v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Real estate income, net:        
Rental income $ 314.9 $ 334.8 $ 636.7 $ 684.9
Real estate property level expenses and taxes:        
Operating expenses 73.9 85.3 156.8 175.8
Real estate taxes 45.5 51.9 91.4 103.0
Interest expense 13.2 22.0 33.3 44.4
Total real estate property level expenses 132.6 159.2 281.5 323.2
Real estate income, net 182.3 175.6 355.2 361.7
Income from real estate joint ventures 45.2 41.3 96.7 83.8
Income from real estate funds 2.7 0.7 14.9 9.1
Interest income 28.4 27.0 64.8 57.9
TOTAL INVESTMENT INCOME 258.6 244.6 531.6 512.5
Expenses:        
Investment management charges 15.8 26.2 34.4 46.8
Administrative charges 13.1 14.5 28.5 34.7
Distribution charges 2.0 4.1 5.1 7.8
Liquidity guarantee charges 15.8 15.9 31.4 32.1
Interest expense 10.5 15.2 20.1 32.2
TOTAL EXPENSES 57.2 75.9 119.5 153.6
INVESTMENT INCOME, NET 201.4 168.7 412.1 358.9
Net realized gain (loss) on investments and debt:        
Real estate properties (482.6) (176.0) (670.0) (111.5)
Real estate joint ventures (13.0) (10.1) (3.5) (17.9)
Real estate funds 0.0 (8.4) 0.0 4.6
Foreign currency translation 0.1 0.0 0.1 0.0
Marketable securities 0.0 (0.1) 0.0 (0.1)
Loans receivable (92.9) 0.1 (92.9) (138.9)
Loans payable 61.7 0.0 61.7 0.0
Net realized loss on investments and debt (526.7) (194.5) (704.6) (263.8)
Net change in unrealized gain (loss) on:        
Real estate properties 501.2 (227.2) 612.4 (873.1)
Real estate joint ventures (46.1) (97.8) 35.0 (284.5)
Real estate funds 5.4 (16.6) 1.7 (32.3)
Real estate operating business (27.8) (12.8) (28.0) 43.2
Marketable securities 0.1 (0.1) 0.0 (0.1)
Loans receivable 85.5 (18.9) 86.3 25.0
Loans receivable with related parties 0.0 (0.4) 0.0 0.1
Loans payable (1.0) (9.1) 3.3 (17.9)
Other unsecured debt (7.8) 3.7 (14.3) 13.5
Net change in unrealized gain (loss) on investments and debt 509.5 (379.2) 696.4 (1,126.1)
NET REALIZED AND UNREALIZED (LOSS) GAIN ON INVESTMENTS AND DEBT (17.2) (573.7) (8.2) (1,389.9)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 184.2 $ (405.0) $ 403.9 $ (1,031.0)