Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of fair value by balance sheet groupings

The following table reflects the carrying amounts and estimated fair values of our financial instruments (in millions):

	June 30, 2023				December 31, 2022
	Carrying value		Fair value		Carrying value		Fair value
Mortgages payable (1)	$	836.3	$	812.5	$	842.3	$	810.4
Notes and bonds payable (2)	$	16,383.2	$	14,553.6	$	14,114.2	$	12,522.8

(1)Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $6.0 million at June 30, 2023, and $12.4 million at December 31, 2022. Also excludes deferred financing costs of $0.7 million at June 30, 2023, and $0.8 million at December 31, 2022.

(2)Excludes non-cash net premiums recorded on notes payable. The unamortized balance of the net premiums was $168.8 million at June 30, 2023, and $224.6 million at December 31, 2022. Also excludes deferred financing costs of $71.8 million and basis adjustment on interest rate swaps designated as fair value hedges of $4.6 million at June 30, 2023, and $60.7 million of deferred financing costs at December 31, 2022.

Schedule of provisions for impairment

The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (in millions):

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Carrying value prior to impairment	$	97.0	$	64.5	$	125.5	$	98.2
Less: total provisions for impairment	(29.8)		(7.7)		(43.0)		(14.7)
Carrying value after impairment	$	67.2	$	56.8	$	82.5	$	83.5