Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table sets forth the assets that we measure at fair value on a recurring basis by level in the fair value hierarchy

(in thousands). There were no liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024. There

were no transfers of assets measured at fair value on a recurring basis to or from Level 3 in the fair value hierarchy during the six

months ended June 30, 2025.


		Fair Value Measurement Using
Description	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Investments in publicly traded companies:
As of June 30, 2025	$81,925	$81,925	$—	$—
As of December 31, 2024	$105,667	$105,667	$—	$—

Schedule of assets and liabilities measure at fair value on a nonrecurring basis

The following table sets forth the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy

as of June 30, 2025 and December 31, 2024 (in thousands).


			Fair Value Measurement Using
Description	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Real estate assets held for sale with carrying values adjusted to fair value less costs to sell:
As of June 30, 2025	$289,673	(1)	$—	$—		$289,673	(2)
As of December 31, 2024	$322,662	(1)	$—	$—		$322,662	(2)
Investments in privately held entities that do not report NAV:
As of June 30, 2025	$150,943		$—	$133,534	(3)	$17,409	(4)
As of December 31, 2024	$184,236		$—	$174,737	(3)	$9,499	(4)

(1)These amounts are included in the total balances of our net assets classified as held for sale aggregating $323.7 million and $371.3 million as of June 30, 2025 and

December 31, 2024, respectively, disclosed in Note 3 – “Investments in real estate,” and represent assets held for sale as of June 30, 2025 and December 31, 2024, for

which impairments were recognized.

(2)These amounts represent the aggregate carrying amounts of assets held for sale after adjustments to their respective fair values less costs to sell based on executed

purchase and sale agreements, letters of intent, or valuations provided by third-party real estate brokers.

(3)These amounts represent the total carrying amounts of our equity investments in privately held entities with observable price changes, which are included in the

investments balances of $1.5 billion and $1.5 billion in our unaudited consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively, disclosed

in Note 7 – “Investments” to our unaudited consolidated financial statements.

(4)These amounts are included in the investments in privately held entities without observable price changes balances aggregating $432.3 million and $400.5 million as of

June 30, 2025 and December 31, 2024, respectively, disclosed in Note 7 – “Investments” to our unaudited consolidated financial statements. The aforementioned

balances represent the carrying amounts of investments in privately held entities that do not report NAV for which impairments have been recognized in accordance with

the measurement alternative guidance described in “Investments” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial

statements.

As of June 30, 2025 and December 31, 2024, the book and estimated fair values of our secured note payable and unsecured

senior notes payable and the amounts outstanding under our unsecured senior line of credit and commercial paper program, including

the level within the fair value hierarchy for which the estimates were derived, were as follows (in thousands):


	June 30, 2025
	Book Value	Fair Value Hierarchy			Estimated Fair Value
	Book Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Estimated Fair Value
Liabilities:
Secured note payable	$153,500	$—	$153,521	$—	$153,521
Unsecured senior notes payable	$12,042,607	$—	$10,548,383	$—	$10,548,383
Unsecured senior line of credit	$—	$—	$—	$—	$—
Commercial paper program	$1,097,993	$—	$1,098,989	$—	$1,098,989


	December 31, 2024
	Book Value	Fair Value Hierarchy			Estimated Fair Value
	Book Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Estimated Fair Value
Liabilities:
Secured notes payable	$149,909	$—	$149,413	$—	$149,413
Unsecured senior notes payable	$12,094,465	$—	$10,472,993	$—	$10,472,993
Unsecured senior line of credit	$—	$—	$—	$—	$—
Commercial paper program	$—	$—	$—	$—	$—