Item 2. Properties
Item 2. Properties.
At December 31, 2025, our portfolio was comprised of 298 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 $6.3 billion at December 31, 2025. As of December 31, 2025, 14 properties with a gross book value of real estate assets of $326.6 million were encumbered by our undrawn secured revolving credit facility. As of December 31, 2025, 36 properties with a gross book value of real estate assets of $402.8 million were encumbered by our senior secured notes due 2030 with a principal balance of $375.0 million. As of December 31, 2025, 36 properties with a gross book value of real estate assets of $657.3 million were encumbered by six mortgages with an aggregate principal balance of $468.5 million. As of December 31, 2025, two properties with a gross book value of real estate assets of $20.1 million were subject to finance lease obligations with an aggregate principal balance of $0.6 million. The 11 properties owned by our unconsolidated joint ventures in which we own 10% and 20% interests were encumbered by three mortgages totaling $1.5 billion as of December 31, 2025. 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, 2025. All dollar amounts are in thousands:
SHOP Medical Office and Life Science Portfolio 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 $ 106,603 $ 68,303 — $ — $ — — $ — $ — 8 $ 106,603 $ 68,303
AR 3 47,812 26,034 — — — — — — 3 47,812 26,034
AZ 6 182,607 108,651 — — — — — — 6 182,607 108,651
CA 9 216,708 125,116 6 233,938 161,676 1 7,279 3,467 16 457,925 290,259
CO 8 118,663 67,122 2 20,780 11,417 1 14,385 9,106 11 153,828 87,645
DC — — — 1 30,287 22,605 — — — 1 30,287 22,605
DE 2 61,663 33,963 — — — — — — 2 61,663 33,963
FL 19 690,475 413,840 7 48,082 32,129 1 20,691 18,986 27 759,248 464,955
GA 10 230,016 147,197 6 96,476 62,353 2 65,306 48,961 18 391,798 258,511
HI — — — 1 80,845 53,641 — — — 1 80,845 53,641
ID — — — — — — 2 23,721 15,188 2 23,721 15,188
IL 11 191,932 104,877 2 38,341 21,654 1 20,641 12,136 14 250,914 138,667
IN 9 171,630 107,404 1 22,584 12,066 1 66,443 44,030 11 260,657 163,500
KS 2 41,592 28,177 1 18,609 8,935 1 27,204 9,952 4 87,405 47,064
KY 9 123,592 63,576 — — — — — — 9 123,592 63,576
MA 1 38,191 21,178 3 127,233 89,669 — — — 4 165,424 110,847
MD 11 275,771 171,593 — — — 1 20,964 13,780 12 296,735 185,373
MN 1 17,149 10,127 5 72,900 44,870 — — — 6 90,049 54,997
MO 5 74,512 43,759 1 26,533 17,791 — — — 6 101,045 61,550
NC 16 248,974 169,685 1 38,228 24,315 — — — 17 287,202 194,000
NE 1 8,624 4,848 — — — 1 26,702 17,138 2 35,326 21,986
NJ 3 130,217 82,481 — — — — — — 3 130,217 82,481
NM 1 36,913 20,335 2 39,988 25,999 3 33,303 19,163 6 110,204 65,497
NV 2 87,266 54,697 — — — — — — 2 87,266 54,697
NY 1 116,603 78,891 1 54,127 30,609 — — — 2 170,730 109,500
OH 1 51,435 27,755 1 18,601 10,929 1 4,428 1,419 3 74,464 40,103
OR 1 53,482 42,973 — — — — — — 1 53,482 42,973
PA 7 96,883 54,262 3 42,112 25,388 — — — 10 138,995 79,650
SC 9 104,202 66,913 — — — — — — 9 104,202 66,913
TN 12 160,156 113,278 1 9,806 5,951 — — — 13 169,962 119,229
TX 13 404,818 242,484 8 189,647 117,928 1 20,502 12,723 22 614,967 373,135
VA 11 152,878 89,735 5 105,254 62,706 — — — 16 258,132 152,441
WA — — — — — — 2 18,275 9,641 2 18,275 9,641
WI 7 122,864 79,018 9 175,020 112,307 — — — 16 297,884 191,325
Total 199 4,364,231 2,668,272 67 1,489,391 954,938 19 369,844 235,690 285 6,223,466 3,858,900
Held for Sale 13 52,496 22,048 — — — — — — 13 52,496 22,048
Grand Total 212 $ 4,416,727 $ 2,690,320 67 $ 1,489,391 $ 954,938 19 $ 369,844 $ 235,690 298 $ 6,275,962 $ 3,880,948
(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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