v2.4.0.8

Business Segments | 9 Months Ended
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Sep. 30, 2014
Segment Reporting [Abstract] |
Business Segments |
13. | Business Segments
Our current business strategy includes two operating segments: Real Estate Operations and Strategic Capital (formerly Investment Management). We generate revenues, earnings, net operating income and cash flows through our segments, as follows:
| • |  | Real Estate Operations. This represents the direct long-term ownership of industrial operating properties and is the primary source of our revenue and earnings. We collect rent from our customers under operating leases, including reimbursements for the vast majority of our operating costs. 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. Our Real Estate Operations segment also includes development, re-development and acquisition activities. We develop, re-develop and acquire industrial properties primarily in global and regional markets to meet our customers’ needs. Within this line of business, we capitalize on: (i) the land that we currently own; (ii) the development expertise of our local personnel; (iii) our global customer relationships; and (iv) the demand for high quality distribution facilities in key markets. Land held for development, properties currently under development and land we own and lease to customers under ground leases are also included in this segment.
| • |  | Strategic Capital. This represents the long-term management of unconsolidated co-investment ventures. We invest with partners and investors through our ventures, both private and public. We tailor industrial portfolios to investors’ specific needs and deploy capital with a focus on larger, long duration ventures and open ended funds with leading global institutions. These private and public vehicles source strategic capital for distinct geographies across our global platform. We hold an ownership interest in these ventures and believe our significant ownership in each of our ventures provides a strong alignment of interests with our partners. We generate strategic capital revenues from our unconsolidated co-investment ventures by providing asset management and property management services. We earn revenues through additional services provided such as leasing, acquisition, construction, development, disposition, legal and tax services. Depending on the structure of the venture and the returns provided to our partners, we may also earn revenues through promote fees during the life of a venture or upon liquidation. Each unconsolidated co-investment venture 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.
Reconciliations are presented below for: (i) each reportable business segment’s revenue from external customers to Total Revenues in the Consolidated Statements of Operations; (ii) each reportable business segment’s net operating income from external customers to Earnings (Loss) before Income Taxes in the Consolidated Statements of Operations; and (iii) each reportable business segment’s assets to Total Assets in the Consolidated Balance Sheets. 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 Total Revenues, Earnings (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:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 324,877 |  |  | $ | 324,294 |  |  | $ | 1,025,349 |  |  | $ | 948,165 |
Europe |  |  | 20,422 |  |  |  | 26,199 |  |  |  | 57,083 |  |  |  | 154,961 |
Asia |  |  | 15,782 |  |  |  | 24,243 |  |  |  | 51,776 |  |  |  | 85,031 |
Total Real Estate Operations segment |  |  | 361,081 |  |  |  | 374,736 |  |  |  | 1,134,208 |  |  |  | 1,188,157 |
Strategic capital: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  |  | 18,567 |  |  |  | 18,357 |  |  |  | 80,457 |  |  |  | 49,972 |
Europe |  |  | 24,713 |  |  |  | 20,037 |  |  |  | 65,866 |  |  |  | 44,504 |
Asia |  |  | 10,790 |  |  |  | 9,928 |  |  |  | 29,391 |  |  |  | 31,089 |
Total Strategic Capital segment |  |  | 54,070 |  |  |  | 48,322 |  |  |  | 175,714 |  |  |  | 125,565 |
