v3.26.1
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments, at fair value:    
Real estate properties (cost: $12,994.7 and $12,973.4) $ 16,023.0 $ 15,975.4
Real estate joint ventures (cost: $5,098.6 and $5,115.5) 5,136.9 5,098.8
Real estate funds (cost: $905.3 and $918.3) 804.3 839.6
Real estate operating business (cost: $621.8 and $621.8) 1,082.0 1,072.6
Marketable securities (cost: $1,553.8 and $1,728.6) 1,553.7 1,728.7
Loans receivable (principal: $792.1 and $945.1) 522.5 620.1
Loans receivable with related parties (principal: $41.8 and $70.3) 41.8 70.3
Total investments (cost: $22,008.1 and $22,373.0) 25,164.2 25,405.5
Cash and cash equivalents 56.3 74.9
Cash held by wholly owned properties 106.5 113.3
Due from investment manager 6.8 5.1
Other 198.5 215.2
TOTAL ASSETS 25,532.3 25,814.0
LIABILITIES    
Loans payable, at fair value (principal outstanding: $847.1 and $892.4) 809.8 830.3
Line of credit, at fair value (principal outstanding: $160.0 and $160.0) 160.0 160.0
Other unsecured debt, at fair value (principal outstanding: $1,600.0 and $1,600.0) 1,553.9 1,568.7
Accrued real estate property expenses 199.7 211.7
Payable for securities purchased 0.0 223.6
Other 72.7 53.1
TOTAL LIABILITIES 2,796.1 3,047.4
COMMITMENTS AND CONTINGENCIES
NET ASSETS    
Accumulation Fund 22,285.7 22,312.7
Annuity Fund 450.5 453.9
TOTAL NET ASSETS $ 22,736.2 $ 22,766.6
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in shares) 46.2 46.5
NET ASSET VALUE, PER ACCUMULATION UNIT (in dollars per share) $ 482.499 $ 479.558