Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 and 2020, using unadjusted quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); significant unobservable inputs (Level 3); and 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 December 31, 2021
Real estate properties	—		—		18,903.9		—		18,903.9
Real estate joint ventures	—		—		7,175.9		—		7,175.9
Real estate funds	—		—		—		811.5		811.5
Real estate operating business	—		—		326.3		—		326.3
Marketable securities:

United States Government agency notes	—		864.1		—		—		864.1
Foreign Government agency notes	—		7.6		—		—		7.6
United States Treasury securities	—		784.3		—		—		784.3
Corporate bonds	—		551.8		—		—		551.8

Loans receivable(1)	—		—		1,492.6		—		1,492.6
Total Investments at December 31, 2021	$	—	$	2,207.8	$	27,898.7	$	811.5	$	30,918.0
Loans payable	$	—	$	—	$	(2,380.5)	$	—	$	(2,380.5)
Line of credit	$	—	$	—	$	(500.0)	$	—	$	(500.0)


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, 2020
Real estate properties	$	—	$	—	$	16,476.7	$	—	$	16,476.7
Real estate joint ventures	—		—		6,128.9		—		6,128.9
Real estate funds	—		—		—		393.2		393.2
Real estate operating business					250.0		—		250.0
Marketable securities:

Government agency notes	—		157.0		—		—		157.0
United States Treasury securities	—		582.3		—		—		582.3


Loans receivable(1)	—		—		1,562.6		—		1,562.6
Total Investments at December 31, 2020	$	—	$	739.3	$	24,418.2	$	393.2	$	25,550.7
Loans payable	$	—	$	—	$	(2,411.4)	$	—	$	(2,411.4)
Line of credit	$	—	$	—	$	—	$	—	$	—

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

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 years ended December 31, 2021 and 2020 (millions):


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(3)		Total Level 3 Investments		Loans Payable		Line of Credit
For the year ended December 31, 2021
Beginning balance January 1, 2021	$	16,476.7	$	6,128.9	$	250.0	$	1,562.6	$	24,418.2	$	(2,411.4)	$	—
Total realized and unrealized (losses) gains included in changes in net assets	2,466.2		844.3		74.9		8.6		3,394.0		12.2		—
Purchases(1)	881.9		899.6		1.4		326.7		2,109.6		(188.9)		(500.0)
Sales	(920.9)		—		—		(294.5)		(1,215.4)		—		—
Settlements(2)	—		(696.9)		—		(110.8)		(807.7)		207.6		—
Ending balance December 31, 2021	$	18,903.9	$	7,175.9	$	326.3	$	1,492.6	$	27,898.7	$	(2,380.5)	$	(500.0)


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(3)		Total Level 3 Investments		Loans Payable		Line of Credit
For the year ended December 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	(348.9)		(477.0)		(0.2)		(34.2)		(860.3)		(3.1)		—
Purchases(1)	1,680.1		247.2		250.2		118.0		2,295.5		(289.6)		(540.0)
Sales	(689.5)		—		—		(64.7)		(754.2)		—		—
Settlements(2)	—		(845.5)		—		(28.6)		(874.1)		246.3		790.0
Ending balance December 31, 2020	$	16,476.7	$	6,128.9	$	250.0	$	1,562.6	$	24,418.2	$	(2,411.4)	$	—

(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.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(3)		Total Level 3 Investments		Loans Payable		Line of Credit
For the year ended December 31, 2021
Beginning balance January 1, 2021	$	16,476.7	$	6,128.9	$	250.0	$	1,562.6	$	24,418.2	$	(2,411.4)	$	—
Total realized and unrealized (losses) gains included in changes in net assets	2,466.2		844.3		74.9		8.6		3,394.0		12.2		—
Purchases(1)	881.9		899.6		1.4		326.7		2,109.6		(188.9)		(500.0)
Sales	(920.9)		—		—		(294.5)		(1,215.4)		—		—
Settlements(2)	—		(696.9)		—		(110.8)		(807.7)		207.6		—
Ending balance December 31, 2021	$	18,903.9	$	7,175.9	$	326.3	$	1,492.6	$	27,898.7	$	(2,380.5)	$	(500.0)


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable(3)		Total Level 3 Investments		Loans Payable		Line of Credit
For the year ended December 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	(348.9)		(477.0)		(0.2)		(34.2)		(860.3)		(3.1)		—
Purchases(1)	1,680.1		247.2		250.2		118.0		2,295.5		(289.6)		(540.0)
Sales	(689.5)		—		—		(64.7)		(754.2)		—		—
Settlements(2)	—		(845.5)		—		(28.6)		(874.1)		246.3		790.0
Ending balance December 31, 2020	$	16,476.7	$	6,128.9	$	250.0	$	1,562.6	$	24,418.2	$	(2,411.4)	$	—

(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 December 31, 2021.

