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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Real estate income, net:    
Rental income $ 303.7 $ 288.8
Real estate property level expenses and taxes:    
Operating expenses 73.6 69.0
Real estate taxes 51.7 54.8
Interest expense 20.9 22.9
Total real estate property level expenses and taxes 146.2 146.7
Real estate income, net 157.5 142.1
Income from real estate joint ventures 60.5 43.0
Income from real estate funds 6.0 2.1
Interest 20.7 19.9
Other 0.8 0.0
TOTAL INVESTMENT INCOME 245.5 207.1
Expenses:    
Investment management charges 22.5 17.2
Administrative charges 13.5 14.8
Distribution charges 7.3 8.3
Mortality and expense risk charges 0.4 0.3
Liquidity guarantee charges 22.7 13.9
TOTAL EXPENSES 66.4 54.5
INVESTMENT INCOME, NET 179.1 152.6
Net realized gain (loss) on investments:    
Real estate properties (8.4) 3.0
Real estate joint ventures 50.9 0.0
Marketable securities (1.0) 0.0
Loans receivable 0.0 (0.7)
Net realized gain on investments 41.5 2.3
Net change in unrealized gain (loss) on:    
Real estate properties 1,212.4 287.8
Real estate joint ventures 71.9 65.9
Real estate funds (9.4) (7.6)
Real estate operating business 60.4 0.0
Marketable securities (28.6) 0.0
Loans receivable 1.0 13.3
Loans payable 3.7 3.5
Net change in unrealized gain on investments and loans payable 1,311.4 362.9
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND LOANS PAYABLE 1,352.9 365.2
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,532.0 $ 517.8