Business Segments (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2016			2015			2016			2015
Revenues:
Real estate operations:
U.S.	$	501,707		$	418,494		$	1,012,864		$	794,692
Other Americas		15,083			13,835			29,039			28,267
Europe		19,540			16,681			36,329			35,450
Asia		14,503			14,348			29,235			25,771
Total Real Estate Operations segment		550,833			463,358			1,107,467			884,180
Strategic capital:
U.S.		9,580			10,103			18,936			19,460
Other Americas		5,693			7,013			11,058			12,582
Europe		25,519			21,001			47,788			39,394
Asia		10,530			8,929			23,206			17,635
Total Strategic Capital segment		51,322			47,046			100,988			89,071
Total revenues	$	602,155		$	510,404		$	1,208,455		$	973,251
Net operating income:
Real estate operations:
U.S.	$	369,785		$	278,128		$	745,503		$	537,706
Other Americas		10,517			8,930			18,731			18,773
Europe		15,335			10,143			26,954			21,081
Asia		10,571			10,210			20,388			18,003
Total Real Estate Operations segment		406,208			307,411			811,576			595,563
Strategic capital:
U.S.		827			1,429			2,536			3,009
Other Americas		3,052			4,825			6,167			7,758
Europe		18,443			14,330			33,749			26,125
Asia		1,134			1,515			5,377			2,050
Total Strategic Capital segment		23,456			22,099			47,829			38,942
Total segment net operating income		429,664			329,510			859,405			634,505
Reconciling items:
General and administrative expenses		(56,934	)		(51,974	)		(107,477	)		(103,280	)
Depreciation and amortization expenses		(230,382	)		(190,188	)		(480,382	)		(359,996	)
Earnings from unconsolidated entities, net		41,454			41,784			99,765			72,826
Interest expense		(76,455	)		(68,902	)		(157,267	)		(137,663	)
Interest and other income, net		1,527			1,847			4,118			12,896
Gains on dispositions of investments in real estate, net		200,350			108,782			344,667			386,497
Foreign currency and derivative gains (losses), net		(10,335	)		(25,512	)		(24,546	)		9,054
Gains (losses) on early extinguishment of debt, net		2,044			(236	)		992			(16,525	)
Total reconciling items		(128,731	)		(184,399	)		(320,130	)		(136,191	)
Earnings before income taxes	$	300,933		$	145,111		$	539,275		$	498,314

	June 30,		December 31,
		2016		2015
Assets:
Real estate operations:
U.S.	$	21,377,414	$	22,030,457
Other Americas		1,023,165		919,381
Europe		1,424,352		1,291,991
Asia		1,351,964		1,157,401
Total Real Estate Operations segment		25,176,895		25,399,230
Strategic capital:
U.S.		18,727		19,363
Europe		49,636		49,960
Asia		1,909		2,005
Total Strategic Capital segment		70,272		71,328
Total segment assets		25,247,167		25,470,558
Reconciling items:
Investments in and advances to unconsolidated entities		4,483,804		4,755,620
Assets held for sale or contribution		393,434		378,423
Notes receivable backed by real estate		33,800		235,050
Cash and cash equivalents		332,221		264,080
Other assets		255,508		291,036
Total reconciling items		5,498,767		5,924,209
Total assets	$	30,745,934	$	31,394,767