Diversified Healthcare Trust (DHC) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Each Class	Common Shares of Beneficial Interest
Trading Symbol(s)	DHC
Name Of Each Exchange On Which Registered	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)		238,988,296
Entity Central Index Key	0001075415
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Senior Notes Due 2042
Entity Information
Title Of Each Class	5.625% Senior Notes due 2042
Trading Symbol(s)	DHCNI
Name Of Each Exchange On Which Registered	NASDAQ
Senior Notes Due 2046
Entity Information
Title Of Each Class	6.25% Senior Notes due 2046
Trading Symbol(s)	DHCNL
Name Of Each Exchange On Which Registered	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022		Dec. 31, 2021
Real estate properties:
Land	$ 652,302		$ 741,501
Buildings and improvements	5,760,881		6,072,055
Total real estate properties, gross	6,413,183		6,813,556
Accumulated depreciation	(1,689,680)		(1,737,807)
Total real estate properties, net	4,723,503		5,075,749
Investments in unconsolidated joint ventures	266,741		215,127
Cash and cash equivalents	732,058		634,848
Restricted cash	759,938	[1]	382,097
Acquired real estate leases and other intangible assets, net	40,231		48,746
Other assets, net	252,908		266,947
Total assets	6,775,379		6,623,514
Liabilities and Shareholders' Equity
Revolving credit facility	700,000		800,000
Senior unsecured notes, net	2,808,467		2,806,811
Secured debt and finance leases, net	68,731		69,713
Accrued interest	45,579		29,845
Assumed real estate lease obligations, net	1,384		2,556
Other liabilities	250,485		252,199
Total liabilities	3,874,646		3,961,124
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $.01 par value: 300,000,000 shares authorized, 238,988,296 and 238,994,894 shares issued and outstanding, respectively	2,390		2,390
Additional paid in capital	4,615,785		4,615,475
Cumulative net income	2,328,047		2,087,624
Cumulative distributions	(4,045,489)		(4,043,099)
Total shareholders' equity	2,900,733		2,662,390
Total liabilities and shareholders' equity	$ 6,775,379		$ 6,623,514
[1]	As of March 31, 2022, restricted cash consists of proceeds from the sale of joint venture interests and proceeds from the sale of properties to joint ventures held as collateral pursuant to the agreement governing our revolving credit facility, or our credit agreement. We may use these funds to pay for approved expenditures in accordance with our credit agreement. Restricted cash also consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties. Prior to the deconsolidation of the joint venture that owns a life science property located in Boston, Massachusetts, or our Boston life science property joint venture, restricted cash also consisted of cash held for the operations of this joint venture. As of March 31, 2021, restricted cash also included amounts we used to redeem all $300,000 of our then outstanding 6.75% senior notes due 2021 in June 2021, when these notes became redeemable with no prepayment premium.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	238,988,296	238,994,894
Common shares of beneficial interest, shares outstanding (in shares)	238,988,296	238,994,894

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenues	$ 310,733	$ 362,724
Expenses:
Property operating expenses	268,742	287,391
Depreciation and amortization	57,259	66,153
General and administrative	7,285	7,542
Acquisition and certain other transaction related costs	928	0
Impairment of assets	0	(174)
Total expenses	334,214	360,912
Gain (loss) on sale of properties	327,794	(122)
Gain (loss) on equity securities	(8,553)	(8,339)
Interest and other income	395	2,835
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $2,472 and $2,812, respectively)	(57,131)	(60,091)
Loss on modification or early extinguishment of debt	(483)	(2,040)
Income (loss) from continuing operations before income tax expense and equity in earnings of investees	238,541	(65,945)
Income tax expense	(1,472)	(238)
Equity in earnings of investees	3,354	0
Net income (loss)	240,423	(66,183)
Net income attributable to noncontrolling interest	0	(1,322)
Net income (loss) attributable to common shareholders	$ 240,423	$ (67,505)
Weighted average common shares outstanding (basic) (in shares)	238,149	237,834
Weighted average common shares outstanding (diluted) (in shares)	238,198	237,834
Per common share amounts (basic and diluted):
Net income (loss) attributable to common shareholders - basic (in dollars per share)	$ 1.01	$ (0.28)
Net income (loss) attributable to common shareholders - diluted (in dollars per share)	$ 1.01	$ (0.28)
Affiliated Entity
Expenses:
Equity in earnings of investees	$ 3,354	$ 0
Rental income
Revenues:
Revenues	65,285	102,758
Residents fees and services
Revenues:
Revenues	$ 245,448	$ 259,966

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net amortization of debt premiums, discounts and issuance costs	$ 2,472	$ 2,812

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Equity Attributable to Common Shareholders	Common Shares	Additional Paid In Capital	Cumulative Net Income	Cumulative Distributions	Total Equity Attributable to Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 2,619,222	$ 2,495,837	$ 2,383	$ 4,613,904	$ 1,913,109	$ (4,033,559)	$ 123,385
Beginning balance (in shares) at Dec. 31, 2020			238,268,478
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(66,183)	(67,505)			(67,505)		1,322
Distributions	(2,383)	(2,383)				(2,383)
Share grants	228	228		228
Distributions to noncontrolling interest	(5,694)						(5,694)
Ending balance at Mar. 31, 2021	2,545,190	2,426,177	$ 2,383	4,614,132	1,845,604	(4,035,942)	119,013
Ending balance (in shares) at Mar. 31, 2021			238,268,478
Beginning balance at Dec. 31, 2021	$ 2,662,390	2,662,390	$ 2,390	4,615,475	2,087,624	(4,043,099)	0
Beginning balance (in shares) at Dec. 31, 2021	238,994,894		238,994,894
Increase (Decrease) in Stockholders' Equity
Net (loss) income	$ 240,423	240,423			240,423
Distributions	(2,390)	(2,390)				(2,390)
Share grants	318	318		318
Share repurchases	(5)	(5)		(5)
Share repurchases (in shares)			(1,698)
Share forfeitures	(3)	(3)		(3)
Share forfeitures (in shares)			(4,900)
Distributions to noncontrolling interest	(5,694)
Ending balance at Mar. 31, 2022	$ 2,900,733	$ 2,900,733	$ 2,390	$ 4,615,785	$ 2,328,047	$ (4,045,489)	$ 0
Ending balance (in shares) at Mar. 31, 2022	238,988,296		238,988,296

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 240,423	$ (66,183)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:
Depreciation and amortization	57,259	66,153
Net amortization of debt premiums, discounts and issuance costs	2,472	2,812
Straight line rental income	(1,745)	(804)
Amortization of acquired real estate leases	105	(1,866)
Loss on modification or early extinguishment of debt	483	2,040
Impairment of assets	0	(174)
(Gain) loss on sale of properties	(327,794)	122
Losses on equity securities, net	8,553	8,339
Other non-cash adjustments, net	(628)	(715)
Unconsolidated joint venture distributions	2,720	0
Equity in earnings of investees	(3,354)	0
Change in assets and liabilities:
Deferred leasing costs, net	(2,568)	(3,309)
Other assets	21,326	(20,533)
Accrued interest	15,734	29,035
Other liabilities	(20,250)	19,905
Net cash (used in) provided by operating activities	(7,264)	34,822
Cash flows from investing activities:
Real estate improvements	(55,791)	(44,005)
Proceeds from sale of properties, net	252	8,702
Proceeds from sale of properties to joint venture, net	643,892	0
Net cash provided by (used in) investing activities	588,353	(35,303)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, net	0	492,500
Proceeds from borrowings on revolving credit facility	0	800,000
Repayments of borrowings on revolving credit facility	(100,000)	0
Repayment of term loan	0	(200,000)
Repayment of other debt	(838)	(779)
Payment of debt issuance costs	(2,805)	(4,007)
Repurchase of common shares	(5)	0
Distributions to noncontrolling interest	0	(5,694)
Distributions to shareholders	(2,390)	(2,383)
Net cash (used in) provided by financing activities	(106,038)	1,079,637
Increase in cash and cash equivalents and restricted cash	475,051	1,079,156
Cash and cash equivalents and restricted cash at beginning of period	1,016,945	90,849
Cash and cash equivalents and restricted cash at end of period	$ 1,491,996	$ 1,170,005

