| Segment Reporting, Reconciliation of Revenues, Operating Income and Assets |
The following reconciliations are presented in thousands:
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Three Months
Ended
September 30, |
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Nine Months
Ended
September 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Revenues:
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Real estate operations:
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Americas
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$ |
324,877 |
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$ |
324,294 |
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$ |
1,025,349 |
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$ |
948,165 |
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Europe
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20,422 |
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26,199 |
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57,083 |
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154,961 |
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Asia
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15,782 |
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24,243 |
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51,776 |
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85,031 |
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Total Real Estate Operations segment
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361,081 |
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374,736 |
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1,134,208 |
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1,188,157 |
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Strategic capital:
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Americas
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18,567 |
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18,357 |
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80,457 |
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49,972 |
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Europe
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24,713 |
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20,037 |
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65,866 |
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44,504 |
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Asia
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10,790 |
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9,928 |
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29,391 |
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31,089 |
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Total Strategic Capital segment
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54,070 |
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48,322 |
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175,714 |
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125,565 |
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Total revenues
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$ |
415,151 |
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$ |
423,058 |
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$ |
1,309,922 |
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$ |
1,313,722 |
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Net operating income:
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Real estate operations:
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Americas
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$ |
230,515 |
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$ |
225,664 |
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$ |
727,245 |
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$ |
658,458 |
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Europe
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12,072 |
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18,623 |
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31,706 |
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104,321 |
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Asia
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11,302 |
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17,268 |
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37,469 |
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60,882 |
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Total Real Estate Operations segment
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253,889 |
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261,555 |
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796,420 |
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823,661 |
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Strategic capital:
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Americas
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6,451 |
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5,578 |
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38,599 |
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8,822 |
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Europe
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17,791 |
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14,115 |
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43,600 |
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28,516 |
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Asia
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7,386 |
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6,606 |
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19,073 |
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21,289 |
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Total Strategic Capital segment
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31,628 |
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26,299 |
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101,272 |
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58,627 |
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Total segment net operating income
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285,517 |
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287,854 |
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897,692 |
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882,288 |
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Reconciling items:
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General and administrative expenses
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(58,203 |
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(55,034 |
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(181,781 |
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(166,140 |
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Depreciation and amortization
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(149,202 |
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(155,439 |
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(471,059 |
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(483,215 |
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Earnings from unconsolidated entities, net
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28,514 |
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26,365 |
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79,411 |
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59,554 |
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Interest expense
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(69,086 |
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(84,642 |
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(234,793 |
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(291,496 |
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Interest and other income, net
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550 |
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5,653 |
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19,716 |
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21,772 |
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Gains on acquisitions and dispositions of investments in real
estate, net
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151,057 |
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46,074 |
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337,695 |
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445,954 |
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Foreign currency and derivative gains (losses) and related
amortization, net
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20,792 |
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6,875 |
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2,738 |
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15 |
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Losses on early extinguishment of debt, net
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(86,076 |
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(114,196 |
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(163,361 |
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(164,155 |
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Total reconciling items
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(161,654 |
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(324,344 |
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(611,434 |
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(577,711 |
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Earnings (loss) before income taxes
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$ |
123,863 |
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$ |
(36,490 |
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$ |
286,258 |
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$ |
304,577 |
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September 30,
2014 |
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December 31,
2013 |
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Assets:
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Real estate operations:
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Americas
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$ |
14,811,609 |
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$ |
16,293,109 |
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Europe
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1,865,727 |
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1,634,867 |
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Asia
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870,852 |
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1,176,774 |
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Total Real Estate Operations segment
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17,548,188 |
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19,104,750 |
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Strategic capital (1):
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Americas
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20,954 |
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22,154 |
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Europe
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56,103 |
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60,327 |
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Asia
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2,861 |
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3,634 |
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Total Strategic Capital segment
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79,918 |
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86,115 |
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Total segment assets
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17,628,106 |
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19,190,865 |
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Reconciling items:
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Investments in and advances to unconsolidated entities
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5,814,056 |
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4,430,239 |
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Notes receivable backed by real estate and other
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— |
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192,042 |
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Cash and cash equivalents
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311,879 |
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491,129 |
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Other assets
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318,062 |
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268,032 |
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Total reconciling items
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6,443,997 |
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5,381,442 |
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Total assets
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$ |
24,072,103 |
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$ |
24,572,307 |
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| (1) |
Represents management contracts
recorded in connection with business combinations and goodwill
associated with the Strategic Capital segment. |
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