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Disclosure about Fair Value of Financial Instruments (Tables) | 3 Months Ended
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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 |  |  | $ | — |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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