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Business Segments (Tables)

3 Months Ended

Mar. 31, 2024

Reportable Business Segment Revenues, Net Operating Income and Assets

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


	Three Months Ended March 31,
	2024			2023
Revenues:
Real estate segment:
U.S.	$	1,757,371		$	1,574,567
Other Americas		29,723			25,572
Europe		28,733			19,156
Asia		12,382			14,591
Total real estate segment		1,828,209			1,633,886
Strategic capital segment:
U.S.		46,103			53,696
Other Americas		16,285			14,195
Europe		44,800			43,533
Asia		21,224			23,277
Total strategic capital segment		128,412			134,701

Total revenues		1,956,621			1,768,587

Segment net operating income: (1)
Real estate segment:
U.S. (2)		1,312,621			1,171,983
Other Americas		22,893			19,178
Europe		18,774			14,210
Asia		7,420			8,777
Total real estate segment		1,361,708			1,214,148
Strategic capital segment:
U.S. (2)		5,146			21,567
Other Americas		9,963			8,942
Europe		23,092			22,604
Asia		11,400			9,879
Total strategic capital segment		49,601			62,992

Total segment net operating income		1,411,309			1,277,140

Non-segment items:
General and administrative expenses		(111,291	)		(99,777	)
Depreciation and amortization expenses		(637,505	)		(602,367	)
Gains on dispositions of development properties and land, net		40,308			-
Gains on other dispositions of investments in real estate, net		17,534			4,047
Operating income		720,355			579,043

Earnings from unconsolidated entities, net		72,472			75,779
Interest expense		(193,320	)		(136,011	)
Foreign currency, derivative and other gains and other income, net		63,564			8,614
Gains on early extinguishment of debt, net		536			3,275
Earnings before income taxes	$	663,607		$	530,700


	March 31, 2024		December 31, 2023
Segment assets:
Real estate segment:
U.S.	$	76,732,394	$	76,633,566
Other Americas		2,186,421		2,029,438
Europe		2,356,294		2,366,539
Asia		754,985		793,916
Total real estate segment		82,030,094		81,823,459
Strategic capital segment: (3)
U.S.		10,499		10,499
Europe		25,280		25,280
Asia		186		203
Total strategic capital segment		35,965		35,982
Total segment assets		82,066,059		81,859,441

Non-segment items:
Investments in and advances to unconsolidated entities		9,691,101		9,543,970
Assets held for sale or contribution		382,793		461,657
Cash and cash equivalents		500,589		530,388
Other assets		669,768		625,384
Total non-segment items		11,244,251		11,161,399
Total assets	$	93,310,310	$	93,020,840

(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 March 31, 2024 and December 31, 2023.