v3.8.0.1

Business Segments | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Business Segments | NOTE 10. BUSINESS SEGMENTS Our current business strategy consists of two operating segments: Real Estate Operations and Strategic Capital. We generate revenues, earnings, net operating income and cash flows through our segments, as follows:
• | Real Estate Operations. This operating segment represents the ownership and development of operating properties and is the largest component of our revenues and earnings. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. Each operating property is considered to be an individual operating segment with similar economic characteristics; these properties are combined within the reportable business segment based on geographic location. Our Real Estate Operations segment also includes development activities that lead to rental operations, including land held for development and properties currently under development. Within this line of business, we utilize the following: (i) our land bank; (ii) the development expertise of our local teams; (iii) our customer relationships; and (iv) our in-depth knowledge in connection with our development activities. Land we own and lease to customers under ground leases is also included in this segment.
• | Strategic Capital. This operating segment represents the management of unconsolidated co-investment ventures. We generate strategic capital revenues from our unconsolidated co-investment ventures through asset management and property management services and we earn additional revenues by providing leasing, acquisition, construction, development, financing and disposition services. Depending on the structure of the venture and the returns provided to our partners, we also earn revenues through promotes periodically during the life of a venture or upon liquidation. Each unconsolidated co-investment venture we manage is considered to be an individual operating segment with similar economic characteristics; these ventures are combined within the reportable business segment based on geographic location.
Reconciliations are presented below for: (i) each reportable business segment’s revenues from external customers to Total Revenues; (ii) each reportable business segment’s net operating income from external customers to Operating Income and Earnings Before Income Taxes; and (iii) each reportable business segment’s assets to Total Assets. 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, Operating Income, Earnings 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 not allocated but reflected as reconciling items. The following reconciliations are presented in thousands:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  |  | 2017 |  |  |  | 2016 |  |  |  | 2017 |  |  |  | 2016 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate operations segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 478,718 |  |  | $ | 512,759 |  |  | $ | 1,532,706 |  |  | $ | 1,525,623 |
Other Americas |  |  | 23,157 |  |  |  | 15,598 |  |  |  | 54,690 |  |  |  | 44,616 |
Europe |  |  | 16,369 |  |  |  | 18,967 |  |  |  | 56,676 |  |  |  | 54,975 |
Asia |  |  | 16,588 |  |  |  | 14,660 |  |  |  | 48,399 |  |  |  | 40,687 |
Total real estate operations segment |  |  | 534,832 |  |  |  | 561,984 |  |  |  | 1,692,471 |  |  |  | 1,665,901 |
Strategic capital segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 17,340 |  |  |  | 9,940 |  |  |  | 159,925 |  |  |  | 28,876 |
Other Americas |  |  | 6,061 |  |  |  | 5,805 |  |  |  | 21,976 |  |  |  | 16,884 |
Europe |  |  | 26,289 |  |  |  | 113,577 |  |  |  | 78,524 |  |  |  | 161,686 |
Asia |  |  | 18,352 |  |  |  | 13,259 |  |  |  | 45,316 |  |  |  | 39,673 |
