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Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)
 6 Months Ended
Jun. 30, 2019
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 June 30, 2019 (unaudited) and December 31, 2018, 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 fair value using the practical expedient (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
June 30, 2019
Real estate properties
 
$
—

 
$
—

 
$
16,471.9

 
$
—

 
$
16,471.9

Real estate joint ventures
 
—

 
—

 
6,720.3

 
—

 
6,720.3

Limited partnerships
 
—

 
—

 
—

 
198.9

 
198.9

Marketable securities:
 
 
 
 
 
 
 
 
 
 
Real estate-related
 
847.2

 
—

 
—

 
—

 
847.2

Government agency notes
 
—

 
2,250.8

 
—

 
—

 
2,250.8

United States Treasury securities
 
—

 
1,948.6

 
—

 
—

 
1,948.6

Loans receivable
 
—

 
—

 
1,105.1

 
—

 
1,105.1

Total Investments at
June 30, 2019
 
$
847.2

 
$
4,199.4

 
$
24,297.3

 
$
198.9

 
$
29,542.8

Mortgage loans payable
 
$
—

 
$
—

 
$
(2,774.7
)
 
$
—

 
$
(2,774.7
)

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, 2018
Real estate properties
 
$
—

 
$
—

 
$
15,531.1

 
$
—

 
$
15,531.1

Real estate joint ventures
 
—

 
—

 
6,356.6

 
—

 
6,356.6

Limited partnerships
 
—

 
—

 
—

 
175.9

 
175.9

Marketable securities:
 
 
 
 
 
 
 
 
 
 
Real estate-related
 
1,415.1

 
—

 
—

 
—

 
1,415.1

Government agency notes
 
—

 
2,050.7

 
—

 
—

 
2,050.7

United States Treasury securities
 
—

 
2,038.0

 
—

 
—

 
2,038.0

Loans receivable
 
—

 
—

 
913.0

 
—

 
913.0

Total Investments at December 31, 2018
 
$
1,415.1

 
$
4,088.7

 
$
22,800.7

 
$
175.9

 
$
28,480.4

Mortgage loans payable
 
$
—

 
$
—

 
$
(2,608.0
)
 
$
—

 
$
(2,608.0
)
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 and six months ended June 30, 2019 and 2018 (millions, unaudited):
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
Beginning balance April 1, 2019
 
$
15,968.6

 
$
6,420.4

 
$
967.3

 
$
23,356.3

 
$
(2,632.9
)
Total realized and unrealized gains (losses) included in changes in net assets
 
170.3

 
(20.7
)
 
(4.0
)
 
145.6

 
(36.7
)
    Purchases(1)
 
333.0

 
326.8

 
144.6

 
804.4

 
(110.0
)
    Sales
 
—

 
—

 
—

 
—

 
—

    Settlements(2)
 
—

 
(6.2
)
 
(2.8
)
 
(9.0
)
 
4.9

Ending balance June 30, 2019
 
$
16,471.9

 
$
6,720.3

 
$
1,105.1

 
$
24,297.3

 
$
(2,774.7
)
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the six months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2019
 
$
15,531.1

 
$
6,356.6

 
$
913.0

 
$
22,800.7

 
$
(2,608.0
)
Total realized and unrealized gains (losses) included in changes in net assets
 
244.2

 
(13.6
)
 
(2.8
)
 
227.8

 
(66.3
)
    Purchases(1)
 
699.7

 
383.9

 
219.0

 
1,302.6

 
(110.0
)
    Sales
 
(3.1
)
 
—

 
—

 
(3.1
)
 
—

    Settlements(2)
 
—

 
(6.6
)
 
(24.1
)
 
(30.7
)
 
9.6

Ending balance June 30, 2019
 
$
16,471.9

 
$
6,720.3

 
$
1,105.1

 
$
24,297.3

 
$
(2,774.7
)


 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
Beginning balance April 1, 2018
 
$
15,906.0

 
$
5,805.6

 
$
319.0

 
$
22,030.6

 
$
(2,594.2
)
Total realized and unrealized gains included in changes in net assets
 
