XML 65 R45.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 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 December 31, 2024 and 2023 (in millions):
|  | December 31, 2024
|  |  |  | Hierarchy Level
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Loans receivable |  | $ | 828.5 |  |  | $ | — |  |  | $ | 791.4 |  |  | $ | 43.7 |
Derivative assets |  | 47.2 |  |  | — |  |  | 47.2 |  |  | — |
Total assets |  | $ | 875.7 |  |  | $ | — |  |  | $ | 838.6 |  |  | $ | 43.7 |
Liabilities: |  |  |  |  |  |  |  |
Mortgages payable |  | $ | 81.3 |  | $ | — |  |  | $ | — |  |  | $ | 80.0 |
Notes and bonds payable |  | 22,938.7 |  | — |  |  | 20,665.5 |  |  | 928.0 |
Derivative liabilities |  | 81.5 |  |  | — |  |  | 81.5 |  |  | — |
Total liabilities |  | $ | 23,101.5 |  |  | $ | — |  |  | $ | 20,747.0 |  |  | $ | 1,008.0 |
|  | 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):
|  | December 31, 2024 |  | December 31, 2023
|  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Loans receivable |  | $ | 828.5 |  |  | $ | 835.1 |  |  | $ | 205.3 |  |  | $ | 205.3 |
Mortgages payable (1) |  | $ | 81.3 |  | $ | 80.0 |  |  | $ | 822.4 |  | $ | 814.5 |
Notes and bonds payable (1) |  | $ | 22,938.7 |  | $ | 21,593.5 |  |  | $ | 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 (dollars in millions):
|  |  | Years ended December 31, |  |
|  |  |  |  | 2024 |  | 2023 |  | 2022 |  |
Carrying value prior to impairment |  |  |  |  | $ | 770.7 |  |  | $ | 194.5 |  |  | $ | 140.9 |  |  |
Less: total provisions for impairment of real estate (1) |  |  |  |  | (319.0) |  |  | (82.2) |  |  | (25.9) |  |  |
Carrying value after impairment |  |  |  |  | $ | 451.7 |  |  | $ | 112.3 |  |  | $ | 115.0 |  |  |
Number of properties: |  |  |  |  |  |  |  |  |  |  |
Classified as held for sale |  |  |  |  | 17 |  |  | 2 |  |  | — |  |  |
Classified as held for investment |  |  |  |  | 88 |  |  | 16 |  |  | 5 |  |  |
Sold |  |  |  |  | 132 |  |  | 94 |  |  | 89 |  |  |
(1) Real estate assets that were deemed to be impaired for the year ended December 31, 2024 primarily relate to two office properties which were acquired and retained in our merger with VEREIT in 2021, properties leased to clients in bankruptcies or financial distress, as well as properties that are more likely than not to be sold in the next twelve months.

X
- 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
Name: | us-gaap_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration