"Things that were dramatic in your teen years are less dramatic as you get older," says Jonas, reminiscing on exes Miley Cyrus and Selena Gomez
Credit: Kevin Mazur/WireImage

Having spent nearly half their lives in the spotlight, Nick Jonas and Demi Lovato know a thing or two about growing pains – whether it’s successfully transitioning out of child stardom or maneuvering run-ins with exes in Hollywood.

As James Corden hilariously reminded the world in his Carpool Karaoke with the singers, both have quite a tangled dating history with their fellow Disney alumni: Jonas once dated Miley Cyrus and Selena Gomez, while Lovato dated Nick’s brother, Joe Jonas.

“We’ve all grown up quite a bit, and we’re kind of adults now,” says Nick, 23. “Things that were dramatic in your teens are less dramatic as you get older. That doesn’t mean there aren’t complicated moments, but we’re in a good place and wish the best for each other.

“Our ‘graduating class’ – my brothers and I, Demi, Selena and Miley – is kind of unique, where everyone is still doing their things,” he also says.

Adds Lovato: “I have respect for everybody who has been able to do that, and I’m really proud of everyone – especially Joe because of how well [his new band] DNCE is doing. He deserves it.”

As for how the longtime pals – who will kick off their Future Now tour in Atlanta on June 29 – navigated their successful transitions from their Disney days?

“I attribute it to just learning. When you start working at a young age, the only way you can transition is to allow yourself to grow with your fans and not rush or delay it – just live it honestly. I had to learn that the hard way,” says Lovato.

The “Stone Cold” singer had a nervous breakdown in 2010 before facing her struggles with addiction, body dysmorphia and bipolar disorder; today, she champions body-positivity and mental health care reform.

If she could give her younger self advice, “I would say, ‘You’re beautiful just the way you are. You don’t need to change for anybody.’ That was definitely something that weighed on me when I was younger.”

For more on Nick Jonas, Demi Lovato and their Future Now tour, pick up the new issue of PEOPLE, on newsstands Friday.

Happier and healthier today, Lovato, 23, has a solid support system – which includes her tour-mate.

“We’ve grown up together, and Nick is somebody that I can rely on, whether it’s in the middle of the night or the middle of the day – he’s consistently been there for me,” she says.

For a complete list of Lovato and Jonas’ Future Now tour dates, click here.