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Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Reportable Business Segment Revenues, Net Operating Income and Assets (Detail)

The following reportable business segment revenues, net operating income and assets are presented in thousands:


	Years Ended December 31,
	2023			2022			2021
Revenues:
Real estate segment:
U.S.	$	6,558,051		$	4,726,072		$	3,967,180
Other Americas		110,305			92,751			98,620
Europe		95,915			56,731			55,533
Asia		58,966			58,553			47,357
Total real estate segment		6,823,237			4,934,107			4,168,690
Strategic capital segment:
U.S.		833,402			215,416			171,761
Other Americas		89,783			82,462			58,655
Europe		181,651			644,832			249,600
Asia		95,396			96,875			110,734
Total strategic capital segment		1,200,232			1,039,585			590,750

Total revenues		8,023,469			5,973,692			4,759,440

Segment net operating income: (1)
Real estate segment:
U.S. (2)		4,954,565			3,555,627			2,966,498
Other Americas		84,922			67,552			72,424
Europe		68,200			24,738			31,163
Asia		37,403			40,116			34,854
Total real estate segment		5,145,090			3,688,033			3,104,939
Strategic capital segment:
U.S. (2)		629,336			59,561			59,991
Other Americas		62,765			63,464			47,247
Europe		78,626			557,676			203,779
Asia		43,963			55,528			72,562
Total strategic capital segment		814,690			736,229			383,579

Total segment net operating income		5,959,780			4,424,262			3,488,518

Non-segment items:
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
Operating income		3,707,792			3,467,538			3,206,996

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


	December 31,
	2023		2022
Segment assets:
Real estate segment:
U.S.	$	76,633,566	$	71,858,560
Other Americas		2,029,438		1,831,956
Europe		2,366,539		1,952,160
Asia		793,916		1,031,135
Total real estate segment		81,823,459		76,673,811
Strategic capital segment: (3)
U.S.		10,499		10,817
Europe		25,280		25,280
Asia		203		231
Total strategic capital segment		35,982		36,328
Total segment assets		81,859,441		76,710,139

Non-segment items:
Investments in and advances to unconsolidated entities		9,543,970		9,698,898
Assets held for sale or contribution		461,657		531,257
Cash and cash equivalents		530,388		278,483
Other assets		625,384		678,671
Total non-segment items		11,161,399		11,187,309
Total assets	$	93,020,840	$	87,897,448

(1)

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.

(2)

This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies.

(3)

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.