Diversified Healthcare Trust (DHC) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-15319
Entity Registrant Name	DIVERSIFIED HEALTHCARE TRUST
Entity Incorporation, State or Country Code	MD
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
City Area Code	617
Local Phone Number	796 - 8350
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	DHC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		237,950,658
Entity Central Index Key	0001075415
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Senior Notes Due 2042
Entity Information [Line Items]
Title of 12(b) Security	5.625% Senior Notes due 2042
Trading Symbol	DHCNI
Security Exchange Name	NASDAQ
Senior Notes Due 2046
Entity Information [Line Items]
Title of 12(b) Security	6.25% Senior Notes due 2046
Trading Symbol	DHCNL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020		Dec. 31, 2019
Real estate properties:
Land	$ 799,462		$ 793,123
Buildings and improvements	6,720,113		6,668,463
Total real estate properties, gross	7,519,575		7,461,586
Accumulated depreciation	(1,666,244)		(1,570,801)
Total real estate properties, net	5,853,331		5,890,785
Assets of properties held for sale	106,049		209,570
Cash and cash equivalents	78,485		37,357
Restricted cash	15,283	[1]	14,867
Acquired real estate leases and other intangible assets, net	310,657		337,875
Other assets, net	236,718		163,372
Total assets	6,600,523		6,653,826
Liabilities and Equity
Unsecured revolving credit facility	0		537,500
Unsecured term loans, net	198,777		448,741
Senior unsecured notes, net	2,605,153		1,820,681
Secured debt and finance leases, net	693,179		694,739
Liabilities of properties held for sale	5,841		6,758
Accrued interest	27,162		24,060
Assumed real estate lease obligations, net	72,286		76,705
Other liabilities	243,285		167,592
Total liabilities	3,845,683		3,776,776
Commitments and contingencies
Equity attributable to common shareholders:
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 237,951,968 and 237,897,163 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	2,380		2,379
Additional paid in capital	4,613,146		4,612,511
Cumulative net income	2,036,225		2,052,562
Cumulative distributions	(4,028,797)		(3,930,933)
Total equity attributable to common shareholders	2,622,954		2,736,519
Noncontrolling interest:
Total equity attributable to noncontrolling interest	131,886		140,531
Total equity	2,754,840		2,877,050
Total liabilities and equity	$ 6,600,523		$ 6,653,826
[1]	Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties and cash held for the operations of one of our life science properties that is owned in a joint venture arrangement in which we own a 55% equity interest.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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)	237,951,968	237,897,163
Common shares of beneficial interest, shares outstanding (in shares)	237,951,968	237,897,163

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues	$ 410,311	$ 262,003	$ 852,778	$ 528,289
Expenses:
Property operating expenses	301,915	120,193	618,500	237,415
Depreciation and amortization	68,825	73,924	137,255	146,154
General and administrative	7,312	8,867	16,144	18,683
Acquisition and certain other transaction related costs	87	903	750	8,717
Impairment of assets	31,175	2,213	42,409	8,419
Total expenses	409,314	206,100	815,058	419,388
(Loss) gain on sale of properties	(168)	17,832	2,614	17,710
Dividend income	0	923	0	1,846
Gains and losses on equity securities, net	11,974	(64,448)	2,031	(41,516)
Interest and other income	7,736	238	7,874	352
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $1,617, $1,519, $3,126 and $3,171, respectively)	(43,974)	(46,412)	(85,624)	(92,023)
Gain on lease termination	0	0	22,896	0
Loss on early extinguishment of debt	(181)	(17)	(427)	(17)
Loss from continuing operations before income tax (expense) benefit and equity in earnings of an investee	(23,616)	(35,981)	(12,916)	(4,747)
Income tax (expense) benefit	(1,126)	35	(683)	(99)
Equity in earnings of an investee	0	130	0	534
Net income (loss)	(24,742)	(35,816)	(13,599)	(4,312)
Net income attributable to noncontrolling interest	(1,330)	(1,413)	(2,738)	(2,835)
Net income (loss) attributable to common shareholders	(26,072)	(37,229)	(16,337)	(7,147)
Other comprehensive income:
Equity in unrealized gain of an investee	0	71	0	137
Other comprehensive income	0	71	0	137
Comprehensive loss	(24,742)	(35,745)	(13,599)	(4,175)
Comprehensive income attributable to noncontrolling interest	(1,330)	(1,413)	(2,738)	(2,835)
Comprehensive loss attributable to common shareholders	$ (26,072)	$ (37,158)	$ (16,337)	$ (7,010)
Weighted average common shares outstanding (basic) (in shares)	237,700	237,580	237,684	237,574
Weighted average common shares outstanding (diluted) (in shares)	237,700	237,580	237,684	237,574
Per common share amounts (basic and diluted):
Net income attributable to common shareholders (in dollars per share)	$ (0.11)	$ (0.16)	$ (0.07)	$ (0.03)
Rental income
Revenues:
Total revenues	$ 106,207	$ 153,097	$ 216,705	$ 311,338
Residents fees and services
Revenues:
Total revenues	$ 304,104	$ 108,906	$ 636,073	$ 216,951

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Amortization of debt issuance costs and debt discounts and premiums	$ 1,617	$ 1,519	$ 3,126	$ 3,171

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	Five StarShareholders	Five StarShareholdersCumulative Distributions	Five StarShareholdersTotal Equity Attributable to Common Shareholders
Beginning balance (in shares) at Dec. 31, 2018		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	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
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	137
Ending balance (in shares) at Jun. 30, 2019		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	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
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 Dec. 31, 2019	237,897,163	237,897,163
Beginning balance at Dec. 31, 2019	$ 2,877,050	$ 2,379	4,612,511	2,052,562	0	(3,930,933)	2,736,519	140,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	11,143			9,735			9,735	1,408
Distributions	(35,684)					(35,684)	(35,684)
Distribution to common shareholders of the right to receive Five Star Senior Living Inc. common stock									$ (59,801)	$ (59,801)	$ (59,801)
Share grants	249		249				249
Share repurchases (in shares)		(3,438)
Share repurchases	(21)		(21)				(21)
Distributions to noncontrolling interest	(5,767)							(5,767)
Ending balance (in shares) at Mar. 31, 2020		237,893,725
Ending balance at Mar. 31, 2020	$ 2,787,169	$ 2,379	4,612,739	2,062,297	0	(4,026,418)	2,650,997	136,172
Beginning balance (in shares) at Dec. 31, 2019	237,897,163	237,897,163
Beginning balance at Dec. 31, 2019	$ 2,877,050	$ 2,379	4,612,511	2,052,562	0	(3,930,933)	2,736,519	140,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(13,599)
Other comprehensive income	$ 0
Distribution to common shareholders of the right to receive Five Star Senior Living Inc. common stock									$ (59,801)
Ending balance (in shares) at Jun. 30, 2020	237,951,968	237,951,968
Ending balance at Jun. 30, 2020	$ 2,754,840	$ 2,380	4,613,146	2,036,225	0	(4,028,797)	2,622,954	131,886
Beginning balance (in shares) at Mar. 31, 2020		237,893,725
Beginning balance at Mar. 31, 2020	2,787,169	$ 2,379	4,612,739	2,062,297	0	(4,026,418)	2,650,997	136,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(24,742)			(26,072)			(26,072)	1,330
Other comprehensive income	0
Distributions	(2,379)					(2,379)	(2,379)
Share grants (in shares)		60,000
Share grants	416	$ 1	415				416
Share repurchases (in shares)		(1,757)
Share repurchases	(8)		(8)				(8)
Distributions to noncontrolling interest	$ (5,616)							(5,616)
Ending balance (in shares) at Jun. 30, 2020	237,951,968	237,951,968
Ending balance at Jun. 30, 2020	$ 2,754,840	$ 2,380	$ 4,613,146	$ 2,036,225	$ 0	$ (4,028,797)	$ 2,622,954	$ 131,886

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (13,599)	$ (4,312)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization	137,255	146,154
Amortization of debt issuance costs and debt discounts and premiums	3,126	3,171
Straight line rental income	(2,538)	(2,364)
Amortization of acquired real estate leases and other intangible assets	(3,703)	(3,080)
Loss on early extinguishment of debt	51	17
Gain on lease termination	(22,896)	0
Impairment of assets	42,409	8,419
Gain on sale of properties	(2,614)	(17,710)
Gains and losses on equity securities, net	(2,031)	41,516
Other non-cash adjustments	(1,885)	(1,885)
Equity in earnings of an investee	0	(534)
Change in assets and liabilities:
Other assets	(26,836)	9,370
Accrued interest	3,085	(765)
Other liabilities	849	(52,123)
Net cash provided by operating activities	110,673	125,874
Cash flows from investing activities:
Real estate acquisitions and deposits	(2,526)	0
Real estate improvements	(71,762)	(135,750)
Proceeds from sale of properties, net	66,604	34,116
Distributions in excess of earnings from Affiliates Insurance Company	287	0
Net cash used in investing activities	(7,397)	(101,634)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, net	985,000	0
Proceeds from borrowings on revolving credit facility	405,500	730,000
Repayments of borrowings on revolving credit facility	(943,000)	(179,000)
Repayment of senior unsecured notes	(200,000)	(400,000)
Repayment of unsecured term loan	(250,000)	0
Repayment of other debt	(4,455)	(44,552)
Loss on early extinguishment of debt settled in cash	(376)	0
Payment of debt issuance costs	(4,926)	0
Repurchase of common shares	(29)	(33)
Distributions to noncontrolling interest	(11,383)	(11,187)
Distributions to shareholders	(38,063)	(128,373)
Net cash used in financing activities	(61,732)	(33,145)
Increase (decrease) in cash and cash equivalents and restricted cash	41,544	(8,905)
Cash and cash equivalents and restricted cash at beginning of period	52,224	70,071
Cash and cash equivalents and restricted cash at end of period	93,768	61,166
Supplemental cash flow information:
Interest paid	80,131	90,061
Income taxes paid	0	431
Non-cash investing activities:
Capitalized interest	718	$ 444
Five Star
Non-cash investing activities:
Transaction Agreement additional consideration	(75,000)
Five Star
Non-cash investing activities:
Five Star Senior Living Inc. common stock	97,896
Shareholders | Five Star
Noncash Financing Activities [Abstract]
Distribution to common shareholders of the right to receive Five Star Senior Living Inc. common stock	$ (59,801)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020		Dec. 31, 2019	Jun. 30, 2019		Dec. 31, 2018
Cash and cash equivalents	$ 78,485		$ 37,357	$ 48,033
Restricted cash	15,283	[1]	14,867	13,133	[1]
Total cash and cash equivalents and restricted cash shown in our condensed consolidated statements of cash flows	$ 93,768		$ 52,224	$ 61,166		$ 70,071
Joint Venture
Ownership percentage	55.00%
[1]	Restricted cash consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties and cash held for the operations of one of our life science properties that is owned in a joint venture arrangement in which we own a 55% equity interest.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Diversified Healthcare 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, 2019 , 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 an institutional investor for one of our life science properties 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 are the entity with 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 $991,730 and $1,015,661 as of June 30, 2020 and December 31, 2019 , respectively, and consist primarily of the net real estate owned by the joint venture. The liabilities of this VIE were $699,761 and $704,344 as of June 30, 2020 and December 31, 2019 , respectively, and consist primarily of the secured debts on the property. The investor's interest in this consolidated entity is reflected as a noncontrolling interest in our condensed consolidated financial statements. See Note 7 for further information about this joint venture.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments

