Disclosure about Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Summary of 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, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Mortgage loans receivable	$	948,294	$	1,023,027	$	697,906	$	739,159
Other real estate loans receivable	232,971		232,122		192,938		190,977
Equity securities	18		18		111		111
Cash and cash equivalents	2,582,037		2,582,037		631,681		631,681
Restricted cash	104,674		104,674		90,611		90,611
Non-real estate loans receivable	311,001		295,656		289,168		277,601
Foreign currency forward contracts, interest rate swaps and cross currency swaps	153,469		153,469		191,357		191,357
Equity warrants	25,856		25,856		30,436		30,436

Financial liabilities:

Senior unsecured notes	$	13,453,985	$	12,485,641	$	12,437,273	$	11,381,873
Secured debt	2,380,253		2,288,887		2,110,815		2,054,889
Foreign currency forward contracts, interest rate swaps and cross currency swaps	76,806		76,806		55,727		55,727

Redeemable DownREIT Unitholder interests	$	70,798	$	70,798	$	75,355	$	75,355

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 September 30, 2023
	Total		Level 1		Level 2		Level 3
Equity securities	$	18	$	18	$	—	$	—
Equity warrants	25,856		—		—		25,856
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	76,663		—		76,663		—
Totals	$	102,537	$	18	$	76,663	$	25,856

(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 September 30, 2023
	Total		Level 1		Level 2		Level 3
Equity securities	$	18	$	18	$	—	$	—
Equity warrants	25,856		—		—		25,856
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	76,663		—		76,663		—
Totals	$	102,537	$	18	$	76,663	$	25,856

(1) Please see Note 12 for additional information.

Summary 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, 2023		September 30, 2022
Beginning balance	$	30,436	$	41,909

Mark-to-market adjustment	(5,003)		(6,604)
Foreign currency	423		(7,033)
Ending balance	$	25,856	$	28,272