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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Real estate income, net:        
Rental income $ 337.0 $ 314.1 $ 671.5 $ 617.8
Real estate property level expenses and taxes:        
Operating expenses 88.9 71.1 168.3 144.7
Real estate taxes 54.4 50.3 107.8 102.0
Interest expense 23.3 18.2 46.5 37.8
Total real estate property level expenses and taxes 166.6 139.6 322.6 284.5
Real estate income, net 170.4 174.5 348.9 333.3
Income from real estate joint ventures 47.4 42.5 100.7 103.0
Income from real estate funds 3.9 5.5 10.5 11.5
Interest 38.3 22.3 78.6 43.0
Other 0.0 0.0 0.0 0.8
TOTAL INVESTMENT INCOME 260.0 244.8 538.7 491.6
Expenses:        
Investment management charges 19.8 21.4 41.6 43.9
Administrative charges 23.2 8.9 35.1 22.4
Distribution charges 1.3 5.0 6.1 12.3
Mortality and expense risk charges 0.0 0.1 0.0 0.5
Liquidity guarantee charges 18.9 22.4 38.8 45.1
Interest expense 19.0 3.1 30.4 4.4
TOTAL EXPENSES 82.2 60.9 152.0 128.6
INVESTMENT INCOME, NET 177.8 183.9 386.7 363.0
Net realized gain (loss) on investments:        
Real estate properties 0.0 37.9 0.0 29.5
Real estate joint ventures 42.1 (37.8) 42.1 13.1
Real estate funds 13.9 0.0 13.9 0.0
Foreign currency exchange on forward contracts (2.9) 0.0 (2.9) 0.0
Marketable securities (16.5) (0.3) (35.6) (1.3)
Net realized gain (loss) on investments 36.6 (0.2) 17.5 41.3
Net change in unrealized gain (loss) on:        
Real estate properties (945.4) 939.7 (1,432.8) 2,152.1
Real estate joint ventures (393.0) 277.1 (770.3) 349.0
Real estate funds (39.8) 16.3 (28.8) 6.9
Real estate operating business 1.2 140.4 (4.7) 200.8
Foreign currency exchange on forward contracts 2.8 1.6 2.3 1.6
Marketable securities 18.4 (9.9) 47.1 (38.5)
Loans receivable (116.3) (83.2) (159.3) (82.2)
Loans payable (15.9) 46.1 (22.7) 49.8
Other unsecured debt 5.6 13.8 (1.3) 13.8
Net change in unrealized (loss) gain on investments and debt (1,482.4) 1,341.9 (2,370.5) 2,653.3
NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND DEBT (1,445.8) 1,341.7 (2,353.0) 2,694.6
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (1,268.0) $ 1,525.6 $ (1,966.3) $ 3,057.6