Real Estate Properties

Real Estate Properties	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of June 30, 2020 , we owned 412 properties located in 38 states and Washington, D.C., including 21 properties classified as held for sale and one life science property owned in a joint venture arrangement in which we own a 55% equity interest. We regularly evaluate our assets for indicators of impairment. Impairment indicators may include declining tenant or resident occupancy, weak or declining profitability from the property, decreasing tenant cash flows or liquidity, our decision to dispose of an asset before the end of its estimated useful life, and legislative, market or industry changes that could permanently reduce the value of an asset. If indicators of impairment are present, we evaluate the carrying value of the affected assets by comparing it to the expected future cash flows to be generated from those assets. The future cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the sum of these expected future cash flows is less than the carrying value, we reduce the net carrying value of the asset to its estimated fair value. Acquisition Activities: In January 2020, we acquired a vacant land parcel adjacent to a property we own in our portfolio of medical office and life science properties, or our Office Portfolio, segment located in Tempe, Arizona for $2,600 , excluding acquisition costs. Disposition Activities: During the six months ended June 30, 2020 , we sold 12 properties for an aggregate sales price of $68,154 , excluding closing costs, as presented in the table below. The sales of these properties do not represent significant dispositions individually or in the aggregate, nor do we believe they represent a strategic shift in our business. As a result, the results of the operation for these properties are included in continuing operations through the date of sale of such properties in our condensed consolidated statements of comprehensive income (loss). Date of Sale Location Type of Property Number of Properties Square Feet or Number of Units Sales Price (1) Gain (loss) on Sale Impairment of Assets January 2020 Louisiana Medical Office 6 40,575 sq. ft. $ 5,925 $ (81 ) $ — February 2020 Pennsylvania Medical Office 1 50,000 sq. ft. 2,900 — (47 ) March 2020 Texas Medical Office 1 70,229 sq. ft. 8,779 2,863 — April 2020 California Managed Senior Living 3 599 units 47,000 (168 ) 5,465 June 2020 South Carolina Medical Office 1 49,242 sq. ft. 3,550 — 2,753 12 $ 68,154 $ 2,614 $ 8,171 (1) Sales price excludes closing costs. As of June 30, 2020 , we had 21 properties classified as held for sale in our condensed consolidated balance sheet as follows: Type of Property Number of Properties Undepreciated Carrying Value Impairment of Assets (1) Managed Senior Living 15 $ 52,563 $ 30,752 Medical Office 3 11,832 415 Triple Net Leased, Senior Living 3 48,236 — 21 $ 112,631 $ 31,167 (1) We recorded an aggregate of $31,167 impairment of real estate during the six months ended June 30, 2020 to adjust the carrying values of certain of these properties to their estimated fair values less costs to sell. Subsequent to June 30, 2020 , two of the three medical office properties and two of the 15 managed senior living communities classified as held for sale in the table above were sold for an aggregate sales price of $5,197 , excluding closing costs. We also recorded impairment charges of $3,071 related to seven medical office properties and two senior living communities that were classified as held for sale during the three months ended March 31, 2020. These properties were subsequently reclassified to held and used as of June 30, 2020 . As of August 3, 2020 , we had 24 properties under agreements to sell for an aggregate sales price of approximately $231,725 , excluding closing costs. We may not complete the sales of any or all of the properties we currently plan to sell. Also, we may sell some or all of these properties at amounts that are less than currently expected and/or less than the carrying values of such properties and we may incur losses on any such sales as a result.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases We are a lessor of medical office and life science properties, senior living communities and other healthcare related properties. 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 increased rental income to record revenue on a straight line basis by $1,385 and $430 for the three months ended June 30, 2020 and 2019 , respectively, and $2,538 and $2,364 for the six months ended June 30, 2020 and 2019 , respectively. Rents receivable, excluding properties classified as held for sale, include $107,178 and $99,297 of straight line rent receivables at June 30, 2020 and December 31, 2019, respectively, and are included in other assets, net in our condensed consolidated balance sheets. 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. We recognized such payments totaling $18,263 and $19,525 for the three months ended June 30, 2020 and 2019 , respectively, of which tenant reimbursements totaled $1,074 and $1,203 , respectively, and $38,291 and $38,370 for the six months ended June 30, 2020 and 2019 , respectively, of which tenant reimbursements totaled $2,094 and $2,400 , respectively. As a result of the COVID-19 pandemic, some of our tenants have requested relief from their obligations to pay rent due to us. As of August 3, 2020 , we granted requests for certain of our tenants to defer rent payments totaling $5,474 . These tenants are obligated to pay, in most cases, the deferred rents in 12 equal monthly installments commencing in September 2020. We have elected to use the FASB relief package regarding the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. The FASB relief package provides entities with the option to account for lease concessions resulting from the COVID-19 pandemic outside of the existing lease modification guidance if the resulting cash flows from the modified lease are substantially the same as the original lease. Because the majority of the deferred rents referenced above will generally be repaid over a 12-month period, the cash flows from the respective leases are substantially the same as before the rent deferrals. These deferred amounts did not negatively impact our results for the three and six months ended June 30, 2020 and, as of June 30, 2020 , we recognized an increase in our accounts receivable related to these deferred amounts of $3,504 . Right of Use Asset and Lease Liability . For leases where 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 value of the right of use asset and related liability representing our future obligation under the lease arrangement for which we are the lessee were $4,278 and $4,437 , respectively, as of June 30, 2020 , and $4,319 and $4,461 , respectively, as of December 31, 2019. 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, are not recorded on our condensed consolidated balance sheets.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations at June 30, 2020 were: (1) $2,650,000 outstanding principal amount of senior unsecured notes; (2) $200,000 outstanding principal amount under our term loan; and (3) $685,428 aggregate principal amount of mortgage notes (excluding premiums, discounts and net debt issuance costs) secured by seven properties, of which $620,000 is related to a joint venture arrangement in which we own a 55% equity interest. These seven mortgaged properties had a gross book value of real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs of $1,258,457 at June 30, 2020 . We also had two properties subject to finance leases with lease obligations totaling $8,352 at June 30, 2020 ; these two properties had gross book value of real estate assets of $35,708 at June 30, 2020 , and the finance leases expire in 2026. We have a $1,000,000 unsecured revolving credit facility that is available for general business purposes. 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. As of June 30, 2020 , our revolving credit facility required interest to be paid on borrowings at the annual rate of 2.6% , plus a facility fee of 30 basis points per annum on the total amount of lending commitments under the facility. The weighted average annual interest rates for borrowings under our revolving credit facility were 1.8% and 3.6% for the three months ended June 30, 2020 and 2019 , respectively, and 2.2% and 3.6% for the six months ended June 30, 2020 and 2019 , respectively. The interest rate premium and facility fee are each subject to adjustment based upon changes to our credit ratings. As of June 30, 2020 and August 3, 2020, we had no outstanding borrowings and $1,000,000 available for borrowing under our revolving credit facility. We have a $200,000 unsecured term loan that matures in September 2022 and is prepayable without penalty at any time. At June 30, 2020 , the annual interest rate payable on amounts outstanding under this term loan was 2.4% . The weighted average annual interest rate for amounts outstanding under this term loan was 2.3% and 3.9% for the three months ended June 30, 2020 and 2019 , respectively, and 2.7% and 3.9% for the six months ended June 30, 2020 and 2019 , respectively. The interest rate premium is subject to adjustment based upon changes to our credit ratings. In February 2020, we prepaid a mortgage note secured by one of our life science properties with an outstanding principal balance of approximately $1,554 , a maturity date in March 2026 and an annual interest rate of 6.25% . As a result of this prepayment, we recorded a loss on early extinguishment of debt of $246 for the six months ended June 30, 2020 . We prepaid this mortgage using cash on hand and borrowings under our revolving credit facility. In April 2020, we redeemed all of our outstanding 6.75% senior notes due 2020 for a redemption price equal to the principal amount of $200,000 plus accrued and unpaid interest of $6,750 . We funded this redemption with cash on hand and borrowings under our revolving credit facility. In May 2020, we prepaid a mortgage note secured by one of our medical office properties with an outstanding principal balance of approximately $1,213 , a maturity date in January 2022 and an annual interest rate of 7.49% . As a result of the prepayment of this mortgage note, we recorded a loss on early extinguishment of debt of $155 for both the three and six months ended June 30, 2020 . We prepaid this mortgage using cash on hand and borrowings under our revolving credit facility. In June 2020, we issued $1,000,000 aggregate principal amount of our 9.75% senior notes due 2025 in an underwritten public offering raising net proceeds of $983,500 , after deducting estimated offering expenses and underwriters' discounts. These notes are guaranteed by all of our subsidiaries, except for certain excluded subsidiaries, and require semi-annual interest payments through maturity. Prior to June 15, 2022, we may, at our option, redeem all or a portion of these notes at a redemption price equal to the outstanding principal amount of these notes, plus accrued and unpaid interest, plus the make-whole amount set forth in the indenture which governs these notes, as supplemented, or our 2025 Notes Indenture. Prior to June 15, 2022, we may also, at our option, redeem up to 40% of the aggregate principal amount of these notes with the net proceeds of certain equity offerings at the redemption price set forth in the 2025 Notes Indenture, so long as at least 50% of the original aggregate principal amount of these notes remains outstanding after each such redemption. In addition, we have the option to redeem all or a portion of these notes at any time on or after June 15, 2022 at the redemption prices set forth in the 2025 Notes Indenture. We used the net proceeds from this offering to prepay in full our $250,000 unsecured term loan which was scheduled to mature in June 2020 and to reduce amounts outstanding under our revolving credit facility. The weighted average interest rate under our $250,000 senior unsecured term loan was 1.9% and 2.4% for the periods from April 1, 2020 to June 2, 2020 and January 1, 2020 to June 2, 2020, respectively. As a result of the repayment of our $250,000 senior unsecured term loan, we recorded a loss on early extinguishment of debt of $26 for the three and six months ended June 30, 2020 . In June 2020, we amended the agreements governing our $1,000,000 unsecured revolving credit facility and $200,000 unsecured term loan, or collectively, our credit and term loan agreements. The amendments modify certain of the financial covenants under our credit and term loan agreements through June 30, 2021, or the Amendment Period, during which, subject to certain conditions, we will continue to have access to undrawn amounts under our revolving credit facility. We have the right to terminate the Amendment Period prior to June 30, 2021, subject to certain conditions. During the Amendment Period: • our interest rate premium over LIBOR under our revolving credit facility and term loan increased by 50 basis points; • we will generally be required to apply the net cash proceeds from the disposition of assets, capital markets transactions, debt financings or COVID-19 government stimulus programs, if allowed, to the repayment of outstanding loans under the revolving credit facility, if any; • we will be subject to certain additional covenants, including additional restrictions on our ability to incur indebtedness (with exceptions for borrowings under our revolving credit facility and certain other categories of secured and unsecured indebtedness), and to acquire real property or make other investments (with exceptions for, among other things, certain categories of capital expenditures and costs); • we will be required to maintain unrestricted liquidity (unrestricted cash and undrawn availability under our revolving credit facility) of not less than $200,000 ; and • our ability to pay distributions on our common shares will be limited to paying a cash dividend of $0.01 per common share per quarter and amounts required to maintain our qualification for taxation as a real estate investment trust, or REIT, and to avoid the payment of certain income and excise taxes. Our credit 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 credit 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 credit and term loan agreements and our senior unsecured notes indentures and their supplements also contain covenants, including covenants that restrict our ability to incur debts, and generally require us to maintain certain financial ratios, and our credit 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 credit and term loan agreements and our senior unsecured notes indentures and their supplements at June 30, 2020 . Although we have taken steps to enhance our ability to maintain sufficient liquidity, as noted elsewhere in this Quarterly Report on Form 10-Q, a protracted negative economic impact resulting from the COVID-19 pandemic may cause increased pressure on our ability to satisfy financial and other covenants.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities The following table presents certain of our assets that are measured at fair value at June 30, 2020 , categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. 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 Five Star (1) $ 41,697 $ 41,697 $ — $ — Non-Recurring Fair Value Measurements Assets: Real estate properties held for sale (2) $ 52,957 $ — $ 52,957 $ — (1) Our 10,691,658 shares of common stock of Five Star Senior Living Inc., or Five Star, 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 on The Nasdaq Stock Market LLC, or Nasdaq, (Level 1 inputs). On April 1, 2019, we entered into a transaction agreement with Five Star, or the Transaction Agreement, to restructure our business arrangements with Five Star, or the Restructuring Transaction. Pursuant to the Transaction Agreement, on January 1, 2020, Five Star issued 10,268,158 Five Star common shares to us. The fair value and initial cost basis of the Five Star common shares issued to us on January 1, 2020 was $38,095 . Our adjusted cost basis inclusive of the 423,500 Five Star common shares we owned as of December 31, 2019 and the 10,268,158 Five Star common shares issued to us on January 1, 2020 was $44,448 as of June 30, 2020 . During the three and six months ended June 30, 2020 , we recorded unrealized gains of $11,974 and $2,031 , respectively, which is included in 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. See Note 12 for further information about our investment in Five Star. (2) We have assets in our condensed consolidated balance sheets that are measured at fair value on a nonrecurring basis. During the six months ended June 30, 2020 , we recorded impairment charges of $267 to reduce the carrying value of one medical office property that is classified as held for sale to its estimated sales price, less estimated costs to sell of $84 , based on the sales price under a purchase and sale agreement that we have entered into with a third party buyer for this medical office property of $625 . We also recorded impairment charges of $30,752 to reduce the carrying value of 15 senior living communities that are classified as held for sale to their estimated sales price, less estimated costs to sell of $1,184 , based on the aggregate sales prices under the purchase and sale agreements that we have entered into with third party buyers for these senior living communities of $53,600 . 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 described in the table above, our financial instruments at June 30, 2020 and December 31, 2019 included cash and cash equivalents, restricted cash, other assets, our revolving credit facility, term loans, senior unsecured notes, secured debt and finance 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, 2020 As of December 31, 2019 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes $ 2,605,153 $ 2,454,286 $ 1,820,681 $ 1,890,386 Secured debts (2) 693,179 692,589 697,729 697,142 $ 3,298,332 $ 3,146,875 $ 2,518,410 $ 2,587,528 (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 Nasdaq (Level 1 input) as of June 30, 2020 . We estimated the fair values of our four issuances of senior unsecured notes due 2021, 2024, 2025 and 2028 using an average of the bid and ask price on Nasdaq on or about June 30, 2020 (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. Realized and unrealized gains and losses for our equity securities for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Realized gains and losses on equity securities sold (1) $ — $ (62,272 ) $ — $ (41,436 ) Unrealized gains and losses on equity securities held 11,974 (2,176 ) 2,031 (80 ) Gains and losses on equity securities, net $ 11,974 $ (64,448 ) $ 2,031 $ (41,516 ) (1) This amount relates to our sale of our former investment in The RMR Group Inc., or RMR Inc., on July 1, 2019. For further information about our former investment in RMR Inc. see our Annual Report.

