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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value of Financial Instruments

Estimated Fair Value And Carrying Amounts


		Categorization		As of March 31, 2023						As of December 31, 2022
		under the fair value		Estimated Fair						Estimated Fair
		hierarchy		Value			Carrying Value			Value			Carrying Value
Global revolving credit facilities ⁽¹⁾		Level 2		$	2,531,056		$	2,531,056		$	2,167,889		$	2,167,889
Unsecured term loans ⁽¹⁾		Level 2			1,552,925			1,552,925			802,875			802,875
Unsecured senior notes ⁽²⁾		Level 2			11,524,720			13,357,299			11,331,989			13,220,961
Secured and other debt ⁽²⁾		Level 2			551,386			563,856			517,226			532,130
				$	16,160,087		$	18,005,136		$	14,819,979		$	16,723,855

(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 and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.