Business Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended September 30,						Nine Months Ended September 30,
		2022			2021			2022			2021
Revenues:
Real estate operations segment:
U.S.	$	1,102,418		$	992,583		$	3,187,756		$	2,939,364
Other Americas		23,774			24,791			69,136			74,179
Europe		13,437			11,912			37,145			44,140
Asia		16,511			12,315			43,147			33,728
Total real estate operations segment		1,156,140			1,041,601			3,337,184			3,091,411
Strategic capital segment:
U.S.		53,973			60,319			155,474			130,172
Other Americas		13,344			10,679			57,809			40,817
Europe		503,764			45,325			599,076			136,589
Asia		23,671			25,125			72,557			83,218
Total strategic capital segment		594,752			141,448			884,916			390,796
Total revenues		1,750,892			1,183,049			4,222,100			3,482,207
Segment net operating income:
Real estate operations segment:
U.S. (1)		828,144			746,710			2,384,060			2,190,308
Other Americas		17,068			18,341			50,010			55,165
Europe		7,758			6,089			13,592			26,754
Asia		11,459			9,441			30,462			24,509
Total real estate operations segment		864,429			780,581			2,478,124			2,296,736
Strategic capital segment:
U.S. (1)		(16,055	)		31,397			33,930			55,051
Other Americas		7,410			7,518			43,657			32,072
Europe		461,701			34,088			528,323			102,537
Asia		11,141			16,056			39,588			54,198
Total strategic capital segment		464,197			89,059			645,498			243,858
Total segment net operating income		1,328,626			869,640			3,123,622			2,540,594
Reconciling items:
General and administrative expenses		(87,903	)		(66,970	)		(245,663	)		(219,344	)
Depreciation and amortization expenses		(401,450	)		(390,806	)		(1,200,410	)		(1,181,117	)
Gains on dispositions of development properties and land, net		74,678			139,406			390,686			500,410
Gains on other dispositions of investments in real estate, net		1,019			214,390			585,854			358,180
Operating income		914,970			765,660			2,654,089			1,998,723
Earnings from unconsolidated entities, net		84,925			91,818			241,481			231,286
Interest expense		(63,884	)		(63,638	)		(188,241	)		(203,331	)
Foreign currency and derivative gains and interest and other      income, net		171,832			63,326			364,623			142,859
Losses on early extinguishment of debt, net		-			-			(18,895	)		(187,453	)
Earnings before income taxes	$	1,107,843		$	857,166		$	3,053,057		$	1,982,084

	September 30, 2022		December 31, 2021
Segment assets:
Real estate operations segment:
U.S.	$	45,767,065	$	44,136,140
Other Americas		1,740,423		1,148,371
Europe		1,633,021		1,837,800
Asia		1,045,584		965,854
Total real estate operations segment		50,186,093		48,088,165
Strategic capital segment: (2)
U.S.		11,029		11,984
Europe		25,280		25,280
Asia		215		299
Total strategic capital segment		36,524		37,563
Total segment assets		50,222,617		48,125,728
Reconciling items:
Investments in and advances to unconsolidated entities		8,659,129		8,610,958
Assets held for sale or contribution		614,356		669,688
Cash and cash equivalents		636,282		556,117
Other assets		813,145		523,729
Total reconciling items		10,722,912		10,360,492
Total assets	$	60,945,529	$	58,486,220

(1) This includes compensation and personnel costs 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 September 30, 2022 and December 31, 2021.