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest We have a joint venture arrangement with an institutional investor for one of our life science properties 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 $1,330 and $1,413 for the three months ended June 30, 2020 and 2019 , respectively, and $2,738 and $2,835 for the six months ended June 30, 2020 and 2019 , respectively, is reported as a noncontrolling interest in our condensed consolidated statements of comprehensive income (loss). The joint venture made aggregate cash distributions to the other joint venture investor of $5,616 and $5,684 for the three months ended June 30, 2020 and 2019 , respectively, and $11,383 and $11,187 for the six months ended June 30, 2020 and 2019 , respectively, which are reflected as a decrease in total equity attributable to noncontrolling interest in our condensed consolidated balance sheets. As of June 30, 2020 , this joint venture held real estate assets with an aggregate net book value of $714,906 , 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, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Common Share Awards: On May 19, 2020, in accordance with our Trustee compensation arrangements, we awarded to each of our six Trustees 10,000 of our common shares, valued at $2.94 per share, the closing price of our common shares on Nasdaq on that day. Common Share Purchases: During the six months ended June 30, 2020 , we purchased our common shares from certain former officers and employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares, valued at the closing price of our common shares on Nasdaq on the purchase dates, as follows: Date Purchased Number of Shares Price per Share 1/9/2020 1,938 $ 8.10 3/13/2020 1,500 $ 3.79 6/30/2020 1,757 $ 4.43 Distributions: During the six months ended June 30, 2020 , we declared and paid quarterly distributions to common shareholders as follows: Record Date Payment Date Distribution Per Share Total Distributions January 27, 2020 February 20, 2020 $ 0.15 $ 35,684 April 13, 2020 May 21, 2020 $ 0.01 $ 2,379 As described in Note 10, pursuant to the Transaction Agreement, on January 1, 2020, Five Star issued an aggregate of 16,118,849 of its common shares, with a value of $59,801 , to our shareholders of record as of December 13, 2019. We recorded this issuance as a non-cash distribution in our condensed consolidated financial statements. On July 16, 2020 , we declared a quarterly distribution payable to our common shareholders of record on July 27, 2020 in the amount of $0.01 per share, or approximately $2,380 . We expect to pay this distribution on or about August 20, 2020 .

