Item 2. Properties
Item 2. Properties.
At December 31, 2024, our portfolio was comprised of 367 owned properties. The gross book value of real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs, or gross book value of real estate assets, of these properties totaled $7.2 billion at December 31, 2024. As of December 31, 2024, nine properties with a gross book value of real estate assets of $301.0 million were encumbered by two mortgages with an aggregate principal balance of $127.5 million. As of December 31, 2024, 95 properties with a gross book value of real estate assets of $1.6 billion were encumbered by our senior secured notes due 2026 with a principal balance of $940.5 million. As of December 31, 2024, two properties with a gross book value of real estate assets of $43.8 million were subject to finance lease obligations with an aggregate principal balance of $2.3 million. The eleven properties owned by our unconsolidated joint ventures in which we own 10% and 20% interests were encumbered by three mortgages totaling $1.1 billion as of December 31, 2024. For more information regarding our finance leases, mortgages, senior secured notes and two unconsolidated joint ventures, see Notes 3 and 9 to our Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.
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The following table summarizes certain information about our owned properties as of December 31, 2024. All dollar amounts are in thousands:
Medical Office and Life Science Portfolio SHOP All Other Consolidated
State Number
of
Properties Gross Book Value of Real Estate Assets (1)
Net Book
Value Number of
Properties Gross Book Value of Real Estate Assets (1)
Net Book
Value Number of
Properties Gross Book Value of Real Estate Assets (1)
Net Book
Value Number of
Properties Gross Book Value of Real Estate Assets (1)
Net Book
Value
AL — $ — $ — 8 $ 105,206 $ 70,777 — $ — $ — 8 $ 105,206 $ 70,777
AR — — — 3 47,068 27,039 — — — 3 47,068 27,039
AZ 2 40,903 28,288 6 178,736 105,762 — — — 8 219,639 134,050
CA 7 242,506 173,471 9 215,124 130,945 1 7,279 3,731 17 464,909 308,147
CO 2 20,780 11,895 8 118,932 71,759 1 14,264 9,357 11 153,976 93,011
DC 2 108,453 78,380 — — — — — — 2 108,453 78,380
DE — — — 2 62,519 35,655 — — — 2 62,519 35,655
FL 7 48,211 33,535 19 691,602 429,174 1 20,692 19,728 27 760,505 482,437
GA 6 93,135 61,691 25 329,395 212,258 2 65,306 50,791 33 487,836 324,740
HI 1 81,190 55,640 — — — — — — 1 81,190 55,640
ID — — — — — — 2 22,658 14,920 2 22,658 14,920
IL 3 52,370 33,314 11 190,420 108,478 1 20,641 12,626 15 263,431 154,418
IN 1 22,211 12,027 11 186,277 119,479 1 66,189 45,452 13 274,677 176,958
KS 1 18,100 8,927 3 70,289 40,654 — — — 4 88,389 49,581
KY — — — 9 123,611 66,616 — — — 9 123,611 66,616
MA 6 163,881 115,270 1 37,589 21,655 — — — 7 201,470 136,925
MD 1 8,142 5,562 11 274,476 175,891 1 20,964 14,192 13 303,582 195,645
MN 8 100,781 64,037 1 17,214 11,307 — — — 9 117,995 75,344
MO 2 84,145 51,055 5 73,602 44,802 — — — 7 157,747 95,857
NC 2 62,674 41,898 16 244,945 172,384 — — — 18 307,619 214,282
NE — — — 1 8,508 5,007 1 26,702 17,688 2 35,210 22,695
NJ — — — 3 130,773 87,218 — — — 3 130,773 87,218
NM 2 39,717 27,119 1 36,023 20,291 3 33,303 19,892 6 109,043 67,302
NV — — — 2 86,826 56,619 — — — 2 86,826 56,619
NY 3 81,381 51,648 1 115,814 81,238 — — — 4 197,195 132,886
OH 1 18,601 11,251 1 51,269 28,727 1 4,428 1,531 3 74,298 41,509
OR — — — 1 52,356 43,379 — — — 1 52,356 43,379
PA 4 57,131 35,911 7 96,438 56,806 — — — 11 153,569 92,717
SC 1 4,942 3,170 17 143,812 97,228 — — — 18 148,754 100,398
TN 1 9,971 6,164 13 186,228 132,539 — — — 14 196,199 138,703
TX 10 202,768 131,314 13 401,567 248,267 1 20,502 13,171 24 624,837 392,752
VA 8 130,405 80,166 11 153,156 93,639 — — — 19 283,561 173,805
WA — — — — — — 2 18,356 10,183 2 18,356 10,183
WI 10 169,236 108,920 7 122,082 80,967 — — — 17 291,318 189,887
Total 91 1,861,634 1,230,653 226 4,551,857 2,876,560 18 341,284 233,262 335 6,754,775 4,340,475
Held for Sale 7 274,752 175,948 6 76,287 47,535 19 68,113 37,900 32 419,152 261,383
Grand Total 98 $ 2,136,386 $ 1,406,601 232 $ 4,628,144 $ 2,924,095 37 $ 409,397 $ 271,162 367 $ 7,173,927 $ 4,601,858
(1) Represents gross book value of real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs, if any.
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