v2.4.0.6

Business Segments | 12 Months Ended
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Dec. 31, 2011
Business Segments [Abstract] |
Business Segments |
22. | Business Segments
Our business strategy currently includes two operating segments, as follows:
| • |  | Real Estate Operations — representing the direct long-term ownership of industrial operating properties. Each operating property is considered to be an individual operating segment having similar economic characteristics that are combined within the reportable segment based upon geographic location. Also included in this segment is the development and acquisition of properties for continued direct ownership, including land held for development and properties currently under development and land we own and lease to customers under ground leases. We own real estate in the Americas (Canada, Mexico and the United States), Europe (Austria, Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Romania, Slovakia, Spain, Sweden and the United Kingdom) and Asia (China, Japan and Singapore)
| • |  | Private Capital — representing the long-term management of unconsolidated co-investment ventures and other joint ventures. We recognize fees and incentives earned for services performed on behalf of the unconsolidated investees and certain third parties. In connection with the Merger, we have reevaluated this segment to exclude our investments and earnings of all of our unconsolidated co-investment ventures to better align the segment with the way management evaluates this line of business. We have reclassified prior periods to reflect this change.
We report the costs associated with our private capital segment for all periods presented in the line item Private Capital Expenses in our Consolidated Statements of Operations. These costs include the direct expenses associated with the asset management of the property funds provided by individuals who are assigned to our private capital segment. In addition, in order to achieve efficiencies and economies of scale, all of our property management functions are provided by a team of professionals who are assigned to our real estate operations segment. These individuals perform the property-level management of the properties we own and the properties we manage that are owned by the unconsolidated investees. We allocate the costs of our property management function to the properties we consolidate (reported in Rental Expenses) and the properties owned by the unconsolidated investees (included in Private Capital Expenses), by using the square feet owned by the respective portfolios. We are further reimbursed by the co-investments ventures for certain expenses associated with managing these property funds. Each entity we manage is considered to be an individual operating segment having similar economic characteristics that are combined within the reportable segment based upon geographic location. Our operations in the private capital segment are in the Americas (Brazil, Canada, Mexico and the United States), Europe (Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Slovakia, Spain, Sweden and the United Kingdom) and Asia (China and Japan). We no longer have a CDFS segment and the only activity being reported in the CDFS segment in 2009 is the gain on the sale of our investment in Japan as it was essentially the recognition of gains from this segment that were deferred due to our ownership interest at the time of the contribution. We present the operations and net gains associated with properties sold to third parties or classified as held for sale as discontinued operations, which results in the restatement of prior year operating results to exclude the items presented as discontinued operations. Reconciliations are presented below for: (i) each reportable business segment’s revenue from external customers to our Total Revenues; (ii) each reportable business segment’s net operating income from external customers to our Loss before Income Taxes; and (iii) each reportable business segment’s assets to our Total Assets. Our chief operating decision makers rely primarily on net operating income and similar measures to make decisions about allocating resources and assessing segment performance. The applicable components of our Revenues, Loss before Income Taxes and Total Assets are allocated to each reportable business segment’s revenues, net operating income and assets. Items that are not directly assignable to a segment, such as certain corporate income and expenses, are reflected as reconciling items. The following reconciliations are presented in thousands:
|  | Years Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Revenues (1): |  |  |  |  |  |  |  |  |  |  |  |
Real estate operations (2): |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 890,135 |  |  | $ | 587,911 |  |  | $ | 594,365 |
Europe |  |  | 344,249 |  |  |  | 91,458 |  |  |  | 62,477 |
Asia |  |  | 161,288 |  |  |  | 82,692 |  |  |  | 45,129 |
Total Real Estate Operations segment |  |  | 1,395,672 |  |  |  | 762,061 |  |  |  | 701,971 |
Private capital (3): |  |  |  |  |  |  |  |  |  |  |  |
Americas |  |  | 76,872 |  |  |  | 66,653 |  |  |  | 67,964 |
Europe |  |  | 46,087 |  |  |  | 54,835 |  |  |  | 50,814 |
Asia |  |  | 14,660 |  |  |  | 1,038 |  |  |  | 26,185 |
Total private capital segment |  |  | 137,619 |  |  |  | 122,526 |  |  |  | 144,963 |
CDFS business (4): |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  | - |  |  |  | - |  |  |  | 180,237 |
