Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Fair Value Information of Financial Instruments

The following table summarizes fair value estimates for our financial instruments (in thousands):


	As of March 31, 2023							As of December 31, 2022
Asset (Liability)	Book Value				Fair Value			Book Value				Fair Value
Interest and rent receivables, net	$	169,511			$	160,947		$	167,035			$	163,101
Loans(1)		1,511,182		(2)		1,456,753			1,405,615		(2)		1,360,113
Debt, net		(10,438,151	)			(8,594,584	)		(10,268,412	)			(8,697,042	)

(1)

Excludes the acquisition loan made in May 2020 related to our investment in the international joint venture, along with the related subsequent investment in the real estate of three hospitals in Colombia, as these assets are accounted for under the fair value option method, as noted below. In addition for December 31, 2022 only, this excludes the acquisition and mortgage loans made to Springstone, which were satisfied in full in February 2023 as further described in Note 3 to the condensed consolidated financial statements.

(2)

Includes $224.4 million and $223.8 million of mortgage loans, a $319.9 million and $315.9 million shareholder loan included in investments in unconsolidated real estate joint ventures, $693.0 million and $640.4 million of loans that are part of our investments in unconsolidated operating entities, and $273.9 million and $225.5 million of other loans at March 31, 2023 and December 31, 2022, respectively.

Equity Interest in Related Party and Related Loans Measured at Fair Value on Recurring Basis

At March 31, 2023 and December 31, 2022, the amounts recorded under the fair value option method were as follows (in thousands):


	As of March 31, 2023				As of December 31, 2022
Asset (Liability)	Fair Value		Original Cost		Fair Value		Original Cost		Asset Type Classification
Mortgage loans	$	122,073	$	122,073	$	140,260	$	140,260	Mortgage loans
Equity investment and other loans		243,561		247,125		434,609		441,943	Investments in unconsolidated operating entities/Other loans