Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Instrument Assets and Liabilities

The following tables present the carrying values and estimated fair values of financial instruments as of December 31, 2023 and 2022 (in millions):

	December 31, 2023
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable (1)	$	205.3	$	—	$	171.8	$	33.5
Derivative assets	21.2		—		21.2		—
Total assets	$	226.5	$	—	$	193.0	$	33.5
Liabilities:
Mortgages payable	$	822.4	$	—	$	—	$	814.5
Notes and bonds payable	18,562.1		—		17,603.7		—
Derivative liabilities	119.6		—		119.6		—
Total liabilities	$	19,504.1	$	—	$	17,723.3	$	814.5

(1) Considering the proximity of time between the issuance and measurement of the two loans acquired during the fourth quarter of 2023, we have concluded that the carrying value reasonably approximates the estimated fair value at December 31, 2023. We determined our investment in mortgage loan is categorized as level 3 of the fair value hierarchy given our experience with mortgage borrowings.

	December 31, 2022
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Derivative assets	$	83.1	$	—	$	83.1	$	—
Total assets	$	83.1	$	—	$	83.1	$	—
Liabilities:
Mortgages payable	$	842.3	$	—	$	—	$	810.4
Notes and bonds payable	14,114.2		—		12,522.8		—
Derivative liabilities	64.7		—		64.7		—
Total liabilities	$	15,021.2	$	—	$	12,587.5	$	810.4

Schedule of Fair Value by Balance Sheet Groupings

The following table reflects the carrying amounts and estimated fair values of our financial instruments not measured at fair value on our consolidated balance sheets (in millions):

	December 31, 2023				December 31, 2022
	Carrying value		Fair value		Carrying value		Fair value
Mortgages payable (1)	$	822.4	$	814.5	$	842.3	$	810.4
Notes and bonds payable (2)	$	18,562.1	$	17,603.7	$	14,114.2	$	12,522.8

(1)Excludes non-cash net premiums or discounts recorded on the mortgages payable. The unamortized balance of these net discounts was $0.4 million at December 31, 2023, and $12.4 million of net premiums at December 31, 2022. Also excludes deferred financing costs of $0.4 million at December 31, 2023, and $0.8 million at December 31, 2022.

(2)Excludes non-cash net premiums recorded on notes payable. The unamortized balance of the net premiums was $125.3 million at December 31, 2023, and $224.6 million at December 31, 2022. Also excludes deferred financing costs of $83.8 million and a favorable basis adjustment on interest rate swaps designated as fair value hedges of $1.3 million at December 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 (in millions):

	Years ended December 31,
	2023		2022		2021
Carrying value prior to impairment	$	194.5	$	140.9	$	169.2
Less: total provisions for impairment (1)	(82.2)		(25.9)		(39.0)
Carrying value after impairment	$	112.3	$	115.0	$	130.2

(1) Excludes provision for current expected credit loss of $4.9 million at December 31, 2023.