v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Real estate income, net:        
Rental income $ 314.5 $ 314.9 $ 618.3 $ 636.7
Real estate property level expenses and taxes:        
Operating expenses 73.9 73.9 156.5 156.8
Real estate taxes 44.1 45.5 87.5 91.4
Interest expense 10.3 13.2 21.4 33.3
Total real estate property level expenses 128.3 132.6 265.4 281.5
Real estate income, net 186.2 182.3 352.9 355.2
Income from real estate joint ventures 40.6 45.2 83.8 96.7
Income from real estate funds (0.4) 2.7 3.0 14.9
Interest income 24.3 28.4 49.8 64.8
TOTAL INVESTMENT INCOME 250.7 258.6 489.5 531.6
Expenses:        
Investment management charges 18.3 15.8 36.6 34.4
Administrative charges 13.2 13.1 28.2 28.5
Distribution charges 2.6 2.0 5.1 5.1
Liquidity guarantee charges 15.9 15.8 31.6 31.4
Interest expense 20.9 10.5 41.6 20.1
TOTAL EXPENSES 70.9 57.2 143.1 119.5
INVESTMENT INCOME, NET 179.8 201.4 346.4 412.1
Net realized gain (loss) on:        
Real estate properties 39.1 (482.6) (50.6) (670.0)
Real estate joint ventures (1.0) (13.0) (62.2) (3.5)
Real estate funds 0.0 0.0 25.7 0.0
Foreign currency translation 0.0 0.1 0.0 0.1
Loans receivable 0.0 (92.9) (56.0) (92.9)
Loans payable 0.0 61.7 34.7 61.7
Net realized gain (loss) on investments and debt 38.1 (526.7) (108.4) (704.6)
Net change in unrealized gain (loss) on:        
Real estate properties (76.1) 501.2 (49.8) 612.4
Real estate joint ventures 68.4 (46.1) 128.5 35.0
Real estate funds (28.4) 5.4 (50.6) 1.7
Real estate operating business 161.5 (27.8) 170.9 (28.0)
Marketable securities (0.2) 0.1 (0.4) 0.0
Loans receivable (5.6) 85.5 49.8 86.3
Loans payable (5.9) (1.0) (30.7) 3.3
Other unsecured debt 3.4 (7.8) 18.3 (14.3)
Net change in unrealized gain (loss) on investments and debt 117.1 509.5 236.0 696.4
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT 155.2 (17.2) 127.6 (8.2)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 335.0 $ 184.2 $ 474.0 $ 403.9