XML 57 R37.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of 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, 2024 and 2023, 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, 2024 |  | As of December 31, 2023
Description |  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Recurring Fair Value Measurements Assets: |  |  |  |  |  |  |  |
Investment in unconsolidated joint venture (Level 3) (1) |  | $ | 81,949 |  |  | $ | 81,949 |  |  | $ | 85,699 |  |  | $ | 85,699 |
Investment in unconsolidated joint venture (Level 3) (2) |  | $ | 44,910 |  |  | $ | 44,910 |  |  | $ | 44,217 |  |  | $ | 44,217 |
Non-Recurring Fair Value Measurements Assets: |  |  |  |  |  |  |  |
Real estate properties held for sale (Level 2) (3) |  | $ | 24,074 |  |  | $ | 24,074 |  |  | $ | — |  |  | $ | — |
(1)The 10% equity interest we own in the Seaport JV is included in investments in unconsolidated joint ventures 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 analysis are a discount rate of 7.00%, an exit capitalization rate of 6.00%, a holding period of 10 years and market rents. The assumptions made in the fair value analysis are based on the location, type and nature of the property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture. (2)The 20% equity interest we own in the LSMD JV is included in investments in unconsolidated joint ventures 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 analysis are discount rates of between 6.25% and 7.75%, exit capitalization rates of between 5.00% and 7.00%, holding periods of 10 years and market rents. The assumptions we made in the fair value analysis are based on the location, type and nature of each property, and current and anticipated market conditions. See Note 3 for further information regarding this joint venture. (3)We have assets in our consolidated balance sheets that are measured at fair value on a non-recurring basis. During the year ended December 31, 2024, we recorded impairment charges of $29,016 to reduce the carrying value of two medical office and life science properties that are classified as held for sale to their estimated aggregate sales price, less estimated costs to sell, of $24,074 under agreements or letters of intent to sell that, as of December 31, 2024, we had entered into with third parties. See Note 3 for further information about impairment charges and the properties we have classified as held for sale.
Schedule of Carrying Value and Fair Value of the Financial 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, 2024 |  | As of December 31, 2023
Description |  | Carrying Value (1) |  | Estimated Fair Value |  | Carrying Value (1) |  | Estimated Fair Value
Senior unsecured notes, 9.750% coupon rate, due 2025 |  | $ | 379,392 |  |  | $ | 379,970 |  |  | $ | 497,454 |  |  | $ | 490,750 |
Senior secured notes, zero coupon rate, due 2026 |  | 826,974 |  |  | 885,108 |  |  | 731,211 |  |  | 771,981 |
Senior unsecured notes, 4.750% coupon rate, due 2028 |  | 496,018 |  |  | 429,170 |  |  | 494,746 |  |  | 384,110 |
Senior unsecured notes, 4.375% coupon rate, due 2031 |  | 494,702 |  |  | 368,240 |  |  | 493,845 |  |  | 375,000 |
Senior unsecured notes, 5.625% coupon rate, due 2042 |  | 343,302 |  |  | 218,260 |  |  | 342,946 |  |  | 211,400 |
Senior unsecured notes, 6.250% coupon rate, due 2046 |  | 243,905 |  |  | 157,700 |  |  | 243,627 |  |  | 154,000 |
Secured debts and finance leases |  | 126,611 |  |  | 126,001 |  |  | 13,020 |  |  | 12,284 |
|  | $ | 2,910,904 |  |  | $ | 2,564,449 |  |  | $ | 2,816,849 |  |  | $ | 2,399,525 |
(1)Includes unamortized net premiums, discounts and debt issuance costs, if any.

X
- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration