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Fair Value of Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Assets and Liabilities Recurring and Nonrecurring Measured at Fair Value | The following table presents certain of our assets that are measured at fair value at June 30, 2021, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
|  |  |  | Fair Value at Reporting Date Using
|  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Recurring Fair Value Measurements Assets: |  |  |  |  |  |  |  |
Investment in Five Star (1) |  | $ | 61,584 |  |  | $ | 61,584 |  |  | $ | — |  |  | $ | — |
(1)Our 10,691,658 shares of common stock of Five Star Senior Living Inc., or Five Star, are included in other assets, net in our condensed consolidated balance sheets, and are reported at fair value, which is based upon quoted market prices on The Nasdaq Stock Market LLC, or Nasdaq, (Level 1 inputs). Our adjusted cost basis for these shares was $44,448 as of June 30, 2021. During the three months ended June 30, 2021 and 2020, we recorded an unrealized loss of $3,849 and an unrealized gain of $11,974, respectively, and during the six months ended June 30, 2021 and 2020, we recorded an unrealized loss of $12,188 and an unrealized gain of $2,031, respectively, which are included in gains and losses on equity securities, net in our condensed consolidated statements of comprehensive income (loss), to adjust the carrying value of our investment in Five Star common shares to their fair value. See Note 11 for further information about our investment in Five Star.
Schedule of Carrying Value and Fair Value of the Financial Instruments | The fair values of these financial instruments approximated their carrying values in our condensed consolidated financial statements as of such dates, except as follows:
|  | As of June 30, 2021 |  | As of December 31, 2020
Description |  | Carrying Amount (1) |  | Estimated Fair Value |  | Carrying Amount (1) |  | Estimated Fair Value
Senior unsecured notes, 6.750% coupon rate, due 2021 |  | $ | — |  |  | $ | — |  |  | $ | 299,273 |  |  | $ | 303,891 |
Senior unsecured notes, 4.750% coupon rate, due 2024 |  | 249,208 |  |  | 256,911 |  |  | 249,068 |  |  | 256,258 |
Senior unsecured notes, 9.750% coupon rate, due 2025 |  | 986,131 |  |  | 1,112,840 |  |  | 984,359 |  |  | 1,135,800 |
Senior unsecured notes, 4.750% coupon rate, due 2028 |  | 491,562 |  |  | 497,425 |  |  | 490,925 |  |  | 502,648 |
Senior unsecured notes, 4.375% coupon rate, due 2031 |  | 491,698 |  |  | 479,265 |  |  | — |  |  | — |
Senior unsecured notes, 5.625% coupon rate, due 2042 |  | 341,993 |  |  | 338,660 |  |  | 341,802 |  |  | 330,120 |
Senior unsecured notes, 6.250% coupon rate, due 2046 |  | 242,905 |  |  | 248,000 |  |  | 242,762 |  |  | 245,000 |
Secured debts (2) (3) |  | 689,895 |  |  | 709,149 |  |  | 691,573 |  |  | 716,185 |
|  | $ | 3,493,392 |  |  | $ | 3,642,250 |  |  | $ | 3,299,762 |  |  | $ | 3,489,902 |
(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. (3)Includes secured debts for the life science property owned by a joint venture arrangement in which we own a 55% equity interest. The amounts listed in the table for these debts have not been adjusted to reflect the equity interests in the joint venture that we do not own.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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