Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Estimated Fair Value And Carrying Amounts

As of March 31, 2020 and December 31, 2019, 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 March 31, 2020				As of December 31, 2019
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities ⁽¹⁾⁽⁴⁾	Level 2	$	613,913	$	613,913	$	245,766	$	245,766
Unsecured term loans ⁽²⁾⁽⁴⁾	Level 2		774,096		774,096		813,205		813,205
Unsecured senior notes ⁽³⁾⁽⁴⁾	Level 2		10,656,920		10,722,212		9,697,166		9,025,229
Secured debt ⁽³⁾⁽⁴⁾	Level 2		224,528		239,964		105,245		105,143
		$	12,269,457	$	12,350,185	$	10,861,382	$	10,189,343

(1)	The carrying value of our global revolving credit facilities 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).