Business Segments (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Revenues:
Real estate operations:
Americas	$	322,022		$	304,959		$	637,425		$	585,174
Europe		29,295			109,639			128,761			221,316
Asia		24,549			55,590			65,255			109,209
Total Real Estate Operations segment		375,866			470,188			831,441			915,699
Strategic capital management:
Americas		15,428			16,470			31,615			34,824
Europe		13,854			9,326			24,467			18,463
Asia		14,326			5,197			21,161			10,063
Total Strategic Capital Management segment		43,608			30,993			77,243			63,350
Total revenues	$	419,474		$	501,181		$	908,684		$	979,049
Net operating income:
Real estate operations:
Americas	$	220,996		$	210,748		$	441,744		$	408,172
Europe		18,492			83,011			85,699			167,055
Asia		17,026			43,284			46,967			84,759
Total Real Estate Operations segment		256,514			337,043			574,410			659,986
Strategic capital management:
Americas		361			7,798			3,244			15,745
Europe		7,530			5,418			14,401			10,802
Asia		10,711			2,702			14,683			4,847
Total Strategic Capital Management segment		18,602			15,918			32,328			31,394
Total segment net operating income		275,116			352,961			606,738			691,380
Reconciling items:
General and administrative expenses		(54,909	)		(51,415	)		(111,106	)		(111,574	)
Depreciation and amortization		(158,965	)		(178,756	)		(335,454	)		(358,315	)
Merger, acquisition and other integration expenses		—			(21,186	)		—			(31,914	)
Impairment of real estate properties		—			—			—			(3,185	)
Earnings from unconsolidated entities, net		8,421			3,889			33,189			17,884
Interest expense		(92,508	)		(127,582	)		(207,498	)		(260,551	)
Interest and other income, net		4,492			5,912			16,119			11,013
Gains on acquisitions and dispositions of investments in real estate, net		61,035			520			399,880			268,291
Foreign currency and derivative gains (losses), net		(7,744	)		12,753			(6,860	)		(14,022	)
Gains (losses) on early extinguishment of debt, net		(32,608	)		(500	)		(49,959	)		4,919
Impairment of other assets		—			—			—			(16,135	)
Total reconciling items		(272,786	)		(356,365	)		(261,689	)		(493,589	)
Earnings (loss) before income taxes	$	2,330		$	(3,404	)	$	345,049		$	197,791

	June 30, 2013		December 31, 2012
Assets:
Real estate operations:
Americas	$	15,217,342	$	15,304,053
Europe		2,173,011		5,738,257
Asia		1,866,825		3,476,996
Total Real Estate Operations segment		19,257,178		24,519,306
Strategic capital management (1):
Americas		23,657		24,373
Europe		58,974		61,266
Asia		4,309		6,108
Total Strategic Capital Management segment		86,940		91,747
Total segment assets		19,344,118		24,611,053
Reconciling items:
Investments in and advances to other unconsolidated entities		3,884,766		2,195,782
Notes receivable backed by real estate		189,636		188,000
Assets held for sale		25,330		26,027
Cash and cash equivalents		385,424		100,810
Other assets		208,294		188,473
Total reconciling items		4,693,450		2,699,092
Total assets	$	24,037,568	$	27,310,145

(1) Represents management contracts recorded in connection with business combinations and goodwill associated with the Strategic Capital Management segment.