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Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of June 30, 2013 (unaudited) and December 31, 2012, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3) (in millions):

 

 

 

 

 

 

 

 

 

Description

 

Level 1:
Quoted
Prices in
Active Markets
for Identical Assets

 

Level 2:
Significant
Other
Observable
Inputs

 

Level 3:
Significant
Unobservable
Inputs

 

Total at
June 30,
2013

Real Estate properties

 

 

$

 

—

 

 

 

$

 

—

 

 

 

$

 

10,798.9

 

 

 

$

 

10,798.9

 

Real Estate joint ventures

 

 

 

—

 

 

 

 

—

 

 

 

 

2,343.7

 

 

 

 

2,343.7

 

Limited partnerships

 

 

 

—

 

 

 

 

—

 

 

 

 

348.2

 

 

 

 

348.2

 

Marketable securities:

 

 

 

 

 

 

 

 

Real Estate related

 

 

 

1,560.0

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,560.0

 

Government agency notes

 

 

 

—

 

 

 

 

1,916.9

 

 

 

 

—

 

 

 

 

1,916.9

 

United States Treasury securities

 

 

 

—

 

 

 

 

957.5

 

 

 

 

—

 

 

 

 

957.5

 

 

 

 

 

 

 

 

 

 

Total Investments at June 30, 2013

 

 

$

 

1,560.0

 

 

 

$

 

2,874.4

 

 

 

$

 

13,490.8

 

 

 

$

 

17,925.2

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

 

$

 

—

 

 

 

$

 

—

 

 

 

$

 

(2,254.8

)

 

 

 

$

 

(2,254.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Level 1:
Quoted
Prices in
Active Markets
for Identical
Assets

 

Level 2:
Significant
Other
Observable
Inputs

 

Level 3:
Significant
Unobservable
Inputs

 

Total at
December 31,
2012

Real Estate properties

 

 

$

 

—

 

 

 

$

 

—

 

 

 

$

 

10,554.6

 

 

 

$

 

10,554.6

 

Real Estate joint ventures

 

 

 

—

 

 

 

 

—

 

 

 

 

2,291.5

 

 

 

 

2,291.5

 

Limited partnerships

 

 

 

—

 

 

 

 

—

 

 

 

 

339.8

 

 

 

 

339.8

 

Marketable securities:

 

 

 

 

 

 

 

 

Real Estate related

 

 

 

1,332.3

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1,332.3

 

Government agency notes

 

 

 

—

 

 

 

 

1,379.6

 

 

 

 

—

 

 

 

 

1,379.6

 

United States Treasury securities

 

 

 

—

 

 

 

 

1,190.1

 

 

 

 

—

 

 

 

 

1,190.1

 

 

 

 

 

 

 

 

 

 

Total Investments at December 31, 2012

 

 

$

 

1,332.3

 

 

 

$

 

2,569.7

 

 

 

$

 

13,185.9

 

 

 

$

 

17,087.9

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

 

$

 

—

 

 

 

$

 

—

 

 

 

$

 

(2,282.6

)

 

 

 

$

 

(2,282.6

)

 

 

 

 

 

 

 

 

 

 

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Text Block] The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and six months ended June 30, 2013 and June 30, 2012 (in millions, unaudited):

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate
Properties

 

Real Estate
Joint Ventures

 

Limited
Partnerships

 

Total
Level 3
Investments

 

Mortgage
Loans
Payable

For the three months ended June 30, 2013

 

 

 

 

 

 

 

 

 

 

Beginning balance April 1, 2013

 

 

$

 

10,429.9

 

 

 

$

 

2,290.4

 

 

 

$

 

341.6

 

 

 

$

 

13,061.9

 

 

 

$

 

(2,092.3

)

 

Total realized and unrealized gains (losses) included in changes in net assets

 

 

 

220.6

 

 

 

 

74.8

 

 

 

 

9.8

 

 

 

 

305.2

 

 

 

 

26.9

 

Purchases(1)

 

 

 

333.7

 

 

 

 

0.1

 

 

 

 

—

 

 

 

 

333.8

 

 

 

 

(730.0

)

 

Sales

 

 

 

(185.3

)

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(185.3

)

 

 

 

 

—

 

Settlements (2)

 

 

 

—

 

 

 

 

(21.6

)

 

 

 

 

(3.2

)

 

 

 

 

(24.8

)

 

 

 

 

540.6

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance June 30, 2013

 

 

$

 

10,798.9

 

 

 

