Business Segments (Tables)

6 Months Ended

Jun. 30, 2018

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,
		2018			2017			2018			2017
Segment revenues:
Real estate operations segment:
U.S.	$	491,051		$	529,841		$	990,308		$	1,053,988
Other Americas		29,948			16,444			60,379			31,533
Europe		12,908			22,076			30,110			40,307
Asia		11,672			17,168			25,477			31,811
Total real estate operations segment		545,579			585,529			1,106,274			1,157,639
Strategic capital segment:
U.S.		17,905			130,677			33,974			142,585
Other Americas		12,256			9,864			18,409			15,915
Europe		28,488			25,973			67,305			52,235
Asia		17,048			14,140			88,970			26,964
Total strategic capital segment		75,697			180,654			208,658			237,699
Total segment revenues		621,276			766,183			1,314,932			1,395,338
Segment net operating income:
Real estate operations segment:
U.S. (1)		367,935			396,274			737,299			780,374
Other Americas		22,488			10,384			45,411			20,366
Europe		8,693			16,401			21,152			29,259
Asia		8,619			11,767			18,388			21,675
Total real estate operations segment		407,735			434,826			822,250			851,674
Strategic capital segment:
U.S. (1)		5,893			99,668			1,657			101,607
Other Americas		9,032			7,587			11,939			10,732
Europe		19,382			16,342			47,045			32,732
Asia		6,540			5,071			69,307			8,843
Total strategic capital segment		40,847			128,668			129,948			153,914
Total segment net operating income		448,582			563,494			952,198			1,005,588
Reconciling items:
General and administrative expenses		57,615			60,077			120,043			113,694
Depreciation and amortization expenses		203,673			228,145			407,754			454,736
Operating income		187,294			275,272			424,401			437,158
Earnings from unconsolidated entities, net		62,549			68,596			125,205			117,201
Interest expense		(56,314	)		(75,354	)		(102,575	)		(148,266	)
Interest and other income, net		5,641			1,892			7,617			4,677
Gains on dispositions of investments in real estate, net		94,261			83,006			289,372			180,331
Foreign currency and derivative gains (losses), net		85,382			(20,055	)		44,288			(27,455	)
Gains (losses) on early extinguishment of debt, net		282			(30,596	)		(702	)		(30,596	)
Earnings before income taxes	$	379,095		$	302,761		$	787,606		$	533,050

	June 30, 2018		December 31, 2017
Segment assets:
Real estate operations segment:
U.S.	$	18,807,476	$	19,058,610
Other Americas		1,618,701		1,767,385
Europe		970,749		1,008,340
Asia		1,023,036		1,083,764
Total real estate operations segment		22,419,962		22,918,099
Strategic capital segment:
U.S.		16,438		16,818
Europe		25,280		25,280
Asia		341		544
Total strategic capital segment		42,059		42,642
Total segment assets		22,462,021		22,960,741
Reconciling items:
Investments in and advances to unconsolidated entities		5,414,623		5,496,450
Assets held for sale or contribution		892,546		342,060
Notes receivable backed by real estate		-		34,260
Cash and cash equivalents		527,830		447,046
Other assets		205,862		200,518
Total reconciling items		7,040,861		6,520,334
Total assets	$	29,502,882	$	29,481,075

(1) This includes compensation and personnel costs for employees who were located in the U.S. but also support other regions.