Disclosure about Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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):


	March 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Mortgage loans receivable	$	718,961	$	759,712	$	697,906	$	739,159
Other real estate loans receivable	235,195		235,573		192,938		190,977
Equity securities	66		66		111		111
Cash and cash equivalents	571,902		571,902		631,681		631,681
Restricted cash	66,894		66,894		90,611		90,611
Non-real estate loans receivable	297,513		285,404		289,168		277,601
Foreign currency forward contracts, interest rate swaps and cross currency swaps	148,206		148,206		191,357		191,357
Equity warrants	30,269		30,269		30,436		30,436

Financial liabilities:

Senior unsecured notes	$	12,486,229	$	11,629,220	$	12,437,273	$	11,381,873
Secured debt	2,474,837		2,451,673		2,110,815		2,054,889
Foreign currency forward contracts, interest rate swaps and cross currency swaps	40,829		40,829		55,727		55,727

Redeemable DownREIT Unitholder interests	$	61,957	$	61,957	$	75,355	$	75,355

Summary of Items Measured at Fair Value on Recurring Basis, Assets

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


	Fair Value Measurements as of March 31, 2023
	Total		Level 1		Level 2		Level 3
Equity securities	$	66	$	66	$	—	$	—
Equity warrants	30,269		—		—		30,269
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	107,377		—		107,377		—
Totals	$	137,712	$	66	$	107,377	$	30,269

(1) Please see Note 12 for additional information.

Summary of Items Measured at Fair Value on Recurring Basis, Liabilities

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


	Fair Value Measurements as of March 31, 2023
	Total		Level 1		Level 2		Level 3
Equity securities	$	66	$	66	$	—	$	—
Equity warrants	30,269		—		—		30,269
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	107,377		—		107,377		—
Totals	$	137,712	$	66	$	107,377	$	30,269

(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):


	Three Months Ended
	March 31, 2023		March 31, 2022
Beginning balance	$	30,436	$	41,909

Mark-to-market adjustment	(885)		(2,425)
Foreign currency	718		(1,068)
Ending balance	$	30,269	$	38,416