Business Segments (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Years Ended December 31,
		2015			2014			2013
Revenues (1):
Real estate operations:
Americas	$	1,859,393		$	1,403,564		$	1,288,925
Europe		69,527			74,413			174,397
Asia		57,792			62,939			107,692
Total Real Estate Operations segment		1,986,712			1,540,916			1,571,014
Strategic capital:
Americas		61,684			95,168			72,474
Europe		112,793			86,549			63,794
Asia		35,885			38,154			43,204
Total Strategic Capital segment		210,362			219,871			179,472
Total revenues	$	2,197,074		$	1,760,787		$	1,750,486
Net operating income:
Real estate operations:
Americas	$	1,296,387		$	1,000,773		$	899,053
Europe		39,672			40,627			116,178
Asia		40,741			45,262			76,863
Total Real Estate Operations segment		1,376,800			1,086,662			1,092,094
Strategic capital:
Americas		14,215			42,042			18,785
Europe		86,725			57,266			41,263
Asia		21,004			24,067			30,145
Total Strategic Capital segment		121,944			123,375			90,193
Total segment net operating income		1,498,744			1,210,037			1,182,287
Reconciling items:
General and administrative expenses		(238,199	)		(247,768	)		(229,207	)
Depreciation and amortization expenses		(880,373	)		(642,461	)		(648,668	)
Earnings from unconsolidated entities, net		159,262			134,288			97,220
Interest expense		(301,363	)		(308,885	)		(379,327	)
Interest and other income, net		25,484			25,768			26,948
Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition      of a controlling interest, net		758,887			725,790			597,656
Foreign currency and derivative gains (losses) and related amortization, net		12,466			(17,841	)		(33,633	)
Losses on early extinguishment of debt, net		(86,303	)		(165,300	)		(277,014	)
Total reconciling items		(550,139	)		(496,409	)		(846,025	)
Earnings before income taxes	$	948,605		$	713,628		$	336,262

	December 31,
		2015		2014
Assets (2):
Real estate operations:
Americas	$	22,949,838	$	17,432,909
Europe		1,291,991		1,820,529
Asia		1,157,401		926,645
Total Real Estate Operations segment		25,399,230		20,180,083
Strategic capital (3):
Americas		19,363		20,635
Europe		49,960		54,577
Asia		2,005		2,718
Total Strategic Capital segment		71,328		77,930
Total segment assets		25,470,558		20,258,013
Reconciling items:
Investments in and advances to unconsolidated entities		4,755,620		4,824,724
Assets held for sale or contribution		378,423		43,934
Notes receivable backed by real estate		235,050		-
Cash and cash equivalents		264,080		350,692
Other assets		291,036		297,638
Total reconciling items		5,924,209		5,516,988
Total assets	$	31,394,767	$	25,775,001

(1) Includes revenues attributable to the United States for the years ended December 31, 2015, 2014 and 2013 of $1.9 billion, $1.4 billion and $1.1 billion, respectively.

(2) Includes long-lived assets attributable to the United States at December 31, 2015, and 2014 of $23.2 billion and $17.3 billion, respectively.

(3) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at December 31, 2015, and 2014.