Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022							As of December 31, 2021
Asset (Liability)	Book Value				Fair Value			Book Value				Fair Value
Interest and rent receivables	$	94,206			$	94,296		$	56,229			$	56,564
Loans(2)		1,319,002		(1)		1,312,882			991,609		(1)		991,954
Debt, net		(10,138,774	)			(9,201,093	)		(11,282,770	)			(11,526,388	)

(1)Includes $159.0 million and $70.1 million of mortgage loans, a $309.4 million and $335.6 million shareholder loan included in investments in unconsolidated real estate joint ventures, $639.5 million and $521.4 million of loans that are part of our investments in unconsolidated operating entities, and $211.1 million and $64.5 million of other loans at June 30, 2022 and December 31, 2021, respectively.

(2)Excludes the acquisition loan and mortgage loan made in October 2021 for our Springstone investment 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.

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

At June 30, 2022 and December 31, 2021, the amounts recorded under the fair value option method were as follows (in thousands):

	As of June 30, 2022				As of December 31, 2021
Asset (Liability)	Fair Value		Original Cost		Fair Value		Original Cost		Asset Type Classification
Mortgage loans	$	155,661	$	155,661	$	143,068	$	143,068	Mortgage loans
Equity investment and other loans		430,944		438,278		409,638		409,638	Investments in unconsolidated operating entities/Other loans

Schedule of Effects of Movement in DLOM by Sensitivity Analysis by Using Basis Point Variations

The DLOM on our Springstone equity investment was 40% at June 30, 2022. In arriving at the DLOM, we started with a DLOM range based on the results of studies supporting valuation discounts for other transactions or structures without a public market. To select the appropriate DLOM within the range, we then considered many qualitative factors, including the percent of control, the nature of the underlying investee’s business along with our rights as an investor pursuant to the operating agreement, the size of investment, expected holding period, number of shareholders, access to capital marketplace, etc. To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands):

Basis Point Change in Marketability Discount	Estimated Increase (Decrease) In Fair Value
+100 basis points	$	(41	)
- 100 basis points		41