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental cash flow information:
Interest paid	$ 38,925	$ 29,071
Income taxes paid	50	0
Non-cash investing activities:
Deconsolidation Of Previously Consolidated Investments, Real Estate	(355,669)
Real estate improvements accrued, not paid	20,645	18,513
Capitalized interest	$ 0	827
Five Star
Non-cash investing activities:
Deconsolidation Of Previously Consolidated Investments, Real Estate		$ 0

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Cash and Restricted Cash (Unaudited) (Parenthetical) $ in Thousands	Mar. 31, 2021USD ($)
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 843,237
Restricted cash	326,768	[1]
Total cash and cash equivalents and restricted cash shown in our condensed consolidated statements of cash flows	1,170,005
Senior Unsecured Notes 6.75 Percent Due 2021
Debt Instrument, Amount Redeemed	$ 300,000
Coupon rate (percent)	6.75%
[1]	As of March 31, 2022, restricted cash consists of proceeds from the sale of joint venture interests and proceeds from the sale of properties to joint ventures held as collateral pursuant to the agreement governing our revolving credit facility, or our credit agreement. We may use these funds to pay for approved expenditures in accordance with our credit agreement. Restricted cash also consists of amounts escrowed for real estate taxes, insurance and capital expenditures at certain of our mortgaged properties. Prior to the deconsolidation of the joint venture that owns a life science property located in Boston, Massachusetts, or our Boston life science property joint venture, restricted cash also consisted of cash held for the operations of this joint venture. As of March 31, 2021, restricted cash also included amounts we used to redeem all $300,000 of our then outstanding 6.75% senior notes due 2021 in June 2021, when these notes became redeemable with no prepayment premium.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, 2021, 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 been, are currently, and expect in the future to be involved in claims, lawsuits, and regulatory and other governmental audits, investigations and proceedings arising in the ordinary course of our business, some of which may involve material amounts. Also, the defense and resolution of these claims, lawsuits, and regulatory and other governmental audits, investigations and proceedings may require us to incur significant expense. We account for claims and litigation losses in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 450, Contingencies , or ASC 450. Under ASC 450, loss contingency provisions are recorded for probable and estimable losses at our best estimate of a loss or, when a best estimate cannot be made, at our estimate of the minimum loss. These estimates are often developed prior to knowing the amount of the ultimate loss, require the application of considerable judgment, and are refined as additional information becomes known. Accordingly, we are often initially unable to develop a best estimate of loss and therefore the estimated minimum loss amount, which could be zero, is recorded; and then, as information becomes known, the minimum loss amount is updated, as appropriate. A minimum or best estimate amount may be increased or decreased when events result in a changed expectation.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of March 31, 2022, we wholly owned 378 properties located in 36 states and Washington, D.C. and we owned a 20% equity interest in each of two unconsolidated joint ventures that own medical office and life science properties located in five states with an aggregate of approximately 2.2 million rentable square feet that were 98% leased with an average (by annualized rental income) remaining lease term of 6.6 years. Joint Venture Activities: As of March 31, 2022, we had equity investments in joint ventures as follows: Joint Venture DHC Ownership DHC Carrying Value of Investment at March 31, 2022 Number of Properties Location Square Feet Seaport Innovation LLC 20% $ 216,416 1 MA 1,134,479 The LSMD Fund REIT LLC 20% 50,325 10 CA, MA, NY, TX, WA 1,068,763 $ 266,741 11 2,203,242 The following table provides a summary of the mortgage debts of these joint ventures: Joint Venture Coupon Rate Maturity Date Principal Balance at March 31, 2022 (1) Mortgage Notes Payable (secured by one property in Massachusetts) (2) 3.53% 8/6/2026 $ 620,000 Mortgage Notes Payable (secured by nine properties in five states) 3.46% 2/11/2032 189,800 Mortgage Notes Payable (secured by one property in California) (3) 2.20% 2/9/2024 266,825 3.19% $ 1,076,625 (1) Amounts are not adjusted for our minority equity interest. (2) Following the deconsolidation in December 2021 of the net assets of our Boston life science property joint venture, we no longer include this $620,000 of secured debt financing in our consolidated balance sheet; however, we continue to provide certain guaranties on this debt. (3) The maturity date of February 9, 2024 is subject to three, one year extension options and requires interest to be paid at SOFR plus a premium of 1.90%. The interest rate is as of March 31, 2022. This joint venture has also purchased an interest rate cap through February 2024 with a SOFR strike rate equal to 4.00%. In December 2021, we sold an additional 35% equity interest from our then remaining 55% equity interest in our Boston life science property joint venture to another third party institutional investor for $373,847, which includes certain costs associated with the formation of this joint venture. Effective as of the date of the sale, we deconsolidated this joint venture and we now account for this joint venture using the equity method of accounting under the fair value option. Prior to the deconsolidation of the net assets of this joint venture, the joint venture investor's interest in this consolidated entity was reflected as noncontrolling interest in our consolidated financial statements. After giving effect to the sale, we continue to own a 20% equity interest in this joint venture. Our investment amount was based on a property valuation of $1,700,000, less $620,000 of existing mortgage debts on the property that this joint venture assumed. See Note 5 for more information regarding the use of the equity method for this joint venture. In January 2022, we entered into a joint venture with two unrelated third party institutional investors for 10 medical office and life science properties we owned, or our 10 medical office and life science properties joint venture, for aggregate proceeds, before closing costs and other adjustments, of approximately $653,300. We deconsolidated the net assets of these properties and recognized a net gain on sale of $327,542 related to this transaction, which is included in gain on sale of properties in our consolidated statements of comprehensive income (loss). The investors acquired a 41% and 39% equity interest in the joint venture and we retained a 20% equity interest in the joint venture. Effective as of the date of the sale, we deconsolidated these properties and we now account for this joint venture using the equity method of accounting under the fair value option. The investment amounts are based upon a property valuation of approximately $702,500, less approximately $456,600 of secured debt on the properties incurred by this joint venture. See Note 5 for more information regarding the use of the equity method for this joint venture. Acquisitions and Dispositions: We did not acquire or dispose of any properties during the three months ended March 31, 2022. Impairment: 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.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	LeasesWe 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 $1,745 and $804 for the three months ended March 31, 2022 and 2021, respectively. Rents receivable, excluding receivables related to our properties classified as held for sale, if any, include $69,192 and $82,131 of straight line rent receivables at March 31, 2022 and December 31, 2021, 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. Such payments totaled $10,708 and $18,228 for the three months ended March 31, 2022 and 2021, respectively, of which tenant reimbursements totaled $10,663 and $18,180, respectively. 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 values of the right of use asset and related liability representing our future obligation under the lease arrangement for which we are the lessee were $28,740 and $29,074, respectively, as of March 31, 2022, and $4,153 and $4,352, respectively, as of December 31, 2021. The right of use asset and related lease liability are included within other assets, net other liabilities