7.8

 
67.4

 
(0.1
)
 
75.1

 
27.5

    Purchases(1)
 
360.4

 
69.4

 
299.4

 
729.2

 
(359.9
)
    Sales
 
(231.5
)
 
—

 
—

 
(231.5
)
 
—

    Settlements(2)
 
—

 
(27.1
)
 
—

 
(27.1
)
 
35.2

Ending balance June 30, 2018
 
$
16,042.7

 
$
5,915.3

 
$
618.3

 
$
22,576.3

 
$
(2,891.4
)
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the six months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2018
 
$
15,742.7

 
$
5,860.6

 
$
298.8

 
$
21,902.1

 
$
(2,238.3
)
Total realized and unrealized gains (losses) included in changes in net assets
 
98.3

 
91.6

 
—

 
189.9

 
55.2

    Purchases(1)
 
576.6

 
83.8

 
319.5

 
979.9

 
(745.9
)
    Sales
 
(374.9
)
 
—

 
—

 
(374.9
)
 
—

    Settlements(2)
 
—

 
(120.7
)
 
—

 
(120.7
)
 
37.6

Ending balance June 30, 2018
 
$
16,042.7

 
$
5,915.3

 
$
618.3

 
$
22,576.3

 
$
(2,891.4
)
(1) 
Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable and assumption of mortgage loans payable.
(2) 
Includes operating income for real estate joint ventures net of distributions, principal payments and payoffs of loans receivable, and principal payments and extinguishment 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 and six months ended June 30, 2019 and 2018 (millions, unaudited):
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
Beginning balance April 1, 2019
 
$
15,968.6

 
$
6,420.4

 
$
967.3

 
$
23,356.3

 
$
(2,632.9
)
Total realized and unrealized gains (losses) included in changes in net assets
 
170.3

 
(20.7
)
 
(4.0
)
 
145.6

 
(36.7
)
    Purchases(1)
 
333.0

 
326.8

 
144.6

 
804.4

 
(110.0
)
    Sales
 
—

 
—

 
—

 
—

 
—

    Settlements(2)
 
—

 
(6.2
)
 
(2.8
)
 
(9.0
)
 
4.9

Ending balance June 30, 2019
 
$
16,471.9

 
$
6,720.3

 
$
1,105.1

 
$
24,297.3

 
$
(2,774.7
)
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the six months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2019
 
$
15,531.1

 
$
6,356.6

 
$
913.0

 
$
22,800.7

 
$
(2,608.0
)
Total realized and unrealized gains (losses) included in changes in net assets
 
244.2

 
(13.6
)
 
(2.8
)
 
227.8

 
(66.3
)
    Purchases(1)
 
699.7

 
383.9

 
219.0

 
1,302.6

 
(110.0
)
    Sales
 
(3.1
)
 
—

 
—

 
(3.1
)
 
—

    Settlements(2)
 
—

 
(6.6
)
 
(24.1
)
 
(30.7
)
 
9.6

Ending balance June 30, 2019
 
$
16,471.9

 
$
6,720.3

 
$
1,105.1

 
$
24,297.3

 
$
(2,774.7
)


 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
Beginning balance April 1, 2018
 
$
15,906.0

 
$
5,805.6

 
$
319.0

 
$
22,030.6

 
$
(2,594.2
)
Total realized and unrealized gains included in changes in net assets
 
7.8

 
67.4

 
(0.1
)
 
75.1

 
27.5

    Purchases(1)
 
360.4

 
69.4

 
299.4

 
729.2

 
(359.9
)
    Sales
 
(231.5
)
 
—

 
—

 
(231.5
)
 
—

    Settlements(2)
 
—

 
(27.1
)
 
—

 
(27.1
)
 
35.2

Ending balance June 30, 2018
 
$
16,042.7

 
$
5,915.3

 
$
618.3

 
$
22,576.3

 
$
(2,891.4
)
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the six months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2018
 
$
15,742.7

 
$
5,860.6

 
$
298.8

 
$
21,902.1

 
$
(2,238.3
)
Total realized and unrealized gains (losses) included in changes in net assets
 
