Disclosure about Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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):


	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Mortgage loans receivable	$	1,052,156	$	1,080,321	$	1,043,252	$	1,105,260
Other real estate loans receivable	373,938		384,721		318,335		319,905
Cash and cash equivalents	2,388,488		2,388,488		1,993,646		1,993,646
Restricted cash	89,847		89,847		82,437		82,437
Non-real estate loans receivable	338,462		324,132		330,119		312,985
Foreign currency forward contracts, interest rate swaps and cross currency swaps	50,127		50,127		37,118		37,118
Equity warrants	38,511		38,511		35,772		35,772

Financial liabilities:

Senior unsecured notes	$	12,171,913	$	11,787,206	$	13,552,222	$	13,249,247
Secured debt	2,033,232		1,986,736		2,183,327		2,144,059
Foreign currency forward contracts, interest rate swaps and cross currency swaps	19,261		19,261		96,023		96,023

Redeemable DownREIT Unitholder interests	$	80,754	$	80,754	$	77,928	$	77,928

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 March 31, 2024
	Total		Level 1		Level 2		Level 3
Equity warrants	$	38,511	$	—	$	—	$	38,511
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	30,866		—		30,866		—
Totals	$	69,377	$	—	$	30,866	$	38,511

(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 March 31, 2024
	Total		Level 1		Level 2		Level 3
Equity warrants	$	38,511	$	—	$	—	$	38,511
Foreign currency forward contracts, interest rate swaps and cross currency swaps, net asset (liability) (1)	30,866		—		30,866		—
Totals	$	69,377	$	—	$	30,866	$	38,511

(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):


	Three Months Ended
	March 31, 2024		March 31, 2023
Beginning balance	$	35,772	$	30,436

Mark-to-market adjustment	3,054		(885)
Foreign currency	(315)		718
Ending balance	$	38,511	$	30,269