Total CDFS business segment |  |  | - |  |  |  | - |  |  |  | 180,237 |
Total revenues |  | $ | 1,533,291 |  |  | $ | 884,587 |  |  | $ | 1,027,171 |
Net operating income: |  |  |  |  |  |  |  |  |  |  |  |
Real estate operations (5): |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 614,560 |  |  | $ | 419,611 |  |  | $ | 415,923 |
Europe |  |  | 249,342 |  |  |  | 49,975 |  |  |  | 17,009 |
Asia |  |  | 123,087 |  |  |  | 60,912 |  |  |  | 30,913 |
Total Real Estate Operations segment |  |  | 986,989 |  |  |  | 530,498 |  |  |  | 463,845 |
Private capital (3)(6): |  |  |  |  |  |  |  |  |  |  |  |
Americas |  |  | 42,644 |  |  |  | 40,354 |  |  |  | 44,284 |
Europe |  |  | 30,708 |  |  |  | 41,200 |  |  |  | 34,508 |
Asia |  |  | 9,305 |  |  |  | 313 |  |  |  | 22,755 |
Total private capital segment |  |  | 82,657 |  |  |  | 81,867 |  |  |  | 101,547 |
CDFS business (4): |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  | - |  |  |  | - |  |  |  | 180,237 |
Total CDFS business segment |  |  | - |  |  |  | - |  |  |  | 180,237 |
Total segment net operating income |  |  | 1,069,646 |  |  |  | 612,365 |  |  |  | 745,629 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | (195,161) |  |  |  | (165,981) |  |  |  | (192,231) |
Merger, acquisition and other integration expenses |  |  | (140,495) |  |  |  | - |  |  |  | - |
Impairment of real estate properties |  |  | (21,237) |  |  |  | (736,612) |  |  |  | (331,592) |
Depreciation and amortization expense |  |  | (585,323) |  |  |  | (311,268) |  |  |  | (266,364) |
Earnings from unconsolidated investees, net |  |  | 59,935 |  |  |  | 23,678 |  |  |  | 28,059 |
Interest expense |  |  | (468,738) |  |  |  | (461,166) |  |  |  | (372,768) |
Impairment of goodwill and other assets |  |  | (126,432) |  |  |  | (412,745) |  |  |  | (163,644) |
Interest and other income (expense), net |  |  | 12,008 |  |  |  | 15,847 |  |  |  | (39,349) |
Gains on acquisitions and dispositions of investments in real estate, net |  |  | 111,684 |  |  |  | 28,488 |  |  |  | 35,262 |
Foreign currency exchange and derivative gains (losses), net |  |  | 41,172 |  |  |  | (11,081) |  |  |  | 35,626 |
Gain (loss) on early extinguishment of debt, net |  |  | 258 |  |  |  | (201,486) |  |  |  | 172,258 |
Total reconciling items |  |  | (1,312,329) |  |  |  | (2,232,326) |  |  |  | (1,094,743) |
Loss before income taxes |  | $ | (242,683) |  |  | $ | (1,619,961) |  |  | $ | (349,114) |
|  | December 31, |
|  | 2011 |  |  | 2010 |
Assets: |  |  |  |  |  |  |  |
Real estate operations (7): |  |  |  |  |  |  |  |
Americas |  | $ | 13,305,147 |  |  | $ | 7,299,644 |
Europe |  |  | 6,823,814 |  |  |  | 2,619,455 |
Asia |  |  | 3,502,033 |  |  |  | 1,889,879 |
Total Real Estate Operations segment |  |  | 23,630,994 |  |  |  | 11,808,978 |
Private capital (8): |  |  |  |  |  |  |  |
Americas |  |  | 43,394 |  |  |  | 14,300 |
Europe |  |  | 61,946 |  |  |  | 28,424 |
Asia |  |  | 9,368 |  |  |  | - |
Total private capital segment |  |  | 114,708 |  |  |  | 42,724 |
Total segment assets |  |  | 23,745,702 |  |  |  | 11,851,702 |
Reconciling items: |  |  |  |  |  |  |  |
Investments in and advances to other unconsolidated investees |  |  | 2,857,755 |  |  |  | 2,024,661 |
Notes receivable backed by real estate |  |  | 322,834 |  |  |  | 302,144 |
Assets held for sale (9) |  |  | 444,850 |  |  |  | 574,791 |
Cash and cash equivalents |  |  | 176,072 |  |  |  | 37,634 |
Other assets |  |  | 176,699 |  |  |  | 111,735 |
Total reconciling items |  |  | 3,978,210 |  |  |  | 3,050,965 |
Total assets |  | $ | 27,723,912 |  |  | $ | 14,902,667 |
(1) | Includes revenues attributable to the United States for the years ended December 31, 2011, 2010 and 2009 of $891.1 million, $611.4 million and $588.3 million, respectively.
(2) | Includes rental income of our industrial properties and land subject to ground leases, as well as development management and other income.
(3) | Includes revenues earned from managing our unconsolidated entities.
(4) | In 2009, includes the recognition of gains previously deferred from CDFS contributions to the Japan property funds due to our sale of these investments in February 2009.
(5) | Includes rental income less rental expenses of our industrial properties and land subject to ground leases, as well as development management and other income less related expenses.
(6) | Amounts are reduced by the direct costs we incur to manage the unconsolidated investees and certain third parties that are presented as Private Capital Expenses in our Consolidated Statements of Operations.
(7) | Includes long-lived assets attributable to the United States as of December 31, 2011 and 2010 of $11.8 billion and $8.6 billion, respectively.
(8) | Represents management contracts recorded in connection with business combinations and goodwill associated with the Private Capital segment.
(9) | Of the amounts, net of impairments, that were reclassified to Assets Held for Sale at December 31, 2011, $444.9 million was reclassified from the Real Estate Operations segment (Americas - $79.1 million, Europe - $332.5 million and Asia - $33.3 million). Of the amounts, net of impairments, that were reclassified to Assets Held for Sale at December 31, 2010, $554.2 million was reclassified from the Real Estate Operations segment (Americas - $470.5 million, Europe - $18.2 million and Asia - $65.5 million) and $20.6 million, all in the Americas, was not allocated to a segment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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