| Reportable Segment Net Operating Income and Assets |
The following reportable segment net operating income and assets are presented in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Real estate segment: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
2,086,324 |
|
|
$ |
1,959,698 |
|
|
$ |
6,161,998 |
|
|
$ |
5,814,191 |
|
Other Americas |
|
|
56,876 |
|
|
|
48,973 |
|
|
|
168,822 |
|
|
|
141,209 |
|
Europe |
|
|
39,768 |
|
|
|
36,833 |
|
|
|
115,772 |
|
|
|
95,226 |
|
Asia |
|
|
40,224 |
|
|
|
18,026 |
|
|
|
97,344 |
|
|
|
48,137 |
|
Total real estate segment |
|
|
2,223,192 |
|
|
|
2,063,530 |
|
|
|
6,543,936 |
|
|
|
6,098,763 |
|
Strategic capital segment: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
60,149 |
|
|
|
51,005 |
|
|
|
170,112 |
|
|
|
149,083 |
|
Other Americas |
|
|
25,587 |
|
|
|
22,154 |
|
|
|
153,387 |
|
|
|
65,933 |
|
Europe |
|
|
60,910 |
|
|
|
54,167 |
|
|
|
184,825 |
|
|
|
159,247 |
|
Asia |
|
|
17,680 |
|
|
|
23,025 |
|
|
|
58,433 |
|
|
|
64,389 |
|
Total strategic capital segment |
|
|
164,326 |
|
|
|
150,351 |
|
|
|
566,757 |
|
|
|
438,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
2,387,518 |
|
|
|
2,213,881 |
|
|
|
7,110,693 |
|
|
|
6,537,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Real estate segment: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. (1) |
|
|
(482,791 |
) |
|
|
(459,261 |
) |
|
|
(1,470,332 |
) |
|
|
(1,394,588 |
) |
Other Americas |
|
|
(11,509 |
) |
|
|
(10,073 |
) |
|
|
(37,061 |
) |
|
|
(28,255 |
) |
Europe |
|
|
(16,828 |
) |
|
|
(18,387 |
) |
|
|
(58,818 |
) |
|
|
(51,814 |
) |
Asia |
|
|
(17,544 |
) |
|
|
(5,638 |
) |
|
|
(43,894 |
) |
|
|
(16,337 |
) |
Total real estate segment |
|
|
(528,672 |
) |
|
|
(493,359 |
) |
|
|
(1,610,105 |
) |
|
|
(1,490,994 |
) |
Strategic capital segment: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. (1) |
|
|
(40,303 |
) |
|
|
(34,290 |
) |
|
|
(134,233 |
) |
|
|
(93,331 |
) |
Other Americas |
|
|
(7,250 |
) |
|
|
(6,066 |
) |
|
|
(20,363 |
) |
|
|
(15,599 |
) |
Europe |
|
|
(24,341 |
) |
|
|
(18,149 |
) |
|
|
(70,638 |
) |
|
|
(53,797 |
) |
Asia |
|
|
(12,308 |
) |
|
|
(10,765 |
) |
|
|
(36,447 |
) |
|
|
(32,237 |
) |
Total strategic capital segment |
|
|
(84,202 |
) |
|
|
(69,270 |
) |
|
|
(261,681 |
) |
|
|
(194,964 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
(612,874 |
) |
|
|
(562,629 |
) |
|
|
(1,871,786 |
) |
|
|
(1,685,958 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment net operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
Real estate segment: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. (1) |
|
|
1,603,533 |
|
|
|
1,500,437 |
|
|
|
4,691,666 |
|
|
|
4,419,603 |
|
Other Americas |
|
|
45,367 |
|
|
|
38,900 |
|
|
|
131,761 |
|
|
|
112,954 |
|
Europe |
|
|
22,940 |
|
|
|
18,446 |
|
|
|
56,954 |
|
|
|
43,412 |
|
Asia |
|
|
22,680 |
|
|
|
12,388 |
|
|
|
53,450 |
|
|
|
31,800 |
|
Total real estate segment |
|
|
1,694,520 |
|
|
|
1,570,171 |
|
|
|
4,933,831 |
|
|
|
4,607,769 |
|
