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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Financial Instrument Assets and Liabilities | The following tables present the carrying values and estimated fair values of financial instruments as of September 30, 2023 and December 31, 2022 (in millions):
|  | September 30, 2023
|  |  |  | Hierarchy Level
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Derivative assets |  | $ | 44.8 |  |  | $ | — |  |  | $ | 44.8 |  |  | $ | — |
Total assets |  | $ | 44.8 |  |  | $ | — |  |  | $ | 44.8 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Mortgages payable |  | $ | 822.0 |  | $ | — |  |  | $ | — |  |  | $ | 806.1 |
Notes and bonds payable |  | 17,417.9 |  | — |  |  | 15,478.2 |  |  | — |
Derivative liabilities |  | 78.3 |  |  | — |  |  | 78.3 |  |  | — |
Total liabilities |  | $ | 18,318.2 |  |  | $ | — |  |  | $ | 15,556.5 |  |  | $ | 806.1 |
|  | December 31, 2022
|  |  |  | Hierarchy Level
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Derivative assets |  | $ | 83.1 |  |  | $ | — |  |  | $ | 83.1 |  |  | $ | — |
Total assets |  | $ | 83.1 |  |  | $ | — |  |  | $ | 83.1 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |
Mortgages payable |  | $ | 842.3 |  | $ | — |  |  | $ | — |  |  | $ | 810.4 |
Notes and bonds payable |  | 14,114.2 |  | — |  |  | 12,522.8 |  |  | — |
Derivative liabilities |  | 64.7 |  |  | — |  |  | 64.7 |  |  | — |
Total liabilities |  | $ | 15,021.2 |  |  | $ | — |  |  | $ | 12,587.5 |  |  | $ | 810.4 |
Schedule of Fair Value by Balance Sheet Groupings | The following table reflects the carrying amounts and estimated fair values of our financial instruments not measured at fair value on our consolidated balance sheets (in millions):
|  | September 30, 2023 |  | December 31, 2022
|  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Mortgages payable (1) |  | $ | 822.0 |  | $ | 806.1 |  |  | $ | 842.3 |  | $ | 810.4 |
Notes and bonds payable (2) |  | $ | 17,417.9 |  | $ | 15,478.2 |  |  | $ | 14,114.2 |  | $ | 12,522.8 |
(1)Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums was $2.8 million at September 30, 2023, and $12.4 million at December 31, 2022. Also excludes deferred financing costs of $0.6 million at September 30, 2023, and $0.8 million at December 31, 2022. (2)Excludes non-cash net premiums recorded on notes payable. The unamortized balance of the net premiums was $147.5 million at September 30, 2023, and $224.6 million at December 31, 2022. Also excludes deferred financing costs of $78.4 million and basis adjustment on interest rate swaps designated as fair value hedges of $4.4 million at September 30, 2023, and $60.7 million of deferred financing costs at December 31, 2022.
Schedule of Provisions for Impairment | The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (in millions):
|  |  | Three months ended September 30, |  | Nine months ended September 30,
|  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Carrying value prior to impairment |  |  |  |  | $ | 37.5 |  |  | $ | 48.1 |  |  | $ | 161.4 |  |  | $ | 107.0 |
Less: total provisions for impairment |  |  |  |  | (16.8) |  |  | (1.7) |  |  | (59.8) |  |  | (16.4) |
Carrying value after impairment |  |  |  |  | $ | 20.7 |  |  | $ | 46.4 |  |  | $ | 101.6 |  |  | $ | 90.6 |

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- Definition Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480091/360-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-2 + Details
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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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