Business Segments (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

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,
	2014			2013			2014			2013
Revenues:
Real estate operations:
Americas	$	344,347		$	315,471		$	700,472		$	623,871
Europe		20,473			29,295			36,661			128,762
Asia		18,935			22,319			35,994			60,788
Total Real Estate Operations segment		383,755			367,085			773,127			813,421
Strategic capital:
Americas		47,315			15,428			61,890			31,615
Europe		19,453			13,854			41,153			24,467
Asia		9,566			14,326			18,601			21,161
Total Strategic Capital segment		76,334			43,608			121,644			77,243
Total revenues	$	460,089		$	410,693		$	894,771		$	890,664
Net operating income:
Real estate operations:
Americas	$	243,269		$	216,666		$	496,730		$	432,794
Europe		11,410			18,492			19,634			85,698
Asia		14,050			15,319			26,167			43,614
Total Real Estate Operations segment		268,729			250,477			542,531			562,106
Strategic capital:
Americas		30,092			361			32,148			3,244
Europe		12,125			7,530			25,809			14,401
Asia		6,280			10,711			11,687			14,683
Total Strategic Capital segment		48,497			18,602			69,644			32,328
Total segment net operating income		317,226			269,079			612,175			594,434
Reconciling items:
General and administrative expenses		(60,375	)		(54,909	)		(123,578	)		(111,106	)
Depreciation and amortization		(161,577	)		(155,656	)		(321,857	)		(327,776	)
Earnings from unconsolidated entities, net		21,151			8,421			50,897			33,189
Interest expense		(80,184	)		(92,214	)		(165,707	)		(206,854	)
Interest and other income, net		5,116			4,492			19,166			16,119
Gains on acquisitions and dispositions of investments in real estate, net		169,583			61,035			186,638			399,880
Foreign currency and derivative gains (losses) and related amortization, net		10,130			(7,744	)		(18,054	)		(6,860	)
Losses on early extinguishment of debt, net		(77,558	)		(32,608	)		(77,285	)		(49,959	)
Total reconciling items		(173,714	)		(269,183	)		(449,780	)		(253,367	)
Earnings (loss) before income taxes	$	143,512		$	(104	)	$	162,395		$	341,067

	June 30, 2014		December 31, 2013
Assets:
Real estate operations:
Americas	$	14,848,220	$	16,293,109
Europe		1,786,672		1,634,867
Asia		1,283,506		1,176,774
Total Real Estate Operations segment		17,918,398		19,104,750
Strategic capital (1):
Americas		21,484		22,154
Europe		59,235		60,327
Asia		3,320		3,634
Total Strategic Capital segment		84,039		86,115
Total segment assets		18,002,437		19,190,865
Reconciling items:
Investments in and advances to unconsolidated entities		5,575,423		4,430,239
Notes receivable backed by real estate and other		—		192,042
Cash and cash equivalents		267,427		491,129
Other assets		286,275		268,032
Total reconciling items		6,129,125		5,381,442
Total assets	$	24,131,562	$	24,572,307

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