v3.25.2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2025
Dec. 31, 2024
Investments, at fair value:    
Real estate properties (cost: $12,521.6 and $13,290.0) $ 15,451.0 $ 15,607.0
Real estate joint ventures (cost: $5,370.7 and $5,556.8) 5,220.8 5,381.4
Real estate funds (cost: $908.2 and $798.0) 852.2 740.3
Real estate operating business (cost: $620.5 and $491.2) 1,033.1 931.8
Marketable securities (cost: $1,155.9 and $1,211.7) 1,155.9 1,211.8
Loans receivable (principal: $1,094.2 and $1,181.6) 778.9 780.0
Loans receivable with related parties (principal: $70.2 and $97.8) 70.2 97.8
Total investments (cost: $21,741.3 and $22,627.1) 24,562.1 24,750.1
Cash and cash equivalents 74.5 144.7
Cash held by wholly owned properties 105.0 129.2
Due from investment manager 3.0 0.0
Other 230.3 221.9
TOTAL ASSETS 24,974.9 25,245.9
LIABILITIES    
Loans payable, at fair value (principal outstanding: $985.4 and $1,634.3) 933.3 1,585.5
Line of credit, at fair value (principal outstanding: $219.0 and $—) 219.0 0.0
Other unsecured debt, at fair value (principal outstanding: $900.0 and $900.0) 891.3 877.0
Due to investment manager 0.0 6.9
Accrued real estate property expenses 211.4 242.7
Other 44.4 46.9
TOTAL LIABILITIES 2,299.4 2,759.0
COMMITMENTS AND CONTINGENCIES
NET ASSETS    
Accumulation Fund 22,217.5 22,028.4
Annuity Fund 458.0 458.5
TOTAL NET ASSETS $ 22,675.5 $ 22,486.9
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in shares) 47.3 47.8
NET ASSET VALUE, PER ACCUMULATION UNIT (in dollars per share) $ 469.566 $ 461.243