Disclosure about Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands):


	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investments in sales-type leases, net	$	57,800	$	57,800	$	497,963	$	497,963
Mortgage loans receivable	1,614,337		1,628,885		998,699		1,008,879
Other real estate loans receivable	953,227		912,099		832,511		803,247
Cash and cash equivalents	4,703,775		4,703,775		5,033,678		5,033,678
Restricted cash	115,518		115,518		175,861		175,861
Non-real estate loans receivable	284,206		280,649		251,055		245,415
Foreign currency forward contracts, interest rate swaps and cross currency swaps	93,264		93,264		43,223		43,223


Financial liabilities:

Senior unsecured notes	$	15,159,712	$	16,674,239	$	16,383,522	$	17,872,001
Secured debt	2,773,856		2,741,154		2,813,780		2,768,807
Foreign currency forward contracts, interest rate swaps and cross currency swaps	156,161		156,161		416,210		416,210

Redeemable DownREIT Unitholder interests	$	—	$	—	$	72,497	$	72,497

The following summarizes items measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3

Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)(1)	$	(62,897)	$	—	$	(62,897)	$	—

(1) Please see Note 12 for additional information.

The following summarizes items measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3

Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability)(1)	$	(62,897)	$	—	$	(62,897)	$	—

(1) Please see Note 12 for additional information.