$

 

2,343.7

 

 

 

$

 

348.2

 

 

 

$

 

13,490.8

 

 

 

$

 

(2,254.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate
Properties

 

Real Estate
Joint Ventures

 

Limited
Partnerships

 

Total
Level 3
Investments

 

Mortgage
Loans
Payable

For the six months ended June 30, 2013

 

 

 

 

 

 

 

 

Beginning balance January 1, 2013

 

 

$

 

10,554.6

 

 

 

$

 

2,291.5

 

 

 

$

 

339.8

 

 

 

$

 

13,185.9

 

 

 

$

 

(2,282.6

)

 

Total realized and unrealized gains (losses) included in changes in net assets

 

 

 

262.4

 

 

 

 

109.0

 

 

 

 

14.6

 

 

 

 

386.0

 

 

 

 

24.0

 

Purchases(1)

 

 

 

393.7

 

 

 

 

0.2

 

 

 

 

1.4

 

 

 

 

395.3

 

 

 

 

(730.0

)

 

Sales

 

 

 

(411.8

)

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(411.8

)

 

 

 

 

—

 

Settlements(2)

 

 

 

—

 

 

 

 

(57.0

)

 

 

 

 

(7.6

)

 

 

 

 

(64.6

)

 

 

 

 

733.8

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance June 30, 2013

 

 

$

 

10,798.9

 

 

 

$

 

2,343.7

 

 

 

$

 

348.2

 

 

 

$

 

13,490.8

 

 

 

$

 

(2,254.8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate
Properties

 

Real Estate
Joint Ventures

 

Limited
Partnerships

 

Total
Level 3
Investments

 

Mortgage
Loans
Payable

For the three months ended June 30, 2012

 

 

 

 

 

 

 

 

Beginning balance April 1, 2012

 

 

$

 

10,140.8

 

 

 

$

 

1,705.4

 

 

 

$

 

318.3

 

 

 

$

 

12,164.5

 

 

 

$

 

(2,137.3

)

 

Total realized and unrealized gains (losses) included in changes in net assets

 

 

 

131.5

 

 

 

 

77.3

 

 

 

 

11.0

 

 

 

 

219.8

 

 

 

 

1.4

 

Purchases(1)

 

 

 

33.9

 

 

 

 

51.4

 

 

 

 

7.0

 

 

 

 

92.3

 

 

 

 

—

 

Settlements(2)

 

 

 

—

 

 

 

 

—

 

 

 

 

(2.4

)

 

 

 

 

(2.4

)

 

 

 

 

2.5

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance June 30, 2012

 

 

$

 

10,306.2

 

 

 

$

 

1,834.1

 

 

 

$

 

333.9

 

 

 

$

 

12,474.2

 

 

 

$

 

(2,133.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate
Properties

 

Real Estate
Joint Ventures

 

Limited
Partnerships

 

Total
Level 3
Investments

 

Mortgage
Loans
Payable

For the six months ended June 30, 2012

 

 

 

 

 

 

 

 

Beginning balance January 1, 2012

 

 

$

 

9,857.6

 

 

 

$

 

1,591.4

 

 

 

$

 

307.5

 

 

 

$

 

11,756.5

 

 

 

$

 

(2,028.2

)

 

Total realized and unrealized gains (losses) included in changes in net assets

 

 

 

318.7

 

 

 

 

161.9

 

 

 

 

18.2

 

 

 

 

498.8

 

 

 

 

(20.3

)

 

Purchases(1)

 

 

 

176.1

 

 

 

 

81.0

 

 

 

 

11.7

 

 

 

 

268.8

 

 

 

 

(90.0

)

 

Sales

 

 

 

(46.2

)

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(46.2

)

 

 

 

 

—

 

Settlements (2)

 

 

 

—

 

 

 

 

(0.2

)

 

 

 

 

(3.5

)

 

 

 

 

(3.7

)

 

 

 

 

5.1

 

 

 

 

 

 

 

 

 

 

 

 

Ending balance June 30, 2012

 

 

$

 

10,306.2

 

 

 

$

 

1,834.1

 

 

 

$

 

333.9

 

 

 

$

 

12,474.2

 

 

 

$

 

(2,133.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

 

 

Includes purchases, contributions for joint ventures and limited partnerships, and capital expenditures.

 

(2)

 

 

 

Includes operating income for real estate joint ventures and limited partnerships, net of distributions and principal payments on mortgage loans payable.