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

5.8%–9.5% (6.6%)

Terminal Capitalization Rate

4.5%–8.5% (5.5%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.0%–8.0% (5.0%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate

5.0% - 8.3% (6.0%)

Terminal Capitalization Rate

4.0% - 6.8% (4.6%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

2.5% - 6.5% (4.0%)

Residential

Income Approach—Discounted Cash Flow

Discount Rate

5.3% - 7.3% (5.9%)

Terminal Capitalization Rate

4.0% - 5.8% (4.5%)

Type

Asset Class

Valuation Technique(s)

Unobservable Inputs

Range (Weighted Average)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.5% - 5.3% (4.0%)

Retail

Income Approach—Discounted Cash Flow

Discount Rate

6.0% - 11.8% (7.0%)

Terminal Capitalization Rate

5.0% - 9.5% (5.7%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.5% - 9.3% (5.2%)

Hotel

Income Approach—Discounted Cash Flow

Discount Rate

9.8%

Terminal Capitalization Rate

7.8%

Income Approach—Direct Capitalization

Overall Capitalization Rate

7.3%

Real Estate Operating Business

Income Approach—Discounted Cash Flow

Discount Rate

7.3%

Terminal Growth Rate

4.0%

Market Approach

EBITDA Multiple

21.6x

Loans Receivable, including those with related parties

Office

Discounted Cash Flow

Loan-to-Value Ratio

41.9% - 94.7% (73.1%)

Equivalency Rate

2.4% - 9.5% (5.7%)

Industrial

Discounted Cash Flow

Loan-to-Value Ratio

29.9% - 71.3% (65.9%)

Equivalency Rate

4.3% - 5.1% (4.6%)

Residential

Discounted Cash Flow

Loan-to-Value Ratio

38.4% - 77.3% (49.1%)

Equivalency Rate

2.5% - 8.6% (5.0%)

Retail & Hospitality

Discounted Cash Flow

Loan-to-Value Ratio

59.8% - 79.8% (65.0%)

Equivalency Rate

3.5% - 6.9% (5.2%)

Loans Payable

Office

Discounted Cash Flow

Loan-to-Value Ratio

36.1% - 63.5% (45.8%)

Equivalency Rate

1.8% - 3.7% (3.2%)

Net Present Value

Loan-to-Value Ratio

36.1% - 63.5% (45.8%)

Weighted Average Cost of Capital Risk Premium Multiple

1.2 - 1.4 (1.3)

Industrial

Discounted Cash Flow

Loan-to-Value Ratio

34.0% - 44.9% (38.3%)

Equivalency Rate

3.3% - 3.7% (3.4%)

Net Present Value

Loan-to-Value Ratio

34.0% - 44.9% (38.3%)

Weighted Average Cost of Capital Risk Premium Multiple

1.2 - 1.3 (1.3)

Residential

Discounted Cash Flow

Loan-to-Value Ratio

28.8% - 53.6% (40.0%)

Equivalency Rate

2.1% - 3.0% (2.8%)

Net Present Value

Loan-to-Value Ratio

28.8% - 53.6% (40.0%)

Weighted Average Cost of Capital Risk Premium Multiple

1.3 - 1.4 (1.3)

Retail

Discounted Cash Flow

Loan-to-Value Ratio

36.0% - 76.3% (46.0%)

Equivalency Rate

3.1% - 4.0% (3.5%)

Net Present Value

Loan-to-Value Ratio

36.0% - 76.3% (46.0%)

Weighted Average Cost of Capital Risk Premium Multiple

1.2 - 1.9 (1.4)

The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements as of December 31, 2020.

