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Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023. 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 six

months ended June 30, 2024.

				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 June 30, 2024		$153,191		$153,191		$—		$—
As of December 31, 2023		$159,566		$159,566		$—		$—

Schedule of assets and liabilities measure 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 June 30, 2024 and December 31, 2023 (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 June 30, 2024		$104,765	(1)	$—		$—			$104,765	(2)
As of December 31, 2023		$133,885	(1)	$—		$—			$133,885	(2)
Investments in privately held entities that do not report NAV:
As of June 30, 2024		$194,165		$—		$173,111	(3)		$21,054	(4)
As of December 31, 2023		$188,689		$—		$174,268	(3)		$14,421	(4)

(1)These amounts are included in the total balances of our net assets classified as held for sale aggregating $136.3 million and $191.4 million as of June 30, 2024 and

December 31, 2023, respectively, disclosed in Note 15 – “Assets classified as held for sale,” and represent assets held for sale as of June 30, 2024 and December 31,

2023, respectively, for which impairments were recognized. Refer to Note 3 – “Investments in real estate” and Note 15 – “Assets classified as held for sale” to our

unaudited 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 $1.5 billion and $1.4 billion, respectively, in our unaudited consolidated balance sheets as of June 30, 2024 and December 31, 2023,

respectively, disclosed in Note 7 – “Investments” to our unaudited consolidated financial statements.

(4)These amounts are included in the investments in privately held entities without observable price changes balances aggregating $389.1 million and $368.7 million as of 

June 30, 2024 and December 31, 2023, respectively, disclosed in Note 7 – “Investments” to our unaudited 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 “Investments” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial

statements.

As of June 30, 2024 and December 31, 2023, 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):

	June 30, 2024
	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	$134,942		$—		$134,422		$—		$134,422
Unsecured senior notes payable	$12,089,561		$—		$10,344,795		$—		$10,344,795
Unsecured senior line of credit	$—		$—		$—		$—		$—
Commercial paper program	$199,552		$—		$199,926		$—		$199,926

	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

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://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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X

- References

No definition available.

+ Details

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Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
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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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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