Disclosure about Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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


	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Mortgage loans receivable	$	331,648	$	331,710	$	293,752	$	297,207
Other real estate loans receivable	156,026		157,310		149,620		152,211
Equity securities	2,702		2,702		4,636		4,636
Cash and cash equivalents	2,131,846		2,131,846		1,545,046		1,545,046
Restricted cash	426,976		426,976		475,997		475,997
Non-real estate loans receivable	242,928		260,351		240,269		255,724
Foreign currency forward contracts, interest rate swaps and cross currency swaps	753		753		4,668		4,668

Financial liabilities:

Senior unsecured notes	$	12,183,710	$	13,377,367	$	11,420,790	$	13,093,926
Secured debt	2,329,474		2,410,790		2,377,930		2,451,782
Foreign currency forward contracts, interest rate swaps and cross currency swaps	84,985		84,985		118,054		118,054

Redeemable OP unitholder interests	$	127,859	$	127,859	$	116,240	$	115,346

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


	Fair Value Measurements as of March 31, 2021
	Total		Level 1		Level 2		Level 3
Equity securities	$	2,702	$	2,702	$	—	$	—
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	(84,232)		—		(84,232)		—
Totals	$	(81,530)	$	2,702	$	(84,232)	$	—

(1) Please see Note 12 for additional information.