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Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Reportable Business Segment Revenues, Net Operating Income and Assets

The following reportable business segment revenues, net operating income and assets are presented in thousands:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Revenues:
Real estate segment:
U.S.	$	1,586,285		$	1,046,347		$	3,160,852		$	2,085,338
Other Americas		26,562			23,171			52,134			45,362
Europe		21,111			11,700			40,267			23,708
Asia		17,978			14,623			32,569			26,636
Total real estate segment		1,651,936			1,095,841			3,285,822			2,181,044
Strategic capital segment:
U.S.		679,449			50,866			733,145			101,501
Other Americas		45,890			32,812			60,085			44,465
Europe		46,277			49,116			89,810			95,312
Asia		27,419			23,445			50,696			48,886
Total strategic capital segment		799,035			156,239			933,736			290,164

Total revenues		2,450,971			1,252,080			4,219,558			2,471,208

Segment net operating income: (1)
Real estate segment:
U.S. (2)		1,204,741			784,706			2,376,724			1,555,916
Other Americas		20,067			16,835			39,245			32,942
Europe		15,048			1,864			29,258			5,834
Asia		11,982			10,350			20,759			19,003
Total real estate segment		1,251,838			813,755			2,465,986			1,613,695
Strategic capital segment:
U.S. (2)		594,933			22,308			616,500			49,985
Other Americas		37,873			28,873			46,815			36,247
Europe		3,497			34,159			26,101			66,622
Asia		11,826			13,847			21,705			28,447
Total strategic capital segment		648,129			99,187			711,121			181,301

Non-segment items:
General and administrative expenses		(95,647	)		(83,114	)		(195,424	)		(157,760	)
Depreciation and amortization expenses		(602,168	)		(402,313	)		(1,204,535	)		(798,960	)
Gains on dispositions of development properties and land, net		184,877			105,802			184,877			316,008
Gains on other dispositions of investments in real estate, net		24,761			-			28,808			584,835
Operating income		1,411,790			533,317			1,990,833			1,739,119

Earnings from unconsolidated entities, net		70,642			79,594			146,421			156,556
Interest expense		(149,818	)		(60,293	)		(285,829	)		(124,357	)
Foreign currency and derivative gains and other income, net		26,104			144,382			34,718			192,791
Gains (losses) on early extinguishment of debt, net		-			(730	)		3,275			(18,895	)
Earnings before income taxes	$	1,358,718		$	696,270		$	1,889,418		$	1,945,214


	June 30, 2023		December 31, 2022
Segment assets:
Real estate segment:
U.S.	$	75,590,664	$	71,858,560
Other Americas		1,896,447		1,831,956
Europe		2,547,068		1,952,160
Asia		658,530		1,031,135
Total real estate segment		80,692,709		76,673,811
Strategic capital segment: (3)
U.S.		10,499		10,817
Europe		25,280		25,280
Asia		202		231
Total strategic capital segment		35,981		36,328
Total segment assets		80,728,690		76,710,139

Non-segment items:
Investments in and advances to unconsolidated entities		9,931,261		9,698,898
Assets held for sale or contribution		616,571		531,257
Cash and cash equivalents		531,110		278,483
Other assets		584,409		678,671
Total non-segment items		11,663,351		11,187,309
Total assets	$	92,392,041	$	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 June 30, 2023 and December 31, 2022.