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Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2025

Reportable Segment Net Operating Income and Assets

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenues:
Real estate segment:
U.S.	$	1,940,600		$	1,781,805		$	3,854,493		$	3,539,176
Other Americas		45,913			31,159			92,236			60,882
Europe		32,966			25,695			58,393			54,428
Asia		17,228			14,553			30,111			26,935
Total real estate segment		2,036,707			1,853,212			4,035,233			3,681,421
Strategic capital segment:
U.S.		49,710			45,026			98,078			91,129
Other Americas		22,605			41,158			43,779			57,443
Europe		54,069			47,102			105,080			91,902
Asia		20,778			21,456			41,364			42,680
Total strategic capital segment		147,162			154,742			288,301			283,154

Total revenues		2,183,869			2,007,954			4,323,534			3,964,575

Expenses:
Real estate segment:
U.S. (1)		(464,115	)		(435,804	)		(935,327	)		(880,554	)
Other Americas		(9,855	)		(6,796	)		(18,182	)		(13,626	)
Europe		(19,894	)		(8,940	)		(33,427	)		(18,899	)
Asia		(5,805	)		(5,139	)		(10,699	)		(10,101	)
Total real estate segment		(499,669	)		(456,679	)		(997,635	)		(923,180	)
Strategic capital segment:
U.S. (1)		(30,508	)		(34,722	)		(59,041	)		(75,679	)
Other Americas		(6,551	)		(6,699	)		(9,533	)		(13,021	)
Europe		(18,071	)		(20,077	)		(35,648	)		(41,785	)
Asia		(9,787	)		(9,038	)		(21,472	)		(18,862	)
Total strategic capital segment		(64,917	)		(70,536	)		(125,694	)		(149,347	)

Total expenses		(564,586	)		(527,215	)		(1,123,329	)		(1,072,527	)

Segment net operating income:
Real estate segment:
U.S. (1)		1,476,485			1,346,001			2,919,166			2,658,622
Other Americas		36,058			24,363			74,054			47,256
Europe		13,072			16,755			24,966			35,529
Asia		11,423			9,414			19,412			16,834
Total real estate segment		1,537,038			1,396,533			3,037,598			2,758,241
Strategic capital segment:
U.S. (1)		19,202			10,304			39,037			15,450
Other Americas		16,054			34,459			34,246			44,422
Europe		35,998			27,025			69,432			50,117
Asia		10,991			12,418			19,892			23,818
Total strategic capital segment		82,245			84,206			162,607			133,807

Total segment net operating income		1,619,283			1,480,739			3,200,205			2,892,048

Non-segment items:
General and administrative expenses		(106,871	)		(106,596	)		(221,572	)		(217,887	)
Depreciation and amortization expenses		(657,221	)		(637,305	)		(1,309,279	)		(1,274,810	)
Gains on dispositions of development properties and land, net		10,477			87,174			37,928			127,482
Gains on other dispositions of investments in real estate, net		47,044			199,326			83,843			216,860
Operating income		912,712			1,023,338			1,791,125			1,743,693

Earnings from unconsolidated entities, net		107,692			102,337			175,591			174,809
Interest expense		(251,866	)		(208,267	)		(483,617	)		(401,587	)
Foreign currency, derivative and other gains (losses) and other income (expense), net		(122,829	)		37,152			(154,487	)		100,716
Gains (losses) on early extinguishment of debt, net		-			-			-			536
Earnings before income taxes	$	645,709		$	954,560		$	1,328,612		$	1,618,167


	June 30, 2025		December 31, 2024
Segment assets:
Real estate segment:
U.S.	$	77,795,247	$	76,857,293
Other Americas		3,219,239		2,814,141
Europe		3,054,882		2,554,514
Asia		1,008,633		719,810
Total real estate segment		85,078,001		82,945,758
Strategic capital segment: (2)
U.S.		10,499		10,499
Europe		25,280		25,280
Asia		174		167
Total strategic capital segment		35,953		35,946
Total segment assets		85,113,954		82,981,704

Non-segment items:
Investments in and advances to unconsolidated entities		10,618,184		10,079,448
Assets held for sale or contribution		253,331		248,511
Cash and cash equivalents		1,066,081		1,318,591
Other assets		665,500		700,655
Total non-segment items		12,603,096		12,347,205
Total assets	$	97,717,050	$	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 June 30, 2025 and December 31, 2024.