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations, excluding any debt obligations of our joint ventures, at March 31, 2022 were: (1) outstanding borrowings under our $700,000 revolving credit facility; (2) $2,850,000 outstanding principal amount of senior unsecured notes; and (3) $61,976 aggregate principal amount of mortgage notes secured by six properties. These six mortgaged properties had a gross book value of $115,874 at March 31, 2022. We also had two properties subject to finance leases with lease obligations totaling $6,321 at March 31, 2022; these two properties had gross book value and accumulated depreciation of $37,024 and $18,418, respectively, at March 31, 2022, and $36,730 and $18,203, respectively, at December 31, 2021, and the finance leases expire in 2026. We have a $700,000 revolving credit facility that is used for general business purposes. The maturity date of our revolving credit facility is January 2024. Our revolving credit facility generally 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 March 31, 2022, our revolving credit facility required interest to be paid on borrowings at the annual rate of 3.0%, 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 2.9% for each of the three months ended March 31, 2022 and 2021. The interest rate premium and facility fee are each subject to adjustment based upon changes to our credit ratings. As of March 31, 2022 and April 29, 2022, we were fully drawn under our revolving credit facility. In February 2022, we and our lenders amended our credit agreement. Pursuant to the amendment: • the waiver of the fixed charge coverage ratio covenant included in our credit agreement has been extended through December 31, 2022, or the Amendment Period; • the revolving credit facility commitments have been reduced from $800,000 to $700,000 following our repayment of $100,000, and as a result of the reduction in commitments, we recorded a loss on modification or early extinguishment of debt of $483 for the three months ended March 31, 2022; • we have the ability to fund $400,000 of capital expenditures per year and we are restricted in our ability to acquire real property as defined in our credit agreement; • the interest rate premium under our revolving credit facility increased by 15 basis points; and • certain covenants and restrictions on distributions to common shareholders, share repurchases, capital expenditures, acquiring additional properties and incurring additional indebtedness (in each case subject to various exceptions), and the minimum liquidity requirement of $200,000 will remain in place during the Amendment Period. Also in February 2022, we exercised our option to extend the maturity date of our revolving credit facility by one year to January 2024. Pursuant to our credit agreement, the borrowing capacity under our revolving credit facility will be reduced to $586,373 as of January 2023 and as such, further repayment of our revolving credit facility may be required. Pursuant to our credit agreement, we pledged certain equity interests of subsidiaries owning properties to secure our obligations under our credit agreement and agreed to provide, and as of September 2021 had provided, first mortgage liens on 61 medical office and life science properties with an aggregate gross book value of real estate assets of $994,281 as of March 31, 2022 to secure our obligations, which pledges and/or mortgage liens may be removed or new ones may be added during the Amendment Period based on outstanding debt amounts, among other things. In April 2022, we prepaid a mortgage note secured by one of our medical office properties with an outstanding principal balance of approximately $10,934, a maturity date in July 2022 and an annual interest rate of 6.28%. We prepaid this mortgage using cash on hand.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. As of March 31, 2022 As of December 31, 2021 Description Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Recurring Fair Value Measurements Assets: Investment in AlerisLife (Level 1) (1) $ 22,987 $ 22,987 $ 31,540 $ 31,540 Investment in unconsolidated joint venture (Level 3) (2) $ 216,416 $ 216,416 $ 215,127 $ 215,127 Investment in unconsolidated joint venture (Level 3) (3) $ 50,325 $ 50,325 $ — $ — (1) Our 10,691,658 shares of common stock of AlerisLife Inc., or AlerisLife, 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). During the three months ended March 31, 2022 and 2021, we recorded unrealized losses of $8,553 and $8,339, respectively, which are included in losses on equity securities, net in our condensed consolidated statements of comprehensive income (loss), to adjust the carrying value of our investment in AlerisLife common shares to their fair value. See Note 11 for further information about our investment in AlerisLife. (2) The 20% equity interest we own in our Boston life science property joint venture is included in investments in unconsolidated joint ventures in our condensed consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The significant unobservable inputs used in the fair value analysis are a discount rate of 5.58%, an exit capitalization rate of 5.25%, a holding period of approximately 10 years and market rents. The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions, which are derived from appraisers, industry publications and our experience. See Note 2 for further information regarding this joint venture. (3) The 20% equity interest we own in our 10 medical office and life science properties joint venture is included in investments in unconsolidated joint ventures in our condensed consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The significant unobservable inputs used in the fair value analysis are discount rates of between 5.67% and 8.93%, exit capitalization rates of between 4.75% and 6.00%, holding periods of approximately 10 years and market rents. The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions, which are derived from appraisers, industry publications and our experience. See Note 2 for further information regarding this joint venture. In addition to the assets described in the table above, our financial instruments at March 31, 2022 and December 31, 2021 included cash and cash equivalents, restricted cash, other assets, our revolving credit facility, 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 March 31, 2022 As of December 31, 2021 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes, 4.750% coupon rate, due 2024 $ 249,418 $ 238,401 $ 249,348 $ 257,695 Senior unsecured notes, 9.750% coupon rate, due 2025 988,790 1,056,375 987,903 1,081,990 Senior unsecured notes, 4.750% coupon rate, due 2028 492,517 462,823 492,199 491,480 Senior unsecured notes, 4.375% coupon rate, due 2031 492,342 428,303 492,127 480,763 Senior unsecured notes, 5.625% coupon rate, due 2042 342,279 253,540 342,183 309,260 Senior unsecured notes, 6.250% coupon rate, due 2046 243,121 198,400 243,051 226,500 Secured debts (2) 68,731 69,379 69,713 71,963 $ 2,877,198 $ 2,707,221 $ 2,876,524 $ 2,919,651 (1) Includes unamortized net 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 March 31, 2022. We estimated the fair values of our four issuances of senior unsecured notes due 2024, 2025, 2028 and 2031 using an average of the bid and ask price on Nasdaq on or about March 31, 2022 (Level 2 inputs as defined in the fair value hierarchy under GAAP). We estimated the fair values of our secured debts by using discounted cash flows analyses and currently prevailing market terms as of the measurement date (Level 3 inputs as defined in the fair value hierarchy under GAAP). Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values.

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling InterestIn March 2017, we entered into our Boston life science property joint venture. The investor owned a 45% equity interest in the joint venture, and we owned the remaining 55% equity interest in the joint venture. We determined that, while we owned a 55% equity interest in this joint venture, this joint venture was a variable interest entity, or VIE, and that we controlled the activities that most significantly impacted the economic performance of this entity; we therefore consolidated the results of this joint venture in our financial statements. In December 2021, we sold an additional 35% equity interest in our Boston life science property joint venture to another third party institutional investor. After giving effect to the sale, we continue to own a 20% equity interest in this joint venture, but have determined that we are no longer the primary beneficiary. Effective as of the date of the sale, we deconsolidated these properties and we now account for this joint venture using the equity method of accounting under the fair value option. The portion of the joint venture's net income and comprehensive income not attributable to us, or $1,322 for the three months ended March 31, 2021, is reported as a noncontrolling interest in our condensed consolidated statements of comprehensive income (loss). This joint venture made aggregate cash distributions to the other joint venture investor of $5,694 for the three months ended March 31, 2021, which are reflected as a decrease in total equity attributable to noncontrolling interest in our condensed consolidated statement of shareholders' equity.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Common Share Repurchases: During the three months ended March 31, 2022, we purchased 1,698 of our common shares, valued at $3.20 per common share, from a former employee of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of prior awards of our common shares. Distributions: During the three months ended March 31, 2022, we declared and paid a quarterly distribution to common shareholders as follows: Declaration Date Record Date Payment Date Distribution Per Share Total Distributions January 13, 2022 January 24, 2022 February 17, 2022 $ 0.01 $ 2,390 On April 14, 2022, we declared a quarterly distribution to common shareholders of record on April 25, 2022 of $0.01 per share, or approximately $2,390. We expect to pay this distribution on or about May 19, 2022.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
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 managers to operate the communities. We also report “non-segment” operations, consisting of triple net leased senior living communities and wellness centers that are leased to third party operators from which we receive rents, 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 March 31, 2022 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 54,997 $ — $ 10,288 $ 65,285 Residents fees and services — 245,448 — 245,448 Total revenues 54,997 245,448 10,288 310,733 Expenses: Property operating expenses 23,447 245,295 — 268,742 Depreciation and amortization 18,390 35,983 2,886 57,259 General and administrative — — 7,285 7,285 Acquisition and certain other transaction related costs — — 928 928 Total expenses 41,837 281,278 11,099 334,214 Gain on sale of properties 327,542 252 — 327,794 Losses on equity securities, net — — (8,553) (8,553) Interest and other income — 199 196 395 Interest expense (365) (494) (56,272) (57,131) Loss on modification or early extinguishment of debt — — (483) (483) Income (loss) from continuing operations before income tax expense and equity in earnings of investees 340,337 (35,873) (65,923) 238,541 Income tax expense — — (1,472) (1,472) Equity in earnings of investees 3,354 — — 3,354 Net income (loss) $ 343,691 $ (35,873) $ (67,395) $ 240,423 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 a 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. We recognize income from government grants on a systematic and rational basis over the period in which we recognize the related expenses or loss of revenues for which the grants are intended to compensate when there is reasonable assurance that we will comply with the applicable terms and conditions of the grant and there is reasonable assurance that the grant will be received. We have recognized $199 and $2,433 as other income in our condensed consolidated statements of comprehensive income (loss) with respect to our SHOP segment for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 Office Portfolio SHOP Non-Segment Consolidated Total assets $ 1,991,516 $ 2,981,824 $ 1,802,039 $ 6,775,379 For the Three Months Ended March 31, 2021 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 93,323 $ — $ 9,435 $ 102,758 Residents fees and services — 259,966 — 259,966 Total revenues 93,323 259,966 9,435 362,724 Expenses: Property operating expenses 31,293 256,098 — 287,391 Depreciation and amortization 31,938 31,361 2,854 66,153 General and administrative — — 7,542 7,542 Impairment of assets — (174) — (174) Total expenses 63,231 287,285 10,396 360,912 Loss on sale of properties (122) — — (122) Losses on equity securities, net — — (8,339) (8,339) Interest and other income — 2,433 402 2,835 Interest expense (5,939) (528) (53,624) (60,091) Loss on modification or early extinguishment of debt — — (2,040) (2,040) Income (loss) from continuing operations before income tax expense 24,031 (25,414) (64,562) (65,945) Income tax expense — — (238) (238) Net income (loss) 24,031 (25,414) (64,800) (66,183) Net income attributable to noncontrolling interest (1,322) — — (1,322) Net income (loss) attributable to common shareholders $ 22,709 $ (25,414) $ (64,800) $ (67,505) As of December 31, 2021 Office Portfolio SHOP Non-Segment Consolidated Total assets $ 2,282,652 $ 2,995,819 $ 1,345,043 $ 6,623,514

