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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of the Carrying Values and Fair Values of Financial Instruments
The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands):
 December 31,
 
2022(3)
2021(3)
 Carrying ValueFair ValueCarrying ValueFair Value
Loans receivable, net(2)
$374,832 $369,425 $415,811 $437,607 
Marketable debt securities(2)
21,702 21,702 21,003 21,003 
Interest rate swap instruments(2)
30,259 30,259 — — 
Interest rate cap instruments(2)
— — 397 397 
Bank line of credit and commercial paper(2)
995,606 995,606 1,165,975 1,165,975 
Term loans(2)
495,957 495,957 — — 
Senior unsecured notes(1)
4,659,451 4,238,124 4,651,933 5,054,747 
Mortgage debt(2)
346,599 330,867 352,081 352,800 
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(1)Level 1: Fair value calculated based on quoted prices in active markets.
(2)Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt, interest rate swap instruments, and interest rate cap instruments, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating.
(3)During the years ended December 31, 2022 and 2021, there were no material transfers of financial assets or liabilities within the fair value hierarchy.