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Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of fair value by balance sheet groupings | The fair value of our financial instruments not carried at fair value are disclosed as follows (in millions):
At December 31, 2021 |  | Carrying value |  | Estimated fair value
Mortgages payable assumed in connection with acquisitions (1) |  | $ | 1,114.1 |  |  | $ | 1,154.7 |
Notes and bonds payable (2) |  | $ | 12,257.3 |  |  | $ | 13,114.5 |
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 |
(1) Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums is $28.7 million at December 31, 2021, and $1.7 million at December 31, 2020. Also excludes deferred financing costs of $790,000 at December 31, 2021, and $973,000 at December 31, 2020. (2) Excludes non-cash premiums and discounts recorded on notes payable. The unamortized balance of the net premiums was $295.5 million at December 31, 2021, and $14.6 million at December 31, 2020. Also excludes deferred financing costs of $53.1 million at December 31, 2021 and $49.2 million at December 31, 2020.
Schedule of provisions for impairment | The following table summarizes our provisions for impairment during the periods indicated below (dollars in millions):
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Total provisions for impairment | $ | 39.0 |  |  | $ | 147.2 |  |  | $ | 40.2 |
Number of properties: |  |  |  |  |
Classified as held for sale | 16 |  |  | 1 |  |  | — |
Classified as held for investment | 11 |  |  | 34 |  |  | 3 |
Sold | 76 |  |  | 64 |  |  | 48 |
Schedule of derivative financial instruments | The following table summarizes the terms and fair values of our derivative financial instruments at December 31, 2021 and December 31, 2020 (dollars in millions):
Derivative Type | Number of Instruments (1) | Accounting Classification | Notional Amount as of December 31, | Weighted Average Strike Rate (2) | Maturity Date (3) | Fair Value - asset (liability) as of December 31,
Derivatives Designated as Hedging Instruments | 2021 | 2020 |  |  | 2021 | 2020
Interest rate swap | 1 | Derivative | $ | 250.0 |  | $ | 250.0 | 3.04% | 03/2024 | $ | (11.9) |  | $ | (22.6) |
Cross-currency swaps (4) | 4 | Derivative | 166.3 |  | 166.4 | (5) | 05/2034 | (13.8) |  | (21.4) |
Foreign currency forwards | 32 | Derivative | 176.1 |  | 0.0 | (6) | 01/2022 - 08/2024 | 7.6 |  | — |
Forward-starting swaps (7) | 4 | Derivative | 300.0 |  | 300.0 | 1.86% | 11/2032 - 06/2033 | (3.2) |  | (16.5) |
Forward-starting swaps (7) | 2 | Hybrid debt | 200.0 |  | 200.0 | 1.93% | 11/2032 - 06/2033 | (5.1) |  | (12.8) |
|  |  | $ | 1,092.4 |  | $ | 916.4 |  |  |  | $ | (26.4) |  | $ | (73.3) |
Derivatives not Designated as Hedging Instruments |  |  |  |  |  |
Currency exchange swaps (8) | 4 | Derivative | 1,639.5 |  | 625.0 | (9) | 01/2022 - 02/2022 | (14.7) |  | (8.2) |
Total of all Derivatives | $ | 2,731.9 |  | $ | 1,541.4 |  |  |  | $ | (41.1) |  | $ | (81.5) |
(1)This column represents the number of instruments outstanding as of December 31, 2021. (2)Weighted average strike rate is calculated using the current notional value as of December 31, 2021. (3)This column represents maturity dates for instruments outstanding as of December 31, 2021. (4)Represents four British Pound Sterling, or GBP cross-currency swaps with notional amount of $166.3 million. (5)GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD weighted average fixed rate at 9.78%. (6)Weighted average forward GBP-USD exchange rate of 1.41. (7)There were five treasury rate locks entered into during February 2020 that were terminated in June 2020 and converted into six forward starting interest rate swaps through a cashless settlement. For full discussion of the hedging arrangements for these six forward starting swaps, please refer to Derivative Designated as Hedging Instruments above. (8)Represents two British Pound Sterling, or GBP currency exchange swaps with notional amount of $1.36 billion and two Euro, or EUR currency exchange swaps with notional amount of $275.9 million. (9)Weighted average Forward GBP-USD exchange rate of 1.34 and Weighted Average Forward EUR-USD exchange rate of 1.16.
Schedule of gain (loss) recognized on derivatives in other comprehensive income | The following table summarizes the amount of unrealized gain (loss) on derivatives in other comprehensive income (loss) during the periods indicated below (in thousands):
|  | Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships |  | 2021 |  | 2020 |  | 2019
Currency swaps |  | $ | 8,232 |  |  | $ | (2,169) |  |  | $ | (971) |
Interest rate swaps |  | 34,659 |  |  | (32,757) |  |  | (8,219) |
Foreign currency forwards |  | 7,557 |  |  | — |  |  | — |
Total unrealized gain (loss) on derivatives |  | $ | 50,448 |  |  | $ | (34,926) |  |  | $ | (9,190) |
Summary of gain (loss) on derivatives reclassified from accumulated other comprehensive income (loss) | The following table summarizes the amount of gain (loss) on derivatives reclassified from accumulated other comprehensive income (loss) during the periods indicated below (in thousands):
|  |  |  | Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships |  | Location of Gain (Loss) Recognized in Income |  | 2021 |  | 2020 |  | 2019
Currency swaps |  | Foreign currency and derivative gain (loss), net |  | $ | 3,541 |  |  | $ | (3,617) |  |  | $ | (5,472) |
Interest rate swaps |  | Interest expense |  | (10,343) |  |  | (11,434) |  |  | (3,436) |
Net decrease to net income |  |  |  | $ | (6,802) |  |  | $ | (15,051) |  |  | $ | (8,908) |

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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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5579240-113959 + Details
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