Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Financial Instruments, Owned, at Fair Value [Abstract]

Summary of Carry Amounts and Fair Value of Financial Instruments

The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands):

	September 30, 2021(3)				December 31, 2020(3)
	Carrying Value		Fair Value		Carrying Value		Fair Value
Loans receivable, net(2)	$	411,062	$	411,082	$	195,375	$	201,228
Marketable debt securities(2)	20,836		20,836		20,355		20,355
Interest rate cap assets(2)	196		196		—		—
Bank line of credit and commercial paper(2)	1,024,000		1,024,000		129,590		129,590
Term loan(2)	—		—		249,182		249,182
Senior unsecured notes(1)	4,157,834		4,606,692		5,697,586		6,517,650
Mortgage debt(2)(4)	356,570		359,274		221,621		221,181
Interest rate swap liabilities(2)	—		—		81		81

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(1)Level 1: Fair value calculated based on quoted prices in active markets.

(2)Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt, swaps, and caps, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loan, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating.

(3)During the nine months ended September 30, 2021 and year ended December 31, 2020, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

(4)For the year ended December 31, 2020, excludes mortgage debt on assets held for sale and discontinued operations of $319 million.