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Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of fair value by balance sheet groupings The fair value of our financial instruments not carried at fair value are disclosed as follows (in millions):
March 31, 2022
Carrying value
Estimated fair value
Mortgages payable assumed in connection with acquisitions (1)
$1,069.3$1,060.5 
Notes and bonds payable (2)
$12,856.6$12,653.3 
December 31, 2021
Carrying value
Estimated fair value
Mortgages payable assumed in connection with acquisitions (1)
$1,114.1$1,154.7 
Notes and bonds payable (2)
$12,257.3$13,114.5 
(1)Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $25.0 million at March 31, 2022, and $28.7 million at December 31, 2021. Also excludes deferred financing costs of $713,000 at March 31, 2022, and $790,000 at December 31, 2021.
(2)Excludes non-cash premiums and discounts recorded on notes payable. The unamortized balance of the net premiums was $272.7 million at March 31, 2022, and $295.5 million at December 31, 2021. Also excludes deferred financing costs of $60.6 million at March 31, 2022, and $53.1 million at December 31, 2021.
Schedule of provisions for impairment
The following table summarizes our provisions for impairment during the periods indicated below (dollars in millions):
Three Months Ended March 31,
20222021
Total provisions for impairment (1)
$7.0 $2.7 
Number of properties:
Classified as held for sale18 1 
Classified as held for investment— 2 
Sold16 18 
(1) During the three months ended March 31, 2022, we recorded total provisions for impairment of $7.0 million, which reduced the carrying value of the properties from $44.8 million to their estimated fair value of $37.8 million. During the three months ended March 31, 2021, we recorded total provisions for impairment of $2.7 million, which reduced the carrying value of the properties from $16.0 million to their estimated fair value of $13.3 million.
Schedule of gain (loss) recognized on derivatives in other comprehensive income
The following table summarizes the amount of unrealized gain (loss) on derivatives in other comprehensive income during the periods indicated below (in thousands):
Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships20222021
Currency swaps$1,895 $(1,620)
Interest rate swaps39,005 48,029 
Foreign currency forwards 2,790 — 
Total unrealized gain on derivatives$43,690 $46,409 
Summary of gain (loss) on derivatives reclassified from accumulated other comprehensive income (loss)
The following table summarizes the amount of gain (loss) on derivatives reclassified from accumulated other comprehensive income (loss) during the periods indicated below (in thousands):
Three Months Ended March 31,
Derivatives in Cash Flow Hedging RelationshipsLocation of Gain (Loss) Recognized in Income20222021
Currency swaps
Foreign currency and derivative
gains (losses), net
$6,114 $(1,152)
Interest rate swapsInterest expense (2,530)(2,541)
Net increase (decrease) to net income $3,584 $(3,693)
Schedule of foreign currency and derivative gains (losses)
The following table details our foreign currency and derivative gains (losses), net included in income (in thousands):
Three Months Ended March 31,
20222021
Realized foreign currency and derivative gains (losses), net:
Losses on the settlement of undesignated derivatives$(2,681)$— 
Gains (losses) on the settlement of designated derivatives reclassified from AOCI
6,114 (1,152)
Loss on the settlement of transactions with third parties(52)— 
Total realized foreign currency and derivative gains, net3,381 (1,152)
Unrealized foreign currency and derivative gains (losses), net:
Gains on the change in fair value of undesignated derivatives22,720 3,724 
Losses on remeasurement of certain assets and liabilities(26,691)(1,768)
Total unrealized foreign currency and derivative gains (losses), net(3,971)1,956 
Total foreign currency and derivative gains (losses), net$(590)$804 
Schedule of derivative financial instruments
The following table summarizes the terms and fair values of our derivative financial instruments at March 31, 2022, and December 31, 2021 (dollars in millions):
Derivative Type
Number of Instruments (1)
Accounting Classification
Notional Amount as of
Weighted Average Strike Rate (2)
Maturity Date (3)
Fair Value - asset (liability) as of
Derivatives Designated as Hedging InstrumentsMarch 31, 2022December 31, 2021March 31, 2022December 31, 2021
Interest rate swap
1Derivative$250.0 $250.03.04%March 2024$(3.2)$(11.9)
Cross-currency swaps (4)
4Derivative166.3 166.3(5)May 2034(7.2)(13.8)
Foreign currency forwards29Derivative166.4 176.1(6)Apr 2022 - Aug 202410.3 7.6 
Forward-starting swaps (7)
4Derivative300.0 300.01.86%Nov 2032 - Jun 203314.9 (3.2)
Forward-starting swaps (7)
2Hybrid Debt200.0 200.01.93%Nov 2032 - Jun 20336.5 (5.1)
$1,082.7 $1,092.4 $21.3 $(26.4)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps (8)
4Derivative1,361.4 1,639.5(9)Apr 2022 - Jul 202222.7 (14.7)
Total of all Derivatives$2,444.1 $2,731.9 $44.0 $(41.1)
(1)This column represents the number of instruments outstanding as of March 31, 2022.
(2)Weighted average strike rate is calculated using the current notional value as of March 31, 2022.
(3)This column represents maturity dates for instruments outstanding as of March 31, 2022.
(4)Represents four British Pound Sterling, or GBP, cross-currency swaps with notional amount of $166.3 million.
(5)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD weighted average fixed rate at 9.78%.
(6)Weighted average forward GBP-USD exchange rate of 1.41.
(7)There were five treasury rate locks entered into during February 2020 that were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement.
(8)Represents two GBP currency exchange swaps with notional amount of $1.09 billion and two Euro, or EUR, currency exchange swaps with notional amount of $268.3 million.
(9)Weighted average Forward GBP-USD exchange rate of 1.34 and Weighted Average Forward EUR-USD exchange rate of 1.11.