		318

Leases and Management Agreeme_4

Leases and Management Agreements with Five Star - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 262,003	$ 277,202	$ 528,289	$ 552,972
Basic housing and support services
Disaggregation of Revenue [Line Items]
Total revenues	89,082		176,494
Medicare and Medicaid programs
Disaggregation of Revenue [Line Items]
Total revenues	7,686		16,431
Private pay and other third party payer SNF services
Disaggregation of Revenue [Line Items]
Total revenues	12,138		24,026
Residents fees and services
Disaggregation of Revenue [Line Items]
Total revenues	$ 108,906	$ 102,617	$ 216,951	$ 204,659

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2019USD ($)	Jun. 30, 2019USD ($)employee	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)management_agreementemployee	Jun. 30, 2018USD ($)
Related person transactions
Number of employees | employee		0		0
Related party transaction business management agreement incentive fee paid	$ 40,642,000
Property management and construction supervision fees		$ 3,491,000	$ 2,984,000	$ 6,555,000	$ 5,805,000
Property management and construction supervision fees paid		3,352,000	3,172,000	6,726,000	5,951,000
RMR LLC
Related person transactions
Business management fees incurred		6,582,000	26,489,000	14,301,000	49,813,000
Related party transaction business management fees related to subsidiary level management		725,000	725,000	1,450,000	1,450,000
Related party transaction business management agreement, annual incentive fee estimate included in management fees		$ 0	$ 17,610,000	$ 0	$ 31,957,000
Senior Living Communities | RMR Inc
Related person transactions
Number of consecutive renewal terms of agreement | management_agreement				2

Related Person Transactions (De

Related Person Transactions (Details) $ / shares in Units, $ in Thousands	Jul. 01, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)agreementshares	Dec. 31, 2018USD ($)
RMR Inc | Class A common shares
Related person transactions
Equity securities investment (in shares) | shares		2,637,408
Number of management agreements | agreement		2
Five Star
Related person transactions
Equity securities investment (in shares) | shares		4,235,000
Investment owned, percentage of total shares outstanding		8.30%
AIC
Related person transactions
Equity method investments | $		$ 9,303	$ 8,632
RMR LLC | Five Star
Related person transactions
Investment owned, percentage of total shares outstanding		35.40%
Subsequent Event | RMR Inc | Class A common shares
Related person transactions
Sale of stock, price per share (in dollars per share) | $ / shares	$ 40
Proceeds from sale of investments | $	$ 98,903

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (35)	$ 105	$ 99	$ 365

Weighted Average Common Share_2

Weighted Average Common Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Weighted average common shares for basic earnings per share (in shares)	237,580	237,487	237,574	237,483
Effect of dilutive securities: unvested share awards (in shares)	0	42	0	23
Weighted average common shares for diluted earnings per share (in shares)	237,580	237,529	237,574	237,506
Antidilutive securities excluded from computation of earnings per hare (in shares)	68		18