Business Segments (Tables)

6 Months Ended

Jun. 30, 2011

Business Segments Tables [Abstract]

Segment reporting, reconicilation of revenues, operating income, and assets

The following reconciliations are presented in thousands:

					Three Months Ended				Six Months Ended
					June 30,				June 30,
					2011		2010		2011		2010
Revenues:
	Direct owned (1):
		Americas			$	201,247	$	150,811	$	357,286	$	301,987
		Europe				64,113		20,478		91,683		39,393
		Asia				33,548		19,550		56,975		38,165
			Total direct owned segment			298,908		190,839		505,944		379,545
	Private capital (2):
		Americas				19,740		10,303		37,801		22,988
		Europe				23,689		18,272		48,601		39,697
		Asia				4,916		559		6,402		971
			Total private capital segment			48,345		29,134		92,804		63,656
				Total segment revenue		347,253		219,973		598,748		443,201
	Reconciling item (3)					(11,352)		(827)		(23,940)		(6,687)
Total revenues					$	335,901	$	219,146	$	574,808	$	436,514
Net operating income:
	Direct owned (4):
		Americas			$	142,015	$	107,363	$	248,443	$	214,515
		Europe				44,233		10,407		59,902		18,241
		Asia				25,894		14,331		42,881		27,559
			Total direct owned segment			212,142		132,101		351,226		260,315
	Private capital (2)(5):
		Americas				12,514		3,688		23,818		9,779
		Europe				19,752		15,119		41,143		32,962
		Asia				4,484		396		5,696		665
			Total private capital segment			36,750		19,203		70,657		43,406
				Total segment net operating income		248,892		151,304		421,883		303,721
Reconciling items:
		General and administrative expenses				(51,840)		(38,921)		(91,023)		(80,927)
		Merger, acquisition and other integration expenses				(103,052)		-		(109,040)		-
		Depreciation and amortization expense				(123,040)		(76,871)		(205,744)		(152,011)
		Earnings from other unconsolidated investees, net				46		2,477		1,099		4,590
		Interest and other income (expense), net				5,277		(1,737)		2,698		(1,909)
		Interest expense				(113,059)		(118,920)		(203,621)		(228,899)
		Impairment of other assets				(103,823)		-		(103,823)		-
		Net gains on acquisitions and dispositions of investments in real estate				102,529		10,959		106,254		22,766
		Foreign currency exchange and derivative losses, net				(10,255)		(7,206)		(8,881)		(3,518)
		Gain (loss) on early extinguishment of debt, net				-		975		-		(46,658)
			Total reconciling items			(397,217)		(229,244)		(612,081)		(486,566)
Loss before income taxes					$	(148,325)	$	(77,940)	$	(190,198)	$	(182,845)

				June 30,		December 31,
				2011		2010
Assets:
Direct owned:
	Americas			$	14,192,651	$	7,358,374
	Europe				7,815,816		2,619,455
	Asia				3,091,777		1,889,879
		Total direct owned segment			25,100,244		11,867,708
Private Capital:
	Americas				1,996,312		1,035,548
	Europe				866,144		1,038,061
	Asia				337,756		84,000
		Total private capital segment			3,200,212		2,157,609
			Total segment assets		28,300,456		14,025,317
Reconciling items:
	Investments in and advances to other unconsolidated investees				93,335		6,987
	Notes receivable backed by real estate				247,178		189,550
	Assets held for sale				171,765		574,791
	Cash and cash equivalents				260,893		37,634
	Accounts receivable				60,879		68,388
		Total reconciling items			834,050		877,350
Total assets				$	29,134,506	$	14,902,667

(1)       Includes rental income from our industrial properties and land subject to ground leases, as well as development management and other income, other than development fees earned for services provided to our unconsolidated investees,which are included in the private capital segment.

(2)       Includes management fees, development fees and our share of the earnings or losses recognized under the equity method from our investments in unconsolidated property funds and certain industrial joint ventures, along with dividends and interest earned on investments in preferred stock or debt securities of these unconsolidated investees. See Note 4 for more information on our unconsolidated investees.

(3)       Amount represents the earnings or losses recognized under the equity method from unconsolidated investees, which we reflect in revenues of the private capital segment but are not presented as a component of Revenues in our Consolidated Statements of Operations.

(4)       Includes rental income less rental expenses of our industrial properties and land subject to ground leases, as well as development management and other income less related expenses.

(5)       Also includes the direct costs we incur to manage the unconsolidated investees and certain third parties and the properties they own that are presented as Private Capital Expenses in our Consolidated Statements of Operations.