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v3.21.1

Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2021
Segment Reporting [Abstract] |
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | The following reconciliations are presented in thousands:
|  | Three Months Ended March 31, |
|  |  | 2021 |  |  |  | 2020 |
Revenues: |  |  |  |  |  |  |  |
Real estate operations segment: |  |  |  |  |  |  |  |
U.S. |  | $ | 975,083 |  |  | $ | 829,383 |
Other Americas |  |  | 23,893 |  |  |  | 26,079 |
Europe |  |  | 18,856 |  |  |  | 15,502 |
Asia |  |  | 10,523 |  |  |  | 10,686 |
Total real estate operations segment |  |  | 1,028,355 |  |  |  | 881,650 |
Strategic capital segment: |  |  |  |  |  |  |  |
U.S. |  |  | 33,983 |  |  |  | 34,342 |
Other Americas |  |  | 10,663 |  |  |  | 9,111 |
Europe |  |  | 43,429 |  |  |  | 32,590 |
Asia |  |  | 31,886 |  |  |  | 20,548 |
Total strategic capital segment |  |  | 119,961 |  |  |  | 96,591 |
Total revenues |  |  | 1,148,316 |  |  |  | 978,241 |
Segment net operating income: |  |  |  |  |  |  |  |
Real estate operations segment: |  |  |  |  |  |  |  |
U.S. (1) |  |  | 709,303 |  |  |  | 602,604 |
Other Americas |  |  | 17,595 |  |  |  | 19,456 |
Europe |  |  | 13,191 |  |  |  | 10,155 |
Asia |  |  | 6,938 |  |  |  | 7,243 |
Total real estate operations segment |  |  | 747,027 |  |  |  | 639,458 |
Strategic capital segment: |  |  |  |  |  |  |  |
U.S. (1) |  |  | 8,302 |  |  |  | 13,624 |
Other Americas |  |  | 7,906 |  |  |  | 5,179 |
Europe |  |  | 32,171 |  |  |  | 20,594 |
Asia |  |  | 22,132 |  |  |  | 10,620 |
Total strategic capital segment |  |  | 70,511 |  |  |  | 50,017 |
Total segment net operating income |  |  | 817,538 |  |  |  | 689,475 |
Reconciling items: |  |  |  |  |  |  |  |
General and administrative expenses |  |  | (78,032 | ) |  |  | (69,689 | )
Depreciation and amortization expenses |  |  | (397,575 | ) |  |  | (345,970 | )
Gains on dispositions of development properties and land, net |  |  | 173,643 |  |  |  | 162,750 |
Gains on other dispositions of investments in real estate, net |  |  | 16,623 |  |  |  | 31,491 |
Operating income |  |  | 532,197 |  |  |  | 468,057 |
Earnings from unconsolidated entities, net |  |  | 67,049 |  |  |  | 88,730 |
Interest expense |  |  | (71,281 | ) |  |  | (75,642 | )
Interest and other income, net |  |  | 4,746 |  |  |  | 370 |
Foreign currency and derivative gains, net |  |  | 80,152 |  |  |  | 113,329 |
Losses on early extinguishment of debt, net |  |  | (187,453 | ) |  |  | (42,767 | )
Earnings before income taxes |  | $ | 425,410 |  |  | $ | 552,077 |
|  | March 31, 2021 |  |  | December 31, 2020 |
Segment assets: |  |  |  |  |  |  |  |
Real estate operations segment: |  |  |  |  |  |  |  |
U.S. |  | $ | 42,337,749 |  |  | $ | 42,559,023 |
Other Americas |  |  | 1,168,322 |  |  |  | 1,145,699 |
Europe |  |  | 1,634,170 |  |  |  | 1,604,393 |
Asia |  |  | 905,369 |  |  |  | 1,081,876 |
Total real estate operations segment |  |  | 46,045,610 |  |  |  | 46,390,991 |
Strategic capital segment: (2) |  |  |  |  |  |  |  |
U.S. |  |  | 12,939 |  |  |  | 13,257 |
Europe |  |  | 25,280 |  |  |  | 25,280 |
Asia |  |  | 324 |  |  |  | 354 |
Total strategic capital segment |  |  | 38,543 |  |  |  | 38,891 |
Total segment assets |  |  | 46,084,153 |  |  |  | 46,429,882 |
Reconciling items: |  |  |  |  |  |  |  |
Investments in and advances to unconsolidated entities |  |  | 7,514,840 |  |  |  | 7,602,014 |
Assets held for sale or contribution |  |  | 1,055,751 |  |  |  | 1,070,724 |
Cash and cash equivalents |  |  | 676,074 |  |  |  | 598,086 |
Other assets |  |  | 401,991 |  |  |  | 364,299 |
Total reconciling items |  |  | 9,648,656 |  |  |  | 9,635,123 |
Total assets |  | $ | 55,732,809 |  |  | $ | 56,065,005 |
(1) | This includes compensation, personnel costs and PPP awards for employees who were located in the U.S. but also support other geographies.
(2) | Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at March 31, 2021 and December 31, 2020.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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