Strategic capital segment: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. (1) |
|
|
19,846 |
|
|
|
16,715 |
|
|
|
35,879 |
|
|
|
55,752 |
|
Other Americas |
|
|
18,337 |
|
|
|
16,088 |
|
|
|
133,024 |
|
|
|
50,334 |
|
Europe |
|
|
36,569 |
|
|
|
36,018 |
|
|
|
114,187 |
|
|
|
105,450 |
|
Asia |
|
|
5,372 |
|
|
|
12,260 |
|
|
|
21,986 |
|
|
|
32,152 |
|
Total strategic capital segment |
|
|
80,124 |
|
|
|
81,081 |
|
|
|
305,076 |
|
|
|
243,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total segment net operating income |
|
|
1,774,644 |
|
|
|
1,651,252 |
|
|
|
5,238,907 |
|
|
|
4,851,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-segment items: |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
(127,597 |
) |
|
|
(110,662 |
) |
|
|
(384,113 |
) |
|
|
(332,234 |
) |
Depreciation and amortization expenses |
|
|
(710,300 |
) |
|
|
(647,999 |
) |
|
|
(2,131,324 |
) |
|
|
(1,957,278 |
) |
Gains on dispositions of development properties and land, net |
|
|
51,538 |
|
|
|
15,435 |
|
|
|
423,717 |
|
|
|
53,363 |
|
Gains on other dispositions of investments in real estate, net |
|
|
56,435 |
|
|
|
32,235 |
|
|
|
359,924 |
|
|
|
116,078 |
|
Operating income |
|
|
1,044,720 |
|
|
|
940,261 |
|
|
|
3,507,111 |
|
|
|
2,731,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from unconsolidated entities, net |
|
|
155,417 |
|
|
|
92,827 |
|
|
|
396,183 |
|
|
|
268,418 |
|
Interest expense |
|
|
(286,955 |
) |
|
|
(258,274 |
) |
|
|
(817,552 |
) |
|
|
(741,891 |
) |
Foreign currency, derivative and other gains (losses) and other
income (expense), net |
|
|
64,535 |
|
|
|
100,981 |
|
|
|
218,809 |
|
|
|
(53,506 |
) |
Gains (losses) on early extinguishment of debt, net |
|
|
144 |
|
|
|
- |
|
|
|
(1,777 |
) |
|
|
- |
|
Earnings before income taxes |
|
$ |
977,861 |
|
|
$ |
875,795 |
|
|
$ |
3,302,774 |
|
|
$ |
2,204,407 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2026 |
|
|
December 31,
2025 |
|
Segment assets: |
|
|
|
|
|
|
Real estate segment: |
|
|
|
|
|
|
U.S. |
|
$ |
79,483,679 |
|
|
$ |
77,986,597 |
|
Other Americas |
|
|
3,231,828 |
|
|
|
3,215,779 |
|
Europe |
|
|
3,071,604 |
|
|
|
3,218,384 |
|
Asia |
|
|
1,973,316 |
|
|
|
1,100,273 |
|
Total real estate segment |
|
|
87,760,427 |
|
|
|
85,521,033 |
|
Strategic capital segment: (2) |
|
|
|
|
|
|
U.S. |
|
|
5,939 |
|
|
|
6,893 |
|
Europe |
|
|
25,280 |
|
|
|
25,280 |
|
Asia |
|
|
292 |
|
|
|
307 |
|
Total strategic capital segment |
|
|
31,511 |
|
|
|
32,480 |
|
Total segment assets |
|
|
87,791,938 |
|
|
|
85,553,513 |
|
|
|
|
|
|
|
|
Non-segment items: |
|
|
|
|
|
|
Investments in and advances to unconsolidated entities |
|
|
11,505,548 |
|
|
|
11,093,936 |
|
Assets held for sale or contribution |
|
|
545,788 |
|
|
|
203,344 |
|
Cash and cash equivalents |
|
|
2,273,497 |
|
|
|
1,145,647 |
|
Other assets |
|
|
1,777,935 |
|
|
|
727,816 |
|
Total non-segment items |
|
|
16,102,768 |
|
|
|
13,170,743 |
|
Total assets |
|
$ |
103,894,706 |
|
|
$ |
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 September 30, 2026 and December 31, 2025.
|