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Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

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,
	2024			2023			2024			2023
Revenues:
Real estate segment:
U.S.	$	1,781,805		$	1,586,285		$	3,539,176		$	3,160,852
Other Americas		31,159			26,562			60,882			52,134
Europe		25,695			21,111			54,428			40,267
Asia		14,553			17,978			26,935			32,569
Total real estate segment		1,853,212			1,651,936			3,681,421			3,285,822
Strategic capital segment:
U.S.		45,026			679,449			91,129			733,145
Other Americas		41,158			45,890			57,443			60,085
Europe		47,102			46,277			91,902			89,810
Asia		21,456			27,419			42,680			50,696
Total strategic capital segment		154,742			799,035			283,154			933,736

Total revenues		2,007,954			2,450,971			3,964,575			4,219,558

Segment net operating income: (1)
Real estate segment:
U.S. (2)		1,346,001			1,204,741			2,658,622			2,376,724
Other Americas		24,363			20,067			47,256			39,245
Europe		16,755			15,048			35,529			29,258
Asia		9,414			11,982			16,834			20,759
Total real estate segment		1,396,533			1,251,838			2,758,241			2,465,986
Strategic capital segment:
U.S. (2)		10,304			594,933			15,450			616,500
Other Americas		34,459			37,873			44,422			46,815
Europe		27,025			3,497			50,117			26,101
Asia		12,418			11,826			23,818			21,705
Total strategic capital segment		84,206			648,129			133,807			711,121

Total segment net operating income		1,480,739			1,899,967			2,892,048			3,177,107

Non-segment items:
General and administrative expenses		(106,596	)		(95,647	)		(217,887	)		(195,424	)
Depreciation and amortization expenses		(637,305	)		(602,168	)		(1,274,810	)		(1,204,535	)
Gains on dispositions of development properties and land, net		87,174			184,877			127,482			184,877
Gains on other dispositions of investments in real estate, net		199,326			24,761			216,860			28,808
Operating income		1,023,338			1,411,790			1,743,693			1,990,833

Earnings from unconsolidated entities, net		102,337			70,642			174,809			146,421
Interest expense		(208,267	)		(149,818	)		(401,587	)		(285,829	)
Foreign currency, derivative and other gains and other income, net		37,152			26,104			100,716			34,718
Gains on early extinguishment of debt, net		-			-			536			3,275
Earnings before income taxes	$	954,560		$	1,358,718		$	1,618,167		$	1,889,418


	June 30, 2024		December 31, 2023
Segment assets:
Real estate segment:
U.S.	$	76,560,563	$	76,633,566
Other Americas		2,229,612		2,029,438
Europe		2,401,114		2,366,539
Asia		758,723		793,916
Total real estate segment		81,950,012		81,823,459
Strategic capital segment: (3)
U.S.		10,499		10,499
Europe		25,280		25,280
Asia		169		203
Total strategic capital segment		35,948		35,982
Total segment assets		81,985,960		81,859,441

Non-segment items:
Investments in and advances to unconsolidated entities		9,764,870		9,543,970
Assets held for sale or contribution		515,895		461,657
Cash and cash equivalents		598,347		530,388
Other assets		672,346		625,384
Total non-segment items		11,551,458		11,161,399
Total assets	$	93,537,418	$	93,020,840

(1)

Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from the 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 the 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, 2024 and December 31, 2023.