XML 60 R33.htm IDEA: XBRL DOCUMENT

Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2025

Reportable Segment Net Operating Income and Assets

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


	Three Months Ended March 31,
	2025			2024
Revenues:
Real estate segment:
U.S.	$	1,913,893		$	1,757,371
Other Americas		46,323			29,723
Europe		25,427			28,733
Asia		12,883			12,382
Total real estate segment		1,998,526			1,828,209
Strategic capital segment:
U.S.		48,368			46,103
Other Americas		21,174			16,285
Europe		51,011			44,800
Asia		20,586			21,224
Total strategic capital segment		141,139			128,412

Total revenues		2,139,665			1,956,621

Expenses:
Real estate segment:
U.S. (1)		(471,212	)		(444,750	)
Other Americas		(8,327	)		(6,830	)
Europe		(13,533	)		(9,959	)
Asia		(4,894	)		(4,962	)
Total real estate segment		(497,966	)		(466,501	)
Strategic capital segment:
U.S. (1)		(28,533	)		(40,957	)
Other Americas		(2,982	)		(6,322	)
Europe		(17,577	)		(21,708	)
Asia		(11,685	)		(9,824	)
Total strategic capital segment		(60,777	)		(78,811	)

Total expenses		(558,743	)		(545,312	)

Segment net operating income:
Real estate segment:
U.S. (1)		1,442,681			1,312,621
Other Americas		37,996			22,893
Europe		11,894			18,774
Asia		7,989			7,420
Total real estate segment		1,500,560			1,361,708
Strategic capital segment:
U.S. (1)		19,835			5,146
Other Americas		18,192			9,963
Europe		33,434			23,092
Asia		8,901			11,400
Total strategic capital segment		80,362			49,601

Total segment net operating income		1,580,922			1,411,309

Non-segment items:
General and administrative expenses		(114,701	)		(111,291	)
Depreciation and amortization expenses		(652,058	)		(637,505	)
Gains on dispositions of development properties and land, net		27,451			40,308
Gains on other dispositions of investments in real estate, net		36,799			17,534
Operating income		878,413			720,355

Earnings from unconsolidated entities, net		67,899			72,472
Interest expense		(231,751	)		(193,320	)
Foreign currency, derivative and other gains (losses) and other income (expense), net		(31,658	)		63,564
Gains (losses) on early extinguishment of debt, net		-			536
Earnings before income taxes	$	682,903		$	663,607


	March 31, 2025		December 31, 2024
Segment assets:
Real estate segment:
U.S.	$	77,163,735	$	76,857,293
Other Americas		2,993,137		2,814,141
Europe		2,769,278		2,554,514
Asia		855,983		719,810
Total real estate segment		83,782,133		82,945,758
Strategic capital segment: (2)
U.S.		10,499		10,499
Europe		25,280		25,280
Asia		173		167
Total strategic capital segment		35,952		35,946
Total segment assets		83,818,085		82,981,704

Non-segment items:
Investments in and advances to unconsolidated entities		10,287,314		10,079,448
Assets held for sale or contribution		545,542		248,511
Cash and cash equivalents		671,117		1,318,591
Other assets		671,333		700,655
Total non-segment items		12,175,306		12,347,205
Total assets	$	95,993,391	$	95,328,909

(1)

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

(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, 2025 and December 31, 2024.