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Disclosure about Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 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):
 December 31, 2022December 31, 2021
 CarryingFairCarryingFair
 AmountValueAmountValue
Financial assets:    
Mortgage loans receivable$697,906 $739,159 $877,102 $932,552 
Other real estate loans receivable192,938 190,977 191,579 193,999 
Equity securities111 111 1,608 1,608 
Cash and cash equivalents631,681 631,681 269,265 269,265 
Restricted cash90,611 90,611 77,490 77,490 
Non-real estate loans receivable289,168 277,601 223,627 241,544 
Foreign currency forward contracts, interest rate swaps and cross currency swaps191,357 191,357 7,205 7,205 
Equity warrants30,436 30,436 41,909 41,909 
Financial liabilities:
Borrowings under unsecured credit facility and commercial paper program$— $— $324,935 $324,935 
Senior unsecured notes12,437,273 11,381,873 11,613,758 13,139,748 
Secured debt2,110,815 2,054,889 2,192,261 2,252,107 
Foreign currency forward contracts, interest rate swaps and cross currency swaps55,727 55,727 39,296 39,296 
Redeemable DownREIT unitholder interests$75,355 $75,355 $153,098 $153,098 
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, 2022
 TotalLevel 1Level 2Level 3
Equity securities$111 $111 $— $— 
Equity warrants30,436 — — 30,436 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
135,630 — 135,630 — 
Totals $166,177 $111 $135,630 $30,436 
(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, 2022
 TotalLevel 1Level 2Level 3
Equity securities$111 $111 $— $— 
Equity warrants30,436 — — 30,436 
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)
135,630 — 135,630 — 
Totals $166,177 $111 $135,630 $30,436 
(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 years presented (in thousands):
Years Ended
 December 31, 2022December 31, 2021
Beginning balance$41,909 $— 
Warrants acquired— 32,419 
Mark-to-market adjustment(6,837)10,361 
Foreign currency(4,636)(871)
Ending balance$30,436 $41,909