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Financial Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of fair value by balance sheet groupings The fair value of our financial instruments not carried at fair value are disclosed as follows (in millions):
December 31, 2022
Carrying value
Estimated fair value
Mortgages payable assumed in connection with acquisitions (1)
$842.3$810.4 
Notes and bonds payable (2)
$14,114.2$12,522.8 
December 31, 2021
Carrying value
Estimated fair value
Mortgages payable assumed in connection with acquisitions (1)
$1,114.1$1,154.7 
Notes and bonds payable (2)
$12,257.3$13,114.5 
(1)Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $12.4 million at December 31, 2022, and $28.7 million at December 31, 2021. Also excludes deferred financing costs of $0.8 million at December 31, 2022, and $0.8 million at December 31, 2021.
(2)Excludes non-cash premiums and discounts recorded on notes payable. The unamortized balance of the net premiums was $224.6 million at December 31, 2022, and $295.5 million at December 31, 2021. Also excludes deferred financing costs of $60.7 million at December 31, 2022, and $53.1 million at December 31, 2021.
Schedule of provisions for impairment
The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (dollars in millions):
Years ended December 31,
202220212020
Carrying value prior to impairment$140.9 $169.2 $260.8 
Less: total provisions for impairment(25.9)(39.0)(147.2)
Carrying value after impairment$115.0 $130.2 $113.6 
Schedule of gain (loss) recognized on derivatives in other comprehensive income
The following table summarizes the amount of unrecognized gain (loss) on derivatives in other comprehensive income during the periods indicated below (in thousands):
Years ended December 31,
Derivatives in Cash Flow Hedging Relationships202220212020
Currency swaps$(5,091)$8,232 $(2,169)
Interest rate swaps98,310 34,659 (32,757)
Foreign currency forwards 8,540 7,557 — 
Total derivatives in cash flow hedging relationships$101,759 $50,448 $(34,926)
Derivatives in Fair Value Hedging Relationships
Currency swaps(4,705)— — 
Total unrealized gain (loss) on derivatives$97,054 $50,448 $(34,926)
Summary of gain (loss) on derivatives reclassified from accumulated other comprehensive income (loss)
The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands):
Years ended December 31,
Derivatives in Cash Flow Hedging RelationshipsLocation of Gain (Loss) Recognized in Income202220212020
Currency swapsForeign currency and derivative gain (loss), net$30,814 $3,541 $(3,617)
Interest rate swapsInterest expense (4,487)(10,343)(11,434)
Foreign Currency ForwardsForeign currency and derivative gain, net2,139 — — 
Total derivatives in cash flow hedging relationships$28,466 $(6,802)$(15,051)
Derivatives in Fair Value Hedging Relationships
Currency swapsForeign currency and derivative loss, net(29,708)— — 
Net decrease to net income $(1,242)$(6,802)$(15,051)
Schedule of foreign currency and derivative gains (losses)
The following table details our foreign currency and derivative gains (losses), net included in income (in thousands):
Years ended December 31,
202220212020
Realized foreign currency and derivative gain (loss), net:
Gain (loss) on the settlement of undesignated derivatives$204,392 $24,392 $(6,344)
Gain (loss) on the settlement of designated derivatives reclassified from AOCI3,245 3,541 (3,617)
Loss on the settlement of transactions with third parties(553)(134)(36)
Total realized foreign currency and derivative gain (loss), net$207,084 $27,799 $(9,997)
Unrealized foreign currency and derivative gain (loss), net:
Gain (loss) on the change in fair value of undesignated derivatives$29,316 $(14,714)$(8,205)
Gain (loss) on remeasurement of certain assets and liabilities(249,711)(12,375)22,787 
Total unrealized foreign currency and derivative gain (loss), net$(220,395)$(27,089)$14,582 
Total foreign currency and derivative gains (losses), net
$(13,311)$710 $4,585 
Schedule of derivative financial instruments
The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2022 and 2021 (dollars in millions):
Derivative Type
Number of Instruments (1)
Accounting Classification
Notional Amount as of
Weighted Average Strike Rate (2)
Maturity Date (3)
Fair Value - asset (liability) as of
Derivatives Designated as Hedging InstrumentsDecember 31, 2022December 31, 2021December 31, 2022December 31, 2021
Interest rate swap
1Derivative$250.0 $250.02.88%March 2024$5.6 $(11.9)
Cross-currency swaps (4)
3Derivative320.0 166.3(5)October 2032(33.3)(13.8)
Foreign currency forwards30Derivative185.5 176.1(6)Jan 2023 - Aug 202416.1 7.6 
Forward-starting swaps (7)
–Derivative– 300.0–%– (3.2)
Forward-starting swaps (7)
–Hybrid Debt– 200.0–%– (5.1)
$755.5 $1,092.4 $(11.6)$(26.4)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps (8)
4Derivative$2,427.7 $1,639.5(9)January 2023$58.8 $(14.7)
Cross-Currency Swaps (4)
3Derivative280.0 –(5)October 2032(29.5)— 
Total of all Derivatives$3,463.2 $2,731.9 $17.7 $(41.1)
(1)This column represents the number of instruments outstanding as of December 31, 2022.
(2)Weighted average strike rate is calculated using the notional value as of December 31, 2022.
(3)This column represents maturity dates for instruments outstanding as of December 31, 2022.
(4)In June 2022, we terminated four British Pound Sterling, or GBP, cross-currency swaps with a notional amount of $166.3 million. In October 2022, we entered into six cross-currency swaps to exchange €612 million for $600 million maturing in October 2032.
(5)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.697%.
(6)Weighted average forward GBP-USD exchange rate of 1.34.
(7)There were five treasury rate locks entered into during February 2020 that were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement. These forward starting interest rate swaps were terminated in connection with a senior unsecured note issuance in October 2022.
(8)Represents one GBP currency exchange swap with a notional amount of $836.4 million and three Euro ("EUR"), currency exchange swaps with an associated notional amount of $1.6 billion.
(9)Weighted Average Forward EUR-GBP exchange rate of 0.86 and Weighted Average Forward EUR-USD exchange rate of 1.05.