Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting, Reconciliation of Revenues, Operating Income and Assets

The following reconciliations are presented in thousands:

	Years Ended December 31,
		2022			2021			2020
Revenues:
Real estate segment:
U.S.	$	4,726,072		$	3,967,180		$	3,600,335
Other Americas		92,751			98,620			87,830
Europe		56,731			55,533			68,801
Asia		58,553			47,357			44,782
Total real estate segment		4,934,107			4,168,690			3,801,748
Strategic capital segment:
U.S.		215,416			171,761			354,825
Other Americas		82,462			58,655			37,696
Europe		644,832			249,600			145,016
Asia		96,875			110,734			99,450
Total strategic capital segment		1,039,585			590,750			636,987
Total revenues		5,973,692			4,759,440			4,438,735
Segment net operating income:
Real estate segment:
U.S. (1)		3,555,627			2,966,498			2,679,685
Other Americas		67,552			72,424			64,473
Europe		24,738			31,163			43,531
Asia		40,116			34,854			31,986
Total real estate segment		3,688,033			3,104,939			2,819,675
Strategic capital segment:
U.S. (1)		59,561			59,991			237,271
Other Americas		63,464			47,247			24,923
Europe		557,676			203,779			99,504
Asia		55,528			72,562			57,248
Total strategic capital segment		736,229			383,579			418,946
Total segment net operating income		4,424,262			3,488,518			3,238,621
Reconciling items:
General and administrative expenses		(331,083	)		(293,167	)		(274,845	)
Depreciation and amortization expenses		(1,812,777	)		(1,577,942	)		(1,561,969	)
Gains on dispositions of development properties and land, net		597,745			817,017			464,942
Gains on other dispositions of investments in real estate, net		589,391			772,570			252,195
Operating income		3,467,538			3,206,996			2,118,944
Earnings from unconsolidated entities, net		310,872			404,255			297,370
Interest expense		(309,037	)		(266,228	)		(314,507	)
Foreign currency and derivative gains (losses) and other      income (expense), net		241,621			165,278			(166,429	)
Losses on early extinguishment of debt, net		(20,184	)		(187,453	)		(188,290	)
Earnings before income taxes	$	3,690,810		$	3,322,848		$	1,747,088

	December 31,
		2022		2021
Segment assets:
Real estate segment:
U.S.	$	71,858,560	$	44,136,140
Other Americas		1,831,956		1,148,371
Europe		1,952,160		1,837,800
Asia		1,031,135		965,854
Total real estate segment		76,673,811		48,088,165
Strategic capital segment (2):
U.S.		10,817		11,984
Europe		25,280		25,280
Asia		231		299
Total strategic capital segment		36,328		37,563
Total segment assets		76,710,139		48,125,728
Reconciling items:
Investments in and advances to unconsolidated entities		9,698,898		8,610,958
Assets held for sale or contribution		531,257		669,688
Cash and cash equivalents		278,483		556,117
Other assets		678,671		523,729
Total reconciling items		11,187,309		10,360,492
Total assets	$	87,897,448	$	58,486,220

(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 December 31, 2022 and 2021.