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in, and report financial information for, the following two segments: Office Portfolio and senior housing operating portfolio, or SHOP. We aggregate each of these two reporting segments based on their similar operating and economic characteristics. Our Office Portfolio segment consists of medical office properties leased to medical providers and other medical related businesses, as well as life science properties leased to biotech laboratories and other similar tenants. Our SHOP segment consists of managed senior living communities that provide short term and long term residential living and in some instances care and other services for residents where we pay fees to the operator to manage the communities for our account. In addition, prior to January 1, 2020, our SHOP segment included triple net leased senior living communities that provided short term and long term residential living and in some instances care and other services for residents and from which we received rents from Five Star. Pursuant to the Restructuring Transaction, effective January 1, 2020, our previously existing master leases and management and pooling agreements with Five Star were terminated and replaced with new management and related agreements, or collectively, the New Management Agreements, for all of our senior living communities operated by Five Star. Prior periods have been recast to reflect these reportable segments for all periods presented. We also report “non-segment” operations, which consists of triple net leased senior living communities, which are leased to operators other than Five Star from which we receive rents, and wellness centers, which we do not consider to be sufficiently material to constitute a separate reporting segment, and any other income or expenses that are not attributable to a specific reporting segment. For the Three Months Ended June 30, 2020 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 95,510 $ — $ 10,697 $ 106,207 Residents fees and services — 304,104 — 304,104 Total revenues 95,510 304,104 10,697 410,311 Expenses: Property operating expenses 30,893 271,022 — 301,915 Depreciation and amortization 32,234 33,773 2,818 68,825 General and administrative — — 7,312 7,312 Acquisition and certain other transaction related costs — — 87 87 Impairment of assets 538 30,637 — 31,175 Total expenses 63,665 335,432 10,217 409,314 Loss on sale of properties — (168 ) — (168 ) Gains on equity securities, net — — 11,974 11,974 Interest and other income — 7,346 390 7,736 Interest expense (6,020 ) (560 ) (37,394 ) (43,974 ) Loss on early extinguishment of debt (155 ) — (26 ) (181 ) Income (loss) from continuing operations before income tax expense 25,670 (24,710 ) (24,576 ) (23,616 ) Income tax expense — — (1,126 ) (1,126 ) Net income (loss) 25,670 (24,710 ) (25,702 ) (24,742 ) Net income attributable to noncontrolling interest (1,330 ) — — (1,330 ) Net income (loss) attributable to common shareholders $ 24,340 $ (24,710 ) $ (25,702 ) $ (26,072 ) Under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, the U.S. Department of Health and Human Services, or HHS, established the Provider Relief Fund. Retention and use of the funds received under the CARES Act are subject to certain terms and conditions. The terms and conditions require that the funds be utilized to compensate for lost revenues that are attributable to the COVID-19 pandemic and for eligible costs to prevent, prepare for and respond to the COVID-19 pandemic that are not covered by other sources. Further, fund recipients are required to be participating in Medicare at the time of distribution and are subject to certain other terms and conditions, including quarterly reporting requirements. In addition, fund recipients are required to have billed Medicare during 2019 and to continue to provide care after January 31, 2020 for diagnosis, testing or care for individuals with possible or actual COVID-19 cases. Any funds not used in accordance with the terms and conditions must be returned to HHS. As of June 30, 2020, we had received $10,133 in funds from the Provider Relief Fund to be used to support the operations of our managed senior living communities; we have currently determined that $7,346 of such funds meet the required terms and conditions and have therefore recognized such amount as other income with respect to our SHOP segment for the three and six months ended June 30, 2020. We currently expect to return the remaining $2,787 of such funds to HHS in August 2020 unless we determine that such funds meet the required terms and conditions and have therefore included that amount in other liabilities in our condensed consolidated financial statements as of June 30, 2020. For the Six Months Ended June 30, 2020 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 194,280 $ — $ 22,425 $ 216,705 Residents fees and services — 636,073 — 636,073 Total revenues 194,280 636,073 22,425 852,778 Expenses: Property operating expenses 63,599 554,901 — 618,500 Depreciation and amortization 64,397 66,815 6,043 137,255 General and administrative — — 16,144 16,144 Acquisition and certain other transaction related costs — — 750 750 Impairment of assets 6,756 35,653 — 42,409 Total expenses 134,752 657,369 22,937 815,058 Gain (loss) on sale of properties 2,782 (168 ) — 2,614 Gains on equity securities, net — — 2,031 2,031 Interest and other income — 7,346 528 7,874 Interest expense (12,072 ) (1,124 ) (72,428 ) (85,624 ) Gain on lease termination — — 22,896 22,896 Loss on early extinguishment of debt (401 ) — (26 ) (427 ) Income (loss) from continuing operations before income tax expense 49,837 (15,242 ) (47,511 ) (12,916 ) Income tax expense — — (683 ) (683 ) Net income (loss) 49,837 (15,242 ) (48,194 ) (13,599 ) Net income attributable to noncontrolling interest (2,738 ) — — (2,738 ) Net income (loss) attributable to common shareholders $ 47,099 $ (15,242 ) $ (48,194 ) $ (16,337 ) During the six months ended June 30, 2020, interest and other income for our SHOP segment includes $7,346 of funds we received pursuant to the CARES Act. As of June 30, 2020 Office Portfolio SHOP Non-Segment Consolidated Total assets $ 3,119,928 $ 3,005,164 $ 475,431 $ 6,600,523 For the Three Months Ended June 30, 2019 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 104,385 $ 33,400 $ 15,312 $ 153,097 Residents fees and services — 108,906 — 108,906 Total revenues 104,385 142,306 15,312 262,003 Expenses: Property operating expenses 32,525 87,668 — 120,193 Depreciation and amortization 35,037 34,226 4,661 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 67,658 124,011 14,431 206,100 Gain on sale of properties 2,625 15,207 — 17,832 Dividend income — — 923 923 Losses on equity securities, net — — (64,448 ) (64,448 ) Interest and other income — — 238 238 Interest expense (5,988 ) (902 ) (39,522 ) (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 32,583 (101,928 ) (35,981 ) Income tax benefit — — 35 35 Equity in earnings of an investee — — 130 130 Net income (loss) 33,364 32,583 (101,763 ) (35,816 ) Net income attributable to noncontrolling interest (1,413 ) — — (1,413 ) Net income (loss) attributable to common shareholders $ 31,951 $ 32,583 $ (101,763 ) $ (37,229 ) For the Six Months Ended June 30, 2019 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 207,606 $ 72,713 $ 31,019 $ 311,338 Residents fees and services — 216,951 — 216,951 Total revenues 207,606 289,664 31,019 528,289 Expenses: Property operating expenses 64,702 172,713 — 237,415 Depreciation and amortization 71,138 65,179 9,837 146,154 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 135,936 246,215 37,237 419,388 Gain on sale of properties 2,503 15,207 — 17,710 Dividend income — — 1,846 1,846 Losses on equity securities, net — — (41,516 ) (41,516 ) Interest and other income — — 352 352 Interest expense (12,018 ) (1,896 ) (78,109 ) (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 56,743 (123,645 ) (4,747 ) Income tax expense — — (99 ) (99 ) Equity in earnings of an investee — — 534 534 Net income (loss) 62,155 56,743 (123,210 ) (4,312 ) Net income attributable to noncontrolling interest (2,835 ) — — (2,835 ) Net income (loss) attributable to common shareholders $ 59,320 $ 56,743 $ (123,210 ) $ (7,147 ) As of December 31, 2019 Office Portfolio SHOP Non-Segment Consolidated Total assets $ 3,165,577 $ 3,044,989 $ 443,260 $ 6,653,826

Leases and Management Agreement

Leases and Management Agreements with Five Star	6 Months Ended
	Jun. 30, 2020
Risks and Uncertainties [Abstract]
Leases and Management Agreements with Five Star	Leases and Management Agreements with Five Star As of December 31, 2019, we leased 166 senior living communities to Five Star. As of that date, we also leased to our taxable REIT subsidiaries, or TRSs, 78 communities that we owned and that were managed by Five Star for our account. Restructuring of our Business Arrangements with Five Star The Transaction Agreement with Five Star . Pursuant to the Transaction Agreement, effective January 1, 2020, or the Conversion Time: • our previously existing master leases with Five Star for all of our senior living communities that Five Star leased, as well as our previously existing management agreements and pooling agreements with Five Star for our senior living communities that Five Star managed, were terminated and replaced, or the Conversion, with the New Management Agreements; • Five Star issued to us 10,268,158 Five Star common shares and an aggregate of 16,118,849 Five Star common shares to our shareholders of record as of December 13, 2019; and • as consideration for these share issuances, we provided Five Star with $75,000 of additional consideration by assuming certain of Five Star's working capital liabilities and through cash payments, resulting in a gain on lease termination of $22,896 for the six months ended June 30, 2020 in our condensed consolidated statements of comprehensive income (loss). Also pursuant to the Transaction Agreement: (1) commencing February 1, 2019, the aggregate amount of monthly minimum rent payable to us by Five Star under our previously existing master leases with Five Star was set at $11,000 as of February 1, 2019, subject to adjustment, and subsequently reduced in accordance with the Transaction Agreement as a result of our subsequent sales of certain of the leased senior living communities, and no additional rent was payable to us by Five Star from such date until the Conversion Time; and (2) as of 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. Pursuant to the New Management Agreements, Five Star receives 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 expire in 2034, subject to Five Star's right to extend for two consecutive five year terms if Five Star achieves certain performance targets for the combined managed communities portfolio, unless earlier terminated. 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. Pursuant to a guaranty agreement dated as of January 1, 2020 made by Five Star in favor of our applicable subsidiaries, Five Star has guaranteed the payment and performance of each of its applicable subsidiary's obligations under the applicable New Management Agreements. On April 1, 2019, we concluded that the Restructuring Transaction 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 was a VIE effective as of the date 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. Effective January 1, 2020, we determined that Five Star is not a VIE and we will account for our 33.9% investment in Five Star using the equity method of accounting because we are deemed to exert significant influence, but not control, over Five Star's most significant activities. We have elected to use the fair value option to account for our investment in Five Star. Our Senior Living Communities Formerly Leased by Five Star . Prior to the Conversion Time, we leased senior living communities to Five Star pursuant to five master leases with Five Star, each of which was terminated as of January 1, 2020 pursuant to the Transaction Agreement. Under our previously existing leases with Five Star, Five Star paid us annual rent plus percentage rent equal to 4.0% of the increase in gross revenues at certain of our senior living communities over base year gross revenues as specified in the applicable leases. We recognized rental income payable by Five Star of $33,400 and $72,713 (including percentage rent of $538 for each applicable period) for the three and six months ended June 30, 2019 , respectively. 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, and the properties Five Star leased from us represented 26.4% , excluding properties held for sale, of our real estate investments, at cost, as of June 30, 2019 . Pursuant to the Transaction Agreement, commencing February 1, 2019, no percentage rent was payable to us by Five Star. We previously determined percentage rent due under these leases annually and recognized it when all contingencies were met, which was typically at year end. Our previously existing leases with Five Star were “triple net” leases, which generally required Five Star to pay rent and all property operating expenses, to indemnify us from liability which may arise by reason of our ownership of the properties, to maintain the properties at Five Star's expense, to remove and dispose of hazardous substances on the properties in compliance with applicable law and to maintain insurance on the properties for Five Star's and our benefit. For the six months ended June 30, 2019 , we funded $86,288 of improvements to communities leased to Five Star, including $49,155 of fixed assets and improvements that we purchased pursuant to the Transaction Agreement as discussed above. Also pursuant to the Transaction Agreement, Five Star's rent did not increase as a result of these purchases. Our Senior Living Communities Managed by Five Star . Five Star managed 241 and 77 senior living communities for our account as of June 30, 2020 and 2019 , respectively. We lease our senior living communities that are managed by Five Star to our TRSs, and Five Star manages these communities pursuant to long term management agreements. As described above, pursuant to the Transaction Agreement, effective January 1, 2020, we replaced our long term management and pooling agreements with Five Star with the New Management Agreements, the terms of which are described above. We incurred management fees payable to Five Star of $15,262 and $3,871 for the three months ended June 30, 2020 and 2019 , respectively, and $31,850 and $7,660 for the six months ended June 30, 2020 and 2019 , 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: Three Months Ended June 30, Six Months Ended June 30, Revenue from contracts with customers: 2020 2019 2020 2019 Basic housing and support services $ 218,783 $ 89,082 $ 450,299 $ 176,494 Medicare and Medicaid programs 42,910 7,686 92,578 16,431 Private pay and other third party payer SNF services 42,411 12,138 93,196 24,026 Total residents fees and services $ 304,104 $ 108,906 $ 636,073 $ 216,951 In addition to providing management services to us, Five Star also provides certain other services to residents at some of the senior living communities it manages for us, 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 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 those rehabilitation services and charges for these services are included in amounts charged to residents, third party payers or government programs. We incurred fees of $5,814 and $1,513 for the three months ended June 30, 2020 and 2019 , respectively, and $13,871 and $3,188 for the six months ended June 30, 2020 and 2019 , respectively, with respect to rehabilitation services Five Star provided at senior living communities it manages for us that are payable by us. These amounts are included in property operating expenses in our condensed consolidated statements of comprehensive income (loss). Since January 1, 2020, we sold certain senior living communities that were then managed by Five Star. We and Five Star terminated our management agreements for these senior living communities in connection with these sales. We have also identified additional senior living communities for sale that are currently managed by Five Star. If these sales are consummated, we and Five Star will terminate the management agreements for these senior living communities. See Note 3 for further information regarding these sales. We lease to Five Star space at certain of our senior living communities that Five Star manages, which it uses to provide certain inpatient and outpatient rehabilitation and wellness services. We recognized rental income of $488 and $782

