XML 78 R18.htm IDEA: XBRL DOCUMENT v3.24.4
Fair value measurements (Notes)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair value measurements We provide fair value information about all financial instruments for which it is practicable to estimate fair value. We measure
and disclose the estimated fair value of financial assets and liabilities by utilizing a fair value hierarchy that distinguishes between data
obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant
assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities
(Level 1), (ii) significant other observable inputs (Level 2), and (iii) significant unobservable inputs (Level 3). Significant other observable
inputs can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or
liability, such as interest rates, foreign exchange rates, and yield curves. Significant unobservable inputs are typically based on an
entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value
measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the
entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety.
Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers
factors specific to the asset or liability.
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, 2024 and 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 year ended
December 31, 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 December 31, 2024
$105,667
$105,667
$—
$—
As of December 31, 2023
$159,566
$159,566
$—
$—
Our investments in publicly traded companies represent investments with readily determinable fair values, and are carried at
fair value, with changes in fair value classified in investment income (loss) in our consolidated financial statements. We also hold
investments in privately held entities, which consist of (i) investments that report NAV and (ii) investments that do not report NAV, as
further described below.
Our investments in privately held entities that report NAV, such as our privately held investments in limited partnerships, are
carried at fair value using NAV as a practical expedient, with changes in fair value classified in net income. As of December 31, 2024
and 2023, the carrying values of investments in privately held entities that report NAV aggregated $609.9 million and $671.5 million,
respectively. These investments are excluded from the fair value hierarchy above as required by the fair value accounting standard. We
estimate the fair value of each of our investments in limited partnerships based on the most recent NAV reported by each limited
partnership. As a result, the determination of fair values of our investments in privately held entities that report NAV generally does not
involve significant estimates, assumptions, or judgments.
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, 2024 and 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 December 31, 2024
$322,662
(1)
$—
$—
$322,662
(2)
As of December 31, 2023
$133,885
(1)
$—
$—
$133,885
(2)
Investments in privately held entities that do not report
NAV:
As of December 31, 2024
$184,236
$—
$174,737
(3)
$9,499
(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 $371.3 million and $191.4 million as of December 31, 2024
and 2023, respectively, disclosed in Note 3 – “Investments in real estate” and represent assets held for sale as of December 31, 2024 and 2023, respectively, for which
impairments were recognized.
(2)These amounts represent the 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 in our consolidated balance sheets as of December 31, 2024 and 2023, 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 $400.5 million and $368.7 million as of 
December 31, 2024 and 2023, 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 “Investments” in Note 2 – “Summary of significant accounting policies” to our consolidated financial statements.
Real estate assets classified as held for sale measured at fair value less costs to sell
Our real estate assets classified as held for sale and measured at fair value less costs to sell are presented in the table above.
These properties are subsets of our total real estate assets classified as held for sale as of December 31, 2024 and 2023, respectively.
The fair values for these real estate assets were estimated based on executed purchase and sale agreements, letters of intent, or
valuations provided by third-party real estate brokers. Refer to “Investments in real estate” in Note 2 – “Summary of significant
accounting policies,” and “Sales of real estate assets and impairment charges” within Note 3 – “Investments in real estate” to our
consolidated financial statements for additional information.
Investments in privately held entities that do not report NAV
Our investments in privately held entities that do not report NAV are measured at cost, adjusted for observable price changes
and impairments, with changes recognized in net income (loss). These investments are adjusted based on the observable price
changes in orderly transactions for the identical or similar investment of the same issuer. Further adjustments are not made until
another observable transaction occurs. Therefore, the determination of fair values of our investments in privately held entities that do
not report NAV does not involve significant estimates and assumptions or subjective and complex judgments.
We also subject our investments in privately held entities that do not report NAV to a qualitative assessment for indicators of
impairment. If indicators of impairment are present, we are required to estimate the investment’s fair value and immediately recognize
an impairment charge in an amount equal to the investment’s carrying value in excess of its estimated fair value.
The estimates of fair value typically incorporate valuation techniques that include an income approach reflecting a discounted
cash flow analysis, and a market approach that includes a comparative analysis of acquisition multiples and pricing multiples generated
by market participants. In certain instances, we may use multiple valuation techniques for a particular investment and estimate its fair
value based on an average of multiple valuation results.
Refer to Note 7 – “Investments” to our consolidated financial statements for additional information.
Assets and liabilities not measured at fair value in the statement of financial position but for which the fair value is disclosed
The fair values of our secured notes payable and unsecured senior notes payable, and the amounts outstanding on our
unsecured senior line of credit and commercial paper program, were estimated using widely accepted valuation techniques, including
discounted cash flow analyses using significant other observable inputs such as available market information on discount and
borrowing rates with similar terms, maturities, and credit ratings. Because the valuations of our financial instruments are based on these
types of estimates, the actual fair value of our financial instruments may differ materially if our estimates do not prove to be accurate.
Additionally, the use of different market assumptions or estimation methods may have a material effect on the estimated fair value
amounts.
As of December 31, 2024 and 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):
December 31, 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
$149,909
$—
$149,413
$—
$149,413
Unsecured senior notes payable
$12,094,465
$—
$10,472,993
$—
$10,472,993
Unsecured senior line of credit
$—
$—
$—
$—
$—
Commercial paper program
$—
$—
$—
$—
$—
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
The carrying values of cash and cash equivalents, restricted cash, tenant receivables, deposits, notes receivable, accounts
payable, accrued expenses, and other short-term liabilities approximate their fair value.