Business Segments (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended March 31,
		2019			2018
Revenues:
Real estate operations segment:
U.S.	$	651,869		$	499,257
Other Americas		23,865			30,431
Europe		8,557			17,202
Asia		13,956			13,805
Total real estate operations segment		698,247			560,695
Strategic capital segment:
U.S.		20,268			16,069
Other Americas		7,900			6,153
Europe		28,838			38,817
Asia		16,799			71,922
Total strategic capital segment		73,805			132,961
Total revenues		772,052			693,656
Segment net operating income:
Real estate operations segment:
U.S. (1)		471,076			369,364
Other Americas		19,053			22,923
Europe		5,544			12,459
Asia		10,672			9,769
Total real estate operations segment		506,345			414,515
Strategic capital segment:
U.S. (1)		3,327			(4,236	)
Other Americas		5,422			2,907
Europe		19,151			27,663
Asia		7,847			62,767
Total strategic capital segment		35,747			89,101
Total segment net operating income		542,092			503,616
Reconciling items:
General and administrative expenses		(69,701	)		(62,428	)
Depreciation and amortization expenses		(284,009	)		(204,081	)
Gains on real estate transactions, net		188,208			195,111
Operating income		376,590			432,218
Earnings from unconsolidated entities, net		56,666			62,656
Interest expense		(60,507	)		(47,245	)
Interest and other income, net		7,910			1,976
Foreign currency and derivative gains (losses), net		8,734			(41,094	)
Losses on early extinguishment of debt, net		(2,116	)		-
Earnings before income taxes	$	387,277		$	408,511

	March 31, 2019		December 31, 2018
Segment assets:
Real estate operations segment:
U.S.	$	28,113,087	$	27,666,200
Other Americas		1,185,389		1,712,862
Europe		1,158,984		1,040,061
Asia		763,531		1,012,253
Total real estate operations segment		31,220,991		31,431,376
Strategic capital segment (2):
U.S.		15,483		15,802
Europe		25,280		25,280
Asia		368		455
Total strategic capital segment		41,131		41,537
Total segment assets		31,262,122		31,472,913
Reconciling items:
Investments in and advances to unconsolidated entities		5,613,060		5,745,294
Assets held for sale or contribution		899,976		622,288
Lease right-of-use assets		116,012		-
Cash and cash equivalents		251,030		343,856
Other assets		249,912		233,313
Total reconciling items		7,129,990		6,944,751
Total assets	$	38,392,112	$	38,417,664

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

(2) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at March 31, 2019 and December 31, 2018.