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	6 Months Ended
	Jun. 30, 2020
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 medical office and life science properties. We also have a subsidiary level management agreement with RMR LLC related to one of our life science properties located in Boston, Massachusetts, which we entered in connection with the joint venture arrangement for that life science property. Under that agreement, our subsidiary pays RMR LLC certain business management fees directly, which fees are credited against the business management fees payable by us to RMR LLC. See Note 12 for further information regarding our relationship, agreements and transactions with RMR LLC. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $4,841 and $6,582 for the three months ended June 30, 2020 and 2019 , respectively, and $10,610 and $14,301 for the six months ended June 30, 2020 and 2019 , respectively. The net business management fees we recognized include $725 and $1,450 of management fees related to our subsidiary level management agreement with RMR LLC entered in connection with our joint venture arrangement for the three and six months ended June 30, 2020 and 2019 , respectively. Based on our common share total return, as defined in our business management agreement, as of each of June 30, 2020 and 2019 , no estimated incentive fees are included in the net business management fees we recognized for the three or six months ended June 30, 2020 or 2019 . The actual amount of annual incentive fees for 2020, 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, 2020, and will be payable in 2021. We did not incur any incentive fee payable for the year ended December 31, 2019. We recognize business management and incentive fees 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 $3,407 and $3,491 for the three months ended June 30, 2020 and 2019 , respectively, and $6,599 and $6,555 for the six months ended June 30, 2020 and 2019 , 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 medical office and life science properties, 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 $3,419 and $3,352 for these expenses and costs for the three months ended June 30, 2020 and 2019 , respectively, and $6,862 and $6,726 for the six months ended June 30, 2020 and 2019 , respectively. These amounts are included in other operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss).

Related Person Transactions

Related Person Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR LLC, RMR Inc., Five Star and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR Inc. is the managing member of RMR LLC. The Chair of our Board and one of our Managing Trustees, Adam Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., a managing director and the president and chief executive officer of RMR Inc., an officer and employee of RMR LLC and the chair of the board of directors and a managing director of Five Star. Jennifer Clark, our other Managing Trustee and our Secretary, also serves as a managing director and the executive vice president, general counsel and secretary of RMR Inc., an officer and employee of RMR LLC, an officer of ABP Trust and a managing director and the secretary of Five Star, and each of our officers is also an officer and employee of RMR LLC. Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR LLC or its subsidiaries provide management services. Adam Portnoy serves as the chair of the boards of trustees or boards of directors of several of these public companies and as a managing director or managing trustee of these companies. Other officers of RMR LLC, including Ms. Clark and certain of our other officers, serve as managing trustees, managing directors or officers of certain of these companies. Five Star. We are currently Five Star's largest stockholder. As of June 30, 2020 , we owned 10,691,658 Five Star common shares, or approximately 33.9% of Five Star's outstanding common shares. Five Star manages for us most of the senior living communities we own. RMR LLC provides management services to both us and Five Star. See Note 10 for further information regarding our relationships, agreements and transactions with Five Star and Note 6 for further information regarding our investment in Five Star. As of June 30, 2020 , ABP Acquisition LLC, a subsidiary of ABP Trust, the controlling shareholder of RMR Inc., together with ABP Trust, owned approximately 6.4% of Five Star's outstanding common shares. RMR LLC provides management services to both us and Five Star and Adam Portnoy is the chair of the board of directors and a managing director of Five Star. Jennifer Clark is a managing director and the secretary of Five Star. Five Star's president and chief executive officer and executive vice president, chief financial officer and treasurer are officers and employees of RMR LLC. Our Manager, RMR LLC. We have two agreements with RMR LLC to provide management services to us. See Note 11 for further information regarding our management agreements with RMR LLC. AIC. Until its dissolution in February 2020, we, ABP Trust, Five Star and four other companies to which RMR LLC provides management services owned Affiliates Insurance Company, or AIC, an Indiana insurance company, in equal amounts. Certain of our Trustees and certain directors or trustees of the other AIC shareholders served on the board of directors of AIC until its dissolution. We and the other AIC shareholders historically participated in a combined property insurance program arranged and insured or 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 each of June 30, 2020 and December 31, 2019 , our investment in AIC had a carrying value of $11 and $298 , respectively. These amounts are included in other assets, net in our condensed consolidated balance sheets. In June 2020, we received an additional liquidating distribution of approximately $287 from AIC in connection with its dissolution. We did not recognize any income related to our investment in AIC for the three and six months ended June 30, 2020 and recognized $130 and $534 related to our investment in AIC for the three and six months ended June 30, 2019, respectively. These amounts are presented as equity in earnings of an investee in our condensed consolidated statements of comprehensive income (loss). Our other comprehensive income included our proportionate share of unrealized gains on securities that were owned by AIC, related to our investment in AIC. For further information about these and other such relationships and certain other related person transactions, see our Annual Report.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
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 our 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, 2020 and 2019 , we recognized income tax expense of $1,126 and benefit of $35 , respectively, and during the six months ended June 30, 2020 and 2019 , we recognized income tax expense of $683 and $99 , respectively.

Weighted Average Common Shares

Weighted Average Common Shares	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares We calculate basic earnings per common share by dividing net income (loss) by the weighted average number of our common shares outstanding during the period. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, and the related impact on earnings, are considered when calculating diluted earnings per share. For the three months ended June 30, 2020 and 2019, 346 and 68 unvested common shares, respectively, and for the six months ended June 30, 2020 and 2019, 234 and 18 unvested common shares, respectively, 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, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update 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. We adopted this standard which was effective as of January 1, 2020 using the modified retrospective approach. The implementation of this standard did not have a material impact in our condensed consolidated financial statements.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule of Real Estate Properties	Date of Sale Location Type of Property Number of Properties Square Feet or Number of Units Sales Price (1) Gain (loss) on Sale Impairment of Assets January 2020 Louisiana Medical Office 6 40,575 sq. ft. $ 5,925 $ (81 ) $ — February 2020 Pennsylvania Medical Office 1 50,000 sq. ft. 2,900 — (47 ) March 2020 Texas Medical Office 1 70,229 sq. ft. 8,779 2,863 — April 2020 California Managed Senior Living 3 599 units 47,000 (168 ) 5,465 June 2020 South Carolina Medical Office 1 49,242 sq. ft. 3,550 — 2,753 12 $ 68,154 $ 2,614 $ 8,171 (1) Sales price excludes closing costs. As of June 30, 2020 , we had 21 properties classified as held for sale in our condensed consolidated balance sheet as follows: Type of Property Number of Properties Undepreciated Carrying Value Impairment of Assets (1) Managed Senior Living 15 $ 52,563 $ 30,752 Medical Office 3 11,832 415 Triple Net Leased, Senior Living 3 48,236 — 21 $ 112,631 $ 31,167 (1) We recorded an aggregate of $31,167 impairment of real estate during the six months ended June 30, 2020 to adjust the carrying values of certain of these properties to their estimated fair values less costs to sell.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Recurring and Nonrecurring Measured at Fair Value	The following table presents certain of our assets that are measured at fair value at June 30, 2020 , categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. 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 Five Star (1) $ 41,697 $ 41,697 $ — $ — Non-Recurring Fair Value Measurements Assets: Real estate properties held for sale (2) $ 52,957 $ — $ 52,957 $ — (1) Our 10,691,658 shares of common stock of Five Star Senior Living Inc., or Five Star, 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 on The Nasdaq Stock Market LLC, or Nasdaq, (Level 1 inputs). On April 1, 2019, we entered into a transaction agreement with Five Star, or the Transaction Agreement, to restructure our business arrangements with Five Star, or the Restructuring Transaction. Pursuant to the Transaction Agreement, on January 1, 2020, Five Star issued 10,268,158 Five Star common shares to us. The fair value and initial cost basis of the Five Star common shares issued to us on January 1, 2020 was $38,095 . Our adjusted cost basis inclusive of the 423,500 Five Star common shares we owned as of December 31, 2019 and the 10,268,158 Five Star common shares issued to us on January 1, 2020 was $44,448 as of June 30, 2020 . During the three and six months ended June 30, 2020 , we recorded unrealized gains of $11,974 and $2,031 , respectively, which is included in 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. See Note 12 for further information about our investment in Five Star. (2) We have assets in our condensed consolidated balance sheets that are measured at fair value on a nonrecurring basis. During the six months ended June 30, 2020 , we recorded impairment charges of $267 to reduce the carrying value of one medical office property that is classified as held for sale to its estimated sales price, less estimated costs to sell of $84 , based on the sales price under a purchase and sale agreement that we have entered into with a third party buyer for this medical office property of $625 . We also recorded impairment charges of $30,752 to reduce the carrying value of 15 senior living communities that are classified as held for sale to their estimated sales price, less estimated costs to sell of $1,184 , based on the aggregate sales prices under the purchase and sale agreements that we have entered into with third party buyers for these senior living communities of $53,600 . 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, 2020 As of December 31, 2019 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes $ 2,605,153 $ 2,454,286 $ 1,820,681 $ 1,890,386 Secured debts (2) 693,179 692,589 697,729 697,142 $ 3,298,332 $ 3,146,875 $ 2,518,410 $ 2,587,528 (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.
Marketable Securities	Realized and unrealized gains and losses for our equity securities for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Realized gains and losses on equity securities sold (1) $ — $ (62,272 ) $ — $ (41,436 ) Unrealized gains and losses on equity securities held 11,974 (2,176 ) 2,031 (80 ) Gains and losses on equity securities, net $ 11,974 $ (64,448 ) $ 2,031 $ (41,516 ) (1) This amount relates to our sale of our former investment in The RMR Group Inc., or RMR Inc., on July 1, 2019. For further information about our former investment in RMR Inc. see our Annual Report.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of Repurchase Common Share	During the six months ended June 30, 2020 , we purchased our common shares from certain former officers and employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares, valued at the closing price of our common shares on Nasdaq on the purchase dates, as follows: Date Purchased Number of Shares Price per Share 1/9/2020 1,938 $ 8.10 3/13/2020 1,500 $ 3.79 6/30/2020 1,757 $ 4.43
Schedule of Dividends Declared and Paid	During the six months ended June 30, 2020 , we declared and paid quarterly distributions to common shareholders as follows: Record Date Payment Date Distribution Per Share Total Distributions January 27, 2020 February 20, 2020 $ 0.15 $ 35,684 April 13, 2020 May 21, 2020 $ 0.01 $ 2,379

