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Financial Instruments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023
Carrying value
Estimated fair value
Mortgages payable assumed in connection with acquisitions (1)
$842.1$820.0 
Notes and bonds payable (2)
$15,296.7$13,833.5 
December 31, 2022
Carrying value
Estimated fair value
Mortgages payable assumed in connection with acquisitions (1)
$842.3$810.4 
Notes and bonds payable (2)
$14,114.2$12,522.8 
(1)Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $9.2 million at March 31, 2023, and $12.4 million at December 31, 2022. Also excludes deferred financing costs of $0.7 million at March 31, 2023, and $0.8 million at December 31, 2022.
(2)Excludes non-cash premiums and discounts recorded on notes payable. The unamortized balance of the net premiums was $200.0 million at March 31, 2023, and $224.6 million at December 31, 2022. Also excludes deferred financing costs of $66.3 million and basis adjustment on interest rate swaps designated as fair value hedges of $0.4 million at March 31, 2023, and $60.7 million of deferred financing costs at December 31, 2022.
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 March 31,
20232022
Carrying value prior to impairment$35.6 $44.8 
Less: total provisions for impairment(13.2)(7.0)
Carrying value after impairment$22.4 $37.8 
Schedule of gain (loss) recognized on derivatives in other comprehensive income The following table summarizes the amount of unrecognized gain (loss) on derivatives in other comprehensive income (in thousands):
Three months ended March 31,
Derivatives in Cash Flow Hedging Relationships20232022
Currency swaps$— $1,895 
Interest rate swaps(1,720)39,005 
Foreign currency forwards (5,113)2,790 
  Interest rate swaption(1,287)— 
Total derivatives in cash flow hedging relationships$(8,120)$43,690 
Derivatives in Fair Value Hedging Relationships
Currency swaps$5,958 $— 
Total derivatives in fair value hedging relationships$5,958 $— 
Total unrealized (loss) gain on derivatives$(2,162)$43,690 
Summary of gain (loss) on derivatives reclassified from accumulated other comprehensive income (loss)
The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands):
Three months ended March 31,
Derivatives in Cash Flow Hedging RelationshipsLocation of Gain (Loss) Recognized in Income20232022
Currency swapsForeign currency and derivative gain (loss), net$— $6,114 
Interest rate swapsInterest expense 1,480 (2,530)
Foreign currency forwardsForeign currency and derivative gain (loss), net1,431 — 
Total derivatives in cash flow hedging relationships$2,911 $3,584 
Derivatives in Fair Value Hedging Relationships
Currency swapsForeign currency and derivative gain (loss), net$294 $— 
Total derivatives in fair value hedging relationships$294 $— 
Net increase to net income $3,205 $3,584 
Schedule of foreign currency and derivative gains (losses)
The following table details our foreign currency and derivative gains (losses), net included in income (in thousands):
Three months ended March 31,
20232022
Realized foreign currency and derivative gain (loss), net:
Loss on the settlement of undesignated derivatives$(345)$(2,681)
Gain on the settlement of designated derivatives reclassified from AOCI1,725 6,114 
Gain (loss) on the settlement of transactions with third parties1,326 (52)
Total realized foreign currency and derivative gain, net$2,706 $3,381 
Unrealized foreign currency and derivative gain (loss), net:
(Loss) gain on the change in fair value of undesignated derivatives$(782)$22,720 
Gain (loss) on remeasurement of certain assets and liabilities8,398 (26,691)
Total unrealized foreign currency and derivative gain (loss), net$7,616 $(3,971)
Total foreign currency and derivative gains (losses), net
$10,322 $(590)
Schedule of derivative financial instruments
The following table summarizes the terms and fair values of our derivative financial instruments at March 31, 2023 and December 31, 2022 (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, 2023December 31, 2022March 31, 2023December 31, 2022
Interest rate swaps
9Derivative$1,630.0 $250.04.26%Jan 2024 - Jan 2026$5.3 $5.6 
Interest rate swaptions6Derivative1,000.0 — (4)Feb 20346.3 — 
Cross-currency swaps
3Derivative320.0 320.0(5)Oct 2032(33.1)(33.3)
Foreign currency forwards24Derivative155.9 185.5(6)Apr 2023 - Aug 202411.0 16.1 
$3,105.9 $755.5 $(10.5)$(11.6)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps (7)
2Derivative$475.9 $2,427.7(8)April 2023$(1.1)$58.8 
Cross-currency swaps3Derivative280.0 280.0(5)Oct 2032(29.3)(29.5)
$755.9 $2,707.7 $(30.4)$29.3 
Total of all Derivatives$3,861.8 $3,463.2 $(40.9)$17.7 
(1)This column represents the number of instruments outstanding as of March 31, 2023.
(2)Weighted average strike rate is calculated using the notional value as of March 31, 2023.
(3)This column represents maturity dates for instruments outstanding as of March 31, 2023.
(4)Represent purchase swaptions with a strike rate of 3.75% and a sold swaption with a strike rate of 4.25%.
(5)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.697%.
(6)Weighted average forward GBP-USD exchange rate of 1.35.
(7)Represent one GBP currency exchange swap with a notional amount of $61.6 million and one EUR currency exchange swap with an associated notional amount of $414.3 million as of March 31, 2023.
(8)Weighted average EUR-USD exchange rate of 1.09 and GBP-USD exchange rate of 1.23.