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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Real estate income, net:        
Rental income $ 314.1 $ 305.3 $ 617.8 $ 594.1
Real estate property level expenses and taxes:        
Operating expenses 71.1 63.6 144.7 132.6
Real estate taxes 50.3 51.9 102.0 106.7
Interest expense 21.3 23.6 42.2 46.5
Total real estate property level expenses and taxes 142.7 139.1 288.9 285.8
Real estate income, net 171.4 166.2 328.9 308.3
Income from real estate joint ventures 42.5 49.3 103.0 92.2
Income from real estate funds 5.5 2.5 11.5 4.7
Interest 22.3 20.8 43.0 40.7
Other 0.0 0.0 0.8 0.0
TOTAL INVESTMENT INCOME 241.7 238.8 487.2 445.9
Expenses:        
Investment management charges 21.4 16.3 43.9 33.5
Administrative charges 8.9 11.7 22.4 26.5
Distribution charges 5.0 5.6 12.3 13.9
Mortality and expense risk charges 0.1 0.3 0.5 0.6
Liquidity guarantee charges 22.4 14.5 45.1 28.4
TOTAL EXPENSES 57.8 48.4 124.2 102.9
INVESTMENT INCOME, NET 183.9 190.4 363.0 343.0
Net realized gain (loss) on investments:        
Real estate properties 37.9 199.8 29.5 202.8
Real estate joint ventures (37.8) (0.1) 13.1 (0.1)
Marketable securities (0.3) 0.0 (1.3) 0.0
Loans receivable 0.0 (13.4) 0.0 (14.1)
Net realized (loss) gain on investments (0.2) 186.3 41.3 188.6
Net change in unrealized gain (loss) on:        
Real estate properties 939.7 404.2 2,152.1 692.0
Real estate joint ventures 277.1 99.8 349.0 154.2
Real estate funds 16.3 0.3 6.9 4.2
Real estate operating business 140.4 22.1 200.8 22.1
Foreign currency exchange on forward contracts 1.6 0.0 1.6 0.0
Marketable securities (9.9) (0.3) (38.5) (0.3)
Loans receivable (83.2) 5.4 (82.2) 18.7
Loans payable 46.1 10.5 49.8 14.0
Senior notes payable 13.8 0.0 13.8 0.0
Net change in unrealized gain on investments and debt 1,341.9 542.0 2,653.3 904.9
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND DEBT 1,341.7 728.3 2,694.6 1,093.5
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,525.6 $ 918.7 $ 3,057.6 $ 1,436.5