Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instrument Assets and Liabilities

The following tables present the carrying values and estimated fair values of financial instruments as of March 31, 2024 and December 31, 2023 (in millions):

	March 31, 2024
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	253.4	$	—	$	190.7	$	67.3
Derivative assets	52.5		—		52.5		—
Total assets	$	305.9	$	—	$	243.2	$	67.3
Liabilities:
Mortgages payable	$	201.0	$	—	$	—	$	194.6
Notes and bonds payable	22,002.1		—		20,580.5		—
Derivative liabilities	105.8		—		105.8		—
Total liabilities	$	22,308.9	$	—	$	20,686.3	$	194.6

	December 31, 2023
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	205.3	$	—	$	171.8	$	33.5
Derivative assets	21.2		—		21.2		—
Total assets	$	226.5	$	—	$	193.0	$	33.5
Liabilities:
Mortgages payable	$	822.4	$	—	$	—	$	814.5
Notes and bonds payable	18,562.1		—		17,603.7		—
Derivative liabilities	119.6		—		119.6		—
Total liabilities	$	19,504.1	$	—	$	17,723.3	$	814.5

Schedule of Fair Value by Balance Sheet Groupings

The following table reflects the carrying amounts and estimated fair values of our financial instruments not measured at fair value on our consolidated balance sheets (in millions):

	March 31, 2024				December 31, 2023
	Carrying value		Fair value		Carrying value		Fair value
Mortgages payable (1)	$	201.0	$	194.6	$	822.4	$	814.5
Notes and bonds payable (2)	$	22,002.1	$	20,580.5	$	18,562.1	$	17,603.7

(1)Excludes non-cash net premiums and discounts recorded on the mortgages payable. The unamortized balance of these net discounts was $0.5 million at March 31, 2024, and $0.4 million of net discounts at December 31, 2023. Also excludes deferred financing costs of $0.4 million at March 31, 2024 and December 31, 2023, respectively.

(2)Excludes non-cash net premiums and discounts recorded on notes payable. The unamortized balance of the net discounts was $159.4 million at March 31, 2024, and $125.3 million of net premiums at December 31, 2023. Also excludes deferred financing costs of $93.1 million and a favorable basis adjustment on interest rate swaps designated as fair value hedges of $1.6 million at March 31, 2024, and deferred financing costs of $83.8 million and a favorable basis adjustment on interest rate swaps designated as fair value hedges of $1.3 million at December 31, 2023.

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 March 31,
	2024		2023
Carrying value prior to impairment	$	191.1	$	35.6
Less: total provisions for impairment (1) (2)	(88.2)		(13.2)
Carrying value after impairment	$	102.9	$	22.4

(1) Excludes provision for current expected credit loss of $1.3 million at March 31, 2024.

(2) Real estate assets that were deemed to be impaired for the three months ended March 31, 2024 primarily relate to two office properties which were acquired and retained in our merger with VEREIT, Inc. ("VEREIT") in 2021.