Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Estimated Fair Value And Carrying Amounts

As of December 31, 2019 and December 31, 2018, the aggregate estimated fair value and carrying value of our global revolving credit facilities, unsecured term loans, unsecured senior notes and mortgage loans were as follows (in thousands):


	Categorization	As of December 31, 2019				As of December 31, 2018
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities ⁽¹⁾⁽⁴⁾	Level 2	$	245,766	$	245,766	$	1,663,156	$	1,663,156
Unsecured term loans ⁽²⁾⁽⁴⁾	Level 2		813,205		813,205		1,183,121		1,183,121
Unsecured senior notes ⁽³⁾⁽⁴⁾	Level 2		9,697,166		9,025,229		7,684,368		7,629,679
Secured debt ⁽³⁾⁽⁴⁾	Level 2		105,245		105,143		706,086		705,924
		$	10,861,382	$	10,189,343	$	11,236,731	$	11,181,880

(1)	The carrying value of our global revolving credit facility approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings.

(2)	The carrying value of our unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings.

(3)	Valuations for our unsecured senior notes and secured debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.

(4)	The carrying value excludes unamortized premiums (discounts) and deferred financing costs (see note 9).