Disclosure about Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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):


	June 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Mortgage loans receivable	$	748,833	$	914,562	$	877,102	$	932,552
Other real estate loans receivable	207,452		213,867		191,579		193,999
Equity securities	958		958		1,608		1,608
Cash and cash equivalents	363,339		363,339		269,265		269,265
Restricted cash	78,912		78,912		77,490		77,490
Non-real estate loans receivable	257,697		266,817		223,627		241,544
Foreign currency forward contracts, interest rate swaps and cross currency swaps	135,854		135,854		7,205		7,205
Equity warrants	37,404		37,404		41,909		41,909

Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program	$	354,000	$	354,000	$	324,935	$	324,935
Senior unsecured notes	12,488,718		11,987,673		11,613,758		13,139,748
Secured debt	2,191,826		2,153,353		2,192,261		2,252,107
Foreign currency forward contracts, interest rate swaps and cross currency swaps	27,698		27,698		39,296		39,296

Redeemable OP unitholder interests	$	122,287	$	122,287	$	153,098	$	153,098

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 June 30, 2022
	Total		Level 1		Level 2		Level 3
Equity securities	$	958	$	958	$	—	$	—
Equity warrants	37,404		—		—		37,404
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	108,156		—		108,156		—
Totals	$	146,518	$	958	$	108,156	$	37,404

(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 periods presented (in thousands):


	Six Months Ended
	June 30, 2022		June 30, 2021
Beginning balance	$	41,909	$	—
Warrants acquired	—		32,419
Mark-to-market adjustment	(520)		—
Foreign currency	(3,985)		—
Ending balance	$	37,404	$	32,419