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Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Schedule of fair value by balance sheet groupings | We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable and commercial paper borrowings, term loans and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our mortgages payable assumed in connection with acquisitions and our senior notes and bonds payable, which are disclosed as follows (dollars in millions):
At December 31, 2020 |  | Carrying value |  | Estimated fair value
Mortgages payable assumed in connection with acquisitions (1) |  | $ | 299.6 |  |  | $ | 309.4 |
Notes and bonds payable (2) |  | 8,302.4 |  |  | 9,324.0 |
At December 31, 2019 |  | Carrying value |  | Estimated fair value
Mortgages payable assumed in connection with acquisitions (1) |  | $ | 408.4 |  |  | $ | 417.7 |
Notes and bonds payable (2) |  | 6,317.6 |  |  | 6,826.1 |
(1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums is $1.7 million at December 31, 2020, and $3.0 million at December 31, 2019. Also excludes deferred financing costs of $973,000 at December 31, 2020, and $1.3 million at December 31, 2019. (2) Excludes non-cash original issuance premiums and discounts recorded on notes payable. The unamortized balance of the net original issuance premiums was $14.6 million at December 31, 2020, and $6.3 million at December 31, 2019. Also excludes deferred financing costs of $49.2 million at December 31, 2020 and $35.9 million at December 31, 2019.
Schedule of derivative financial instruments | The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2020 and 2019 (dollars in millions):
Derivative Type | Accounting Classification | Hedge Designation | Notional Amount | Strike | Effective Date | Maturity Date | Fair Value - asset (liability)
|  |  | December 31, | December 31, |  |  |  | December 31, | December 31,
|  |  | 2020 | 2019 |  |  |  | 2020 | 2019
Interest rate swap (1) | Derivative | Cash flow | $ | — |  | $ | 7.0 | 6.03% | 09/25/2012 | 09/03/2021 | $ | — |  | $ | (0.2) |
Interest rate swap | Derivative | Cash flow | — |  | 250.0 | 1.72% | 06/30/2015 | 06/30/2020 | — |  | (0.1)
Interest rate swap | Derivative | Cash flow | 250.0 |  | 250.0 | 3.04% | 10/24/2018 | 03/24/2024 | (22.6) |  | (14.7) |
Cross-currency swap (2) | Derivative | Cash flow | 41.6 |  | 41.6 | (3) | 05/20/2019 | 05/22/2034 | (5.2) |  | (2.6)
Cross-currency swap (2) | Derivative | Cash flow | 41.6 |  | 41.6 | (4) | 05/20/2019 | 05/22/2034 | (5.1) |  | (2.6)
Cross-currency swap (2) | Derivative | Cash flow | 41.6 |  | 41.6 | (5) | 05/20/2019 | 05/22/2034 | (5.4) |  | (2.9)
Cross-currency swap (2) | Derivative | Cash flow | 41.6 |  | 41.6 | (6) | 05/20/2019 | 05/22/2034 | (5.7) |  | (3.2)
Currency exchange swap (2) | Derivative | N/A | 625.0 |  | — | (7) | 12/23/2020 | 01/29/2021 | (8.2) |  | —
Forward-starting swap | Derivative | Cash flow | 75.0 |  | — | 2.02% | (8) | 06/30/2033 | (5.0) |  | —
Forward-starting swap | Derivative | Cash flow | 75.0 |  | — | 1.94% | (8) | 11/30/2032 | (5.2) |  | —
Forward-starting swap | Derivative | Cash flow | 25.0 |  | — | 1.67% | (8) | 11/30/2032 | (1.1) |  | —
Forward-starting swap | Derivative | Cash flow | 125.0 |  | — | 1.75% | (8) | 06/30/2033 | (5.2) |  | —
Forward-starting swap | Hybrid debt | Cash flow | 125.0 |  | — | 1.88% | (8) | 11/30/2032 | (7.9) |  | —
Forward-starting swap | Hybrid debt | Cash flow | 75.0 |  | — | 2.00% | (8) | 06/30/2033 | (4.9) |  | —
|  |  | $ | 1,541.4 |  | $ | 673.4 |  |  |  | $ | (81.5) |  | $ | (26.3) |
(1)In connection with the early prepayment of a mortgage loan during the fourth quarter of 2020, the swap was terminated with a payment of $0.2 million and we recognized an associated loss on derivative of $0.2 million. (2)Represents British Pound Sterling, or GBP, United States Dollar, or USD, cross-currency swap. (3)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.800%. (4)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.803%. (5)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.745%. (6)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.755%. (7) The forward GBP-USD exchange rate is 1.35. (8) The five treasury rate locks which were entered into during February 2020 were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement of the terminated treasury rate locks.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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