Disclosure about Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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):

	March 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Mortgage loans receivable	$	821,509	$	909,533	$	877,102	$	932,552
Other real estate loans receivable	181,627		183,784		191,579		193,999
Equity securities	1,455		1,455		1,608		1,608
Cash and cash equivalents	301,089		301,089		269,265		269,265
Restricted cash	65,954		65,954		77,490		77,490
Non-real estate loans receivable	239,023		245,928		223,627		241,544
Foreign currency forward contracts, interest rate swaps and cross currency swaps	9,179		9,179		7,205		7,205
Equity warrants	38,416		38,416		41,909		41,909
Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program	$	299,968	$	299,968	$	324,935	$	324,935
Senior unsecured notes	12,136,760		12,458,423		11,613,758		13,139,748
Secured debt	2,104,945		2,108,622		2,192,261		2,252,107
Foreign currency forward contracts, interest rate swaps and cross currency swaps	30,580		30,580		39,296		39,296
Redeemable OP unitholder interests	$	171,609	$	171,609	$	153,098	$	153,098

Summary of Items Measured at Fair Value on a Recurring Basis

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

	Fair Value Measurements as of March 31, 2022
	Total		Level 1		Level 2		Level 3
Equity securities	$	1,455	$	1,455	$	—	$	—
Equity warrants	38,416		—		—		38,416
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	(21,401)		—		(21,401)		—
Totals	$	18,470	$	1,455	$	(21,401)	$	38,416

(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 periods presented (in thousands):

	Three Months Ended
	March 31, 2022		March 31, 2021
Beginning balance	$	41,909	$	—
Mark-to-market adjustment	(2,425)		—
Foreign currency	(1,068)		—
Ending balance	$	38,416	$	—