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Fair Value of Financial Instruments | 6 Months Ended
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Jun. 30, 2023
Fair Value of Financial Instruments |
Fair Value of Financial Instruments | 15. Fair Value of Financial Instruments There have been no significant changes in our policy for fair value measurements from what was disclosed in our 2022 Form 10-K. The carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our Global Revolving Credit Facilities and unsecured term loans approximates estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on June 30, 2023 and December 31, 2022 as compared to those in effect when the debt was issued or assumed. We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar maturity dates to our debt. The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, unsecured term loans, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Categorization | ​ | As of June 30, 2023 | ​ | As of December 31, 2022
​ | ​ | under the fair value | ​ | Estimated Fair | ​ | ​ | ​ | ​ | Estimated Fair | ​ | ​ | ​
​ |  | hierarchy |  | Value |  | Carrying Value |  | Value |  | Carrying Value
Global revolving credit facilities (1) |  | Level 2 | ​ | $ | 2,257,864 | ​ | $ | 2,257,864 | ​ | $ | 2,167,889 | ​ | $ | 2,167,889
Unsecured term loans (1) |  | Level 2 | ​ | ​ | 1,558,175 | ​ | ​ | 1,558,175 | ​ | ​ | 802,875 | ​ | ​ | 802,875
Unsecured senior notes (2) |  | Level 2 | ​ | ​ | 11,555,749 | ​ | ​ | 13,479,366 | ​ |  | 11,331,989 | ​ |  | 13,220,961
Secured and other debt (2) |  | Level 2 | ​ | ​ | 546,266 | ​ | ​ | 560,795 | ​ |  | 517,226 | ​ |  | 532,130
​ | ​ | ​ | ​ | $ | 15,918,054 | ​ | $ | 17,856,200 | ​ | $ | 14,819,979 | ​ | $ | 16,723,855
(1) | The carrying value of our unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings.
(2) | Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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