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Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2021 and 2020, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
|  | As of December 31, 2021 |  | As of December 31, 2020
Description |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Recurring Fair Value Measurement Assets: |  |  |  |  |  |  |  |
Investment in AlerisLife (Level 1) (1) |  | $ | 31,540 |  |  | $ | 31,540 |  |  | $ | 73,772 |  |  | $ | 73,772 |
Investment in unconsolidated joint venture (Level 3) (2) |  | $ | 215,127 |  |  | $ | 215,127 |  |  | $ | — |  |  | $ | — |
(1)Our 10,691,658 shares of common stock of AlerisLife are included in investments in equity securities in our consolidated balance sheets, and are reported at fair value, which is based upon quoted market prices on Nasdaq (Level 1 inputs). During the years ended December 31, 2021 and 2020, we recorded an unrealized loss of $42,232 and an unrealized gain of $34,106, respectively, which are included in gains and losses on equity securities, net in our consolidated statements of comprehensive income (loss), to adjust the carrying value of our investment in AlerisLife common shares to their fair value. See Notes 2 and 8 for further information about our investment in AlerisLife. (2)We own a 20% equity interest in a joint venture that owns a life science property located in Boston, Massachusetts and is included in investment in unconsolidated joint venture in our 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 are a discount rate of 5.58%, an exit capitalization rate of 5.25% and a holding period of approximately 10 years and market rents. The assumptions 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 3 for further information regarding this joint venture.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair values of these financial instruments approximated their carrying values in our consolidated financial statements as of such dates, except as follows:
|  | As of December 31, 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 |  | 249,348 |  |  | 257,695 |  |  | 249,068 |  |  | 256,258 |
Senior unsecured notes, 9.750% coupon rate, due 2025 |  | 987,903 |  |  | 1,081,990 |  |  | 984,359 |  |  | 1,135,800 |
Senior unsecured notes, 4.750% coupon rate, due 2028 |  | 492,199 |  |  | 491,480 |  |  | 490,925 |  |  | 502,648 |
Senior unsecured notes, 4.375% coupon rate, due 2031 |  | 492,127 |  |  | 480,763 |  |  | — |  |  | — |
Senior unsecured notes, 5.625% coupon rate, due 2042 |  | 342,183 |  |  | 309,260 |  |  | 341,802 |  |  | 330,120 |
Senior unsecured notes, 6.250% coupon rate, due 2046 |  | 243,051 |  |  | 226,500 |  |  | 242,762 |  |  | 245,000 |
Secured debts (2) |  | 69,713 |  |  | 71,963 |  |  | 691,573 |  |  | 716,185 |
|  | $ | 2,876,524 |  |  | $ | 2,919,651 |  |  | $ | 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.

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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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