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Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value

Estimated Fair Value And Carrying Amounts

The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, Euro Term Loan Facilities, unsecured senior notes and secured and other debt as of the respective periods are shown below (in thousands):


		Categorization		As of June 30, 2025						As of December 31, 2024
		under the fair value		Estimated Fair			Amount			Estimated Fair			Amount
		hierarchy		Value			Outstanding			Value			Outstanding
Global Revolving Credit Facilities⁽¹⁾		Level 2		$	590,690		$	590,690		$	1,637,922		$	1,637,922
Unsecured term loans ⁽¹⁾		Level 2			442,013			442,013			388,275			388,275
Unsecured senior notes ⁽²⁾		Level 2			16,100,899			16,760,675			13,370,897			14,059,415
Secured and other debt ⁽²⁾		Level 2			804,402			810,009			752,732			761,263
				$	17,938,004		$	18,603,387		$	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.