Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Fair Value Information of Financial Instruments

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


	As of June 30, 2026							As of December 31, 2025
Asset (Liability)	Book Value				Fair Value			Book Value				Fair Value
Interest and rent receivables	$	18,391			$	19,050		$	19,210			$	19,907
Loans(1)		713,343		(2)		711,248			624,243		(2)		624,369
Debt, net		(9,704,996	)			(8,864,810	)		(9,697,835	)			(8,980,547	)

(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.

(2)

Includes $7.5 million and $7.5 million of mortgage loans, $379.1 million and $388.9 million of loans (including a shareholder loan) included in investments in unconsolidated real estate joint ventures, $44.6 million and $45.4 million of loans that are part of our investments in unconsolidated operating entities, and $282.1 million and $182.4 million of other loans at June 30, 2026 and December 31, 2025, respectively.

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

At June 30, 2026 and December 31, 2025, the amounts recorded under the fair value option method were as follows (in thousands):


	As of June 30, 2026				As of December 31, 2025
Asset (Liability)	Fair Value		Original Cost		Fair Value		Original Cost		Asset Type Classification
Mortgage loans	$	123,620	$	166,963	$	116,113	$	151,692	Mortgage loans
Equity investment and other loans		4,759		266,011		4,285		264,160	Investments in unconsolidated operating entities/Other loans