v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Real estate income, net:        
Rental income $ 303.2 $ 305.7 $ 921.5 $ 942.4
Real estate property level expenses and taxes:        
Operating expenses 74.3 75.3 230.8 232.1
Real estate taxes 44.9 47.6 132.4 139.0
Interest expense 9.7 13.6 31.1 46.9
Total real estate property level expenses 128.9 136.5 394.3 418.0
Real estate income, net 174.3 169.2 527.2 524.4
Income from real estate joint ventures 42.3 29.1 126.1 125.8
Income from real estate funds 3.0 5.1 6.0 20.0
Interest income 27.3 29.6 77.1 94.4
TOTAL INVESTMENT INCOME 246.9 233.0 736.4 764.6
Expenses:        
Investment management charges 16.8 17.1 53.4 51.5
Administrative charges 12.7 13.4 40.9 41.9
Distribution charges 2.7 2.0 7.8 7.1
Liquidity guarantee charges 16.2 16.0 47.8 47.4
Interest expense 33.7 17.0 75.3 37.1
TOTAL EXPENSES 82.1 65.5 225.2 185.0
INVESTMENT INCOME, NET 164.8 167.5 511.2 579.6
Net realized gain (loss) on:        
Real estate properties (179.0) (11.5) (229.6) (681.5)
Real estate joint ventures 17.7 (126.2) (44.5) (129.7)
Real estate funds 0.0 8.4 25.7 8.4
Foreign currency translation 0.0 0.1 0.0 0.2
Loans receivable 0.0 (20.1) (56.0) (113.0)
Loans payable 7.4 0.0 42.1 61.7
Net realized gain (loss) on investments and debt (153.9) (149.3) (262.3) (853.9)
Net change in unrealized gain (loss) on:        
Real estate properties 228.7 29.1 178.9 641.5
Real estate joint ventures 30.5 168.4 159.0 203.4
Real estate funds 5.8 (12.4) (44.8) (10.7)
Real estate operating business 597.4 53.0 768.3 25.0
Marketable securities 0.0 0.0 (0.4) 0.0
Loans receivable (1.6) (9.5) 48.2 76.8
Loans payable (4.2) 7.3 (34.9) 10.6
Other unsecured debt 38.4 (3.8) 56.7 (18.1)
Net change in unrealized gain (loss) on investments and debt 895.0 232.1 1,131.0 928.5
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND DEBT 741.1 82.8 868.7 74.6
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 905.9 $ 250.3 $ 1,379.9 $ 654.2