v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025, are as follows (in millions):
As of
Years EndedMarch 31, 2026December 31, 2025
2026$442.7 
(1)
$584.2 
2027563.9 543.6 
2028485.2 461.1 
2029412.4 388.5 
2030346.9 319.7 
Thereafter1,189.3 1,129.0 
Total$3,440.4 $3,426.1 
(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2026.
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
March 31, 2026December 31, 2025
Assets:
  Right-of-use assets, at fair value$37.8$36.6
Liabilities:
  Ground lease liabilities, at fair value$37.8$36.6
Key Terms:
Weighted-average remaining lease term (years)6059.8
 Weighted-average discount rate(1)
9.01 %9.03 %
(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
March 31, 2026December 31, 2025
Years Ended
2026$2.3 
(1)
$2.7 
20273.1 2.7 
20283.1 2.8 
20293.2 2.8 
20303.2 2.9 
Thereafter480.9 451.8 
Total$495.8 $465.7 
(1) Representative of minimum rents owed for the remaining months of the calendar year ending December 31, 2026.