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Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities
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
DescriptionCarrying ValueEstimated Fair ValueCarrying ValueEstimated 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.
In addition to the assets described in the table above, our financial instruments at December 31, 2024 and December 31, 2023 included cash and cash equivalents, restricted cash, certain other assets, senior unsecured notes, senior secured notes, secured debt and finance leases and certain other unsecured obligations and liabilities. 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, 2024As 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 leases126,611 126,001 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.
We estimated the fair values of our two issuances of senior unsecured notes due 2042 and 2046 based on the closing price on Nasdaq (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of December 31, 2024 and 2023. We estimated the fair values of our three issuances of senior unsecured notes due 2025, 2028 and 2031 and our issuance of senior secured notes due 2026 using an average of the bid and ask price on Nasdaq on or about December 31, 2024 and 2023 (Level 2
inputs as defined in the fair value hierarchy under GAAP). We estimated the fair values of our secured debts by using discounted cash flows analyses and currently prevailing market terms as of the measurement date (Level 3 inputs as defined in the fair value hierarchy under GAAP). Because Level 3 inputs are unobservable, our estimated fair values may differ materially from the actual fair values.