Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value of Financial Instruments

Estimated Fair Value And Carrying Amounts

The aggregate estimated fair value and carrying value of our global revolving credit facilities, unsecured term loans, unsecured senior notes and secured debt as of the respective periods is shown below (in thousands):

	Categorization	As of December 31, 2022				As of December 31, 2021
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities	Level 2	$	2,167,889	$	2,167,889	$	415,116	$	415,116
Unsecured term loans (1)	Level 2		802,875		802,875		—		—
Unsecured senior notes (2)	Level 2		11,331,989		13,220,961		13,580,262		13,000,042
Secured and other debt (2)	Level 2		517,226		532,130		152,511		147,082
		$	14,819,979	$	16,723,855	$	14,147,889	$	13,562,240

(1) 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.

(2) 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.