Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value Information of Financial Instruments

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

	As of September 30, 2025							As of December 31, 2024
Asset (Liability)	Book Value				Fair Value			Book Value				Fair Value
Interest and rent receivables	$	25,142			$	25,716		$	36,327			$	36,432
Loans(1)		686,606		(2)		686,672			467,120		(2)		470,380
Debt, net		(9,616,176	)			(8,890,324	)		(8,848,112	)			(7,301,395	)

(1)Excludes the convertible loan portion of our investment in PHP Holdings made in May 2023 (fully settled in July 2025) and 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.

(2)Includes $14.0 million and $7.9 million of mortgage loans, $388.2 million and $315.5 million of loans (including a shareholder loan) included in investments in unconsolidated real estate joint ventures, $45.2 million and $39.7 million of loans that are part of our investments in unconsolidated operating entities, and $239.2 million and $104.0 million of other loans at September 30, 2025 and December 31, 2024, respectively.

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

At September 30, 2025 and December 31, 2024, the amounts recorded under the fair value option method were as follows (in thousands):

	As of September 30, 2025				As of December 31, 2024
Asset (Liability)	Fair Value		Original Cost		Fair Value		Original Cost		Asset Type Classification
Mortgage loans	$	114,298	$	146,024	$	111,985	$	129,968	Mortgage loans
Equity investment and other loans		6,258		266,398		154,229		910,594	Investments in unconsolidated operating entities/Other loans