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Reportable Segments | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Reportable Segments | NOTE 10. REPORTABLE SEGMENTS Our current business strategy includes two reportable segments: Real Estate (Rental Operations and Development) and Strategic Capital. We generate revenues, earnings, net operating income and cash flows through our segments, as follows: • Real Estate Segment. This reportable segment represents the ownership and development of operating properties and is the largest component of our revenue and earnings. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. The Real Estate Segment also includes development activities that lead to rental operations, including land held for development and properties currently under development, and other real estate investments, including renewable energy assets. • Strategic Capital Segment. This reportable segment represents the management of unconsolidated co-investment ventures. We generate strategic capital revenues primarily 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. Our management Executive Committee (“EC”) is our Chief Operating Decision Maker (“CODM”) and regularly reviews operating results and makes strategic and operating decisions with regards to assessing performance and allocating resources based on our two reportable segments. At March 31, 2026, the EC consisted of the Chief Executive Officer; Chief Operating Officer; Chief Financial Officer; Chief Development Officer; Chief Legal Officer and General Counsel; Chief Administrative Officer/Chief Human Resources Officer; Chief Energy and Sustainability Officer and Managing Director, Strategic Capital. The operating results reviewed by the EC include net operating income (“NOI”), the measure most consistent with U.S. GAAP. NOI from the Real Estate Segment is calculated directly from the Consolidated Statements of Income as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses. NOI from the Strategic Capital Segment is calculated directly from the Consolidated Statements of Income as Strategic Capital Revenues less Strategic Capital Expenses. Our EC analyzes the NOI of each reportable segment on a quarterly basis comparing actuals to prior period actuals, along with forecasted future amounts and utilizes operating metrics to understand and evaluate the performance of our operations and to allocate resources. Below we present: (i) each reportable segment’s revenues from external customers to Total Revenues; (ii) each reportable segment’s expenses to Total Expenses; (iii) each reportable segment’s net operating income from external customers, calculated as each reportable segment's revenues less segment expenses, to Operating Income and Earnings Before Income Taxes; and (iv) each reportable segment’s assets to Total Assets. The applicable components of Total Revenues, Total Expenses, Operating Income, Earnings Before Income Taxes and Total Assets in the Consolidated Financial Statements are allocated to each reportable segment’s revenues, expenses, net operating income and assets. Items that are not directly assignable to a reportable segment, are not allocated but reflected as non-segment items (general and administrative expenses and real estate adjustments for depreciation and gains and losses on contributions and sales) due to how our CODM utilizes segment information for planning and execution of our business strategy. The following reportable segment net operating income and assets are presented in thousands:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Revenues: |  |  |  |  |  |
Real estate segment: |  |  |  |  |  |
U.S. |  | $ | 2,020,207 |  |  | $ | 1,913,893 |
Other Americas |  |  | 55,317 |  |  |  | 46,323 |
Europe |  |  | 40,447 |  |  |  | 25,427 |
Asia |  |  | 20,940 |  |  |  | 12,883 |
Total real estate segment |  |  | 2,136,911 |  |  |  | 1,998,526 |
