The following reconciliations are presented in thousands:


	Years Ended December 31,
	2014		2013		2012
Revenues (1):
Real estate operations:
Americas	$	1,403,564	$	1,288,925	$	1,176,920
Europe		74,413		174,397		435,244
Asia		62,939		107,692		221,575

Total Real Estate Operations segment		1,540,916		1,571,014		1,833,739

Strategic capital:
Americas		95,168		72,474		69,422
Europe		86,549		63,794		37,047
Asia		38,154		43,204		20,310

Total Strategic Capital segment		219,871		179,472		126,779

Total revenues	$	1,760,787	$	1,750,486	$	1,960,518
Net operating income:
Real estate operations:
Americas	$	1,000,773	$	899,053	$	818,393
Europe		40,627		116,178		325,571
Asia		45,262		76,863		171,980

Total Real Estate Operations segment		1,086,662		1,092,094		1,315,944

Strategic capital:
Americas		42,042		18,785		31,637
Europe		57,266		41,263		21,699
Asia		24,067		30,145		9,623

Total Strategic Capital segment		123,375		90,193		62,959

Total segment net operating income		1,210,037		1,182,287		1,378,903
Reconciling items:
General and administrative expenses		(247,768)		(229,207)		(228,068)
Depreciation and amortization		(642,461)		(648,668)		(724,262)
Merger, acquisition and other integration expenses		-		-		(80,676)
Impairment of real estate properties		-		-		(252,914)
Earnings from unconsolidated entities, net		134,288		97,220		31,676
Interest expense		(308,885)		(379,327)		(505,215)
Interest and other income, net		25,768		26,948		22,878
Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net		725,790		597,656		305,607
Foreign currency and derivative losses and related amortization, net		(17,841)		(33,633)		(20,497)
Losses on early extinguishment of debt, net		(165,300)		(277,014)		(14,114)
Impairment of other assets		-		-		(16,135)

Total reconciling items		(496,409)		(846,025)		(1,481,720)

Earnings (loss) before income taxes	$	713,628	$	336,262	$	(102,817)


	December 31,
	2014		2013
Assets (2):
Real estate operations:
Americas	$	17,432,909	$	16,272,868
Europe		1,820,529		1,634,867
Asia		926,645		1,176,774

Total Real Estate Operations segment		20,180,083		19,084,509

Strategic capital (3):
Americas		20,635		22,154
Europe		54,577		60,327
Asia		2,718		3,634

Total Strategic Capital segment		77,930		86,115

Total segment assets		20,258,013		19,170,624

Reconciling items:
Investments in and advances to unconsolidated entities		4,824,724		4,430,239
Assets held for sale		43,934		4,042
Notes receivable backed by real estate		-		188,000
Cash and cash equivalents		350,692		491,129
Other assets		340,860		288,273

Total reconciling items		5,560,210		5,401,683

Total assets	$	25,818,223	$	24,572,307

(1)	Includes revenues attributable to the United States for the years ended December 31, 2014, 2013 and 2012 of $1.4 billion, $1.1 billion and $1.1 billion, respectively.

(2)	Includes long-lived assets attributable to the United States at December 31, 2014 and 2013 of $17.3 billion and $15.3 billion, respectively.

(3)	Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at December 31, 2014 and 2013.