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Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of fair value by balance sheet groupings
We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our mortgages payable assumed in connection with acquisitions and our senior notes and bonds payable, which are disclosed as follows (dollars in millions):
March 31, 2020
Carrying value

 
Estimated fair value

Mortgages payable assumed in connection with acquisitions (1)
$
406.7

 
$
410.3

Notes and bonds payable (2)
6,041.2

 
6,008.4

December 31, 2019
Carrying value

 
Estimated fair value

Mortgages payable assumed in connection with acquisitions (1)
$
408.4

 
$
417.7

Notes and bonds payable (2)
6,317.6

 
6,826.1

(1) 
Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $2.6 million at March 31, 2020, and $3.0 million at December 31, 2019. Also excludes deferred financing costs of $1.2 million at March 31, 2020 and $1.3 million at December 31, 2019.
(2) 
Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums was $6.2 million at March 31, 2020, and $6.3 million at December 31, 2019. Also excludes deferred financing costs of $34.3 million at March 31, 2020 and $35.9 million at December 31, 2019.
Schedule of derivative financial instruments
The following table summarizes the terms and fair values of our derivative financial instruments at     March 31, 2020 and December 31, 2019 (dollars in millions):
Derivative Type
Hedge Designation
Notional Amount
Strike
Effective Date
Maturity Date
Fair Value - asset (liability)
 
 
March 31,

December 31,

 
 
 
March 31

December 31,

 
 
2020

2019

 
 
 
2020

2019

Interest rate swap
Cash flow
$
7.0

$
7.0

6.03%
09/25/2012
09/03/2021
$
(0.3
)
$
(0.2
)
Interest rate swap
Cash flow
250.0

250.0

1.72%
06/30/2015
06/30/2020
(0.6
)
(0.1
)
Interest rate swap
Cash flow
250.0

250.0

3.04%
10/24/2018
03/24/2024
(25.3
)
(14.7
)
Cross-currency swap (1)
Cash flow
41.6

41.6

(2) 
05/20/2019
05/22/2034
6.9

(2.6
)
Cross-currency swap (1)
Cash flow
41.6

41.6

(3) 
05/20/2019
05/22/2034
6.4

(2.6
)
Cross-currency swap (1)
Cash flow
41.6

41.6

(4) 
05/20/2019
05/22/2034
6.0

(2.9
)
Cross-currency swap (1)
Cash flow
41.6

41.6

(5) 
05/20/2019
05/22/2034
5.8

(3.2
)
Treasury rate lock(6)
Cash flow
75.0

—

1.63%
(6) 
06/30/2020
(6.9
)
—

Treasury rate lock(6)
Cash flow
75.0

—

1.63%
(6) 
06/30/2020
(6.9
)
—

Treasury rate lock(6)
Cash flow
100.0

—

1.64%
(6) 
06/30/2020
(9.2
)
—

Treasury rate lock(6)
Cash flow
100.0

—

1.57%
(6) 
06/30/2020
(8.6
)
—

Treasury rate lock(6)
Cash flow
150.0

—

1.37%
(6) 
06/30/2020
(10.0
)
—

 
 
$
1,173.4

$
673.4

 
 
 
$
(42.7
)
$
(26.3
)
(1) 
Represents British Pound Sterling, or GBP, United States Dollar, or USD, cross-currency swap.
(2) 
GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.800%.
(3) 
GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.803%.
(4) 
GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.745%.
(5) 
GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.755%.
(6) 
These treasury rate locks were entered into during February 2020 to hedge our exposure to the changes in the 10-year US treasury rate on potential future debt offerings during the first half of 2020. In the event we do not execute a debt offering or offerings within the original contract maturity, we may elect to extend the maturity of all or a portion of these contracts.