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Financial Instruments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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):
September 30, 2022
Carrying value
Estimated fair value
Mortgages payable assumed in connection with acquisitions (1)
$840.7$808.3 
Notes and bonds payable (2)
$13,131.8$11,331.8 
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 $15.6 million at September 30, 2022, and $28.7 million at December 31, 2021. Also excludes deferred financing costs of $926,000 at September 30, 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 $241.3 million at September 30, 2022, and $295.5 million at December 31, 2021. Also excludes deferred financing costs of $56.6 million at September 30, 2022, and $53.1 million at December 31, 2021.
Schedule of provisions for impairment
The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (dollars in millions):
Three months ended September 30,Nine months ended September 30,
2022202120222021
Carrying value prior to impairment$48.1 $35.0 $107.0 $85.7 
Less: total provisions for impairment(1.7)(11.0)(16.4)(31.0)
Carrying value after impairment$46.4 $24.0 $90.6 $54.7 
Number of properties:
Classified as held for sale3 — 3 — 
Classified as held for investment— 1 5 7 
Sold20 22 69 57 
Schedule of gain (loss) recognized on derivatives in other comprehensive income
The following table summarizes the amount of unrealized gain (loss) on derivatives in other comprehensive income during the periods indicated below (in thousands):
Three months ended September 30,Nine months ended September 30,
Derivatives in Cash Flow Hedging Relationships2022202120222021
Currency swaps$— $6,570 $(5,091)$10,548 
Interest rate swaps30,838 5,701 100,229 33,377 
Foreign currency forwards 11,076 4,581 23,920 8,503 
Total unrealized gain on derivatives$41,914 $16,852 $119,058 $52,428 
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 AOCI (in thousands):
Three months ended September 30,Nine months ended September 30,
Derivatives in Cash Flow Hedging RelationshipsLocation of Gain (Loss) Recognized in Income2022202120222021
Currency swapsForeign currency and derivative gain, net$2,784 $4,747 $30,425 $3,360 
Interest rate swapsInterest expense (1,286)(2,614)(5,969)(7,734)
Net increase (decrease) to net income $1,498 $2,133 $24,456 $(4,374)
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 September 30,Nine months ended September 30,
2022202120222021
Realized foreign currency and derivative gain (loss), net:
Gain on the settlement of undesignated derivatives$4,050 $— $80,677 $— 
Gain on the settlement of designated derivatives reclassified from AOCI2,784 4,747 30,425 3,360 
Gain (loss) on the settlement of transactions with third parties(111)58 (41)58 
Total realized foreign currency and derivative gain (loss), net$6,723 $4,805 $111,061 $3,418 
Unrealized foreign currency and derivative gain (loss), net:
Gain (loss) on the change in fair value of undesignated derivatives$(24,488)$— $35,506 $3,724 
Gain (loss) on remeasurement of certain assets and liabilities(5,128)(7,179)(162,570)(8,312)
Total unrealized foreign currency and derivative loss, net$(29,616)$(7,179)$(127,064)$(4,588)
Total foreign currency and derivative gains (losses), net
$(22,893)$(2,374)$(16,003)$(1,170)
Schedule of derivative financial instruments
The following table summarizes the terms and fair values of our derivative financial instruments at September 30, 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 InstrumentsSeptember 30, 2022December 31, 2021September 30, 2022December 31, 2021
Interest rate swap
1Derivative$250.0 $250.02.88%March 2024$4.7 $(11.9)
Cross-currency swaps (4)
—Derivative— 166.3——— (13.8)
Foreign currency forwards32Derivative167.4 176.1(5)Oct 2022 - Aug 202431.5 7.6 
Forward-starting swaps (6)
4Derivative300.0 300.01.86%
Nov 2032 - Jun 2033 (6)
47.0 (3.2)
Forward-starting swaps (6)
2Hybrid Debt200.0 200.01.93%
Nov 2032 - Jun 2033 (6)
26.2 (5.1)
$917.4 $1,092.4 $109.4 $(26.4)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps (7)
9Derivative2,590.8 1,639.5(8)Oct 2022 - Nov 2022(4.2)(14.7)
Total of all Derivatives$3,508.2 $2,731.9 $105.2 $(41.1)
(1)This column represents the number of instruments outstanding as of September 30, 2022.
(2)Weighted average strike rate is calculated using the current notional value as of September 30, 2022.
(3)This column represents maturity dates for instruments outstanding as of September 30, 2022.
(4)In June 2022, we terminated the four British Pound Sterling, or GBP, cross-currency swaps with a notional amount of $166.3 million.
(5)Weighted average forward GBP-USD exchange rate of 1.39.
(6)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. These forward starting interest rate swaps were terminated in connection with a senior unsecured note issuance in October 2022. See Note 19, Subsequent Events.
(7)Represents five GBP currency exchange swaps with a notional amount of $1.2 billion and four Euro, or EUR, currency exchange swaps with an associated notional amount of $1.4 billion.
(8)Weighted average Forward GBP-USD exchange rate of 1.14 and Weighted Average Forward EUR-USD exchange rate of 0.99.