Senior Living Community Managem

Senior Living Community Management Agreements	3 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Senior Living Community Management Agreements	Senior Living Community Management Agreements Our managed senior living communities are operated by third parties pursuant to management agreements. Five Star Senior Living, or Five Star, which is an operating division of AlerisLife, manages certain of our SHOP communities. 2021 Amendments to our Management Arrangements with Five Star. On June 9, 2021, we amended our management arrangements with Five Star. The principal changes to the management arrangements included: • that Five Star agreed to cooperate with us in transitioning 108 of our senior living communities with approximately 7,500 living units to other third party managers without our payment of any termination fee to Five Star; • that we no longer have the right to sell up to an additional $682,000 of senior living communities currently managed by Five Star and terminate Five Star's management of those communities without our payment of a fee to Five Star upon sale; • that Five Star is continuing to manage 120 of our senior living communities, and that the skilled nursing units in all of our continuing care retirement communities that Five Star is continuing to manage, which then included approximately 1,500 living units, were closed and are being evaluated and repositioned; • that beginning in 2025, we will have the right to terminate up to 10% of the senior living communities that Five Star is continuing to manage, based on total revenues per year for failure to meet 80% of a target earnings before interest, taxes, depreciation and amortization for the applicable period; • that the incentive fee that Five Star may earn in any calendar year for the senior living communities that Five Star is continuing to manage is no longer subject to a cap and that any senior living communities that are undergoing a major renovation or repositioning are excluded from the calculation of the incentive fee; • that RMR will oversee any major renovation or repositioning activities at the senior living communities that Five Star is continuing to manage; and • that the term of our management agreements with Five Star for our senior living communities that Five Star is continuing to manage was extended by two years to December 31, 2036. Pursuant to these changes, we and Five Star entered into an amended and restated master management agreement, or the Master Management Agreement, for the senior living communities that Five Star is continuing to manage, and interim management agreements for the senior living communities that we and Five Star agreed to transition to new third party managers. These agreements replaced our prior master leases and management and pooling agreements with Five Star. In addition, AlerisLife delivered to us a related amended and restated guaranty agreement pursuant to which AlerisLife is continuing to guarantee the payment and performance of each of its applicable subsidiary's obligations under the applicable management agreements. As of December 31, 2021, we had transitioned 107 of the 108 senior living communities, containing 7,340 living units, from Five Star to new third party managers. The remaining senior living community was closed in February 2022 and we are assessing opportunities to redevelop that property. We continue to lease our senior living communities that have been transitioned to new managers to our taxable REIT subsidiaries, or TRSs. We incurred and expect to continue to incur costs related to retention and other transition costs for these communities. For the three months ended March 31, 2022, we recorded $928 of these costs to acquisition and certain other transaction related costs in our condensed consolidated statements of comprehensive income (loss). Our Senior Living Communities Managed by Five Star. Five Star managed 120 and 235 of our senior living communities as of March 31, 2022 and 2021, respectively. We lease our senior living communities that are managed by Five Star to our TRSs. We incurred management fees payable to Five Star of $8,932 and $13,850 for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022 and 2021, $8,142 and $13,016, respectively, of the total management fees were expensed to property operating expenses in our condensed consolidated statements of comprehensive income (loss) and $790 and $834, respectively, were capitalized in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. We incurred fees of $1,916 and $5,441 for the three months ended March 31, 2022 and 2021, respectively, with respect to rehabilitation services Five Star provided at our senior living communities that are payable by us. These amounts are included in property operating expenses in our condensed consolidated statements of comprehensive income (loss). We lease to Five Star space at certain of our senior living communities, which it uses to provide certain outpatient rehabilitation and wellness services. We recorded $388 and $397 for the three months ended March 31, 2022 and 2021, respectively, with respect to these leases. Our Senior Living Communities Managed by Other Third Party Managers. We incurred management fees payable to the new third party managers of $5,108 for the three months ended March 31, 2022. These amounts are included in property operating expenses in our condensed consolidated financial statements. The following table presents residents fees and services revenue from all of our managed senior living communities disaggregated by the type of contract and payer: Three Months Ended March 31, Revenue from contracts with customers: 2022 2021 Basic housing and support services $ 192,874 $ 188,029 Medicare and Medicaid programs 19,817 35,948 Private pay and other third party payer SNF services 32,757 35,989 Total residents fees and services $ 245,448 $ 259,966

Business and Property Managemen

Business and Property Management Agreements with RMR	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Business and Property Management Agreements with RMR LLC	Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR 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 and major renovation or repositioning activities at our senior living communities that we may request RMR to manage from time to time. See Note 11 for further information regarding our relationship, agreements and transactions with RMR. We recognized net business management fees of $4,813 and $5,317 for the three months ended March 31, 2022 and 2021, respectively. Based on our common share total return, as defined in our business management agreement, as of each of March 31, 2022 and 2021, no estimated incentive fees are included in the net business management fees we recognized for the three months ended March 31, 2022 or 2021. The actual amount of annual incentive fees for 2022, 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, 2022, and will be payable in January 2023. We did not incur any incentive fee payable for the year ended December 31, 2021. We recognize business management and incentive fees in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). RMR provides management services to our joint ventures. See Note 11 for further information regarding our joint ventures' management arrangements with RMR and the related impact on our management fees payable to RMR. We and RMR amended our business management agreement effective August 1, 2021 to provide that (i) for periods beginning on and after August 1, 2021, the MSCI U.S. REIT/Health Care REIT Index will be used to calculate benchmark returns per share for purposes of determining any incentive management fee payable by us to RMR, and (ii) for periods prior to August 1, 2021, the SNL U.S. REIT Healthcare Index will continue to be used. This change of index was due to S&P Global ceasing to publish the SNL U.S. REIT Healthcare Index. We recognized aggregate net property management and construction supervision fees of $2,391 and $3,154 for the three months ended March 31, 2022 and 2021, respectively. Of those amounts, for the three months ended March 31, 2022 and 2021, $1,349 and $2,485, respectively, of property management fees were expensed to property operating expenses in our condensed consolidated statements of comprehensive income (loss) and $1,042 and $669, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR's employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR's employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR's centralized accounting personnel, our share of RMR'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. We reimbursed RMR $2,964 and $3,297 for these expenses and costs for the three months ended March 31, 2022 and 2021, respectively. These amounts are included in property operating expenses or general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss) for these periods. On June 9, 2021, we and RMR amended our property management agreement to, among other things, provide for RMR's oversight of any major capital projects and repositionings at our senior living communities, including our senior living communities which Five Star is continuing to manage, and that RMR will receive the same fee previously paid to Five Star for such services, which is equal to 3% of the cost of any such major capital project or repositioning.

