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Business Segments - Reportable Business Segment Revenues, Net Operating Income and Assets (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total revenues $ 1,956,621 $ 1,768,587  
Operating income 720,355 579,043  
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 0  
Gains on other dispositions of investments in real estate, net 17,534 4,047  
Earnings from unconsolidated entities, net 72,472 75,779  
Interest expense (193,320) (136,011)  
Gains on early extinguishment of debt, net 536 3,275  
Earnings before income taxes 663,607 530,700  
Total assets 93,310,310   $ 93,020,840
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 4,739,221   4,749,735
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Operating income [1] 1,411,309 1,277,140  
Total assets [2] 82,066,059   81,859,441
Operating Segments [Member] | Real Estate Operations [Member]      
Segment Reporting Information [Line Items]      
Total revenues 1,828,209 1,633,886  
Operating income [1] 1,361,708 1,214,148  
Total assets 82,030,094   81,823,459
Operating Segments [Member] | Strategic Capital [Member]      
Segment Reporting Information [Line Items]      
Total revenues 128,412 134,701  
Operating income [1] 49,601 62,992  
Total assets [2] 35,965   35,982
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member]      
Segment Reporting Information [Line Items]      
Total revenues 1,757,371 1,574,567  
Operating income [1],[3] 1,312,621 1,171,983  
Total assets 76,732,394   76,633,566
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member]      
Segment Reporting Information [Line Items]      
Total revenues 46,103 53,696  
Operating income [1],[3] 5,146 21,567  
Total assets [2] 10,499   10,499
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member]      
Segment Reporting Information [Line Items]      
Total revenues 29,723 25,572  
Operating income [1] 22,893 19,178  
Total assets 2,186,421   2,029,438
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member]      
Segment Reporting Information [Line Items]      
Total revenues 16,285 14,195  
Operating income [1] 9,963 8,942  
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member]      
Segment Reporting Information [Line Items]      
Total revenues 28,733 19,156  
Operating income [1] 18,774 14,210  
Total assets [2] 2,356,294   2,366,539
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member]      
Segment Reporting Information [Line Items]      
Total revenues 44,800 43,533  
Operating income [1] 23,092 22,604  
Total assets 25,280   25,280
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member]      
Segment Reporting Information [Line Items]      
Total revenues 12,382 14,591  
Operating income [1] 7,420 8,777  
Total assets 754,985   793,916
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member]      
Segment Reporting Information [Line Items]      
Total revenues 21,224 23,277  
Operating income [1] 11,400 9,879  
Total assets [2] 186   203
Non Segment Items [Member]      
Segment Reporting Information [Line Items]      
Operating income 720,355 579,043  
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 0  
Gains on other dispositions of investments in real estate, net 17,534 4,047  
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  
Total assets 11,244,251   11,161,399
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
[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] 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.
[3] This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies.