Business Segments (Tables)

12 Months Ended

Dec. 31, 2012

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Years Ended December 31,
	2012			2011			2010
Revenues (1):
Real estate operations:
Americas	$	1,211,462		$	842,845		$	556,389
Europe		436,206			309,575			78,545
Asia		231,514			161,288			82,692
Total Real Estate Operations segment		1,879,182			1,313,708			717,626
Private capital:
Americas		69,422			76,872			66,653
Europe		37,047			46,087			54,835
Asia		20,310			14,660			1,038
Total Private Capital segment		126,779			137,619			122,526
Total revenues	$	2,005,961		$	1,451,327		$	840,152
Net operating income:
Real estate operations:
Americas	$	841,319		$	584,081		$	397,708
Europe		326,126			223,950			43,452
Asia		179,682			123,087			60,912
Total Real Estate Operations segment		1,347,127			931,118			502,072
Private capital:
Americas		31,637			42,644			40,354
Europe		21,699			30,708			41,200
Asia		9,623			9,305			313
Total Private Capital segment		62,959			82,657			81,867
Total segment net operating income		1,410,086			1,013,775			583,939
Reconciling items:
General and administrative expenses		(228,068	)		(195,161	)		(165,981	)
Merger, acquisition and other integration expenses		(80,676	)		(140,495	)		—
Impairment of real estate properties		(252,914	)		(21,237	)		(736,612	)
Depreciation and amortization		(739,981	)		(552,849	)		(294,867	)
Earnings from unconsolidated entities, net		31,676			59,935			23,678
Interest expense		(507,484	)		(468,072	)		(461,166	)
Impairment of goodwill and other assets		(16,135	)		(126,432	)		(412,745	)
Interest and other income, net		22,878			12,008			15,847
Gains on acquisitions and dispositions of investments in real estate, net		305,607			111,684			28,488
Foreign currency and derivative gains (losses), net		(20,497	)		41,172			(11,081	)
Gain (loss) on early extinguishment of debt, net		(14,114	)		258			(201,486	)
Total reconciling items		(1,499,708	)		(1,279,189	)		(2,215,925	)
Loss before income taxes	$	(89,622	)	$	(265,414	)	$	(1,631,986	)

	December 31,
	2012		2011
Assets:(2)
Real estate operations:
Americas	$	15,304,053	$	13,305,147
Europe		5,738,257		6,823,814
Asia		3,476,996		3,502,033
Total Real Estate Operations segment		24,519,306		23,630,994
Private capital (3):
Americas		24,373		43,394
Europe		61,266		61,946
Asia		6,108		9,368
Total Private Capital segment		91,747		114,708
Total segment assets		24,611,053		23,745,702
Reconciling items:
Investments in and advances to other unconsolidated entities		2,195,782		2,857,755
Notes receivable backed by real estate		188,000		322,834
Assets held for sale		26,027		444,850
Cash and cash equivalents		100,810		176,072
Other assets		188,473		176,699
Total reconciling items		2,699,092		3,978,210
Total assets	$	27,310,145	$	27,723,912

(1) Includes revenues attributable to the United States for the years ended December 31, 2012, 2011 and 2010 of $1.2 billion, $0.8 billion and $0.6 billion, respectively.

(2) Includes long-lived assets attributable to the United States as of December 31, 2012 and 2011 of $14.9 billion and $14.3 billion, respectively.

(3) Represents management contracts recorded in connection with business combinations and goodwill associated with the Private Capital segment.