XML 103 R40.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Fair value measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table sets forth the assets that we measure at fair value on a recurring basis by level in the fair value hierarchy (in thousands). There were no liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022. In addition, 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 year ended December 31, 2023.
|  |  |  | 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)
Investments in publicly traded companies: |  |  |  |  |  |  |  |
As of December 31, 2023 |  | $ | 159,566 |  |  | $ | 159,566 |  |  | $ | — |  |  | $ | — |
As of December 31, 2022 |  | $ | 207,139 |  |  | $ | 207,139 |  |  | $ | — |  |  | $ | — |
Schedule of assets and liabilities measured at fair value on a nonrecurring basis | The following table sets forth the assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of December 31, 2023 and 2022 (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 held for sale with carrying values adjusted to fair value less costs to sell |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  | $ | 133,885 |  | (1) | $ | — |  |  | $ | — |  |  |  | $ | 133,885 |  | (2) |
As of December 31, 2022 |  | $ | 116,061 |  | (1) | $ | — |  |  | $ | — |  |  |  | $ | 116,061 |  | (2) |
Investments in privately held entities that do not report NAV |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  | $ | 188,689 |  |  | $ | — |  |  | $ | 174,268 |  | (3) |  | $ | 14,421 |  | (4) |
As of December 31, 2022 |  | $ | 212,262 |  |  | $ | — |  |  | $ | 193,784 |  | (3) |  | $ | 18,478 |  | (4) |
(1)These amounts are included in the total balances of our net assets classified as held for sale aggregating $191.4 million and $116.1 million as of December 31, 2023 and 2022, respectively, disclosed in Note 18 – “Assets classified as held for sale,” and represent assets held for sale as of December 31, 2023 and 2022, respectively, for which impairments were recognized. Refer to Note 3 – “Investments in real estate” and Note 18 – “Assets classified as held for sale” to our consolidated financial statements for additional information. (2)Represent aggregate carrying amounts of assets held for sale after adjustments to their respective fair values less costs to sell based on executed purchase and sale agreements, letters of intent, or valuations provided by third party real estate brokers. (3)These amounts represent the total carrying amounts of our equity investments in privately held entities with observable price changes, which are included in the investments balances of $1.4 billion and $1.6 billion, in our consolidated balance sheets as of December 31, 2023 and 2022, respectively, disclosed in Note 7 – “Investments” to our consolidated financial statements. (4)These amounts are included in the investments in privately held entities without observable price changes balances aggregating $368.7 million and $388.9 million as of December 31, 2023 and 2022, respectively, disclosed in Note 7 – “Investments” to our consolidated financial statements. The aforementioned balances represent the carrying amounts of investments in privately held entities that do not report NAV for which impairments have been recognized in accordance with the measurement alternative guidance described in the “Investments” section in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements. As of December 31, 2023 and 2022, the book and estimated fair values of our secured notes payable and unsecured senior 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):
| December 31, 2023
| Book Value |  | Fair Value Hierarchy |  | Estimated Fair Value
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Liabilities: |  |  |  |  |  |  |  |  |
Secured notes payable | $ | 119,662 |  |  | $ | — |  |  | $ | 118,660 |  |  | $ | — |  |  | $ | 118,660 |
Unsecured senior notes payable | $ | 11,096,028 |  |  | $ | — |  |  | $ | 9,708,930 |  |  | $ | — |  |  | $ | 9,708,930 |
Unsecured senior line of credit | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial paper program | $ | 99,952 |  |  | $ | — |  |  | $ | 99,915 |  |  | $ | — |  |  | $ | 99,915 |
| December 31, 2022
| Book Value |  | Fair Value Hierarchy |  | Estimated Fair Value
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
Liabilities: |  |  |  |  |  |  |  |  |
Secured notes payable | $ | 59,045 |  |  | $ | — |  |  | $ | 58,811 |  |  | $ | — |  |  | $ | 58,811 |
Unsecured senior notes payable | $ | 10,100,717 |  |  | $ | — |  |  | $ | 8,539,015 |  |  | $ | — |  |  | $ | 8,539,015 |
Unsecured senior line of credit | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial paper program | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration