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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
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, 2025 and December 31, 2024 (in millions):
|  | June 30, 2025
|  |  |  | Hierarchy Level
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Loans receivable |  | $ | 1,329.8 |  |  | $ | — |  |  | $ | 847.4 |  |  | $ | 469.2 |
Derivative assets |  | 14.3 |  |  | — |  |  | 14.3 |  |  | — |
Total assets |  | $ | 1,344.1 |  |  | $ | — |  |  | $ | 861.7 |  |  | $ | 469.2 |
Liabilities: |  |  |  |  |  |  |  |
Mortgages payable |  | $ | 38.7 |  | $ | — |  |  | $ | — |  |  | $ | 38.1 |
Notes and bonds payable |  | 25,198.0 |  | — |  |  | 23,165.5 |  |  | 1,040.2 |
Derivative liabilities |  | 191.7 |  |  | — |  |  | 191.7 |  |  | — |
Total liabilities |  | $ | 25,428.4 |  |  | $ | — |  |  | $ | 23,357.2 |  |  | $ | 1,078.3 |
|  | 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 |
Schedule of Financial Instruments Not Measured at Fair Value on our Consolidated Balance Sheets | 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, 2025 |  | December 31, 2024
|  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Loans receivable |  | $ | 1,329.8 |  |  | $ | 1,316.6 |  |  | $ | 828.5 |  |  | $ | 835.1 |
Mortgages payable (1) |  | $ | 38.7 |  | $ | 38.1 |  |  | $ | 81.3 |  | $ | 80.0 |
Notes and bonds payable (1) |  | $ | 25,198.0 |  | $ | 24,205.7 |  |  | $ | 22,938.7 |  | $ | 21,593.5 |
(1) Excludes non-cash net premiums and discounts, and deferred financing costs.
Schedule of Items Measured at Fair Value on a Non-Recurring Basis | 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, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Carrying value prior to impairment | $ | 365.2 |  |  | $ | 281.9 |  |  | $ | 505.9 |  |  | $ | 443.9 |  |  |
Less: total provisions for impairment of real estate | (142.3) |  |  | (87.2) |  |  | (239.7) |  |  | (175.4) |  |  |
Carrying value after impairment | $ | 222.9 |  |  | $ | 194.7 |  |  | $ | 266.2 |  |  | $ | 268.5 |  |  |
Number of properties: |  |  |  |  |  |  |  |  |
Classified as held for sale | 58 |  |  | 24 |  |  | 61 |  |  | 26 |  |  |
Classified as held for investment | 53 |  |  | 41 |  |  | 79 |  |  | 50 |  |  |
Sold | 8 |  |  | 33 |  |  | 60 |  |  | 53 |  |  |

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