Business Segments (Tables)

6 Months Ended

Jun. 30, 2017

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,
		2017			2016			2017			2016
Revenues:
Real estate operations segment:
U.S.	$	529,841		$	501,707		$	1,053,988		$	1,012,864
Other Americas		16,444			15,083			31,533			29,018
Europe		22,076			19,533			40,307			36,008
Asia		17,168			12,297			31,811			26,027
Total real estate operations segment		585,529			548,620			1,157,639			1,103,917
Strategic capital segment:
U.S.		130,677			9,580			142,585			18,936
Other Americas		9,864			5,693			15,915			11,079
Europe		25,973			25,526			52,235			48,109
Asia		14,140			12,736			26,964			26,414
Total strategic capital segment		180,654			53,535			237,699			104,538
Total revenues	$	766,183		$	602,155		$	1,395,338		$	1,208,455
Segment net operating income:
Real estate operations segment:
U.S.	$	396,274		$	369,786		$	780,374		$	745,503
Other Americas		10,384			10,517			20,366			18,710
Europe		16,401			15,328			29,259			26,633
Asia		11,767			8,364			21,675			17,180
Total real estate operations segment		434,826			403,995			851,674			808,026
Strategic capital segment:
U.S.		99,668			826			101,607			2,536
Other Americas		7,587			3,052			10,732			6,188
Europe		16,342			18,450			32,732			34,070
Asia		5,071			3,341			8,843			8,585
Total strategic capital segment		128,668			25,669			153,914			51,379
Total segment net operating income		563,494			429,664			1,005,588			859,405
Reconciling items:
General and administrative expenses		60,077			56,934			113,694			107,477
Depreciation and amortization expenses		228,145			230,382			454,736			480,382
Operating income		275,272			142,348			437,158			271,546
Earnings from unconsolidated entities, net		68,596			41,454			117,201			99,765
Interest expense		(75,354	)		(76,455	)		(148,266	)		(157,267	)
Interest and other income, net		1,892			1,527			4,677			4,118
Gains on dispositions of investments in real estate, net		83,006			200,350			180,331			344,667
Foreign currency and derivative losses, net		(20,055	)		(10,335	)		(27,455	)		(24,546	)
Gains (losses) on early extinguishment of debt, net		(30,596	)		2,044			(30,596	)		992
Earnings before income taxes	$	302,761		$	300,933		$	533,050		$	539,275

	June 30,		December 31,
		2017		2016
Assets:
Real estate operations segment:
U.S.	$	21,295,808	$	21,286,422
Other Americas		1,052,052		978,476
Europe		1,139,882		1,346,589
Asia		1,147,246		936,462
Total real estate operations segment		24,634,988		24,547,949
Strategic capital segment:
U.S.		17,454		18,090
Europe		44,680		47,635
Asia		958		1,301
Total strategic capital segment		63,092		67,026
Total segment assets		24,698,080		24,614,975
Reconciling items:
Investments in and advances to unconsolidated entities		4,617,724		4,230,429
Assets held for sale or contribution		350,987		322,139
Notes receivable backed by real estate		19,536		32,100
Cash and cash equivalents		271,354		807,316
Other assets		192,714		242,973
Total reconciling items		5,452,315		5,634,957
Total assets	$	30,150,395	$	30,249,932