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Fair value measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
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, 2025 and December 31, 2024. 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, 2025.
|  |  |  | 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, 2025 |  | $81,925 |  | $81,925 |  | $— |  | $—
As of December 31, 2024 |  | $105,667 |  | $105,667 |  | $— |  | $—
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, 2025 and December 31, 2024 (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, 2025 |  | $289,673 | (1) | $— |  | $— |  |  | $289,673 | (2)
As of December 31, 2024 |  | $322,662 | (1) | $— |  | $— |  |  | $322,662 | (2)
Investments in privately held entities that do not report NAV: |  |  |  |  |  |  |  |  |  |
As of June 30, 2025 |  | $150,943 |  | $— |  | $133,534 | (3) |  | $17,409 | (4)
As of December 31, 2024 |  | $184,236 |  | $— |  | $174,737 | (3) |  | $9,499 | (4)
(1)These amounts are included in the total balances of our net assets classified as held for sale aggregating $323.7 million and $371.3 million as of June 30, 2025 and December 31, 2024, respectively, disclosed in Note 3 – “Investments in real estate,” and represent assets held for sale as of June 30, 2025 and December 31, 2024, 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)T hese 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 $1.5 billion in our unaudited consolidated balance sheets as of June 30, 2025 and December 31, 2024, 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 $432.3 million and $400.5 million as of June 30, 2025 and December 31, 2024, 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, 2025 and December 31, 2024, the book and estimated fair values of our secured note 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, 2025
| 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 note payable | $153,500 |  | $— |  | $153,521 |  | $— |  | $153,521
Unsecured senior notes payable | $12,042,607 |  | $— |  | $10,548,383 |  | $— |  | $10,548,383
Unsecured senior line of credit | $— |  | $— |  | $— |  | $— |  | $—
Commercial paper program | $1,097,993 |  | $— |  | $1,098,989 |  | $— |  | $1,098,989
| 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 | $— |  | $— |  | $— |  | $— |  | $—

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- 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 + Details
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- 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 + Details
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