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Disclosure about Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025December 31, 2024
 Carrying AmountFair ValueCarrying AmountFair Value
Financial assets:
Investments in sales-type leases, net$— $— $172,260 $172,260 
Mortgage loans receivable1,624,490 1,702,572 1,520,503 1,587,896 
Other real estate loans receivable177,370 179,815 284,541 286,096 
Cash and cash equivalents4,409,740 4,409,740 3,506,586 3,506,586 
Restricted cash113,771 113,771 204,871 204,871 
Non-real estate loans receivable230,277 226,186 222,542 219,813 
Foreign currency forward contracts, interest rate swaps and cross currency swaps1,570 1,570 99,968 99,968 
Equity warrants72,123 72,123 62,320 62,320 
Financial liabilities:
Senior unsecured notes$13,448,881 $14,224,425 $13,162,102 $13,276,784 
Secured debt2,522,222 2,470,154 2,338,155 2,271,886 
Foreign currency forward contracts, interest rate swaps and cross currency swaps298,904 298,904 13,001 13,001 
Redeemable DownREIT Unitholder interests$60,045 $60,045 $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 June 30, 2025
 TotalLevel 1Level 2Level 3
Equity warrants$72,123 $— $— $72,123 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
(297,334)— (297,334)— 
Totals $(225,211)$— $(297,334)$72,123 
(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, 2025
 TotalLevel 1Level 2Level 3
Equity warrants$72,123 $— $— $72,123 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
(297,334)— (297,334)— 
Totals $(225,211)$— $(297,334)$72,123 
(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):
Six Months Ended
 June 30, 2025June 30, 2024
Beginning balance$62,320 $35,772 
Mark-to-market adjustment3,619 8,879 
Effect of foreign currency6,184 (335)
Ending balance$72,123 $44,316