Business Segments (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Years Ended December 31,
		2020			2019			2018
Revenues:
Real estate operations segment:
U.S.	$	3,600,335		$	2,645,194		$	2,173,279
Other Americas		87,830			94,984			119,954
Europe		68,801			44,356			54,405
Asia		44,782			54,201			50,511
Total real estate operations segment		3,801,748			2,838,735			2,398,149
Strategic capital segment:
U.S.		354,825			86,271			74,618
Other Americas		37,696			40,347			32,434
Europe		145,016			283,909			174,898
Asia		99,450			81,359			124,350
Total strategic capital segment		636,987			491,886			406,300
Total revenues		4,438,735			3,330,621			2,804,449
Segment net operating income:
Real estate operations segment:
U.S. (1)		2,679,685			1,953,727			1,621,665
Other Americas		64,473			69,393			89,044
Europe		43,531			27,525			34,807
Asia		31,986			40,675			38,425
Total real estate operations segment		2,819,675			2,091,320			1,783,941
Strategic capital segment:
U.S. (1)		237,271			(10,945	)		4,712
Other Americas		24,923			27,369			19,874
Europe		99,504			246,213			136,240
Asia		57,248			44,588			88,434
Total strategic capital segment		418,946			307,225			249,260
Total segment net operating income		3,238,621			2,398,545			2,033,201
Reconciling items:
General and administrative expenses		(274,845	)		(266,718	)		(238,985	)
Depreciation and amortization expenses		(1,561,969	)		(1,139,879	)		(947,214	)
Gains on dispositions of development properties and land, net		464,942			467,577			469,817
Gains on other dispositions of investments in real estate, net		252,195			390,241			371,179
Operating income		2,118,944			1,849,766			1,687,998
Earnings from unconsolidated entities, net		297,370			200,178			298,260
Interest expense		(314,507	)		(239,953	)		(229,141	)
Interest and other income, net		1,044			24,213			14,663
Foreign currency and derivative gains (losses), net		(167,473	)		(41,715	)		117,096
Losses on early extinguishment of debt, net		(188,290	)		(16,126	)		(2,586	)
Earnings before income taxes	$	1,747,088		$	1,776,363		$	1,886,290

	December 31,
		2020		2019
Segment assets:
Real estate operations segment:
U.S.	$	42,559,023	$	27,999,868
Other Americas		1,145,699		1,332,237
Europe		1,604,393		1,379,579
Asia		1,081,876		879,072
Total real estate operations segment		46,390,991		31,590,756
Strategic capital segment (2):
U.S.		13,257		14,529
Europe		25,280		25,280
Asia		354		359
Total strategic capital segment		38,891		40,168
Total segment assets		46,429,882		31,630,924
Reconciling items:
Investments in and advances to unconsolidated entities		7,602,014		6,237,371
Assets held for sale or contribution		1,070,724		720,685
Lease right-of-use assets		125,670		111,439
Cash and cash equivalents		598,086		1,088,855
Other assets		238,629		242,576
Total reconciling items		9,635,123		8,400,926
Total assets	$	56,065,005	$	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 December 31, 2020 and 2019.