Total revenues |  | $ | 415,151 |  |  | $ | 423,058 |  |  | $ | 1,309,922 |  |  | $ | 1,313,722 |
Net operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 230,515 |  |  | $ | 225,664 |  |  | $ | 727,245 |  |  | $ | 658,458 |
Europe |  |  | 12,072 |  |  |  | 18,623 |  |  |  | 31,706 |  |  |  | 104,321 |
Asia |  |  | 11,302 |  |  |  | 17,268 |  |  |  | 37,469 |  |  |  | 60,882 |
Total Real Estate Operations segment |  |  | 253,889 |  |  |  | 261,555 |  |  |  | 796,420 |  |  |  | 823,661 |
Strategic capital: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  |  | 6,451 |  |  |  | 5,578 |  |  |  | 38,599 |  |  |  | 8,822 |
Europe |  |  | 17,791 |  |  |  | 14,115 |  |  |  | 43,600 |  |  |  | 28,516 |
Asia |  |  | 7,386 |  |  |  | 6,606 |  |  |  | 19,073 |  |  |  | 21,289 |
Total Strategic Capital segment |  |  | 31,628 |  |  |  | 26,299 |  |  |  | 101,272 |  |  |  | 58,627 |
Total segment net operating income |  |  | 285,517 |  |  |  | 287,854 |  |  |  | 897,692 |  |  |  | 882,288 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | (58,203 | ) |  |  | (55,034 | ) |  |  | (181,781 | ) |  |  | (166,140 | )
Depreciation and amortization |  |  | (149,202 | ) |  |  | (155,439 | ) |  |  | (471,059 | ) |  |  | (483,215 | )
Earnings from unconsolidated entities, net |  |  | 28,514 |  |  |  | 26,365 |  |  |  | 79,411 |  |  |  | 59,554 |
Interest expense |  |  | (69,086 | ) |  |  | (84,642 | ) |  |  | (234,793 | ) |  |  | (291,496 | )
Interest and other income, net |  |  | 550 |  |  |  | 5,653 |  |  |  | 19,716 |  |  |  | 21,772 |
Gains on acquisitions and dispositions of investments in real estate, net |  |  | 151,057 |  |  |  | 46,074 |  |  |  | 337,695 |  |  |  | 445,954 |
Foreign currency and derivative gains (losses) and related amortization, net |  |  | 20,792 |  |  |  | 6,875 |  |  |  | 2,738 |  |  |  | 15 |
Losses on early extinguishment of debt, net |  |  | (86,076 | ) |  |  | (114,196 | ) |  |  | (163,361 | ) |  |  | (164,155 | )
Total reconciling items |  |  | (161,654 | ) |  |  | (324,344 | ) |  |  | (611,434 | ) |  |  | (577,711 | )
Earnings (loss) before income taxes |  | $ | 123,863 |  |  | $ | (36,490 | ) |  | $ | 286,258 |  |  | $ | 304,577 |
|  | September 30, 2014 |  |  | December 31, 2013 |
Assets: |  |  |  |  |  |  |  |
Real estate operations: |  |  |  |  |  |  |  |
Americas |  | $ | 14,811,609 |  |  | $ | 16,293,109 |
Europe |  |  | 1,865,727 |  |  |  | 1,634,867 |
Asia |  |  | 870,852 |  |  |  | 1,176,774 |
Total Real Estate Operations segment |  |  | 17,548,188 |  |  |  | 19,104,750 |
Strategic capital (1): |  |  |  |  |  |  |  |
Americas |  |  | 20,954 |  |  |  | 22,154 |
Europe |  |  | 56,103 |  |  |  | 60,327 |
Asia |  |  | 2,861 |  |  |  | 3,634 |
Total Strategic Capital segment |  |  | 79,918 |  |  |  | 86,115 |
Total segment assets |  |  | 17,628,106 |  |  |  | 19,190,865 |
Reconciling items: |  |  |  |  |  |  |  |
Investments in and advances to unconsolidated entities |  |  | 5,814,056 |  |  |  | 4,430,239 |
Notes receivable backed by real estate and other |  |  | — |  |  |  | 192,042 |
Cash and cash equivalents |  |  | 311,879 |  |  |  | 491,129 |
Other assets |  |  | 318,062 |  |  |  | 268,032 |
Total reconciling items |  |  | 6,443,997 |  |  |  | 5,381,442 |
Total assets |  | $ | 24,072,103 |  |  | $ | 24,572,307 |
(1) | Represents management contracts recorded in connection with business combinations and goodwill associated with the Strategic Capital 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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 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 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: 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 11: 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 Reference 12: 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 13: 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 14: 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 + Details
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