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Disclosure about Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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):
 December 31, 2024December 31, 2023
 CarryingFairCarryingFair
 AmountValueAmountValue
Financial assets:    
Investments in sales-type leases, net$172,260 $172,260 $— $— 
Mortgage loans receivable1,520,503 1,587,896 1,043,252 1,105,260 
Other real estate loans receivable284,541 286,096 318,335 319,905 
Cash and cash equivalents3,506,586 3,506,586 1,993,646 1,993,646 
Restricted cash204,871 204,871 82,437 82,437 
Non-real estate loans receivable222,542 219,813 330,119 312,985 
Foreign currency forward contracts, interest rate swaps and cross currency swaps99,968 99,968 37,118 37,118 
Equity warrants62,320 62,320 35,772 35,772 
Financial liabilities:
Senior unsecured notes$13,162,102 $13,276,784 $13,552,222 $13,249,247 
Secured debt2,338,155 2,271,886 2,183,327 2,144,059 
Foreign currency forward contracts, interest rate swaps and cross currency swaps13,001 13,001 96,023 96,023 
Redeemable DownREIT Unitholder interests$49,226 $49,226 $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 December 31, 2024
 TotalLevel 1Level 2Level 3
Equity warrants$62,320 $— $— $62,320 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
86,967 — 86,967 — 
Totals $149,287 $— $86,967 $62,320 
(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 December 31, 2024
 TotalLevel 1Level 2Level 3
Equity warrants$62,320 $— $— $62,320 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
86,967 — 86,967 — 
Totals $149,287 $— $86,967 $62,320 
(1) Please see Note 12 for additional information.
Schedule of Level 3 Reconciliation
The following table summarizes the change in fair value of equity warrants using unobservable Level 3 inputs for the years presented (in thousands):
Years Ended
 December 31, 2024December 31, 2023
Beginning balance$35,772 $30,436 
Warrants acquired— 1,202 
Mark-to-market adjustment27,898 2,218 
Foreign currency(1,350)1,916 
Ending balance$62,320 $35,772