Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended March 31,
	2023			2022
Revenues:
Real estate segment:
U.S.	$	1,574,567		$	1,038,991
Other Americas		25,572			22,191
Europe		19,156			12,008
Asia		14,591			12,013
Total real estate segment		1,633,886			1,085,203
Strategic capital segment:
U.S.		53,696			50,635
Other Americas		14,195			11,653
Europe		43,533			46,196
Asia		23,277			25,441
Total strategic capital segment		134,701			133,925
Total revenues		1,768,587			1,219,128
Segment net operating income: (1)
Real estate segment:
U.S. (2)		1,171,983			771,210
Other Americas		19,178			16,107
Europe		14,210			3,970
Asia		8,777			8,653
Total real estate segment		1,214,148			799,940
Strategic capital segment:
U.S. (2)		21,567			27,677
Other Americas		8,942			7,374
Europe		22,604			32,463
Asia		9,879			14,600
Total strategic capital segment		62,992			82,114
Total segment net operating income		1,277,140			882,054
Reconciling items:
General and administrative expenses		(99,777	)		(74,646	)
Depreciation and amortization expenses		(602,367	)		(396,647	)
Gains on dispositions of development properties and land, net		-			210,206
Gains on other dispositions of investments in real estate, net		4,047			584,835
Operating income		579,043			1,205,802
Earnings from unconsolidated entities, net		75,779			76,962
Interest expense		(136,011	)		(64,064	)
Foreign currency and derivative gains and other income, net		8,614			48,409
Gains (losses) on early extinguishment of debt, net		3,275			(18,165	)
Earnings before income taxes	$	530,700		$	1,248,944

	March 31, 2023		December 31, 2022
Segment assets:
Real estate segment:
U.S.	$	71,965,308	$	71,858,560
Other Americas		1,899,350		1,831,956
Europe		2,159,880		1,952,160
Asia		934,822		1,031,135
Total real estate segment		76,959,360		76,673,811
Strategic capital segment: (3)
U.S.		10,605		10,817
Europe		25,280		25,280
Asia		224		231
Total strategic capital segment		36,109		36,328
Total segment assets		76,995,469		76,710,139
Reconciling items:
Investments in and advances to unconsolidated entities		9,680,097		9,698,898
Assets held for sale or contribution		734,106		531,257
Cash and cash equivalents		522,501		278,483
Other assets		588,711		678,671
Total reconciling items		11,525,415		11,187,309
Total assets	$	88,520,884	$	87,897,448

(1)Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from our Consolidated Financial Statements as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses. NOI from the Strategic Capital Segment is calculated directly from our Consolidated Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses.

(2)This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies.

(3)Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $25.3 million at March 31, 2023 and December 31, 2022.