v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Non-current assets    
Investment properties $ 44,159 $ 56,934
Equity accounted investments 22,846 21,244
Property, plant and equipment 5,285 6,982
Goodwill 799 1,181
Intangible assets 964 1,060
Other non-current assets 3,974 4,512
Loans and notes receivable 694 382
Total non-current assets 78,721 92,295
Current assets    
Loans and notes receivable 179 154
Accounts receivable and other 2,230 1,968
Cash and cash equivalents 1,488 1,859
Total current assets 3,897 3,981
Assets held for sale 19,540 3,004
Total assets 102,158 99,280
Non-current liabilities    
Debt obligations 28,144 35,354
Capital securities 582 621
Other non-current liabilities 962 1,268
Deferred tax liabilities 1,337 1,998
Total non-current liabilities 31,025 39,241
Current liabilities    
Debt obligations 6,830 10,876
Capital securities 744 785
Accounts payable and other liabilities 4,995 5,499
Total current liabilities 12,569 17,160
Liabilities associated with assets held for sale 15,933 305
Total liabilities 59,527 56,706
Equity    
Limited partners 8,670 8,322
General partner 3 3
Preferred equity 699 699
Non-controlling interests attributable to:    
Redeemable/exchangeable and special limited partnership units 15,490 14,871
FV LTIP units of the Operating Partnership 9 10
Interests of others in operating subsidiaries and properties 17,760 18,669
Total equity 42,631 42,574
Total liabilities and equity $ 102,158 $ 99,280