Business Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended March 31,
		2021			2020
Revenues:
Real estate operations segment:
U.S.	$	975,083		$	829,383
Other Americas		23,893			26,079
Europe		18,856			15,502
Asia		10,523			10,686
Total real estate operations segment		1,028,355			881,650
Strategic capital segment:
U.S.		33,983			34,342
Other Americas		10,663			9,111
Europe		43,429			32,590
Asia		31,886			20,548
Total strategic capital segment		119,961			96,591
Total revenues		1,148,316			978,241
Segment net operating income:
Real estate operations segment:
U.S. (1)		709,303			602,604
Other Americas		17,595			19,456
Europe		13,191			10,155
Asia		6,938			7,243
Total real estate operations segment		747,027			639,458
Strategic capital segment:
U.S. (1)		8,302			13,624
Other Americas		7,906			5,179
Europe		32,171			20,594
Asia		22,132			10,620
Total strategic capital segment		70,511			50,017
Total segment net operating income		817,538			689,475
Reconciling items:
General and administrative expenses		(78,032	)		(69,689	)
Depreciation and amortization expenses		(397,575	)		(345,970	)
Gains on dispositions of development properties and land, net		173,643			162,750
Gains on other dispositions of investments in real estate, net		16,623			31,491
Operating income		532,197			468,057
Earnings from unconsolidated entities, net		67,049			88,730
Interest expense		(71,281	)		(75,642	)
Interest and other income, net		4,746			370
Foreign currency and derivative gains, net		80,152			113,329
Losses on early extinguishment of debt, net		(187,453	)		(42,767	)
Earnings before income taxes	$	425,410		$	552,077

	March 31, 2021		December 31, 2020
Segment assets:
Real estate operations segment:
U.S.	$	42,337,749	$	42,559,023
Other Americas		1,168,322		1,145,699
Europe		1,634,170		1,604,393
Asia		905,369		1,081,876
Total real estate operations segment		46,045,610		46,390,991
Strategic capital segment: (2)
U.S.		12,939		13,257
Europe		25,280		25,280
Asia		324		354
Total strategic capital segment		38,543		38,891
Total segment assets		46,084,153		46,429,882
Reconciling items:
Investments in and advances to unconsolidated entities		7,514,840		7,602,014
Assets held for sale or contribution		1,055,751		1,070,724
Cash and cash equivalents		676,074		598,086
Other assets		401,991		364,299
Total reconciling items		9,648,656		9,635,123
Total assets	$	55,732,809	$	56,065,005

(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 March 31, 2021 and December 31, 2020.