Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2024 and 2023 (in millions):

	December 31, 2024
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	828.5	$	—	$	791.4	$	43.7
Derivative assets	47.2		—		47.2		—
Total assets	$	875.7	$	—	$	838.6	$	43.7
Liabilities:
Mortgages payable	$	81.3	$	—	$	—	$	80.0
Notes and bonds payable	22,938.7		—		20,665.5		928.0
Derivative liabilities	81.5		—		81.5		—
Total liabilities	$	23,101.5	$	—	$	20,747.0	$	1,008.0

	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):

	December 31, 2024				December 31, 2023
	Carrying value		Fair value		Carrying value		Fair value
Loans receivable	$	828.5	$	835.1	$	205.3	$	205.3
Mortgages payable (1)	$	81.3	$	80.0	$	822.4	$	814.5
Notes and bonds payable (1)	$	22,938.7	$	21,593.5	$	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 (dollars in millions):

	Years ended December 31,
	2024		2023		2022
Carrying value prior to impairment	$	770.7	$	194.5	$	140.9
Less: total provisions for impairment of real estate (1)	(319.0)		(82.2)		(25.9)
Carrying value after impairment	$	451.7	$	112.3	$	115.0
Number of properties:
Classified as held for sale	17		2		—
Classified as held for investment	88		16		5
Sold	132		94		89

(1) Real estate assets that were deemed to be impaired for the year ended December 31, 2024 primarily relate to two office properties which were acquired and retained in our merger with VEREIT in 2021, properties leased to clients in bankruptcies or financial distress, as well as properties that are more likely than not to be sold in the next twelve months.