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Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value  
Fair Value

14. Fair Value

There have been no significant changes in our policy for fair value measurements from what was disclosed in our 2024 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 the Euro Term Loan Facility approximates the estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and the 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 March 31, 2025 and December 31, 2024 as compared to those in effect when the debt was issued or assumed. As described in Note 13. "Derivative Instruments", outstanding derivative contracts are recorded at fair value.

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, Euro Term Loan Facilities and USD Term Loan Facility, unsecured senior notes and secured and other debt as of the respective periods are shown below (in thousands):

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Categorization

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As of March 31, 2025

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As of December 31, 2024

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under the fair value

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Estimated Fair

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Amount

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Estimated Fair

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Amount

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hierarchy

    

Value

    

Outstanding

    

Value

    

Outstanding

Global Revolving Credit Facilities (1)

 

Level 2

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$

1,121,628

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$

1,121,628

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$

1,637,922

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$

1,637,922

Unsecured term loans (1)

 

Level 2

​

​

405,600

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​

405,600

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​

388,275

​

​

388,275

Unsecured senior notes (2)

 

Level 2

​

​

14,005,614

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​

14,849,815

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13,370,897

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14,059,415

Secured and other debt (2)

 

Level 2

​

​

772,039

​

​

778,767

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752,732

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761,263

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​

​

​

$

16,304,881

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$

17,155,810

​

$

16,149,826

​

$

16,846,875

(1)The carrying value of our Global Revolving Credit Facilities and 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.