Investment Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Instrument [Line Items]

Schedule of Maturities of Mortgage Loans and Notes Payable

The aggregate maturities of investment debt subsequent to June 30, 2014 are as follows:

(Dollars in millions)
2014	$	30.5
2015	124.4
2016	60.0
2017	211.9
2018	351.7
Thereafter	728.7
	1,507.2
Debt premium	21.5
	$	1,528.7

Mortgage Loans and Notes Payable [Member]

Debt Instrument [Line Items]

Schedule of Mortgage Loans and Notes Payable

Investment debt at June 30, 2014 and December 31, 2013 consists of the following:

(Dollars in millions)		Carrying Amount of Investment Debt as of (1)
Types of Property Pledged as Collateral	Region	June 30, 2014		December 31, 2013
Multifamily (1)	Western U.S.	$	349.8	$	261.0
Commercial	Western U.S.	136.9		110.4
Residential	Western U.S	30.0		28.0
Multifamily (1)	Japan	283.7		—
Commercial	Japan	2.4		2.4
Commercial (1)	Ireland	347.0		—
Multifamily (1)	Ireland	200.6		—
Loans(1)	Ireland	81.9		—
Commercial (1)	United Kingdom	96.4		—
Investment debt(2)		$	1,528.7	$	401.8

⁽¹⁾The investment debt balances include the unamortized debt premiums. Debt premiums represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized loan premium as of June 30, 2014 and December 31, 2013 was $21.5 million and $5.3 million, respectively.

⁽²⁾The investment debt had a weighted average interest rate of 3.68% and 4.13% per annum at June 30, 2014 and December 31, 2013.