Business Segments (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended
	March 31,
	2014			2013
Revenues:
Real estate operations:
Americas	$	356,125		$	308,400
Europe		16,188			99,467
Asia		17,059			38,469
Total Real Estate Operations segment		389,372			446,336
Investment management:
Americas		14,575			16,187
Europe		21,700			10,613
Asia		9,035			6,835
Total Investment Management segment		45,310			33,635
Total revenues	$	434,682		$	479,971
Net operating income:
Real estate operations:
Americas	$	253,461		$	216,128
Europe		8,224			67,206
Asia		12,117			28,295
Total Real Estate Operations segment		273,802			311,629
Investment management:
Americas		2,056			2,883
Europe		13,684			6,871
Asia		5,407			3,972
Total Investment Management segment		21,147			13,726
Total segment net operating income		294,949			325,355
Reconciling items:
General and administrative expenses		(63,203	)		(56,197	)
Depreciation and amortization		(160,280	)		(172,119	)
Earnings from unconsolidated entities, net		29,746			24,768
Interest expense		(85,523	)		(114,641	)
Interest and other income, net		14,050			11,627
Gains on acquisitions and dispositions of investments in real estate, net		17,055			338,845
Foreign currency and derivative gains (losses), net		(28,184	)		884
Gains (losses) on early extinguishment of debt, net		273			(17,351	)
Total reconciling items		(276,066	)		15,816
Earnings before income taxes	$	18,883		$	341,171

	March 31,		December 31,
	2014		2013
Assets:
Real estate operations:
Americas	$	16,276,368	$	16,293,109
Europe		1,675,895		1,634,867
Asia		1,268,613		1,176,774
Total Real Estate Operations segment		19,220,876		19,104,750
Investment management (1):
Americas		21,836		22,154
Europe		59,816		60,327
Asia		3,475		3,634
Total Investment Management segment		85,127		86,115
Total segment assets		19,306,003		19,190,865
Reconciling items:
Investments in and advances to unconsolidated entities		4,687,922		4,430,239
Notes receivable backed by real estate and other		191,703		192,042
Cash and cash equivalents		188,886		491,129
Other assets		280,634		268,032
Total reconciling items		5,349,145		5,381,442
Total assets	$	24,655,148	$	24,572,307

(1) Represents management contracts recorded in connection with business combinations and goodwill associated with the Investment Management segment.