for srv in INSTANCES:
    ips.append(INSTANCES[srv].access_ip_v4.apply)
    logging.debug("ips: %s", ips)
    hostnames.append(INSTANCES[srv].name.apply)
    logging.debug("hostnames: %s", hostnames)
    host_dict = pulumi.Output.all(INSTANCES[srv].name,
                                  INSTANCES[srv].access_ip_v4).apply(
                                      lambda args: json.dumps([{
                                          args[0]: args[1]
                                      }]))
    logging.debug("host_dict: %s", host_dict)
    exported.update(host_dict)

DEBUG:root:ips: [<bound method Output.apply of <pulumi.output.Output object at 0x7293f553fa90>>]
    DEBUG:root:hostnames: [<bound method Output.apply of <pulumi.output.Output object at 0x7293f56744f0>>]
    DEBUG:root:host_dict: <pulumi.output.Output object at 0x7293f5482f70>