Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024 (in millions):

	March 31, 2025
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	1,054.7	$	—	$	801.1	$	243.9
Derivative assets	18.6		—		18.6		—
Total assets	$	1,073.3	$	—	$	819.7	$	243.9
Liabilities:
Mortgages payable	$	43.0	$	—	$	—	$	42.2
Notes and bonds payable	23,157.5		—		20,945.3		957.0
Derivative liabilities	100.7		—		100.7		—
Total liabilities	$	23,301.2	$	—	$	21,046.0	$	999.2

	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

Schedule of Financial Instruments Not Measured at Fair Value on our Consolidated Balance Sheets

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, 2025				December 31, 2024
	Carrying value		Fair value		Carrying value		Fair value
Loans receivable	$	1,054.7	$	1,045.0	$	828.5	$	835.1
Mortgages payable (1)	$	43.0	$	42.2	$	81.3	$	80.0
Notes and bonds payable (1)	$	23,157.5	$	21,902.2	$	22,938.7	$	21,593.5

(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 Items Measured at Fair Value on a Non-Recurring Basis

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

	Three months ended March 31,
	2025		2024
Carrying value prior to impairment	$	208.7	$	191.1
Less: total provisions for impairment of real estate (1)	(97.4)		(88.2)
Carrying value after impairment	$	111.3	$	102.9

(1) Real estate assets that were deemed to be impaired for the three months ended March 31, 2025 primarily relate to 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.