Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in millions):

	June 30, 2024
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	594.0	$	—	$	570.3	$	34.2
Derivative assets	52.2		—		52.2		—
Total assets	$	646.2	$	—	$	622.5	$	34.2
Liabilities:
Mortgages payable	$	199.8	$	—	$	—	$	195.3
Notes and bonds payable	21,991.7		—		19,486.5		943.4
Derivative liabilities	88.6		—		88.6		—
Total liabilities	$	22,280.1	$	—	$	19,575.1	$	1,138.7

	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		—		16,620.8		982.9
Derivative liabilities	119.6		—		119.6		—
Total liabilities	$	19,504.1	$	—	$	16,740.4	$	1,797.4

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):

	June 30, 2024				December 31, 2023
	Carrying value		Fair value		Carrying value		Fair value
Mortgages payable (1)	$	199.8	$	195.3	$	822.4	$	814.5
Notes and bonds payable (1)	$	21,991.7	$	20,429.9	$	18,562.1	$	17,603.7

(1) Excludes non-cash net premiums and discounts as well as deferred financing costs recorded on mortgages payable. Excludes non-cash net premiums and discounts, deferred financing costs, and the cumulative basis adjustment on fair value hedges recorded on notes payable.

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,
	2024		2023		2024		2023
Carrying value prior to impairment	$	281.9	$	97.0	$	443.9	$	125.5
Less: total provisions for impairment (1) (2)	(87.2)		(29.8)		(175.4)		(43.0)
Carrying value after impairment	$	194.7	$	67.2	$	268.5	$	82.5
Number of properties:
Classified as held for sale	24		—		26		1
Classified as held for investment	41		7		50		8
Sold	33		27		53		47

(1) Excludes provision for current expected credit loss of $9.3 million and $10.5 million for the three and six months ended June 30, 2024.

(2) Real estate assets that were deemed to be impaired for the six months ended June 30, 2024 primarily relate to two office properties which were acquired and retained in our merger with VEREIT in 2021, 17 properties leased to clients in bankruptcies, as well as certain properties that are more likely than not to be sold in the next twelve months.