Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024 (in millions):

	June 30, 2025
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	1,329.8	$	—	$	847.4	$	469.2
Derivative assets	14.3		—		14.3		—
Total assets	$	1,344.1	$	—	$	861.7	$	469.2
Liabilities:
Mortgages payable	$	38.7	$	—	$	—	$	38.1
Notes and bonds payable	25,198.0		—		23,165.5		1,040.2
Derivative liabilities	191.7		—		191.7		—
Total liabilities	$	25,428.4	$	—	$	23,357.2	$	1,078.3

	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):

	June 30, 2025				December 31, 2024
	Carrying value		Fair value		Carrying value		Fair value
Loans receivable	$	1,329.8	$	1,316.6	$	828.5	$	835.1
Mortgages payable (1)	$	38.7	$	38.1	$	81.3	$	80.0
Notes and bonds payable (1)	$	25,198.0	$	24,205.7	$	22,938.7	$	21,593.5

(1) Excludes non-cash net premiums and discounts, and deferred financing costs.

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 June 30,				Six months ended  June 30,
	2025		2024		2025		2024
Carrying value prior to impairment	$	365.2	$	281.9	$	505.9	$	443.9
Less: total provisions for impairment of real estate	(142.3)		(87.2)		(239.7)		(175.4)
Carrying value after impairment	$	222.9	$	194.7	$	266.2	$	268.5
Number of properties:
Classified as held for sale	58		24		61		26
Classified as held for investment	53		41		79		50
Sold	8		33		60		53