v3.26.1
Investments in real estate (Tables)
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Schedule of Real Estate Properties Our consolidated investments in real estate consisted of the following as of June 30, 2026 and December 31, 2025 (in
thousands):
June 30, 2026
December 31, 2025
Rental properties:
Land (related to rental properties)
$3,630,519
$3,204,479
Buildings and building improvements
20,447,338
19,738,825
Other improvements
4,605,876
4,371,720
Rental properties
28,683,733
27,315,024
Current and future development and redevelopment projects
6,446,196
6,788,464
Gross investments in real estate
35,129,929
34,103,488
Less: accumulated depreciation
(6,460,716)
(5,970,171)
Investments in real estate assets held for sale, less accumulated depreciation(1)
456,682
556,679
Investments in real estate
$29,125,895
$28,689,996
(1)Refer to “Assets held for sale” below.
Assets held for sale The following table presents the components of net assets related to real estate investments that met the criteria for
classification as held for sale as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
December 31, 2025
Investments in real estate, less accumulated depreciation
$456,682
$556,679
Other assets
73,267
37,859
Total assets
529,949
594,538
Total liabilities
(7,190)
(12,235)
Total accumulated other comprehensive loss (income)
33,027
(566)
Net assets classified as held for sale
$555,786
$581,737
Real estate assets dispositions Our completed dispositions of real estate assets during the six months ended June 30, 2026 and in July 2026 consisted of
the following (dollars in thousands):
Square Footage
Sales Price
(Our Share)
Property
Submarket/Market
Date of
Sale
Interest
Sold
Operating
Land and
Future
Completed during six months ended June 30, 2026
$7,350
Completed in July 2026:
3825 and 3875 Fabian Way
Palo Alto/San Francisco Bay Area
7/14/26
100%
228,000
250,000
163,000
$170,350
(1)
(1)Represents the aggregate contractual sales price of our dispositions, which differs from sales proceeds disclosed in our consolidated statement of cash flows under
“Investing activities” (proceeds from sales of real estate), “Financing activities” (contributions from and sales of noncontrolling interests), and “Supplemental disclosure
and non-cash investing and financing activities" (non-cash consideration) primarily due to the timing of payment, closing costs, and other sales adjustments such as
prorations of rents and expenses.