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Disclosure about Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024December 31, 2023
 Carrying AmountFair ValueCarrying AmountFair Value
Financial assets:
Mortgage loans receivable$1,490,989 $1,541,399 $1,043,252 $1,105,260 
Other real estate loans receivable300,213 306,204 318,335 319,905 
Cash and cash equivalents2,776,628 2,776,628 1,993,646 1,993,646 
Restricted cash86,970 86,970 82,437 82,437 
Non-real estate loans receivable347,625 330,645 330,119 312,985 
Foreign currency forward contracts, interest rate swaps and cross currency swaps46,242 46,242 37,118 37,118 
Equity warrants44,316 44,316 35,772 35,772 
Financial liabilities:
Senior unsecured notes$12,169,775 $11,811,256 $13,552,222 $13,249,247 
Secured debt1,765,992 1,723,219 2,183,327 2,144,059 
Foreign currency forward contracts, interest rate swaps and cross currency swaps17,818 17,818 96,023 96,023 
Redeemable DownREIT Unitholder interests$40,719 $40,719 $77,928 $77,928 
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, 2024
 TotalLevel 1Level 2Level 3
Equity warrants$44,316 $— $— $44,316 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
28,424 — 28,424 — 
Totals $72,740 $— $28,424 $44,316 
(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, 2024
 TotalLevel 1Level 2Level 3
Equity warrants$44,316 $— $— $44,316 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
28,424 — 28,424 — 
Totals $72,740 $— $28,424 $44,316 
(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, 2024June 30, 2023
Beginning balance$35,772 $30,436 
Mark-to-market adjustment8,879 (2,126)
Foreign currency(335)1,542 
Ending balance$44,316 $29,852