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Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025 and December 31, 2024, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
|  | As of September 30, 2025 |  | As of December 31, 2024
Description |  | Carrying Value |  |  |  | Carrying Value |  |
Recurring Fair Value Measurements Assets: |  |  |  |  |  |  |  |
Investment in unconsolidated joint venture (Level 3) (1) |  | $ | 67,060 |  |  |  |  | $ | 81,949 |  |  |
Investment in unconsolidated joint venture (Level 3) (2) |  | $ | 45,709 |  |  |  |  | $ | 44,910 |  |  |
Interest rate cap (Level 2) (3) |  | $ | 1 |  |  |  |  | $ | — |  |  |
Non-Recurring Fair Value Measurements Assets: |  |  |  |  |  |  |  |
Real estate properties held for sale (Level 2) (4) |  | $ | 129,922 |  |  |  |  | $ | — |  |  |
(1)The 10% equity interest we own in the Seaport JV is included in investments in unconsolidated joint ventures in our condensed 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 condensed 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 8.75%, exit capitalization rates of between 5.25% and 8.00%, 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)The fair value of our interest rate cap derivative is based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date. (4)We have assets in our condensed consolidated balance sheets that are measured at fair value on a non-recurring basis. During the three months ended September 30, 2025, we recorded impairment charges of $57,331 to reduce the carrying value of 12 medical office properties classified as held for sale to their estimated sales price, less estimated costs to sell, of $82,288 under agreements to sell that we have entered into with third parties. During the three months ended September 30, 2025, we also recorded impairment charges of $35,912 to reduce the carrying value of 24 senior living communities classified as held for sale to their estimated sales price, less estimated costs to sell, of $47,634 under agreements or letters of intent to sell that we have 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 condensed consolidated financial statements as of such dates, except as follows:
|  | As of September 30, 2025 |  | As of December 31, 2024
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 |
Senior secured notes, zero coupon rate, due 2026 |  | 322,734 |  |  | 330,692 |  |  | 826,974 |  |  | 885,108 |
Senior unsecured notes, 4.750% coupon rate, due 2028 |  | 496,972 |  |  | 476,700 |  |  | 496,018 |  |  | 429,170 |
Senior secured notes, 7.250% coupon rate, due 2030 |  | 364,753 |  |  | 381,113 |  |  | — |  |  | — |
Senior unsecured notes, 4.375% coupon rate, due 2031 |  | 495,346 |  |  | 441,700 |  |  | 494,702 |  |  | 368,240 |
Senior unsecured notes, 5.625% coupon rate, due 2042 |  | 343,588 |  |  | 233,800 |  |  | 343,302 |  |  | 218,260 |
Senior unsecured notes, 6.250% coupon rate, due 2046 |  | 244,121 |  |  | 176,200 |  |  | 243,905 |  |  | 157,700 |
Secured debt and finance leases |  | 455,851 |  |  | 451,916 |  |  | 126,611 |  |  | 126,001 |
|  | $ | 2,723,365 |  |  | $ | 2,492,121 |  |  | $ | 2,910,904 |  |  | $ | 2,564,449 |
(1)Includes unamortized net discounts, premiums and debt issuance costs, if any.

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- 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
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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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