| Segment reporting, reconciliation of revenues, operating income, and assets |
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Years Ended December 31, |
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2011 |
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2010 |
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2009 |
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Revenues (1):
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Real estate operations (2):
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Americas
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$ |
890,135 |
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$ |
587,911 |
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$ |
594,365 |
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Europe
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344,249 |
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91,458 |
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62,477 |
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Asia
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161,288 |
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82,692 |
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45,129 |
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Total Real Estate Operations segment
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1,395,672 |
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762,061 |
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701,971 |
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Private capital (3):
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Americas
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76,872 |
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66,653 |
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67,964 |
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Europe
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46,087 |
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54,835 |
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50,814 |
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Asia
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14,660 |
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1,038 |
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26,185 |
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Total private capital segment
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137,619 |
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122,526 |
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144,963 |
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CDFS business (4):
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Asia
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- |
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- |
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180,237 |
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Total CDFS business segment
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- |
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- |
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180,237 |
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Total revenues
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$ |
1,533,291 |
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$ |
884,587 |
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$ |
1,027,171 |
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Net operating income:
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Real estate operations (5):
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Americas
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$ |
614,560 |
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$ |
419,611 |
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$ |
415,923 |
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Europe
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249,342 |
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49,975 |
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17,009 |
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Asia
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123,087 |
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60,912 |
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30,913 |
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Total Real Estate Operations segment
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986,989 |
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530,498 |
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463,845 |
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Private capital (3)(6):
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Americas
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42,644 |
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40,354 |
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44,284 |
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Europe
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30,708 |
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41,200 |
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34,508 |
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Asia
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9,305 |
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313 |
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22,755 |
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Total private capital segment
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82,657 |
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81,867 |
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101,547 |
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CDFS business (4):
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Asia
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- |
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- |
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180,237 |
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Total CDFS business segment
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- |
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- |
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180,237 |
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Total segment net operating income
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1,069,646 |
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612,365 |
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745,629 |
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Reconciling items:
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General and administrative expenses
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(195,161) |
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(165,981) |
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(192,231) |
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Merger, acquisition and other integration expenses
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(140,495) |
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- |
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- |
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Impairment of real estate properties
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(21,237) |
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(736,612) |
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(331,592) |
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Depreciation and amortization expense
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(585,323) |
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(311,268) |
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(266,364) |
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Earnings from unconsolidated investees, net
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59,935 |
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23,678 |
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28,059 |
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Interest expense
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(468,738) |
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(461,166) |
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(372,768) |
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Impairment of goodwill and other assets
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(126,432) |
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(412,745) |
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(163,644) |
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Interest and other income (expense), net
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12,008 |
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15,847 |
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(39,349) |
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Gains on acquisitions and dispositions of investments in real estate, net
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111,684 |
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28,488 |
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35,262 |
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Foreign currency exchange and derivative gains (losses), net
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41,172 |
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(11,081) |
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35,626 |
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Gain (loss) on early extinguishment of debt, net
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258 |
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(201,486) |
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172,258 |
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Total reconciling items
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(1,312,329) |
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(2,232,326) |
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(1,094,743) |
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Loss before income taxes
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$ |
(242,683) |
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$ |
(1,619,961) |
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$ |
(349,114) |
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December 31, |
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2011 |
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2010 |
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Assets:
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Real estate operations (7):
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Americas
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$ |
13,305,147 |
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$ |
7,299,644 |
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Europe
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6,823,814 |
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2,619,455 |
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Asia
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3,502,033 |
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1,889,879 |
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Total Real Estate Operations segment
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23,630,994 |
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11,808,978 |
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Private capital (8):
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Americas
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43,394 |
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14,300 |
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Europe
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61,946 |
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28,424 |
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Asia
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9,368 |
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- |
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Total private capital segment
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114,708 |
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42,724 |
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Total segment assets
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23,745,702 |
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11,851,702 |
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Reconciling items:
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Investments in and advances to other unconsolidated investees
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2,857,755 |
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2,024,661 |
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Notes receivable backed by real estate
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322,834 |
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302,144 |
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Assets held for sale (9)
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444,850 |
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574,791 |
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Cash and cash equivalents
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176,072 |
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37,634 |
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Other assets
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176,699 |
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111,735 |
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Total reconciling items
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3,978,210 |
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3,050,965 |
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Total assets
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$ |
27,723,912 |
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$ |
14,902,667 |
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| (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.
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| (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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