Business Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Three Months Ended June 30,						Six Months Ended June 30,
		2021			2020			2021			2020
Revenues:
Real estate operations segment:
U.S.	$	971,698		$	896,879		$	1,946,781		$	1,726,262
Other Americas		25,495			19,736			49,388			45,815
Europe		13,372			17,988			32,228			33,490
Asia		10,890			10,863			21,413			21,549
Total real estate operations segment		1,021,455			945,466			2,049,810			1,827,116
Strategic capital segment:
U.S.		35,870			256,517			69,853			290,859
Other Americas		19,475			9,596			30,138			18,707
Europe		47,835			31,532			91,264			64,122
Asia		26,207			23,013			58,093			43,561
Total strategic capital segment		129,387			320,658			249,348			417,249
Total revenues		1,150,842			1,266,124			2,299,158			2,244,365
Segment net operating income:
Real estate operations segment:
U.S. (1)		734,295			675,126			1,443,598			1,277,730
Other Americas		19,229			13,817			36,824			33,273
Europe		7,474			8,655			20,665			18,810
Asia		8,130			7,780			15,068			15,023
Total real estate operations segment		769,128			705,378			1,516,155			1,344,836
Strategic capital segment:
U.S. (1)		15,352			203,582			23,654			217,206
Other Americas		16,648			6,348			24,554			11,527
Europe		36,278			19,114			68,449			39,708
Asia		16,010			10,069			38,142			20,689
Total strategic capital segment		84,288			239,113			154,799			289,130
Total segment net operating income		853,416			944,491			1,670,954			1,633,966
Reconciling items:
General and administrative expenses		(74,342	)		(64,664	)		(152,374	)		(134,353	)
Depreciation and amortization expenses		(392,736	)		(398,195	)		(790,311	)		(744,165	)
Gains on dispositions of development properties and land, net		187,361			86,416			361,004			249,166
Gains on other dispositions of investments in real estate, net		127,167			43,939			143,790			75,430
Operating income		700,866			611,987			1,233,063			1,080,044
Earnings from unconsolidated entities, net		72,419			54,142			139,468			142,872
Interest expense		(68,412	)		(81,298	)		(139,693	)		(156,940	)
Interest and other income, net		715			1,027			5,461			1,397
Foreign currency and derivative gains (losses), net		(6,080	)		(60,836	)		74,072			52,493
Losses on early extinguishment of debt, net		-			(23,573	)		(187,453	)		(66,340	)
Earnings before income taxes	$	699,508		$	501,449		$	1,124,918		$	1,053,526

	June 30, 2021		December 31, 2020
Segment assets:
Real estate operations segment:
U.S.	$	43,130,429	$	42,559,023
Other Americas		1,195,414		1,145,699
Europe		1,437,835		1,604,393
Asia		1,063,406		1,081,876
Total real estate operations segment		46,827,084		46,390,991
Strategic capital segment: (2)
U.S.		12,620		13,257
Europe		25,280		25,280
Asia		322		354
Total strategic capital segment		38,222		38,891
Total segment assets		46,865,306		46,429,882
Reconciling items:
Investments in and advances to unconsolidated entities		7,811,448		7,602,014
Assets held for sale or contribution		692,072		1,070,724
Cash and cash equivalents		601,446		598,086
Other assets		471,113		364,299
Total reconciling items		9,576,079		9,635,123
Total assets	$	56,441,385	$	56,065,005

(1) This includes compensation and personnel costs 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 June 30, 2021 and December 31, 2020.