Related Person Transactions

Related Person Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR, The RMR Group Inc., or RMR Inc., AlerisLife (including Five Star) and others related to them, including other companies to which RMR 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. The Chair of our Board and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc., an officer and employee of RMR and the chair of the board of directors and a managing director of AlerisLife. Jennifer F. Francis, our other Managing Trustee and our President and Chief Executive Officer, and our Chief Financial Officer and Treasurer are also employees and officers of RMR. Jennifer B. Clark, our Secretary and former Managing Trustee, also serves as a managing director and the executive vice president, general counsel and secretary of RMR Inc., an officer and employee of RMR, an officer of ABP Trust and a managing director and the secretary of AlerisLife. Certain of AlerisLife's officers are officers and employees of RMR. Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR or its subsidiaries provide management services. Adam Portnoy serves as the chair of the board and as a managing director or managing trustee of these companies. Other officers of RMR, including Ms. Clark and certain of our officers, serve as managing trustees, managing directors or officers of certain of these companies. In addition, officers of RMR and RMR Inc. serve as our officers and officers of other companies to which RMR or its subsidiaries provide management services. AlerisLife. We are currently AlerisLife's largest stockholder. As of March 31, 2022, we owned 10,691,658 of AlerisLife's common shares, or approximately 32.8% of AlerisLife's outstanding common shares. Five Star is an operating division of AlerisLife. Five Star manages certain of the senior living communities we own pursuant to the Master Management Agreement. RMR provides management services to both us and Five Star. See Note 9 for further information regarding our relationships, agreements and transactions with AlerisLife (including Five Star) and Note 5 for further information regarding our investment in AlerisLife. As of March 31, 2022, ABP Acquisition LLC, a subsidiary of ABP Trust, the controlling shareholder of RMR Inc., together with ABP Trust, owned approximately 6.2% of AlerisLife's outstanding common shares. Our Joint Ventures. We have two separate joint venture arrangements with two third party institutional investors, our Boston life science property joint venture and our 10 medical office and life science properties joint venture, each in which we own a 20% equity interest. We initially entered into our Boston life science property joint venture prior to January 1, 2021, and we entered into our 10 medical office and life science properties joint venture in January 2022. RMR provides management services to both of these joint ventures. Our joint ventures are not our consolidated subsidiaries and, as a result, we are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding the joint ventures. Prior to December 23, 2021, our Boston life science property joint venture was our consolidated subsidiary and, as such, we were previously obligated to pay management fees to RMR under our management agreements with RMR for the services it provided regarding that joint venture; however, that joint venture paid management fees directly to RMR, and any such fees paid by that joint venture were credited against the fees payable by us to RMR. In addition, we wholly owned the 10 medical office and life science properties until the contribution of these properties to the applicable joint venture in January 2022 and we paid management fees to RMR for the management services it provided to us for those properties up until that time. As of March 31, 2022, we owed $185 to our 10 medical office and life science properties joint venture for rents that we collected on behalf of that joint venture. In addition, in connection with the closing of our 10 medical office and life science properties joint venture, we paid mortgage escrow amounts and closing costs of $11,113 that were payable by that joint venture. Those costs are presented as other assets, net, in our condensed consolidated balance sheet. Our Manager, RMR. We have two agreements with RMR to provide management services to us. See Note 10 for further information regarding our management agreements with RMR. For further information about these and other such relationships and certain other related person transactions, see our Annual Report.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesWe have elected to be taxed as a real estate investment trust, or 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. Our current income tax expense (or benefit) fluctuates from period to period based primarily on the timing of our income, including gains on the disposition of properties or losses in a particular quarter. During the three months ended March 31, 2022 and 2021, we recognized income tax expense of $1,472 and $238, respectively.

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares (share amounts in thousands) The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Three Months Ended March 31, 2022 2021 Weighted average common shares for basic earnings per share 238,149 237,834 Effect of dilutive securities: unvested share awards 49 — Weighted average common shares for diluted earnings per share (1) 238,198 237,834 (1) For the three months ended March 31, 2021, 20 unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Schedule of Equity Method Investments	As of March 31, 2022, we had equity investments in joint ventures as follows: Joint Venture DHC Ownership DHC Carrying Value of Investment at March 31, 2022 Number of Properties Location Square Feet Seaport Innovation LLC 20% $ 216,416 1 MA 1,134,479 The LSMD Fund REIT LLC 20% 50,325 10 CA, MA, NY, TX, WA 1,068,763 $ 266,741 11 2,203,242 The following table provides a summary of the mortgage debts of these joint ventures: Joint Venture Coupon Rate Maturity Date Principal Balance at March 31, 2022 (1) Mortgage Notes Payable (secured by one property in Massachusetts) (2) 3.53% 8/6/2026 $ 620,000 Mortgage Notes Payable (secured by nine properties in five states) 3.46% 2/11/2032 189,800 Mortgage Notes Payable (secured by one property in California) (3) 2.20% 2/9/2024 266,825 3.19% $ 1,076,625 (1) Amounts are not adjusted for our minority equity interest. (2) Following the deconsolidation in December 2021 of the net assets of our Boston life science property joint venture, we no longer include this $620,000 of secured debt financing in our consolidated balance sheet; however, we continue to provide certain guaranties on this debt. (3) The maturity date of February 9, 2024 is subject to three, one year extension options and requires interest to be paid at SOFR plus a premium of 1.90%. The interest rate is as of March 31, 2022. This joint venture has also purchased an interest rate cap through February 2024 with a SOFR strike rate equal to 4.00%.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. As of March 31, 2022 As of December 31, 2021 Description Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Recurring Fair Value Measurements Assets: Investment in AlerisLife (Level 1) (1) $ 22,987 $ 22,987 $ 31,540 $ 31,540 Investment in unconsolidated joint venture (Level 3) (2) $ 216,416 $ 216,416 $ 215,127 $ 215,127 Investment in unconsolidated joint venture (Level 3) (3) $ 50,325 $ 50,325 $ — $ — (1) Our 10,691,658 shares of common stock of AlerisLife Inc., or AlerisLife, 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). During the three months ended March 31, 2022 and 2021, we recorded unrealized losses of $8,553 and $8,339, respectively, which are included in losses on equity securities, net in our condensed consolidated statements of comprehensive income (loss), to adjust the carrying value of our investment in AlerisLife common shares to their fair value. See Note 11 for further information about our investment in AlerisLife. (2) The 20% equity interest we own in our Boston life science property joint venture is included in investments in unconsolidated joint ventures in our condensed consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The significant unobservable inputs used in the fair value analysis are a discount rate of 5.58%, an exit capitalization rate of 5.25%, a holding period of approximately 10 years and market rents. The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions, which are derived from appraisers, industry publications and our experience. See Note 2 for further information regarding this joint venture. (3) The 20% equity interest we own in our 10 medical office and life science properties joint venture is included in investments in unconsolidated joint ventures in our condensed consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The significant unobservable inputs used in the fair value analysis are discount rates of between 5.67% and 8.93%, exit capitalization rates of between 4.75% and 6.00%, holding periods of approximately 10 years and market rents. The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions, which are derived from appraisers, industry publications and our experience. See Note 2 for further information regarding this joint venture.
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 March 31, 2022 As of December 31, 2021 Description Carrying Amount (1) Estimated Fair Value Carrying Amount (1) Estimated Fair Value Senior unsecured notes, 4.750% coupon rate, due 2024 $ 249,418 $ 238,401 $ 249,348 $ 257,695 Senior unsecured notes, 9.750% coupon rate, due 2025 988,790 1,056,375 987,903 1,081,990 Senior unsecured notes, 4.750% coupon rate, due 2028 492,517 462,823 492,199 491,480 Senior unsecured notes, 4.375% coupon rate, due 2031 492,342 428,303 492,127 480,763 Senior unsecured notes, 5.625% coupon rate, due 2042 342,279 253,540 342,183 309,260 Senior unsecured notes, 6.250% coupon rate, due 2046 243,121 198,400 243,051 226,500 Secured debts (2) 68,731 69,379 69,713 71,963 $ 2,877,198 $ 2,707,221 $ 2,876,524 $ 2,919,651 (1) Includes unamortized net 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.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared and Paid	During the three months ended March 31, 2022, we declared and paid a quarterly distribution to common shareholders as follows: Declaration Date Record Date Payment Date Distribution Per Share Total Distributions January 13, 2022 January 24, 2022 February 17, 2022 $ 0.01 $ 2,390

