If I stole something from someone and told them about it and they forgave me for it and told me I do not have to repay them, do I still have to return something of equal value to them (if I no longer have the exact item stolen) ?

All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad is His slave and Messenger.

As long as the owners of the items have freed you from the responsibility and pardoned you, you are not required to pay out anything to them since they have already discharged you.

However, you have to fulfill the rest of the conditions of repentance, which are: showing remorse for committing theft, giving it up, and showing determination not to return to it.

Whoever repents to Allah, He, the Exalted, will turn to him in forgiveness. He, The Exalted, says (what means): {But whoever repents after his wrongdoing and reforms, indeed, Allah will turn to him in forgiveness. Indeed, Allah is Forgiving and Merciful.} [Quran, 5:39]

Allah knows best.