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Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on a 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, 2020 (unaudited) and December 31, 2019, 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
March 31, 2020
Real estate properties
 
$
—

 
$
—

 
$
17,082.1

 
$
—

 
$
17,082.1

Real estate joint ventures
 
—

 
—

 
6,237.4

 
—

 
6,237.4

Real estate funds
 
—

 
—

 
—

 
354.1

 
354.1

Marketable securities:
 
 
 
 
 
 
 
 
 
 
Real estate-related
 
724.7

 
—

 
—

 
—

 
724.7

Government agency notes
 
—

 
62.9

 
—

 
—

 
62.9

United States Treasury securities
 
—

 
749.9

 
—

 
—

 
749.9

Corporate bonds
 
—

 
526.7

 
—

 
—

 
526.7

Municipal bonds
 
—

 
7.8

 
—

 
—

 
7.8

Loans receivable(1)
 
—

 
—

 
1,631.0

 
—

 
1,631.0

Total Investments at
March 31, 2020
 
$
724.7

 
$
1,347.3

 
$
24,950.5

 
$
354.1

 
$
27,376.6

Loans payable
 
$
—

 
$
—

 
$
(2,605.6
)
 
$
—

 
$
(2,605.6
)
Line of credit
 
$
—

 
$
—

 
$
(190.0
)
 
$
—

 
$
(190.0
)
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, 2019
Real estate properties
 
$
—

 
$
—

 
$
15,835.0

 
$
—

 
$
15,835.0

Real estate joint ventures
 
—

 
—

 
7,204.2

 
—

 
7,204.2

Real estate funds
 
—

 
—

 
—

 
311.8

 
311.8

Marketable securities:
 
 
 
 
 
 
 
 
 
 
Real estate-related
 
825.7

 
—

 
—

 
—

 
825.7

Government agency notes
 
—

 
259.6

 
—

 
—

 
259.6

United States Treasury securities
 
—

 
2,589.1

 
—

 
—

 
2,589.1

Corporate bonds
 
—

 
1,268.3

 
—

 
—

 
1,268.3

Municipal bonds
 
—

 
33.2

 
—

 
—

 
33.2

Loans receivable(1)
 
—

 
—

 
1,572.1

 
—

 
1,572.1

Total Investments at December 31, 2019
 
$
825.7

 
$
4,150.2

 
$
24,611.3

 
$
311.8

 
$
29,899.0

Loans payable
 
$
—

 
$
—

 
$
(2,365.0
)
 
$
—

 
$
(2,365.0
)
Line of credit
 
$
—

 
$
—

 
$
(250.0
)
 
$
—

 
$
(250.0
)

(1) Amount shown is reflective of loans receivable and loans receivable with related parties.
Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis, Unobservable Inputs
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, 2020 and 2019 (millions, unaudited):
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable(3)
 
Total
Level 3
Investments
 
Loans
Payable
 
Line of Credit
For the three months ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2020
 
$
15,835.0

 
$
7,204.2

 
$
1,572.1

 
$
24,611.3

 
$
(2,365.0
)
 
$
(250.0
)
Total realized and unrealized gains (losses) included in changes in net assets
 
137.5

 
(156.4
)
 
(12.7
)
 
(31.6
)
 
45.7

 
—

    Purchases(1)
 
1,457.2

 
20.6

 
107.7

 
1,585.5

 
(289.6
)
 
(400.0
)
    Sales
 
(347.6
)
 
—

 
—

 
(347.6
)
 
—

 
—

    Settlements(2)
 
—

 
(831.0
)
 
(36.1
)
 
(867.1
)
 
3.3

 
460.0

Ending balance March 31, 2020
 
$
17,082.1

 
$
6,237.4

 
$
1,631.0

 
$
24,950.5

 
$
(2,605.6
)
 
$
(190.0
)
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable(3)
 
Total
Level 3
Investments
 

Loans
Payable
 
Line of Credit
For the three months ended March 31, 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 included in changes in net assets
 
73.9

 
7.1

 
1.2

 
82.2

 
(29.6
)
 
—

    Purchases(1)
 
366.7

 
57.1

 
74.4

 
498.2

 
—

 
—

    Sales
 
(3.1
)
 
—

 
—

 
(3.1
)
 
—

 
—

    Settlements(2)
 
—

 
(0.4
)
 
(21.3
)
 
(21.7
)
 
4.7

 
—

Ending balance March 31, 2019
 
$
15,968.6

 
$
6,420.4

 
$
967.3

 
$
23,356.3

 
$
(2,632.9
)
 
$
—

(1) 
Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable and assumption of 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 loans payable.
(3) 
Amount shown is reflective of loans receivable and loans receivable with related parties.
Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis, Unobservable Inputs
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, 2020 and 2019 (millions, unaudited):
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable(3)
 
Total
Level 3
Investments
 
Loans
Payable
 
Line of Credit
For the three months ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance January 1, 2020
 
$
15,835.0

 
$
7,204.2

 
$
1,572.1

 
$
24,611.3

 
$
(2,365.0
)
 
$
(250.0
)
Total realized and unrealized gains (losses) included in changes in net assets
 
137.5

 
(156.4
)
 
(12.7
)
 
(31.6
)
 
