Business Segments (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Years Ended December 31,
		2019			2018			2017
Revenues:
Real estate operations segment:
U.S.	$	2,645,194		$	2,173,279		$	2,025,184
Other Americas		94,984			119,954			84,789
Europe		44,356			54,405			73,708
Asia		54,201			50,511			60,564
Total real estate operations segment		2,838,735			2,398,149			2,244,245
Strategic capital segment:
U.S.		86,271			74,618			176,720
Other Americas		40,347			32,434			28,494
Europe		283,909			174,898			106,862
Asia		81,359			124,350			61,813
Total strategic capital segment		491,886			406,300			373,889
Total revenues		3,330,621			2,804,449			2,618,134
Segment net operating income:
Real estate operations segment:
U.S. (1)		1,953,727			1,621,665			1,519,164
Other Americas		69,393			89,044			58,842
Europe		27,525			34,807			51,277
Asia		40,675			38,425			33,234
Total real estate operations segment		2,091,320			1,783,941			1,662,517
Strategic capital segment:
U.S. (1)		(10,945	)		4,712			106,471
Other Americas		27,369			19,874			16,811
Europe		246,213			136,240			68,127
Asia		44,588			88,434			27,339
Total strategic capital segment		307,225			249,260			218,748
Total segment net operating income		2,398,545			2,033,201			1,881,265
Reconciling items:
General and administrative expenses		(266,718	)		(238,985	)		(231,059	)
Depreciation and amortization expenses		(1,139,879	)		(947,214	)		(879,140	)
Gains on dispositions of development properties and land, net		467,577			469,817			327,528
Gains on other dispositions of investments in real estate, net		390,241			371,179			855,437
Operating income		1,849,766			1,687,998			1,954,031
Earnings from unconsolidated entities, net		200,178			298,260			248,567
Interest expense		(239,953	)		(229,141	)		(274,486	)
Interest and other income, net		24,213			14,663			13,731
Foreign currency and derivative gains (losses), net		(41,715	)		117,096			(57,896	)
Losses on early extinguishment of debt, net		(16,126	)		(2,586	)		(68,379	)
Earnings before income taxes	$	1,776,363		$	1,886,290		$	1,815,568

	December 31,
		2019		2018
Segment assets:
Real estate operations segment:
U.S.	$	27,999,868	$	27,666,200
Other Americas		1,332,237		1,712,862
Europe		1,379,579		1,040,061
Asia		879,072		1,012,253
Total real estate operations segment		31,590,756		31,431,376
Strategic capital segment (2):
U.S.		14,529		15,802
Europe		25,280		25,280
Asia		359		455
Total strategic capital segment		40,168		41,537
Total segment assets		31,630,924		31,472,913
Reconciling items:
Investments in and advances to unconsolidated entities		6,237,371		5,745,294
Assets held for sale or contribution		720,685		622,288
Lease right-of-use assets		111,439		-
Cash and cash equivalents		1,088,855		343,856
Other assets		242,576		233,313
Total reconciling items		8,400,926		6,944,751
Total assets	$	40,031,850	$	38,417,664

(1) This includes compensation, personnel costs and PPP awards 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 December 31, 2019 and 2018.