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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Real estate income, net:        
Rental income $ 295.9 $ 295.0 $ 890.0 $ 906.0
Real estate property level expenses and taxes:        
Operating expenses 67.7 66.5 200.3 196.6
Real estate taxes 52.6 53.3 159.3 157.3
Interest expense 21.6 24.1 68.1 74.0
Total real estate property level expenses and taxes 141.9 143.9 427.7 427.9
Real estate income, net 154.0 151.1 462.3 478.1
Income from real estate joint ventures 56.8 28.3 149.0 103.0
Income from real estate funds 6.9 4.8 11.6 7.5
Interest 19.7 20.7 60.4 85.0
Dividends 0.0 6.0 0.0 17.1
TOTAL INVESTMENT INCOME 237.4 210.9 683.3 690.7
Expenses:        
Investment management charges 15.0 16.4 48.5 46.6
Administrative charges 12.3 10.9 38.8 34.2
Distribution charges 5.9 5.8 19.8 18.1
Mortality and expense risk charges 0.3 0.3 0.9 0.9
Liquidity guarantee charges 18.8 14.3 47.2 45.4
TOTAL EXPENSES 52.3 47.7 155.2 145.2
INVESTMENT INCOME, NET 185.1 163.2 528.1 545.5
Net realized (loss) gain on investments:        
Real estate properties (9.2) (3.0) 193.6 (61.0)
Real estate joint ventures 4.1 0.0 4.0 (454.9)
Real estate funds 0.0 0.0 0.0 (5.6)
Marketable securities 0.0 19.7 0.0 41.0
Loans receivable 0.0 0.0 (14.1) (1.6)
Net realized (loss) gain on investments (5.1) 16.7 183.5 (482.1)
Net change in unrealized appreciation (depreciation) on:        
Real estate properties 540.1 (89.1) 1,232.1 (273.0)
Real estate joint ventures 421.0 (45.7) 575.2 32.7
Real estate funds 44.1 (11.0) 48.3 (30.1)
Real estate operating business 12.5 0.0 34.6 0.0
Marketable securities 0.0 1.5 (0.3) (120.5)
Loans receivable 1.5 (9.2) 20.2 (31.4)
Loans receivable with related parties 0.0 0.4 0.0 0.4
Loans payable (3.0) (42.4) 11.0 (6.1)
Net change in unrealized appreciation (depreciation) on investments and loans payable 1,016.2 (195.5) 1,921.1 (428.0)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND LOANS PAYABLE 1,011.1 (178.8) 2,104.6 (910.1)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 1,196.2 $ (15.6) $ 2,632.7 $ (364.6)