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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Real estate income, net:        
Rental income $ 352.7 $ 345.0 $ 1,037.6 $ 1,016.5
Real estate property level expenses and taxes:        
Operating expenses 81.7 81.8 257.5 250.1
Real estate taxes 52.3 55.6 155.3 163.4
Interest expense 19.9 25.6 64.3 72.1
Total real estate property level expenses 153.9 163.0 477.1 485.6
Real estate income, net 198.8 182.0 560.5 530.9
Income from real estate joint ventures 42.3 42.2 126.1 142.9
Income from real estate funds 2.7 3.8 11.8 14.3
Interest income 30.3 34.3 88.2 112.9
TOTAL INVESTMENT INCOME 274.1 262.3 786.6 801.0
Expenses:        
Investment management charges 17.6 21.2 64.4 62.8
Administrative charges 17.2 22.1 51.9 57.2
Distribution charges 3.7 2.4 11.5 8.5
Liquidity guarantee charges 15.8 17.8 47.9 56.6
Interest expense 9.7 19.0 41.9 49.4
TOTAL EXPENSES 64.0 82.5 217.6 234.5
INVESTMENT INCOME, NET 210.1 179.8 569.0 566.5
Net realized gain (loss) on investments:        
Real estate properties (64.8) (0.4) (176.3) (0.4)
Real estate joint ventures 0.0 (145.4) (17.9) (103.3)
Real estate funds (4.1) 0.5 0.5 14.4
Foreign currency exchange on forward contracts 0.0 0.2 0.0 (2.7)
Marketable securities 0.1 0.0 0.0 (35.6)
Loans receivable (14.4) 0.0 (153.3) 0.0
Net realized loss on investments (83.2) (145.1) (347.0) (127.6)
Net change in unrealized gain (loss) on:        
Real estate properties (105.4) (464.3) (978.5) (1,897.1)
Real estate joint ventures (154.5) (132.7) (439.0) (903.0)
Real estate funds (2.7) (3.8) (35.0) (32.6)
Real estate operating business 97.2 (3.5) 140.4 (8.2)
Foreign currency exchange on forward contracts 0.0 0.0 0.0 2.3
Marketable securities 0.1 (0.2) 0.0 46.9
Loans receivable (32.3) (62.3) (7.3) (221.6)
Loans receivable with related parties 0.6 0.0 0.7 0.0
Loans payable 3.7 (16.3) (14.2) (39.0)
Other unsecured debt (27.7) 13.6 (14.2) 12.3
Net change in unrealized loss on investments and debt (221.0) (669.5) (1,347.1) (3,040.0)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND DEBT (304.2) (814.6) (1,694.1) (3,167.6)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (94.1) $ (634.8) $ (1,125.1) $ (2,601.1)