98.3

 
91.6

 
—

 
189.9

 
55.2

    Purchases(1)
 
576.6

 
83.8

 
319.5

 
979.9

 
(745.9
)
    Sales
 
(374.9
)
 
—

 
—

 
(374.9
)
 
—

    Settlements(2)
 
—

 
(120.7
)
 
—

 
(120.7
)
 
37.6

Ending balance June 30, 2018
 
$
16,042.7

 
$
5,915.3

 
$
618.3

 
$
22,576.3

 
$
(2,891.4
)
(1) 
Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable and assumption of mortgage loans payable.
(2) 
Includes operating income for real estate joint ventures net of distributions, principal payments and payoffs of loans receivable, and principal payments and extinguishment 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 June 30, 2019 (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% - 8.6% (6.6%)
4.0% - 7.5% (5.5%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.5% - 7.0% (4.9%)
 
Industrial
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.3% - 9.3% (6.7%)
4.3% - 8.3% (5.5%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.9% - 7.8% (4.9%)
 
Apartment
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.5% - 7.8% (6.4%)
3.8% - 6.8% (5.0%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.3% - 6.0% (4.5%)
 
Retail
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.0% - 10.7% (6.5%)
4.3% - 9.2% (5.4%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.3% - 10.5% (4.8%)
Mortgage Loans Payable
Office and Industrial
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
34.7% - 60.4% (47.3%)
3.5% - 5.5% (4.0%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
34.7% - 60.4% (47.3%)
1.2 - 1.4 (1.3)
 
Apartment
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
31.4% - 62.0% (48.1%)
3.4% - 4.0% (3.7%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
31.4% - 62.0% (48.1%)
1.2 - 1.4 (1.3)
 
Retail
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
32.0% - 63.3% (39.6%)
3.6% - 4.7% (4.0%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
32.0% - 63.3% (39.6%)
1.2 - 1.5 (1.2)
Loans Receivable
Office, Retail and Storage
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
69.3% - 86.2% (77.6%)
6.2% - 8.7% (7.2%)





The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of June 30, 2018 (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% - 8.6% (6.6%)
4.0% - 7.5% (5.5%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.8% - 7.0% (4.9%)
 
Industrial
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.5% - 8.9% (6.8%)
4.5% - 8.3% (5.6%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
4.0% - 7.5% (5.0%)
 
Apartment
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.3% - 7.8% (6.3%)
3.5% - 6.3% (4.8%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.3% - 5.8% (4.4%)
 
Retail
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.0% - 10.5% (6.4%)
4.3% - 8.8% (5.2%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.8% - 10.5% (4.6%)
Mortgage Loans Payable
Office and Industrial
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
37.5% - 69.2% (48.3%)
4.2% - 5.8% (4.4%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
37.5% - 69.2% (48.3%)
1.2 - 1.4 (1.3)
 
Apartment
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
26.3% - 64.7% (43.4%)
3.8% - 4.3% (4.0%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
26.3% - 64.7% (43.4%)
1.1 - 1.4 (1.3)
 
Retail
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
17.7% - 51.4% (32.6%)
4.0% - 5.3% (4.3%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
17.7% - 51.4% (32.6%)
1.1 - 1.3 (1.2)
Loans Receivable
Office, Retail and Storage
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
60.2% - 79.2% (75.1%)
4.2% - 8.3% (6.2%)
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 (millions, unaudited):
 
Real Estate
Properties
 
Real Estate
Joint
Ventures
 
Loans
Receivable
 
Total
Level 3
Investments
 
Mortgage
Loans
Payable
For the three months ended June 30, 2019
$
170.3

 
$
(14.7
)
 
$
(4.0
)
 
$
151.6

 
$
(36.7
)
For the six months ended June 30, 2019
$
244.2

 
$
(12.2
)
 
$
(2.8
)
 
$
229.2

 
$
(66.3
)
For the three months ended June 30, 2018
$
16.1

 
$
67.4

 
$
(0.1
)
 
$
83.4

 
$
27.5

For the six months ended June 30, 2018
$
110.7

 
$
91.6

 
$
—

 
$
202.3

 
$
55.2