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of segment reporting information	For the Three Months Ended March 31, 2022 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 54,997 $ — $ 10,288 $ 65,285 Residents fees and services — 245,448 — 245,448 Total revenues 54,997 245,448 10,288 310,733 Expenses: Property operating expenses 23,447 245,295 — 268,742 Depreciation and amortization 18,390 35,983 2,886 57,259 General and administrative — — 7,285 7,285 Acquisition and certain other transaction related costs — — 928 928 Total expenses 41,837 281,278 11,099 334,214 Gain on sale of properties 327,542 252 — 327,794 Losses on equity securities, net — — (8,553) (8,553) Interest and other income — 199 196 395 Interest expense (365) (494) (56,272) (57,131) Loss on modification or early extinguishment of debt — — (483) (483) Income (loss) from continuing operations before income tax expense and equity in earnings of investees 340,337 (35,873) (65,923) 238,541 Income tax expense — — (1,472) (1,472) Equity in earnings of investees 3,354 — — 3,354 Net income (loss) $ 343,691 $ (35,873) $ (67,395) $ 240,423 As of March 31, 2022 Office Portfolio SHOP Non-Segment Consolidated Total assets $ 1,991,516 $ 2,981,824 $ 1,802,039 $ 6,775,379 For the Three Months Ended March 31, 2021 Office Portfolio SHOP Non-Segment Consolidated Revenues: Rental income $ 93,323 $ — $ 9,435 $ 102,758 Residents fees and services — 259,966 — 259,966 Total revenues 93,323 259,966 9,435 362,724 Expenses: Property operating expenses 31,293 256,098 — 287,391 Depreciation and amortization 31,938 31,361 2,854 66,153 General and administrative — — 7,542 7,542 Impairment of assets — (174) — (174) Total expenses 63,231 287,285 10,396 360,912 Loss on sale of properties (122) — — (122) Losses on equity securities, net — — (8,339) (8,339) Interest and other income — 2,433 402 2,835 Interest expense (5,939) (528) (53,624) (60,091) Loss on modification or early extinguishment of debt — — (2,040) (2,040) Income (loss) from continuing operations before income tax expense 24,031 (25,414) (64,562) (65,945) Income tax expense — — (238) (238) Net income (loss) 24,031 (25,414) (64,800) (66,183) Net income attributable to noncontrolling interest (1,322) — — (1,322) Net income (loss) attributable to common shareholders $ 22,709 $ (25,414) $ (64,800) $ (67,505) As of December 31, 2021 Office Portfolio SHOP Non-Segment Consolidated Total assets $ 2,282,652 $ 2,995,819 $ 1,345,043 $ 6,623,514

Senior Living Community Manag_2

Senior Living Community Management Agreements (Tables)	3 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Disaggregation of Revenue	The following table presents residents fees and services revenue from all of our managed senior living communities disaggregated by the type of contract and payer: Three Months Ended March 31, Revenue from contracts with customers: 2022 2021 Basic housing and support services $ 192,874 $ 188,029 Medicare and Medicaid programs 19,817 35,948 Private pay and other third party payer SNF services 32,757 35,989 Total residents fees and services $ 245,448 $ 259,966

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Three Months Ended March 31, 2022 2021 Weighted average common shares for basic earnings per share 238,149 237,834 Effect of dilutive securities: unvested share awards 49 — Weighted average common shares for diluted earnings per share (1) 238,198 237,834 (1) For the three months ended March 31, 2021, 20 unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Jan. 31, 2022USD ($)investorproperty	Dec. 31, 2021USD ($)	Mar. 31, 2022USD ($)ft²statepropertyjointVenture	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2017
Real Estate Properties
Number of properties (property) | property			378
Number of states in which properties are located | state			36
Number of states | state			5
Proceeds from sale of properties to joint venture, net			$ 643,892	$ 0
Seaport Innovation LLC
Real Estate Properties
Aggregate principal amount of mortgage debt		$ 620,000			$ 620,000
Real Estate Property Fair Value			$ 1,700,000
Corporate Joint Venture
Real Estate Properties
Number of properties (property) | property			11
Area of real estate property | ft²			2,203,242
Occupancy Rate			98.00%
Remaining lease term			6 years 7 months 6 days
Aggregate principal amount of mortgage debt	$ 456,600
Real Estate Property Fair Value	702,500
Seaport Innovation LLC | Corporate Joint Venture
Real Estate Properties
Number of properties (property) | property			1
Equity method investment ownership percentage		20.00%	20.00%		20.00%	55.00%
Area of real estate property | ft²			1,134,479
Additional equity joint venture percentage		35.00%			35.00%
Proceeds from sale of properties to joint venture, net		$ 373,847
Senior Living Communities | Skilled nursing bed license
Real Estate Properties
Gain on sale of properties	$ 327,542
Medical Office Building and Life Science Building | Corporate Joint Venture
Real Estate Properties
Equity method investment ownership percentage	20.00%
Number of properties included in joint venture agreement | property	10
Proceeds from sale of properties to joint venture, net	$ 653,300
Number of third party institutional investors | investor	2
Medical Office Building and Life Science Building | Corporate Joint Venture | Unrelated Investor One
Real Estate Properties
Equity method investment ownership percentage	41.00%
Medical Office Building and Life Science Building | Corporate Joint Venture | Unrelated Investor Two
Real Estate Properties
Equity method investment ownership percentage	39.00%
Joint Venture
Real Estate Properties
Equity method investment ownership percentage			20.00%
Number of unconsolidated joint ventures | jointVenture			2

Real Estate Investments - Equit

Real Estate Investments - Equity Investment In Joint Venture (Details) $ in Thousands	Mar. 31, 2022USD ($)ft²property	Dec. 31, 2021USD ($)	Mar. 31, 2017
Real Estate
Investments in unconsolidated joint ventures | $	$ 266,741	$ 215,127
Number of properties (property) | property	378
Corporate Joint Venture
Real Estate
Investments in unconsolidated joint ventures | $	$ 266,741
Number of properties (property) | property	11
Area of real estate property | ft²	2,203,242
Seaport Innovation LLC | Corporate Joint Venture
Real Estate
Equity method investment ownership percentage	20.00%	20.00%	55.00%
Investments in unconsolidated joint ventures | $	$ 216,416
Number of properties (property) | property	1
Area of real estate property | ft²	1,134,479
The LSMD Fund REIT LLC | Corporate Joint Venture
Real Estate
Equity method investment ownership percentage	20.00%
Investments in unconsolidated joint ventures | $	$ 50,325
Number of properties (property) | property	10
Area of real estate property | ft²	1,068,763

Real Estate Investments - Mortg

Real Estate Investments - Mortgage Debt Joint Venture (Details) - Corporate Joint Venture	3 Months Ended
	Mar. 31, 2022USD ($)option
Real Estate
Coupon rate (percent)	3.19%
Debt face amount	$ 1,076,625,000
Seaport Innovation LLC | Massachusetts
Real Estate
Coupon rate (percent)	3.53%
Debt face amount	$ 620,000,000
The LSMD Fund REIT LLC
Real Estate
Coupon rate (percent)	3.46%
Debt face amount	$ 189,800,000
The LSMD Fund REIT LLC | California
Real Estate
Coupon rate (percent)	2.20%
Debt face amount	$ 266,825,000
Number of extension options | option	3
Extension term	1 year
The LSMD Fund REIT LLC | California | SOFR
Real Estate
Basis points per annum (as a percent)	1.90%
The LSMD Fund REIT LLC | California | SOFR | Interest Rate Cap
Real Estate
Basis points per annum (as a percent)	4.00%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases [Abstract]
Straight line rental income	$ 1,745	$ 804
Straight line rental income, excluding properties held-for-sale	69,192		$ 82,131
Variable lease, payment	10,708	18,228
Reimbursement revenue lease	10,663	$ 18,180
Operating lease, right-of-use asset	28,740		4,153
Operating lease, liability	$ 29,074		$ 4,352
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other assets, net		Other assets, net
Operating Lease, Liability, Statement of Financial Position	Other liabilities		Other liabilities