45.7

 
—

    Purchases(1)
 
1,457.2

 
20.6

 
107.7

 
1,585.5

 
(289.6
)
 
(400.0
)
    Sales
 
(347.6
)
 
—

 
—

 
(347.6
)
 
—

 
—

    Settlements(2)
 
—

 
(831.0
)
 
(36.1
)
 
(867.1
)
 
3.3

 
460.0

Ending balance March 31, 2020
 
$
17,082.1

 
$
6,237.4

 
$
1,631.0

 
$
24,950.5

 
$
(2,605.6
)
 
$
(190.0
)
 
 
Real Estate
Properties
 
Real Estate
Joint Ventures
 
Loans
Receivable(3)
 
Total
Level 3
Investments
 

Loans
Payable
 
Line of Credit
For the three months ended March 31, 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 included in changes in net assets
 
73.9

 
7.1

 
1.2

 
82.2

 
(29.6
)
 
—

    Purchases(1)
 
366.7

 
57.1

 
74.4

 
498.2

 
—

 
—

    Sales
 
(3.1
)
 
—

 
—

 
(3.1
)
 
—

 
—

    Settlements(2)
 
—

 
(0.4
)
 
(21.3
)
 
(21.7
)
 
4.7

 
—

Ending balance March 31, 2019
 
$
15,968.6

 
$
6,420.4

 
$
967.3

 
$
23,356.3

 
$
(2,632.9
)
 
$
—

(1) 
Includes purchases, contributions for joint ventures, capital expenditures, lending for loans receivable and assumption of 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 loans payable.
(3) 
Amount shown is reflective of loans receivable and loans receivable with related parties.
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, 2020 (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% - 8.5% (6.6%)
4.0% - 7.5% (5.5%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.9% - 7.0% (4.9%)
 
Industrial
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.2% - 9.3% (6.7%)
4.3% - 8.3% (5.4%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.5% - 7.7% (4.8%)
 
Apartment
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.3% - 7.8% (6.4%)
4.3% - 6.8% (5.1%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.8% - 6.0% (4.6%)
 
Retail
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.3% - 11.7% (6.7%)
5.0% - 9.4% (5.6%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
4.0% - 11.0% (5.1%)
 
Hotel
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
10.3% (10.3%) 7.8% (7.8%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
7.8% (7.8%)
Loans Payable
Office and Industrial
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
31.1% - 59.3% (45.8%)
3.2% - 4.3% (3.8%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple
31.1% - 59.3% (45.8%)
1.2 - 1.5 (1.3)
 
Apartment
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
30.0% - 69.0% (46.6%)
3.1% - 4.1% (3.7%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple
30.0% - 69.0% (46.6%)
1.2 - 1.6 (1.3)
 
Retail
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
37.1% - 63.8% (44.2%)
3.1% - 4.5% (3.9%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk Premium Multiple
37.1% - 63.8% (44.2%)
1.2 - 1.5 (1.3)
Loans Receivable, including those with related parties
Apartment, Hotel, Industrial, Office, Retail and Storage
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
30.9% - 90.2% (73.0%)
3.1% - 10.3% (6.0%)





The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of March 31, 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% (6.5%)
4.0% - 7.5% (5.5%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.8% - 7.0% (4.8%)
 
Industrial
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.3% - 9.3% (6.8%)
4.4% - 8.3% (5.5%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
4.0% - 7.8% (4.9%)
 
Apartment
Income Approach—Discounted Cash Flow
Discount Rate
Terminal Capitalization Rate
5.5% - 7.8% (6.5%)
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% (6.4%)
4.3% - 8.8% (5.3%)
 
 
Income Approach—Direct Capitalization
Overall Capitalization Rate
3.3% - 10.5% (4.7%)
Loans Payable
Office and Industrial
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
36.0% - 62.4% (47.1%)
3.7% - 5.5% (4.2%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
36.0% - 62.4% (47.1%)
1.2 - 1.4 (1.3)
 
Apartment
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
31.1% - 62.3% (48.0%)
3.5% - 4.2% (4.0%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
31.1% - 62.3% (48.0%)
1.2 - 1.4 (1.3)
 
Retail
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
31.9% - 55.9% (39.5%)
4.0% - 4.9% (4.2%)
 
 
Net Present Value
Loan to Value Ratio
Weighted Average Cost of Capital Risk
Premium Multiple
31.9% - 55.9% (39.5%)
1.2 - 1.3 (1.2)
Loans Receivable
Office, Retail and Storage
Discounted Cash Flow
Loan to Value Ratio
Equivalency Rate
70.8% - 79.2% (75.6%)
6.0% - 8.3% (7.1%)
Schedule of Fair Value of Net Unrealized Gains Included in Changes in Net Assets Attributable to Investments and 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 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(1)
 
Total
Level 3
Investments
 

Loans
Payable
For the three months ended March 31, 2020
$
147.7

 
$
(62.6
)
 
$
(11.1
)
 
$
74.0

 
$
45.7

For the three months ended March 31, 2019
$
73.9

 
$
2.5

 
$
1.2

 
$
77.6

 
$
(29.6
)

(1) Amount shown is reflective of loans receivable and loans receivable with related parties.