Business Segments (Tables)

6 Months Ended

Jun. 30, 2020

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,
		2020			2019			2020			2019
Revenues:
Real estate operations segment:
U.S.	$	896,879		$	649,433		$	1,726,262		$	1,301,302
Other Americas		19,736			23,847			45,815			47,712
Europe		17,988			12,263			33,490			20,820
Asia		10,863			15,685			21,549			29,641
Total real estate operations segment		945,466			701,228			1,827,116			1,399,475
Strategic capital segment:
U.S.		256,517			20,536			290,859			40,804
Other Americas		9,596			13,624			18,707			21,524
Europe		31,532			33,539			64,122			62,377
Asia		23,013			21,445			43,561			38,244
Total strategic capital segment		320,658			89,144			417,249			162,949

Total revenues		1,266,124			790,372			2,244,365			1,562,424

Segment net operating income:
Real estate operations segment:
U.S. ⁽¹⁾		675,126			481,631			1,277,730			952,707
Other Americas		13,817			15,865			33,273			34,918
Europe		8,655			6,888			18,810			12,432
Asia		7,780			12,191			15,023			22,863
Total real estate operations segment		705,378			516,575			1,344,836			1,022,920
Strategic capital segment:
U.S. ⁽¹⁾		203,582			7,794			217,206			11,121
Other Americas		6,348			9,355			11,527			14,777
Europe		19,114			23,223			39,708			42,374
Asia		10,069			11,566			20,689			19,413
Total strategic capital segment		239,113			51,938			289,130			87,685

Total segment net operating income		944,491			568,513			1,633,966			1,110,605

Reconciling items:
General and administrative expenses		(64,664	)		(66,276	)		(134,353	)		(135,977	)
Depreciation and amortization expenses		(398,195	)		(284,376	)		(744,165	)		(568,385	)
Gains on dispositions of development properties and land, net		86,416			196,941			249,166			239,382
Gains on other dispositions of investments in real estate, net		43,939			27,254			75,430			173,021
Operating income		611,987			442,056			1,080,044			818,646

Earnings from unconsolidated entities, net		54,142			48,556			142,872			105,222
Interest expense		(81,298	)		(59,122	)		(156,940	)		(119,629	)
Interest and other income, net		1,027			4,312			1,397			12,222
Foreign currency and derivative gains (losses), net		(60,836	)		2,041			52,493			10,775
Losses on early extinguishment of debt, net		(23,573	)		(385	)		(66,340	)		(2,501	)
Earnings before income taxes	$	501,449		$	437,458		$	1,053,526		$	824,735

	June 30, 2020		December 31, 2019
Segment assets:
Real estate operations segment:
U.S.	$	41,623,003	$	27,999,868
Other Americas		1,061,404		1,332,237
Europe		1,518,215		1,379,579
Asia		901,407		879,072
Total real estate operations segment		45,104,029		31,590,756
Strategic capital segment: ⁽²⁾
U.S.		13,893		14,529
Europe		25,280		25,280
Asia		350		359
Total strategic capital segment		39,523		40,168
Total segment assets		45,143,552		31,630,924

Reconciling items:
Investments in and advances to unconsolidated entities		7,201,006		6,237,371
Assets held for sale or contribution		1,948,508		720,685
Lease right-of-use assets		110,124		111,439
Cash and cash equivalents		549,129		1,088,855
Other assets		269,538		242,576
Total reconciling items		10,078,305		8,400,926
Total assets	$	55,221,857	$	40,031,850

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

(2)	Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at June 30, 2020 and December 31, 2019.