XML 50 R39.htm IDEA: XBRL DOCUMENT v3.25.3

Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 (in millions):

						September 30, 2025
												Hierarchy Level
						Carrying Value						Level 1						Level 2						Level 3
Assets:
Loans receivable						$	1,679.7					$	—					$	1,228.5					$	469.3
Derivative assets						38.0						—						38.0						—
Total assets						$	1,717.7					$	—					$	1,266.5					$	469.3
Liabilities:
Mortgages payable						$	38.3					$	—					$	—					$	37.9
Notes and bonds payable						25,087.2						—						23,268.8						1,023.0
Derivative liabilities						160.4						—						160.4						—
Total liabilities						$	25,285.9					$	—					$	23,429.2					$	1,060.9

						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):

						September 30, 2025												December 31, 2024
						Carrying value						Fair value						Carrying value						Fair value
Loans receivable						$	1,679.7					$	1,697.8					$	828.5					$	835.1
Mortgages payable (1)						$	38.3					$	37.9					$	81.3					$	80.0
Notes and bonds payable (1)						$	25,087.2					$	24,291.7					$	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 September 30,												Nine months ended  September 30,
			2025						2024						2025						2024
Carrying value prior to impairment			$	257.5					$	133.8					$	708.1					$	488.7
Less: total provisions for impairment of real estate			(75.4)						(33.1)						(315.1)						(208.6)
Carrying value after impairment			$	182.1					$	100.7					$	393.0					$	280.1
Number of properties:
Classified as held for sale			60						11						67						13
Classified as held for investment			13						26						82						93
Sold			24						24						123						59

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://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-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