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Reportable Segments (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues:
Real estate segment:
U.S.	$	1,959,698		$	1,819,965		$	5,814,191		$	5,359,141
Other Americas		48,973			34,604			141,209			95,486
Europe		36,833			28,858			95,226			83,286
Asia		18,026			17,595			48,137			44,530
Total real estate segment		2,063,530			1,901,022			6,098,763			5,582,443
Strategic capital segment:
U.S.		51,005			46,388			149,083			137,517
Other Americas		22,154			16,342			65,933			73,785
Europe		54,167			49,843			159,247			141,745
Asia		23,025			22,794			64,389			65,474
Total strategic capital segment		150,351			135,367			438,652			418,521

Total revenues		2,213,881			2,036,389			6,537,415			6,000,964

Expenses:
Real estate segment:
U.S. (1)		(459,261	)		(416,402	)		(1,394,588	)		(1,296,956	)
Other Americas		(10,073	)		(6,820	)		(28,255	)		(20,446	)
Europe		(18,387	)		(13,738	)		(51,814	)		(32,637	)
Asia		(5,638	)		(6,148	)		(16,337	)		(16,249	)
Total real estate segment		(493,359	)		(443,108	)		(1,490,994	)		(1,366,288	)
Strategic capital segment:
U.S. (1)		(34,290	)		(30,594	)		(93,331	)		(106,273	)
Other Americas		(6,066	)		(4,020	)		(15,599	)		(17,041	)
Europe		(18,149	)		(17,617	)		(53,797	)		(59,402	)
Asia		(10,765	)		(9,111	)		(32,237	)		(27,973	)
Total strategic capital segment		(69,270	)		(61,342	)		(194,964	)		(210,689	)

Total expenses		(562,629	)		(504,450	)		(1,685,958	)		(1,576,977	)

Segment net operating income:
Real estate segment:
U.S. (1)		1,500,437			1,403,563			4,419,603			4,062,185
Other Americas		38,900			27,784			112,954			75,040
Europe		18,446			15,120			43,412			50,649
Asia		12,388			11,447			31,800			28,281
Total real estate segment		1,570,171			1,457,914			4,607,769			4,216,155
Strategic capital segment:
U.S. (1)		16,715			15,794			55,752			31,244
Other Americas		16,088			12,322			50,334			56,744
Europe		36,018			32,226			105,450			82,343
Asia		12,260			13,683			32,152			37,501
Total strategic capital segment		81,081			74,025			243,688			207,832

Total segment net operating income		1,651,252			1,531,939			4,851,457			4,423,987

Non-segment items:
General and administrative expenses		(110,662	)		(98,154	)		(332,234	)		(316,041	)
Depreciation and amortization expenses		(647,999	)		(649,265	)		(1,957,278	)		(1,924,075	)
Gains on dispositions of development properties and land, net		15,435			32,005			53,363			159,487
Gains on other dispositions of investments in real estate, net		32,235			434,446			116,078			651,306
Operating income		940,261			1,250,971			2,731,386			2,994,664

Earnings from unconsolidated entities, net		92,827			84,749			268,418			259,558
Interest expense		(258,274	)		(230,113	)		(741,891	)		(631,700	)
Foreign currency, derivative and other gains (losses) and other income (expense), net		100,981			(37,942	)		(53,506	)		62,774
Gains (losses) on early extinguishment of debt, net		-			-			-			536
Earnings before income taxes	$	875,795		$	1,067,665		$	2,204,407		$	2,685,832


	September 30, 2025		December 31, 2024
Segment assets:
Real estate segment:
U.S.	$	78,157,066	$	76,857,293
Other Americas		3,140,426		2,814,141
Europe		3,127,816		2,554,514
Asia		1,117,166		719,810
Total real estate segment		85,542,474		82,945,758
Strategic capital segment: (2)
U.S.		10,499		10,499
Europe		25,280		25,280
Asia		171		167
Total strategic capital segment		35,950		35,946
Total segment assets		85,578,424		82,981,704

Non-segment items:
Investments in and advances to unconsolidated entities		10,543,057		10,079,448
Assets held for sale or contribution		358,851		248,511
Cash and cash equivalents		1,186,022		1,318,591
Other assets		674,787		700,655
Total non-segment items		12,762,717		12,347,205
Total assets	$	98,341,141	$	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 September 30, 2025 and December 31, 2024.