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of segment reporting information	For the Three Months Ended June 30, 2020 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 95,510 $ — $ 10,697 $ 106,207 Residents fees and services — 304,104 — 304,104 Total revenues 95,510 304,104 10,697 410,311 Expenses: Property operating expenses 30,893 271,022 — 301,915 Depreciation and amortization 32,234 33,773 2,818 68,825 General and administrative — — 7,312 7,312 Acquisition and certain other transaction related costs — — 87 87 Impairment of assets 538 30,637 — 31,175 Total expenses 63,665 335,432 10,217 409,314 Loss on sale of properties — (168 ) — (168 ) Gains on equity securities, net — — 11,974 11,974 Interest and other income — 7,346 390 7,736 Interest expense (6,020 ) (560 ) (37,394 ) (43,974 ) Loss on early extinguishment of debt (155 ) — (26 ) (181 ) Income (loss) from continuing operations before income tax expense 25,670 (24,710 ) (24,576 ) (23,616 ) Income tax expense — — (1,126 ) (1,126 ) Net income (loss) 25,670 (24,710 ) (25,702 ) (24,742 ) Net income attributable to noncontrolling interest (1,330 ) — — (1,330 ) Net income (loss) attributable to common shareholders $ 24,340 $ (24,710 ) $ (25,702 ) $ (26,072 ) For the Six Months Ended June 30, 2020 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 194,280 $ — $ 22,425 $ 216,705 Residents fees and services — 636,073 — 636,073 Total revenues 194,280 636,073 22,425 852,778 Expenses: Property operating expenses 63,599 554,901 — 618,500 Depreciation and amortization 64,397 66,815 6,043 137,255 General and administrative — — 16,144 16,144 Acquisition and certain other transaction related costs — — 750 750 Impairment of assets 6,756 35,653 — 42,409 Total expenses 134,752 657,369 22,937 815,058 Gain (loss) on sale of properties 2,782 (168 ) — 2,614 Gains on equity securities, net — — 2,031 2,031 Interest and other income — 7,346 528 7,874 Interest expense (12,072 ) (1,124 ) (72,428 ) (85,624 ) Gain on lease termination — — 22,896 22,896 Loss on early extinguishment of debt (401 ) — (26 ) (427 ) Income (loss) from continuing operations before income tax expense 49,837 (15,242 ) (47,511 ) (12,916 ) Income tax expense — — (683 ) (683 ) Net income (loss) 49,837 (15,242 ) (48,194 ) (13,599 ) Net income attributable to noncontrolling interest (2,738 ) — — (2,738 ) Net income (loss) attributable to common shareholders $ 47,099 $ (15,242 ) $ (48,194 ) $ (16,337 ) As of June 30, 2020 Office Portfolio SHOP Non-Segment Consolidated Total assets $ 3,119,928 $ 3,005,164 $ 475,431 $ 6,600,523 For the Three Months Ended June 30, 2019 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 104,385 $ 33,400 $ 15,312 $ 153,097 Residents fees and services — 108,906 — 108,906 Total revenues 104,385 142,306 15,312 262,003 Expenses: Property operating expenses 32,525 87,668 — 120,193 Depreciation and amortization 35,037 34,226 4,661 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 67,658 124,011 14,431 206,100 Gain on sale of properties 2,625 15,207 — 17,832 Dividend income — — 923 923 Losses on equity securities, net — — (64,448 ) (64,448 ) Interest and other income — — 238 238 Interest expense (5,988 ) (902 ) (39,522 ) (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 32,583 (101,928 ) (35,981 ) Income tax benefit — — 35 35 Equity in earnings of an investee — — 130 130 Net income (loss) 33,364 32,583 (101,763 ) (35,816 ) Net income attributable to noncontrolling interest (1,413 ) — — (1,413 ) Net income (loss) attributable to common shareholders $ 31,951 $ 32,583 $ (101,763 ) $ (37,229 ) For the Six Months Ended June 30, 2019 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 207,606 $ 72,713 $ 31,019 $ 311,338 Residents fees and services — 216,951 — 216,951 Total revenues 207,606 289,664 31,019 528,289 Expenses: Property operating expenses 64,702 172,713 — 237,415 Depreciation and amortization 71,138 65,179 9,837 146,154 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 135,936 246,215 37,237 419,388 Gain on sale of properties 2,503 15,207 — 17,710 Dividend income — — 1,846 1,846 Losses on equity securities, net — — (41,516 ) (41,516 ) Interest and other income — — 352 352 Interest expense (12,018 ) (1,896 ) (78,109 ) (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 56,743 (123,645 ) (4,747 ) Income tax expense — — (99 ) (99 ) Equity in earnings of an investee — — 534 534 Net income (loss) 62,155 56,743 (123,210 ) (4,312 ) Net income attributable to noncontrolling interest (2,835 ) — — (2,835 ) Net income (loss) attributable to common shareholders $ 59,320 $ 56,743 $ (123,210 ) $ (7,147 ) As of December 31, 2019 Office Portfolio SHOP Non-Segment Consolidated Total assets $ 3,165,577 $ 3,044,989 $ 443,260 $ 6,653,826

Leases and Management Agreeme_2

Leases and Management Agreements with Five Star (Tables)	6 Months Ended
	Jun. 30, 2020
Risks and Uncertainties [Abstract]
Disaggregation of Revenue	The following table presents residents fees and services revenue disaggregated by type of contract and payer: Three Months Ended June 30, Six Months Ended June 30, Revenue from contracts with customers: 2020 2019 2020 2019 Basic housing and support services $ 218,783 $ 89,082 $ 450,299 $ 176,494 Medicare and Medicaid programs 42,910 7,686 92,578 16,431 Private pay and other third party payer SNF services 42,411 12,138 93,196 24,026 Total residents fees and services $ 304,104 $ 108,906 $ 636,073 $ 216,951

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)property	Jun. 30, 2020USD ($)property	Dec. 31, 2019USD ($)
Basis Of Presentation [Line Items]
Total assets	$ 6,600,523	$ 6,600,523	$ 6,653,826
Liabilities	(3,845,683)	(3,845,683)	(3,776,776)
VIE, Primary Beneficiary
Basis Of Presentation [Line Items]
Total assets	991,730	991,730	1,015,661
Liabilities	$ (699,761)	$ (699,761)	$ (704,344)
Joint Venture
Basis Of Presentation [Line Items]
Noncontrolling interest, ownership percentage by parent	45.00%	45.00%
Ownership percentage	55.00%	55.00%
Boston, MA | Joint Venture | Life Science Building
Basis Of Presentation [Line Items]
Number of properties included in joint venture agreement | property	1	1

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	Aug. 03, 2020USD ($)property	Aug. 06, 2020USD ($)building	Jan. 31, 2020USD ($)	Jun. 30, 2020USD ($)state	Mar. 31, 2020USD ($)building	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)statebuilding	Jun. 30, 2019USD ($)	Jun. 30, 2020building	Jun. 30, 2020	Jun. 30, 2020property
Real Estate Properties
Number of real estate properties | property											412
Number of states in which properties are located | state				38			38
Impairment of assets | $				$ 31,175		$ 2,213	$ 42,409	$ 8,419
Held-for-sale
Real Estate Properties
Number of real estate properties held for sale									21		21
Impairment of assets | $					$ 3,071		31,167
Held-for-sale | Medical Office Buildings
Real Estate Properties
Number of real estate properties | building					7
Number of real estate properties held for sale | building									3
Impairment of assets | $							415
Held-for-sale | Senior Living Communities
Real Estate Properties
Number of real estate properties | building					2
Number of real estate properties held for sale | building									15
Impairment of assets | $							$ 30,752
Disposed of by Sale, Not Discontinued Operations
Real Estate Properties
Number of real estate properties sold | building							12
Aggregate sale price | $							$ 68,154
Impairment of assets | $							$ 8,171
Joint Venture
Real Estate Properties
Ownership percentage										55.00%
Joint Venture | Life Science Building
Real Estate Properties
Number of properties included in joint venture | property											1
Tempe, AZ | Land Parcel
Real Estate Properties
Aggregate purchase price | $			$ 2,600
Subsequent Event
Real Estate Properties
Aggregate sale price | $	$ 231,725
Number of properties under agreement to sell | property	24
Subsequent Event | Held-for-sale
Real Estate Properties
Aggregate sale price | $		$ 5,197
Subsequent Event | Held-for-sale | Medical Office Buildings
Real Estate Properties
Number of real estate properties held for sale | building		3
Number of real estate properties sold | building		2
Subsequent Event | Held-for-sale | Senior Living Communities
Real Estate Properties
Number of real estate properties held for sale | building		15
Number of real estate properties sold | building		2

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) $ in Thousands	1 Months Ended					3 Months Ended			6 Months Ended
	Jun. 30, 2020USD ($)ft²building	Apr. 30, 2020USD ($)living_unitbuilding	Mar. 31, 2020USD ($)ft²building	Feb. 29, 2020USD ($)ft²building	Jan. 31, 2020USD ($)ft²building	Jun. 30, 2020USD ($)building	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)building	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020property
Real Estate [Line Items]
Impairment of Assets						$ 31,175		$ 2,213	$ 42,409	$ 8,419
Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Number of real estate properties sold | building									12
Sales Price									$ 68,154
Gain (loss) on Sale									2,614
Impairment of Assets									8,171
Disposed of by Sale, Not Discontinued Operations | Medical Office Buildings | Louisiana
Real Estate [Line Items]
Number of real estate properties sold | building					6
Square Feet | ft²					40,575
Sales Price					$ 5,925
Gain (loss) on Sale					(81)
Impairment of Assets					$ 0
Disposed of by Sale, Not Discontinued Operations | Medical Office Buildings | Pennsylvania
Real Estate [Line Items]
Number of real estate properties sold | building				1
Square Feet | ft²				50,000
Sales Price				$ 2,900
Gain (loss) on Sale				0
Impairment of Assets				$ (47)
Disposed of by Sale, Not Discontinued Operations | Medical Office Buildings | Texas
Real Estate [Line Items]
Number of real estate properties sold | building			1
Square Feet | ft²			70,229
Sales Price			$ 8,779
Gain (loss) on Sale			2,863
Impairment of Assets			$ 0
Disposed of by Sale, Not Discontinued Operations | Medical Office Buildings | South Carolina
Real Estate [Line Items]
Number of real estate properties sold | building	1
Square Feet | ft²	49,242
Sales Price	$ 3,550
Gain (loss) on Sale	0
Impairment of Assets	$ 2,753
Disposed of by Sale, Not Discontinued Operations | Senior Living Communities | California
Real Estate [Line Items]
Number of real estate properties sold | building		3
Number of Units | living_unit		599
Sales Price		$ 47,000
Gain (loss) on Sale		(168)
Impairment of Assets		$ 5,465
Held-for-sale
Real Estate [Line Items]
Impairment of Assets							$ 3,071		$ 31,167
Number of real estate properties held for sale	21					21			21			21
Undepreciated Carrying Value											$ 112,631
Held-for-sale | Medical Office Buildings
Real Estate [Line Items]
Impairment of Assets									$ 415
Number of real estate properties held for sale | building	3					3			3
Undepreciated Carrying Value											11,832
Held-for-sale | Senior Living Communities
Real Estate [Line Items]
Impairment of Assets									$ 30,752
Number of real estate properties held for sale | building	15					15			15
Undepreciated Carrying Value											52,563
Held-for-sale | Triple Net Leased Senior Living Communities
Real Estate [Line Items]
Impairment of Assets									$ 0
Number of real estate properties held for sale | building	3					3			3
Undepreciated Carrying Value											$ 48,236

Leases Leases - (Details)

Leases Leases - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Aug. 03, 2020
Lessee, Lease, Description [Line Items]
Straight line rental income	$ 1,385	$ 430	$ 2,538	$ 2,364
Straight line rental income, excluding properties held-for-sale			107,178		$ 99,297
Variable lease, payment	18,263	19,525	38,291	38,370
Reimbursement revenue lease	1,074	$ 1,203	2,094	$ 2,400
Increase in accounts receivable			3,504
Operating lease, right-of-use asset	4,278		4,278		4,319
Operating lease, liability	$ 4,437		$ 4,437		$ 4,461
Subsequent Event
Lessee, Lease, Description [Line Items]
Deferred rent credit						$ 5,474

Indebtedness (Details)

Indebtedness (Details)	May 21, 2020$ / shares	Apr. 01, 2020	Feb. 20, 2020$ / shares	May 31, 2020USD ($)property	Apr. 30, 2020USD ($)	Feb. 29, 2020USD ($)property	Jun. 02, 2020	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)	Jun. 02, 2020	Jun. 30, 2020USD ($)property$ / shares	Jun. 30, 2019USD ($)	Aug. 03, 2020USD ($)	Dec. 31, 2019USD ($)
Indebtedness
Total real estate properties, gross								$ 7,519,575,000			$ 7,519,575,000			$ 7,461,586,000
Loss on early extinguishment of debt								181,000	$ 17,000		427,000	$ 17,000
Unsecured revolving credit facility								$ 0			$ 0			$ 537,500,000
Dividend per share (in dollars per share) | $ / shares	$ 0.01		$ 0.15								$ 0.01
Joint Venture
Indebtedness
Ownership percentage								55.00%			55.00%
LIBOR
Indebtedness
Interest rate premium increase (as a percent)											50.00%
Unsecured revolving credit facility
Indebtedness
Unsecured revolving credit facility, maximum borrowing capacity								$ 1,000,000,000			$ 1,000,000,000
Line of credit facility, periodic payment, principal								$ 0
Revolving credit facility, interest rate payable (as a percent)								2.60%			2.60%
Weighted average interest rate on debt (as a percent)								1.80%	3.60%		2.20%	3.60%
Unsecured revolving credit facility								$ 200,000,000			$ 200,000,000
Unsecured revolving credit facility | LIBOR
Indebtedness
Interest rate added to the base rate (as a percent)		1.55%									1.55%
Debt instrument, facility fee (as a percent)		0.30%									0.30%
Unsecured revolving credit facility | Subsequent Event
Indebtedness
Revolving credit facility, available amount													$ 1,000,000,000
Unsecured revolving credit facility													$ 0
Mortgages
Indebtedness
Aggregate principal amount of mortgage debt								$ 685,428,000			$ 685,428,000
Number of properties mortgaged | property								7			7
Total real estate properties, gross								$ 1,258,457,000			$ 1,258,457,000
Mortgages | Joint Venture
Indebtedness
Aggregate principal amount of mortgage debt								$ 620,000,000			$ 620,000,000
Ownership percentage								55.00%			55.00%
Finance Leases
Indebtedness
Number of properties mortgaged | property								2			2
Total real estate properties, gross								$ 35,708,000			$ 35,708,000
Lease obligations								8,352,000			8,352,000
Term loan due 2022
Indebtedness
Debt face amount								$ 200,000,000			$ 200,000,000
Weighted average interest rate on debt (as a percent)								2.30%	3.90%		2.70%	3.90%
Interest rate (as a percent)								2.40%			2.40%
Term loan due 2022 | LIBOR
Indebtedness
Interest rate added to the base rate (as a percent)											1.75%
Term loan due 2020
Indebtedness
Debt face amount								$ 250,000			$ 250,000
Weighted average interest rate on debt (as a percent)							1.90%			2.40%
Loss on early extinguishment of debt								26,000			26,000
Senior Unsecured Note Due 2020
Indebtedness
Interest rate (as a percent)					6.75%
Principal amount plus accrued and unpaid interest					$ 200,000,000
Unpaid interest					$ 6,750,000
Mortgage 7.49 Percent Due January 2022 | Medical Office Buildings
Indebtedness
Interest rate (as a percent)				7.49%
Number of properties | property				1
Loss on early extinguishment of debt								155,000			155,000
Repayments of debt				$ 1,213,000
Senior Unsecured Note Due March 2025
Indebtedness
Debt face amount								$ 1,000,000,000			$ 1,000,000,000
Interest rate (as a percent)								9.75%			9.75%
Proceeds from debt											$ 983,500,000
Redemption percentage, maximum								40.00%			40.00%
Outstanding percentage, maximum								50.00%			50.00%
Senior Unsecured Note Due March 2026 | Life Science Building
Indebtedness
Interest rate (as a percent)						6.25%
Number of properties | property						1
Loss on early extinguishment of debt											$ 246,000
Repayments of debt						$ 1,554,000
Unsecured Debt
Indebtedness
Debt face amount								$ 2,650,000,000			2,650,000,000
Term Loan
Indebtedness
Debt face amount								$ 200,000,000			$ 200,000,000

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Assets and Liabilities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)propertyshares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)propertyshares	Jun. 30, 2019USD ($)	May 19, 2020shares	Jan. 01, 2020USD ($)shares	Dec. 31, 2019shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common shares of beneficial interest, shares issued (in shares) | shares	237,951,968		237,951,968		10,000		237,897,163
Unrealized gains and losses on equity securities held	$ 11,974	$ (2,176)	$ 2,031	$ (80)
Common shares of beneficial interest, shares outstanding (in shares) | shares	237,951,968		237,951,968				237,897,163
Impairment of assets	$ 31,175	$ 2,213	$ 42,409	$ 8,419
Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common shares of beneficial interest, shares issued (in shares) | shares						10,268,158
Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities investment (in shares) | shares	10,691,658		10,691,658
Initial cost basis	$ 44,448		$ 44,448			$ 38,095
Unrealized gains and losses on equity securities held	11,974		2,031
Common shares of beneficial interest, shares outstanding (in shares) | shares							423,500
Recurring | Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in affiliates, fair value	41,697		41,697
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	41,697		41,697
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) | 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	52,957		52,957
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
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	52,957		52,957
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
Common Shares | Five Star
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities investment (in shares) | shares	10,691,658		10,691,658
Medical Office Buildings | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sale price less estimated cost to sell	$ 84		$ 84
Medical Office Buildings | Held-for-sale, Not Discontinued Operations | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets			$ 267
Number of real estate properties held for sale | property	1		1
Sale price less estimated cost to sell	$ 625		$ 625
Senior Living Communities | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sale price less estimated cost to sell	$ 53,600		53,600
Senior Living Communities | Held-for-sale, Not Discontinued Operations | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of assets			$ 30,752
Number of real estate properties held for sale | property	15		15
Sale price less estimated cost to sell	$ 1,184		$ 1,184

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 3,298,332	$ 2,518,410
Carrying Amount | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	2,605,153	1,820,681
Carrying Amount | Secured debts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	693,179	697,729
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	3,146,875	2,587,528
Estimated Fair Value | Senior unsecured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	2,454,286	1,890,386
Estimated Fair Value | Secured debts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure	$ 692,589	$ 697,142

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Narrative (Details)	Jun. 30, 2020debt_security
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	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	4

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Realized gains and losses on equity securities sold	$ 0	$ (62,272)	$ 0	$ (41,436)
Unrealized gains and losses on equity securities held	11,974	(2,176)	2,031	(80)
Gains and losses on equity securities, net	$ 11,974	$ (64,448)	$ 2,031	$ (41,516)

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)property	Jun. 30, 2019USD ($)
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interest	$ (1,330)	$ (1,413)	$ (2,738)	$ (2,835)
Cash distribution for joint venture partners	5,616	$ 5,684	11,383	$ 11,187
Variable interest entity, consolidated, carrying amount, real estate assets	714,906		714,906
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%
Boston, MA | Life Science Building | Joint Venture
Noncontrolling Interest [Line Items]
Number of properties included in joint venture agreement | property	1		1

Shareholders' Equity - Share Re

Shareholders' Equity - Share Repurchase Program (Details) - Former Employees Of RMR LLC - $ / shares	Jun. 30, 2020	Mar. 13, 2020	Jan. 09, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares)	1,757	1,500	1,938
Shares purchased for tax withholding and payment obligations (in dollars per share)	$ 4.43	$ 3.79	$ 8.10

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	May 21, 2020	Feb. 20, 2020	Jun. 30, 2020	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Dividend per share (in dollars per share)	$ 0.01	$ 0.15	$ 0.01
Total distributions	$ 2,379	$ 35,684	$ 38,063	$ 128,373

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	Jul. 27, 2020USD ($)$ / shares	May 21, 2020USD ($)	Feb. 20, 2020USD ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	May 19, 2020trustee$ / sharesshares	Jan. 01, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trustees | trustee						6
Common shares of beneficial interest, shares issued (in shares) | shares				237,951,968		10,000		237,897,163
Common shares of beneficial interest, par value (in dollars per share) | $ / shares						$ 2.94
Common stock value				$ 2,380				$ 2,379
Distributions to shareholders		$ 2,379	$ 35,684	$ 38,063	$ 128,373
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions to common shareholders declared (in dollars per share) | $ / shares	$ 0.01
Distributions to shareholders	$ 2,380
Five Star
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares of beneficial interest, shares issued (in shares) | shares							10,268,158
Shareholders | Five Star
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares of beneficial interest, shares issued (in shares) | shares							16,118,849
Common stock value							$ 59,801