Indebtedness (Details)

Indebtedness (Details)	1 Months Ended		3 Months Ended
	Apr. 29, 2022USD ($)property	Feb. 28, 2022USD ($)	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)	Jan. 31, 2023USD ($)	Jan. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Indebtedness
Number of properties (property) | property			378
Total real estate properties, gross			$ 6,413,183,000				$ 6,813,556,000
Repayments of Lines of Credit			100,000,000	$ 0
Gain (Loss) on Extinguishment of Debt			$ 483,000	$ 2,040,000
Debt ratio			150.00%
Finance Leased Properties
Indebtedness
Number of properties (property) | property			2
Finance lease obligations			$ 6,321,000
Finance leased asset, gross			37,024,000				36,730,000
Finance leased asset, accumulated depreciation			18,418,000				$ 18,203,000
Unsecured revolving credit facility
Indebtedness
Unsecured revolving credit facility, maximum borrowing capacity		$ 700,000,000	$ 700,000,000			$ 800,000,000
Revolving credit facility, interest rate payable (as a percent)			3.00%
Debt instrument, facility fee (as a percent)			0.30%
Weighted average interest rate on debt (as a percent)			2.90%	2.90%
Repayments of Lines of Credit		100,000,000
Gain (Loss) on Extinguishment of Debt			$ 483,000
Capital expenditure		400,000,000
Minimum liquidity requirement		$ 200,000,000
Unsecured revolving credit facility | Forecast
Indebtedness
Unsecured revolving credit facility, maximum borrowing capacity					$ 586,373,000
Unsecured revolving credit facility | LIBOR | Revolving Credit Facility
Indebtedness
Basis points per annum (as a percent)		0.15%
Unsecured revolving credit facility | Medical Office And Life Science
Indebtedness
Number of properties (property) | property			61
Total real estate properties, gross			$ 994,281,000
Mortgages
Indebtedness
Aggregate principal amount of mortgage debt			$ 61,976,000
Number of properties (property) | property			6
Total real estate properties, gross			$ 115,874,000
Mortgages 6.28 Percent Due July 2022 | Medical Office Building | Subsequent Event
Indebtedness
Number of properties (property) | property	1
Coupon rate (percent)	6.28%
Repayments of debt	$ 10,934,000
Unsecured Debt
Indebtedness
Debt face amount			$ 2,850,000,000

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Assets and Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)propertyshares	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Losses on equity securities, net	$ (8,553)	$ (8,339)
Corporate Joint Venture | Seaport Innovation LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity method investment ownership percentage	20.00%		20.00%	55.00%
Holding period	10 years
Corporate Joint Venture | Seaport Innovation LLC | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.0558
Corporate Joint Venture | Seaport Innovation LLC | Measurement Input, Market Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.0525
Corporate Joint Venture | Medical Office and Life Science Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity method investment ownership percentage	20.00%
Holding period	10 years
Number Of owned properties | property	10
Corporate Joint Venture | Medical Office and Life Science Properties | Measurement Input, Discount Rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.0567
Corporate Joint Venture | Medical Office and Life Science Properties | Measurement Input, Discount Rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.0893
Corporate Joint Venture | Medical Office and Life Science Properties | Measurement Input, Market Capitalization Rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.0475
Corporate Joint Venture | Medical Office and Life Science Properties | Measurement Input, Market Capitalization Rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Measurement input	0.0600
Recurring | Carrying Amount | AlerisLife Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments in affiliates, fair value	$ 22,987
Recurring | Level 1 | Carrying Amount | AlerisLife Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments in affiliates, fair value	$ 22,987		$ 31,540
Equity securities investment (in shares) | shares	10,691,658
Recurring | Level 1 | Estimated Fair Value | AlerisLife Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments in affiliates, fair value	$ 22,987		31,540
Recurring | Level 3 | Joint Venture | Carrying Amount | Life Science Property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments in affiliates, fair value			215,127
Recurring | Level 3 | Joint Venture | Carrying Amount | Medical Office and Life Science Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments in affiliates, fair value			0
Recurring | Level 3 | Joint Venture | Estimated Fair Value | Life Science Property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments in affiliates, fair value	216,416		215,127
Recurring | Level 3 | Joint Venture | Estimated Fair Value | Medical Office and Life Science Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments in affiliates, fair value	$ 50,325		$ 0

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	$ 2,877,198	$ 2,876,524
Carrying Amount | Senior Unsecured Notes | Senior unsecured notes, 4.750% coupon rate, due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Coupon rate (percent)	4.75%
Fair value disclosure	$ 249,418	249,348
Carrying Amount | Senior Unsecured Notes | Senior unsecured notes, 9.750% coupon rate, due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Coupon rate (percent)	9.75%
Fair value disclosure	$ 988,790	987,903
Carrying Amount | Senior Unsecured Notes | Senior unsecured notes, 4.750% coupon rate, due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Coupon rate (percent)	4.75%
Fair value disclosure	$ 492,517	492,199
Carrying Amount | Senior Unsecured Notes | Senior unsecured notes, 4.375% coupon rate, due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Coupon rate (percent)	4.375%
Fair value disclosure	$ 492,342	492,127
Carrying Amount | Senior Unsecured Notes | Senior unsecured notes, 5.625% coupon rate, due 2042
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Coupon rate (percent)	5.625%
Fair value disclosure	$ 342,279	342,183
Carrying Amount | Senior Unsecured Notes | Senior unsecured notes, 6.250% coupon rate, due 2046
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Coupon rate (percent)	6.25%
Fair value disclosure	$ 243,121	243,051
Carrying Amount | Secured debts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	68,731	69,713
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	2,707,221	2,919,651
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes, 4.750% coupon rate, due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	238,401	257,695
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes, 9.750% coupon rate, due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	1,056,375	1,081,990
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes, 4.750% coupon rate, due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	462,823	491,480
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes, 4.375% coupon rate, due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	428,303	480,763
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes, 5.625% coupon rate, due 2042
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	253,540	309,260
Estimated Fair Value | Senior Unsecured Notes | Senior unsecured notes, 6.250% coupon rate, due 2046
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	198,400	226,500
Estimated Fair Value | Secured debts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value disclosure	$ 69,379	$ 71,963

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Narrative (Details)	Mar. 31, 2022security
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value measurement, number of debt securities	2
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value measurement, number of debt securities	4

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Mar. 31, 2017
Noncontrolling Interest
Net income attributable to noncontrolling interest		$ 0	$ 1,322
Comprehensive income attributable to noncontrolling interest			1,322
Distributions to noncontrolling interest		$ 5,694	$ 5,694
Seaport Innovation LLC | Corporate Joint Venture
Noncontrolling Interest
Equity method investment ownership percentage	20.00%	20.00%		20.00%	55.00%
Additional equity joint venture percentage	35.00%			35.00%
Seaport Innovation LLC | Corporate Joint Venture | Investor
Noncontrolling Interest
Equity method investment ownership percentage					45.00%

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 14, 2022	Feb. 17, 2022	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average share price (in dollars per share)			$ 3.20
Distributions to shareholders		$ 2,390	$ 2,390	$ 2,383
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award
Distributions to common shareholders declared (in dollars per share)	$ 0.01
Distributions to shareholders	$ 2,390
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares (in shares)			1,698
Common Shares | Former Employees Of RMR LLC
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares (in shares)			1,698

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 17, 2022	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Distribution per share (in dollars per share)	$ 0.01
Total Distributions	$ 2,390	$ 2,390	$ 2,383

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment reporting
Number of operating segments | segment	2
Interest and other income	$ 395	$ 2,835
Operating Segments | SHOP
Segment reporting
Interest and other income	$ 199	$ 2,433

