CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real estate income, net:
Rental income	$ 299.7	$ 262.6
Real estate property level expenses and taxes:
Operating expenses	69.2	59.2
Real estate taxes	50.1	46.6
Interest expense	24.3	25.7
Total real estate property level expenses and taxes	143.6	131.5
Real estate income, net	156.1	131.1
Income from real estate joint ventures and funds	55.2	49.7
Interest	42.5	41.1
Dividends	4.5	4.4
TOTAL INVESTMENT INCOME	258.3	226.3
Expenses:
Investment management charges	17.2	19.5
Administrative charges	11.7	13.3
Distribution charges	7.6	7.9
Mortality and expense risk charges	0.3	0.3
Liquidity guarantee charges	16.2	12.9
TOTAL EXPENSES	53.0	53.9
INVESTMENT INCOME, NET	205.3	172.4
Net realized gain (loss) on investments:
Real estate properties	(59.2)	0.0
Real estate joint ventures and funds	(460.3)	5.1
Marketable securities	35.2	141.0
Loans receivable	(1.6)	0.0
Net realized (loss) gain on investments	(485.9)	146.1
Net change in unrealized appreciation (depreciation) on:
Real estate properties	196.7	73.9
Real estate joint ventures and funds	300.5	2.5
Marketable securities	(230.8)	76.3
Loans receivable	(10.6)	1.2
Loans receivable with related parties	(0.5)	0.0
Loans payable	45.7	(29.6)
Net change in unrealized appreciation on investments and loans payable	301.0	124.3
NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND LOANS PAYABLE	(184.9)	270.4
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 20.4	$ 442.8