Total strategic capital segment |  |  | 68,042 |  |  |  | 142,581 |  |  |  | 305,741 |  |  |  | 247,119 |
Total revenues |  |  | 602,874 |  |  |  | 704,565 |  |  |  | 1,998,212 |  |  |  | 1,913,020 |
Segment net operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate operations segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 363,802 |  |  |  | 385,837 |  |  |  | 1,144,176 |  |  |  | 1,131,340 |
Other Americas |  |  | 16,037 |  |  |  | 10,417 |  |  |  | 36,403 |  |  |  | 29,127 |
Europe |  |  | 11,454 |  |  |  | 13,787 |  |  |  | 40,713 |  |  |  | 40,420 |
Asia |  |  | 11,711 |  |  |  | 7,650 |  |  |  | 33,386 |  |  |  | 24,830 |
Total real estate operations segment |  |  | 403,004 |  |  |  | 417,691 |  |  |  | 1,254,678 |  |  |  | 1,225,717 |
Strategic capital segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 1,645 |  |  |  | (577 | ) |  |  | 103,252 |  |  |  | 1,959 |
Other Americas |  |  | 3,934 |  |  |  | 2,975 |  |  |  | 14,666 |  |  |  | 9,163 |
Europe |  |  | 16,497 |  |  |  | 91,390 |  |  |  | 49,229 |  |  |  | 125,460 |
Asia |  |  | 9,970 |  |  |  | 4,169 |  |  |  | 18,813 |  |  |  | 12,754 |
Total strategic capital segment |  |  | 32,046 |  |  |  | 97,957 |  |  |  | 185,960 |  |  |  | 149,336 |
Total segment net operating income |  |  | 435,050 |  |  |  | 515,648 |  |  |  | 1,440,638 |  |  |  | 1,375,053 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | 57,656 |  |  |  | 58,157 |  |  |  | 171,350 |  |  |  | 165,634 |
Depreciation and amortization expenses |  |  | 201,903 |  |  |  | 224,867 |  |  |  | 656,639 |  |  |  | 705,249 |
Operating income |  |  | 175,491 |  |  |  | 232,624 |  |  |  | 612,649 |  |  |  | 504,170 |
Earnings from unconsolidated entities, net |  |  | 55,066 |  |  |  | 45,857 |  |  |  | 172,267 |  |  |  | 145,622 |
Interest expense |  |  | (64,190 | ) |  |  | (75,310 | ) |  |  | (212,456 | ) |  |  | (232,577 | )
Interest and other income, net |  |  | 4,816 |  |  |  | 2,932 |  |  |  | 9,493 |  |  |  | 7,051 |
Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net |  |  | 779,053 |  |  |  | 117,296 |  |  |  | 959,384 |  |  |  | 461,963 |
Foreign currency and derivative losses, net |  |  | (18,872 | ) |  |  | (1,730 | ) |  |  | (46,327 | ) |  |  | (26,277 | )
Gains (losses) on early extinguishment of debt, net |  |  | - |  |  |  | 1,492 |  |  |  | (30,596 | ) |  |  | 2,484 |
Earnings before income taxes |  | $ | 931,364 |  |  | $ | 323,161 |  |  | $ | 1,464,414 |  |  | $ | 862,436 |
|  | September 30, |  |  | December 31, |
|  |  | 2017 |  |  |  | 2016 |
Assets: |  |  |  |  |  |  |  |
Real estate operations segment: |  |  |  |  |  |  |  |
U.S. |  | $ | 19,199,770 |  |  | $ | 21,286,422 |
Other Americas |  |  | 1,857,678 |  |  |  | 978,476 |
Europe |  |  | 1,058,894 |  |  |  | 1,346,589 |
Asia |  |  | 1,008,217 |  |  |  | 936,462 |
Total real estate operations segment |  |  | 23,124,559 |  |  |  | 24,547,949 |
Strategic capital segment: |  |  |  |  |  |  |  |
U.S. |  |  | 17,136 |  |  |  | 18,090 |
Europe |  |  | 44,990 |  |  |  | 47,635 |
Asia |  |  | 748 |  |  |  | 1,301 |
Total strategic capital segment |  |  | 62,874 |  |  |  | 67,026 |
Total segment assets |  |  | 23,187,433 |  |  |  | 24,614,975 |
Reconciling items: |  |  |  |  |  |  |  |
Investments in and advances to unconsolidated entities |  |  | 5,371,758 |  |  |  | 4,230,429 |
Assets held for sale or contribution |  |  | 321,905 |  |  |  | 322,139 |
Notes receivable backed by real estate |  |  | - |  |  |  | 32,100 |
Cash and cash equivalents |  |  | 568,726 |  |  |  | 807,316 |
Other assets |  |  | 204,328 |  |  |  | 242,973 |
Total reconciling items |  |  | 6,466,717 |  |  |  | 5,634,957 |
Total assets |  | $ | 29,654,150 |  |  | $ | 30,249,932 |

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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