Schedule of Unobservable Inputs Related to Level 3 Fair Value Measurements [Table Text Block] The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of June 30, 2013 (unaudited).

Type

 

Asset Class

 

Valuation
Technique(s)

 

Unobservable
Inputs

 

Minimum

  Maximum   Range
(Weighted
Average)

Real Estate Properties and Joint Ventures

 

Office

 

Income Approach—

 

Discount Rate

 

6.3%

- 9.5%   (7.2%)
      Discounted Cash Flow   Terminal Capitalization Rate   5.3% - 8.3%   (6.1%)
      Income Approach—                
      Direct Capitalization   Overall Capitalization Rate   4.0% - 7.5%   (5.5%)

 

 

 

 

 

Industrial

 

Income Approach—

 

Discount Rate

 

6.5%

- 10.0%   (7.5%)
      Discounted Cash Flow   Terminal Capitalization Rate   5.5% - 8.0%   (6.4%)
      Income Approach—                
      Direct Capitalization   Overall Capitalization Rate   5.0% - 8.3%   (5.8%)

 

 

 

 

 

Residential

 

Income Approach—

 

Discount Rate

 

6.0%

- 8.0%   (6.6%)
      Discounted Cash Flow   Terminal Capitalization Rate   4.3% - 6.3%   (4.9%)
      Income Approach—                
      Direct Capitalization   Overall Capitalization Rate   3.8% - 5.8%   (4.4%)

 

 

 

 

 

Retail

 

Income Approach—

 

Discount Rate

 

6.3%

- 11.5%   (7.6%)
      Discounted Cash Flow   Terminal Capitalization Rate   5.8% - 11.5%   (6.5%)
      Income Approach—                
      Direct Capitalization   Overall Capitalization Rate   4.5% - 11.3%   (5.8%)

 

Mortgage Loans Payable

 

Office and Industrial

 

Discounted Cash Flow

 

Loan to Value Ratio

 

34.0%

- 64.0%   (47.0%)
          Equivalency Rate   2.1% - 4.1%   (3.4%)
      Net Present Value   Loan to Value Ratio   34.0% - 64.0%   (47.0%)
          Weighted Average Cost of Capital Risk Premiums   1.4% - 3.8%   (2.3%)

 

 

 

 

 

Residential

 

Discounted Cash Flow

 

Loan to Value Ratio

 

36.0%

- 62.0%   (48.0%)
          Equivalency Rate   1.9% - 3.9%   (3.3%)
      Net Present Value   Loan to Value Ratio   36.0% - 62.0%   (48.0%)
          Weighted Average Cost of Capital Risk Premiums   1.6% - 3.5%   (2.4%)

 

 

 

 

 

Retail

 

Discounted Cash Flow

 

Loan to Value Ratio

 

30.0%

- 144.0%   (62.0%)
          Equivalency Rate   2.3% - 7.0%   (4.2%)
      Net Present Value   Loan to Value Ratio   30.0% - 144.0%   (62.0%)
          Weighted Average Cost of Capital Risk Premiums   1.2% - 13.8%   (4.9%)

 

Fair Value Of Net Unrealized Gains Included In Changes In Net Assets Attributable To Investments And Mortgage Loans Payable Using Significant Unobservable Inputs [Table Text Block] The amount of total net unrealized gains (losses) included in changes in net assets attributable to the change in net unrealized gains (losses) relating to Level 3 investments and mortgage loans payable using significant unobservable inputs still held as of the reporting date is as follows (in millions, unaudited):

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate
Properties

 

Real Estate
Joint
Ventures

 

Limited
Partnerships

 

Total
Level 3
Investments

 

Mortgage
Loans
Payable

For the three months ended
June 30, 2013

 

 

$

 

222.0

 

 

 

$

 

77.4

 

 

 

$

 

9.0

 

 

 

$

 

308.4

 

 

 

$

 

26.9

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended
June 30, 2013

 

 

$

 

282.9

 

 

 

$

 

112.6

 

 

 

$

 

13.7

 

 

 

$

 

409.2

 

 

 

$

 

8.0

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended
June 30, 2012

 

 

$

 

131.5

 

 

 

$

 

77.2

 

 

 

$

 

10.4

 

 

 

$

 

219.1

 

 

 

$

 

1.4

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended
June 30, 2012

 

 

$

 

320.3

 

 

 

$

 

161.9

 

 

 

$

 

17.5

 

 

 

$

 

499.7

 

 

 

$

 

(20.3

)