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Disclosure about Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 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):
 September 30, 2025December 31, 2024
 Carrying AmountFair ValueCarrying AmountFair Value
Financial assets:
Investments in sales-type leases, net$— $— $172,260 $172,260 
Mortgage loans receivable1,611,673 1,682,431 1,520,503 1,587,896 
Other real estate loans receivable162,115 164,515 284,541 286,096 
Cash and cash equivalents6,806,507 6,806,507 3,506,586 3,506,586 
Restricted cash134,066 134,066 204,871 204,871 
Non-real estate loans receivable608,683 599,498 222,542 219,813 
Foreign currency forward contracts, interest rate swaps and cross currency swaps4,651 4,651 99,968 99,968 
Equity warrants39,130 39,130 62,320 62,320 
Financial liabilities:
Senior unsecured notes$14,365,008 $15,637,018 $13,162,102 $13,276,784 
Secured debt2,487,354 2,447,833 2,338,155 2,271,886 
Foreign currency forward contracts, interest rate swaps and cross currency swaps176,524 176,524 13,001 13,001 
Redeemable DownREIT Unitholder interests$69,580 $69,580 $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 September 30, 2025
 TotalLevel 1Level 2Level 3
Equity warrants$39,130 $— $— $39,130 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)(1)
(171,873)— (171,873)— 
Totals $(132,743)$— $(171,873)$39,130 
(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 September 30, 2025
 TotalLevel 1Level 2Level 3
Equity warrants$39,130 $— $— $39,130 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)(1)
(171,873)— (171,873)— 
Totals $(132,743)$— $(171,873)$39,130 
(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):
Nine Months Ended
 September 30, 2025September 30, 2024
Beginning balance$62,320 $35,772 
Mark-to-market adjustment(28,063)18,791 
Effect of foreign currency4,873 2,474 
Ending balance$39,130 $57,037