Business Segments (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2015			2014			2015			2014
Revenues:
Real estate operations:
Americas	$	503,487		$	324,877		$	1,326,446		$	1,025,349
Europe		17,591			20,422			53,041			57,083
Asia		15,368			15,782			41,139			51,776
Total Real Estate Operations segment		536,446			361,081			1,420,626			1,134,208
Strategic capital:
Americas		14,692			18,567			46,734			80,457
Europe		20,652			24,713			60,046			65,866
Asia		8,832			10,790			26,467			29,391
Total Strategic Capital segment		44,176			54,070			133,247			175,714
Total revenues	$	580,622		$	415,151		$	1,553,873		$	1,309,922
Net operating income:
Real estate operations:
Americas	$	365,723		$	230,515		$	923,118		$	727,245
Europe		11,092			12,072			32,173			31,706
Asia		10,961			11,302			28,430			37,469
Total Real Estate Operations segment		387,776			253,889			983,721			796,420
Strategic capital:
Americas		2,966			6,451			15,091			38,599
Europe		14,285			17,791			40,576			43,600
Asia		5,211			7,386			15,390			19,073
Total Strategic Capital segment		22,462			31,628			71,057			101,272
Total segment net operating income		410,238			285,517			1,054,778			897,692
Reconciling items:
General and administrative expenses		(59,375	)		(58,203	)		(172,690	)		(181,781	)
Depreciation and amortization		(247,471	)		(149,202	)		(607,467	)		(471,059	)
Earnings from unconsolidated entities, net		33,557			28,514			106,383			79,411
Interest expense		(81,035	)		(69,086	)		(218,698	)		(234,793	)
Interest and other income, net		6,237			550			19,133			19,716
Gains on dispositions of investments in real estate, net		268,791			151,057			655,288			337,695
Foreign currency and derivative gains (losses) and related amortization, net		(9,428	)		20,792			(374	)		2,738
Losses on early extinguishment of debt, net		-			(86,076	)		(16,525	)		(163,361	)
Total reconciling items		(88,724	)		(161,654	)		(234,950	)		(611,434	)
Earnings before income taxes	$	321,514		$	123,863		$	819,828		$	286,258

	September 30,		December 31,
		2015		2014
Assets:
Real estate operations:
Americas	$	22,986,722	$	17,432,909
Europe		1,286,275		1,820,529
Asia		1,075,751		926,645
Total Real Estate Operations segment		25,348,748		20,180,083
Strategic capital:
Americas		19,681		20,635
Europe		51,085		54,577
Asia		2,173		2,718
Total Strategic Capital segment		72,939		77,930
Total segment assets		25,421,687		20,258,013
Reconciling items:
Investments in and advances to unconsolidated entities		4,841,225		4,824,724
Assets held for sale		369,382		43,934
Note receivable backed by real estate		197,500		-
Cash and cash equivalents		310,433		350,692
Other assets		279,127		340,860
Total reconciling items		5,997,667		5,560,210
Total assets	$	31,419,354	$	25,818,223