v3.26.3
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2026
Dec. 31, 2025
Investments, at fair value:    
Real estate properties (cost: $12,994.1 and $12,973.4) $ 16,175.0 $ 15,975.4
Real estate joint ventures (cost: $5,194.2 and $5,115.5) 5,318.0 5,098.8
Real estate funds (cost: $955.2 and $918.3) 831.7 839.6
Real estate operating business (cost: $623.5 and $621.8) 1,842.5 1,072.6
Marketable securities (cost: $1,683.3 and $1,728.6) 1,683.0 1,728.7
Loans receivable (principal: $553.5 and $945.1) 276.7 620.1
Loans receivable with related parties (principal: $41.8 and $70.3) 41.8 70.3
Total investments (cost: $22,045.6 and $22,373.0) 26,168.7 25,405.5
Cash and cash equivalents 122.5 74.9
Cash held by wholly owned properties 179.1 113.3
Due from investment manager 8.0 5.1
Other 163.1 215.2
TOTAL ASSETS 26,641.4 25,814.0
LIABILITIES    
Loans payable, at fair value (principal outstanding: $618.9 and $892.4) 591.7 830.3
Line of credit, at fair value (principal outstanding: $302.0 and $160.0) 302.0 160.0
Other unsecured debt, at fair value (principal outstanding: $1,750.0 and $1,600.0) 1,662.0 1,568.7
Accrued real estate property expenses 230.8 211.7
Payable for securities purchased 19.9 223.6
Other 77.4 53.1
TOTAL LIABILITIES 2,883.8 3,047.4
COMMITMENTS AND CONTINGENCIES
NET ASSETS    
Accumulation Fund 23,291.0 22,312.7
Annuity Fund 466.6 453.9
TOTAL NET ASSETS $ 23,757.6 $ 22,766.6
NUMBER OF ACCUMULATION UNITS OUTSTANDING (in shares) 45.8 46.5
NET ASSET VALUE, PER ACCUMULATION UNIT (in dollars per share) $ 509.028 $ 479.558