Disclosure about Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands):


	September 30, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Mortgage loans receivable	$	941,357	$	967,813	$	293,752	$	297,207
Other real estate loans receivable	174,288		174,088		149,620		152,211
Equity securities	1,922		1,922		4,636		4,636
Cash and cash equivalents	303,982		303,982		1,545,046		1,545,046
Restricted cash	58,663		58,663		475,997		475,997
Non-real estate loans receivable	210,822		212,054		240,269		255,724
Foreign currency forward contracts, interest rate swaps and cross currency swaps	19,637		19,637		4,668		4,668
Equity warrants	40,658		40,658		—		—

Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program	$	290,996	$	290,996	$	—	$	—
Senior unsecured notes	11,116,067		12,485,436		11,420,790		13,093,926
Secured debt	2,262,345		2,325,322		2,377,930		2,451,782
Foreign currency forward contracts, interest rate swaps and cross currency swaps	27,731		27,731		118,054		118,054

Redeemable OP unitholder interests	$	147,083	$	147,083	$	116,240	$	115,346

Summary of Items Measured at Fair Value on a Recurring Basis

The following summarizes items measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of September 30, 2021
	Total		Level 1		Level 2		Level 3
Equity securities	$	1,922	$	1,922	$	—	$	—
Equity warrants	40,658		—		—		40,658
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	(8,094)		—		(8,094)		—
Totals	$	34,486	$	1,922	$	(8,094)	$	40,658

(1) Please see Note 12 for additional information.

Schedule of Level 3 Reconciliation

The following table summarizes the change in fair value for equity warrants using unobservable Level 3 inputs for the nine months ended September 30, 2021 (in thousands):


	Nine Months Ended
	September 30, 2021
Beginning balance	$	—
Warrants acquired	32,419
Mark-to-market adjustment	9,216
Foreign currency	(977)
Ending balance	$	40,658