Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table sets forth the assets and liabilities that we measure at fair value on a recurring basis by level in the fair

value hierarchy as of September 30, 2026 and December 31, 2025 (in thousands). There were no transfers of assets measured at fair

value on a recurring basis to or from Level 3 in the fair value hierarchy during the nine months ended September 30, 2026.


		Fair Value Measurement Using
Description	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets:
Investments in publicly traded companies:
As of September 30, 2026	$137,577	$137,577	$—	$—
As of December 31, 2025	$94,928	$94,928	$—	$—
Cross-currency swap agreements:
As of September 30, 2026	$3,634	$—	$3,634	$—
Liabilities:
Cross-currency swap agreements:
As of December 31, 2025	$928	$—	$928	$—

Schedule of assets and liabilities measure at fair value on a nonrecurring basis

The following table sets forth our assets measured at fair value on a nonrecurring basis, categorized by level within the fair

value hierarchy, as of September 30, 2026 and December 31, 2025 (in thousands).


			Fair Value Measurement Using
Description	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Real estate assets with carrying values adjusted based on fair values during the:
Nine months ended September 30, 2026	$882,223	(1)	$—	$—		$882,223
Year ended December 31, 2025	$581,737	(1)	$—	$—		$581,737
Investments in privately held entities that do not report NAV with carrying values adjusted based on fair values during the:
Nine months ended September 30, 2026	$79,653		$—	$65,424	(2)	$14,229	(3)
Year ended December 31, 2025	$68,738		$—	$62,261	(2)	$6,477	(3)

(1)These amounts represent the aggregate carrying amounts of real estate assets for which adjustments based on nonrecurring fair value measurements were recognized

during the respective periods, including assets for which impairment losses or reversals of previously recognized impairment losses were recorded. These assets

primarily include a subset of our total real estate assets classified as held for sale as of September 30, 2026 and December 31, 2025. The fair values for these real

estate assets were estimated based on executed purchase and sale agreements, letters of intent, valuations provided by third-party real estate brokers, or market

comparables from recent transactions. Refer to “Investments in real estate” in Note 2 – “Summary of significant accounting policies” and “Assets held for sale” in Note 3

– “Investments in real estate” to our unaudited consolidated financial statements for additional information.

(2)These amounts represent the carrying amounts of our equity investments in privately held entities with observable price changes for which adjustments based on

nonrecurring fair value measurements were recognized during the respective periods. These amounts are included in the investment balances of $1.74 billion and $1.50

billion in our unaudited consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively, disclosed in Note 7 – “Investments” to our

unaudited consolidated financial statements.

(3)These amounts are included in the investments in privately held entities without observable price changes balances aggregating $406.4 million and $413.3 million as of

September 30, 2026 and December 31, 2025, respectively, disclosed in Note 7 – “Investments” to our unaudited consolidated financial statements, and represent the

carrying amounts of investments in privately held entities that do not report NAV for which impairments have been recognized during the respective periods in

accordance with the measurement alternative guidance described in “Investments” in Note 2 – “Summary of significant accounting policies” to our unaudited

consolidated financial statements.

As of September 30, 2026 and December 31, 2025, the book and estimated fair values of our unsecured senior notes payable,

junior subordinated notes payable, and the amounts outstanding under our unsecured senior line of credit and commercial paper

program, including the level within the fair value hierarchy for which the estimates were derived, were as follows (in thousands):


	September 30, 2026
	Book Value	Fair Value Hierarchy			Estimated Fair Value
	Book Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Estimated Fair Value
Liabilities:
Unsecured senior notes payable	$10,820,687	$—	$9,323,013	$—	$9,323,013
Junior subordinated notes payable	$985,143	$—	$969,100	$—	$969,100
Unsecured senior line of credit	$—	$—	$—	$—	$—
Commercial paper program	$1,091,166	$—	$1,091,605	$—	$1,091,605


	December 31, 2025
	Book Value	Fair Value Hierarchy			Estimated Fair Value
	Book Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Estimated Fair Value
Liabilities:
Unsecured senior notes payable	$12,047,394	$—	$10,675,433	$—	$10,675,433
Unsecured senior line of credit	$—	$—	$—	$—	$—
Commercial paper program	$353,161	$—	$353,189	$—	$353,189