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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Real estate income, net      
Rental income $ 1,059.6 $ 1,009.0 $ 919.1
Real estate property level expenses and taxes:      
Operating expenses 221.2 218.1 207.4
Real estate taxes 166.7 158.7 144.4
Interest expense 89.7 85.8 81.1
Total real estate property level expenses and taxes 477.6 462.6 432.9
Real estate income, net 582.0 546.4 486.2
Income from real estate joint ventures and limited partnerships 214.1 161.8 140.1
Interest 54.1 26.4 10.1
Dividends 26.3 32.5 47.5
TOTAL INVESTMENT INCOME 876.5 767.1 683.9
Expenses      
Investment management charges 72.0 72.6 69.3
Administrative charges 59.3 62.1 56.9
Distribution charges 25.7 27.7 23.9
Mortality and expense risk charges 1.2 1.2 1.1
Liquidity guarantee charges 47.0 38.4 31.7
TOTAL EXPENSES 205.2 202.0 182.9
INVESTMENT INCOME, NET 671.3 565.1 501.0
Net realized gain (loss) on investments      
Real estate properties 42.0 (6.2) 215.4
Real estate joint ventures and limited partnerships (21.9) 0.6 167.3
Marketable securities 17.6 25.6 235.8
Net realized gain on investments 37.7 20.0 618.5
Net change in unrealized appreciation (depreciation) on      
Real estate properties 135.5 317.5 487.2
Real estate joint ventures and limited partnerships 146.8 236.9 288.6
Marketable securities 50.0 30.0 (255.1)
Loans receivable 1.2 0.3 0.6
Mortgage loans payable 15.9 15.1 5.6
Net change in unrealized appreciation on investments and mortgage loans payable 349.4 599.8 526.9
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND MORTGAGE LOANS PAYABLE 387.1 619.8 1,145.4
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,058.4 $ 1,184.9 $ 1,646.4