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

5.5%–9.0% (6.7%)

Terminal Capitalization Rate

4.0%–8.3% (5.6%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.0%–8.0% (5.0%)

Industrial

Income Approach—Discounted Cash Flow

Discount Rate

5.2% - 9.0% (6.6%)

Terminal Capitalization Rate

4.3% - 7.3% (5.4%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

3.8% - 7.0% (4.8%)

Residential

Income Approach—Discounted Cash Flow

Discount Rate

5.5% - 7.8% (6.4%)

Terminal Capitalization Rate

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

5.0% - 12.0% (6.8%)

Terminal Capitalization Rate

4.3% - 9.4% (5.7%)

Income Approach—Direct Capitalization

Overall Capitalization Rate

4.0% - 11.5% (5.2%)

Hotel

Income Approach—Discounted Cash Flow

Discount Rate

10.3%

Terminal Capitalization Rate

7.8%

Income Approach—Direct Capitalization

Overall Capitalization Rate

7.8%

Real Estate Operating Business

Income Approach—Discounted Cash Flow

Discount Rate

7.3%

Terminal Growth Rate

2.5%

Market Approach

EBITDA Multiple

13.9x

Loans Receivable, including those with related parties

Office

Discounted Cash Flow

Loan-to-Value Ratio

50.6% - 91.8% (77.2%)

Equivalency Rate

3.5% - 9.6% (6.6%)

Industrial

Discounted Cash Flow

Loan-to-Value Ratio

30.9% - 90.2% (69.1%)

Equivalency Rate

4.3% - 12.7% (6.8%)

Residential

Discounted Cash Flow

Loan-to-Value Ratio

47.4% - 74.7% (64.1%)

Equivalency Rate

3.2% - 7.0% (4.9%)

Retail & Hospitality

Discounted Cash Flow

Loan-to-Value Ratio

61.2% - 86.2% (68.7%)

Equivalency Rate

5.4% - 9.9% (6.3%)

Loans Payable

Office

Discounted Cash Flow

Loan-to-Value Ratio

35.4% - 54.9% (45.5%)

Equivalency Rate

2.4% - 3.3% (3.0%)

Net Present Value

Loan-to-Value Ratio

35.4% - 54.9% (45.5%)

Weighted Average Cost of Capital Risk Premium Multiple

1.2 - 1.4 (1.3)

Industrial

Discounted Cash Flow

Loan-to-Value Ratio

54.6% - 59.2% (56.6%)

Equivalency Rate

3.3% - 3.3% (3.3%)

Net Present Value

Loan-to-Value Ratio

54.6% - 59.2% (56.6%)

Weighted Average Cost of Capital Risk Premium Multiple

1.4 - 1.5 (1.5)

Residential

Discounted Cash Flow

Loan-to-Value Ratio

29.6% - 65.9% (48.2%)

Equivalency Rate

2.3% - 3.2% (2.8%)

Net Present Value

Loan-to-Value Ratio

29.6% - 65.9% (48.2%)

Weighted Average Cost of Capital Risk Premium Multiple

1.2 - 1.7 (1.4)

Type

Asset Class

Valuation Technique(s)

Unobservable Inputs

Range (Weighted Average)

Retail

Discounted Cash Flow

Loan-to-Value Ratio

40.2% - 73.4% (47.6%)

Equivalency Rate

2.8% - 4.2% (3.0%)

Net Present Value

Loan-to-Value Ratio

40.2% - 73.4% (47.6%)

Weighted Average Cost of Capital Risk Premium Multiple

1.3 - 1.8 (1.4)

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 (losses) gains included in changes in net assets attributable to the change in net unrealized gains relating to Level 3 investments and loans payable using significant unobservable inputs still held as of the reporting date is as follows (millions):


	Real Estate Properties		Real Estate Joint Ventures		Real Estate Operating Business		Loans Receivable		Total Level 3 Investments		Mortgage Loans Payable
For the year ended December 31, 2021	$	2,371.8	$	745.7	$	74.9	$	10.9	$	3,203.3	$	12.2
For the year ended December 31, 2020	$	(344.2)	$	(382.8)	$	(0.2)	$	(32.7)	$	(759.9)	$	(3.1)