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Business Segments - Reportable Business Segment Revenues, Net Operating Income and Assets (Detail) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]                      
Total revenues $ 1,889,247 $ 1,914,664 $ 2,450,971 $ 1,768,587 $ 1,751,592 $ 1,750,892 $ 1,252,080 $ 1,219,128 $ 8,023,469 $ 5,973,692 $ 4,759,440
Operating income 834,851 882,108 1,411,790 579,043 813,449 914,970 533,317 1,205,802 3,707,792 3,467,538 3,206,996
General and administrative expenses                 (390,406) (331,083) (293,167)
Depreciation and amortization expenses                 (2,484,891) (1,812,777) (1,577,942)
Gains on dispositions of development properties and land, net 188,363 89,030 184,877 0 207,059 74,678 105,802 210,206 462,270 597,745 817,017
Gains on other dispositions of investments in real estate, net 2,647 $ 129,584 $ 24,761 $ 4,047 3,537 $ 1,019 $ 0 $ 584,835 161,039 [1] 589,391 [1] 772,570 [1]
Earnings from unconsolidated entities, net                 307,227 310,872 404,255
Interest expense                 (641,332) [2] (309,037) (266,228)
Foreign currency, derivative and other gains and other income, net                 87,221 241,621 165,278
Gains (losses) on early extinguishment of debt, net                 3,275 (20,184) (187,453)
Earnings before income taxes                 3,464,183 3,690,810 3,322,848
Total assets 93,020,840       87,897,448       93,020,840 87,897,448  
Investments in and advances to unconsolidated entities 9,543,970       9,698,898       9,543,970 9,698,898  
Assets held for sale or contribution 461,657       531,257       461,657 531,257  
Cash and cash equivalents 530,388       278,483       530,388 278,483 556,000
Other assets 4,749,735       4,801,499       4,749,735 4,801,499  
Asia [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 654,000    
Earnings from unconsolidated entities, net                 13,000    
Operating Segments [Member]                      
Segment Reporting Information [Line Items]                      
Operating income [3]                 5,959,780 4,424,262 3,488,518
Total assets [4] 81,859,441       76,710,139       81,859,441 76,710,139  
Operating Segments [Member] | Real Estate Operations [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 6,823,237 4,934,107 4,168,690
Operating income [3]                 5,145,090 3,688,033 3,104,939
Total assets 81,823,459       76,673,811       81,823,459 76,673,811  
Operating Segments [Member] | Strategic Capital [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 1,200,232 1,039,585 590,750
Operating income [3]                 814,690 736,229 383,579
Total assets [4] 35,982       36,328       35,982 36,328  
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 6,558,051 4,726,072 3,967,180
Operating income [3],[5]                 4,954,565 3,555,627 2,966,498
Total assets 76,633,566       71,858,560       76,633,566 71,858,560  
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 833,402 215,416 171,761
Operating income [3],[5]                 629,336 59,561 59,991
Total assets [4] 10,499       10,817       10,499 10,817  
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 110,305 92,751 98,620
Operating income [3]                 84,922 67,552 72,424
Total assets 2,029,438       1,831,956       2,029,438 1,831,956  
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 89,783 82,462 58,655
Operating income [3]                 62,765 63,464 47,247
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 95,915 56,731 55,533
Operating income [3]                 68,200 24,738 31,163
Total assets 2,366,539       1,952,160       2,366,539 1,952,160  
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 181,651 644,832 249,600
Operating income [3]                 78,626 557,676 203,779
Total assets [4] 25,280       25,280       25,280 25,280  
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 58,966 58,553 47,357
Operating income [3]                 37,403 40,116 34,854
Total assets 793,916       1,031,135       793,916 1,031,135  
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member]                      
Segment Reporting Information [Line Items]                      
Total revenues                 95,396 96,875 110,734
Operating income [3]                 43,963 55,528 72,562
Total assets [4] 203       231       203 231  
Non Segment Items [Member]                      
Segment Reporting Information [Line Items]                      
Operating income                 3,707,792 3,467,538 3,206,996
General and administrative expenses                 (390,406) (331,083) (293,167)
Depreciation and amortization expenses                 (2,484,891) (1,812,777) (1,577,942)
Gains on dispositions of development properties and land, net                 462,270 597,745 817,017
Gains on other dispositions of investments in real estate, net                 161,039 589,391 772,570
Earnings from unconsolidated entities, net                 307,227 310,872 404,255
Interest expense                 (641,332) (309,037) (266,228)
Foreign currency, derivative and other gains and other income, net                 87,221 241,621 165,278
Gains (losses) on early extinguishment of debt, net                 3,275 (20,184) (187,453)
Earnings before income taxes                 3,464,183 3,690,810 $ 3,322,848
Total assets 11,161,399       11,187,309       11,161,399 11,187,309  
Investments in and advances to unconsolidated entities 9,543,970       9,698,898       9,543,970 9,698,898  
Assets held for sale or contribution 461,657       531,257       461,657 531,257  
Cash and cash equivalents 530,388       278,483       530,388 278,483  
Other assets $ 625,384       $ 678,671       $ 625,384 $ 678,671  
[1] In 2023 and 2021, we sold our ownership interest in unconsolidated joint ventures. The net proceeds and gains from these transactions are included in the table.
[2] Interest expense increased in 2023, as compared to 2022, principally due to the financing of acquisition and development activity through the issuance of senior notes in 2023, the assumption of $4.2 billion of debt in the Duke Transaction which was marked to fair value in October 2022 and higher interest rates on new issuances and our credit facilities. We issued $5.4 billion of senior notes during 2023 and $3.3 billion during 2022, with a weighted average interest rate of 4.7% and 2.3%, respectively, at the issuance date.
[3] Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from the Consolidated Financial Statements as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses. NOI from the Strategic Capital Segment is calculated directly from the Consolidated Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses.
[4] 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, 2023, and 2022.
[5] This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies.