| Segment reporting, reconciliation of revenues, operating income, and assets |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2012 |
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2011 |
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2012 |
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2011 |
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Revenues:
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Real estate operations (1):
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Americas
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$ |
317,840 |
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$ |
191,948 |
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$ |
610,350 |
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$ |
340,936 |
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Europe
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116,325 |
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62,440 |
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235,803 |
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88,985 |
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Asia
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55,590 |
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33,548 |
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109,209 |
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56,974 |
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Total Real Estate Operations segment
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489,755 |
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287,936 |
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955,362 |
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486,895 |
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Private capital (2):
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Americas
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16,470 |
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16,548 |
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34,824 |
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32,697 |
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Europe
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9,326 |
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13,977 |
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18,463 |
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27,302 |
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Asia
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5,197 |
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2,451 |
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10,063 |
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2,812 |
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Total Private Capital segment
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30,993 |
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32,976 |
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63,350 |
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62,811 |
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Total revenues
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$ |
520,748 |
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$ |
320,912 |
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$ |
1,018,712 |
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$ |
549,706 |
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Net operating income:
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Real estate operations (3):
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Americas
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$ |
219,032 |
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$ |
135,720 |
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$ |
424,629 |
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$ |
237,485 |
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Europe
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88,181 |
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43,537 |
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177,938 |
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58,860 |
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Asia
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43,284 |
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25,893 |
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84,759 |
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42,882 |
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Total Real Estate Operations segment
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350,497 |
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205,150 |
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687,326 |
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339,227 |
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Private capital (2)(4):
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Americas
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7,798 |
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9,323 |
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15,745 |
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18,714 |
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Europe
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5,418 |
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10,038 |
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10,802 |
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19,843 |
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Asia
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2,702 |
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2,019 |
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4,847 |
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2,106 |
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Total Private Capital segment
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15,918 |
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21,380 |
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31,394 |
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40,663 |
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Total segment net operating income
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366,415 |
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226,530 |
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718,720 |
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379,890 |
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Reconciling items:
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General and administrative expenses
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(51,415 |
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(51,840 |
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(111,574 |
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(91,023 |
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Merger, acquisition and other integration expenses
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(21,186 |
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(103,052 |
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(31,914 |
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(109,040 |
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Impairment of real estate properties
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— |
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— |
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(3,185 |
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— |
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Depreciation and amortization
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(186,770 |
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(118,606 |
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(374,640 |
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(198,183 |
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Earnings from unconsolidated entities, net
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3,889 |
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11,399 |
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17,884 |
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25,040 |
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Interest expense
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(127,946 |
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(112,916 |
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(261,328 |
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(203,443 |
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Impairment of other assets
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— |
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(103,823 |
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(16,135 |
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(103,823 |
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Interest and other income, net
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5,912 |
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5,277 |
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11,013 |
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2,698 |
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Gains on acquisitions and dispositions of investments in real estate, net (5)
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520 |
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102,529 |
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268,291 |
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106,254 |
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Foreign currency and derivative gains (losses), net
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12,753 |
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(10,255 |
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(14,022 |
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(8,881 |
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Gain (loss) on early extinguishment of debt, net
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(500 |
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— |
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4,919 |
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— |
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Total reconciling items
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(364,743 |
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(381,287 |
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(510,691 |
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(580,401 |
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Earnings (loss) before income taxes
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$ |
1,672 |
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$ |
(154,757 |
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$ |
208,029 |
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$ |
(200,511 |
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June 30, |
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December 31, |
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2012 |
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2011 |
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Assets:
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Real estate operations:
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Americas
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$ |
15,274,332 |
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$ |
13,305,147 |
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Europe
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6,400,136 |
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6,823,814 |
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Asia
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3,615,947 |
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3,502,033 |
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Total Real Estate Operations segment
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25,290,415 |
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23,630,994 |
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Private capital (6):
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Americas
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25,137 |
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43,394 |
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Europe
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60,576 |
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61,946 |
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Asia
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7,867 |
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9,368 |
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Total Private Capital segment
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93,580 |
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114,708 |
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Total segment assets
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25,383,995 |
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23,745,702 |
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Reconciling items:
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Investments in and advances to unconsolidated entities
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2,220,172 |
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2,857,755 |
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Notes receivable backed by real estate
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245,654 |
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322,834 |
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Assets held for sale
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50,672 |
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444,850 |
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Cash and cash equivalents
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293,631 |
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176,072 |
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Other assets
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221,439 |
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176,699 |
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Total reconciling items
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3,031,568 |
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3,978,210 |
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Total assets
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$ |
28,415,563 |
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$ |
27,723,912 |
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| (1) |
Includes rental income of our industrial properties and land subject to ground leases, as well as development management and other income. |
| (2) |
Includes revenues earned from managing our unconsolidated entities and certain third parties. |
| (3) |
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. |
| (4) |
Amounts are reduced by the direct costs we incur to manage the unconsolidated entities and certain third parties that are presented as Private Capital Expenses
in our Consolidated Statements of Operations. |
| (5) |
Included in 2012 is a $273.0 million gain on acquisition of Prologis California in February 2012. See Note 2 for further information on this transaction.
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| (6) |
Represents management contracts recorded in connection with business combinations and goodwill associated with the Private Capital segment. |
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