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Business Segments (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenues:
Real estate segment:
U.S.	$	1,819,965		$	1,705,656		$	5,359,141		$	4,866,508
Other Americas		34,604			29,442			95,486			81,576
Europe		28,858			29,101			83,286			69,368
Asia		17,595			13,617			44,530			46,186
Total real estate segment		1,901,022			1,777,816			5,582,443			5,063,638
Strategic capital segment:
U.S.		46,388			53,077			137,517			786,222
Other Americas		16,342			14,054			73,785			74,139
Europe		49,843			45,457			141,745			135,267
Asia		22,794			24,260			65,474			74,956
Total strategic capital segment		135,367			136,848			418,521			1,070,584

Total revenues		2,036,389			1,914,664			6,000,964			6,134,222

Segment net operating income: (1)
Real estate segment:
U.S. (2)		1,403,563			1,295,042			4,062,185			3,671,766
Other Americas		27,784			23,184			75,040			62,429
Europe		15,120			22,235			50,649			51,493
Asia		11,447			8,937			28,281			29,696
Total real estate segment		1,457,914			1,349,398			4,216,155			3,815,384
Strategic capital segment:
U.S. (2)		15,794			6,302			31,244			622,802
Other Americas		12,322			7,147			56,744			53,962
Europe		32,226			27,187			82,343			53,288
Asia		13,683			12,143			37,501			33,848
Total strategic capital segment		74,025			52,779			207,832			763,900

Total segment net operating income		1,531,939			1,402,177			4,423,987			4,579,284

Non-segment items:
General and administrative expenses		(98,154	)		(96,673	)		(316,041	)		(292,097	)
Depreciation and amortization expenses		(649,265	)		(642,010	)		(1,924,075	)		(1,846,545	)
Gains on dispositions of development properties and land, net		32,005			89,030			159,487			273,907
Gains on other dispositions of investments in real estate, net		434,446			129,584			651,306			158,392
Operating income		1,250,971			882,108			2,994,664			2,872,941

Earnings from unconsolidated entities, net		84,749			71,365			259,558			217,786
Interest expense		(230,113	)		(181,053	)		(631,700	)		(466,882	)
Foreign currency, derivative and other gains (losses) and other income (expense), net		(37,942	)		67,964			62,774			102,682
Gains on early extinguishment of debt, net		-			-			536			3,275
Earnings before income taxes	$	1,067,665		$	840,384		$	2,685,832		$	2,729,802


	September 30, 2024		December 31, 2023
Segment assets:
Real estate segment:
U.S.	$	77,402,504	$	76,633,566
Other Americas		2,648,457		2,029,438
Europe		2,994,859		2,366,539
Asia		1,002,886		793,916
Total real estate segment		84,048,706		81,823,459
Strategic capital segment: (3)
U.S.		10,499		10,499
Europe		25,280		25,280
Asia		188		203
Total strategic capital segment		35,967		35,982
Total segment assets		84,084,673		81,859,441

Non-segment items:
Investments in and advances to unconsolidated entities		10,092,765		9,543,970
Assets held for sale or contribution		325,987		461,657
Cash and cash equivalents		780,871		530,388
Other assets		620,900		625,384
Total non-segment items		11,820,523		11,161,399
Total assets	$	95,905,196	$	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 September 30, 2024 and December 31, 2023.