v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Aggregate Minimum Annual Rental Payments Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Account through the non-cancelable lease term, excluding short-term residential leases, as of June 30, 2025 and December 31, 2024, are as follows (in millions):
As of
Years EndedJune 30, 2025December 31, 2024
2025$288.0 
(1)
$604.0 
2026550.3 549.2 
2027483.3 465.0 
2028397.4 375.0 
2029323.9 301.3 
Thereafter1,130.3 1,029.1 
Total$3,173.2 $3,323.6 
(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2025.
Schedule of Right-of-Use Assets and Lease Liabilities Related to Ground Leases
The fair values and key terms of the right-of-use assets and lease liabilities related to the Account's ground leases are as follows (in millions):
As of
June 30, 2025December 31, 2024
Assets:
  Right-of-use assets, at fair value$38.9$37.4
Liabilities:
  Ground lease liabilities, at fair value$38.9$37.4
Key Terms:
Weighted-average remaining lease term (years)61.363.0
 Weighted-average discount rate(1)
8.70 %8.56 %
(1) Discount rates are reflective of the rates utilized during the most recent appraisal of the associated real estate investments.
Schedule of Aggregate Minimum Annual Payments for Ground Leases Aggregate future minimum annual payments for ground leases held by the Account are as follows (in millions):
As of
June 30, 2025December 31, 2024
Years Ended
2025$1.4 
(1)
$2.6 
20262.7 2.6 
20272.8 2.7 
20282.8 2.7 
2029
2.9 2.7 
Thereafter467.1 443.2 
Total$479.7 $456.5 
(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2025.