Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30,

2026 and December 31, 2025 (in millions):


		June 30, 2026
				Hierarchy Level
		Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable		$3,297.6		$—		$1,368.0		$1,966.7
Derivative assets		70.4		—		70.4		—
Total assets		$3,368.0		$—		$1,438.4		$1,966.7
Liabilities:
Term loans (1)		$2,774.9		$—		$2,071.9		$732.3
Mortgages payable (1)		37.0		—		—		36.7
Notes and bonds payable (1)		25,416.1		—		23,495.9		1,033.2
Derivative liabilities		160.4		—		160.4		—
Total liabilities		$28,388.4		$—		$25,728.2		$1,802.2

(1) Excludes non-cash net premiums and discounts, and deferred financing costs.


		December 31, 2025
				Hierarchy Level
		Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable		$1,682.1		$—		$1,210.5		$474.3
Derivative assets		8.0		—		8.0		—
Total assets		$1,690.1		$—		$1,218.5		$474.3
Liabilities:
Term loans		$1,711.0		$—		$1,711.0		$—
Mortgages payable		37.9		—		—		37.6
Notes and bonds payable		25,343.8		—		23,600.7		1,046.8
Derivative liabilities		205.7		—		205.7		—
Total liabilities		$27,298.4		$—		$25,517.4		$1,084.4

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):


		June 30, 2026				December 31, 2025
		Carrying value		Fair value		Carrying value		Fair value
Loans receivable		$3,297.6		$3,334.7		$1,682.1		$1,684.8
Term loans (1)		$2,774.9		$2,804.2		$1,711.0		$1,711.0
Mortgages payable (1)		$37.0		$36.7		$37.9		$37.6
Notes and bonds payable (1)		$25,416.1		$24,529.1		$25,343.8		$24,647.5

(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 (dollars in millions):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Carrying value prior to impairment	$191.1		$365.2		$413.9		$505.9
Less: total provisions for impairment of real estate	(54.2)		(142.3)		(144.4)		(239.7)
Carrying value after impairment	$136.9		$222.9		$269.5		$266.2

Number of properties:
Classified as held for sale	22		58		28		61
Classified as held for investment	36		53		79		79
Sold	15		8		59		60