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Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)
 3 Months Ended
Mar. 31, 2017
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 March 31, 2017 (unaudited) and December 31, 2016, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and 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
March 31, 2017
Real estate properties
 
$
—

 
$
—

 
$
15,401.5

 
$
—

 
$
15,401.5

Real estate joint ventures
 
—

 
—

 
5,936.5

 
—

 
5,936.5

Limited partnerships
 
—

 
—

 
—

 
138.9

 
138.9

Marketable securities:
 
 
 
 
 
 
 
 
 
 
Real estate-related
 
1,097.5

 
—

 
—

 
—

 
1,097.5

Government agency notes
 
—

 
2,655.3

 
—

 
—

 
2,655.3

United States Treasury securities
 
—

 
1,434.5

 
—

 
—

 
1,434.5

Loans receivable
 
—

 
—

 
296.7

 
—

 
296.7

Total Investments at
March 31, 2017
 
$
1,097.5

 
$
4,089.8

 
$
21,634.7

 
$
138.9

 
$
26,960.9

Mortgage loans payable
 
$
—

 
$
—

 
$
(2,320.3
)
 
$
—

 
$
(2,320.3
)


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
)
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 three months ended March 31, 2017 and 2016 (in millions, unaudited):
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended March 31, 2017
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2017
 
$
15,452.8

 
$
5,622.4

 
$
295.7

 
$
21,370.9

 
$
(2,332.1
)
Total realized and unrealized gains included in changes in net assets
 
34.6

 
62.7

 
—

 
97.3

 
11.6

    Purchases(1)
 
29.5

 
251.7

 
1.0

 
282.2

 
—

    Sales
 
(115.4
)
 
—

 
—

 
(115.4
)
 
—

    Settlements(2)
 
—

 
(0.3
)
 
—

 
(0.3
)
 
0.2

Ending balance March 31, 2017
 
$
15,401.5

 
$
5,936.5

 
$
296.7

 
$
21,634.7

 
$
(2,320.3
)

 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loan Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended March 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 (losses) included in changes in net assets
 
100.6

 
150.7

 
—

 
251.3

 
(1.6
)
    Purchases(1)
 
145.7

 
2.1

 
—

 
147.8

 
—

    Sales
 
(90.3
)
 
—

 
—

 
(90.3
)
 
—

    Settlements(2)
 
—

 
(0.2
)
 
—

 
(0.2
)
 
0.2

Ending balance March 31, 2016
 
$
14,762.2

 
$
4,221.0

 
$
100.6

 
$
19,083.8

 
$
(1,795.8
)

(1) 
Includes purchases, contributions for joint ventures, capital expenditures, and lending for mortgage 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 three months ended March 31, 2017 and 2016 (in millions, unaudited):
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended March 31, 2017
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2017
 
$
15,452.8

 
$
5,622.4

 
$
295.7

 
$
21,370.9

 
$
(2,332.1
)
Total realized and unrealized gains included in changes in net assets
 
34.6

 
62.7

 
—

 
97.3

 
11.6

    Purchases(1)
 
29.5

 
251.7

 
1.0

 
282.2

 
—

    Sales
 
(115.4
)
 
—

 
—

 
(115.4
)
 
—

    Settlements(2)
 
—

 
(0.3
)
 
—

 
(0.3
)
 
0.2

Ending balance March 31, 2017
 
$
15,401.5

 
$
5,936.5

 
$
296.7

 
$
21,634.7

 
$
(2,320.3
)

 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loan Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended March 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 (losses) included in changes in net assets
 
100.6

 
150.7

 
—

 
251.3

 
(1.6
)
    Purchases(1)
 
145.7

 
2.1

 
—

 
147.8

 
—

    Sales
 
(90.3
)
 
—

 
—

 
(90.3
)
 
—

    Settlements(2)
 
—

 
(0.2
)
 
—

 
(0.2
)
 
0.2

Ending balance March 31, 2016
 
$
14,762.2

 
$
4,221.0

 
$
100.6

 
$
19,083.8

 
$
(1,795.8
)

(1) 
Includes purchases, contributions for joint ventures, capital expenditures, and lending for mortgage 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 March 31, 2017 (unaudited).
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
Terminal Capitalization Rate
5.5% - 8.3% (6.5%)
4.3% - 7.3% (5.5%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.8% - 7.0% (4.6%)
 
Industrial
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.7% - 8.6% (6.6%)
4.8% - 8.0% (5.5%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
4.0% - 7.5% (4.9%)
 
Apartment
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.3% - 7.3% (6.2%)
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
Terminal Capitalization Rate
5.0% - 10.4% (6.4%)
4.3% - 8.5% (5.2%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.8% - 8.3% (4.7%)
Mortgage Loans Payable
Office and Industrial
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
38.5% - 68.4% (43.7%)
3.7% - 4.6% (3.9%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
38.5% - 68.4% (43.7%)
1.2 - 1.5 (1.3)
 
Apartment
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
29.5% - 61.2% (41.6%)
2.9% - 3.6% (3.3%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
29.5% - 61.2% (41.6%)
1.2 - 1.5 (1.3)
 
Retail
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
18.3% - 51.1% (31.3%)
3.0% - 4.5% (3.6%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
18.3% - 51.1% (31.3%)
1.1 - 1.3 (1.2)
Loans Receivable
Office, Retail and Storage
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
58.9% - 79.2% (75.9%)
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, unaudited):
 
Real Estate
Properties
 
Real Estate
Joint
Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended March 31, 2017
$
38.6

 
$
62.7

 
$
—

 
$
101.3

 
$
11.6

For the three months ended March 31, 2016
$
101.4

 
$
158.7

 
$
—

 
$
260.1

 
$
(1.6
)