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Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables show the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); significant unobservable inputs (Level 3); and Practical Expedient (in millions):
Description
 
Level 1:
Quoted
Prices in
Active Markets
for Identical
Assets
 
Level 2:
Significant
Other
Observable
Inputs
 
Level 3:
Significant
Unobservable
Inputs
 
Fair Value
Using
Practical
Expedient
 
Total at
December 31,
2016
Real estate properties
 
$
—

 
$
—

 
$
15,452.8

 
$
—

 
$
15,452.8

Real estate joint ventures
 
—

 
—

 
5,622.4

 
—

 
5,622.4

Limited partnerships
 
—

 
—

 
—

 
137.5

 
137.5

Marketable securities:
 
 
 
 
 
 
 
 
 
 
Real estate related
 
1,081.5

 
—

 
—

 
—

 
1,081.5

Government agency notes
 
—

 
2,308.9

 
—

 
—

 
2,308.9

United States Treasury securities
 
—

 
1,744.9

 
—

 
—

 
1,744.9

Loans receivable
 
—

 
—

 
295.7

 
—

 
295.7

Total Investments at
December 31, 2016
 
$
1,081.5

 
$
4,053.8

 
$
21,370.9

 
$
137.5

 
$
26,643.7

Mortgage loans payable
 
$
—

 
$
—

 
$
(2,332.1
)
 
$
—

 
$
(2,332.1
)

Description
 
Level 1:
Quoted
Prices in
Active Markets
for Identical
Assets
 
Level 2:
Significant
Other
Observable
Inputs
 
Level 3:
Significant
Unobservable
Inputs
 
Fair Value
Using
Practical
Expedient
 
Total at
December 31,
2015
Real estate properties
 
$
—

 
$
—

 
$
14,606.2

 
$
—

 
$
14,606.2

Real estate joint ventures
 
—

 
—

 
4,068.4

 
—

 
4,068.4

Limited partnerships
 
—

 
—

 
—

 
144.8

 
144.8

Marketable securities:
 
 
 
 
 
 
 
 
 
 
Real estate related
 
1,024.4

 
—

 
—

 
—

 
1,024.4

Government agency notes
 
—

 
2,666.8

 
—

 
—

 
2,666.8

United States Treasury securities
 
—

 
1,540.4

 
—

 
—

 
1,540.4

Loan receivable
 
—

 
—

 
100.6

 
—

 
100.6

Total Investments at
December 31, 2015
 
$
1,024.4

 
$
4,207.2

 
$
18,775.2

 
$
144.8

 
$
24,151.6

Mortgage loans payable
 
$
—

 
$
—

 
$
(1,794.4
)
 
$
—

 
$
(1,794.4
)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2016 and 2015 (in millions):
 
 
Real Estate
Properties
 
Real Estate
Joint
Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the year ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2016
 
$
14,606.2

 
$
4,068.4

 
$
100.6

 
$
18,775.2

 
$
(1,794.4
)
Total realized and unrealized gains included in changes in net assets
 
311.3

 
242.8

 
0.3

 
554.4

 
15.1

Purchases(1)
 
786.4

 
1,313.6

 
194.8

 
2,294.8

 
(587.5
)
Sales
 
(251.1
)
 
—

 
—

 
(251.1
)
 
—

Settlements(2)
 
—

 
(2.4
)
 
—

 
(2.4
)
 
34.7

Ending balance December 31, 2016
 
$
15,452.8

 
$
5,622.4

 
$
295.7

 
$
21,370.9

 
$
(2,332.1
)

 
 
Real Estate
Properties
 
Real Estate
Joint
Ventures
 
Loan Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the year ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2015
 
$
13,139.0

 
$
3,022.1

 
$
—

 
$
16,161.1

 
$
(2,373.8
)
Total realized and unrealized gains included in changes in net assets
 
702.6

 
416.0

 
0.6

 
1,119.2

 
5.6

Purchases(1)
 
1,407.5

 
835.1

 
100.0

 
2,342.6

 
—

Sales
 
(642.9
)
 
—

 
—

 
(642.9
)
 
—

Settlements(2)
 
—

 
(204.8
)
 
—

 
(204.8
)
 
573.8

Ending balance December 31, 2015
 
$
14,606.2

 
$
4,068.4

 
$
100.6

 
$
18,775.2

 
$
(1,794.4
)
(1) 
Includes purchases, contributions for joint ventures, capital expenditures and lending for loans receivable.
(2) 
Includes operating income for real estate joint ventures, net of distributions, and principal payments and extinguishments of mortgage loans payable.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables show the reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2016 and 2015 (in millions):
 
 
Real Estate
Properties
 
Real Estate
Joint
Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the year ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2016
 
$
14,606.2

 
$
4,068.4

 
$
100.6

 
$
18,775.2

 
$
(1,794.4
)
Total realized and unrealized gains included in changes in net assets
 
311.3

 
242.8

 
0.3

 
554.4

 
15.1

Purchases(1)
 
