Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

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.