Disclosure about Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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):


	December 31, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Financial assets:
Mortgage loans receivable	$	877,102	$	932,552	$	293,752	$	297,207
Other real estate loans receivable	191,579		193,999		149,620		152,211
Equity securities	1,608		1,608		4,636		4,636
Cash and cash equivalents	269,265		269,265		1,545,046		1,545,046
Restricted cash	77,490		77,490		475,997		475,997
Non-real estate loans receivable	223,627		241,544		240,269		255,724
Foreign currency forward contracts, interest rate swaps and cross currency swaps	7,205		7,205		4,668		4,668
Equity warrants	41,909		41,909		—		—

Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program	$	324,935	$	324,935	$	—	$	—
Senior unsecured notes	11,613,758		13,139,748		11,420,790		13,093,926
Secured debt	2,192,261		2,252,107		2,377,930		2,451,782
Foreign currency forward contracts, interest rate swaps and cross currency swaps	39,296		39,296		118,054		118,054

Redeemable OP unitholder interests	$	153,098	$	153,098	$	116,240	$	115,346

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 December 31, 2021
	Total		Level 1		Level 2		Level 3
Equity securities	$	1,608	$	1,608	$	—	$	—
Equity warrants	41,909		—		—		41,909
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	(32,091)		—		(32,091)		—
Totals	$	11,426	$	1,608	$	(32,091)	$	41,909

(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 December 31, 2021
	Total		Level 1		Level 2		Level 3
Equity securities	$	1,608	$	1,608	$	—	$	—
Equity warrants	41,909		—		—		41,909
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	(32,091)		—		(32,091)		—
Totals	$	11,426	$	1,608	$	(32,091)	$	41,909

(1) Please see Note 12 for additional information.

Schedule of Level 3 Reconciliation

The following table summarizes the change in fair value for equity warrants using unobservable Level 3 inputs for the year ended December 31, 2021 (in thousands):


	Year Ended
	December 31, 2021
Beginning balance	$	—
Warrants acquired	32,419
Mark-to-market adjustment	10,361
Foreign currency	(871)
Ending balance	$	41,909