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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Real estate income, net:        
Rental income $ 313.1 $ 295.9 $ 930.9 $ 890.0
Real estate property level expenses and taxes:        
Operating expenses 74.3 67.7 219.0 200.3
Real estate taxes 52.2 52.6 154.2 159.3
Interest expense 25.5 20.7 63.3 66.2
Total real estate property level expenses and taxes 152.0 141.0 436.5 425.8
Real estate income, net 161.1 154.9 494.4 464.2
Income from real estate joint ventures 41.0 56.8 144.0 149.0
Income from real estate funds 7.9 6.9 19.4 11.6
Interest 32.8 19.7 75.8 60.4
Other 3.0 0.0 3.8 0.0
TOTAL INVESTMENT INCOME 245.8 238.3 737.4 685.2
Expenses:        
Investment management charges 20.7 15.0 64.6 48.5
Administrative charges 9.4 12.3 31.8 38.8
Distribution charges 5.3 5.9 17.6 19.8
Mortality and expense risk charges 0.0 0.3 0.5 0.9
Liquidity guarantee charges 22.2 18.8 67.3 47.2
Interest expense 13.2 0.9 17.6 1.9
TOTAL EXPENSES 70.8 53.2 199.4 157.1
INVESTMENT INCOME, NET 175.0 185.1 538.0 528.1
Net realized gain (loss) on investments:        
Real estate properties (35.0) (9.2) (5.5) 193.6
Real estate joint ventures 303.1 4.1 316.2 4.0
Real estate funds 13.9 0.0 13.9 0.0
Marketable securities (1.4) 0.0 (2.7) 0.0
Loans receivable 0.0 0.0 0.0 (14.1)
Net realized gain (loss) on investments 280.6 (5.1) 321.9 183.5
Net change in unrealized gain (loss) on:        
Real estate properties 134.1 540.1 2,286.2 1,232.1
Real estate joint ventures (263.9) 421.0 85.1 575.2
Real estate funds (0.6) 44.1 6.3 48.3
Real estate operating business 13.3 12.5 214.1 34.6
Foreign currency exchange on forward contracts (0.2) 0.0 1.4 0.0
Marketable securities (7.4) 0.0 (45.9) (0.3)
Loans receivable (16.3) 1.5 (98.5) 20.2
Loans payable 12.1 (3.0) 61.9 11.0
Other unsecured debt 35.7 0.0 49.5 0.0
Net change in unrealized (loss) gain on investments and debt (93.2) 1,016.2 2,560.1 1,921.1
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND DEBT 187.4 1,011.1 2,882.0 2,104.6
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 362.4 $ 1,196.2 $ 3,420.0 $ 2,632.7