v3.26.1
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Millions
Total
Limited partners
General partner
Capital
Preferred equity
Capital
Limited partners
Capital
General partner
Retained earnings
Limited partners
Retained earnings
General partner
Ownership Changes
Limited partners
Ownership Changes
General partner
Accumulated other comprehensive income (loss)
Limited partners
Accumulated other comprehensive income (loss)
General partner
Non-controlling interests
Redeemable / exchangeable and special limited partnership units
Non-controlling interests
FV LTIP units of the Operating Partnership
Non-controlling interests
Interests of others in operating subsidiaries and properties
Beginning balance at Dec. 31, 2024 $ 38,249 $ 7,718 $ 3 $ 699 $ 7,189 $ 4 $ (1,913) $ 2 $ 2,557 $ (3) $ (115) $ 0 $ 13,795 $ 12 $ 16,022
Increase (Decrease) In Equity [Roll Forward]                              
Net (loss) income (175) (192)         (192)           (342)   359
Other comprehensive income (loss) 676 206                 206   367   103
Total comprehensive income (loss) 501 14         (192)       206   25   462
Distributions (1,234) (225)         (225)           (402)   (607)
Preferred distributions (22) (8)         (8)           (14)    
Issuance (repurchase/deconsolidation) of interests in operating subsidiaries 2,708 512     526   (19)   5       913 (2) 1,285
Change in relative interests of non-controlling interests 0                       (1) 1  
Ending balance at Jun. 30, 2025 40,202 8,011 3 699 7,715 4 (2,357) 2 2,562 (3) 91 0 14,316 11 17,162
Beginning balance at Dec. 31, 2025 42,574 8,322 3 699 8,461 4 (2,772) 2 2,556 (3) 77 0 14,871 10 18,669
Increase (Decrease) In Equity [Roll Forward]                              
Net (loss) income 17 (86)         (86)           (152)   255
Other comprehensive income (loss) (19) (19)                 (19)   (35)   35
Total comprehensive income (loss) (2) (105)         (86)       (19)   (187)   290
Distributions (2,196) (227)         (227)           (407)   (1,562)
Preferred distributions (22) (8)         (8)           (14)    
Issuance (repurchase/deconsolidation) of interests in operating subsidiaries 2,277 687     721   (32)   (2)       1,227   363
Change in relative interests of non-controlling interests 0 1             1         (1)  
Ending balance at Jun. 30, 2026 $ 42,631 $ 8,670 $ 3 $ 699 $ 9,182 $ 4 $ (3,125) $ 2 $ 2,555 $ (3) $ 58 $ 0 $ 15,490 $ 9 $ 17,760