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Disclosure about Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Summary of 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, 2023December 31, 2022
 Carrying AmountFair ValueCarrying AmountFair Value
Financial assets:
Mortgage loans receivable$728,751 $779,462 $697,906 $739,159 
Other real estate loans receivable236,758 236,426 192,938 190,977 
Equity securities27 27 111 111 
Cash and cash equivalents2,203,788 2,203,788 631,681 631,681 
Restricted cash95,281 95,281 90,611 90,611 
Non-real estate loans receivable297,353 285,144 289,168 277,601 
Foreign currency forward contracts, interest rate swaps and cross currency swaps113,285 113,285 191,357 191,357 
Equity warrants29,852 29,852 30,436 30,436 
Financial liabilities:
Senior unsecured notes$13,530,788 $12,596,885 $12,437,273 $11,381,873 
Secured debt2,460,349 2,384,444 2,110,815 2,054,889 
Foreign currency forward contracts, interest rate swaps and cross currency swaps68,590 68,590 55,727 55,727 
Redeemable DownREIT Unitholder interests$69,908 $69,908 $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 June 30, 2023
 TotalLevel 1Level 2Level 3
Equity securities$27 $27 $— $— 
Equity warrants29,852 — — 29,852 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
44,695 — 44,695 — 
Totals $74,574 $27 $44,695 $29,852 
(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 June 30, 2023
 TotalLevel 1Level 2Level 3
Equity securities$27 $27 $— $— 
Equity warrants29,852 — — 29,852 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
44,695 — 44,695 — 
Totals $74,574 $27 $44,695 $29,852 
(1) Please see Note 12 for additional information.
Summary 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, 2023June 30, 2022
Beginning balance$30,436 $41,909 
Mark-to-market adjustment(2,126)(520)
Foreign currency1,542 (3,985)
Ending balance$29,852 $37,404