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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 (in millions):
|  | June 30, 2024
|  |  |  | Hierarchy Level
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Loans receivable |  | $ | 594.0 |  |  | $ | — |  |  | $ | 570.3 |  |  | $ | 34.2 |
Derivative assets |  | 52.2 |  |  | — |  |  | 52.2 |  |  | — |
Total assets |  | $ | 646.2 |  |  | $ | — |  |  | $ | 622.5 |  |  | $ | 34.2 |
Liabilities: |  |  |  |  |  |  |  |
Mortgages payable |  | $ | 199.8 |  | $ | — |  |  | $ | — |  |  | $ | 195.3 |
Notes and bonds payable |  | 21,991.7 |  | — |  |  | 19,486.5 |  |  | 943.4 |
Derivative liabilities |  | 88.6 |  |  | — |  |  | 88.6 |  |  | — |
Total liabilities |  | $ | 22,280.1 |  |  | $ | — |  |  | $ | 19,575.1 |  |  | $ | 1,138.7 |
|  | December 31, 2023
|  |  |  | Hierarchy Level
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Loans receivable |  | $ | 205.3 |  |  | $ | — |  |  | $ | 171.8 |  |  | $ | 33.5 |
Derivative assets |  | 21.2 |  |  | — |  |  | 21.2 |  |  | — |
Total assets |  | $ | 226.5 |  |  | $ | — |  |  | $ | 193.0 |  |  | $ | 33.5 |
Liabilities: |  |  |  |  |  |  |  |
Mortgages payable |  | $ | 822.4 |  | $ | — |  |  | $ | — |  |  | $ | 814.5 |
Notes and bonds payable |  | 18,562.1 |  | — |  |  | 16,620.8 |  |  | 982.9 |
Derivative liabilities |  | 119.6 |  |  | — |  |  | 119.6 |  |  | — |
Total liabilities |  | $ | 19,504.1 |  |  | $ | — |  |  | $ | 16,740.4 |  |  | $ | 1,797.4 |
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):
|  | June 30, 2024 |  | December 31, 2023
|  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Mortgages payable (1) |  | $ | 199.8 |  | $ | 195.3 |  |  | $ | 822.4 |  | $ | 814.5 |
Notes and bonds payable (1) |  | $ | 21,991.7 |  | $ | 20,429.9 |  |  | $ | 18,562.1 |  | $ | 17,603.7 |
(1) Excludes non-cash net premiums and discounts as well as deferred financing costs recorded on mortgages payable. Excludes non-cash net premiums and discounts, deferred financing costs, and the cumulative basis adjustment on fair value hedges recorded on notes payable.
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 June 30, |  | Six months ended June 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Carrying value prior to impairment | $ | 281.9 |  |  | $ | 97.0 |  |  | $ | 443.9 |  |  | $ | 125.5 |  |  |
Less: total provisions for impairment (1) (2) | (87.2) |  |  | (29.8) |  |  | (175.4) |  |  | (43.0) |  |  |
Carrying value after impairment | $ | 194.7 |  |  | $ | 67.2 |  |  | $ | 268.5 |  |  | $ | 82.5 |  |  |
Number of properties: |  |  |  |  |  |  |  |  |
Classified as held for sale | 24 |  |  | — |  |  | 26 |  |  | 1 |  |  |
Classified as held for investment | 41 |  |  | 7 |  |  | 50 |  |  | 8 |  |  |
Sold | 33 |  |  | 27 |  |  | 53 |  |  | 47 |  |  |
(1) Excludes provision for current expected credit loss of $9.3 million and $10.5 million for the three and six months ended June 30, 2024. (2) Real estate assets that were deemed to be impaired for the six months ended June 30, 2024 primarily relate to two office properties which were acquired and retained in our merger with VEREIT in 2021, 17 properties leased to clients in bankruptcies, as well as certain properties that are more likely than not to be sold in the next twelve months.

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