786.4

 
1,313.6

 
194.8

 
2,294.8

 
(587.5
)
Sales
 
(251.1
)
 
—

 
—

 
(251.1
)
 
—

Settlements(2)
 
—

 
(2.4
)
 
—

 
(2.4
)
 
34.7

Ending balance December 31, 2016
 
$
15,452.8

 
$
5,622.4

 
$
295.7

 
$
21,370.9

 
$
(2,332.1
)

 
 
Real Estate
Properties
 
Real Estate
Joint
Ventures
 
Loan Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the year ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2015
 
$
13,139.0

 
$
3,022.1

 
$
—

 
$
16,161.1

 
$
(2,373.8
)
Total realized and unrealized gains included in changes in net assets
 
702.6

 
416.0

 
0.6

 
1,119.2

 
5.6

Purchases(1)
 
1,407.5

 
835.1

 
100.0

 
2,342.6

 
—

Sales
 
(642.9
)
 
—

 
—

 
(642.9
)
 
—

Settlements(2)
 
—

 
(204.8
)
 
—

 
(204.8
)
 
573.8

Ending balance December 31, 2015
 
$
14,606.2

 
$
4,068.4

 
$
100.6

 
$
18,775.2

 
$
(1,794.4
)
(1) 
Includes purchases, contributions for joint ventures, capital expenditures and lending for loans receivable.
(2) 
Includes operating income for real estate joint ventures, net of distributions, and principal payments and extinguishments of mortgage loans payable.
Schedule of Unobservable Inputs Related to Level 3 Fair Value Measurements
The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2016.
 
 
 
 
 
Type
Asset
Class
Valuation
Technique(s)
Unobservable Inputs
Range (Weighted
Average)
 
Real Estate Properties and Joint Ventures
Office
Income Approach—Discounted Cash Flow
Discount Rate
5.5%–8.3% (6.5%)
 
 
 
Terminal Capitalization Rate
4.3%–7.3% (5.5%)
 
 
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.8%–7.0% (4.7%)
 
 
 
Industrial
Income Approach—Discounted Cash Flow
Discount Rate
5.7%–8.7% (6.7%)
 
 
 
Terminal Capitalization Rate
4.8%–8.0% (5.6%)
 
 
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
4.0%–7.5% (5.0%)
 
 
 
Residential
Income Approach—Discounted Cash Flow
Discount Rate
5.3%–7.3% (6.2%)
 
 
 
Terminal Capitalization Rate
3.8%–6.0% (4.8%)
 
 
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.3%–5.5% (4.2%)
 
 
 
Retail
Income Approach—Discounted Cash Flow
Discount Rate
5.0%–10.4% (6.4%)
 
 
 
Terminal Capitalization Rate
4.3%–8.5% (5.2%)
 
 
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.9%–8.3% (4.7%)
 
Mortgage Loans Payable
Office and Industrial
Discounted Cash Flow
Loan-to-Value Ratio

35.7%–71.0% (43.4%)

 
 
 
Equivalency Rate
3.7%–4.7% (3.9%)
 
 
 
 
Net Present Value
Loan-to-Value Ratio
35.7%–71.0% (43.4%)
 
 
 
Weighted Average Cost of Capital Risk Premium Multiple
1.2–1.6 (1.3)
 
 
 
Residential
Discounted Cash Flow
Loan-to-Value Ratio
29.5%–61.2% (41.4%)
 
 
 
Equivalency Rate
2.9%–3.6% (3.3%)
 
 
 
 
Net Present Value
Loan-to-Value Ratio
29.5%–61.2% (41.4%)
 
 
 
Weighted Average Cost of Capital Risk Premium Multiple
1.2–1.5 (1.3)
 
 
 
Retail
Discounted Cash Flow
Loan-to-Value Ratio
18.3%–51.6% (31.3%)
 
 
 
Equivalency Rate
2.9%–4.0% (3.5%)
 
 
 
 
Net Present Value
Loan-to-Value Ratio
18.3%–51.6% (31.3%)
 
 
 
Weighted Average Cost of Capital Risk Premium Multiple
1.1–1.3 (1.2)
 
Loans Receivable
Office, Retail and Storage
Discounted Cash Flow
Loan-to-Value Ratio
55.6%-79.2% (75.8%)
 
 
 
Equivalency Rate
4.2%-8.3% (6.3%)
 
Fair Value Of Net Unrealized Gains Included In Changes In Net Assets Attributable To Investments And Mortgage Loans Payable Using Significant Unobservable Inputs
The amount of total net unrealized gains (losses) included in changes in net assets attributable to the change in net unrealized gains (losses) relating to Level 3 investments and mortgage loans payable using significant unobservable inputs still held as of the reporting date is as follows (in millions):
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the year ended December 31, 2016
 
$
314.2

 
$
242.4

 
$
0.3

 
$
556.9

 
$
15.1

For the year ended December 31, 2015
 
$
718.7

 
$
426.2

 
$
0.6

 
$
1,145.5

 
$
5.6