Strategic capital segment: |  |  |  |  |  |
U.S. |  |  | 54,054 |  |  |  | 48,368 |
Other Americas |  |  | 26,355 |  |  |  | 21,174 |
Europe |  |  | 58,852 |  |  |  | 51,011 |
Asia |  |  | 21,551 |  |  |  | 20,586 |
Total strategic capital segment |  |  | 160,812 |  |  |  | 141,139 |
Total revenues |  |  | 2,297,723 |  |  |  | 2,139,665 |
Expenses: |  |  |  |  |  |
Real estate segment: |  |  |  |  |  |
U.S. (1) |  |  | (490,025 | ) |  |  | (471,212 | )
Other Americas |  |  | (12,156 | ) |  |  | (8,327 | )
Europe |  |  | (18,690 | ) |  |  | (13,533 | )
Asia |  |  | (9,535 | ) |  |  | (4,894 | )
Total real estate segment |  |  | (530,406 | ) |  |  | (497,966 | )
Strategic capital segment: |  |  |  |  |  |
U.S. (1) |  |  | (39,103 | ) |  |  | (28,533 | )
Other Americas |  |  | (6,775 | ) |  |  | (2,982 | )
Europe |  |  | (23,355 | ) |  |  | (17,577 | )
Asia |  |  | (12,656 | ) |  |  | (11,685 | )
Total strategic capital segment |  |  | (81,889 | ) |  |  | (60,777 | )
Total expenses |  |  | (612,295 | ) |  |  | (558,743 | )
Segment net operating income: |  |  |  |  |  |
Real estate segment: |  |  |  |  |  |
U.S. (1) |  |  | 1,530,182 |  |  |  | 1,442,681 |
Other Americas |  |  | 43,161 |  |  |  | 37,996 |
Europe |  |  | 21,757 |  |  |  | 11,894 |
Asia |  |  | 11,405 |  |  |  | 7,989 |
Total real estate segment |  |  | 1,606,505 |  |  |  | 1,500,560 |
Strategic capital segment: |  |  |  |  |  |
U.S. (1) |  |  | 14,951 |  |  |  | 19,835 |
Other Americas |  |  | 19,580 |  |  |  | 18,192 |
Europe |  |  | 35,497 |  |  |  | 33,434 |
Asia |  |  | 8,895 |  |  |  | 8,901 |
Total strategic capital segment |  |  | 78,923 |  |  |  | 80,362 |
Total segment net operating income |  |  | 1,685,428 |  |  |  | 1,580,922 |
Non-segment items: |  |  |  |  |  |
General and administrative expenses |  |  | (126,890 | ) |  |  | (114,701 | )
Depreciation and amortization expenses |  |  | (731,506 | ) |  |  | (652,058 | )
Gains on dispositions of development properties and land, net |  |  | 292,983 |  |  |  | 27,451 |
Gains on other dispositions of investments in real estate, net |  |  | 91,040 |  |  |  | 36,799 |
Operating income |  |  | 1,211,055 |  |  |  | 878,413 |
Earnings from unconsolidated entities, net |  |  | 93,296 |  |  |  | 67,899 |
Interest expense |  |  | (254,286 | ) |  |  | (231,751 | )
Foreign currency, derivative and other gains (losses) and other income (expense), net |  |  | 44,611 |  |  |  | (31,658 | )
Gains (losses) on early extinguishment of debt, net |  |  | (1,890 | ) |  |  | - |
Earnings before income taxes |  | $ | 1,092,786 |  |  | $ | 682,903 |
|  | March 31, 2026 |  |  | December 31, 2025 |
Segment assets: |  |  |  |  |  |
Real estate segment: |  |  |  |  |  |
U.S. |  | $ | 77,487,439 |  |  | $ | 77,986,597 |
Other Americas |  |  | 3,264,088 |  |  |  | 3,215,779 |
Europe |  |  | 3,002,989 |  |  |  | 3,218,384 |
Asia |  |  | 1,000,400 |  |  |  | 1,100,273 |
Total real estate segment |  |  | 84,754,916 |  |  |  | 85,521,033 |
Strategic capital segment: (2) |  |  |  |  |  |
U.S. |  |  | 6,576 |  |  |  | 6,893 |
Europe |  |  | 25,280 |  |  |  | 25,280 |
Asia |  |  | 296 |  |  |  | 307 |
Total strategic capital segment |  |  | 32,152 |  |  |  | 32,480 |
Total segment assets |  |  | 84,787,068 |  |  |  | 85,553,513 |
Non-segment items: |  |  |  |  |  |
Investments in and advances to unconsolidated entities |  |  | 11,241,723 |  |  |  | 11,093,936 |
Assets held for sale or contribution |  |  | 499,799 |  |  |  | 203,344 |
Cash and cash equivalents |  |  | 861,144 |  |  |  | 1,145,647 |
Other assets |  |  | 743,717 |  |  |  | 727,816 |
Total non-segment items |  |  | 13,346,383 |  |  |  | 13,170,743 |
Total assets |  | $ | 98,133,451 |  |  | $ | 98,724,256 |
(1) This includes compensation and personnel costs 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, 2026 and December 31, 2025.

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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