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segment reporting
Number of operating segments | segment					2
Revenues:
Total revenues	$ 410,311		$ 262,003		$ 852,778	$ 528,289
Expenses:
Property operating expenses	301,915		120,193		618,500	237,415
Depreciation and amortization	68,825		73,924		137,255	146,154
General and administrative	7,312		8,867		16,144	18,683
Acquisition and certain other transaction related costs	87		903		750	8,717
Impairment of assets	31,175		2,213		42,409	8,419
Total expenses	409,314		206,100		815,058	419,388
(Loss) gain on sale of properties	(168)		17,832		2,614	17,710
Dividend income	0		923		0	1,846
Gains (loss) on equity securities, net	11,974		(64,448)		2,031	(41,516)
Interest and other income	7,736		238		7,874	352
Interest expense	(43,974)		(46,412)		(85,624)	(92,023)
Gain (loss) on termination of lease	0		0		22,896	0
Gain (loss) on early extinguishment of debt	(181)		(17)		(427)	(17)
Income (loss) from continuing operations before income tax expense	(23,616)		(35,981)		(12,916)	(4,747)
Income tax expense (benefit)	(1,126)		35		(683)	(99)
Equity in earnings of an investee	0		130		0	534
Net income (loss)	(24,742)	$ 11,143	(35,816)	$ 31,504	(13,599)	(4,312)
Net income attributable to noncontrolling interest	(1,330)		(1,413)		(2,738)	(2,835)
Net income (loss) attributable to common shareholders	(26,072)		(37,229)		(16,337)	(7,147)
Total assets	6,600,523				6,600,523		$ 6,653,826
Operating Segments | Office Portfolio
Revenues:
Total revenues	95,510		104,385		194,280	207,606
Expenses:
Property operating expenses	30,893		32,525		63,599	64,702
Depreciation and amortization	32,234		35,037		64,397	71,138
General and administrative	0		0		0	0
Acquisition and certain other transaction related costs	0		0		0	0
Impairment of assets	538		96		6,756	96
Total expenses	63,665		67,658		134,752	135,936
(Loss) gain on sale of properties	0		2,625		2,782	2,503
Dividend income			0			0
Gains (loss) on equity securities, net	0		0		0	0
Interest and other income	0		0		0	0
Interest expense	(6,020)		(5,988)		(12,072)	(12,018)
Gain (loss) on termination of lease					0
Gain (loss) on early extinguishment of debt	(155)		0		(401)	0
Income (loss) from continuing operations before income tax expense	25,670		33,364		49,837	62,155
Income tax expense (benefit)	0		0		0	0
Equity in earnings of an investee			0			0
Net income (loss)	25,670		33,364		49,837	62,155
Net income attributable to noncontrolling interest	(1,330)		(1,413)		(2,738)	(2,835)
Net income (loss) attributable to common shareholders	24,340		31,951		47,099	59,320
Total assets	3,119,928				3,119,928		3,165,577
Operating Segments | SHOP
Revenues:
Total revenues	304,104		142,306		636,073	289,664
Expenses:
Property operating expenses	271,022		87,668		554,901	172,713
Depreciation and amortization	33,773		34,226		66,815	65,179
General and administrative	0		0		0	0
Acquisition and certain other transaction related costs	0		0		0	0
Impairment of assets	30,637		2,117		35,653	8,323
Total expenses	335,432		124,011		657,369	246,215
(Loss) gain on sale of properties	(168)		15,207		(168)	15,207
Dividend income			0			0
Gains (loss) on equity securities, net	0		0		0	0
Interest and other income	7,346		0		7,346	0
Interest expense	(560)		(902)		(1,124)	(1,896)
Gain (loss) on termination of lease					0
Gain (loss) on early extinguishment of debt	0		(17)		0	(17)
Income (loss) from continuing operations before income tax expense	(24,710)		32,583		(15,242)	56,743
Income tax expense (benefit)	0		0		0	0
Equity in earnings of an investee			0			0
Net income (loss)	(24,710)		32,583		(15,242)	56,743
Net income attributable to noncontrolling interest	0		0		0	0
Net income (loss) attributable to common shareholders	(24,710)		32,583		(15,242)	56,743
Total assets	3,005,164				3,005,164		3,044,989
Provider Relief Fund, CARES Act	10,133				10,133
Provider Relief Fund, expected HHS return, CARES Act	2,787				2,787
Non-Segment
Revenues:
Total revenues	10,697		15,312		22,425	31,019
Expenses:
Property operating expenses	0		0		0	0
Depreciation and amortization	2,818		4,661		6,043	9,837
General and administrative	7,312		8,867		16,144	18,683
Acquisition and certain other transaction related costs	87		903		750	8,717
Impairment of assets	0		0		0	0
Total expenses	10,217		14,431		22,937	37,237
(Loss) gain on sale of properties	0		0		0	0
Dividend income			923			1,846
Gains (loss) on equity securities, net	11,974		(64,448)		2,031	(41,516)
Interest and other income	390		238		528	352
Interest expense	(37,394)		(39,522)		(72,428)	(78,109)
Gain (loss) on termination of lease					22,896
Gain (loss) on early extinguishment of debt	(26)		0		(26)	0
Income (loss) from continuing operations before income tax expense	(24,576)		(101,928)		(47,511)	(123,645)
Income tax expense (benefit)	(1,126)		35		(683)	(99)
Equity in earnings of an investee			130			534
Net income (loss)	(25,702)		(101,763)		(48,194)	(123,210)
Net income attributable to noncontrolling interest	0		0		0	0
Net income (loss) attributable to common shareholders	(25,702)		(101,763)		(48,194)	(123,210)
Total assets	475,431				475,431		$ 443,260
Rental income
Revenues:
Total revenues	106,207		153,097		216,705	311,338
Rental income | Operating Segments | Office Portfolio
Revenues:
Total revenues	95,510		104,385		194,280	207,606
Rental income | Operating Segments | SHOP
Revenues:
Total revenues	0		33,400		0	72,713
Rental income | Non-Segment
Revenues:
Total revenues	10,697		15,312		22,425	31,019
Residents fees and services
Revenues:
Total revenues	304,104		108,906		636,073	216,951
Residents fees and services | Operating Segments | Office Portfolio
Revenues:
Total revenues	0		0		0	0
Residents fees and services | Operating Segments | SHOP
Revenues:
Total revenues	304,104		108,906		636,073	216,951
Residents fees and services | Non-Segment
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 ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)renewal_optioncommunityshares	Jun. 30, 2019USD ($)community	Dec. 31, 2019communityshares	May 19, 2020shares	Jan. 01, 2020shares	Feb. 01, 2019USD ($)
Common shares of beneficial interest, shares issued (in shares) | shares		237,951,968		237,951,968		237,897,163	10,000
Gain on lease termination		$ 0	$ 0	$ 22,896	$ 0
Rental income		$ 488		782
Senior Living Communities
Payments to acquire assets	$ 49,155				49,155
Five Star
Total rental income recognized				$ 75,000
Monthly minimum rent payable									$ 11,000
Management fees as percentage of gross revenues		5.00%		5.00%
Percentage of annual incentive fee		15.00%		15.00%
Percentage of gross revenues realized at all communities		1.50%		1.50%
Number of consecutive renewal terms of agreement | renewal_option				2
Property management agreement, renewal term				5 years
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%
Amount of improvements to communities					$ 86,288
Five Star
Annual rent plus percentage		4.00%		4.00%
Five Star | Senior Living Communities
Number of communities managed by related party | community				241	77
Five Star
Common shares of beneficial interest, shares issued (in shares) | shares								10,268,158
Five Star | Shareholders
Common shares of beneficial interest, shares issued (in shares) | shares								16,118,849
Five Star
Number of communities leased by the company | community						166
Number of communities managed by related party | community						78
Total rental income recognized			33,400		$ 72,713
Investment owned, percentage of total shares outstanding		33.90%		33.90%
Annual rent as a percentage				$ 538
Property management agreement expense		$ 15,262	$ 3,871	31,850	$ 7,660
Five Star | Rental income | Rents from significant lessee | Investment
Percentage of rental income			12.70%		13.80%
Five Star | Rental Property Concentration | Rents from significant lessee | Investment
Percentage of rental income					26.40%
Five Star | Rehabilitation Services
Expenses from transactions with related party		$ 5,814	$ 1,513	$ 13,871	$ 3,188

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 410,311	$ 262,003	$ 852,778	$ 528,289
Basic housing and support services
Disaggregation of Revenue [Line Items]
Total revenues	218,783	89,082	450,299	176,494
Medicare and Medicaid programs
Disaggregation of Revenue [Line Items]
Total revenues	42,910	7,686	92,578	16,431
Private pay and other third party payer SNF services
Disaggregation of Revenue [Line Items]
Total revenues	42,411	12,138	93,196	24,026
Residents fees and services
Disaggregation of Revenue [Line Items]
Total revenues	$ 304,104	$ 108,906	$ 636,073	$ 216,951

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)employeemanagement_agreement	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)employeemanagement_agreement	Jun. 30, 2019USD ($)	Dec. 31, 2020
Related person transactions
Number of employees | employee	0		0
Property management and construction supervision fees	$ 3,407,000	$ 3,491,000	$ 6,599,000	$ 6,555,000
Property management and construction supervision fees paid	3,419,000	3,352,000	6,862,000	6,726,000
RMR LLC
Related person transactions
Business management fees incurred	4,841,000	6,582,000	10,610,000	14,301,000
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	$ 0	$ 0	$ 0
Senior Living Communities | RMR Inc
Related person transactions
Number of management agreements | management_agreement	2		2
Subsequent Event | Scenario, Forecast | RMR LLC
Related person transactions
Period of actual amount of incentive fees					3 years

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)agreementshares	Jun. 30, 2020USD ($)agreementshares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)agreementshares	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Related person transactions
Proceeds from sale of equity method investments				$ 287	$ 0
Equity in earnings of an investee		$ 0	$ 130	$ 0	$ 534
Five Star
Related person transactions
Equity securities investment (in shares) | shares	10,691,658	10,691,658		10,691,658
Investment owned, percentage of total shares outstanding	33.90%	33.90%		33.90%
RMR LLC
Related person transactions
Number of management agreements | agreement	2	2		2
AIC
Related person transactions
Equity method investments	$ 11	$ 11		$ 11		$ 298
Proceeds from sale of equity method investments	$ 287
Equity in earnings of an investee		$ 130		$ 534
RMR LLC | Five Star
Related person transactions
Investment owned, percentage of total shares outstanding	6.40%	6.40%		6.40%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,126	$ (35)	$ 683	$ 99

Weighted Average Common Shares

Weighted Average Common Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	346	68	234	18