Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of fair value by balance sheet groupings

We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable and commercial paper borrowings, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our mortgages payable assumed in connection with acquisitions and our senior notes and bonds payable, which are disclosed as follows (dollars in millions):

At December 31, 2020	Carrying value		Estimated fair value
Mortgages payable assumed in connection with acquisitions (1)	$	299.6	$	309.4
Notes and bonds payable (2)	8,302.4		9,324.0
At December 31, 2019	Carrying value		Estimated fair value
Mortgages payable assumed in connection with acquisitions (1)	$	408.4	$	417.7
Notes and bonds payable (2)	6,317.6		6,826.1

(1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums is $1.7 million at December 31, 2020, and $3.0 million at December 31, 2019. Also excludes deferred financing costs of $973,000 at December 31, 2020, and $1.3 million at December 31, 2019.

(2) Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums was $14.6 million at December 31, 2020, and $6.3 million at December 31, 2019. Also excludes deferred financing costs of $49.2 million at December 31, 2020 and $35.9 million at December 31, 2019.

Schedule of derivative financial instruments

The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2020 and 2019 (dollars in millions):

Derivative Type	Accounting Classification	Hedge Designation	Notional Amount				Strike	Effective Date	Maturity Date	Fair Value - asset (liability)
			December 31,		December 31,					December 31,		December 31,
			2020		2019					2020		2019
Interest rate swap (1)	Derivative	Cash flow	$	—	$	7.0	6.03%	09/25/2012	09/03/2021	$	—	$	(0.2)
Interest rate swap	Derivative	Cash flow	—		250.0		1.72%	06/30/2015	06/30/2020	—		(0.1)
Interest rate swap	Derivative	Cash flow	250.0		250.0		3.04%	10/24/2018	03/24/2024	(22.6)		(14.7)
Cross-currency swap (2)	Derivative	Cash flow	41.6		41.6		(3)	05/20/2019	05/22/2034	(5.2)		(2.6)
Cross-currency swap (2)	Derivative	Cash flow	41.6		41.6		(4)	05/20/2019	05/22/2034	(5.1)		(2.6)
Cross-currency swap (2)	Derivative	Cash flow	41.6		41.6		(5)	05/20/2019	05/22/2034	(5.4)		(2.9)
Cross-currency swap (2)	Derivative	Cash flow	41.6		41.6		(6)	05/20/2019	05/22/2034	(5.7)		(3.2)
Currency exchange swap (2)	Derivative	N/A	625.0		—		(7)	12/23/2020	01/29/2021	(8.2)		—
Forward-starting swap	Derivative	Cash flow	75.0		—		2.02%	(8)	06/30/2033	(5.0)		—
Forward-starting swap	Derivative	Cash flow	75.0		—		1.94%	(8)	11/30/2032	(5.2)		—
Forward-starting swap	Derivative	Cash flow	25.0		—		1.67%	(8)	11/30/2032	(1.1)		—
Forward-starting swap	Derivative	Cash flow	125.0		—		1.75%	(8)	06/30/2033	(5.2)		—
Forward-starting swap	Hybrid debt	Cash flow	125.0		—		1.88%	(8)	11/30/2032	(7.9)		—
Forward-starting swap	Hybrid debt	Cash flow	75.0		—		2.00%	(8)	06/30/2033	(4.9)		—
			$	1,541.4	$	673.4				$	(81.5)	$	(26.3)

(1)In connection with the early prepayment of a mortgage loan during the fourth quarter of 2020, the swap was terminated with a payment of $0.2 million and we recognized an associated loss on derivative of $0.2 million.

(2)Represents British Pound Sterling, or GBP, United States Dollar, or USD, cross-currency swap.

(3)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.800%.

(4)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.803%.

(5)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.745%.

(6)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.755%.

(7) The forward GBP-USD exchange rate is 1.35.

(8) The five treasury rate locks which were entered into during February 2020 were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement of the terminated treasury rate locks.