Segment Reporting - Income Stat

Segment Reporting - Income Statements (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues		$ 310,733	$ 362,724
Expenses:
Property operating expenses		268,742	287,391
Depreciation and amortization		57,259	66,153
General and administrative		7,285	7,542
Acquisition and certain other transaction related costs		928	0
Impairment of assets		0	(174)
Total expenses		334,214	360,912
Gain (loss) on sale of properties	$ 327,794	327,794	(122)
Losses on equity securities, net		(8,553)	(8,339)
Interest and other income		395	2,835
Interest expense		(57,131)	(60,091)
Loss on early extinguishment of debt		(483)	(2,040)
Income (loss) from continuing operations before income tax expense and equity in earnings of investees		238,541	(65,945)
Income tax expense		(1,472)	(238)
Equity in earnings of investees		3,354	0
Net income (loss)		240,423	(66,183)
Net income attributable to noncontrolling interest		0	(1,322)
Net income (loss) attributable to common shareholders		240,423	(67,505)
Operating Segments | Office Portfolio
Revenues:
Total revenues		54,997	93,323
Expenses:
Property operating expenses		23,447	31,293
Depreciation and amortization		18,390	31,938
General and administrative		0	0
Acquisition and certain other transaction related costs		0
Impairment of assets			0
Total expenses		41,837	63,231
Gain (loss) on sale of properties		327,542	(122)
Losses on equity securities, net		0	0
Interest and other income		0	0
Interest expense		(365)	(5,939)
Loss on early extinguishment of debt		0	0
Income (loss) from continuing operations before income tax expense and equity in earnings of investees		340,337	24,031
Income tax expense		0	0
Equity in earnings of investees		3,354
Net income (loss)		343,691	24,031
Net income attributable to noncontrolling interest			(1,322)
Net income (loss) attributable to common shareholders			22,709
Operating Segments | SHOP
Revenues:
Total revenues		245,448	259,966
Expenses:
Property operating expenses		245,295	256,098
Depreciation and amortization		35,983	31,361
General and administrative		0	0
Acquisition and certain other transaction related costs		0
Impairment of assets			(174)
Total expenses		281,278	287,285
Gain (loss) on sale of properties		252	0
Losses on equity securities, net		0	0
Interest and other income		199	2,433
Interest expense		(494)	(528)
Loss on early extinguishment of debt		0	0
Income (loss) from continuing operations before income tax expense and equity in earnings of investees		(35,873)	(25,414)
Income tax expense		0	0
Equity in earnings of investees		0
Net income (loss)		(35,873)	(25,414)
Net income attributable to noncontrolling interest			0
Net income (loss) attributable to common shareholders			(25,414)
Non-Segment
Revenues:
Total revenues		10,288	9,435
Expenses:
Property operating expenses		0	0
Depreciation and amortization		2,886	2,854
General and administrative		7,285	7,542
Acquisition and certain other transaction related costs		928
Impairment of assets			0
Total expenses		11,099	10,396
Gain (loss) on sale of properties		0	0
Losses on equity securities, net		(8,553)	(8,339)
Interest and other income		196	402
Interest expense		(56,272)	(53,624)
Loss on early extinguishment of debt		(483)	(2,040)
Income (loss) from continuing operations before income tax expense and equity in earnings of investees		(65,923)	(64,562)
Income tax expense		(1,472)	(238)
Equity in earnings of investees		0
Net income (loss)		(67,395)	(64,800)
Net income attributable to noncontrolling interest			0
Net income (loss) attributable to common shareholders			(64,800)
Rental income
Revenues:
Total revenues		65,285	102,758
Rental income | Operating Segments | Office Portfolio
Revenues:
Total revenues		54,997	93,323
Rental income | Operating Segments | SHOP
Revenues:
Total revenues		0	0
Rental income | Non-Segment
Revenues:
Total revenues		10,288	9,435
Residents fees and services
Revenues:
Total revenues		245,448	259,966
Residents fees and services | Operating Segments | Office Portfolio
Revenues:
Total revenues		0	0
Residents fees and services | Operating Segments | SHOP
Revenues:
Total revenues		245,448	259,966
Residents fees and services | Non-Segment
Revenues:
Total revenues		$ 0	$ 0

Segment Reporting - Assets (Det

Segment Reporting - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment reporting
Total assets	$ 6,775,379	$ 6,623,514
Operating Segments | Office Portfolio
Segment reporting
Total assets	1,991,516	2,282,652
Operating Segments | SHOP
Segment reporting
Total assets	2,981,824	2,995,819
Non-Segment
Segment reporting
Total assets	$ 1,802,039	$ 1,345,043

Senior Living Community Manag_3

Senior Living Community Management Agreements - Narrative (Details) $ in Thousands	Jun. 09, 2021USD ($)unitcommunity	Mar. 31, 2022USD ($)communitypropertyunit	Mar. 31, 2021USD ($)community
Number of properties (property) | property		378
Affiliated Entity
Lease income		$ 388	$ 397
Third Party Investor | Five Star
Property management agreement expense		5,108
Five Star
Property management agreement expense		8,932	13,850
Related party transaction capitalized amount		790	834
Five Star | Operating Expense
Property management agreement expense		$ 8,142	13,016
Five Star | Senior Living Communities
Number of properties (property) | community	120
Related party transactions, termination percentage	10.00%
Percentage target EBITDA of new management agreement not earned	80.00%
Five Star | Senior Living Communities | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations
Number of property units (units) | unit	7,500	7,340
Amounts of transaction	$ 682,000	$ 928
Number of properties transitioned | community		107
Five Star | Senior Living Communities | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations | Scenario, Plan
Number of properties (property) | community	108
Five Star | Senior Living Communities | Closed
Number of properties (property) | community		108
Number of property units (units) | unit	1,500
Five Star | Rehabilitation Services
Expenses from transactions with related party		$ 1,916	$ 5,441
Affiliated Entity | Senior Living Communities | Five Star
Number of communities managed | community		120	235

Senior Living Community Manag_4

Senior Living Community Management Agreements - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue
Revenues	$ 310,733	$ 362,724
Residents fees and services
Disaggregation of Revenue
Revenues	245,448	259,966
Residents fees and services | Basic housing and support services
Disaggregation of Revenue
Revenues	192,874	188,029
Residents fees and services | Medicare and Medicaid programs
Disaggregation of Revenue
Revenues	19,817	35,948
Residents fees and services | Private pay and other third party payer SNF services
Disaggregation of Revenue
Revenues	$ 32,757	$ 35,989

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022USD ($)employeeagreement	Mar. 31, 2021USD ($)	Dec. 31, 2021
Related person transactions
Number of employees | employee	0
Related party transaction business management agreement, annual incentive fee estimate included in management fees	$ 0	$ 0
Property management and construction supervision fees	2,391,000	3,154,000
Property management and construction supervision fees paid	2,964,000	3,297,000
RMR
Related person transactions
Business management fees incurred	4,813,000	5,317,000
Related party transaction business management agreement, annual incentive fee estimate included in management fees	0	0
Period of actual amount of incentive fees			3 years
Property management and construction supervision fees	1,349,000	2,485,000
Party transaction property management and construction supervision fees capitalized	$ 1,042,000	$ 669,000
Property management fee	3.00%
Senior Living Communities | RMR
Related person transactions
Number of consecutive renewal terms of agreement | agreement	2

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)agreementpropertyinvestorjointVenture_arrangementshares
AlerisLife Inc
Related person transactions
Equity securities investment (in shares) | shares	10,691,658
Investment owned, percentage of total shares outstanding	32.80%
RMR
Related person transactions
Number joint venture arrangements | jointVenture_arrangement	2
Number of third party institutional investors | investor	2
Number of medical office and life science properties | property	10
Equity method investment ownership percentage	20.00%
Related rarty transaction, closing cost | $	$ 11,113
Number of management agreements | agreement	2
RMR | Medical Office and Life Science Properties
Related person transactions
Number of medical office and life science properties | property	10
Payments to related parties | $	$ 185
AlerisLife Inc | AlerisLife Inc
Related person transactions
Noncontrolling interest, ownership percentage by parent	6.20%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,472	$ 238

Weighted Average Common Share_2

Weighted Average Common Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Weighted average common shares for basic earnings per share (in shares)	238,149	237,834
Effect of dilutive securities: restricted share awards (in shares)	49	0
Weighted average common shares for diluted earnings per share (in shares)	238,198	237,834

Weighted Average Common Share_3

Weighted Average Common Shares - Narrative (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2021shares
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	20