Disclosure about Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

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):


	September 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Mortgage loans receivable	$	699,219	$	748,216	$	877,102	$	932,552
Other real estate loans receivable	217,420		217,088		191,579		193,999
Equity securities	136		136		1,608		1,608
Cash and cash equivalents	343,446		343,446		269,265		269,265
Restricted cash	81,738		81,738		77,490		77,490
Non-real estate loans receivable	257,996		251,926		223,627		241,544
Foreign currency forward contracts, interest rate swaps and cross currency swaps	401,428		401,428		7,205		7,205
Equity warrants	28,272		28,272		41,909		41,909

Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program	$	654,715	$	654,715	$	324,935	$	324,935
Senior unsecured notes	12,324,601		11,207,285		11,613,758		13,139,748
Secured debt	2,121,628		2,053,767		2,192,261		2,252,107
Foreign currency forward contracts, interest rate swaps and cross currency swaps	59,709		59,709		39,296		39,296

Redeemable OP unitholder interests	$	95,513	$	95,513	$	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 September 30, 2022
	Total		Level 1		Level 2		Level 3
Equity securities	$	136	$	136	$	—	$	—
Equity warrants	28,272		—		—		28,272
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	341,718		—		341,718		—
Totals	$	370,126	$	136	$	341,718	$	28,272

(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):


	Nine Months Ended
	September 30, 2022		September 30, 2021
Beginning balance	$	41,909	$	—
Warrants acquired	—		32,419
Mark-to-market adjustment	(6,604)		9,216
Foreign currency	(7,033)		(977)
Ending balance	$	28,272	$	40,658