Disclosure about Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

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):


	March 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in sales-type leases, net	$	—	$	—	$	172,260	$	172,260
Mortgage loans receivable	1,551,674		1,624,540		1,520,503		1,587,896
Other real estate loans receivable	221,034		223,488		284,541		286,096
Cash and cash equivalents	3,501,851		3,501,851		3,506,586		3,506,586
Restricted cash	108,434		108,434		204,871		204,871
Non-real estate loans receivable	221,738		223,388		222,542		219,813
Foreign currency forward contracts, interest rate swaps and cross currency swaps	32,270		32,270		99,968		99,968
Equity warrants	67,381		67,381		62,320		62,320

Financial liabilities:

Senior unsecured notes	$	13,219,202	$	13,866,698	$	13,162,102	$	13,276,784
Secured debt	2,504,655		2,469,743		2,338,155		2,271,886
Foreign currency forward contracts, interest rate swaps and cross currency swaps	54,464		54,464		13,001		13,001

Redeemable DownREIT Unitholder interests	$	59,842	$	59,842	$	49,226	$	49,226

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, 2025
	Total		Level 1		Level 2		Level 3
Equity warrants	$	67,381	$	—	$	—	$	67,381
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	(22,194)		—		(22,194)		—
Totals	$	45,187	$	—	$	(22,194)	$	67,381

(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, 2025
	Total		Level 1		Level 2		Level 3
Equity warrants	$	67,381	$	—	$	—	$	67,381
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	(22,194)		—		(22,194)		—
Totals	$	45,187	$	—	$	(22,194)	$	67,381

(1) Please see Note 12 for additional information.

Summary of Level 3 Reconciliation

The following table summarizes the change in fair value of equity warrants using unobservable Level 3 inputs for the periods presented (in thousands):


	Three Months Ended
	March 31, 2025		March 31, 2024
Beginning balance	$	62,320	$	35,772

Mark-to-market adjustment	3,210		3,054
Effect of foreign currency	1,851		(315)
Ending balance	$	67,381	$	38,511