Business Segments (Tables)

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
Revenues:
Real estate operations:
Americas	$	328,702		$	303,465		$	961,042		$	883,758
Europe		26,199			104,804			154,961			326,120
Asia		26,962			59,479			92,172			168,688
Total Real Estate Operations segment		381,863			467,748			1,208,175			1,378,566
Investment management:
Americas		18,357			16,934			49,972			51,758
Europe		20,037			9,537			44,504			28,000
Asia		9,928			5,243			31,089			15,306
Total Investment Management segment		48,322			31,714			125,565			95,064
Total revenues	$	430,185		$	499,462		$	1,333,740		$	1,473,630
Net operating income:
Real estate operations:
Americas	$	228,688		$	210,004		$	666,768		$	614,594
Europe		18,625			79,103			104,324			246,158
Asia		19,268			46,630			66,317			131,388
Total Real Estate Operations segment		266,581			335,737			837,409			992,140
Investment management:
Americas		5,578			7,581			8,822			23,326
Europe		14,115			5,762			28,516			16,564
Asia		6,606			2,641			21,289			7,488
Total Investment Management segment		26,299			15,984			58,627			47,378
Total segment net operating income		292,880			351,721			896,036			1,039,518
Reconciling items:
General and administrative expenses		(55,034	)		(55,886	)		(166,140	)		(167,460	)
Depreciation and amortization		(158,889	)		(190,148	)		(492,690	)		(547,036	)
Merger, acquisition and other integration expenses		—			(20,659	)		—			(52,573	)
Impairment of real estate properties		—			(9,778	)		—			(12,963	)
Earnings from unconsolidated entities, net		26,365			2,563			59,554			20,447
Interest expense		(84,885	)		(122,817	)		(292,383	)		(383,369	)
Interest and other income, net		5,653			8,758			21,772			19,771
Gains on acquisitions and dispositions of investments in real estate, net		46,074			12,677			445,954			280,968
Foreign currency and derivative gains (losses), net		6,875			(5,908	)		15			(19,930	)
Gains (losses) on early extinguishment of debt, net		(114,196	)		—			(164,155	)		4,919
Impairment of other assets		—			—			—			(16,135	)
Total reconciling items		(328,037	)		(381,198	)		(588,073	)		(873,361	)
Earnings (loss) before income taxes	$	(35,157	)	$	(29,477	)	$	307,963		$	166,157

	September 30,		December 31,
	2013		2012
Assets:
Real estate operations:
Americas	$	15,885,306	$	15,304,053
Europe		2,160,506		5,738,257
Asia		1,926,527		3,476,996
Total Real Estate Operations segment		19,972,339		24,519,306
Investment management (1):
Americas		23,280		24,373
Europe		60,089		61,266
Asia		4,138		6,108
Total Investment Management segment		87,507		91,747
Total segment assets		20,059,846		24,611,053
Reconciling items:
Investments in and advances to other unconsolidated entities		4,210,305		2,195,782
Notes receivable backed by real estate		189,663		188,000
Assets held for sale		3,958		26,027
Cash and cash equivalents		121,693		100,810
Other assets		204,078		188,473
Total reconciling items		4,729,697		2,699,092
Total assets	$	24,789,543	$	27,310,145

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