We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset management and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures, which are related

parties and accounted for using the equity method of accounting. See Note 6 for more detail regarding our consolidated investments that are not wholly owned.

We also have investments in other ventures, generally with one partner, which we primarily account for using the equity method. We refer to our investments in both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities.

The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions):


	U.S. (1)						Other Americas						Europe (1)						Asia (1)(2)						Total
At:	Sep 30, 2026			Dec 31, 2025			Sep 30, 2026			Dec 31, 2025			Sep 30, 2026			Dec 31, 2025			Sep 30, 2026			Dec 31, 2025			Sep 30, 2026			Dec 31, 2025
Key property information:
Ventures		3			1			2			2			3			2			5			5			13			10
Operating properties		782			784			390			393			1,105			1,058			172			245			2,449			2,480
Square feet		140			139			85			86			248			238			78			101			551			564

Financial position:
Total assets ($)		15,639			14,711			7,341			7,308			26,961			26,764			8,541			9,470			58,482			58,253
Third-party debt ($)		7,469			6,386			2,513			2,429			7,140			7,101			3,374			3,758			20,496			19,674
Total liabilities ($)		8,495			7,383			2,882			2,753			10,035			9,310			3,724			4,192			25,136			23,638

Our investment balance ($) (3)		3,628			3,283			1,260			1,181			5,111			5,010			717			789			10,716			10,263
Our weighted average ownership (4)		33.9	%		31.9	%		32.2	%		32.3	%		33.3	%		33.1	%		15.8	%		15.6	%		30.8	%		29.9	%

	U.S. (1)						Other Americas						Europe (1)						Asia (1)(2)						Total
Operating Information:	Sep 30, 2026			Sep 30, 2025			Sep 30, 2026			Sep 30, 2025			Sep 30, 2026			Sep 30, 2025			Sep 30, 2026			Sep 30, 2025			Sep 30, 2026			Sep 30, 2025
For the three months ended:
Total revenues ($)		458			411			219			206			569			527			145			164			1,391			1,308
Net earnings ($)		150			102			70			41			107			89			43			46			370			278

Our earnings from unconsolidated co-investment ventures, net ($)		52			32			21			17			38			31			7			8			118			88

For the nine months ended:
Total revenues ($)		1,356			1,224			667			620			1,647			1,504			442			490			4,112			3,838
Net earnings ($)		363			304			211			172			394			258			105			100			1,073			834

Our earnings from unconsolidated co-investment ventures, net ($)		123			96			62			54			130			90			18			17			333			257

(1)

During the nine months ended September 30, 2026, we formed four new co-investment ventures with third-party investors: two development vehicles in the U.S., one stabilized vehicle in Europe and one acquisition vehicle in Asia. We contributed real estate properties, cash or a combination of both in exchange for equity ownership interests in these ventures. We account for our investment in these ventures under the equity method of accounting.

At September 30, 2026, our outstanding equity commitments were $884.0 million, primarily for our U.S. co-investment ventures. The equity commitments expire from 2026 to 2034 if they have not been previously called.