Fair value measurements (Tables)

12 Months Ended

Dec. 31, 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 and liabilities that we measure at fair value on a recurring basis by level in the fair

value hierarchy as of December 31, 2025 and 2024 (in thousands). 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, 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)
Assets:
Investments in publicly traded companies:
As of December 31, 2025	$94,928	$94,928	$—	$—
As of December 31, 2024	$105,667	$105,667	$—	$—
Liabilities:
Cross-currency swap agreements:
As of December 31, 2025	$928	$—	$928	$—
As of December 31, 2024	$—	$—	$—	$—

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, 2025 and 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 December 31, 2025	$581,737	(1)	$—	$—		$581,737	(2)
As of December 31, 2024	$322,662	(1)	$—	$—		$322,662	(2)
Investments in privately held entities that do not report NAV:
As of December 31, 2025	$139,251		$—	$123,238	(3)	$16,013	(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 $581.7 million and $371.3 million as of December 31, 2025

and 2024, respectively, disclosed in Note 3 – “Investments in real estate” and represent assets held for sale as of December 31, 2025 and 2024, 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, valuations provided by third-party real estate brokers, or market comparables from recent transactions.

(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 $1.50 billion and $1.48 billion in our consolidated balance sheets as of December 31, 2025 and 2024, 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 $413.3 million and $400.5 million as of 

December 31, 2025 and 2024, respectively, disclosed in Note 7 – “Investments” to our consolidated financial statements, and 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.

As of December 31, 2025 and 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):

	December 31, 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 notes payable	$—	$—	$—	$—	$—
Unsecured senior notes payable	$12,047,394	$—	$10,675,433	$—	$10,675,433
Unsecured senior line of credit	$—	$—	$—	$—	$—
Commercial paper program	$353,161	$—	$353,189	$—	$353,189

	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	$—	$—	$—	$—	$—